FWP 1 n3489_x2-premkta1.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-257991-06

BANK5 2023-5YR1 Disclaimer

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. 333-257991) 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, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. – 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.

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herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities.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 document 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 Sellers. 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 Wells Fargo Securities, LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC, Siebert Williams Shank & Co., 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 Sellers 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.

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 NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

“BofA Securities” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc., which is a registered broker-dealer and member of FINRA and SIPC, and, in other jurisdictions, locally registered entities.

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.

ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES

Loan ID Number

Loan / Property Flag

Footnotes (for Loan and Property Information)

# of Properties

Property Name

% of Initial Pool Balance

% of Loan Balance

Mortgage Loan Originator

Mortgage Loan Seller

Related Group

Crossed Group

Address

City

County

State

Zip Code

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 %

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.)

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)

Prepayment Provision

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 ($)

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 ($)

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

Single Tenant (Y/N)

Largest Tenant

Largest Tenant SF

Largest Tenant % of NRA

Largest Tenant Lease Expiration Date

Second Largest Tenant

Second Largest Tenant SF

Second Largest Tenant % of NRA

Second Largest Tenant Lease Expiration Date

Third Largest Tenant

Third Largest Tenant SF

Third Largest Tenant % of NRA

Third Largest Tenant Lease Expiration Date

Fourth Largest Tenant

Fourth Largest Tenant SF

Fourth Largest Tenant % of NRA

Fourth Largest Tenant Lease Expiration Date

Fifth Largest Tenant

Fifth Largest Tenant SF

Fifth Largest Tenant % of NRA

Fifth Largest Tenant Lease Expiration Date

Environmental Phase I Report Date

Environmental Phase II Report Date

Engineering Report Date

Seismic Report Date

PML or SEL (%)

Flood Zone

Ownership Interest

Ground Lease Expiration Date

Ground Lease Extension Terms

Annual Ground Lease Payment as of the Cut-off Date ($)

Annual Ground Rent Increases (Y/N)

Upfront RE Tax Reserve ($)

Monthly RE Tax Reserve ($)

Upfront Insurance Reserve ($)

Monthly Insurance Reserve ($)

Upfront Replacement / PIP Reserve ($)

Monthly Replacement / FF&E Reserve ($)

Replacement Reserve Caps ($)

Upfront TI/LC Reserve ($)

Monthly TI/LC Reserve ($)

TI/LC Caps ($)

Upfront Debt Service Reserve ($)

Monthly Debt Service Reserve ($)

Debt Service Reserve Cap ($)

Upfront Deferred Maintenance Reserve ($)

Upfront Other Reserve ($)

Monthly Other Reserve ($)

Other Reserve Description

Other Reserve Cap ($)

Holdback/ Earnout Amount ($)

Holdback/ Earnout Description

Lockbox Type

Cash Management

Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N)

Tenant Specific Excess Cash Trap Trigger (Y/N)

Pari Passu (Y/N)

Pari Passu in Trust Controlling (Y/N)

Trust Pari Passu Cut-off Date Balance ($)

Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($)

Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)

Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)

Subordinate Companion Loan Cut-off Date Balance ($)

Subordinate Companion Loan Interest Rate

Whole Loan Cut-off Date Balance ($)

Whole Loan Monthly Debt Service ($)

Whole Loan Cut-off Date LTV Ratio (%)

Whole Loan Underwritten NCF DSCR (x)

Whole Loan Underwritten NOI Debt Yield (%)

Mezzanine Debt Cut-off Date Balance($)

Mezzanine Debt Interest Rate (%)

Total Debt Cut-off Date Balance ($)

Total Debt Monthly Debt Service ($)

Total Debt Cut-off Date LTV Ratio (%)

Total Debt Underwritten NCF DSCR (x)

Total Debt Underwritten NOI Debt Yield (%)

Future Additional Debt Permitted (Y/N)

Future Debt Permitted Type

Sponsor

Non-Recourse Carveout Guarantor

Delaware Statutory Trust
(Y/N)

Tenants-in-common
(Y/N)

Loan Purpose

Property Located Within a Qualified Opportunity Zone (Y/N)

Sources: Loan Amount ($)

Sources: Principal's New Cash Contribution ($)

Sources: Subordinate Debt ($)

Sources: Other Sources ($)

Sources: Total Sources ($)

Uses: Loan Payoff ($)

Uses: Purchase Price ($)

Uses: Closing Costs ($)

Uses: Reserves ($)

Uses: Principal Equity Distribution ($)

Uses: Other Uses ($)

Uses: Total Uses ($)

Franchise Agreement Expiration

Underwritten ADR ($)

Underwritten RevPAR ($)

Underwritten Hotel Occupancy (%)

Most Recent ADR ($)

Most Recent RevPAR ($)

Most Recent Hotel Occupancy (%)

Second Most Recent ADR ($)

Second Most Recent RevPAR ($)

Second Most Recent Hotel Occupancy (%)

Third Most Recent ADR ($)

Third Most Recent RevPAR ($)

Third Most Recent Hotel Occupancy (%)

Coop - Committed Secondary Debt

Coop - Rental Value

Coop - LTV as Rental

Coop - Unsold Percent

Coop - Sponsor Units

Coop - Investor Units

Coop - Coop Units

Coop - Sponsor/
Investor Carry

1.00

Loan

National Warehouse & Distribution Portfolio

9.7%

CREFI

NAP

Various

Industrial

Various

3,951,338

39.73

100,000,000

94,630,433

6.81000%

652,591.44

575,381.94

7,831,097.28

6,904,583.28

Amortizing Balloon

Actual/360

360

3/10/2023

4/6/2023

5/6/2023

4/6/2028

NAP

L(24),D(30),O(7)

NAV

95.0%

24,103,590

3,755,768

20,347,822

395,134

987,835

18,964,854

1.65

1.54

13.0%

12.1%

276,700,000

As Is

Various

56.7%

53.7%

100.0%

3/1/2023

Springing

32,928

790,268

Springing

227,688

6,147,412

Cash Collateral Reserve

NAP

Hard

Springing

Yes

100,000,000

57,000,000

371,977.12

1,024,568.56

NAP

157,000,000

1,024,568.56

56.7%

1.54

13.0%

NAP

Samuel Bert Malouf

Refinance

157,000,000

125,610,988

4,880,133

6,375,099

20,133,780

157,000,000

NAP

1.01

Property

1700 Schuster Road

3.9%

39.9%

1700 Schuster Road

Delano

Kern

93215

Industrial

Warehouse/Distribution

1993; 1996

NAP

1,213,366

39,936,306

37,791,899

NAV

95.0%

8,214,920

1,247,682

6,967,238

121,337

303,342

6,542,560

100,200,000

As Is

1/31/2023

100.0%

3/1/2023

Yes

CVB, Inc. CA

1,213,366

100.0%

2/28/2038

NAP

2/9/2023

NAP

2/9/2023

2/7/2023

Yes - A

Fee

NAP

1.02

Property

101 Michelin Drive

2.0%

20.0%

101 Michelin Drive

Laurens

29360

Industrial

Warehouse/Distribution

1993

NAP

1,170,972

20,038,217

18,962,251

NAV

95.0%

5,566,712

941,614

4,625,098

117,097

292,743

4,215,257

61,300,000

As Is

1/23/2023

100.0%

3/1/2023

Yes

CVB, Inc. SC

1,170,972

100.0%

2/28/2038

NAP

2/9/2023

NAP

2/9/2023

NAP

Fee

NAP

1.03

Property

1525 West 2960 South

1.6%

16.0%

1525 West 2960 South

Nibley

Cache

84321

Industrial

Flex

2015

NAP

260,000

16,000,000

15,140,869

NAV

95.0%

3,760,728

394,661

3,366,067

26,000

65,000

3,275,067

45,300,000

As Is

1/30/2023

100.0%

3/1/2023

Yes

CVB, Inc. UT

260,000

100.0%

2/28/2038

NAP

2/9/2023

NAP

2/9/2023

2/8/2023

Fee

NAP

1.04

Property

5685 Raiders Road, Building B

1.3%

13.4%

5685 Raiders Road

Frazeysburg

Muskingum

43822

Industrial

Warehouse/Distribution

1994

2022

812,000

13,375,796

12,657,574

NAV

95.0%

3,945,576

742,838

3,202,738

81,200

203,000

2,918,538

37,700,000

As Is

1/27/2023

100.0%

3/1/2023

Yes

CVB, Inc. OH

812,000

100.0%

2/28/2038

NAP

2/9/2023

NAP

2/9/2023

NAP

Fee

NAP

1.05

Property

840 Southwest Complex Street

1.0%

10.6%

840 Complex Street Southwest

Lenoir

Caldwell

28645

Industrial

Warehouse/Distribution

1970

2022

495,000

10,649,682

10,077,840

NAV

95.0%

2,615,654

428,973

2,186,682

49,500

123,750

2,013,432

32,200,000

As Is

1/23/2023

100.0%

3/1/2023

Yes

CVB, Inc. NC

495,000

100.0%

2/28/2038

NAP

2/9/2023

NAP

2/9/2023

NAP

Fee

NAP

2.00

Loan

Oak Street NLP Fund Portfolio

9.5%

WFB

NAP

Various

6,470,388

52.55

97,500,000

6.13800%

NAP

505,639.06

NAP

6,067,668.72

Interest Only

Actual/360

2/23/2023

4/11/2023

NAP

3/11/2028

NAP

L(24),D(29),O(7)

55,257,111

12/31/2022

T-12

NAV

95.0%

82,796,630

21,989,943

60,806,687

1,413,262

2,134,710

57,258,714

2.87

2.71

17.9%

16.8%

1,051,080,000

As Is

Various

32.3%

100.0%

3/1/2023

Springing

27,550

Springing

Save Mart LOC Reserve

NAP

Hard

In Place

Yes

97,500,000

242,500,000

1,257,615.11

1,763,254.17

85,000,000

6.13800%

425,000,000

2,204,067.71

40.4%

2.16

14.3%

NAP

Blue Owl Capital, Inc. and Oak Street Real Estate Capital, LLC

Oak Street Real Estate Capital Net Lease Property Fund, LP, Oak Street Real Estate Capital Net Lease Property Fund (A), LP and Oak Street Real Estate Capital Net Lease Property Fund (P), LP

Recapitalization

340,000,000

85,000,000

425,000,000

11,288,500

27,550

413,683,950

425,000,000

NAP

2.01

Property

Big Lots - Tremont, PA

1.5%

16.1%

50 Rausch Creek Road

Tremont

Schuylkill

17981

Industrial

Warehouse/Distribution

2000

NAP

1,294,548

15,717,000

NAV

95.0%

13,354,110

4,834,166

8,519,944

127,411

304,901

8,087,632

169,430,000

As Is

12/28/2022

100.0%

3/1/2023

Yes

Big Lots Inc.

1,294,548

100.0%

6/30/2040

NAP

1/4/2023

NAP

1/3/2023

NAP

Fee

NAP

2.02

Property

Big Lots - Durant, OK

1.2%

13.1%

2306 Enterprise Drive

Durant

Bryan

74701

Industrial

Warehouse/Distribution

2003

NAP

1,296,562

12,796,588

NAV

95.0%

11,202,938

2,487,690

8,715,248

187,470

305,373

8,222,405

138,000,000

As Is

12/27/2022

100.0%

3/1/2023

Yes

Big Lots Inc.

1,296,562

100.0%

6/30/2040

NAP

1/4/2023

NAP

1/3/2023

NAP

Fee

NAP

2.03

Property

Badcock - LaGrange, GA

0.5%

5.7%

505 Pegasus Parkway

LaGrange

Troup

30240

Industrial

Warehouse/Distribution

2015

NAP

537,855

5,588,471

NAV

95.0%

4,942,062

1,217,397

3,724,665

939

131,532

3,592,195

60,250,000

As Is

1/3/2023

100.0%

3/1/2023

Yes

W.S. Badcock Corporation

537,855

100.0%

6/30/2039

NAP

1/4/2023

NAP

1/3/2023

NAP

Fee

NAP

2.04

Property

Badcock - Mebane, NC

0.4%

4.2%

1017 Corporate Park Drive

Mebane

Alamance

27302

Industrial

Warehouse/Distribution

2004

2019

369,420

4,127,118

NAV

95.0%

3,426,881

692,296

2,734,585

96,520

92,355

2,545,710

44,500,000

As Is

12/22/2022

100.0%

3/1/2023

Yes

W.S. Badcock Corporation

369,420

100.0%

6/30/2039

NAP

1/4/2023

NAP

1/3/2023

NAP

Fee

NAP

2.05

Property

Badcock - Mulberry, FL

0.4%

4.1%

201 Kid Ellis Road

Mulberry

Polk

33860

Industrial

Warehouse/Distribution

1991

2002

371,240

4,021,588

NAV

95.0%

4,248,542

1,346,535

2,902,007

9,357

99,771

2,792,879

43,360,000

As Is

12/27/2022

100.0%

3/1/2023

Yes

W.S. Badcock Corporation

371,240

100.0%

6/30/2039

NAP

1/4/2023

NAP

1/3/2023

NAP

Fee

NAP

2.06

Property

NAICO - Chandler, OK

0.4%

3.9%

1010 Manvel Avenue, 915 Allison Avenue, 1003 Allison Avenue, and 1023 Allison Avenue

Chandler

Lincoln

74834

Office

Suburban

1920

2022

158,430

3,822,000

NAV

95.0%

2,831,547

349,923

2,481,624

25,377

83,863

2,372,385

41,200,000

As Is

12/21/2022

100.0%

3/1/2023

Yes

Chandler Insurance Company, LTD.

