WFCM 2025-5C3 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. 333-282099) 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herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities.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 free writing prospectus has been prepared by the underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of (i) Regulation (EU) 2017/1129 (as amended), (ii) such Regulation as it forms part of UK domestic law, or (iii) Part VI of the UK Financial Services and Markets Act 2000, as amended; and does not constitute an offering document for any other purpose.

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

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan 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, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., UBS Securities 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.

J.P. Morgan is the marketing name for the investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities, syndicated loan arranging, financial advisory and other investment banking activities are performed by JPMS and its securities affiliates, and lending, derivatives and other commercial banking activities are performed by JPMorgan Chase Bank, National Association and its banking affiliates. JPMS is a member of SIPC and the NYSE.

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	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 ($)	Maturity/ARD Balance ($)
1.00	Loan	5	10	Radius at Harbor Bay	Various	Various	Various	Various	643,220	SF	329.59	83,000,000	83,000,000	77,858,934
1.01	Property		1	1420 Harbor Bay Parkway	Office	Suburban	1986	Various	121,216	SF		11,729,717	11,729,717	11,003,171
1.02	Property		1	1351 Harbor Bay Parkway	Mixed Use	R&D/Lab/Office	1984	Various	97,980	SF		11,312,783	11,312,783	10,612,063
1.03	Property		1	1451 Harbor Bay Parkway	Industrial	R&D	1984	Various	86,055	SF		9,935,641	9,935,641	9,320,222
1.04	Property		1	1640 South Loop Road	Mixed Use	R&D/Lab/Office	1996	2021-2022	51,780	SF		9,223,065	9,223,065	8,651,783
1.05	Property		1	1650 Harbor Bay Parkway	Mixed Use	R&D/Lab/Office	2001	2019-2024	67,537	SF		9,197,796	9,197,796	8,628,079
1.06	Property		1	1600 Harbor Bay Parkway	Mixed Use	R&D/Lab/Office	2001	2019-2024	62,696	SF		9,020,915	9,020,915	8,462,155
1.07	Property		1	1350 South Loop Road	Mixed Use	R&D/Lab/Office	1987	2022	43,645	SF		7,957,104	7,957,104	7,464,237
1.08	Property		1	1321 Harbor Bay Parkway	Mixed Use	R&D/Lab/Office	1984	Various	50,177	SF		5,794,106	5,794,106	5,435,216
1.09	Property		1	1501 Harbor Bay Parkway	Mixed Use	R&D/Lab/Office	1985	2021	33,817	SF		5,559,107	5,559,107	5,214,773
1.10	Property		1	1411 Harbor Bay Parkway	Mixed Use	R&D/Lab/Office	1984	Various	28,317	SF		3,269,766	3,269,766	3,067,235
2.00	Loan	6,7,8,9,10,11,12,13	1	POD Williamsburg	Hospitality	Limited Service	2017	NAP	249	Rooms	305,220.88	76,000,000	76,000,000	76,000,000
3.00	Loan	14	3	Wilshire Office Portfolio	Office	CBD	Various	Various	351,464	SF	298.75	75,000,000	75,000,000	75,000,000
3.01	Property		1	9460 Wilshire Boulevard	Office	CBD	1959	2019-2024	97,655	SF		37,759,936	37,759,936	37,759,936
3.02	Property		1	11620 Wilshire Boulevard	Office	CBD	1976	2002	196,928	SF		27,912,534	27,912,534	27,912,534
3.03	Property		1	11600 Wilshire Boulevard	Office	CBD	1960	2000	56,881	SF		9,327,529	9,327,529	9,327,529
4.00	Loan	15,16	10	WAND MHC Portfolio	Manufactured Housing	Manufactured Housing	Various	Various	962	Pads	73,284.82	70,500,000	70,500,000	70,500,000
4.01	Property		1	Jefferson Park MHC	Manufactured Housing	Manufactured Housing	1970	NAP	287	Pads		16,600,000	16,600,000	16,600,000
4.02	Property		1	Holiday Village MHC	Manufactured Housing	Manufactured Housing	1975	2011	272	Pads		15,000,000	15,000,000	15,000,000
4.03	Property		1	Cedrona Community	Manufactured Housing	Manufactured Housing	1961	NAP	54	Pads		6,650,000	6,650,000	6,650,000
4.04	Property		1	Sunrise Terrace Community	Manufactured Housing	Manufactured Housing	1962	NAP	55	Pads		6,250,000	6,250,000	6,250,000
4.05	Property		1	Moxie Community	Manufactured Housing	Manufactured Housing	1970	1990	63	Pads		5,300,000	5,300,000	5,300,000
4.06	Property		1	Chinook Mobile Community	Manufactured Housing	Manufactured Housing	1978	NAP	62	Pads		4,950,000	4,950,000	4,950,000
4.07	Property		1	Laurel Lane MHC	Manufactured Housing	Manufactured Housing	1958	NAP	37	Pads		4,500,000	4,500,000	4,500,000
4.08	Property		1	Northwest Community	Manufactured Housing	Manufactured Housing	1965	NAP	53	Pads		3,900,000	3,900,000	3,900,000
4.09	Property		1	Squilchuck Creek Community	Manufactured Housing	Manufactured Housing	2005	NAP	40	Pads		3,750,000	3,750,000	3,750,000
4.10	Property		1	Sun City Center and Community	Manufactured Housing	Manufactured Housing	1973	NAP	39	Pads		3,600,000	3,600,000	3,600,000
5.00	Loan	17,18	1	The Brazilian Court Hotel	Hospitality	Full Service	1926	2019-2024	75	Rooms	726,666.67	54,500,000	54,500,000	54,500,000
6.00	Loan	19,20	3	Georgia Multifamily Portfolio	Multifamily	Garden	Various	2023	374	Units	125,668.45	47,000,000	47,000,000	47,000,000
6.01	Property		1	Brookfield Park	Multifamily	Garden	1973	2023	160	Units		18,582,677	18,582,677	18,582,677
6.02	Property		1	Retreat at Baywood	Multifamily	Garden	1995	2023	120	Units		17,500,000	17,500,000	17,500,000
6.03	Property		1	Ashford Brook	Multifamily	Garden	1981	2023	94	Units		10,917,323	10,917,323	10,917,323
7.00	Loan	21,22	1	Welleon	Multifamily	Mid Rise	1910, 2024	NAP	130	Units	343,076.92	44,600,000	44,600,000	44,600,000
8.00	Loan	23	1	Christopher Crossing Apartments	Multifamily	Garden	1963	2018	531	Units	79,096.05	42,000,000	42,000,000	42,000,000
9.00	Loan		1	240 West 40th Street-NY	Office	CBD	1923	2022	185,529	SF	215.60	40,000,000	40,000,000	40,000,000
10.00	Loan	24,25	4	Riverwalk Business Park	Office	Suburban	Various	Various	454,653	SF	76.94	35,000,000	34,982,641	33,452,504
10.01	Property		1	7720 North Dobson Road	Office	Suburban	2008	2017	149,544	SF		12,572,816	12,566,580	12,016,919
10.02	Property		1	7350 North Dobson Road	Office	Suburban	2005	2015	140,383	SF		11,425,971	11,420,304	10,920,781
10.03	Property		1	7500 North Dobson Road	Office	Suburban	2007	NAP	100,477	SF		7,305,825	7,302,202	6,982,804
10.04	Property		1	7580 North Dobson Road	Office	Suburban	2007	NAP	64,249	SF		3,695,388	3,693,555	3,531,999
11.00	Loan	26	1	Addison Arts Apartments	Multifamily	Mid Rise	2016	NAP	69	Units	436,231.88	30,100,000	30,100,000	30,100,000
12.00	Loan	27	1	Falls of Westpark	Multifamily	Low Rise	1970	2009	352	Units	82,386.36	29,000,000	29,000,000	29,000,000
13.00	Loan	28,29,30,31	1	Queens Center	Retail	Super Regional Mall	1973	2004	412,033	SF	1,274.17	25,000,000	25,000,000	25,000,000
14.00	Loan	32,33	3	Teller Avenue Portfolio	Multifamily	Mid Rise	Various	Various	61	Units	304,918.03	18,600,000	18,600,000	17,924,068
14.01	Property		1	80 Clinton Place	Multifamily	Mid Rise	2023	NAP	26	Units		7,250,000	7,250,000	6,986,532
14.02	Property		1	1433 Teller Avenue	Multifamily	Mid Rise	1920	2023	19	Units		5,950,000	5,950,000	5,733,774
14.03	Property		1	1441 Teller Avenue	Multifamily	Mid Rise	1920	2023	16	Units		5,400,000	5,400,000	5,203,762
15.00	Loan	34	1	The Vesper Apartments	Multifamily	Garden	1978	2014	192	Units	95,052.08	18,250,000	18,250,000	18,250,000
16.00	Loan		1	Plaza at Eastlake	Office	Medical	1992	2020	132,477	SF	133.61	17,700,000	17,700,000	17,700,000
17.00	Loan	35,36,37,38	1	The Outlet Collection Seattle	Retail	Outlet Center	1995	2012	913,033	SF	58.34	17,297,500	17,297,500	17,297,500
18.00	Loan		1	Beach Haus Resort and Baywatch Resort	Hospitality	Limited Service	1968	2022	136	Rooms	117,647.06	16,000,000	16,000,000	16,000,000
19.00	Loan	39,40	1	Circle Business Center	Office	Suburban	1987	NAP	156,969	SF	95.44	15,000,000	14,980,347	14,286,232
20.00	Loan	41,42	1	Brookhill Village	Retail	Anchored	1995	2004	152,862	SF	89.62	13,700,000	13,700,000	13,700,000
21.00	Loan		1	CVS Pharmacy-Ridgewood	Retail	Single Tenant	1951	2012	13,482	SF	815.90	11,000,000	11,000,000	11,000,000
22.00	Loan		1	Larchmont Village Retail	Mixed Use	Retail/Office	1922	2020	10,100	SF	851.49	8,600,000	8,600,000	8,600,000
23.00	Loan		5	Park Nation MHC Portfoilio	Manufactured Housing	Manufactured Housing	Various	NAP	337	Pads	21,513.35	7,250,000	7,250,000	7,125,792
23.01	Property		1	Meadowlark MHP	Manufactured Housing	Manufactured Housing	1978	NAP	107	Pads		2,220,000	2,220,000	2,181,967
23.02	Property		1	Shady Estates MHP	Manufactured Housing	Manufactured Housing	1980	NAP	88	Pads		1,500,000	1,500,000	1,474,302
23.03	Property		1	Highland Village MHP	Manufactured Housing	Manufactured Housing	1985	NAP	61	Pads		1,500,000	1,500,000	1,474,302
23.04	Property		1	Sunset Harbor MHP	Manufactured Housing	Manufactured Housing	1985	NAP	52	Pads		1,130,000	1,130,000	1,110,641
23.05	Property		1	Lakeside MHP	Manufactured Housing	Manufactured Housing	1968	NAP	29	Pads		900,000	900,000	884,581
24.00	Loan		1	Burlington Plaza	Retail	Anchored	1981	NAP	104,102	SF	62.44	6,500,000	6,500,000	6,500,000
25.00	Loan	43,44,45,46	1	1165 Station Road	Industrial	Warehouse	2005	2024	42,759	SF	149.68	6,400,000	6,400,000	6,400,000
26.00	Loan		1	Uniroom	Multifamily	Low Rise	2024	NAP	19	Units	315,789.47	6,000,000	6,000,000	6,000,000
27.00	Loan	47,48	2	Guttman Portfolio	Multifamily	Low Rise	Various	2024	20	Units	267,500.00	5,350,000	5,350,000	5,350,000
27.01	Property		1	1392 Nelson Avenue	Multifamily	Low Rise	1920	2024	10	Units		2,750,000	2,750,000	2,750,000
27.02	Property		1	3605 Holland Avenue	Multifamily	Low Rise	1970	2024	10	Units		2,600,000	2,600,000	2,600,000
28.00	Loan	49,50	2	Seidenfeld Portfolio	Multifamily	Low Rise	Various	2024	20	Units	255,000.00	5,100,000	5,100,000	5,100,000
28.01	Property		1	2811 Heath Avenue	Multifamily	Low Rise	1935	2024	10	Units		2,600,000	2,600,000	2,600,000
28.02	Property		1	83 West 174th Street	Multifamily	Low Rise	1910	2024	10	Units		2,500,000	2,500,000	2,500,000
29.00	Loan		1	2200 Route 10	Office	Medical	1985	2023	63,143	SF	73.60	4,650,000	4,647,460	4,430,805
30.00	Loan	51,52,53	1	3854 Bailey Avenue	Multifamily	Mid Rise	2024	NAP	15	Units	297,498.73	4,465,000	4,462,481	4,249,882

