Benchmark 2025-V17

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (File No. 333-283864) 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 Securities and Exchange Commission 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 Securities and Exchange Commission website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by emailing: prospectus.cpdg@db.com. 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. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.

This free writing prospectus does not contain all information that is required to be included in the prospectus.

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

This material is for your information, and none of Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, BMO Capital Markets Corp., Barclays Capital Inc., AmeriVet Securities, Inc., Drexel Hamilton, LLC or any other underwriter, (collectively, the “Underwriters”) are soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.

Neither this document nor anything contained herein shall form the basis for any contract or commitment whatsoever. The information contained herein is preliminary as of the date hereof. These materials are subject to change, completion or amendment from time to time. The information contained herein will be superseded by similar information delivered to you as part of the preliminary prospectus relating to the Benchmark 2025-V17 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2025-V17 (the "Offering Document"). The information contained herein supersedes any such information previously delivered and should be reviewed only in conjunction with the entire Offering Document. All of the information contained herein is subject to the same limitations and qualifications contained in the Offering Document. The information contained herein does not contain all relevant information relating to the underlying mortgage loans or mortgaged properties. Such information is described elsewhere in the Offering Document. The information contained herein will be more fully described elsewhere in the Offering Document. The information contained herein should not be viewed as projections, forecasts, predictions or opinions with respect to value. Prior to making any investment decision, prospective investors are strongly urged to read the Offering Document its entirety. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this free writing prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

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 Underwriters or any of their respective affiliates makes 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.