158,430

100.0%

8/31/2039

NAP

1/4/2023

NAP

1/3/2023

NAP

Fee

NAP

2.07

Property

Save Mart Supermarkets - San Pablo, CA

0.3%

3.3%

13220-13222 San Pablo Avenue

San Pablo

Contra Costa

94806

Retail

Anchored

1973

NAP

109,876

3,227,824

NAV

95.0%

3,025,433

997,395

2,028,038

47,693

72,336

1,908,009

34,800,000

As Is

12/28/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

109,876

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

19%

Fee

NAP

2.08

Property

Nation Safe Driver - Boca Raton, FL

0.3%

3.2%

5600 Broken Sound Boulevard

Boca Raton

Palm Beach

33487

Office

Suburban

1981

2022

139,785

3,122,294

NAV

95.0%

3,031,951

847,136

2,184,815

72,143

76,384

2,036,287

33,660,000

As Is

12/21/2022

100.0%

3/1/2023

Yes

Nation Motor Club, LLC

139,785

100.0%

12/31/2041

NAP

1/4/2023

NAP

1/3/2023

NAP

Fee

NAP

2.09

Property

Save Mart Supermarkets - Fresno, CA (4)

0.3%

3.0%

5645-5677 East Kings Canyon Road

Fresno

93727

Retail

Anchored

1981

2007-2008

186,652

2,950,235

NAV

95.0%

2,524,788

582,437

1,942,351

141,198

70,944

1,730,211

31,800,000

As Is

12/12/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

186,652

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/5/2023

Fee

NAP

2.10

Property

Save Mart Supermarkets - El Cerrito, CA

0.2%

2.5%

1000 El Cerrito Plaza

El Cerrito

Contra Costa

94530

Retail

Single Tenant

2001

NAP

66,778

2,452,412

NAV

95.0%

1,934,376

467,938

1,466,438

9,886

46,670

1,409,882

26,430,000

As Is

12/22/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

66,778

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

14%

Fee

NAP

2.11

Property

Save Mart Supermarkets - Stockton, CA

0.2%

2.4%

4555 North Pershing Avenue

Stockton

San Joaquin

95207

Retail

Unanchored

1978

2001

119,916

2,326,235

NAV

95.0%

1,997,882

494,548

1,503,334

18,521

54,116

1,430,697

25,080,000

As Is

12/26/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

119,916

100.0%

11/30/2044

NAP

1/5/2023

NAP

1/6/2023

1/3/2023

Fee

NAP

2.12

Property

Save Mart Supermarkets - Modesto, CA (4)

0.2%

2.2%

801 Oakdale Road

Modesto

Stanislaus

95355

Retail

Single Tenant

2001

NAP

54,605

2,128,941

NAV

95.0%

1,517,037

202,957

1,314,080

53,743

39,784

1,220,554

22,960,000

As Is

12/23/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

54,605

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

Fee

NAP

2.13

Property

Save Mart Supermarkets - Grass Valley, CA

0.2%

2.1%

2054 Nevada City Highway

Grass Valley

Nevada

95945

Retail

Single Tenant

1990

NAP

43,737

2,067,000

NAV

95.0%

1,313,765

187,850

1,125,916

6,871

34,683

1,084,361

22,290,000

As Is

12/18/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

43,737

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

Fee

NAP

2.14

Property

Save Mart Supermarkets - Fresno, CA (5)

0.2%

2.1%

4010, 4040, 4120, 4190 North West Avenue

Fresno

93705

Retail

Anchored

1978

2015

148,270

2,050,941

NAV

95.0%

1,716,609

508,675

1,207,934

7,300

50,288

1,150,346

22,100,000

As Is

12/22/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

148,270

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/6/2023

1/3/2023

Fee

NAP

2.15

Property

Save Mart Supermarkets - Ceres, CA

0.2%

1.9%

2920 East Whitmore Avenue

Ceres

Stanislaus

95307

Retail

Anchored

1980

2004

116,789

1,897,235

NAV

95.0%

1,501,265

399,550

1,101,714

19,236

43,165

1,039,314

20,450,000

As Is

12/26/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

116,789

100.0%

11/30/2044

NAP

1/6/2023

NAP

1/6/2023

1/5/2023

Fee

NAP

2.16

Property

Save Mart Supermarkets - Bakersfield, CA

0.2%

1.9%

6465 Niles Street

Bakersfield

Kern

93306

Retail

Single Tenant

1979

NAP

68,337

1,855,941

NAV

95.0%

1,344,897

243,969

1,100,928

4,214

37,262

1,059,451

20,010,000

As Is

12/20/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

68,337

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

Fee

NAP

2.17

Property

Big Y - Milford, CT

0.2%

1.9%

150 Boston Post Road

Milford

New Haven

06460

Retail

Single Tenant

2019

NAP

55,000

1,837,588

NAV

95.0%

1,304,431

384,256

920,175

3,571

31,625

884,979

19,800,000

As Is

12/28/2022

100.0%

3/1/2023

Yes

Big Y Foods, Inc.

55,000

100.0%

12/31/2039

NAP

1/6/2023

NAP

1/5/2023

NAP

Fee

NAP

2.18

Property

Save Mart Supermarkets - Sparks, NV (2)

0.2%

1.7%

9750 Pyramid Lakes Highway

Sparks

Washoe

89441

Retail

Single Tenant

1999

2018

52,368

1,654,059

NAV

95.0%

1,123,695

159,633

964,063

28,043

31,029

904,991

17,830,000

As Is

12/27/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

52,368

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

1/4/2023

11%

Fee

NAP

2.19

Property

Save Mart Supermarkets - Tracy, CA

0.2%

1.7%

875 South Tracy Boulevard

Tracy

San Joaquin

95376

Retail

Single Tenant

1997

NAP

61,660

1,624,235

NAV

95.0%

1,206,267

280,595

925,672

12,343

31,740

881,590

17,500,000

As Is

12/26/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

61,660

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

Fee

NAP

2.20

Property

Save Mart Supermarkets - Folsom, CA

0.2%

1.6%

1003 East Bidwell

Folsom

Sacramento

95630

Retail

Single Tenant

1990

NAP

49,769

1,587,529

NAV

95.0%

1,104,967

247,625

857,343

2,321

28,683

826,338

17,110,000

As Is

12/23/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

49,769

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

1/4/2023

Fee

NAP

2.21

Property

Save Mart Supermarkets - Tracy, CA (2)

0.2%

1.6%

2005 North Tracy Boulevard

Tracy

San Joaquin

95376

Retail

Unanchored

1966

NAP

149,631

1,555,412

NAV

95.0%

2,866,242

1,205,655

1,660,587

69,558

61,588

1,529,441

16,780,000

As Is

12/26/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

149,631

100.0%

11/30/2044

NAP

1/27/2023

NAP

1/25/2023

15%

Leasehold

12/31/2064

2, 10-year

2/18/3586

NAP

2.22

Property

Save Mart Supermarkets - Napa, CA

0.1%

1.5%

1346 Trancas Street

Napa

94558

Retail

Anchored

1969

1989

51,845

1,415,471

NAV

95.0%

1,268,097

387,038

881,058

27,136

30,282

823,641

15,250,000

As Is

12/26/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

51,845

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

28%

Fee

NAP

2.23

Property

Badcock - Mulberry, FL (4)

0.1%

1.3%

205 Northwest 2nd Street, 308 1st Avenue Northwest

Mulberry

Polk

33860

Industrial

Flex

1964

1992

184,000

1,307,647

NAV

95.0%

1,410,198

386,783

1,023,415

53,643

37,124

932,648

14,100,000

As Is

12/27/2022

100.0%

3/1/2023

Yes

W.S. Badcock Corporation

184,000

100.0%

8/31/2039

NAP

1/4/2023

NAP

1/3/2023

NAP

Fee

NAP

2.24

Property

Save Mart Supermarkets - Chico, CA

0.1%

1.3%

146 West East Avenue

Chico

Butte

95926

Retail

Single Tenant

1989

2001

42,294

1,227,353

NAV

95.0%

882,806

199,684

683,122

23,886

22,648

636,589

13,230,000

As Is

12/27/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

42,294

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

Fee

NAP

2.25

Property

Save Mart Supermarkets - Salinas, CA

0.1%

1.3%

1223 North Davis Road

Salinas

Monterey

93907

Retail

Single Tenant

1998

2012

62,565

1,222,765

NAV

95.0%

956,143

238,370

717,772

32,500

25,926

659,346

13,170,000

As Is

12/22/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

62,565

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/5/2023

14%

Fee

NAP

2.26

Property

Save Mart Supermarkets - Kingsburg, CA

0.1%

1.2%

909 Sierra Street

Kingsburg

Fresno

93631

Retail

Single Tenant

1999

NAP

41,368

1,206,706

NAV

95.0%

844,348

169,971

674,377

25,943

22,216

626,218

13,000,000

As Is

12/20/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

41,368

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

1/4/2023

Fee

NAP

2.27

Property

Save Mart Supermarkets - Clovis, CA (3)

0.1%

1.2%

1157 North Willow Avenue

Clovis

Fresno

93611

Retail

Single Tenant

2002

NAP

50,918

1,197,529

NAV

95.0%

864,984

186,462

678,523

5,686

24,041

648,796

12,900,000

As Is

12/19/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

50,918

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

Fee

NAP

2.28

Property

Save Mart Supermarkets - Clovis, CA (2)

0.1%

1.1%

2179 Shaw Avenue

Clovis

Fresno

93611

Retail

Single Tenant

1984

2002

52,576

1,112,647

NAV

95.0%

850,673

217,060

633,613

9,643

23,030

600,941

11,990,000

As Is

12/19/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

52,576

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

1/2/2023

Fee

NAP

2.29

Property

Save Mart Supermarkets - Vacaville, CA (2)

0.1%

1.1%

777 East Monte Vista Avenue

Vacaville

Solano

95688

Retail

Single Tenant

1988

NAP

42,630

1,098,882

NAV

95.0%

804,917

190,091

614,826

26,357

20,850

567,619

11,840,000

As Is

12/22/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

42,630

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

12%

Fee

NAP

2.30

Property

Save Mart Supermarkets - Elk Grove, CA

0.1%

1.1%

9160 Elk Grove Florin Road

Elk Grove

Saramento

95624

Retail

Single Tenant

1994

NAP

45,642

1,085,118

NAV

95.0%

792,595

185,557

607,039

25,686

21,037

560,316

11,700,000

As Is

12/22/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

45,642

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

Fee

NAP

2.31

Property

Save Mart Supermarkets - Manteca, CA

0.1%

1.0%

1172 North Main Street

Manteca

San Joaquin

95336

Retail

Single Tenant

1984

NAP

35,312

1,004,824

NAV

95.0%

790,530

141,588

648,942

31,821

20,617

596,504

10,820,000

As Is

12/26/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

35,312

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

Fee

NAP

2.32

Property

Save Mart Supermarkets - Fresno, CA (3)