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	Interest Rate %	Administrative Fee Rate %⁽²⁾	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)
1.00	Loan	5	10	Radius at Harbor Bay	6.12600%	0.01859%	6.10741%	504,370.42	NAP	6,052,445.04	NAP	Amortizing Balloon	No
1.01	Property		1	1420 Harbor Bay Parkway
1.02	Property		1	1351 Harbor Bay Parkway
1.03	Property		1	1451 Harbor Bay Parkway
1.04	Property		1	1640 South Loop Road
1.05	Property		1	1650 Harbor Bay Parkway
1.06	Property		1	1600 Harbor Bay Parkway
1.07	Property		1	1350 South Loop Road
1.08	Property		1	1321 Harbor Bay Parkway
1.09	Property		1	1501 Harbor Bay Parkway
1.10	Property		1	1411 Harbor Bay Parkway
2.00	Loan	6,7,8,9,10,11,12,13	1	POD Williamsburg	7.78500%	0.01859%	7.76641%	NAP	499,897.92	NAP	5,998,775.04	Interest Only	No
3.00	Loan	14	3	Wilshire Office Portfolio	7.41300%	0.01859%	7.39441%	NAP	469,747.40	NAP	5,636,968.80	Interest Only	No
3.01	Property		1	9460 Wilshire Boulevard
3.02	Property		1	11620 Wilshire Boulevard
3.03	Property		1	11600 Wilshire Boulevard
4.00	Loan	15,16	10	WAND MHC Portfolio	6.23000%	0.01859%	6.21141%	NAP	371,096.01	NAP	4,453,152.12	Interest Only	No
4.01	Property		1	Jefferson Park MHC
4.02	Property		1	Holiday Village MHC
4.03	Property		1	Cedrona Community
4.04	Property		1	Sunrise Terrace Community
4.05	Property		1	Moxie Community
4.06	Property		1	Chinook Mobile Community
4.07	Property		1	Laurel Lane MHC
4.08	Property		1	Northwest Community
4.09	Property		1	Squilchuck Creek Community
4.10	Property		1	Sun City Center and Community									0
5.00	Loan	17,18	1	The Brazilian Court Hotel	7.50000%	0.01859%	7.48141%	NAP	345,355.90	NAP	4,144,270.80	Interest Only	No
6.00	Loan	19,20	3	Georgia Multifamily Portfolio	6.65000%	0.01859%	6.63141%	NAP	264,075.81	NAP	3,168,909.72	Interest Only	No
6.01	Property		1	Brookfield Park
6.02	Property		1	Retreat at Baywood
6.03	Property		1	Ashford Brook
7.00	Loan	21,22	1	Welleon	6.23000%	0.01859%	6.21141%	NAP	234,764.28	NAP	2,817,171.36	Interest Only	No
8.00	Loan	23	1	Christopher Crossing Apartments	6.61000%	0.01859%	6.59141%	NAP	234,563.19	NAP	2,814,758.28	Interest Only	No
9.00	Loan		1	240 West 40th Street-NY	7.72500%	0.01859%	7.70641%	NAP	261,076.39	NAP	3,132,916.68	Interest Only	No
10.00	Loan	24,25	4	Riverwalk Business Park	7.71800%	0.26609%	7.45191%	249,970.77	NAP	2,999,649.24	NAP	Amortizing Balloon	No
10.01	Property		1	7720 North Dobson Road
10.02	Property		1	7350 North Dobson Road
10.03	Property		1	7500 North Dobson Road
10.04	Property		1	7580 North Dobson Road
11.00	Loan	26	1	Addison Arts Apartments	6.56000%	0.01859%	6.54141%	NAP	166,832.04	NAP	2,001,984.48	Interest Only	No
12.00	Loan	27	1	Falls of Westpark	6.84200%	0.01859%	6.82341%	NAP	167,644.84	NAP	2,011,738.08	Interest Only	No
13.00	Loan	28,29,30,31	1	Queens Center	5.37000%	0.01734%	5.35266%	NAP	113,428.82	NAP	1,361,145.84	Interest Only	No
14.00	Loan	32,33	3	Teller Avenue Portfolio	7.42000%	0.01859%	7.40141%	129,036.51	116,607.36	1,548,438.12	1,399,288.32	Interest Only, Amortizing Balloon	No
14.01	Property		1	80 Clinton Place
14.02	Property		1	1433 Teller Avenue
14.03	Property		1	1441 Teller Avenue
15.00	Loan	34	1	The Vesper Apartments	6.85000%	0.01859%	6.83141%	NAP	105,623.99	NAP	1,267,487.88	Interest Only	No
16.00	Loan		1	Plaza at Eastlake	6.53200%	0.01859%	6.51341%	NAP	97,685.15	NAP	1,172,221.80	Interest Only	No
17.00	Loan	35,36,37,38	1	The Outlet Collection Seattle	7.33000%	0.01734%	7.31266%	NAP	107,126.38	NAP	1,285,516.56	Interest Only	No
18.00	Loan		1	Beach Haus Resort and Baywatch Resort	7.65000%	0.01859%	7.63141%	NAP	103,416.67	NAP	1,241,000.04	Interest Only	No
19.00	Loan	39,40	1	Circle Business Center	7.41000%	0.01859%	7.39141%	103,959.32	NAP	1,247,511.84	NAP	Amortizing Balloon	No
20.00	Loan	41,42	1	Brookhill Village	7.08200%	0.01859%	7.06341%	NAP	81,975.79	NAP	983,709.48	Interest Only	No
21.00	Loan		1	CVS Pharmacy-Ridgewood	6.94500%	0.01859%	6.92641%	NAP	64,546.70	NAP	774,560.40	Interest Only	No
22.00	Loan		1	Larchmont Village Retail	6.56200%	0.01859%	6.54341%	NAP	47,680.83	NAP	572,169.96	Interest Only	No
23.00	Loan		5	Park Nation MHC Portfoilio	7.23000%	0.01859%	7.21141%	49,359.47	44,287.93	592,313.64	531,455.16	Interest Only, Amortizing Balloon	No
23.01	Property		1	Meadowlark MHP
23.02	Property		1	Shady Estates MHP
23.03	Property		1	Highland Village MHP
23.04	Property		1	Sunset Harbor MHP
23.05	Property		1	Lakeside MHP
24.00	Loan		1	Burlington Plaza	7.49100%	0.01859%	7.47241%	NAP	41,139.81	NAP	493,677.72	Interest Only	No
25.00	Loan	43,44,45,46	1	1165 Station Road	6.70000%	0.01859%	6.68141%	NAP	36,229.63	NAP	434,755.56	Interest Only	No
26.00	Loan		1	Uniroom	6.79000%	0.01859%	6.77141%	NAP	34,421.53	NAP	413,058.36	Interest Only	No
27.00	Loan	47,48	2	Guttman Portfolio	7.25000%	0.01859%	7.23141%	NAP	32,771.85	NAP	393,262.20	Interest Only	No
27.01	Property		1	1392 Nelson Avenue
27.02	Property		1	3605 Holland Avenue
28.00	Loan	49,50	2	Seidenfeld Portfolio	7.22000%	0.01859%	7.20141%	NAP	31,111.18	NAP	373,334.16	Interest Only	No
28.01	Property		1	2811 Heath Avenue
28.02	Property		1	83 West 174th Street
29.00	Loan		1	2200 Route 10	7.43000%	0.01859%	7.41141%	32,290.88	NAP	387,490.56	NAP	Amortizing Balloon	No
30.00	Loan	51,52,53	1	3854 Bailey Avenue	7.33000%	0.01859%	7.31141%	30,701.82	NAP	368,421.84	NAP	Amortizing Balloon	No