This document contains forward-looking statements. Those statements are subject to certain risks and uncertainties that could cause the success of collections and the actual cash flow generated to differ materially from the information set forth herein. While such information reflects projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as of the dates thereof, the depositor undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect the issuer’s view only as of the date hereof.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of the 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) no representation being made that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	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 %
										12		12	11	11			1, 13
1	Loan	10, 15, 17, 20, 26, 28, 32	1	180 Water	10038	Multifamily	High Rise	1971	2017	581	Units	254,733.22	60,000,000	60,000,000	60,000,000	5.33300%	0.02013%	5.31287%
2	Loan	10, 11, 21, 30, 32	4	Pacifica Hotel Portfolio (4-Pack)	Various	Hospitality	Various	Various	Various	312	Rooms	228,910.26	60,000,000	60,000,000	60,000,000	7.21500%	0.02098%	7.19402%
2.001	Property		1	Wayfarer San Diego	92109	Hospitality	Select Service	1980	2014, 2022	126	Rooms		32,427,891	32,427,891	32,427,891
2.002	Property		1	Sandcastle Inn	93449	Hospitality	Select Service	1986, 1999	2011, 2012	75	Rooms		18,608,233	18,608,233	18,608,233
2.003	Property		1	Kinney Venice Beach	90292	Hospitality	Limited Service	1992	2011	68	Rooms		4,830,580	4,830,580	4,830,580
2.004	Property		1	Inn at Venice Beach	90291	Hospitality	Limited Service	1957	2012	43	Rooms		4,133,296	4,133,296	4,133,296
3	Loan	10, 12, 19, 20, 23, 24, 31, 32	1	Warren Corporate Center	07059	Office	Suburban	1996	2024-2025	518,260	SF	192.95	60,000,000	60,000,000	60,000,000	7.76500%	0.02098%	7.74402%
4	Loan	11, 17, 19, 21, 22, 26, 32	2	Providence at Heights & Legacy at Westchase	Various	Multifamily	Garden	Various	Various	520	Units	97,115.38	50,500,000	50,500,000	50,500,000	6.36000%	0.02098%	6.33902%
4.001	Property		1	Legacy at Westchase	77042	Multifamily	Garden	1977	2021	324	Units		28,063,274	28,063,274	28,063,274
4.002	Property		1	Providence at Heights	77008	Multifamily	Garden	1973	2017	196	Units		22,436,726	22,436,726	22,436,726
5	Loan	9, 10, 20, 21, 22, 27	1	Springfield Town Center	22150	Retail	Super Regional Mall	1972, 1975, 1979, 1996	2014	981,463	SF	152.83	50,000,000	50,000,000	50,000,000	7.11500%	0.02098%	7.09402%
6	Loan	9, 10, 17, 19, 20, 28, 29, 32	1	Vertex HQ	02210	Mixed Use	Lab/Office	2013	NAP	1,134,479	SF	492.56	44,600,000	44,600,000	44,600,000	4.93554%	0.01981%	4.91573%
7	Loan	10, 11, 12, 20, 21, 25, 27, 32	13	Soudry NYC Multifamily Portfolio	Various	Various	Various	Various	Various	204	Units	382,352.94	30,000,000	30,000,000	30,000,000	6.29000%	0.02098%	6.26902%
7.001	Property		1	9 & 11 Stanton Street	10002	Multifamily	Mid Rise	1900	1989	36	Units		5,105,769	5,105,769	5,105,769
7.002	Property		1	210 Rivington Street	10002	Multifamily	Mid Rise	1920	2013	20	Units		3,997,115	3,997,115	3,997,115
7.003	Property		1	19 Stanton Street	10002	Multifamily	Mid Rise	1900	NAP	13	Units		2,694,231	2,694,231	2,694,231
7.004	Property		1	76 East 1st Street	10009	Multifamily	Mid Rise	1900	1999	16	Units		2,555,769	2,555,769	2,555,769
7.005	Property		1	120 Orchard Street	10002	Multifamily	Mid Rise	1900	2003	13	Units		2,339,423	2,339,423	2,339,423
7.006	Property		1	624 East 11th Street	10009	Multifamily	Mid Rise	1900	1987	25	Units		2,196,538	2,196,538	2,196,538
7.007	Property		1	203 Chrystie Street	10002	Multifamily	Mid Rise	1900	1992	20	Units		2,171,154	2,171,154	2,171,154
7.008	Property		1	244 East Houston Street	10002	Multifamily	Mid Rise	1900	1988	14	Units		2,071,154	2,071,154	2,071,154
7.009	Property		1	15 Stanton Street	10002	Multifamily	Mid Rise	1900	1989	13	Units		2,044,615	2,044,615	2,044,615
7.010	Property		1	126 East 7th Street	10009	Multifamily	Mid Rise	1900	1985, 2008	11	Units		1,689,038	1,689,038	1,689,038
7.011	Property		1	2848 Brighton 7th Street	11235	Multifamily	High Rise	2007	NAP	16	Units		1,497,500	1,497,500	1,497,500
7.012	Property		1	17 Stanton Street	10002	Multifamily	Mid Rise	2000	NAP	7	Units		1,096,154	1,096,154	1,096,154
7.013	Property		1	1111 Flatbush Avenue	11226	Retail	Single Tenant	1930	NAP	4,800	SF		541,538	541,538	541,538
8	Loan		1	170 53rd Street	11232	Industrial	Flex	1925	2020	153,969	SF	181.85	28,000,000	28,000,000	28,000,000	6.68000%	0.02098%	6.65902%
9	Loan	17	1	Cranston Hall Apartments	19808	Multifamily	Garden	1963	2022-2024	169	Units	133,136.09	22,500,000	22,500,000	22,500,000	6.65000%	0.02098%	6.62902%
10	Loan	12, 31, 32	1	5 Hanover Square	10004	Office	CBD	1962	1984	62,969	SF	333.50	21,000,000	21,000,000	21,000,000	6.55400%	0.02098%	6.53302%
11	Loan	21, 26, 30	1	Eaglewood Resort & Spa	60143	Hospitality	Full Service	1971	2015	295	Rooms	62,128.81	18,328,000	18,328,000	18,328,000	6.69000%	0.02098%	6.66902%
12	Loan		1	Courtyard Boise	83642	Hospitality	Select Service	2007	2023, 2024	145	Rooms	124,137.93	18,000,000	18,000,000	18,000,000	6.35100%	0.02098%	6.33002%
13	Loan	9, 10, 17, 31, 32	1	322 Grand Concourse	10451	Multifamily	High Rise	2023	NAP	151	Units	463,576.16	17,500,000	17,500,000	17,500,000	6.30000%	0.02223%	6.27777%
14	Loan	23	1	One Jackson Square	10011	Retail	Anchored	2009	NAP	8,392	SF	1,966.16	16,500,000	16,500,000	16,500,000	6.27000%	0.02098%	6.24902%
15	Loan	26	1	Hilton Garden Inn - Fairfax, VA	22033	Hospitality	Select Service	2002	2020-2024	149	Rooms	101,946.31	15,190,000	15,190,000	15,190,000	7.55000%	0.02098%	7.52902%
16	Loan	10, 20, 31	1	1000 Portside Drive	07020	Multifamily	High Rise	2024	NAP	86	Units	418,604.65	15,000,000	15,000,000	15,000,000	6.23500%	0.02098%	6.21402%
17	Loan	31	1	330 Melrose	11237	Multifamily	Low Rise	1931	2024-2025	54	Units	277,777.78	15,000,000	15,000,000	15,000,000	6.19000%	0.02098%	6.16902%
18	Loan	21, 26	1	Aloft Cleveland Airport	44070	Hospitality	Select Service	2017	NAP	137	Rooms	102,189.78	14,000,000	14,000,000	14,000,000	6.76100%	0.02098%	6.74002%
19	Loan	11, 31	2	White Plains Linen	10566	Industrial	Various	Various	Various	104,220	SF	125.26	13,055,000	13,055,000	13,055,000	6.28000%	0.02098%	6.25902%
19.001	Property		1	4-6 John Walsh Boulevard	10566	Industrial	Manufacturing/Warehouse	1986	2011	92,220	SF		11,604,444	11,604,444	11,604,444
19.002	Property		1	10 John Walsh Boulevard	10566	Industrial	Warehouse/Distribution	1988	NAP	12,000	SF		1,450,556	1,450,556	1,450,556
20	Loan	17, 19, 23, 24	1	Parsippany Office Portfolio	07054	Office	Suburban	1978-1982	NAP	188,319	SF	63.72	12,000,000	12,000,000	12,000,000	6.60000%	0.02098%	6.57902%
21	Loan	31	1	215-217 South 4th Street	11211	Multifamily	Low Rise	1900, 1920	2025	15	Units	646,666.67	9,700,000	9,700,000	9,700,000	6.19000%	0.02098%	6.16902%
22	Loan	23, 25	1	Old Seward	99503	Industrial	Warehouse	1983	NAP	102,565	SF	93.84	9,625,000	9,625,000	9,625,000	5.97100%	0.02098%	5.95002%
23	Loan	9, 10, 17, 20, 23, 24, 26	1	Gateway Industrial Center	48223	Industrial	Warehouse/Distribution	1948, 1957, 1968, 1973, 1976, 1996, 2022	2020-2023	1,441,839	SF	64.50	8,250,000	8,250,000	8,250,000	6.74000%	0.02223%	6.71777%
24	Loan	9, 10, 11, 19, 21, 22, 27, 28, 32	102	ILPT 2025 Portfolio	Various	Various	Various	Various	Various	18,271,519	SF	40.89	7,000,000	7,000,000	7,000,000	5.37574485896279%	0.01998%	5.35576485896279%
24.001	Property		1	996 Paragon Way	29730	Industrial	Warehouse/Distribution	2014	NAP	945,023	SF		392,060	392,060	392,060
24.002	Property		1	91-399 Kauhi	96707	Other	Leased Fee	NAP	NAP	2,237,547	SF		292,334	292,334	292,334
24.003	Property		1	11224 Will Walker Road	35490	Industrial	Warehouse/Distribution	2021	NAP	529,568	SF		244,849	244,849	244,849
24.004	Property		1	10450 Doral Boulevard	33178	Industrial	Warehouse/Distribution	1996	2001	240,283	SF		234,983	234,983	234,983
24.005	Property		1	1580, 1590 & 1600 Williams Road	43207	Industrial	Warehouse/Distribution	1992	1999	759,950	SF		216,789	216,789	216,789
24.006	Property		1	32150 Just Imagine Drive	44011	Industrial	Warehouse/Distribution	1995	2007	644,850	SF		215,431	215,431	215,431
24.007	Property		1	6850 Weber Boulevard	29456	Industrial	Warehouse/Distribution	2018	NAP	265,318	SF		202,759	202,759	202,759
24.008	Property		1	1341 N. Clyde Morris Blvd.	32117	Industrial	Warehouse/Distribution	2018	NAP	399,440	SF		193,284	193,284	193,284
24.009	Property		1	27200 SW 127th Avenue	33032	Industrial	Warehouse/Distribution	2017	NAP	237,756	SF		187,672	187,672	187,672
24.010	Property		1	7410 Magi Road	29410	Industrial	Warehouse/Distribution	2003	2019, 2024	302,400	SF		182,966	182,966	182,966
24.011	Property		1	2375 East Newlands Road	89408	Industrial	Warehouse/Distribution	2007	NAP	337,500	SF		177,836	177,836	177,836
24.012	Property		1	3800 Midlink Drive	49048	Industrial	Cold Storage	2014	NAP	158,497	SF		171,078	171,078	171,078
24.013	Property		1	13509 Waterworks Street	32221	Industrial	Warehouse/Distribution	2014	NAP	304,859	SF		159,431	159,431	159,431
24.014	Property		1	13400 East 39th Avenue and 3800 Wheeling Street	80239	Industrial	Warehouse/Distribution	1974	NAP	393,971	SF		159,009	159,009	159,009
24.015	Property		1	91-141 Kalaeloa	96707	Other	Leased Fee	NAP	NAP	910,491	SF		156,414	156,414	156,414
24.016	Property		1	9860 West Buckeye Road	85353	Industrial	Warehouse/Distribution	2002	NAP	288,045	SF		144,284	144,284	144,284
24.017	Property		1	125 North Troy Hill Road	80916	Industrial	Warehouse/Distribution	2015	NAP	225,198	SF		140,966	140,966	140,966
24.018	Property		1	11900 Trolley Lane	20705	Industrial	Warehouse/Distribution	2000	NAP	148,881	SF		108,440	108,440	108,440
24.019	Property		1	11501 Wilkinson Drive	79936	Industrial	Warehouse/Distribution	2005	2013	144,199	SF		107,112	107,112	107,112
24.020	Property		1	2300 North 33rd Avenue East	50208	Industrial	Manufacturing	2008	NAP	337,960	SF		103,853	103,853	103,853
24.021	Property		1	5001 West Delbridge Street	57107	Industrial	Warehouse/Distribution	2016	NAP	167,171	SF		98,664	98,664	98,664
24.022	Property		1	91-238 Kauhi	96707	Industrial	Warehouse/Distribution	1981	NAP	85,317	SF		98,362	98,362	98,362
24.023	Property		1	1892 Anfield Road	29406	Industrial	Warehouse/Distribution	2017	NAP	121,683	SF		92,147	92,147	92,147
24.024	Property		1	9215-9347 E Pendleton Pike	46236	Industrial	Warehouse/Distribution	2009	NAP	534,769	SF		91,241	91,241	91,241
24.025	Property		1	955 Aeroplaza Drive	80916	Industrial	Warehouse/Distribution	2012	NAP	125,060	SF		87,862	87,862	87,862
24.026	Property		1	3155 Grissom Parkway	32926	Industrial	Warehouse/Distribution	2006	2014	144,138	SF		84,845	84,845	84,845
24.027	Property		1	3502 Enterprise Avenue	64801	Industrial	Warehouse/Distribution	2014	NAP	231,350	SF		84,422	84,422	84,422
24.028	Property		1	3870 Ronald Reagan Boulevard	80534	Industrial	Warehouse/Distribution	2007	2014	97,187	SF		79,293	79,293	79,293
24.029	Property		1	700 Marine Drive	29730	Industrial	Warehouse/Distribution	1987	2018	200,978	SF		77,000	77,000	77,000
24.030	Property		1	3245 Henry Road	44286	Industrial	Warehouse/Distribution	2005	2014	131,152	SF		76,095	76,095	76,095
24.031	Property		1	2701 S.W. 18TH Street	73108	Industrial	Warehouse/Distribution	2011	NAP	158,340	SF		72,836	72,836	72,836
24.032	Property		1	2482 Century Drive	46528	Industrial	Warehouse/Distribution	2005	2025	250,000	SF		71,056	71,056	71,056
24.033	Property		1	158 West Yard Road	12067	Industrial	Warehouse/Distribution	1989	2002	354,000	SF		70,151	70,151	70,151
24.034	Property		1	55 Commerce Avenue	12206	Industrial	Warehouse/Distribution	2013	NAP	125,000	SF		69,698	69,698	69,698
24.035	Property		1	1415 West Commerce Way	68521	Industrial	Warehouse/Distribution	1971	1997, 1999, 2006	222,000	SF		67,164	67,164	67,164
24.036	Property		1	1095 South 4800 West	84104	Industrial	Warehouse/Distribution	2012	NAP	150,300	SF		66,983	66,983	66,983
24.037	Property		1	950 Bennett Road	32803	Industrial	Warehouse/Distribution	1997	NAP	110,621	SF		64,328	64,328	64,328
24.038	Property		1	985 Kershaw Street	84401	Industrial	Warehouse/Distribution	2019	NAP	69,734	SF		63,000	63,000	63,000
24.039	Property		1	1990 Hood Road	29650	Industrial	Warehouse/Distribution	2015	NAP	190,000	SF		59,983	59,983	59,983
24.040	Property		1	17200 Manchac Park Lane	70817	Industrial	Warehouse/Distribution	2014	NAP	125,147	SF		59,922	59,922	59,922
24.041	Property		1	7409 Magi Road	29410	Industrial	Warehouse/Distribution	2004	2024	91,776	SF		59,138	59,138	59,138
24.042	Property		1	91-329 Kauhi	96707	Industrial	Warehouse/Distribution	1980	NAP	47,769	SF		57,026	57,026	57,026
24.043	Property		1	1985 International Way	41048	Industrial	Warehouse/Distribution	1999	NAP	189,400	SF		56,603	56,603	56,603
24.044	Property		1	200 Orange Point Drive	43035	Industrial	Warehouse/Distribution	2013	NAP	125,060	SF		55,517	55,517	55,517
24.045	Property		1	91-241 Kalaeloa	96707	Industrial	Warehouse/Distribution	1981	NAP	45,000	SF		53,164	53,164	53,164