0.1%

1.0%

5750 North First Street

Fresno

93710

Retail

Single Tenant

1994

NAP

58,360

952,059

NAV

95.0%

764,642

193,732

570,911

39,300

21,375

510,235

10,260,000

As Is

12/22/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

58,360

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/6/2023

1/4/2023

Fee

NAP

2.33

Property

Save Mart Supermarkets - Lodi, CA

0.1%

1.0%

530 West Lodi Avenue

Lodi

San Joaquin

95240

Retail

Single Tenant

1996

NAP

50,342

940,588

NAV

95.0%

715,202

176,982

538,221

35,443

19,597

483,182

10,150,000

As Is

12/22/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

50,342

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

1/4/2023

Fee

NAP

2.34

Property

Save Mart Supermarkets - Sparks, NV

0.1%

0.9%

565 East Prater Way

Sparks

Washoe

89431

Retail

Single Tenant

1993

NAP

47,404

890,118

NAV

95.0%

644,714

141,577

503,137

25,957

18,508

458,673

9,600,000

As Is

12/23/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

47,404

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

10%

Fee

NAP

2.35

Property

Save Mart Supermarkets - Carson City, NV

0.1%

0.9%

3325 US Highway 50

Carson City

89705

Retail

Single Tenant

1995

NAP

52,079

839,647

NAV

95.0%

623,852

148,383

475,469

26,063

18,385

431,021

9,060,000

As Is

12/27/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

52,079

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

13%

Fee

NAP

2.36

Property

Save Mart Supermarkets - Oakland, CA

0.1%

0.8%

4055 MacArthur Boulevard

Oakland

Alameda

94619

Retail

Single Tenant

1965

NAP

21,258

777,706

NAV

95.0%

663,770

252,158

411,612

12,771

14,176

384,665

8,380,000

As Is

12/22/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

21,258

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

27%

Fee

NAP

2.37

Property

Save Mart Supermarkets - Coalinga, CA

0.1%

0.8%

275 East Forest Avenue

Coalinga

Fresno

93210

Retail

Single Tenant

2006

NAP

49,749

752,471

NAV

95.0%

650,625

187,721

462,904

25,211

17,840

419,853

8,100,000

As Is

12/20/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

49,749

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

10%

Fee

NAP

2.38

Property

Save Mart Supermarkets - Marysville, CA

0.1%

0.8%

828 J Street

Marysville

Yuba

95901

Retail

Single Tenant

1973

NAP

30,080

743,294

NAV

95.0%

542,926

128,621

414,305

15,797

14,269

384,239

8,010,000

As Is

12/27/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

30,080

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

10%

Fee

NAP

2.39

Property

Save Mart Supermarkets - Jackson, CA

0.1%

0.7%

11980 State Highway 88

Jackson

Amador

95642

Retail

Single Tenant

1994

NAP

40,593

683,647

NAV

95.0%

546,261

141,071

405,190

22,957

15,193

367,040

7,370,000

As Is

12/24/2022

100.0%

3/1/2023

Yes

Save Mart Supermarkets

40,593

100.0%

11/30/2044

NAP

1/4/2023

NAP

1/3/2023

Fee

NAP

2.40

Property

Badcock - Mulberry, FL (3)

0.0%

0.5%

200 Phosphate Boulevard North

Mulberry

Polk

33860

Office

Suburban

1915

1986

42,750

474,882

NAV

95.0%

497,601

129,587

368,014

2,271

14,963

350,780

5,130,000

As Is

12/27/2022

100.0%

3/1/2023

Yes

W.S. Badcock Corporation

42,750

100.0%

8/31/2039

NAP

1/4/2023

NAP

1/3/2023

NAP

Fee

NAP

2.41

Property

Badcock - Mulberry, FL (2)

0.0%

0.1%

168 Phosphate Boulevard North

Mulberry

Polk

33860

Office

Suburban

1912

1954

8,270

98,647

NAV

95.0%

103,069

31,993

71,076

771

2,895

67,410

1,060,000

As Is

12/27/2022

100.0%

3/1/2023

Yes

W.S. Badcock Corporation

8,270

100.0%

8/31/2039

NAP

1/4/2023

NAP

1/3/2023

NAP

Fee

NAP

2.42

Property

Badcock - Mulberry, FL (5)

0.0%

0.1%

503 Phosphate Boulevard North

Mulberry

Polk

33860

Industrial

Warehouse/Distribution

1978

NAP

9,125

57,353

NAV

95.0%

58,987

17,288

41,699

704

1,654

39,342

620,000

As Is

12/27/2022

100.0%

3/1/2023

Yes

W.S. Badcock Corporation

9,125

100.0%

8/31/2039

NAP

1/4/2023

NAP

1/3/2023

NAP

Fee

NAP

3.00

Loan

Brandywine Strategic Office Portfolio

7.9%

WFB/BANA/CREFI

NAP

Various

Office

Various

1,443,002

169.78

81,249,999

5.87500%

NAP

403,311.27

NAP

4,839,735.24

Interest Only

Actual/360

1/19/2023

3/6/2023

NAP

2/6/2028

NAP

L(25),YM1(28),O(7)

49,769,720

20,248,022

29,521,698

11/30/2022

T-12

43,807,043

16,229,423

27,577,620

12/31/2021

T-12

37,846,335

14,397,273

23,449,062

12/31/2020

T-12

98.2%

67,944,892

23,839,304

44,105,588

360,751

2,886,004

40,858,833

3.02

2.80

18.0%

16.7%

617,200,000

As Portfolio

Various

39.7%

98.1%

Various

Springing

165,113

26,113,792

Springing

Outstanding TI/LC Obligations Reserve ($12,652,162.58; $9,900,000 LOC; $1,139,869.45 LOC), Outstanding Gap Rent Obligations Reserve ($1,376,789.42), Outstanding Free Rent Obligations Reserve ($1,044,971); Ground Rent Reserve (Springing)

NAP

Hard

Springing

Yes

81,249,999

163,750,001

812,827.33

1,216,138.60

NAP

245,000,000

1,216,138.60

39.7%

2.80

18.0%

NAP

Brandywine Operating Partnership, L.P.

Recapitalization

245,000,000

1,935,877

26,278,905

216,785,218

245,000,000

NAP

3.01

Property

401-405 Colorado

2.0%

25.6%

401-405 Colorado Street

Austin

Travis

78701

Office

CBD

2021

NAP

205,803

20,789,388

3,738,970

4,440,497

(701,527)

11/30/2022

T-12

334,988

1,044,046

(709,058)

12/31/2021

T-12

10,841

(10,841)

12/31/2020

T-12

97.1%

16,629,112

6,396,629

10,232,483

51,451

411,606

9,769,426

138,000,000

As Is

11/3/2022

96.0%

12/21/2022

Bain & Company, Inc.

50,423

24.5%

11/30/2034

JPMorgan Chase Bank, National Association

45,100

21.9%

12/31/2032

Snap Inc.

18,739

9.1%

5/31/2033

Perkins Coie LLP

18,616

9.0%

11/30/2032

AllianceBernstein L.P.

18,169

8.8%

9/30/2031

11/8/2022

NAP

11/8/2022

NAP

Leasehold

12/31/2084

1, 25-year

1/21/2800

Yes

NAP

3.02

Property

1900 Market

2.0%

25.2%

1900 Market Street

Philadelphia

19103

Office

CBD

1981

2015

456,922

20,462,729

16,201,107

5,715,454

10,485,653

11/30/2022

T-12

16,060,971

5,847,186

10,213,785

12/31/2021

T-12

14,737,420

5,692,038

9,045,382

12/31/2020

T-12

100.0%

17,764,762

6,002,663

11,762,099

114,231

913,844

10,734,025

159,100,000

As Is

11/2/2022

100.0%

12/21/2022

Independence Blue Cross, LLC

227,974

49.9%

4/16/2034

1900 Market Street Tenant LLC d/b/a WeWork

56,050

12.3%

11/30/2037

Pennoni Associates Inc.

55,846

12.2%

3/31/2029

abrdn Inc.

50,482

11.0%

8/31/2034

Berkadia Commercial Mortgage LLC

18,262

4.0%

5/31/2030

11/15/2022

NAP

11/8/2022

NAP

Fee

NAP

3.03

Property

The Bulletin Building

1.6%

20.2%

3025 Market Street

Philadelphia

19104

Office

CBD

1953

2018-2020

282,709

16,392,270

11,128,461

4,692,277

6,436,184

11/30/2022

T-12

9,842,342

3,944,036

5,898,306

12/31/2021

T-12

7,868,770

3,455,632

4,413,138

12/31/2020

T-12

97.0%

13,875,082

5,904,172

7,970,910

70,677

565,418

7,334,815

113,100,000

As Is

11/2/2022

97.3%

12/21/2022

Spark Therapeutics, Inc.

183,208

64.8%

12/31/2033

Drexel University

57,461

20.3%

10/31/2027

BDN SY Hospitality, LLC

13,163

4.7%

11/30/2031

Retail Variance

7,789

2.8%

12/31/2099

Brandywine Operating Partnership

6,884

2.4%

4/30/2028

11/8/2022

NAP

11/8/2022

NAP

Leasehold

10/12/2116

NAP

Ground rent prepaid

NAP

3.04

Property

Four Points Centre 3

0.7%

9.4%

11120 Four Points Drive

Austin

Travis

78726

Office

Suburban

2019

NAP

164,818

7,642,143

6,874,281

2,427,666

4,446,615

11/30/2022

T-12

6,908,123

2,447,144

4,460,979

12/31/2021

T-12

6,282,086

2,482,361

3,799,725

12/31/2020

T-12

100.0%

7,138,490

2,518,642

4,619,849

41,205

329,636

4,249,008

67,800,000

As Is

11/3/2022

100.0%

3/1/2023

Yes

SailPoint Technologies, Inc.

164,818

100.0%

4/30/2029

NAP

11/9/2022

NAP

11/8/2022

NAP

Fee

NAP

3.05

Property

500 North Gulph

0.5%

6.6%

500 North Gulph Road

King of Prussia

Montgomery

19406

Office

Suburban

1979

2019

100,820

5,346,250

3,727,029

672,649

3,054,380

11/30/2022

T-12

3,656,774

664,903

2,991,871

12/31/2021

T-12

3,564,005

635,340

2,928,665

12/31/2020

T-12

100.0%

4,006,303

690,550

3,315,752

25,205

201,640

3,088,907

38,100,000

As Is

11/4/2022

100.0%

3/1/2023

Yes

CSL Behring L.L.C.

100,820

100.0%

1/31/2031

NAP

11/9/2022

NAP

11/8/2022

NAP

Fee

NAP

3.06

Property

Metroplex, PA

0.5%

6.6%

4000 Chemical Road

Plymouth Meeting

Montgomery

19462

Office

Suburban

2007

NAP

120,877

5,324,362

4,147,046

1,396,958

2,750,088

11/30/2022

T-12

3,089,488

1,406,185

1,683,303

12/31/2021

T-12

1,676,397

1,321,752

354,645

12/31/2020

T-12

92.8%

4,423,155

1,446,241

2,976,914

30,219

241,754

2,704,941

38,600,000

As Is

11/4/2022

90.1%

12/21/2022

Bill Me Later, Inc.

99,512

82.3%

1/31/2031

United HealthCare Services, Inc.

9,431

7.8%

6/30/2026

NAP

11/14/2022

NAP

11/8/2022

NAP

Fee

NAP

3.07

Property

933 First Avenue

0.5%

6.5%

933 First Avenue

King of Prussia

Montgomery

19406

Office

Suburban

2001

2018

111,053

5,292,857

3,952,826

902,521

3,050,305

11/30/2022

T-12

3,914,357

875,923

3,038,434

12/31/2021

T-12

3,717,657

799,309

2,918,348

12/31/2020

T-12

100.0%

4,107,987

880,407

3,227,580

27,763

222,106

2,977,711

37,900,000

As Is

11/4/2022

100.0%

3/1/2023

Yes

Worldwide Insurance Services, LLC

111,053

100.0%

5/31/2029

NAP

11/9/2022

NAP

11/8/2022

NAP

Fee

NAP

4.00

Loan

Green Acres

6.8%

100.0%

MSBNA

MSMCH

NAP

2034 Green Acres Road

Valley Stream

Nassau

11581

Retail

Regional Mall

1956; 2016

1982; 2006; 2007

2,081,286

177.77

70,000,000

5.89900%

NAP

348,887.62

NAP

4,186,651.44

Interest Only

Actual/360

1/3/2023

2/6/2023

NAP

1/6/2028

NAP

L(26),YM1(29),O(5)

76,986,549

31,812,161

45,174,388

9/30/2022

T-12

76,903,875

30,285,085

46,618,790

12/31/2021

T-12

69,008,722

28,007,136

41,001,586

12/31/2020

T-12

96.2%

83,514,884

35,580,356

47,934,528

455,855

1,113,906

46,364,767

2.17

2.10

13.0%

12.5%

679,000,000

As Is

10/30/2022

54.5%

97.7%

12/12/2022

Macy's

390,503

18.8%

266,676 SF expiring 8/18/2026; 123,827 SF expiring 7/31/2034

Walmart

173,450

8.3%

8/31/2028

SEARS

144,537

6.9%

10/31/2028

BJ's Wholesale Club

127,750

6.1%

1/31/2027

KOHL'S

116,392

5.6%

1/31/2031

12/20/2022

NAP

12/20/2022

NAP

Yes - AE

Fee/Leasehold

8/12/2026

2, 6-year

12/7/4856

Yes

Springing

558,072

4,068,135

743,644

Springing

Gap Rent Reserve ($743,644); Rollover Reserve (Springing)

2,094,342

NAP

Hard

Springing

Yes

NAP

70,000,000

300,000,000

1,495,232.63

1,844,120.25

NAP

370,000,000

1,844,120.25

54.5%

2.10

13.0%

NAP

The Macerich Partnership, L.P.