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	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.)
1.00	Loan	5	10	Radius at Harbor Bay	Actual/360	0	0	60	60	360	360	12/30/2024	0
1.01	Property		1	1420 Harbor Bay Parkway
1.02	Property		1	1351 Harbor Bay Parkway
1.03	Property		1	1451 Harbor Bay Parkway
1.04	Property		1	1640 South Loop Road
1.05	Property		1	1650 Harbor Bay Parkway
1.06	Property		1	1600 Harbor Bay Parkway
1.07	Property		1	1350 South Loop Road
1.08	Property		1	1321 Harbor Bay Parkway
1.09	Property		1	1501 Harbor Bay Parkway
1.10	Property		1	1411 Harbor Bay Parkway
2.00	Loan	6,7,8,9,10,11,12,13	1	POD Williamsburg	Actual/360	60	60	60	60	0	0	12/30/2024	0
3.00	Loan	14	3	Wilshire Office Portfolio	Actual/360	60	60	60	60	0	0	12/27/2024	0
3.01	Property		1	9460 Wilshire Boulevard
3.02	Property		1	11620 Wilshire Boulevard
3.03	Property		1	11600 Wilshire Boulevard
4.00	Loan	15,16	10	WAND MHC Portfolio	Actual/360	60	59	60	59	0	0	11/26/2024	1
4.01	Property		1	Jefferson Park MHC
4.02	Property		1	Holiday Village MHC
4.03	Property		1	Cedrona Community
4.04	Property		1	Sunrise Terrace Community
4.05	Property		1	Moxie Community
4.06	Property		1	Chinook Mobile Community
4.07	Property		1	Laurel Lane MHC
4.08	Property		1	Northwest Community
4.09	Property		1	Squilchuck Creek Community
4.10	Property		1	Sun City Center and Community
5.00	Loan	17,18	1	The Brazilian Court Hotel	Actual/360	60	59	60	59	0	0	12/6/2024	1
6.00	Loan	19,20	3	Georgia Multifamily Portfolio	Actual/360	60	60	60	60	0	0	12/17/2024	0
6.01	Property		1	Brookfield Park
6.02	Property		1	Retreat at Baywood
6.03	Property		1	Ashford Brook
7.00	Loan	21,22	1	Welleon	Actual/360	60	59	60	59	0	0	11/7/2024	1
8.00	Loan	23	1	Christopher Crossing Apartments	Actual/360	60	58	60	58	0	0	10/31/2024	2
9.00	Loan		1	240 West 40th Street-NY	Actual/360	60	59	60	59	0	0	11/27/2024	1
10.00	Loan	24,25	4	Riverwalk Business Park	Actual/360	0	0	60	59	360	359	11/26/2024	1
10.01	Property		1	7720 North Dobson Road
10.02	Property		1	7350 North Dobson Road
10.03	Property		1	7500 North Dobson Road
10.04	Property		1	7580 North Dobson Road
11.00	Loan	26	1	Addison Arts Apartments	Actual/360	60	59	60	59	0	0	11/25/2024	1
12.00	Loan	27	1	Falls of Westpark	Actual/360	60	59	60	59	0	0	12/2/2024	1
13.00	Loan	28,29,30,31	1	Queens Center	Actual/360	60	58	60	58	0	0	10/28/2024	2
14.00	Loan	32,33	3	Teller Avenue Portfolio	Actual/360	12	12	60	60	360	360	12/24/2024	0
14.01	Property		1	80 Clinton Place
14.02	Property		1	1433 Teller Avenue
14.03	Property		1	1441 Teller Avenue
15.00	Loan	34	1	The Vesper Apartments	Actual/360	60	58	60	58	0	0	11/1/2024	2
16.00	Loan		1	Plaza at Eastlake	Actual/360	60	59	60	59	0	0	12/6/2024	1
17.00	Loan	35,36,37,38	1	The Outlet Collection Seattle	Actual/360	60	59	60	59	0	0	11/18/2024	1
18.00	Loan		1	Beach Haus Resort and Baywatch Resort	Actual/360	60	60	60	60	0	0	12/23/2024	0
19.00	Loan	39,40	1	Circle Business Center	Actual/360	0	0	60	58	360	358	10/24/2024	2
20.00	Loan	41,42	1	Brookhill Village	Actual/360	60	60	60	60	0	0	12/13/2024	0
21.00	Loan		1	CVS Pharmacy-Ridgewood	Actual/360	60	59	60	59	0	0	11/21/2024	1
22.00	Loan		1	Larchmont Village Retail	Actual/360	60	59	60	59	0	0	11/22/2024	1
23.00	Loan		5	Park Nation MHC Portfoilio	Actual/360	36	36	60	60	360	360	12/9/2024	0
23.01	Property		1	Meadowlark MHP
23.02	Property		1	Shady Estates MHP
23.03	Property		1	Highland Village MHP
23.04	Property		1	Sunset Harbor MHP
23.05	Property		1	Lakeside MHP
24.00	Loan		1	Burlington Plaza	Actual/360	60	60	60	60	0	0	12/20/2024	0
25.00	Loan	43,44,45,46	1	1165 Station Road	Actual/360	60	60	60	60	0	0	12/31/2024	0
26.00	Loan		1	Uniroom	Actual/360	60	59	60	59	0	0	12/6/2024	1
27.00	Loan	47,48	2	Guttman Portfolio	Actual/360	60	60	60	60	0	0	12/18/2024	0
27.01	Property		1	1392 Nelson Avenue
27.02	Property		1	3605 Holland Avenue
28.00	Loan	49,50	2	Seidenfeld Portfolio	Actual/360	60	59	60	59	0	0	12/9/2024	1
28.01	Property		1	2811 Heath Avenue
28.02	Property		1	83 West 174th Street
29.00	Loan		1	2200 Route 10	Actual/360	0	0	60	59	360	359	11/25/2024	1
30.00	Loan	51,52,53	1	3854 Bailey Avenue	Actual/360	0	0	60	59	360	359	12/3/2024	1