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	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 %
										12		12	11	11			1, 13
24.046	Property		1	2311 South Park Road	40219	Industrial	Warehouse/Distribution	2016	2023	137,500	SF		50,991	50,991	50,991
24.047	Property		1	2820 State Highway 31	74501	Industrial	Warehouse/Distribution	2013	2017	59,281	SF		50,147	50,147	50,147
24.048	Property		1	8000 Mid America Blvd.	73135	Industrial	Warehouse/Distribution	2017	NAP	110,361	SF		49,911	49,911	49,911
24.049	Property		1	14257 E. Easter Avenue	80112	Industrial	Warehouse/Distribution	2004	NAP	69,865	SF		46,707	46,707	46,707
24.050	Property		1	91-080 Hanua	96707	Other	Leased Fee	NAP	NAP	216,537	SF		45,983	45,983	45,983
24.051	Property		1	3736 Salisbury Road	32216	Industrial	Warehouse/Distribution	1998	2023, 2024	95,883	SF		45,017	45,017	45,017
24.052	Property		1	91-027 Kaomi Loop	96707	Other	Leased Fee	NAP	NAP	213,575	SF		43,267	43,267	43,267
24.053	Property		1	150 Greenhorn Drive	81004	Industrial	Warehouse/Distribution	2013	NAP	54,199	SF		41,155	41,155	41,155
24.054	Property		1	7130 Q Street	68117	Industrial	Warehouse/Distribution	1998	NAP	89,115	SF		40,552	40,552	40,552
24.055	Property		1	235 Great Pond Road	06095	Industrial	Warehouse/Distribution	2004	NAP	113,753	SF		40,009	40,009	40,009
24.056	Property		1	510 Production Avenue	35758	Industrial	Warehouse/Distribution	2004	NAP	88,890	SF		39,888	39,888	39,888
24.057	Property		1	91-150 Kaomi Loop	96707	Other	Leased Fee	NAP	NAP	249,773	SF		34,034	34,034	34,034
24.058	Property		1	4501 Industrial Drive	72916	Industrial	Warehouse/Distribution	2013	NAP	64,211	SF		33,009	33,009	33,009
24.059	Property		1	91-222 Olai	96707	Other	Leased Fee	NAP	NAP	158,036	SF		32,888	32,888	32,888
24.060	Property		1	2580 Technology Drive	60124	Industrial	Warehouse/Distribution	2002	2020	89,123	SF		32,586	32,586	32,586
24.061	Property		1	301 Commerce Drive	45680	Industrial	Warehouse/Distribution	2013	NAP	75,262	SF		29,569	29,569	29,569
24.062	Property		1	590 Assembly Court	28306	Industrial	Warehouse/Distribution	1996	NAP	148,000	SF		29,147	29,147	29,147
24.063	Property		1	7121 South Fifth Avenue	83204	Industrial	Warehouse/Distribution	2005	2012	33,394	SF		29,147	29,147	29,147
24.064	Property		1	91-250 Komohana	96707	Other	Leased Fee	NAP	NAP	107,288	SF		27,578	27,578	27,578
24.065	Property		1	91-220 Kalaeloa	96707	Industrial	Warehouse/Distribution	1991	NAP	23,040	SF		27,216	27,216	27,216
24.066	Property		1	91-185 Kalaeloa	96707	Other	Leased Fee	NAP	NAP	121,750	SF		26,853	26,853	26,853
24.067	Property		1	91-300 Hanua	96707	Industrial	Warehouse/Distribution	1994	NAP	28,320	SF		26,672	26,672	26,672
24.068	Property		1	5501 Providence Hill Drive	64507	Industrial	Warehouse/Distribution	2014	NAP	66,692	SF		26,612	26,612	26,612
24.069	Property		1	91-259 Olai	96707	Other	Leased Fee	NAP	NAP	130,679	SF		26,250	26,250	26,250
24.070	Property		1	2 Tower Drive	06492	Industrial	Warehouse/Distribution	1978	2005	62,390	SF		24,379	24,379	24,379
24.071	Property		1	91-064 Kaomi Loop	96707	Other	Leased Fee	NAP	NAP	98,707	SF		22,931	22,931	22,931
24.072	Property		1	91-202 Kalaeloa	96707	Industrial	Storage Yard	1964	NAP	83,908	SF		22,509	22,509	22,509
24.073	Property		1	2100 NW 82nd Avenue	33122	Industrial	Warehouse/Distribution	1987	NAP	37,002	SF		22,267	22,267	22,267
24.074	Property		1	91-102 Kaomi Loop	96707	Other	Leased Fee	NAP	NAP	98,707	SF		22,207	22,207	22,207
24.075	Property		1	1230 West 171st Street	60426	Industrial	Warehouse/Distribution	2004	NAP	40,410	SF		22,177	22,177	22,177
24.076	Property		1	91-400 Komohana	96707	Other	Leased Fee	NAP	NAP	95,745	SF		22,026	22,026	22,026
24.077	Property		1	91-265 Hanua	96707	Other	Leased Fee	NAP	NAP	95,095	SF		21,664	21,664	21,664
24.078	Property		1	91-255 Hanua	96707	Other	Leased Fee	NAP	NAP	95,095	SF		21,422	21,422	21,422
24.079	Property		1	1415 Industrial Drive	45601	Industrial	Warehouse/Distribution	2006	2012	43,824	SF		21,272	21,272	21,272
24.080	Property		1	209 South Bud Street	70583	Industrial	Warehouse/Distribution	2010	2014	70,293	SF		20,547	20,547	20,547
24.081	Property		1	91-110 Kaomi Loop	96707	Other	Leased Fee	NAP	NAP	98,707	SF		20,276	20,276	20,276
24.082	Property		1	3900 NE 6th Street	58703	Industrial	Warehouse/Distribution	2013	NAP	24,310	SF		19,461	19,461	19,461
24.083	Property		1	91-218 Olai	96707	Other	Leased Fee	NAP	NAP	106,504	SF		18,647	18,647	18,647
24.084	Property		1	5795 Logistics Parkway	61109	Industrial	Warehouse/Distribution	1998	NAP	38,833	SF		17,651	17,651	17,651
24.085	Property		1	91-210 Kauhi	96707	Industrial	Warehouse/Distribution	1993	NAP	16,610	SF		15,448	15,448	15,448
24.086	Property		1	435 SE 70th Street	66619	Industrial	Warehouse/Distribution	2006	NAP	40,000	SF		15,267	15,267	15,267
24.087	Property		1	2902 Gun Club Road	30907	Industrial	Warehouse/Distribution	2004	NAP	59,358	SF		14,845	14,845	14,845
24.088	Property		1	91-210 Olai	96707	Other	Leased Fee	NAP	NAP	54,362	SF		14,241	14,241	14,241
24.089	Property		1	91-95 Hanua	96707	Other	Leased Fee	NAP	NAP	40,902	SF		13,457	13,457	13,457
24.090	Property		1	91-083 Hanua	96707	Other	Leased Fee	NAP	NAP	47,350	SF		13,336	13,336	13,336
24.091	Property		1	2401 Cram Avenue SE	56601	Industrial	Warehouse/Distribution	2013	NAP	21,662	SF		13,336	13,336	13,336
24.092	Property		1	91-119 Olai	96707	Other	Leased Fee	NAP	NAP	97,923	SF		13,276	13,276	13,276
24.093	Property		1	3425 Maple Drive	50501	Industrial	Warehouse/Distribution	2014	NAP	25,398	SF		12,612	12,612	12,612
24.094	Property		1	91-174 Olai	96707	Other	Leased Fee	NAP	NAP	58,109	SF		11,586	11,586	11,586
24.095	Property		1	5156 American Road	61109	Industrial	Warehouse/Distribution	1996	NAP	38,360	SF		11,164	11,164	11,164
24.096	Property		1	91-252 Kauhi	96707	Other	Leased Fee	NAP	NAP	43,473	SF		10,621	10,621	10,621
24.097	Property		1	91-349 Kauhi	96707	Other	Leased Fee	NAP	NAP	47,872	SF		9,957	9,957	9,957
24.098	Property		1	91-175 Olai	96707	Other	Leased Fee	NAP	NAP	47,916	SF		9,414	9,414	9,414
24.099	Property		1	91-087 Hanua	96707	Other	Leased Fee	NAP	NAP	22,041	SF		5,129	5,129	5,129
24.100	Property		1	91-171 Olai	96707	Other	Leased Fee	NAP	NAP	23,914	SF		5,129	5,129	5,129
24.101	Property		1	91-410 Komohana	96707	Other	Leased Fee	NAP	NAP	20,778	SF		4,466	4,466	4,466
24.102	Property		1	91-416 Komohana	96707	Other	Leased Fee	NAP	NAP	26,746	SF		4,043	4,043	4,043
25	Loan	17, 23	1	Atrium II	60005	Office	Medical	1984	2024	101,321	SF	54.28	5,500,000	5,500,000	5,500,000	6.19000%	0.02098%	6.16902%
26	Loan	32	1	16-10 Caffrey	11691	Multifamily	Low Rise	1962	2017	20	Units	212,500.00	4,250,000	4,250,000	4,250,000	6.62000%	0.02098%	6.59902%
27	Loan	10, 17, 22, 23, 24, 32	1	The Link	06901	Office	Suburban	1984	2023	558,040	SF	206.08	3,500,000	3,500,000	3,500,000	7.37900%	0.02098%	7.35802%