Refinance

370,000,000

11,744,495

381,744,495

364,192,834

12,739,883

4,811,779

381,744,495

NAP

5.00

Loan

Orlando Office Portfolio

6.8%

WFB

NAP

Various

Orlando

Orange

Various

Office

CBD

Various

1,029,761

131.10

70,000,000

6.80900%

NAP

402,708.22

NAP

4,832,498.64

Interest Only

Actual/360

12/30/2022

2/11/2023

NAP

1/11/2028

NAP

L(26),D(27),O(7)

28,606,384

13,903,636

14,702,747

9/30/2022

T-12

27,934,149

13,293,169

14,640,980

12/31/2021

T-12

25,345,477

12,880,023

12,465,454

12/31/2020

T-12

76.3%

28,243,280

14,270,710

13,972,569

257,440

479,761

13,235,368

1.50

1.42

10.4%

9.8%

238,000,000

As Is

10/18/2022

56.7%

77.6%

12/9/2022

613,008

306,504

Springing

21,453

772,320

5,500,000

128,720

3,709,360

Rent Concession Reserve ($893,664); Existing TI/LC Reserve ($2,815,696)

NAP

Hard

In Place

Yes

70,000,000

65,000,000

373,943.34

776,651.56

NAP

135,000,000

776,652

NAP

Southwest Value Partners Fund XVIII LP

Refinance

135,000,000

24,513,780

159,513,780

144,245,212

5,446,200

9,822,368

159,513,780

NAP

5.01

Property

390 North Orange

2.3%

34.3%

390 North Orange Avenue

Orlando

Orange

32801

Office

CBD

1987

2019

416,680

24,037,321

11,155,957

5,812,534

5,343,422

9/30/2022

T-12

10,929,794

5,488,928

5,440,866

12/31/2021

T-12

9,472,859

5,344,710

4,128,150

12/31/2020

T-12

72.0%

10,752,020

5,869,606

4,882,414

104,170

233,347

4,544,898

92,000,000

As Is

10/18/2022

74.0%

12/9/2022

Nelson Mullins Riley & Scarborough, LLP

40,535

9.7%

10/31/2029

GSA

34,669

8.3%

5,689 SF expiring 6/30/2028; 12,341 SF expiring 10/31/2033; 16,639 SF expiring 6/30/2038

Wicker Smith O'Hara McCoy & Ford, PA

24,325

5.8%

9/30/2026

Alvarez Winthrop Thompson & Storey, PA

16,322

3.9%

5/31/2025

State Farm Mutual Auto Insurance Company

15,789

3.8%

9/30/2025

10/21/2022

NAP

10/24/2022

NAP

Fee

NAP

5.02

Property

Citrus Center

2.3%

34.1%

255 South Orange Avenue

Orlando

Orange

32801

Office

CBD

1971

2019

259,243

23,849,096

7,978,007

3,865,467

4,112,540

9/30/2022

T-12

7,585,054

3,689,889

3,895,165

12/31/2021

T-12

7,839,075

3,641,307

4,197,768

12/31/2020

T-12

81.6%

8,716,526

4,066,498

4,650,029

64,811

75,910

4,509,308

73,000,000

As Is

10/18/2022

82.2%

12/9/2022

Quintairos, Prieto, Wood & Boyer, PA

41,106

15.9%

12/31/2025

TLC Engineering for Architecture

41,012

15.8%

10/31/2029

The Citrus Club

28,405

11.0%

10/31/2024

Allen, Dyer, Doppelt, Milbrath & Gilchrist, PA

14,300

5.5%

5/31/2026

Colliers International

11,863

4.6%

9/30/2023

10/21/2022

NAP

10/24/2022

NAP

Fee

NAP

5.03

Property

One Orlando Centre

2.2%

31.6%

800 North Magnolia Avenue

Orlando

Orange

32803

Office

CBD

1987

NAP

353,838

22,113,583

9,472,420

4,225,635

5,246,785

9/30/2022

T-12

9,419,301

4,114,352

5,304,949

12/31/2021

T-12

8,033,542

3,894,006

4,139,536

12/31/2020

T-12

77.6%

8,774,733

4,334,607

4,440,127

88,460

170,505

4,181,163

73,000,000

As Is

10/18/2022

78.5%

12/9/2022

Adventist Health System

39,758

11.2%

9/30/2025

Wells Fargo Bank, NA

32,391

9.2%

12/31/2027

Dewberry Engineers

24,584

6.9%

6/30/2027

CEMEX Construction Materials Florida

18,646

5.3%

3/31/2030

US Equity Advantage

18,307

5.2%

9/30/2029

10/21/2022

NAP

10/24/2022

NAP

Fee

NAP

6.00

Loan

Seminole Trail Portfolio

6.3%

MSBNA

MSMCH

NAP

Various

NAP

723,103

89.89

65,000,000

6.69500%

NAP

367,682.58

NAP

4,412,190.96

Interest Only

Actual/360

12/19/2022

2/1/2023

NAP

1/1/2028

NAP

L(26),D(29),O(5)

12,378,566

4,631,712

7,746,854

8/31/2022

T-12

12,554,875

4,567,244

7,987,631

12/31/2021

T-12

12,822,776

4,598,456

8,224,320

12/31/2020

T-12

71.9%

11,688,928

4,619,723

7,069,205

144,621

483,919

6,440,666

1.60

1.46

10.9%

9.9%

109,890,000

As Is

7/25/2022

59.2%

74.8%

12/1/2022

133,674

66,837

9,337

12,052

289,241

1,400,000

Springing

1,400,000

194,094

607,019

Outstanding Tenant Allowance Funds

NAP

Hard

Springing

Yes

NAP

Richard Bruce Hewitt and Mary Cynthia Hewitt

Acquisition

65,000,000

59,529,204

124,529,204

118,949,232

3,235,849

2,344,123

124,529,204

NAP

6.01

Property

Technology Pointe I & II

1.1%

17.0%

5000-5500 Cox Road

Glen Allen

Henrico

23060

Industrial

Flex

1995/1998

NAP

112,230

11,061,061

NAV

100.0%

1,641,597

404,422

1,237,175

22,446

95,565

1,119,164

18,700,000

As Is

7/25/2022

100.0%

12/1/2022

Patient First Corporation

88,535

78.9%

9/30/2026

Net 100 Ltd

9,576

8.5%

4/30/2032

DPR Construction, Inc.

8,305

7.4%

11/30/2025

Howmedica Osteonics Corp

5,814

5.2%

8/31/2023

NAP

9/13/2022

NAP

9/13/2022

NAP

Fee

NAP

6.02

Property

Westerre III

0.7%

10.9%

3900 Westerre Parkway

Richmond

Henrico

23233

Office

Suburban

2007

NAP

76,128

7,098,007

NAV

82.1%

1,611,763

514,096

1,097,667

15,226

65,239

1,017,202

12,000,000

As Is

7/25/2022

82.3%

12/1/2022

James A. Scott & Son, Inc.

25,905

34.0%

2/28/2030

RGN-Richmond III, LLC

13,017

17.1%

10/31/2026

CSO, LLC

6,978

9.2%

9/30/2026

Dominion Capital Mortgage

6,046

7.9%

8/31/2024

Torsion Holdings, LLC

4,399

5.8%

9/30/2025

9/13/2022

NAP

9/12/2022

NAP

Fee

NAP

6.03

Property

Rowe Plaza

0.7%

10.8%

4510 Cox Road

Glen Allen

Henrico

23060

Office

Suburban

1990

NAP

72,655

7,015,197

NAV

50.8%

900,197

507,600

392,596

14,531

32,072

345,993

11,900,000

As Is

7/25/2022

52.4%

12/1/2022

EdgeMark Partners, Inc.

5,353

7.4%

6/30/2026

The Main Street Group, Ltd

5,078

7.0%

1/31/2024

Beaufort Rosemary

4,910

6.8%

6/15/2028

Great American Insurance Comp

4,631

6.4%

1/31/2026

John B. Levy & Company, Inc.

3,431

4.7%

9/30/2024

9/13/2022

NAP

9/12/2022

NAP

Fee

NAP

6.04

Property

Liberty Plaza I

0.7%

10.7%

4801 Cox Road

Glen Allen

Henrico

23060

Office

Suburban

1998

NAP

80,397

6,944,217

NAV

37.0%

725,894

530,220

195,674

16,079

23,791

155,803

11,700,000

As Is

7/25/2022

39.8%

12/1/2022

Atlantic Financial Group, LLC

5,836

7.3%

5/31/2025

Kasch Levitch McAleer & Assoc.

5,144

6.4%

8/31/2025

R. G. Brinkmann Company

3,632

4.5%

10/31/2026

Virginia Law Foundation

3,398

4.2%

4/30/2027

7-Eleven, Inc.

2,835

3.5%

10/31/2025

9/13/2022

NAP

9/9/2022

NAP

Fee

NAP

6.05

Property

Westerre IV

0.7%

10.6%

3901 Westerre Parkway

Richmond

Henrico

23233

Office

Suburban

2009

NAP

78,120

6,920,557

NAV

93.9%

1,497,057

551,934

945,123

15,624

69,064

860,435

11,700,000

As Is

7/25/2022

95.4%

12/1/2022

John F. Van Der Hyde & Assoc.

40,997

52.5%

11/30/2025

Community Group, Inc.

13,521

17.3%

5/31/2024

VACO, LLC

6,800

8.7%

6/30/2026

Canon Solutions America, Inc.

4,543

5.8%

7/31/2024

McAngus, Goudelock & Courie

4,002

5.1%

5/31/2025

9/13/2022

NAP

9/9/2022

NAP

Fee

NAP

6.06

Property

Glen Forest

0.6%

9.8%

7130 Glen Forest Drive

Richmond

Henrico

23226

Office

Suburban

1985

NAP

80,323

6,388,206

NAV

75.2%

1,450,156

515,249

934,906

16,065

59,748

859,093

10,800,000

As Is

7/25/2022

75.3%

12/1/2022

Fidelity National Title Insurance

18,607

23.2%

8/31/2024

The Hanover Insurance Company

12,155

15.1%

7/31/2027

Virginia Women's Center, Inc

8,094

10.1%

1/31/2025

Cantor, Stoneburner, Ford

7,140

8.9%

11/30/2024

Captech Ventures, Inc.

4,707

5.9%

6/30/2025

9/13/2022

NAP

9/9/2022

NAP

Fee

NAP

6.07

Property

Innsbrook Commons

0.5%

8.3%

4121 Cox Road

Glen Allen

Henrico

23060

Office

Suburban

1986

NAP

60,169

5,382,655

NAV

74.6%

1,126,061

403,690

722,370

12,034

41,596

668,741

9,100,000

As Is

7/25/2022

73.4%

12/1/2022

Tessellate, LLC

42,145

70.0%

6/30/2024

Herndon Law, P.C.

2,017

3.4%

2/28/2025

NAP

9/13/2022

NAP

9/9/2022

NAP

Fee

NAP

6.08

Property

Westgate II

0.5%

7.6%

200 Westgate Parkway

Richmond

Henrico

23233

Office

Suburban

2002

NAP

60,266

4,909,455

NAV

83.0%

1,247,422

427,964

819,458

12,053

46,251

761,154

8,300,000

As Is

7/25/2022

83.0%

12/1/2022

Progressive Casualty Ins Co

20,049

33.3%

2/29/2024

Enterbridge Technologies, Inc.

7,595

12.6%

6/30/2024

Edelman Financial Engines, LLC

6,741

11.2%

7/31/2026

T-Mobile Northeast LLC

4,335

7.2%

10/31/2023

Thomas N. Innes, Inc.

3,976

6.6%

1/31/2024

9/13/2022

NAP

9/12/2022

NAP

Fee

NAP

6.09

Property

Commonwealth

0.5%

7.2%

4198 Cox Road

Glen Allen

Henrico

23060

Office

Suburban

1984

NAP

44,089

4,684,685

NAV

85.7%

754,507

371,088

383,418

8,818

28,861

345,740

7,920,000

As Is

7/25/2022

88.5%

12/1/2022

Commonwealth Commercial Partners, LLC

20,724

47.0%

9/30/2023

Southern Trust Mortgage, LLC

6,201

14.1%

5/31/2025

Lingerfelt Development, LLC

4,164

9.4%

9/30/2023

Viva Life, LLC

2,898

6.6%

1/31/2027

Signature Consultants, LLC

1,765

4.0%

4/30/2023

9/13/2022

NAP

9/9/2022

NAP

Fee

NAP

6.10

Property

Suez

0.4%

7.1%

4880 Cox Road

Glen Allen

Henrico

23060

Office

Suburban

1995

NAP

58,726

4,595,960

NAV

49.9%

734,276

393,459

340,817

11,745

21,730

307,342

7,770,000

As Is

7/25/2022

47.5%

12/1/2022

SUEZ Treatment Solutions

25,417

43.3%

8/31/2026

Centric Business Systems, Inc.