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	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 ($)	Most Recent Expenses ($)
1.00	Loan	5	10	Radius at Harbor Bay	11	2/11/2025	2/11/2025	1/11/2030	NAP	0	0	L(24),D(29),O(7)	26,278,366	8,248,974
1.01	Property		1	1420 Harbor Bay Parkway									3,531,144	1,396,737
1.02	Property		1	1351 Harbor Bay Parkway									3,768,563	894,368
1.03	Property		1	1451 Harbor Bay Parkway									3,225,446	722,947
1.04	Property		1	1640 South Loop Road									3,757,964	923,973
1.05	Property		1	1650 Harbor Bay Parkway									2,148,459	1,270,668
1.06	Property		1	1600 Harbor Bay Parkway									2,724,116	1,230,116
1.07	Property		1	1350 South Loop Road									3,074,854	412,534
1.08	Property		1	1321 Harbor Bay Parkway									1,991,465	514,913
1.09	Property		1	1501 Harbor Bay Parkway									934,722	579,935
1.10	Property		1	1411 Harbor Bay Parkway									1,121,633	302,784
2.00	Loan	6,7,8,9,10,11,12,13	1	POD Williamsburg	1	2/1/2025	NAP	1/1/2030	NAP	0	5	L(24),YM1(30),O(6)	18,155,208	7,791,281
3.00	Loan	14	3	Wilshire Office Portfolio	11	2/11/2025	NAP	1/11/2030	NAP	0	0	L(24),DorYM1(29),O(7)	22,033,671	9,651,524
3.01	Property		1	9460 Wilshire Boulevard									9,576,986	3,885,926
3.02	Property		1	11620 Wilshire Boulevard									8,843,903	4,058,909
3.03	Property		1	11600 Wilshire Boulevard									3,612,782	1,706,690
4.00	Loan	15,16	10	WAND MHC Portfolio	6	1/6/2025	NAP	12/6/2029	NAP	0	0	L(25),D(28),O(7)	8,059,106	2,123,384
4.01	Property		1	Jefferson Park MHC									1,945,219	668,847
4.02	Property		1	Holiday Village MHC									1,851,254	510,920
4.03	Property		1	Cedrona Community									566,136	100,646
4.04	Property		1	Sunrise Terrace Community									672,247	105,091
4.05	Property		1	Moxie Community									487,748	95,801
4.06	Property		1	Chinook Mobile Community									614,349	126,502
4.07	Property		1	Laurel Lane MHC									470,542	137,356
4.08	Property		1	Northwest Community									694,128	199,995
4.09	Property		1	Squilchuck Creek Community									388,171	86,317
4.10	Property		1	Sun City Center and Community					1/0/1900				369,312	91,910
5.00	Loan	17,18	1	The Brazilian Court Hotel	6	1/6/2025	NAP	12/6/2029	NAP	5	0	L(25),D(28),O(7)	15,521,218	8,214,404
6.00	Loan	19,20	3	Georgia Multifamily Portfolio	6	2/6/2025	NAP	1/6/2030	NAP	0	0	L(24),D(30),O(6)	5,424,096	1,931,835
6.01	Property		1	Brookfield Park									2,227,178	824,007
6.02	Property		1	Retreat at Baywood									1,963,429	653,030
6.03	Property		1	Ashford Brook									1,233,490	454,798
7.00	Loan	21,22	1	Welleon	6	1/6/2025	NAP	12/6/2029	NAP	0	0	L(25),D(28),O(7)	NAV	NAV
8.00	Loan	23	1	Christopher Crossing Apartments	6	12/6/2024	NAP	11/6/2029	NAP	0	0	L(26),D(27),O(7)	7,892,729	3,994,837
9.00	Loan		1	240 West 40th Street-NY	11	1/11/2025	NAP	12/11/2029	NAP	0	0	L(25),D(31),O(4)	7,249,715	3,497,830
10.00	Loan	24,25	4	Riverwalk Business Park	11	1/11/2025	1/11/2025	12/11/2029	NAP	0	0	YM1(25),DorYM1(28),O(7)	9,931,589	4,141,995
10.01	Property		1	7720 North Dobson Road									3,609,438	1,278,609
10.02	Property		1	7350 North Dobson Road									3,253,001	1,159,162
10.03	Property		1	7500 North Dobson Road									2,688,636	1,104,589
10.04	Property		1	7580 North Dobson Road									380,514	599,635
11.00	Loan	26	1	Addison Arts Apartments	6	1/6/2025	NAP	12/6/2029	NAP	0	0	L(25),D(28),O(7)	3,557,754	996,109
12.00	Loan	27	1	Falls of Westpark	6	1/6/2025	NAP	12/6/2029	NAP	0	0	L(25),D(32),O(3)	4,852,237	2,250,675
13.00	Loan	28,29,30,31	1	Queens Center	6	12/6/2024	NAP	11/6/2029	NAP	5	0	L(26),DorYM1(27),O(7)	96,970,236	47,239,932
14.00	Loan	32,33	3	Teller Avenue Portfolio	6	2/6/2025	2/6/2026	1/6/2030	NAP	0	0	L(24),D(32),O(4)	2,173,867	204,852
14.01	Property		1	80 Clinton Place									881,166	77,366
14.02	Property		1	1433 Teller Avenue									644,012	62,887
14.03	Property		1	1441 Teller Avenue									648,689	64,598
15.00	Loan	34	1	The Vesper Apartments	6	12/6/2024	NAP	11/6/2029	NAP	5	0	L(26),D(30),O(4)	2,927,992	1,502,191
16.00	Loan		1	Plaza at Eastlake	6	1/6/2025	NAP	12/6/2029	NAP	0	0	L(25),D(30),O(5)	3,808,216	1,286,803
17.00	Loan	35,36,37,38	1	The Outlet Collection Seattle	6	1/6/2025	NAP	12/6/2029	NAP	0	0	L(25),D(28),O(7)	17,452,091	6,016,519
18.00	Loan		1	Beach Haus Resort and Baywatch Resort	6	2/6/2025	NAP	1/6/2030	NAP	0	0	L(24),D(32),O(4)	4,905,702	2,768,028
19.00	Loan	39,40	1	Circle Business Center	6	12/6/2024	12/6/2024	11/6/2029	NAP	5	0	L(26),D(29),O(5)	3,489,143	1,721,178
20.00	Loan	41,42	1	Brookhill Village	1	2/1/2025	NAP	1/1/2030	NAP	0	0	L(24),D(30),O(6)	2,086,391	729,084
21.00	Loan		1	CVS Pharmacy-Ridgewood	11	1/11/2025	NAP	12/11/2029	NAP	0	0	L(25),D(31),O(4)	NAV	NAV
22.00	Loan		1	Larchmont Village Retail	11	1/11/2025	NAP	12/11/2029	NAP	0	0	L(25),D(31),O(4)	947,633	118,518
23.00	Loan		5	Park Nation MHC Portfoilio	6	2/6/2025	2/6/2028	1/6/2030	NAP	0	0	L(24),D(29),O(7)	1,379,799	705,416
23.01	Property		1	Meadowlark MHP									408,691	229,083
23.02	Property		1	Shady Estates MHP									259,221	142,317
23.03	Property		1	Highland Village MHP									305,601	149,985
23.04	Property		1	Sunset Harbor MHP									233,356	125,759
23.05	Property		1	Lakeside MHP									172,931	58,272
24.00	Loan		1	Burlington Plaza	6	2/6/2025	NAP	1/6/2030	NAP	0	0	L(24),YM2(29),O(7)	1,370,259	416,900
25.00	Loan	43,44,45,46	1	1165 Station Road	6	2/6/2025	NAP	1/6/2030	NAP	0	0	L(12),YM1(41),O(7)	NAV	NAV
26.00	Loan		1	Uniroom	11	1/11/2025	NAP	12/11/2029	NAP	0	0	L(24),YM1(32),O(4)	570,210	30,000
27.00	Loan	47,48	2	Guttman Portfolio	6	2/6/2025	NAP	1/6/2030	NAP	0	0	L(11),YM1(42),O(7)	438,395	48,536
27.01	Property		1	1392 Nelson Avenue									163,571	5,752
27.02	Property		1	3605 Holland Avenue									274,824	42,783
28.00	Loan	49,50	2	Seidenfeld Portfolio	6	1/6/2025	NAP	12/6/2029	NAP	0	0	L(12),YM1(41),O(7)	545,400	67,146
28.01	Property		1	2811 Heath Avenue									287,850	40,939
28.02	Property		1	83 West 174th Street									257,550	26,207
29.00	Loan		1	2200 Route 10	6	1/6/2025	1/6/2025	12/6/2029	NAP	0	0	L(25),D(31),O(4)	986,891	490,982
30.00	Loan	51,52,53	1	3854 Bailey Avenue	6	1/6/2025	1/6/2025	12/6/2029	NAP	0	0	L(23),YM1(33),O(4)	NAV	NAV