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	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
					2, 14	14	2, 14	14
1	Loan	10, 15, 17, 20, 26, 28, 32	1	180 Water	NAP	270,353.47	NAP	3,244,241.64	Interest Only	No	Actual/360	60	59	60	59	0	0	7/29/2025
2	Loan	10, 11, 21, 30, 32	4	Pacifica Hotel Portfolio (4-Pack)	NAP	365,760.42	NAP	4,389,125.04	Interest Only	No	Actual/360	60	59	60	59	0	0	8/6/2025
2.001	Property		1	Wayfarer San Diego
2.002	Property		1	Sandcastle Inn
2.003	Property		1	Kinney Venice Beach
2.004	Property		1	Inn at Venice Beach
3	Loan	10, 12, 19, 20, 23, 24, 31, 32	1	Warren Corporate Center	NAP	393,642.36	NAP	4,723,708.32	Interest Only	No	Actual/360	60	58	60	58	0	0	6/20/2025
4	Loan	11, 17, 19, 21, 22, 26, 32	2	Providence at Heights & Legacy at Westchase	NAP	271,367.36	NAP	3,256,408.32	Interest Only	No	Actual/360	60	57	60	57	0	0	5/16/2025
4.001	Property		1	Legacy at Westchase
4.002	Property		1	Providence at Heights
5	Loan	9, 10, 20, 21, 22, 27	1	Springfield Town Center	NAP	300,575.81	NAP	3,606,909.72	Interest Only	No	Actual/360	60	58	60	58	0	0	6/20/2025
6	Loan	9, 10, 17, 19, 20, 28, 29, 32	1	Vertex HQ	NAP	185,985.31	NAP	2,231,823.72	Interest Only	No	Actual/360	60	60	60	60	0	0	8/6/2025
7	Loan	10, 11, 12, 20, 21, 25, 27, 32	13	Soudry NYC Multifamily Portfolio	NAP	159,434.03	NAP	1,913,208.36	Interest Only	No	Actual/360	60	59	60	59	0	0	7/31/2025
7.001	Property		1	9 & 11 Stanton Street
7.002	Property		1	210 Rivington Street
7.003	Property		1	19 Stanton Street
7.004	Property		1	76 East 1st Street
7.005	Property		1	120 Orchard Street
7.006	Property		1	624 East 11th Street
7.007	Property		1	203 Chrystie Street
7.008	Property		1	244 East Houston Street
7.009	Property		1	15 Stanton Street
7.010	Property		1	126 East 7th Street
7.011	Property		1	2848 Brighton 7th Street
7.012	Property		1	17 Stanton Street
7.013	Property		1	1111 Flatbush Avenue
8	Loan		1	170 53rd Street	NAP	158,031.48	NAP	1,896,377.76	Interest Only	No	Actual/360	60	59	60	59	0	0	7/25/2025
9	Loan	17	1	Cranston Hall Apartments	NAP	126,419.27	NAP	1,517,031.24	Interest Only	No	Actual/360	60	59	60	59	0	0	7/17/2025
10	Loan	12, 31, 32	1	5 Hanover Square	NAP	116,287.99	NAP	1,395,455.88	Interest Only	No	Actual/360	60	58	60	58	0	0	7/2/2025
11	Loan	21, 26, 30	1	Eaglewood Resort & Spa	NAP	103,597.75	NAP	1,243,173.00	Interest Only	No	Actual/360	60	59	60	59	0	0	8/1/2025
12	Loan		1	Courtyard Boise	NAP	96,588.13	NAP	1,159,057.56	Interest Only	No	Actual/360	60	60	60	60	0	0	8/12/2025
13	Loan	9, 10, 17, 31, 32	1	322 Grand Concourse	NAP	93,151.04	NAP	1,117,812.48	Interest Only	No	Actual/360	60	58	60	58	0	0	6/12/2025
14	Loan	23	1	One Jackson Square	NAP	87,409.90	NAP	1,048,918.80	Interest Only	No	Actual/360	60	59	60	59	0	0	7/24/2025
15	Loan	26	1	Hilton Garden Inn - Fairfax, VA	NAP	96,897.78	NAP	1,162,773.36	Interest Only	No	Actual/360	60	60	60	60	0	0	8/26/2025
16	Loan	10, 20, 31	1	1000 Portside Drive	NAP	79,019.97	NAP	948,239.64	Interest Only	No	Actual/360	60	60	60	60	0	0	8/21/2025
17	Loan	31	1	330 Melrose	NAP	78,449.65	NAP	941,395.80	Interest Only	No	Actual/360	60	59	60	59	0	0	7/30/2025
18	Loan	21, 26	1	Aloft Cleveland Airport	NAP	79,973.87	NAP	959,686.44	Interest Only	No	Actual/360	60	59	60	59	0	0	7/29/2025
19	Loan	11, 31	2	White Plains Linen	NAP	69,270.07	NAP	831,240.84	Interest Only	No	Actual/360	60	59	60	59	0	0	8/1/2025
19.001	Property		1	4-6 John Walsh Boulevard
19.002	Property		1	10 John Walsh Boulevard
20	Loan	17, 19, 23, 24	1	Parsippany Office Portfolio	NAP	66,916.67	NAP	803,000.04	Interest Only	No	Actual/360	60	59	60	59	0	0	7/17/2025
21	Loan	31	1	215-217 South 4th Street	NAP	50,730.78	NAP	608,769.36	Interest Only	No	Actual/360	60	59	60	59	0	0	7/24/2025
22	Loan	23, 25	1	Old Seward	NAP	48,557.57	NAP	582,690.84	Interest Only	No	Actual/360	60	60	60	60	0	0	8/12/2025
23	Loan	9, 10, 17, 20, 23, 24, 26	1	Gateway Industrial Center	NAP	46,981.08	NAP	563,772.96	Interest Only	No	Actual/360	61	58	61	58	0	0	6/9/2025
24	Loan	9, 10, 11, 19, 21, 22, 27, 28, 32	102	ILPT 2025 Portfolio	NAP	31,794.05	NAP	381,528.60	Interest Only	No	Actual/360	60	58	60	58	0	0	6/26/2025
24.001	Property		1	996 Paragon Way
24.002	Property		1	91-399 Kauhi
24.003	Property		1	11224 Will Walker Road
24.004	Property		1	10450 Doral Boulevard
24.005	Property		1	1580, 1590 & 1600 Williams Road
24.006	Property		1	32150 Just Imagine Drive
24.007	Property		1	6850 Weber Boulevard
24.008	Property		1	1341 N. Clyde Morris Blvd.
24.009	Property		1	27200 SW 127th Avenue
24.010	Property		1	7410 Magi Road
24.011	Property		1	2375 East Newlands Road
24.012	Property		1	3800 Midlink Drive
24.013	Property		1	13509 Waterworks Street
24.014	Property		1	13400 East 39th Avenue and 3800 Wheeling Street
24.015	Property		1	91-141 Kalaeloa
24.016	Property		1	9860 West Buckeye Road
24.017	Property		1	125 North Troy Hill Road
24.018	Property		1	11900 Trolley Lane
24.019	Property		1	11501 Wilkinson Drive
24.020	Property		1	2300 North 33rd Avenue East
24.021	Property		1	5001 West Delbridge Street
24.022	Property		1	91-238 Kauhi
24.023	Property		1	1892 Anfield Road
24.024	Property		1	9215-9347 E Pendleton Pike
24.025	Property		1	955 Aeroplaza Drive
24.026	Property		1	3155 Grissom Parkway
24.027	Property		1	3502 Enterprise Avenue
24.028	Property		1	3870 Ronald Reagan Boulevard
24.029	Property		1	700 Marine Drive
24.030	Property		1	3245 Henry Road
24.031	Property		1	2701 S.W. 18TH Street
24.032	Property		1	2482 Century Drive
24.033	Property		1	158 West Yard Road
24.034	Property		1	55 Commerce Avenue
24.035	Property		1	1415 West Commerce Way
24.036	Property		1	1095 South 4800 West
24.037	Property		1	950 Bennett Road
24.038	Property		1	985 Kershaw Street
24.039	Property		1	1990 Hood Road
24.040	Property		1	17200 Manchac Park Lane
24.041	Property		1	7409 Magi Road
24.042	Property		1	91-329 Kauhi
24.043	Property		1	1985 International Way
24.044	Property		1	200 Orange Point Drive
24.045	Property		1	91-241 Kalaeloa