2,503

4.3%

12/31/2024

NAP

9/13/2022

NAP

9/12/2022

NAP

Fee

NAP

7.00

Loan

Shoppes at River Crossing

6.3%

100.0%

MSBNA

MSMCH

NAP

5080 Riverside Drive

Macon

Bibb

31210

Retail

Lifestyle Center

2007

2015

552,795

117.58

65,000,000

7.87500%

NAP

432,486.98

NAP

5,189,843.76

Interest Only

Actual/360

3/6/2023

4/1/2023

NAP

4/1/2028

NAP

L(24),D(33),O(4)

11,140,983

3,272,684

7,868,300

10/31/2022

T-12

10,417,513

3,090,571

7,326,942

12/31/2021

T-12

10,620,975

2,982,226

7,638,750

12/31/2020

T-12

94.3%

11,777,537

3,159,960

8,617,578

82,919

596,968

7,937,690

1.66

1.53

13.3%

12.2%

102,000,000

As Is

1/13/2023

63.7%

95.3%

12/31/2022

Belk

133,219

24.1%

10/14/2107

Dick's

50,000

9.0%

1/31/2025

Barnes & Noble

29,314

5.3%

1/31/2024

Jo-ann Fabrics

20,331

3.7%

1/31/2026

H&M

18,500

3.3%

1/31/2027

1/6/2023

NAP

1/5/2023

NAP

Fee

NAP

Springing

276,398

Springing

1,105,590

2,326,174

Anchor Tenant Funds (Springing); TI Reserve Funds ($2,190,500); Gap Rent Reserve Funds ($135,674)

NAP

Hard

Springing

Yes

NAP

Brookfield Properties Retail Holding LLC

BPR Nimbus LLC

Refinance

65,000,000

8,386,880

73,386,880

70,051,304

1,009,402

2,326,174

73,386,880

NAP

8.00

Loan

Queen Kapiolani Hotel

5.9%

100.0%

WFB

NAP

150 Kapahulu Avenue

Honolulu

96815

Hospitality

Full Service

1968

2019

315

Rooms

191,428.57

60,300,000

6.71300%

NAP

342,013.36

NAP

4,104,160.32

Interest Only

Actual/360

3/8/2023

4/11/2023

NAP

3/11/2028

NAP

L(24),YM1(32),O(4)

26,509,218

16,702,308

9,806,910

12/31/2022

T-12

18,623,982

14,202,030

4,421,952

12/31/2021

T-12

6,007,904

8,636,578

(2,628,674)

12/31/2020

T-12

89.6%

26,626,999

17,286,485

9,340,514

1,065,080

8,275,434

2.28

2.02

15.5%

13.7%

134,000,000

As Is

1/24/2023

45.0%

89.6%

12/31/2022

NAP

6/2/2022

NAP

6/1/2022

NAP

Leasehold

12/31/2081

None

1,046,092

Yes

154,206

77,103

142,928

35,732

22,189

315,026

Springing

Ground Rent Reserve (Springing); F&B Percentage Rent Credit Reserve ($315,026)

NAP

Hard

Springing

Yes

NAP

Financial Partners Group Co., Ltd.

Recapitalization

60,300,000

3,892,139

612,160

55,795,702

60,300,000

NAP

8/6/1900

7/14/1900

1/0/1900

8/6/1900

7/14/1900

1/0/1900

7/1/1900

5/13/1900

1/0/1900

6/29/1900

2/9/1900

1/0/1900

9.00

Loan

ExchangeRight Net Leased Portfolio #62

4.7%

CREFI

Group 1

NAP

Various

427,964

113.33

48,500,000

5.66000%

NAP

231,935.53

NAP

2,783,226.36

Interest Only

Actual/360

3/14/2023

4/1/2023

NAP

4/1/2028

NAP

L(24),D(30),O(7)

NAV

95.0%

5,715,367

171,461

5,543,906

64,195

5,479,712

1.99

1.97

11.4%

11.3%

100,100,000

As Is

Various

48.5%

100.0%

3/1/2023

Springing

500,000

Springing

TBD

Unfunded Obligations Reserve

NAP

Hard

Springing

Yes

NAP

David Fisher, Joshua Ungerecht and Warren Thomas

ExchangeRight Real Estate, LLC, David Fisher, Joshua Ungerecht and Warren Thomas

Yes

Acquisition

NAP

9.01

Property

FedEx Ground - Cumberland

2.0%

43.3%

12000 Mexico Farms Road Southeast

Cumberland

Allegany

21502

Industrial

Warehouse/Distribution

2022

NAP

192,500

21,000,000

NAV

95.0%

2,419,088

72,573

2,346,515

28,875

2,317,640

46,300,000

As Is

2/28/2023

100.0%

3/1/2023

Yes

FedEx Ground

192,500

100.0%

9/30/2032

NAP

3/9/2023

NAP

3/9/2023

NAP

TBD

Fee

NAP

9.02

Property

Pick 'n Save - Watertown

0.6%

13.6%

624 South Church Street

Watertown

Jefferson

53094

Retail

Single Tenant

1980

2010

60,689

6,580,000

NAV

95.0%

778,337

23,350

754,987

9,103

745,883

11,700,000

As Is

2/11/2023

100.0%

3/1/2023

Yes

Pick 'n Save

60,689

100.0%

12/31/2030

NAP

12/29/2022

NAP

12/29/2022

NAP

TBD

Fee

NAP

9.03

Property

BioLife Plasma Services L.P. - Irving

0.4%

8.5%

4033 West Airport Freeway

Irving

Dallas

75062

Office

Medical

2023

NAP

10,122

4,100,000

NAV

95.0%

529,963

15,899

514,064

1,518

512,546

9,080,000

As Is

2/10/2023

100.0%

3/1/2023

Yes

BioLife Plasma Services L.P.

10,122

100.0%

3/31/2037

NAP

2/9/2023

NAP

2/9/2023

NAP

TBD

Fee

NAP

9.04

Property

Food Lion - Elizabeth City

0.4%

7.6%

1805 Weeksville Road

Elizabeth City

Pasquotank

27909

Retail

Single Tenant

2007

NAP

35,032

3,700,000

NAV

95.0%

429,400

12,882

416,518

5,255

411,263

7,000,000

As Is

2/7/2023

100.0%

3/1/2023

Yes

Food Lion

35,032

100.0%

10/2/2027

NAP

9/29/2022

12/6/2022

9/29/2022

NAP

TBD

Fee

NAP

9.05

Property

Fresenius Medical Care - Fairhaven

0.2%

4.6%

216 Huttleston Avenue

Fairhaven

Bristol

02719

Office

Medical

2015

NAP

10,330

2,210,000

NAV

95.0%

259,622

7,789

251,834

1,550

250,284

4,200,000

As Is

1/26/2023

100.0%

3/1/2023

Yes

Fresenius Medical Care

10,330

100.0%

11/30/2030

NAP

1/13/2023

NAP

1/13/2023

NAP

TBD

Fee

NAP

9.06

Property

CVS Pharmacy - New Cumberland

0.2%

3.9%

560 Old York Road

Fairview Township

York

17070

Retail

Single Tenant

2007

NAP

10,818

1,900,000

NAV

95.0%

227,392

6,822

220,570

1,623

218,948

3,800,000

As Is

12/8/2022

100.0%

3/1/2023

Yes

CVS Pharmacy

10,818

100.0%

1/31/2030

NAP

1/10/2023

NAP

1/10/2023

NAP

TBD

Fee

NAP

9.07

Property

Family Dollar - Chicago

0.1%

2.1%

1633 West Monterey Avenue

Chicago

Cook

60643

Retail

Single Tenant

2019

NAP

8,316

1,020,000

NAV

95.0%

121,243

3,637

117,606

1,247

116,358

2,220,000

As Is

2/15/2023

100.0%

3/1/2023

Yes

Family Dollar

8,316

100.0%

3/31/2034

NAP

1/5/2023

2/17/2023

1/5/2023

NAP

TBD

Fee

NAP

9.08

Property

Dollar General - Midland

0.1%

1.9%

311 Midland Drive

Midland

79703

Retail

Single Tenant

2016

NAP

10,896

930,000

NAV

95.0%

110,227

3,307

106,920

1,634

105,285

1,850,000

As Is

2/11/2023

100.0%

3/1/2023

Yes

Dollar General

10,896

100.0%

11/30/2031

NAP

2/8/2023

NAP

2/8/2023

NAP

TBD

Fee

NAP

9.09

Property

Dollar General - Sylacauga

0.1%

1.9%

25 Avondale Avenue

Sylacauga

Talladega

35150

Retail

Single Tenant

2022

NAP

10,610

920,000

NAV

95.0%

109,045

3,271

105,773

1,592

104,182

1,825,000

As Is

2/11/2023

100.0%

3/1/2023

Yes

Dollar General

10,610

100.0%

8/31/2037

NAP

3/1/2023

NAP

2/16/2023

NAP

TBD

Fee

NAP

9.10

Property

Dollar General - Baton Rouge

0.1%

1.8%

135 South Flannery Road

Baton Rouge

East Baton Rouge

70815

Retail

Single Tenant

2022

NAP

10,716

880,000

NAV

95.0%

105,066

3,152

101,914

1,607

100,307

1,770,000

As Is

2/15/2023

100.0%

3/1/2023

Yes

Dollar General

10,716

100.0%

9/30/2037

NAP

2/22/2023

NAP

2/22/2023

NAP

TBD

Fee

NAP

9.11

Property

Dollar General - Horizon City

0.1%

1.8%

801 Darrington Road

Horizon City

El Paso

79928

Retail

Single Tenant

2022

NAP

10,640

850,000

NAV

95.0%

100,707

3,021

97,686

1,596

96,090

1,700,000

As Is

2/13/2023

100.0%

3/1/2023

Yes

Dollar General

10,640

100.0%

11/30/2037

NAP

1/11/2023

NAP

1/11/2023

NAP

TBD

Fee

NAP

9.12

Property

Dollar General - Ponchatoula

0.1%

1.7%

24068 Louisiana Highway 22

Ponchatoula

Tangipahoa

70454

Retail

Single Tenant

2022

NAP

10,722

820,000

NAV

95.0%

97,195

2,916

94,280

1,608

92,671

1,640,000

As Is

2/7/2023

100.0%

3/1/2023

Yes

Dollar General

10,722

100.0%

4/30/2037

NAP

2/22/2023

NAP

2/22/2023

NAP

TBD

Fee

NAP

9.13

Property

Dollar General - Swartz Creek

0.1%

1.6%

8045 West Grand Blanc Road

Swartz Creek

Genesee

48473

Retail

Single Tenant

2022

NAP

10,677

790,000

NAV

95.0%

94,673

2,840

91,833

1,602

90,231

1,600,000

As Is

2/14/2023

100.0%

3/1/2023

Yes

Dollar General

10,677

100.0%

11/30/2037

NAP

3/2/2023

NAP

3/2/2023

NAP

TBD

Fee

NAP

9.14

Property

Dollar General - Gonzales

0.1%

1.6%

41110 Louisiana Highway 621

Gonzales

Ascension

70737

Retail

Single Tenant

2020

NAP

9,198

770,000

NAV

95.0%

91,267

2,738

88,529

1,380

87,149

1,540,000

As Is

2/15/2023

100.0%

3/1/2023

Yes

Dollar General

9,198

100.0%

7/31/2036

NAP

2/22/2023

NAP

2/22/2023

NAP

TBD

Fee

NAP

9.15

Property

Dollar General - Houston

0.1%

1.5%

15045 Ella Boulevard

Houston

Harris

77090

Retail

Single Tenant

2008

NAP

9,065

730,000

NAV

95.0%

87,313

2,619

84,694

1,360

83,334

1,415,000

As Is

2/6/2023

100.0%

3/1/2023

Yes

Dollar General

9,065

100.0%

2/29/2028

NAP

12/19/2022

NAP

12/22/2022

NAP

TBD

Fee

NAP

9.16

Property

Family Dollar - Lafayette

0.1%

1.4%

814 Rue Du Belier

Lafayette

70506

Retail

Single Tenant

2019

NAP

8,449

680,000

NAV

95.0%

80,940

2,428

78,512

1,267

77,244

1,260,000

As Is

2/6/2023

100.0%

3/1/2023

Yes

Family Dollar

8,449

100.0%

3/31/2030

NAP

1/23/2023

NAP

1/23/2023

NAP

TBD

Fee

NAP

9.17

Property

Dollar General - Eagle Pass

0.1%

1.3%

3245 Del Rio Boulevard

Eagle Pass

Maverick

78852

Retail

Single Tenant

2014

NAP

9,184

620,000

NAV

95.0%

73,889

2,217

71,672

1,378

70,295

1,200,000

As Is

2/6/2023

100.0%

3/1/2023

Yes

Dollar General

9,184

100.0%

1/31/2030

NAP

2/2/2023

NAP

2/2/2023

NAP

TBD

Fee

NAP

10.00

Loan

ExchangeRight Net Leased Portfolio #61

4.6%

MSBNA

MSMCH

Group 1

NAP

Various

387,016

121.11

46,872,000

5.89300%

NAP

233,377.53

NAP

2,800,530.36

Interest Only

Actual/360

1/20/2023

3/1/2023

NAP

2/1/2028

NAP

L(25),D(28),O(7)