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	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 ($)
1.00	Loan	5	10	Radius at Harbor Bay	18,029,392	9/30/2024	T-12	20,168,014	8,005,660	12,162,354	12/31/2023	T-12	16,774,483
1.01	Property		1	1420 Harbor Bay Parkway	2,134,406	9/30/2024	T-12	3,408,148	1,388,430	2,019,718	12/31/2023	T-12	3,796,855
1.02	Property		1	1351 Harbor Bay Parkway	2,874,196	9/30/2024	T-12	3,705,963	998,863	2,707,099	12/31/2023	T-12	3,571,444
1.03	Property		1	1451 Harbor Bay Parkway	2,502,499	9/30/2024	T-12	2,624,949	818,254	1,806,694	12/31/2023	T-12	3,054,256
1.04	Property		1	1640 South Loop Road	2,833,991	9/30/2024	T-12	2,068,113	793,697	1,274,415	12/31/2023	T-12	122,576
1.05	Property		1	1650 Harbor Bay Parkway	877,791	9/30/2024	T-12	2,171,107	1,176,095	995,012	12/31/2023	T-12	1,859,711
1.06	Property		1	1600 Harbor Bay Parkway	1,494,000	9/30/2024	T-12	2,127,441	1,153,514	973,926	12/31/2023	T-12	1,576,253
1.07	Property		1	1350 South Loop Road	2,662,320	9/30/2024	T-12	857,647	338,062	519,585	12/31/2023	T-12	(131,844)
1.08	Property		1	1321 Harbor Bay Parkway	1,476,552	9/30/2024	T-12	2,003,460	588,306	1,415,154	12/31/2023	T-12	1,859,815
1.09	Property		1	1501 Harbor Bay Parkway	354,787	9/30/2024	T-12	73,170	422,554	(349,384)	12/31/2023	T-12	NAV
1.10	Property		1	1411 Harbor Bay Parkway	818,849	9/30/2024	T-12	1,128,017	327,883	800,134	12/31/2023	T-12	1,065,417
2.00	Loan	6,7,8,9,10,11,12,13	1	POD Williamsburg	10,363,928	10/31/2024	T-12	17,032,494	7,351,937	9,680,557	12/31/2023	T-12	14,423,252
3.00	Loan	14	3	Wilshire Office Portfolio	12,382,146	8/31/2024	T-12	20,416,224	9,080,489	11,335,735	12/31/2023	T-12	18,816,121
3.01	Property		1	9460 Wilshire Boulevard	5,691,060	8/31/2024	T-12	8,710,760	3,684,101	5,026,659	12/31/2023	T-12	7,188,413
3.02	Property		1	11620 Wilshire Boulevard	4,784,994	8/31/2024	T-12	8,130,207	3,812,428	4,317,779	12/31/2023	T-12	8,258,489
3.03	Property		1	11600 Wilshire Boulevard	1,906,092	8/31/2024	T-12	3,575,257	1,583,960	1,991,297	12/31/2023	T-12	3,369,220
4.00	Loan	15,16	10	WAND MHC Portfolio	5,935,722	9/30/2024	T-12	7,613,973	2,162,550	5,451,422	12/31/2023	T-12	NAV
4.01	Property		1	Jefferson Park MHC	1,276,372	9/30/2024	T-12	1,879,440	682,079	1,197,360	12/31/2023	T-12	NAV
4.02	Property		1	Holiday Village MHC	1,340,334	9/30/2024	T-12	1,751,963	540,708	1,211,255	12/31/2023	T-12	NAV
4.03	Property		1	Cedrona Community	465,489	9/30/2024	T-12	513,745	103,381	410,364	12/31/2023	T-12	NAV
4.04	Property		1	Sunrise Terrace Community	567,156	9/30/2024	T-12	618,865	118,685	500,180	12/31/2023	T-12	NAV
4.05	Property		1	Moxie Community	391,946	9/30/2024	T-12	485,484	95,883	389,601	12/31/2023	T-12	NAV
4.06	Property		1	Chinook Mobile Community	487,847	9/30/2024	T-12	529,373	97,517	431,856	12/31/2023	T-12	NAV
4.07	Property		1	Laurel Lane MHC	333,185	9/30/2024	T-12	444,661	136,952	307,710	12/31/2023	T-12	NAV
4.08	Property		1	Northwest Community	494,133	9/30/2024	T-12	697,280	203,960	493,320	12/31/2023	T-12	NAV
4.09	Property		1	Squilchuck Creek Community	301,855	9/30/2024	T-12	342,596	93,299	249,297	12/31/2023	T-12	NAV
4.10	Property		1	Sun City Center and Community	277,403	9/30/2024	T-12	350,565	90,085	260,480	12/31/2023	T-12	NAV
5.00	Loan	17,18	1	The Brazilian Court Hotel	7,306,814	11/30/2024	T-12	16,076,955	8,113,143	7,963,812	12/31/2023	T-12	18,685,007
6.00	Loan	19,20	3	Georgia Multifamily Portfolio	3,492,261	8/31/2024	T-12	NAV	NAV	NAV	NAV	NAV	NAV
6.01	Property		1	Brookfield Park	1,403,171	8/31/2024	T-12	NAV	NAV	NAV	NAV	NAV	NAV
6.02	Property		1	Retreat at Baywood	1,310,399	8/31/2024	T-12	NAV	NAV	NAV	NAV	NAV	NAV
6.03	Property		1	Ashford Brook	778,692	8/31/2024	T-12	NAV	NAV	NAV	NAV	NAV	NAV
7.00	Loan	21,22	1	Welleon	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV
8.00	Loan	23	1	Christopher Crossing Apartments	3,897,891	8/31/2024	T-12	7,031,776	3,609,176	3,422,601	12/31/2023	T-12	6,382,510
9.00	Loan		1	240 West 40th Street-NY	3,751,885	9/30/2024	T-12	6,208,387	3,348,748	2,859,639	12/31/2023	T-12	5,242,718
10.00	Loan	24,25	4	Riverwalk Business Park	5,789,594	6/30/2024	T-12	8,670,567	4,073,891	4,596,676	12/31/2023	T-12	8,883,710
10.01	Property		1	7720 North Dobson Road	2,330,829	6/30/2024	T-12	3,376,844	1,336,624	2,040,220	12/31/2023	T-12	3,866,888
10.02	Property		1	7350 North Dobson Road	2,093,838	6/30/2024	T-12	2,170,687	1,118,807	1,051,880	12/31/2023	T-12	2,857,830
10.03	Property		1	7500 North Dobson Road	1,584,048	6/30/2024	T-12	2,547,511	1,060,859	1,486,652	12/31/2023	T-12	1,044,761
10.04	Property		1	7580 North Dobson Road	(219,121)	6/30/2024	T-12	575,526	557,602	17,924	12/31/2023	T-12	1,114,231
11.00	Loan	26	1	Addison Arts Apartments	2,561,645	10/31/2024	T-12	3,409,132	975,294	2,433,838	12/31/2023	T-12	2,937,769
12.00	Loan	27	1	Falls of Westpark	2,601,562	10/31/2024	T-12	4,288,597	2,169,932	2,118,666	12/31/2023	T-12	3,979,573
13.00	Loan	28,29,30,31	1	Queens Center	49,730,304	9/30/2024	T-12	99,301,114	46,818,839	52,482,275	12/31/2023	T-12	102,751,752
14.00	Loan	32,33	3	Teller Avenue Portfolio	1,969,015	10/31/2024	T-12	NAV	NAV	NAV	NAV	NAV	NAV
14.01	Property		1	80 Clinton Place	803,800	10/31/2024	T-12	NAV	NAV	NAV	NAV	NAV	NAV
14.02	Property		1	1433 Teller Avenue	581,125	10/31/2024	T-12	NAV	NAV	NAV	NAV	NAV	NAV
14.03	Property		1	1441 Teller Avenue	584,091	10/31/2024	T-12	NAV	NAV	NAV	NAV	NAV	NAV
15.00	Loan	34	1	The Vesper Apartments	1,425,800	9/30/2024	T-12	2,648,488	1,393,551	1,254,937	12/31/2023	T-12	2,463,819
16.00	Loan		1	Plaza at Eastlake	2,521,413	8/31/2024	T-12	3,205,811	1,276,967	1,928,844	12/31/2023	T-12	2,592,047
17.00	Loan	35,36,37,38	1	The Outlet Collection Seattle	11,435,572	9/30/2024	T-12	16,266,591	5,776,467	10,490,125	12/31/2023	T-12	16,180,797
18.00	Loan		1	Beach Haus Resort and Baywatch Resort	2,137,674	10/31/2024	T-12	5,177,922	2,734,315	2,443,607	12/31/2023	T-12	4,656,940
19.00	Loan	39,40	1	Circle Business Center	1,767,965	8/31/2024	T-12	3,350,413	1,641,227	1,709,186	12/31/2023	T-12	3,234,469
20.00	Loan	41,42	1	Brookhill Village	1,357,307	9/30/2024	T-12	1,815,324	630,231	1,185,093	12/31/2023	T-12	1,795,061
21.00	Loan		1	CVS Pharmacy-Ridgewood	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV
22.00	Loan		1	Larchmont Village Retail	829,115	9/30/2024	T-12	899,923	131,652	768,271	12/31/2023	T-12	696,217
23.00	Loan		5	Park Nation MHC Portfoilio	674,384	9/30/2024	T-12	1,312,617	689,397	623,220	12/31/2023	T-12	1,321,496
23.01	Property		1	Meadowlark MHP	179,608	9/30/2024	T-12	383,530	208,439	175,091	12/31/2023	T-12	391,586
23.02	Property		1	Shady Estates MHP	116,904	9/30/2024	T-12	234,762	122,303	112,459	12/31/2023	T-12	235,965
23.03	Property		1	Highland Village MHP	155,615	9/30/2024	T-12	298,972	156,926	142,046	12/31/2023	T-12	302,523
23.04	Property		1	Sunset Harbor MHP	107,597	9/30/2024	T-12	231,270	141,271	89,999	12/31/2023	T-12	230,861
23.05	Property		1	Lakeside MHP	114,659	9/30/2024	T-12	164,083	60,458	103,625	12/31/2023	T-12	160,561
24.00	Loan		1	Burlington Plaza	953,359	10/31/2024	T-12	1,347,748	370,752	976,996	12/31/2023	T-12	1,220,534
25.00	Loan	43,44,45,46	1	1165 Station Road	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV
26.00	Loan		1	Uniroom	540,210	10/31/2024	T-4 Annualized	NAV	NAV	NAV	NAV	NAV	NAV
27.00	Loan	47,48	2	Guttman Portfolio	389,859	11/30/2024	T-1 Annualized	NAV	NAV	NAV	NAV	NAV	NAV
27.01	Property		1	1392 Nelson Avenue	157,819	11/30/2024	T-1 Annualized	NAV	NAV	NAV	NAV	NAV	NAV
27.02	Property		1	3605 Holland Avenue	232,041	11/30/2024	T-1 Annualized	NAV	NAV	NAV	NAV	NAV	NAV
28.00	Loan	49,50	2	Seidenfeld Portfolio	478,254	10/31/2024	T-2 Annualized	NAV	NAV	NAV	NAV	NAV	NAV
28.01	Property		1	2811 Heath Avenue	246,911	10/31/2024	T-2 Annualized	NAV	NAV	NAV	NAV	NAV	NAV
28.02	Property		1	83 West 174th Street	231,343	10/31/2024	T-2 Annualized	NAV	NAV	NAV	NAV	NAV	NAV
29.00	Loan		1	2200 Route 10	495,909	10/31/2024	T-12	1,007,086	534,008	473,078	12/31/2023	T-12	1,018,050
30.00	Loan	51,52,53	1	3854 Bailey Avenue	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-282099-01

	See “Annex A-3: Summaries of the Fifteen Largest Mortgage Loans” in the prospectus for additional information on the 15 largest mortgage loans.