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	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
					2, 14	14	2, 14	14
24.046	Property		1	2311 South Park Road
24.047	Property		1	2820 State Highway 31
24.048	Property		1	8000 Mid America Blvd.
24.049	Property		1	14257 E. Easter Avenue
24.050	Property		1	91-080 Hanua
24.051	Property		1	3736 Salisbury Road
24.052	Property		1	91-027 Kaomi Loop
24.053	Property		1	150 Greenhorn Drive
24.054	Property		1	7130 Q Street
24.055	Property		1	235 Great Pond Road
24.056	Property		1	510 Production Avenue
24.057	Property		1	91-150 Kaomi Loop
24.058	Property		1	4501 Industrial Drive
24.059	Property		1	91-222 Olai
24.060	Property		1	2580 Technology Drive
24.061	Property		1	301 Commerce Drive
24.062	Property		1	590 Assembly Court
24.063	Property		1	7121 South Fifth Avenue
24.064	Property		1	91-250 Komohana
24.065	Property		1	91-220 Kalaeloa
24.066	Property		1	91-185 Kalaeloa
24.067	Property		1	91-300 Hanua
24.068	Property		1	5501 Providence Hill Drive
24.069	Property		1	91-259 Olai
24.070	Property		1	2 Tower Drive
24.071	Property		1	91-064 Kaomi Loop
24.072	Property		1	91-202 Kalaeloa
24.073	Property		1	2100 NW 82nd Avenue
24.074	Property		1	91-102 Kaomi Loop
24.075	Property		1	1230 West 171st Street
24.076	Property		1	91-400 Komohana
24.077	Property		1	91-265 Hanua
24.078	Property		1	91-255 Hanua
24.079	Property		1	1415 Industrial Drive
24.080	Property		1	209 South Bud Street
24.081	Property		1	91-110 Kaomi Loop
24.082	Property		1	3900 NE 6th Street
24.083	Property		1	91-218 Olai
24.084	Property		1	5795 Logistics Parkway
24.085	Property		1	91-210 Kauhi
24.086	Property		1	435 SE 70th Street
24.087	Property		1	2902 Gun Club Road
24.088	Property		1	91-210 Olai
24.089	Property		1	91-95 Hanua
24.090	Property		1	91-083 Hanua
24.091	Property		1	2401 Cram Avenue SE
24.092	Property		1	91-119 Olai
24.093	Property		1	3425 Maple Drive
24.094	Property		1	91-174 Olai
24.095	Property		1	5156 American Road
24.096	Property		1	91-252 Kauhi
24.097	Property		1	91-349 Kauhi
24.098	Property		1	91-175 Olai
24.099	Property		1	91-087 Hanua
24.100	Property		1	91-171 Olai
24.101	Property		1	91-410 Komohana
24.102	Property		1	91-416 Komohana
25	Loan	17, 23	1	Atrium II	NAP	28,764.87	NAP	345,178.44	Interest Only	No	Actual/360	60	58	60	58	0	0	7/1/2025
26	Loan	32	1	16-10 Caffrey	NAP	23,771.47	NAP	285,257.64	Interest Only	No	Actual/360	60	60	60	60	0	0	8/21/2025
27	Loan	10, 17, 22, 23, 24, 32	1	The Link	NAP	21,821.00	NAP	261,852.00	Interest Only	No	Actual/360	60	54	60	54	0	0	2/26/2025