NAV

95.9%

5,822,418

174,673

5,647,745

58,052

42,560

5,547,132

2.02

1.98

12.0%

11.8%

97,650,000

As Is

Various

48.0%

100.0%

3/1/2023

234,015

67,428

Springing

338,018

Springing

500,000

Springing

602,364

NAP

Hard

Springing

Yes

NAP

David Fisher, Warren Thomas, ExchangeRight Real Estate, LLC, Joshua Ungerecht

Yes

Acquisition

46,872,000

51,475,741

98,347,741

95,790,940

882,405

1,674,397

98,347,741

NAP

10.01

Property

Giant Eagle - Columbus, OH

0.9%

18.7%

3841 South Hamilton Road

Columbus

Franklin

43125

Retail

Single Tenant

2008

NAP

86,608

8,784,000

NAV

18,300,000

As Is

12/1/2022

100.0%

3/1/2023

Yes

Giant Eagle

86,608

100.0%

7/31/2028

NAP

9/1/2022

NAP

9/1/2022

NAP

Fee

NAP

10.02

Property

Metro Market - Madison, WI

0.6%

13.0%

3650 University Avenue

Shorewood Hills

Dane

53705

Retail

Single Tenant

2002

NAP

51,370

6,096,000

NAV

12,700,000

As Is

12/16/2022

100.0%

3/1/2023

Yes

Metro Market

51,370

100.0%

1/31/2032

NAP

11/16/2022

12/19/2022

11/16/2022

NAP

Fee

NAP

10.03

Property

Giant Food - Upper Marlboro, MD

0.5%

11.9%

5700 Crain Highway

Upper Marlboro

Prince George's

20772

Retail

Single Tenant

1993

NAP

60,951

5,568,000

NAV

11,600,000

As Is

12/9/2022

100.0%

3/1/2023

Yes

Giant Food

60,951

100.0%

6/30/2028

NAP

11/30/2022

NAP

11/23/2022

NAP

Fee

NAP

10.04

Property

Unity Point Health - Moline, IL

0.5%

10.5%

3924 16th Street

Moline

Rock Island

61265

Office

Medical

2018

NAP

40,412

4,944,000

NAV

10,300,000

As Is

1/9/2023

100.0%

3/1/2023

Yes

Unity Point Health

40,412

100.0%

10/31/2032

NAP

12/28/2022

NAP

12/28/2022

NAP

Fee

NAP

10.05

Property

BioLife Plasma Services L.P. - Webster, TX

0.4%

9.3%

1011 South Ponds Drive

Webster

Harris

77598

Office

Medical

2022

NAP

14,545

4,377,600

NAV

9,120,000

As Is

12/7/2022

100.0%

3/1/2023

Yes

BioLife Plasma Services L.P.

14,545

100.0%

10/31/2037

NAP

12/14/2022

NAP

12/14/2022

NAP

Fee

NAP

10.06

Property

CVS Pharmacy - San Jacinto, CA

0.3%

7.5%

102 South Sanderson Avenue

San Jacinto

Riverside

92582

Retail

Single Tenant

2009

NAP

13,364

3,528,000

NAV

7,350,000

As Is

11/29/2022

100.0%

3/1/2023

Yes

CVS Pharmacy

13,364

100.0%

1/31/2033

NAP

12/15/2022

NAP

12/14/2022

12/15/2022

12%

Fee

NAP

10.07

Property

CVS Pharmacy - Glenville, NY

0.3%

6.1%

259 Saratoga Road

Glenville

Schenectady

12302

Retail

Single Tenant

2006

NAP

12,980

2,856,000

NAV

5,950,000

As Is

12/13/2022

100.0%

3/1/2023

Yes

CVS Pharmacy

12,980

100.0%

1/31/2032

NAP

1/9/2023

NAP

1/5/2023

NAP

Fee

NAP

10.08

Property

Dollar General Market - Lompoc, CA

0.2%

5.0%

1124 West Ocean Avenue

Lompoc

Santa Barbara

93436

Retail

Single Tenant

1997

2013

25,000

2,337,600

NAV

4,870,000

As Is

10/29/2022

100.0%

3/1/2023

Yes

Dollar General Market

25,000

100.0%

2/28/2029

NAP

11/4/2022

12/28/2022

11/4/2022

14%

Fee

NAP

10.09

Property

CVS Pharmacy - Miamisburg, OH

0.2%

4.0%

1205 East Central Avenue

Miamisburg

Montgomery

45342

Retail

Single Tenant

1999

NAP

9,908

1,896,000

NAV

3,950,000

As Is

12/4/2022

100.0%

3/1/2023

Yes

CVS Pharmacy

9,908

100.0%

1/31/2028

NAP

12/1/2022

NAP

11/22/2022

NAP

Fee

NAP

10.10

Property

Tractor Supply Company - Berea, KY

0.2%

3.8%

304 Cooper Drive

Berea

Madison

40403

Retail

Single Tenant

2011

NAP

19,097

1,776,000

NAV

3,700,000

As Is

12/13/2022

100.0%

3/1/2023

Yes

Tractor Supply

19,097

100.0%

8/31/2036

NAP

1/10/2023

NAP

1/10/2023

NAP

Fee

NAP

10.11

Property

Family Dollar - North Chicago, IL

0.1%

2.0%

1400 Lewis Avenue

North Chicago

Lake

60064

Retail

Single Tenant

2018

NAP

8,320

936,000

NAV

1,950,000

As Is

1/5/2023

100.0%

3/1/2023

Yes

Family Dollar

8,320

100.0%

3/31/2033

NAP

1/5/2023

NAP

1/5/2023

NAP

Fee

NAP

10.12

Property

Family Dollar - Berwick, PA

0.1%

1.9%

1729 West Front Street

Berwick

Columbia

18603

Retail

Single Tenant

2015

NAP

9,180

912,000

NAV

1,900,000

As Is

12/5/2022

100.0%

3/1/2023

Yes

Family Dollar

9,180

100.0%

9/30/2030

NAP

12/23/2022

NAP

12/23/2022

NAP

Fee

NAP

10.13

Property

Family Dollar - Williamsport, PA

0.1%

1.9%

2016 Lycoming Creek Road

Williamsport

Lycoming

17701

Retail

Single Tenant

2015

NAP

9,180

912,000

NAV

1,900,000

As Is

12/5/2022

100.0%

3/1/2023

Yes

Family Dollar

9,180

100.0%

3/31/2031

NAP

12/23/2022

NAP

12/23/2022

NAP

Fee

NAP

10.14

Property

Dollar Tree - San Antonio, TX

0.1%

1.8%

1183 Cupples Road

San Antonio

Bexar

78226

Retail

Single Tenant

2022

NAP

9,993

849,600

NAV

1,770,000

As Is

12/8/2022

100.0%

3/1/2023

Yes

Dollar Tree

9,993

100.0%

1/31/2033

NAP

9/20/2022

NAP

12/14/2022

NAP

Fee

NAP

10.15

Property

AutoZone - Las Cruces, NM

0.1%

1.2%

5650 Bataan Memorial West

Las Cruces

Doña Ana County

88012

Retail

Single Tenant

2004

NAP

6,840

556,800

NAV

1,160,000

As Is

12/9/2022

100.0%

3/1/2023

Yes

AutoZone

6,840

100.0%

8/31/2034

NAP

1/11/2023

NAP

1/11/2023

NAP

Fee

NAP

10.16

Property

Dollar General - Salem, VA

0.1%

1.2%

251 Wildwood Road

Salem

24153

Retail

Single Tenant

1979

2007

9,268

542,400

NAV

1,130,000

As Is

11/3/2022

100.0%

3/1/2023

Yes

Dollar General

9,268

100.0%

6/30/2029

NAP

11/14/2022

NAP

11/14/2022

NAP

Fee

NAP

11.00

Loan

McKesson Phase 2

4.6%

100.0%

MSBNA

MSMCH

NAP

911 John Street

Columbus

Franklin

43222

Office

CBD

2022

NAP

197,671

388.02

46,700,000

5.14000%

NAP

202,809.88

NAP

2,433,718.56

Interest Only

Actual/360

10/27/2022

12/5/2022

NAP

11/5/2027

NAP

L(28),D(22),O(10)

NAP

94.9%

8,073,883

292,217

7,781,667

29,651

7,752,016

1.95

1.94

10.1%

120,100,000

As Is

9/23/2022

63.9%

100.0%

3/1/2023

Yes

McKesson Corporation

197,671

100.0%

10/31/2032

NAP

10/13/2022

NAP

10/14/2022

NAP

Fee

NAP

Springing

21,268

10,634

Springing

NAP

Hard

In Place

Yes

NAP

46,700,000

30,000,000

130,284.73

333,094.61

NAP

76,700,000

333,095

NAP

Golden Eagle Group Inc.

GEG Investments LLC and Golden Eagle Group Inc.

Acquisition

76,700,000

52,153,299

128,853,299

118,000,000

10,832,031

21,268

128,853,299

NAP

12.00

Loan

ExchangeRight Net Leased Portfolio #60

3.8%

BANA

Group 1

NAP

Various

396,437

99.01

39,250,000

5.71080%

NAP

189,385.07

NAP

2,272,620.84

Interest Only

Actual/360

12/7/2022

2/1/2023

NAP

1/1/2028

NAP

L(26),D(27),O(7)

NAV

95.0%

4,692,285

140,769

4,551,516

38,793

230,586

4,282,137

2.00

1.88

11.6%

10.9%

79,470,000

As Is

Various

49.4%

100.0%

3/1/2023

167,911

72,603

Springing

918,000

Springing

500,000

Springing

79,785

199,920

Environmental Reserve

NAP

Hard

Springing

Yes

NAP

David Fisher, Joshua Ungerecht and Warren Thomas

Yes

Acquisition

39,250,000

44,373,980

83,623,980

79,129,817

2,628,547

1,865,616

83,623,980

NAP

12.01

Property

ShopRite/ShopRite Liquor - Vineland (Landis), NJ

1.1%

28.8%

1255 West Landis Avenue

Vineland

Cumberland

08360

Retail

Single Tenant

2013

NAP

83,140

11,310,243

NAV

22,900,000

As Is

11/3/2022

100.0%

3/1/2023

Yes

ShopRite

83,140

100.0%

6/30/2033 (74,223 SF); 5/31/2033 (8,917 SF)

NAP

10/20/2022

NAP

9/13/2022

NAP

Fee

NAP

12.02

Property

BioLife Plasma Services L.P. - Waco (Marketplace), TX

0.5%

13.1%

2329 Marketplace Drive

Waco

McLennan

76711

Office

Medical

2022

NAP

14,545

5,136,530

NAV

10,400,000

As Is

9/8/2022

100.0%

3/1/2023

Yes

BioLife Plasma Services L.P.