(1)	“WFB” denotes Wells Fargo Bank, National Association, "JPMCB" denotes JPMorgan Chase Bank, National Association, "CREFI" denotes Citi Real Estate Funding Inc., "GSMC" denotes Goldman Sachs Mortgage Company, "AREF2" denotes Argentic Real Estate Finance 2 LLC, “UBS AG” denotes UBS AG by and through its branch office at 1285 Avenue of the Americas, New York, New York, and “LMF” denotes LMF Commercial, LLC as Mortgage Loan Seller.

(2)	The Administrative Fee Rate % includes the Servicing Fee Rate, the Operating Advisor Fee Rate, the Certificate Administrator/Trustee Fee Rate, the Asset Representations Reviewer Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate applicable to each Mortgage Loan.

(3)	Certain tenants may not be in occupancy or may be in free rent periods. See “Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Other” in this prospectus for information regarding (i) single tenant properties, (ii) the largest 5 tenants with respect to the largest 15 Mortgage Loans or groups of cross-collateralized Mortgage Loans and (iii) tenants that individually or together with their affiliates occupy 50% or more of the net rentable area of related Mortgaged Properties, which, in each case, are not in occupancy or are in free rent periods.

(4)	Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease. See “Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Terminations” in this prospectus for information regarding certain lease termination options affecting (i) single tenant properties, (ii) the largest 5 tenants with respect to the largest 15 Mortgage Loans or groups of cross-collateralized Mortgage Loans and (iii) tenants that occupy 50% or more of the net rentable area of the related Mortgaged Properties.

(5)	With respect to Mortgage Loan No. 1, Radius at Harbor Bay, the appraised value represents a hypothetical as-stabilized value for the portfolio of $338,324,100, which is inclusive of a 2.9% portfolio premium. The appraiser concluded to a hypothetical value assuming the outstanding TI/LC obligations have already been paid, such amount is included in an upfront reserve for existing TI/LC obligations. The aggregate as-is appraised value of the Radius at Harbor Bay Properties is $295,030,000 (excluding any portfolio premium) as of October 23, 2024, which equates to a Cut-Off Date LTV Ratio and LTV Ratio at Maturity of 71.9% and 67.4%. respectively.

(6)	With respect to Mortgage Loan No. 2, POD Williamsburg, the mortgage loan is part of a whole loan that was co-originated by Citi Real Estate Funding Inc. and JPMorgan Chase Bank, National Association.

(7)	With respect to Mortgage Loan No. 2, POD Williamsburg, the Mortgaged Property includes three retail tenants, including two restaurants and a nail salon, which collectively represent approximately 4.9% of the Underwritten EGI ($). In addition, the hotel’s food and beverage operation, representing approximately 1.4% of the Underwritten EGI ($), is operated under a lease with the borrower sponsor’s affiliate as the tenant.

(8)	With respect to Mortgage Loan No. 2, POD Williamsburg, the Mortgaged Property is operated under a hotel management agreement between POD BK Management LLC, as the hotel manager (the "Manager") and the leasehold borrower, which expires in December 2034. The Manager’s members are affiliates of Richard Born and Ira Drukier who together own an approximately 11% indirect equity interest in the borrowers. BD Hotels LLC, jointly owned by Richard Born and Ira Drukier, owns the brand “POD Hotel” and licenses the brand to the Manager.

(9)	With respect to Mortgage Loan No. 2, POD Williamsburg, the borrowers were required at origination to deposit $105,873 into the Upfront Insurance Reserve ($) in connection with the installment payment plan for the blanket insurance policy (the “Static Insurance Escrow Fund”). The lender is required to apply the funds in the Static Insurance Escrow Fund to the payment of an installment under the blanket insurance policy if not paid by the borrowers prior to delinquency. If at any time either (i) funds from the Static Insurance Escrow Fund have been disbursed, or (ii) the premium for

	the blanket insurance policy has been increased such that the amount in the Static Insurance Escrow Fund no longer represents 25% of the annual premium for such blanket insurance policy, the borrowers are required to deposit additional funds in the Static Insurance Escrow Fund so that it always contains sufficient funds to cover 25% of the annual premium for the blanket insurance policy. Notwithstanding the foregoing, the lender will waive the requirement for the borrowers to make deposits to the Static Insurance Escrow Fund so long as (a) no event of default has occurred and is continuing, and (b) the borrowers have provided satisfactory evidence that the Mortgaged Property is no longer insured under a blanket insurance policy subject to an installment plan.

(10)	With respect to Mortgage Loan No. 2, POD Williamsburg, the Mortgaged Property benefits from a 25-year City of New York’s Industrial and Commercial Abatement Program (“ICAP”), which commenced in 2018 and provides 100% tax abatement for the first 16 years of the program before burning off in 10% annual increments until the program’s expiration after 2043. The Mortgage Loan was underwritten based on the abated taxes under the ICAP for the 2024 tax year of $245,441 compared to estimated unabated taxes of $1,331,250.

(11)	With respect to Mortgage Loan No. 2, POD Williamsburg, the lender of the mezzanine loan (the “Mezzanine Loan”) is an affiliate of the sponsor (the “Mezzanine Lender”), who has executed, along with the borrowers and the lender of the Mortgage Loan, a subordination and standstill agreement (the “Subordination Agreement”). Under the Subordination Agreement, the payments to the Mezzanine Lender are fully subordinated to the Mortgage Loan and may only be made (a) out of the borrowers’ available cash flow after payments due under the Mortgage Loan documents and other related expenses and (b) if no material event of default or a cash sweep event is continuing under the Mortgage Loan documents; provided, however, to the extent no event of default or a cash sweep event is continuing under the Mortgage Loan documents and a capital contribution to the mezzanine borrower is made, the mezzanine borrower will have the option to make a payment in reduction of the mezzanine loan. Additionally under the Subordination Agreement, the Mezzanine Lender may not, without the prior written consent of the lender of the Mortgage Loan, (i) take any enforcement action with respect to the collateral securing the Mezzanine Loan or (ii) assign its rights or obligations under the Subordination Agreement or the Mezzanine Loan documents.

(12)	With respect to Mortgage Loan No. 2, POD Williamsburg, the related Mortgage Loan documents permit 5-day Grace Period - Default (Days) up to three times during the term of the Mortgage Loan.

(13)	With respect to Mortgage Loan No. 2, POD Williamsburg, a cash sweep event triggered under the Mortgage Loan documents by the debt service coverage ratio based on the trailing 12-month period being less than 1.35x may be cured if the borrowers deposit cash into an escrow reserve account or deliver a letter of credit, which, in either case, serves as additional collateral for the POD Williamsburg Whole Loan, in an amount of $2,099,571.25 (the “Collateral Deposit Amount”; the foregoing event, the “Collateral Cure Conditions”). On the first monthly payment date in each and every calendar year thereafter that the borrowers elect to deposit the Collateral Deposit Amount in lieu of a cash sweep event, in order for the Collateral Cure Conditions to be deemed to have been satisfied, the borrowers will make an additional deposit of the Collateral Deposit Amount. The lender acknowledges that the collateral referenced in this definition will be returned to the borrowers, provided that no event of default is ongoing, at such time as the debt service coverage ratio based on the trailing 12-month period is at least 1.35x had the borrowers not satisfied the Collateral Cure Conditions (i.e. at such time as the debt service coverage ratio (without taking into account the cash deposit and/or letter of credit) will equal or be greater than 1.35x for three consecutive months).

(14)	With respect to Mortgage Loan No. 3, Wilshire Office Portfolio, the appraised value represents a hypothetical as-is value for 9460 Wilshire Boulevard Property of $107,600,000. The Appraiser concluded to a Hypothetical Value assuming the outstanding tenant improvements to O’Gara Coach Company, L.L.C ($7,967,950) have already been paid, such amount is included in an upfront reserve for existing TI/LC obligations. The aggregate as-is appraised value of the Wilshire Office Portfolio Properties is $194,000,000 as of October 14, 2024 and October 17, 2024, which equates to a Cut-Off Date LTV Ratio and LTV Ratio at Maturity of 54.1%.


(15)	With respect to Mortgage Loan No. 4, WAND MHC Portfolio, historical financial information prior to 2023 is not available because two of the WAND MHC Portfolio Properties were acquired at origination of the WAND MHC Portfolio Mortgage Loan.

(16)	With respect to Mortgage Loan No. 4, WAND MHC Portfolio, the Jefferson Park MHC and the Holiday Village MHC properties include 336 pads on which manufactured homes owned by such borrower affiliate (the “Owned Mobile Homes”) are located, which are master leased to such borrower affiliate (the “WAND MHC Master Tenant”). Each of the related borrowers leases the pads occupied by the Owned Mobile Homes to the WAND MHC Master Tenant under a separate master lease (the “WAND MHC Master Leases”), and the WAND MHC Master Tenant leases the Owned Mobile Homes to the occupants of such Owned Mobile Homes. Pursuant to the WAND MHC Master Leases, the WAND MHC Master Tenant is required to pay the related borrower monthly rent at the prevailing rental rate charged by such borrower to other owners of manufactured homes within the applicable WAND MHC Portfolio Property. The WAND MHC Portfolio Mortgage Loan documents permit up to 40% of all manufactured housing units on the mortgaged properties (in the aggregate) to be owned by the WAND MHC Master Tenant, the borrowers, or other affiliates, provided that such homes must be subject to one of the WAND MHC Master Leases.