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	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 ($)
											18	18	20, 21			17
1	Loan	10, 15, 17, 20, 26, 28, 32	1	180 Water	1	6	9/6/2025	NAP	8/6/2030	NAP	0	0	L(25),D(31),O(4)	34,365,738	16,303,717	18,062,021	5/31/2025	T-12	33,678,198	16,364,690
2	Loan	10, 11, 21, 30, 32	4	Pacifica Hotel Portfolio (4-Pack)	1	6	9/6/2025	NAP	8/6/2030	NAP	0	5	L(24),YM1(29),O(7)	25,159,375	14,945,351	10,214,025	6/30/2025	T-12	24,852,885	14,843,010
2.001	Property		1	Wayfarer San Diego										10,937,614	5,865,305	5,072,309	6/30/2025	T-12	10,802,154	5,741,199
2.002	Property		1	Sandcastle Inn										7,323,381	4,060,211	3,263,169	6/30/2025	T-12	6,982,697	3,981,080
2.003	Property		1	Kinney Venice Beach										4,063,973	3,034,619	1,029,354	6/30/2025	T-12	4,195,121	3,069,494
2.004	Property		1	Inn at Venice Beach										2,834,407	1,985,215	849,192	6/30/2025	T-12	2,872,913	2,051,237
3	Loan	10, 12, 19, 20, 23, 24, 31, 32	1	Warren Corporate Center	2	6	8/6/2025	NAP	7/6/2030	NAP	0	0	YM1(26),DorYM1(29),O(5)	NAV	NAV	NAV	NAV	NAV	NAV	NAV
4	Loan	11, 17, 19, 21, 22, 26, 32	2	Providence at Heights & Legacy at Westchase	3	6	7/6/2025	NAP	6/6/2030	NAP	0	0	L(12),YM2(44),O(4)	6,352,734	3,511,885	2,840,848	3/31/2025	T-12	6,802,878	3,688,708
4.001	Property		1	Legacy at Westchase										NAV	NAV	NAV	NAV	NAV	NAV	NAV
4.002	Property		1	Providence at Heights										NAV	NAV	NAV	NAV	NAV	NAV	NAV
5	Loan	9, 10, 20, 21, 22, 27	1	Springfield Town Center	2	6	8/6/2025	NAP	7/6/2030	NAP	5	0	L(26),DorYM1(27),O(7)	34,097,281	13,632,895	20,464,386	2/28/2025	T-12	34,246,200	13,315,983
6	Loan	9, 10, 17, 19, 20, 28, 29, 32	1	Vertex HQ	0	1	10/1/2025	NAP	9/1/2030	NAP	0	0	L(24),D(30),O(6)	95,879,656	32,761,422	63,118,234	5/31/2025	T-12	95,871,378	32,799,316
7	Loan	10, 11, 12, 20, 21, 25, 27, 32	13	Soudry NYC Multifamily Portfolio	1	6	9/6/2025	NAP	8/6/2030	NAP	0	0	L(25),D(28),O(7)	9,890,319	2,987,402	6,902,918	6/30/2025	T-12	9,582,059	2,994,373
7.001	Property		1	9 & 11 Stanton Street										1,607,310	425,805	1,181,505	6/30/2025	T-12	1,568,736	424,648
7.002	Property		1	210 Rivington Street										1,251,090	333,465	917,625	6/30/2025	T-12	1,239,770	333,125
7.003	Property		1	19 Stanton Street										902,040	235,950	666,090	6/30/2025	T-12	858,720	234,650
7.004	Property		1	76 East 1st Street										921,899	270,272	651,627	6/30/2025	T-12	898,262	269,562
7.005	Property		1	120 Orchard Street										698,150	262,638	435,512	6/30/2025	T-12	595,615	259,562
7.006	Property		1	624 East 11th Street										759,856	238,661	521,196	6/30/2025	T-12	728,918	237,733
7.007	Property		1	203 Chrystie Street										725,233	245,997	479,236	6/30/2025	T-12	698,905	245,207
7.008	Property		1	244 East Houston Street										635,492	225,741	409,751	6/30/2025	T-12	553,010	223,266
7.009	Property		1	15 Stanton Street										627,672	166,948	460,724	6/30/2025	T-12	608,394	166,370
7.010	Property		1	126 East 7th Street										626,056	218,541	407,515	6/30/2025	T-12	610,646	218,079
7.011	Property		1	2848 Brighton 7th Street										615,925	206,059	409,866	6/30/2025	T-12	663,825	207,496
7.012	Property		1	17 Stanton Street										406,596	153,938	252,658	6/30/2025	T-12	415,758	154,212
7.013	Property		1	1111 Flatbush Avenue										113,000	3,390	109,610	6/30/2025	T-12	141,500	20,464
8	Loan		1	170 53rd Street	1	6	9/6/2025	NAP	8/6/2030	NAP	0	0	L(25),D(28),O(7)	4,291,545	1,469,303	2,822,242	5/31/2025	T-12	4,231,289	1,445,532
9	Loan	17	1	Cranston Hall Apartments	1	6	9/6/2025	NAP	8/6/2030	NAP	0	0	L(25),D(29),O(6)	2,610,857	908,006	1,702,851	4/30/2025	T-12	2,556,389	889,891
10	Loan	12, 31, 32	1	5 Hanover Square	2	6	8/6/2025	NAP	7/6/2030	NAP	0	0	L(24),YM2(32),O(4)	NAV	NAV	NAV	NAV	NAV	NAV	NAV
11	Loan	21, 26, 30	1	Eaglewood Resort & Spa	1	6	9/6/2025	NAP	8/6/2030	NAP	0	0	L(3),YM1(50),O(7)	20,465,111	16,476,523	3,988,588	5/31/2025	T-12	19,967,129	16,164,702
12	Loan		1	Courtyard Boise	0	6	10/6/2025	NAP	9/6/2030	NAP	0	0	L(24),D(29),O(7)	7,734,463	4,779,469	2,954,994	6/30/2025	T-12	7,442,497	4,885,992
13	Loan	9, 10, 17, 31, 32	1	322 Grand Concourse	2	6	8/6/2025	NAP	7/6/2030	NAP	0	0	L(26),D(28),O(6)	5,570,423	488,190	5,082,233	4/30/2025	T-3 Ann.	3,068,830	533,988
14	Loan	23	1	One Jackson Square	1	6	9/6/2025	NAP	8/6/2030	NAP	0	0	L(25),D(28),O(7)	2,095,434	670,596	1,424,838	4/30/2025	T-12	2,009,247	654,733
15	Loan	26	1	Hilton Garden Inn - Fairfax, VA	0	6	10/6/2025	NAP	9/6/2030	NAP	0	0	L(24),D(29),O(7)	5,499,311	3,264,744	2,234,567	4/30/2025	T-12	5,757,040	3,428,504
16	Loan	10, 20, 31	1	1000 Portside Drive	0	6	10/6/2025	NAP	9/6/2030	NAP	0	0	L(24),D(29),O(7)	3,757,431	866,814	2,890,617	6/30/2025	T-3 Ann.	NAV	NAV
17	Loan	31	1	330 Melrose	1	6	9/6/2025	NAP	8/6/2030	NAP	0	0	L(25),D(28),O(7)	NAV	NAV	NAV	NAV	NAV	NAV	NAV
18	Loan	21, 26	1	Aloft Cleveland Airport	1	6	9/6/2025	NAP	8/6/2030	NAP	0	0	L(25),D(28),O(7)	7,749,857	5,184,224	2,565,633	6/30/2025	T-12	7,336,176	5,072,891
19	Loan	11, 31	2	White Plains Linen	1	6	9/6/2025	NAP	8/6/2030	NAP	0	0	L(25),D(28),O(7)	NAV	NAV	NAV	NAV	NAV	NAV	NAV
19.001	Property		1	4-6 John Walsh Boulevard										NAV	NAV	NAV	NAV	NAV	NAV	NAV
19.002	Property		1	10 John Walsh Boulevard										NAV	NAV	NAV	NAV	NAV	NAV	NAV
20	Loan	17, 19, 23, 24	1	Parsippany Office Portfolio	1	6	9/6/2025	NAP	8/6/2030	NAP	0	0	L(25),D(31),O(4)	2,713,749	1,702,613	1,011,136	12/31/2024	T-12	2,915,234	1,626,667
21	Loan	31	1	215-217 South 4th Street	1	6	9/6/2025	NAP	8/6/2030	NAP	0	0	L(25),D(28),O(7)	NAV	NAV	NAV	NAV	NAV	NAV	NAV
22	Loan	23, 25	1	Old Seward	0	6	10/6/2025	NAP	9/6/2030	NAP	0	0	L(24),D(32),O(4)	1,828,832	520,448	1,308,384	6/30/2025	T-12	1,737,653	485,326
23	Loan	9, 10, 17, 20, 23, 24, 26	1	Gateway Industrial Center	3	6	7/6/2025	NAP	7/6/2030	NAP	0	0	L(27),D(27),O(7)	9,844,984	3,734,484	6,110,500	4/30/2025	T-12	9,590,218	3,699,195
24	Loan	9, 10, 11, 19, 21, 22, 27, 28, 32	102	ILPT 2025 Portfolio	2	9	8/9/2025	NAP	7/9/2030	NAP	0	0	YM0.5(53),O(7)	103,218,908	23,277,304	79,941,604	4/30/2025	T-12	104,587,817	24,224,960
24.001	Property		1	996 Paragon Way										4,860,778	286,429	4,574,349	4/30/2025	T-12	4,257,780	208,611
24.002	Property		1	91-399 Kauhi										23,454	659,919	(636,465)	4/30/2025	T-12	754,153	653,402
24.003	Property		1	11224 Will Walker Road										3,745,803	619,914	3,125,889	4/30/2025	T-12	3,738,157	650,539
24.004	Property		1	10450 Doral Boulevard										2,362,787	104,712	2,258,076	4/30/2025	T-12	2,343,487	107,865
24.005	Property		1	1580, 1590 & 1600 Williams Road										3,282,351	189,738	3,092,613	4/30/2025	T-12	3,249,420	187,832
24.006	Property		1	32150 Just Imagine Drive										2,966,310	135,202	2,831,108	4/30/2025	T-12	2,966,310	136,317
24.007	Property		1	6850 Weber Boulevard										3,566,981	993,435	2,573,545	4/30/2025	T-12	3,559,504	979,419
24.008	Property		1	1341 N. Clyde Morris Blvd.										3,139,400	926,449	2,212,951	4/30/2025	T-12	3,161,381	943,421
24.009	Property		1	27200 SW 127th Avenue										2,790,192	520,416	2,269,777	4/30/2025	T-12	2,808,020	573,936
24.010	Property		1	7410 Magi Road										2,123,341	15,377	2,107,964	4/30/2025	T-12	2,908,934	971,543
24.011	Property		1	2375 East Newlands Road										1,778,111	378,359	1,399,752	4/30/2025	T-12	1,761,080	374,317
24.012	Property		1	3800 Midlink Drive										2,453,356	109,897	2,343,460	4/30/2025	T-12	2,377,283	107,465
24.013	Property		1	13509 Waterworks Street										2,725,923	846,625	1,879,298	4/30/2025	T-12	2,737,466	856,862
24.014	Property		1	13400 East 39th Avenue and 3800 Wheeling Street										1,586,563	198,511	1,388,052	4/30/2025	T-12	1,578,945	188,616
24.015	Property		1	91-141 Kalaeloa										2,244,189	519,696	1,724,493	4/30/2025	T-12	2,225,615	502,152
24.016	Property		1	9860 West Buckeye Road										1,752,642	447,041	1,305,601	4/30/2025	T-12	1,757,392	440,017
24.017	Property		1	125 North Troy Hill Road										2,218,583	488,124	1,730,459	4/30/2025	T-12	2,189,193	458,083
24.018	Property		1	11900 Trolley Lane										1,762,534	408,126	1,354,408	4/30/2025	T-12	1,762,459	403,248
24.019	Property		1	11501 Wilkinson Drive										1,852,857	452,869	1,399,988	4/30/2025	T-12	1,991,986	593,684
24.020	Property		1	2300 North 33rd Avenue East										1,718,477	96,261	1,622,216	4/30/2025	T-12	1,701,544	128,197
24.021	Property		1	5001 West Delbridge Street										1,476,539	110,857	1,365,682	4/30/2025	T-12	1,465,990	110,881
24.022	Property		1	91-238 Kauhi										1,603,139	345,008	1,258,131	4/30/2025	T-12	1,600,954	355,077
24.023	Property		1	1892 Anfield Road										1,711,149	478,818	1,232,331	4/30/2025	T-12	1,713,827	482,214
24.024	Property		1	9215-9347 E Pendleton Pike										1,232,658	1,353,699	(121,041)	4/30/2025	T-12	2,553,527	1,077,406
24.025	Property		1	955 Aeroplaza Drive										1,386,117	296,643	1,089,474	4/30/2025	T-12	1,400,238	289,259
24.026	Property		1	3155 Grissom Parkway										1,327,652	236,862	1,090,790	4/30/2025	T-12	1,287,048	225,664
24.027	Property		1	3502 Enterprise Avenue										1,527,866	295,514	1,232,352	4/30/2025	T-12	1,429,959	291,807
24.028	Property		1	3870 Ronald Reagan Boulevard										1,577,373	537,899	1,039,474	4/30/2025	T-12	1,520,250	565,154
24.029	Property		1	700 Marine Drive										1,089,645	77,661	1,011,984	4/30/2025	T-12	992,153	75,615
24.030	Property		1	3245 Henry Road										1,550,676	239,719	1,310,957	4/30/2025	T-12	1,593,897	221,056
24.031	Property		1	2701 S.W. 18TH Street										1,302,000	316,890	985,110	4/30/2025	T-12	1,294,458	314,900
24.032	Property		1	2482 Century Drive										1,177,435	424,395	753,040	4/30/2025	T-12	1,249,216	438,693
24.033	Property		1	158 West Yard Road										1,758,992	585,503	1,173,489	4/30/2025	T-12	1,699,022	557,680
24.034	Property		1	55 Commerce Avenue										1,480,222	364,572	1,115,650	4/30/2025	T-12	1,499,171	383,696
24.035	Property		1	1415 West Commerce Way										1,323,546	273,629	1,049,918	4/30/2025	T-12	1,360,568	291,904
24.036	Property		1	1095 South 4800 West										(13,278)	366,861	(380,140)	4/30/2025	T-12	(13,278)	407,520
24.037	Property		1	950 Bennett Road										857,645	245,993	611,651	4/30/2025	T-12	856,634	244,129
24.038	Property		1	985 Kershaw Street										771,816	49,334	722,482	4/30/2025	T-12	771,816	50,606
24.039	Property		1	1990 Hood Road										1,308,500	345,318	963,182	4/30/2025	T-12	1,303,278	344,161
24.040	Property		1	17200 Manchac Park Lane										1,128,456	150,160	978,296	4/30/2025	T-12	1,071,165	148,336
24.041	Property		1	7409 Magi Road										1,119,029	324,075	794,954	4/30/2025	T-12	1,088,748	374,664
24.042	Property		1	91-329 Kauhi										967,555	385,453	582,101	4/30/2025	T-12	930,603	378,026
24.043	Property		1	1985 International Way										1,310,583	186,925	1,123,658	4/30/2025	T-12	919,515	188,370
24.044	Property		1	200 Orange Point Drive										1,196,709	380,054	816,655	4/30/2025	T-12	1,198,016	407,888
24.045	Property		1	91-241 Kalaeloa										946,328	226,293	720,035	4/30/2025	T-12	951,595	229,019

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-283864-02


(1)	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.

(2)	The Monthly Debt Service (P&I) and Annual Debt Service (P&I) ($) shown for Mortgage Loans with a partial interest-only period reflects the amount payable after the expiration of the interest-only period.

(3)	The open period is inclusive of the Maturity Date or Anticipated Repayment Date.

(4)	Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Whole Loan Underwritten NCF DSCR (x) and Total Debt Underwritten NCF DSCR (x) is calculated based on amortizing debt service payments (except for interest-only loans).

(5)	Leased Occupancy (%) reflects tenants that have signed leases, but are not yet in occupancy or may not be paying rent.

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

(7)	Property Located Within a Qualified Opportunity Zone (Y/N) reflects Mortgaged Properties that are located in qualified opportunity zones ("QOZs") under Internal Revenue Code § 1400Z-2 - Notice 2018-48 and Notice 2019-42. According to the Internal Revenue Service, (1) a QOZ is an economically distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment, and (2) localities qualify as QOZs if they have been nominated for that designation by a state, the District of Columbia, or a U.S. territory and that nomination has been certified by the Secretary of the Treasury via his delegation of authority to the Internal Revenue Service. No representation is made as to whether any Mortgaged Properties located in QOZs or the related borrowers are eligible for such preferential tax treatment or whether any qualifying investment has been made in a QOZ.