14,545

100.0%

7/31/2037

NAP

8/4/2022

NAP

8/4/2022

NAP

Fee

NAP

12.03

Property

ShopRite - Upper Deerfield (Pearl), NJ

0.5%

12.2%

1000 North Pearl Street

Upper Deerfield Township

Cumberland

08302

Retail

Single Tenant

1999

NAP

65,486

4,805,618

NAV

9,730,000

As Is

11/2/2022

100.0%

3/1/2023

Yes

ShopRite

65,486

100.0%

5/31/2038

NAP

9/12/2022

NAP

9/12/2022

NAP

Fee

NAP

12.04

Property

Giant Food Store - Coopersburg (Fairmount), PA

0.5%

11.8%

216 East Fairmount Street

Coopersburg

Lehigh

18036

Retail

Single Tenant

1973

NAP

86,707

4,642,632

NAV

9,400,000

As Is

11/3/2022

100.0%

3/1/2023

Yes

Giant Food Store

86,707

100.0%

2/5/2028

NAP

9/21/2022

NAP

9/27/2022

NAP

Fee

NAP

12.05

Property

Hobby Lobby - Gulfport (Hwy 49), MS

0.3%

7.1%

11240A U.S. Highway 49

Gulfport

Harrison

39503

Retail

Single Tenant

1985

2011

52,514

2,770,763

NAV

5,610,000

As Is

9/8/2022

100.0%

3/1/2023

Yes

Hobby Lobby

52,514

100.0%

9/30/2032

NAP

9/27/2022

NAP

9/27/2022

NAP

Fee

NAP

12.06

Property

CVS Pharmacy - Mobile (Martin Luther King), AL

0.2%

5.2%

2280 Dr. Martin Luther King Junior Avenue

Mobile

36610

Retail

Single Tenant

2000

NAP

10,195

2,059,551

NAV

4,170,000

As Is

9/10/2022

100.0%

3/1/2023

Yes

CVS Pharmacy

10,195

100.0%

1/31/2028

NAP

9/26/2022

NAP

9/26/2022

NAP

Fee

NAP

12.07

Property

Inspira - Vineland (Landis), NJ

0.1%

2.8%

1297 West Landis Avenue

Vineland

Cumberland

08360

Office

Medical

2013

NAP

6,100

1,116,207

NAV

2,260,000

As Is

11/3/2022

100.0%

3/1/2023

Yes

Inspira Health Network

6,100

100.0%

8/31/2030

NAP

10/20/2022

NAP

9/13/2022

NAP

Fee

NAP

12.08

Property

Family Dollar - Charlotte (Valleydale), NC

0.1%

2.8%

542 Valleydale Road

Charlotte

Mecklenburg

28214

Retail

Single Tenant

2014

NAP

8,320

1,086,574

NAV

2,200,000

As Is

11/3/2022

100.0%

3/1/2023

Yes

Family Dollar

8,320

100.0%

6/30/2029

NAP

7/8/2022

NAP

7/8/2022

NAP

Fee

NAP

12.09

Property

Dollar Tree - Laredo (Hwy 359), TX

0.1%

2.6%

5603 State Highway 359

Laredo

Webb

78043

Retail

Single Tenant

2022

NAP

10,000

1,027,306

NAV

2,080,000

As Is

10/28/2022

100.0%

3/1/2023

Yes

Dollar Tree

10,000

100.0%

2/28/2033

NAP

7/1/2022

NAP

7/5/2022

NAP

Fee

NAP

12.10

Property

Dollar General - Seneca (Bypass 123), SC

0.1%

2.5%

708 Bypass 123

Seneca

Oconee

29678

Retail

Single Tenant

1994

2022

11,760

972,977

NAV

1,970,000

As Is

10/27/2022

100.0%

3/1/2023

Yes

Dollar General

11,760

100.0%

7/31/2032

NAP

9/19/2022

NAP

9/19/2022

NAP

Fee

NAP

12.11

Property

Family Dollar - Jacksonville (103rd), FL

0.1%

2.5%

10405 103rd Street

Jacksonville

Duval

32210

Retail

Single Tenant

2019

NAP

8,320

972,977

NAV

1,970,000

As Is

10/27/2022

100.0%

3/1/2023

Yes

Family Dollar

8,320

100.0%

3/31/2030

NAP

11/3/2022

NAP

11/3/2022

NAP

Fee

NAP

12.12

Property

Dollar Tree - Rocky Mount (NC97), NC

0.1%

2.4%

10735 East NC-97

Rocky Mount

Nash

27803

Retail

Single Tenant

2022

NAP

9,973

958,160

NAV

1,940,000

As Is

11/3/2022

100.0%

3/1/2023

Yes

Dollar Tree

9,973

100.0%

1/31/2033

NAP

9/22/2022

NAP

9/28/2022

NAP

Fee

NAP

12.13

Property

Dollar Tree - Wesleyville (Buffalo), PA

0.1%

2.3%

3604 Buffalo Road

Wesleyville

Erie

16510

Retail

Single Tenant

1997

NAP

11,325

884,076

NAV

1,790,000

As Is

11/2/2022

100.0%

3/1/2023

Yes

Dollar Tree

11,325

100.0%

5/31/2032

NAP

11/28/2022

NAP

11/9/2022

NAP

Fee

NAP

12.14

Property

Dollar General - Cleveland (Georgetown), TN

0.1%

2.0%

4625 Georgetown Road Northwest

Cleveland

Bradley

37312

Retail

Single Tenant

2014

NAP

9,026

785,296

NAV

1,590,000

As Is

9/3/2022

100.0%

3/1/2023

Yes

Dollar General

9,026

100.0%

2/28/2029

NAP

9/2/2022

NAP

9/2/2022

NAP

Fee

NAP

12.15

Property

Dollar General - Canton (Navarre), OH

0.1%

1.8%

6188 Navarre Road Southwest

Canton

Stark

44706

Retail

Single Tenant

2015

NAP

9,026

721,090

NAV

1,460,000

As Is

11/2/2022

100.0%

3/1/2023

Yes

Dollar General

9,026

100.0%

8/31/2030

NAP

9/19/2022

NAP

9/19/2022

NAP

Fee

NAP

13.00

Loan

Smithsonian Libraries Research Annex

3.5%

100.0%

WFB

NAP

3400 Pennsy Drive

Landover

Prince George's

20785

Industrial

Warehouse/Distribution

1966

2005

333,724

107.87

36,000,000

6.85200%

NAP

208,415.00

NAP

2,500,980.00

Interest Only

Actual/360

3/1/2023

4/11/2023

NAP

3/11/2028

NAP

L(24),D(32),O(4)

12,124,479

3,392,682

8,731,797

12/31/2022

T-12

11,880,160

2,953,466

8,926,694

12/31/2021

T-12

11,430,511

3,134,830

8,295,681

12/31/2020

T-12

95.0%

7,491,970

3,596,345

3,895,624

50,059

207,872

3,637,694

1.56

1.45

10.8%

10.1%

76,300,000

As Is

12/21/2022

47.2%

100.0%

3/1/2023

Yes

Smithsonian Institution

333,724

100.0%

9/30/2028

NAP

1/27/2023

NAP

12/30/2022

NAP

Fee

NAP

516,734

73,820

9,401

9,407

4,172

5,000

250,000

Exisiting TI/LC Reserve

NAP

Hard

In Place

Yes

NAP

Henry Gross

444 Madison, LLC

Refinance

36,000,000

1,069,140

37,069,140

35,892,201

395,804

781,135

37,069,140

NAP

14.00

Loan

575 Broadway

3.4%

100.0%

SGFC

WFB

NAP

575 Broadway

New York

10012

Mixed Use

Retail/Office

1882

2015

176,648

718.73

35,000,000

34,879,524

32,380,245

7.49000%

258,419.29

NAP

3,101,031.48

NAP

Amortizing Balloon

Actual/360

300

297

11/29/2022

1/6/2023

12/6/2027

NAP

L(27),D(27),O(6)

34,792,051

11,050,658

23,741,393

6/30/2022

T-12

32,527,216

10,808,852

21,718,364

12/31/2021

T-12

29,676,032

10,308,321

19,367,711

12/31/2020

T-12

93.4%

27,803,795

11,776,167

16,027,627

35,330

441,620

15,550,678

1.42

1.38

12.6%

12.2%

215,000,000

As Is

9/7/2022

59.1%

54.8%

88.1%

7/1/2022

Estee Lauder

64,122

36.3%

3/31/2025

Prada USA Corp.

30,079

17.0%

1/31/2035

Valor Management LLC

12,990

7.4%

8/31/2033

Union Editorial NY, LLC

11,500

6.5%

5/31/2023

H&M

11,049

6.3%

1/31/2030

9/14/2022

NAP

9/14/2022

NAP

Leasehold

6/30/2060

None

5,089,118

Yes

276,774

62,040

20,680

2,944

36,802

4,655,585

Springing

Unfunded Obligations Reserve (Upfront: $4,231,492), Ground Rent Reserve (Upfront: $424,093; Monthly: Springing), Façade Work Reserve (Monthly: Springing)

NAP

Hard

Springing

Yes

34,879,524

92,081,944

682,226.94

940,646.23

NAP

126,961,469

940,646

NAP

Peter M. Brant

Refinance

127,400,000

5,592,260

132,992,260

123,945,221

4,052,640

4,994,399

132,992,260

NAP

15.00

Loan

1201 Third Avenue

2.9%

100.0%

MSBNA

MSMCH

NAP

1201 Third Avenue

Seattle

King

98101

Office

CBD

1988

NAP

1,129,710

150.48

30,000,000

5.58500%

NAP

141,564.24

NAP

1,698,770.88

Interest Only

Actual/360

2/10/2023

4/9/2023

NAP

3/9/2028

NAP

L(24),DorYM1(29),O(7)

51,796,212

20,401,758

31,394,453

12/31/2022

T-12

52,866,426

19,817,047

33,049,379

12/31/2021

T-12

55,173,622

18,678,980

36,494,642

12/31/2020

T-12

100.0%

51,349,507

21,283,998

30,065,509

225,942

3,282,704

26,556,863

3.12

2.76

17.7%

15.6%

556,500,000

As Is

12/1/2022

30.5%

81.1%

1/1/2023

Perkins Coie

296,843

26.3%

12/31/2026

WeWork

114,679

10.2%

6/30/2034

Kimley-Horn

46,058

4.1%

12/31/2034

Accolade, Inc.

45,083

4.0%

3/31/2030

Hargis Engineering

44,609

3.9%

12/31/2024

12/8/2022

NAP

12/8/2022

14%

Fee

NAP

Springing

21,322,779

Upfront Rollover Deposit ($17,567,429.00); Free Rent ($3,755,350.00)

NAP

Hard

Springing

Yes

30,000,000

140,000,000

660,633.10

802,197.34

NAP

170,000,000

802,197

NAP

MetLife, Inc. and New York Common Retirement Fund

NAP

Refinance

170,000,000

90,027,200

260,027,200

236,517,648

2,186,773

21,322,779

260,027,200

NAP

16.00

Loan

Essex Crossing

2.4%

100.0%

MSBNA

MSMCH

NAP

175 Delancey Street

New York

10002

Mixed Use

Office/Retail

2016

NAP

60,365

674.07

25,000,000

6.87000%

NAP

145,112.85

NAP

1,741,354.20

Interest Only

Actual/360

12/23/2022

2/1/2023

NAP

1/1/2028

NAP

L(26),D(27),O(7)

4,514,207

1,215,150

3,299,057

8/31/2022

T-12

4,455,086

1,231,423

3,223,663

12/31/2021

T-12

4,214,299

1,213,334

3,000,965

12/31/2020

T-12

96.8%

5,010,828

1,233,644

3,777,184

9,055

19,586

3,748,543

1.33

1.32

9.3%

9.2%

62,600,000

As Is

10/18/2022

65.0%

100.0%

11/1/2022

NYU Hospital Center

55,845

92.5%

1/31/2034

Wells Fargo Bank, N.A.