(17)	With respect to Mortgage Loan No. 5, The Brazilian Court Hotel, the Mortgaged Property is comprised of 62 residential condominium units operated as hotel rooms that operate 75 keys through the use of lockout units, as well as two commercial condominium units. The Brazilian Court Hotel Property is an independent hotel that consists primarily of condominium units in a condominium that includes 80 residential condominium units, of which 62 are owned by the borrower and included in the Brazilian Court Hotel Property and 18 are third-party owned, as well as the two commercial condominium units and a hotel condominium unit which is comprised primarily of shared components, including but not limited to structural components that do not support a single unit, the pool, lobby, loading dock and similar areas. Of the third-party owned residential condominium units, nine are part of the hotel’s rental program (subject to the owner's right to occupy such units at certain times) and as such are managed by the borrower sponsor, with income from such rentals allocated 50% to the third-party owners and 50% to the borrower under rental program agreements in effect at origination. Owners of the third-party owned hotel condominium units may withdraw their units from the hotel’s rental program, and accordingly the number of such units that are available may fluctuate year over year.

(18)	With respect to Mortgage Loan No. 5, The Brazilian Court Hotel, the loan documents require on each monthly payment date occurring in November through April of any calendar year commencing in 2025, a deposit of $373,422 into the seasonality reserve.

(19)	With respect to Mortgage Loan No. 6, Georgia Multifamily Portfolio, historical financial information prior to the trailing twelve months ended August 31, 2024 is not available because the Georgia Multifamily Portfolio Properties were recently renovated in 2023.

(20)	With respect to Mortgage Loan No. 6, Georgia Multifamily Portfolio, the increase from the Most Recent NOI ($) to Underwritten Net Operating Income ($) is primarily due to the recent renovations and decrease in vacancy across the three properties.

(21)	With respect to Mortgage Loan No. 7, Welleon, a Grace Period – Late Fee (Days) of five days is permitted once within any consecutive 12-month period.

(22)	With respect to Mortgage Loan No. 7, Welleon, historical occupancy and historical NOI are unavailable due to recent construction on the Welleon Property that was completed in phases between August 2023 and May 2024.

(23)	With respect to Mortgage Loan No. 8, Christopher Crossing Apartments, an $8,500,000 mezzanine loan (the “Christopher Crossing Apartments Mezzanine Loan”) was funded by AION Partners concurrently with the origination of such Mortgage Loan. The mezzanine lender advanced $5,500,000 of the Christopher Crossing Apartments Mezzanine Loan to the borrower’s sole member, as the borrower under the Christopher Crossing Apartments Mezzanine Loan (the “Christopher Crossing Apartments Mezzanine Borrower”), at origination, while the remaining $3,000,000 are

	required to be drawn within the first 18 months of the Christopher Crossing Apartments Mezzanine Loan term and used for capital expenditures, subject to loan-to-value and debt yield tests. The interest rate under the Christopher Crossing Apartments Mezzanine Loan is 14.0% per annum, provided, that, to the extent that rents derived from the operation of the Mortgaged Property are insufficient to pay any monthly interest payment amount due under the Christopher Crossing Apartments Mezzanine Loan after the borrower has made any principal and interest payments due, and funded all required reserves, under the Mortgage Loan by the related payment date, the Christopher Crossing Apartments Mezzanine Loan documents permit the Christopher Crossing Apartments Mezzanine Borrower to defer payment of such monthly interest amount due up to (i) 7.0% per annum during the first 12 months of the Christopher Crossing Apartments Mezzanine Loan term and (ii) 4.0% per annum thereafter, which deferred amounts will be added to the principal on the Christopher Crossing Apartments Mezzanine Loan.

(24)	With respect to Mortgage Loan No. 10, Riverwalk Business Park, the appraised value represents the “As-Portfolio” Appraised Value for the Riverwalk Business Park Properties of $83,000,000, which reflects a portfolio premium of 0.7%, as of June 1, 2024. The sum of the individual appraised values is $82,400,000, which equates to a Cut-off Date LTV Ratio and LTV Ratio at Maturity of 42.5% and 40.6%, respectively.

(25)	With respect to Mortgage Loan No. 10, Riverwalk Business Park, the largest tenant, Arrivia, is on a lease through May 31, 2028. Arrivia is currently subleasing approximately 121,351 SF of its space to Equality Health (73,324 SF) through May 2028 and Prosperity Home Mortgage (48,027 SF) through December 2025. Equality Health’s sublease will expand to include the space currently being subleased by Prosperity Home Mortgage in January 2026 upon sublease expiration. Additionally, Equality Health has executed a five-year direct lease with the borrower for the entirety of the 7720 North Dobson Road Property (Arrivia’s space), which will commence in June 2028 and expire in May 2033. The lease expiration date represents Equality Health’s lease expiration.

(26)	With respect to Mortgage Loan No. 11, Addison Arts Apartments, the Mortgaged Property is operated as a market-rate building, with approximately 89.9% of the units leased to students. All units are rented on a per-unit basis and are not furnished. Parental guarantees are required for tenants who do not meet an income threshold equal to three times the annual rent.

(27)	With respect to Mortgage Loan No. 12, Falls of Westpark, an upfront earnout reserve in the amount of $2,140,000 was escrowed at origination. Provided no event of default has occurred and is continuing, the earnout reserve funds may be disbursed to the borrower when the Mortgaged Property achieves an earnout debt service coverage ratio (as described in the mortgage loan documents) of at least 1.20x. If the earnout reserve funds have not been disbursed by December 2, 2027, the earnout reserve funds may be partially disbursed in an amount such that the net outstanding Mortgage Loan amount results in an earnout debt service coverage ratio of at least 1.20x. Any outstanding funds remaining in the earnout reserve on December 2, 2027 will be used to partially prepay the Mortgage Loan, subject to required yield maintenance premiums.

(28)	With respect to Mortgage Loan No. 13, Queens Center, the mortgage loan is part of a whole loan that was co-originated by German American Capital Corporation, Goldman Sachs Bank USA, JPMorgan Chase Bank, National Association, Bank of Montreal and Morgan Stanley Bank, N.A.

(29)	With respect to Mortgage Loan No. 13, Queens Center, the related loan documents permit an outparcel or other release without prepayment or defeasance. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases; Property Additions” in this prospectus.

(30)	With respect to Mortgage Loan No. 13, Queens Center, “Yield Maintenance Premium” means, with respect to any Note or Note Component, an amount equal to the greater of the following two amounts: (a) an amount equal to 1% of the amount prepaid; or (b) an amount equal to (i) the amount, if any, by which (x) the sum of the present values as of the prepayment date of all unpaid principal and interest payments on such Note or Note Component required hereunder to the Open Prepayment Date (including the balloon payment assuming the outstanding principal balance of the Loan is due on the Open Prepayment Date), calculated by discounting such payments from the

	respective dates each such payment was due hereunder (or, with respect to the payment required on the Maturity Date (assuming the outstanding principal balance of the Loan is due on the Open Prepayment Date), from the Open Prepayment Date) back to the prepayment date at a discount rate equal to the Periodic Treasury Yield (defined below) exceeds (y) the outstanding principal balance of such Note or Note Component as of the prepayment date, multiplied by (ii) a fraction whose numerator is the amount prepaid and whose denominator is the outstanding principal balance of such Note or Note Component as of the prepayment date. For purposes of the foregoing, “Periodic Treasury Yield” means the arithmetic mean of the rates published as “Treasury Constant Maturities” as of 5:00 p.m., New York time, for the date on which a prepayment subject to Yield Maintenance Premium is made, as shown on the USD screen of Reuters (or such other page as may replace that page on that service, or such other page or replacement therefor on any successor service), or if such service is not available, the Bloomberg Service (or any successor service), or if neither Reuters nor the Bloomberg Service is available, under Section 504 in the weekly statistical release designated H.15(519) (or any successor publication) published by the Board of Governors of the Federal Reserve System, for “On the Run” U.S. Treasury obligations corresponding to the Open Prepayment Date. If no such maturity will so exactly correspond, yields for the two most closely corresponding published maturities will be calculated pursuant to the foregoing sentence and the Periodic Treasury Yield will be interpolated or extrapolated (as applicable) from such yields on a straight-line basis (rounding, in the case of relevant periods, to the nearest month). Lender’s calculation of the Yield Maintenance Premium, and all component calculations, will be conclusive and binding on the borrower absent manifest error.

(31)	With respect to Mortgage Loan No. 13, Queens Center, Units/SF does not include 556,724 SF of space associated with Macy’s and JCPenney which are non-collateral anchor tenants. However, a portion of the Mortgaged Property to the west of 92nd Street and the parcel occupied by Macy’s together constitute a single tax lot (the “Shared Tax Lot”). The real estate taxes on the Shared Tax Lot are allocated between Macy’s and one of the two borrowers which owns the Mortgaged Property (the “Property Borrower”) under a reciprocal easement agreement (the “REA”). Under the REA, Macy's pays approximately 40% of the total property taxes assessed against the shared tax lot to the Property Borrower, who then makes the required tax payments to the applicable taxing authority. See “Description of the Mortgage Pool— Real Estate and Other Tax Considerations” in this prospectus for additional information.