(8)	If the purpose of the Mortgage Loan was to finance an acquisition of the Mortgaged Property, the field "Sources: Principal's New Cash Contribution ($)" reflects the cash investment by one or more of the equity owners in the borrower in connection with such acquisition. If the purpose of the Mortgage Loan was to refinance the Mortgaged Property, the field "Sources: Principal's New Cash Contribution ($)" reflects the cash contributed to the borrower by one or more of the equity owners at the time the Mortgage Loan was originated.

(9)	GACC—German American Capital Corporation or one of its affiliates; BMO—Bank of Montreal or one of its affiliates; CREFI—Citi Real Estate Funding Inc. or one of its affiliates; GSMC—Goldman Sachs Mortgage Company or one of its affiliates; Barclays—Barclays Capital Real Estate Inc. or one of its affiliates. With respect to Loan No. 5, Springfield Town Center, the mortgage loan is part of a whole loan that was co-originated by Goldman Sachs Bank USA and Barclays. With respect to Loan No. 6, Vertex HQ, the mortgage loan is part of a whole loan that was co-originated by Morgan Stanley Bank, N.A., JPMorgan Chase Bank, National Association, BMO and Goldman Sachs Bank USA. With respect to Loan No. 13, 322 Grand Concourse, the mortgage loan is part of a whole loan that was originated by Greystone Select Company II LLC. The promissory notes evidencing the 322 Grand Concourse whole loan were all subsequently transferred from Greystone Select Company II LLC to BMO. With respect to Loan No. 23, Gateway Industrial Center, the mortgage loan is part of a whole loan that was co-originated by CREFI and Argentic Real Estate Finance 2 LLC. With respect to Loan No. 24, ILPT 2025 Portfolio, the mortgage loan is part of a whole loan that was co-originated by CREFI, Bank of America, N.A., Morgan Stanley Mortgage Capital Holdings LLC, BMO, Royal Bank of Canada and UBS AG, New York Branch.

(10)	With respect to the pari passu loans referenced below, the Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Cut-off Date LTV Ratio (%), LTV Ratio at Maturity / ARD (%), Underwritten NOI Debt Yield (%), Underwritten

	NCF Debt Yield (%), and Loan Per Unit ($) are calculated based on the Mortgage Loan included in the issuing entity and the related pari passu companion loans in the aggregate and exclude any mezzanine debt and, in the case of any loans structured with A/B Notes, the secured subordinate debt. For additional information see the table titled “Whole Loan Control Notes and Non–Control Notes” under “Description of the Mortgage Pool—The Whole Loans— General” in this Preliminary Prospectus. ● Loan No. 1 – 180 Water ● Loan No. 2 – Pacifica Hotel Portfolio (4-Pack) ● Loan No. 3 – Warren Corporate Center ● Loan No. 5 -- Springfield Town Center ● Loan No. 6 – Vertex HQ ● Loan No. 7 – Soudry NYC Multifamily Portfolio ● Loan No. 13 – 322 Grand Concourse ● Loan No. 16 – 1000 Portside Drive ● Loan No. 23 – Gateway Industrial Center ● Loan No. 24 – ILPT 2025 Portfolio ● Loan No. 27 – The Link

(11)	With respect to any Mortgaged Property securing a multi–property Mortgage Loan, the amounts listed under the headings “Original Balance ($)” and “Cut–off Date Balance ($)” reflect the Allocated Loan Amount related to such Mortgaged Property. ● Loan No. 2 – Pacifica Hotel Portfolio (4-Pack) ● Loan No. 4 – Providence at Heights & Legacy at Westchase ● Loan No. 7 – Soudry NYC Multifamily Portfolio ● Loan No. 19 – White Plains Linen ● Loan No. 24 – ILPT 2025 Portfolio

(12)	With respect to Loan No. 3, Warren Corporate Center, the mortgaged property is a 518,260 square foot office park comprised of 3 office buildings, two parking garages, and the right to an amenity center. The collateral includes 3 office buildings (Building 300, Building 400, and Building 500) that sit within a broader five-building campus as well as two, three-story parking structures. The Building 300 parking structure contains 642 parking spaces. Buildings 400 and 500 share a single parking structure that totals 1,394 spaces. With respect to Loan No. 7, Soudry NYC Multifamily Portfolio, the mortgage loan is comprised of 12 multifamily properties (which also includes ground floor retail space) and one retail property. The multifamily component of consists of 204 units and accounts for 75.9% of underwritten EGI. The retail component is comprised of 16 commercial tenants (located in the one retail property as well as the ground floor of certain multifamily properties) accounting for 31,200 square feet of NRA and 24.1% of underwritten EGI. As of July 2, 2025, the multifamily component was 99.0% leased and the retail component was 100.0% leased. With respect to Loan No. 10, 5 Hanover Square, the mortgaged property consists of a condomimum unit with 62,969 square feet and is part of an overall building with 258,423 square feet. Additionally, the mortgaged property has been re-measured at a market-oriented loss factor of 27.0% (49,183 square feet of gross building area). The measurement of 62,969 square feet for the mortgaged property has been used throughout this preliminary prospectus notwithstanding the remeasuring.

(13)	The Administrative Cost Rate (%) includes the respective per annum rates applicable to the calculation of the servicing fee, any sub–servicing fee, trustee/certificate administrator fee, operating advisor fee, and CREFC® license fee with respect to each Mortgage Loan. For purposes of this annex A–1, the definition of Administrative Fee Rate as it relates to any Non–Serviced Mortgage Loan includes the related Pari Passu Loan Primary Servicing Fee Rate which includes the “primary servicing fee rate” (as defined or set forth in the applicable pooling and servicing agreement) and any other related servicing or any sub–servicing fee rate (other than those payable to the applicable special servicer) applicable to such Non–Serviced Mortgage Loan that constitutes a portion of the “servicing fee rate” applicable to the other master servicer under the applicable other pooling and servicing agreement. See the table titled “Non–Serviced Whole Loans” under “Summary of Terms—The Mortgage Pool” in this Preliminary Prospectus.

(14)	Annual Debt Service (IO) ($), Annual Debt Service (P&I) ($), Monthly Debt Service (IO) ($), Monthly Debt Service (P&I) ($), Underwritten NOI DSCR (x) and Underwritten NCF DSCR (x) for Mortgage Loans (i) with partial interest only periods are shown based on the monthly debt service payment immediately following the expiration of the

	interest only period and (ii) that are interest only until the related maturity date are shown based on the interest only payments during the 12-month period following the Cut-off Date (or, in the case of Monthly Debt Service (IO) ($), the average of such interest only payments) without regard to leap year adjustments.

(15)	“Hard” generally means each tenant is required to transfer its rent directly to the lender–controlled lockbox account. However, with respect to hospitality properties, “Hard” means all credit card receipts are deposited directly into the lockbox by the card processing company and all over–the–counter cash and equivalents are required to be deposited by the property manager or borrower into the lockbox. “Soft” means the borrower has established a lockbox account that will be under lender control and the borrower or property manager is required to collect rents from the tenants and then deposit those rents into such lockbox account. “Springing Soft” means that upon the occurrence of a trigger event (as specified in the related Mortgage Loan Documents), the borrower is required to establish a lockbox account that will be under lender control and the borrower or property manager is required to collect rents from the tenants and then deposit those rents into such lockbox account. With respect to Loan No. 1, 180 Water, the mortgage loan is structured with a hard lockbox for commercial tenants, soft lockbox for residential tenants, and springing cash management. All rents from the mortgaged property collected by or on behalf of the borrower must be deposited into a clearing account controlled by the lender (the “Lockbox Account”) within two business days. The borrower has agreed to cause all rents from commercial tenants to be deposited directly to the Lockbox Account.

(16)	“In Place” means that related property cash flows go through a waterfall of required reserve or other payment amounts due before the lender either (i) disburses excess cash to the related borrower or (ii) retains excess cash as additional collateral for the Mortgage Loan. “Springing” means that upon the occurrence of a trigger event, as defined in the related Mortgage Loan documents, In Place cash management (as described above) will take effect, and will generally continue until all trigger events are cured (to the extent a cure is permitted under the related Mortgage Loan documents).

(17)	With respect to Loan No. 1, 180 Water, the increase in UW Net Operating Income ($) from Most Recent NOI ($) is primarily due to economic vacancy decreasing associated with a reduction in concessions, along with an increase in in-place rents. With respect to Loan No. 4, Providence at Heights & Legacy at Westchase, the increase in UW Net Operating Income ($) from Most Recent NOI ($) is primarily due to (i) the underwriting of the applied-for tax exemption and (ii) the borrower changing management companies in January 2025. As a result of this change, the operating statements are missing five days of information in the month of January 2025 (from January 1st to January 5th). Given that rental payments are due on the first of the month, the gross potential rent reported during the Most Recent EGI does not reflect the full collections. With respect to Loan No. 6, Vertex HQ, the increase in Underwritten Net Operating Income ($) from Most Recent NOI primarily attributable to the expiration of free rent periods (and the escrow of remaining free rent) at the property, and the inclusion of tenant rent credits which assumes straight line rent for the first 10 years of the Vertex lease. With respect to Loan No. 9, Cranston Hall Apartments, the increase from Most Recent NOI to Underwritten Net Operating Income ($) is primarily attributable to recent lease-up and concessions burning off at the property following recent renovations that were completed in 2024. With respect to Loan No. 13, 322 Grand Concourse, the increase from Most Recent NOI to Underwritten Net Operating Income ($) is primarily attributable to continued lease up, with economic vacancy decreasing from 15.0% to 5.0%, and an increase in total commercial income. With respect to Loan No. 20, Parsippany Office Portfolio, the increase from Most Recent NOI to Underwritten Net Operating Income ($) is primarily attributable to recent leasing. With respect to Loan No. 23, Gateway Industrial Center, the increase from Most Recent NOI to UW Net Operating Income ($) is primarily attributable to the General Services Administration - IRS executing a lease as to which rent is expected to commence in May 2026. With respect to Loan No. 25, Atrium II, the increase in UW Net Operating Income ($) from Most Recent NOI is primarily due to (i) contractual rent steps and (ii) free rent associated with lease up at the mortgaged property.