2,620

4.3%

10/31/2029

Hilltop NYC Bicycles

1,900

3.1%

9/30/2029

NAP

11/7/2022

NAP

11/7/2022

NAP

Fee

NAP

27,420

Springing

755

9,055

1,632

250,000

15,000

Springing

Common Charge Reserve

NAP

Hard

In Place

Yes

NAP

25,000,000

15,690,000

91,072.82

236,185.67

NAP

40,690,000

236,186

NAP

Taconic Development Capital LLC, Brandon Baron, Donald Capoccia, L+M Development Partners LLC, Joseph Ferrara

Refinance

NAP

17.00

Loan

Shabsels Leased Fee Portfolio

2.3%

CREFI

NAP

Various

Leased Fee

NAP

761,872

30.85

23,500,000

6.73000%

NAP

133,626.33

NAP

1,603,515.96

Interest Only

Actual/360

3/6/2023

4/6/2023

NAP

3/6/2028

NAP

L(24),D(32),O(4)

NAV

100.0%

1,790,000

1.12

7.6%

32,000,000

As Is

Various

73.4%

NAP

Springing

422,863

NAP

Hard

In Place

NAP

Michael Shabsels and David Shabsels

Refinance

NAP

17.01

Property

Valley Center

1.3%

56.4%

3413 Tittabawassee Road

Saginaw

48604

Leased Fee

NAP

408,886

13,250,000

NAV

100.0%

990,000

18,000,000

As Is

12/26/2022

NAP

1/5/2023

NAP

1/5/2023

NAP

Fee

NAP

17.02

Property

Clocktower Place

0.5%

22.3%

11200 West Florissant Avenue

Florissant

St. Louis

63033

Leased Fee

NAP

210,155

5,250,000

NAV

100.0%

360,000

7,200,000

As Is

1/5/2023

NAP

1/5/2023

NAP

1/5/2023

NAP

Fee

NAP

17.03

Property

Great Pond

0.5%

21.3%

200 Great Pond Drive

Windsor

Hartford

06095

Leased Fee

NAP

142,831

5,000,000

NAV

100.0%

440,000

6,800,000

As Is

12/29/2022

NAP

1/5/2023

NAP

1/5/2023

NAP

Fee

NAP

18.00

Loan

Hampton Inn Orlando Florida Portfolio

2.3%

WFB

NAP

Various

Orlando

Orange

Various

Hospitality

Limited Service

Various

292

Rooms

79,794.52

23,300,000

6.73700%

NAP

132,626.89

NAP

1,591,522.68

Interest Only

Actual/360

12/16/2022

2/11/2023

NAP

1/11/2028

NAP

L(26),D(27),O(7)

11,815,440

7,748,487

4,066,953

1/31/2023

T-12

8,115,807

5,350,931

2,764,874

12/31/2021

T-12

4,414,715

3,688,253

726,462

12/31/2020

T-12

85.3%

11,815,440

7,663,750

4,151,690

472,618

3,679,073

2.61

2.31

17.8%

15.8%

48,300,000

As Is

11/16/2022

48.2%

85.3%

1/31/2023

112,695

37,566

126,071

12,607

37,713

1,357,668

1,700,000

PIP Reserve

NAP

Springing

Yes

NAP

Hok Kit Lou and Ching Sau Cheung

Refinance

4/30/2031

5/5/1900

4/17/1900

1/0/1900

5/5/1900

4/17/1900

1/0/1900

4/1/1900

3/14/1900

1/0/1900

3/27/1900

2/9/1900

1/0/1900

18.01

Property

Hampton Inn Orlando - Airport - FL

1.3%

55.8%

5767 TG Boulevard

Orlando

Orange

32822

Hospitality

Limited Service

1995

2016

123

Rooms

13,010,000

6,209,108

3,833,230

2,375,878

1/31/2023

T-12

3,766,656

2,451,175

1,315,480

12/31/2021

T-12

2,153,376

1,742,489

410,887

12/31/2020

T-12

93.2%

6,209,108

3,793,217

2,415,891

248,364

2,167,527

25,600,000

As Is

11/16/2022

93.2%

1/31/2023

NAP

11/23/2022

NAP

11/23/2022

NAP

Fee

NAP

4/30/2031

5/22/1900

5/12/1900

1/0/1900

5/22/1900

5/12/1900

1/0/1900

4/2/1900

3/21/1900

1/0/1900

4/4/1900

2/14/1900

1/0/1900

18.02

Property

Hampton Inn Orlando - Universal - FL

1.0%

44.2%

7110 South Kirkman Road

Orlando

Orange

32819

Hospitality

Limited Service

1991

2017

169

Rooms

10,290,000

5,606,332

3,915,257

1,691,075

1/31/2023

T-12

4,349,151

2,899,756

1,449,394

12/31/2021

T-12

2,261,339

1,945,764

315,575

12/31/2020

T-12

78.1%

5,606,332

3,870,533

1,735,799

224,253

1,511,546

22,700,000

As Is

11/16/2022

78.1%

1/31/2023

NAP

11/23/2022

NAP

11/23/2022

NAP

Fee

NAP

4/30/2031

4/23/1900

3/29/1900

1/0/1900

4/23/1900

3/29/1900

1/0/1900

3/31/1900

3/9/1900

1/0/1900

3/22/1900

2/4/1900

1/0/1900

19.00

Loan

Marnell Corporate Center V

2.0%

100.0%

WFB

NAP

6720 Via Austi Parkway

Las Vegas

Clark

89119

Office

Suburban

2007

NAP

110,974

189.23

21,000,000

20,239,438

5.87500%

124,222.93

104,240.45

1,490,675.16

1,250,885.40

Interest Only, Amortizing Balloon

Actual/360

360

11/16/2022

1/11/2023

1/11/2025

12/11/2027

NAP

L(27),D(29),O(4)

2,745,808

872,430

1,873,378

9/30/2022

T-12

2,547,561

788,070

1,759,491

12/31/2021

T-12

2,140,127

800,024

1,340,104

12/31/2020

T-12

83.5%

3,025,988

916,803

2,109,184

22,195

55,488

2,031,502

1.41

1.36

10.0%

9.7%

33,320,000

As Is

10/14/2022

63.0%

60.7%

87.9%

10/28/2022

The Whiting-Turner Contracting Company

12,061

10.9%

3/31/2029

Venue Management Systems, LLC

11,579

10.4%

4/30/2026

Legalmatch.com

11,242

10.1%

7/31/2027

Live Nation Worldwide, Inc.

11,102

10.0%

4/30/2027

Las Vegas Global Economic Alliance

8,429

7.6%

10/31/2026

10/18/2022

NAP

10/18/2022

NAP

Fee

NAP

22,474

22,475

8,242

4,123

150,000

1,850

1,000,000

4,624

286,305

Rent Concession Reserve ($88,579.35); Existing TI/LC Obligations Reserve ($79,619.50); Gap Rent Reserve ($118,105.80)

NAP

Soft

Springing

Yes

NAP

Ryan Tedder, RBT Preservation Trust, dated September 10, 2020 and Keith Kantrowitz

Yes

Acquisition

NAP

20.00

Loan

Heritage Shops at Millennium Park

1.8%

100.0%

CREFI

NAP

55 East Randolph Street

Chicago

Cook

60601

Retail

Anchored

2005

NAP

98,547

190.77

18,800,000

7.21000%

NAP

114,525.51

NAP

1,374,306.12

Interest Only

Actual/360

3/8/2023

4/6/2023

NAP

4/6/2028

NAP

L(24),D(30),O(7)

4,524,693

1,931,196

2,593,497

12/31/2022

T-12

4,222,797

2,402,397

1,820,400

12/31/2021

T-12

4,394,361

2,247,256

2,147,105

12/31/2020

T-12

80.1%

3,854,519

1,900,356

1,954,163

17,614

35,169

1,901,380

1.42

1.38

10.4%

10.1%

42,500,000

As Is

2/1/2023

44.2%

74.8%

12/31/2022

LA Fitness

49,878

50.6%

11/30/2032

McDonald's

8,266

8.4%

12/31/2024

Loft

6,500

6.6%

7/31/2024

Fifth Third Bank

3,430

3.5%

11/30/2025

T-Mobile

3,210

3.3%

1/31/2029

2/9/2023

NAP

2/9/2023

NAP

Fee

NAP

108,753

31,383

2,615

1,468

500,000

Springing

500,000

25,781

Unfunded Obligations Reserve

NAP

Hard

Springing

Yes

NAP

Hunt DREF LLC

Refinance

NAP

21.00

Loan

Hilton Garden Inn Blacksburg University

0.9%

100.0%

WFB

NAP

900 Plantation Road

Blacksburg

Montgomery

24060

Hospitality

Select Service

2009

2019

137

Rooms

65,542.27

9,000,000

8,979,292

8,569,301

7.35700%

62,050.39

NAP

744,604.68

NAP

Amortizing Balloon

Actual/360

360

357

12/8/2022

1/11/2023

12/11/2027

NAP

L(27),D(29),O(4)

4,859,412

3,365,090

1,494,322

12/31/2022

T-12

3,577,007

2,599,606

977,401

12/31/2021

T-12

2,158,450

1,984,078

174,372

12/31/2020

T-12

64.1%

4,859,418

3,353,702

1,505,717

194,377

1,311,340

2.02

1.76

16.8%

14.6%

15,000,000

As Is

10/1/2022

59.9%

57.1%

64.1%

12/31/2022

NAP

10/5/2022

NAP

9/28/2022

NAP

Leasehold

12/31/2048

5, 5-year

99,470

Yes

17,910

8,956

Springing

16,114

511,250

Monthly Deposits of $100,000.00 beginning on 4/11/2026 and continuing on each Monthly Payment Date thereafter.

PIP Reserve Funds

NAP

Hard

Springing

Yes

NAP

Brookfield Strategic Real Estate Partners II BPY LLC, Brookfield Real Estate Partners II-A L.P., Brookfield Strategic Real Esate Partners (ER) L.P., Brookfield Strategic Real Estate Partners II-B L.P., Brookfield Strategic Real Estate Partners II-C L.P. and Brookfield Strategic Real Estate Partners II-C (ER) L.P.

Hospitality Investors Trust, Inc.

Refinance

6/30/2036

5/21/1900

3/31/1900

1/0/1900

5/21/1900

3/31/1900

1/0/1900

4/23/1900

3/9/1900

1/0/1900

4/3/1900

2/9/1900

1/0/1900

22.00

Loan

Quality Inn Long Beach-Signal Hill - CA

0.6%

100.0%

WFB

NAP

3201 and 3225A-E East Pacific Coast Highway

Signal Hill

Los Angeles

90755

Hospitality

Limited Service

1986

2020

Rooms

87,837.84

6,500,000

6,160,869

6.91000%

42,852.49

NAP

514,229.88

NAP

Amortizing Balloon

Actual/360

360

2/28/2023

4/11/2023

3/11/2028

NAP

L(24),D(32),O(4)

2,776,305

1,746,306

1,029,999

1/31/2023

T-12

2,386,020

1,562,151

823,869

12/31/2021

T-12

1,890,349

1,285,824

604,524

12/31/2020

T-12

74.6%

2,810,771

1,829,974

980,797

112,431

868,366

1.91

1.69

15.1%

13.4%

17,000,000

As Is

10/27/2022

38.2%

36.2%

74.1%

12/31/2022

NAP

12/12/2022

NAP

10/28/2022

11/15/2022

Fee

NAP

16,345

12,739

9,291

78,732

51,000

Springing

PIP Reserve ($37,500); Seasonality Reserve (Springing); Rent Concession Reserve ($13,500)

NAP

Hard

Springing

Yes

NAP

Surapol Techaruvhichit

Zeer Oversea LLC

Recapitalization

10/31/2038

5/4/1900

4/2/1900

1/0/1900

5/4/1900

4/2/1900

1/0/1900

4/19/1900

3/19/1900

1/0/1900

3/26/1900

3/1/1900

1/0/1900

23.00

Loan

Thomaston Shopping Center

0.4%

100.0%

CREFI

NAP

1021 Highway 19 North & 855 North Church Street

Thomaston

Upson

30286

Retail

Shadow Anchored

1991; 1996

NAP

186,736

24.10

4,500,000

7.21000%

NAP

27,413.02

NAP

328,956.24

Interest Only

Actual/360

3/9/2023

4/6/2023

NAP

4/6/2028

NAP

L(24),YM1(34),O(3)

958,595

152,828

805,767

12/31/2021

T-12

968,921

244,129

724,791

12/31/2020

T-12

NAV

74.7%

1,006,723

193,999

812,725

104,522

56,230

651,973

2.47

1.98

18.1%

14.5%

9,250,000

As Is

1/6/2023

48.6%

85.7%

1/6/2023

Home Depot (Ground Lease)

104,456

55.9%

1/31/2025

Dollar Tree

9,600

5.1%

4/30/2027

PetSense/Tractor Supply

6,000

3.2%

10/31/2027

Hibbett Sporting Goods, Inc.

5,000

2.7%

1/31/2027

Shoe Show

4,000

2.1%

6/30/2024

2/16/2023

NAP

2/16/2023

NAP

Fee

NAP

29,884

4,981

10,007

2,502

8,723

6,655

250,000

199,250

150,000

Structural Repair Reserve

NAP

Hard

Springing

Yes

NAP

Baroukh Sasouness

Acquisition

NAP

24.00

Loan

DRC Warehouse

0.3%

100.0%

CREFI

NAP

3356 US Highway 42 East

Carrollton

Carroll

41008

Industrial

Warehouse/Distribution

1992

NAP

75,469

41.78

3,153,000

5.83000%

NAP

15,531.08

NAP

186,372.96

Interest Only

Actual/360

3/10/2023

4/6/2023

NAP

4/6/2028

NAP

L(24),D(31),O(6)

NAV

95.0%

555,757

131,808

423,950

7,547

15,658

400,745

2.27

2.15

13.4%

12.7%

5,740,000

As Is

10/14/2022

54.9%

100.0%

3/1/2023

Yes

DRC Industries, Inc.

75,469

100.0%

3/31/2036

NAP

8/25/2022

NAP

8/2/2022

NAP

Fee

NAP

Springing

NAP

Springing

Yes

NAP

Andrew Gi and Dax Thomas Sullivan Mitchell

Acquisition

NAP