(32)	With respect to Mortgage Loan No. 14, Teller Avenue Portfolio, the related borrowers have applied for, and the mortgaged properties are expected to benefit from, a 35-year 421-a tax abatement under the New York City Department of Housing Preservation and Development (“HPD”) 421-a tax abatement program (the “421-a Tax Abatement Program”). During the first 25 years of the 421-a Tax Abatement Program, each of the Mortgaged Properties are expected to receive a 100% tax exemption and in connection with such exemption the borrowers have agreed to reserve (i) 96.2% of the units at the 80 Clinton Place Mortgaged Property, (ii) 94.7% of the units at the 1433 Teller Avenue Mortgaged Property and (iii) 93.8% units at the 1441 Teller Avenue Mortgaged Property, for tenants, in each case, earning no more than 130% of the area median income (any such restricted units, the “Teller 421-a Affordable Units”). During the last 10 years of the 421-a Tax Abatement Program, a Mortgaged Property’s applicable tax exemption is expected to decrease in an amount equal to the percentage of Teller 421-a Affordable Units at each such Mortgaged Property. The appraiser concluded that the in-place rents for all 58 Teller 421-a Affordable Units are in compliance with the income requirements under the 421-a Tax Abatement Program. The full unabated taxes for the 2024/2025 tax year are: (i) $136,688 compared to the underwritten abated taxes of $1,630 for the 80 Clinton Place Mortgaged Property; (ii) $80,700 compared to the underwritten abated taxes of $5,419 for the 1433 Teller Avenue Mortgaged Property; and (iii) $64,903 compared to the underwritten abated taxes of $1,863 for the 1441 Teller Avenue Mortgaged Property. As of December 24, 2024, the 1441 Teller Avenue Mortgaged Property has received the 421-a tax abatement, while the 80 Clinton Place Mortgaged Property and the 1433 Teller Avenue Mortgaged Property are still awaiting approval of their respective 421-a Tax Abatement Program applications from HPD. At origination, the non-recourse carveout guarantor executed a guaranty for full payment of the Mortgage Loan, which will terminate when all three of the Mortgaged Properties receive the 421-a tax abatement. In addition, the Mortgage Loan will become full recourse if any Mortgaged Property fails to qualify and/or maintain its respective exemption under the 421-a Tax Abatement Program.


(33)	With respect to Mortgage Loan No. 14, Teller Avenue Portfolio, the Mortgaged Properties are eligible for, and the borrowers lease units through, the New York City Family Homelessness and Eviction Supplement (“CityFHEPS”) program. The CityFHEPS program provides property owners with rental subsidies for leasing units to households with tenants who, among other requirements, have children, earn no more than 200% of the federal poverty level and are in a shelter or at risk of entering a shelter. The subsidy amounts provided by CityFHEPS are published by the Department of Social Services each year and the appraiser concluded that the current in-place rents at the Mortgaged Properties are achievable based on the maximum subsidy amounts. The Mortgage Loan will become full recourse to the borrowers in the event that (i) the Mortgaged Properties or the borrowers fail to remain eligible, in whole or in part, to receive subsidies under the CityFHEPS program and/or (ii) any amendment to or termination of the CityFHEPS program reduces the amount of subsidies paid or payable to the borrowers under the CityFHEPS program.

(34)	With respect to Mortgage Loan No. 15, The Vesper Apartments, a Grace Period – Late Fee (Days) of five days is permitted once within any consecutive 12-month period.

(35)	With respect to Mortgage Loan No. 17, The Outlet Collection Seattle, the Mortgage Loan is part of a whole loan that was originated by CREFI. A portion of such whole loan was subsequently acquired by AREF2.

(36)	With respect to Mortgage Loan No. 17, The Outlet Collection Seattle, a Grace Period – Late Fee (Days) of five days is permitted once in any 366-day period.

(37)	With respect to Mortgage Loan No. 17, The Outlet Collection Seattle, the largest tenant, FieldhouseUSA, subleases a portion of its space to Fitness Quest and Big Air Trampoline Park.

(38)	With respect to Mortgage Loan No. 17, The Outlet Collection Seattle, the second largest tenant, Burlington Coat Factory, has the right to terminate its lease at any time upon 12-months’ prior written notice, without payment of a termination fee.

(39)	With respect to Mortgage Loan No. 19, Circle Business Center, a Grace Period – Late Fee (Days) of five days is permitted once within any consecutive 12-month period.

(40)	With respect to Mortgage Loan No. 19, Circle Business Center, the fifth largest tenant, College Internship Program, has a one-time option to terminate its lease effective August 14, 2025, by giving no less than 180 days prior written notice to the landlord.

(41)	With respect to Mortgage Loan No. 20, Brookhill Village, the Mortgaged Property has approximately 22.9% of underwritten vacancy from the expected vacancy by the second largest tenant, American Freight, who will be vacating its premises because of the tenant’s parent level bankruptcy.

(42)	With respect to Mortgage Loan No. 20, Brookhill Village, the related borrower was required at loan origination to deposit $1,000,000 into the Holdback/Earnout Amount ($) for tenant improvement and leasing commission obligations incurred by the borrower in connection with re-leasing the space that is currently occupied but expected to be vacated by American Freight (the “American Freight Space”). The lender is required to make disbursements in increments of no less than $25,000 on a quarterly basis, subject to certain conditions set forth in the Mortgage Loan documents, including, without limitation, (a) at least 80% of the American Freight Space has been re-leased by the borrower pursuant to one or more Leases reasonably approved by the lender and (b) the debt yield is at least 10.4%. In the event that the American Freight Space is not re-leased within two years of loan origination, the lender has the option to apply the funds to the outstanding principal balance of the Mortgage Loan. Provided the American Freight Space has been re-leased and the related conditions have been satisfied, the remaining funds are required to be disbursed (x) provided no cash sweep period under the Mortgage Loan documents is continuing, to the borrower or (y) if a cash sweep period is continuing, on the next occurring monthly payment date in accordance with the related cash management agreement. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Escrows” in the prospectus for additional information.


(43)	With respect to Mortgage Loan No. 25, 1165 Station Road, historical financial information is not available because the Mortgaged Property was renovated in 2024.

(44)	With respect to Mortgage Loan No. 25, 1165 Station Road, the Cut-off Date LTV Ratio (%) is calculated using the As-Is Appraised Value of $9,760,000 as of October 18, 2024, which includes the income from the 25-year solar lease signed with G&S Solar. The tenant has the right to terminate this lease by providing written notice by April 25, 2025 if the appropriate permits have not been obtained or the tenant has not been able to negotiate an interconnection agreement with the local electric utility. The appraiser included a value of $9,210,000 as of October 18, 2024, which assumes that the solar lease agreement will not take effect, and that outstanding landlord obligations will be held in escrow. Based on the aforementioned value, the Cut-off Date LTV Ratio (%) is 69.5%.

(45)	With respect to Mortgage Loan No. 25, 1165 Station Road, the LTV Ratio at Maturity / ARD (%) is calculated using the As Stabilized Appraised Value of $9,960,000 as of February 1, 2025.

(46)	With respect to Mortgage Loan No. 25, 1165 Station Road, on each monthly payment date during a material tenant trigger event period, the borrower is required to deposit with the lender the excess cash for tenant allowances, tenant improvements and leasing commissions that may be incurred or required to be reimbursed by the borrower in connection with leasing material tenant space pursuant to qualified leases.

(47)	With respect to Mortgage Loan No. 27, Guttman Portfolio, historical financial information for the 1392 Nelson Avenue and 3605 Holland Avenue mortgaged properties are not available because the borrower sponsor acquired the mortgaged properties in June 2024 and December 2023, respectively, and undertook gut renovations afterwards.

(48)	With respect to Mortgage Loan No. 27, Guttman Portfolio, the borrowers have the right at any time after December 18, 2025 and prior to July 6, 2029 to obtain the release of any individual Guttman Portfolio property as long as, among other conditions, (i) the related borrowers partially prepay the loan in an amount equal to the release price of 115% of the allocated loan amount for such property to be released, together with the applicable yield maintenance premium; (ii) no event of default has occurred and is continuing; (iii) the DSCR after the release is not less than the greater of (1) 1.16x and (2) the DSCR immediately preceding such release, and (iv) the LTV ratio after the release is not greater than the lesser of (1) 68.2%, and (2) the LTV immediately preceding such release.

(49)	With respect to Mortgage Loan No. 28, Seidenfeld Portfolio, historical financial information for the 2811 Heath Avenue and 83 West 174th Street mortgaged properties are not available because the borrower sponsor acquired the mortgaged properties in January 2024 and August 2023, respectively, and undertook gut renovation afterwards.

(50)	With respect to Mortgage Loan No. 28, Seidenfeld Portfolio, the borrowers have the right at any time after December 9, 2025 and prior to June 6, 2029 to obtain the release of any individual Seidenfeld Portfolio property as long as, among other conditions, (i) the related borrowers partially prepay the loan in an amount equal to the release price of 115% of the allocated loan amount for such property to be released, together with the applicable yield maintenance premium; (ii) no event of default has occurred and is continuing; (iii) the DSCR after the release is not less than the greater of (1) 1.13x and (2) the DSCR immediately preceding such release, and (iv) the LTV ratio after the release is not greater than the lesser of (1) 67.1%, and (2) the LTV immediately preceding such release.

(51)	With respect to Mortgage Loan No. 30, 3854 Bailey Avenue, historical financial information is not available as construction of the Mortgaged Property was completed in 2024.

(52)	With respect to Mortgage Loan No. 30, 3854 Bailey Avenue, future mezzanine debt is permitted, subject to the satisfaction of certain conditions including, among others, (i) immediately after giving effect to such debt (x) the combined loan-to-value ratio does not exceed 62.0%, and (y) the combined debt service coverage ratio is equal to or greater than 1.31x; (ii) execution of a subordination and intercreditor agreement reasonably acceptable to the lender, and (iii) receipt of a rating agency confirmation from each applicable rating agency.