	With respect to Loan No. 27, The Link, the increase in UW Net Operating Income ($) from Most Recent NOI ($) is primarily due to the newly signed lease for the Largest Tenant, Indeed.

(18)	The grace periods noted under “Grace Period – Late Fee (Days)” and Grace Period – Default (Days) reflect the number of days of grace before a payment default is an event of default. Certain jurisdictions impose a statutorily longer grace period. Certain of the Mortgage Loans may additionally be subject to grace periods with respect to the occurrence of an event of default (other than a payment default) and/or commencement of late charges which are not addressed in Annex A–1 to this Preliminary Prospectus.

(19)	In certain cases, in addition to an “as–is” value, the appraisal states an “as complete”, “as–stabilized” or “hypothetical” value for the related Mortgaged Property that assumes that certain events will occur with respect to retenanting, construction, renovation or repairs at such Mortgaged Property. The Appraised Value ($) set forth on Annex A–1 is the “as–is” value unless otherwise specified in this Preliminary Prospectus. With respect to the Mortgaged Properties that secure the Mortgage Loans listed in the following table, the Cut-off Date LTV Ratio (%) was calculated using the related “as complete”, “as–stabilized” or “hypothetical” Appraised Values, as opposed to the “as–is” Appraised Values, each as set forth in the following table:
(19)

Mortgage Loan	% of Initial Pool Balance	Mortgage Loan Cut–off Date LTV Ratio (Other Than “As-Is”)	Mortgage Loan LTV Ratio at Maturity (Other Than “As-Is”)	Appraised Value (Other Than “As-Is”)	Mortgage Loan Cut-off Date LTV Ratio (“As-Is”)	Mortgage Loan LTV Ratio at Maturity (“As-Is”)	Appraised Value (“As-Is”)
Warren Corporate Center⁽¹⁾	9.5%	62.5%	62.5%	$160,100,000	71.3%	71.3%	$140,300,000
Providence at Heights & Legacy at Westchase⁽²⁾	8.0%	68.2%	68.2%	$74,000,000	90.7%	90.7%	$55,700,000
Vertex HQ⁽³⁾	7.1%	34.0%	34.0%	$1,644,000,000	39.6%	39.6%	$1,410,000,000
Parsippany Office Portfolio⁽⁴⁾	1.9%	57.7%	57.7%	$20,800,000	66.7%	66.7%	$18,000,000
ILPT 2025 Portfolio⁽⁵⁾	1.1%	43.8%	43.8%	$1,706,541,600	44.7%	44.7%	$1,673,080,000

(1)	With respect to Loan No. 3, Warren Corporate Center, the Appraised Value ($) is the Appraised Value (Other Than “As-Is”) set forth in the table above, which represents the Prospective As Complete and As Stabilized value of the Mortgage Property as of May 1, 2027, and assumes rent for the tenant Regeneron has commenced and its space is built out. The appraisal also provided a Hypothetical Go Dark Value of the Mortgaged Property of $66,100,000, which would result in a Cut-off Date LTV and Maturity Date LTV of 151.3% each.
(2)	With respect to Loan No. 4, Providence at Heights & Legacy at Westchase, the Appraised Value ($) is the Appraised Value (Other than “As-Is”) set forth in the table above, which represents the “As Portfolio Hypothetical Encumbered by HFC” value of the mortgaged properties, which includes a 1.8% portfolio premium and assumes that the mortgaged properties will transition to a housing finance corporation (“HFC”) ownership structure whereby the Providence at Heights & Legacy at properties would be transferred to an HFC and then ground leased back to the borrowers, and pursuant to Chapter 394 of the Texas Local Government Code, the leasehold estate owner would qualify for a 100% real estate tax exemption so long as 50% of units are set aside for occupancy by residents with annual incomes of 80% of the area median income or less and 90% of the units would be leased to residents with annual incomes of 140% of the area median income or less. The appraisals also included a “Portfolio Market Value As is” Appraised Value, which assumes no tax exemption is granted for the mortgaged properties and an approximately 2.3% portfolio premium is applied to the value of the mortgaged properties, totaling to $57,000,000, which results in a Cut-off Date LTV Ratio and LTV Ratio at Maturity of 88.6% and 88.6%, respectively
(3)	With respect to Loan No. 6, Vertex HQ, the Appraised Value ($) is the Appraised Value (Other Than “As-Is”) set forth in the table above, which represents the “As Is with Escrow Reserve” value for the Vertex HQ Property of $1,644,000,000 as of June 10, 2025, which assumes that there are $176 million in upfront tenant improvement reserves and $58 million in upfront free rent reserves held in escrow. At origination, the borrower reserved $173,530,598 for tenant improvements and $58,450,518 for free rent.
(4)	With respect to Loan No. 20, Parsippany Office Portfolio, the Appraised Value ($) is the Appraised Value (Other than “As-Is”) set forth in the table above, which represents the “As Is” Assuming Outstanding TI/LC are Escrowed value of the mortgaged property as February 13, 2025, and assumes the outstanding tenant improvements and leasing commissions (“TI/LCs”) for the executed leases of approximately $2.8 million are fully funded and reserved by the lender. At the time of the appraisal, the Largest Tenant, Zoll Medical Corporation, was still in the process of building out its space and the tenant improvement allowances had not been paid. Prior to loan origination, Zoll Medical Corporation completed its build-out and moved into its space and the borrower paid all outstanding TI/LCs.
(5)	With respect to Loan No. 24, ILPT 2025 Portfolio, the Appraised Value ($) is the Appraised Value (Other Than “As-Is”) set forth in the table above, which represents the portfolio appraised value of $1,706,541,600 as of April 10, 2025, is inclusive of an approximately 2.0% portfolio premium and reflect the “as-is” value of the properties as a whole if sold in their entirety to a single buyer.


(20)	Prepayment Provisions are shown from the respective Mortgage Loan First Payment Date. “L(x)” means lock–out for x payments. “D(x)” means may be defeased for x payments. “YM(x)” means may be prepaid for x payments with payment of a yield maintenance charge. “YM1(x)” means may be prepaid for x payments with payment of the greater of a yield maintenance charge and 1% of the amount prepaid. “DorYM1(x)” means may be prepaid for x payments with either defeasance or a yield maintenance charge or 1% of the amount prepaid. “O(x)” means freely prepayable for x payments, including the maturity date.

	based on the anticipated closing date of the Benchmark 2025-V17 Securitization in September of 2025. The actual lockout period may be longer.

(21)	Partial release in connection with a partial prepayment or partial defeasance or substitution or a free release is permitted for the following loans. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Partial Releases” in this Preliminary Prospectus for the terms of the releases. With respect to Loan No. 2, Pacifica Hotel Portfolio (4-Pack), at any time after September 5, 2027, the borrowers may obtain the release of one or more individual Pacifica Hotel Portfolio (4-Pack) Properties from the lien of the Pacifica Hotel Portfolio (4-Pack) Whole Loan upon satisfaction of the terms and conditions set forth in the Pacifica Hotel Portfolio (4-Pack) Whole Loan documents, including, among other things: (i) the prepayment of a release price equal to the greater of (a) 115% of the allocated loan amount of such Pacifica Hotel Portfolio (4-Pack) Property being released and (b) 85% of the net sales proceeds attributable to such Pacifica Hotel Portfolio (4-Pack) Property being released, together with any yield maintenance premium; (ii) after giving effect to such release, (x) the debt yield for the remaining Pacifica Hotel Portfolio (4-Pack) Properties is equal to or greater than the greater of (a) 12.85% and (b) the debt yield immediately prior to release and (y) the debt service coverage ratio for the remaining Pacifica Hotel Portfolio (4-Pack) Properties is equal to or greater than the greater of (a) 1.76x and (b) the debt service coverage ratio immediately prior to release; (iii) no partial release is permitted whereby the sole individual Pacifica Hotel Portfolio (4-Pack) Property which remains as collateral for the Pacifica Hotel Portfolio (4-Pack) Whole Loan is the Inn at Venice Beach Property; and (iv) compliance with REMIC related conditions. With respect to Mortgage Loan No. 4, Providence at Heights & Legacy at Westchase, the borrowers have the right to obtain the release of either related mortgaged property in connection with an arm’s length sale of such mortgaged property, on any business day after the monthly payment date in July 2026, upon the prepayment of a release amount equal to the greater of 125% of the allocated loan amount of such mortgaged property and 100% of the net sales proceeds of such mortgaged property, together with, if prior to the open prepayment date, a prepayment fee equal to the greater of a yield maintenance premium and 2.0% of the amount prepaid, provided that the following conditions, among others, are satisfied; (i) after giving effect to the release, the debt service coverage ratio of the mortgage loan will be no less than the greater of the debt service coverage ratio immediately preceding the release and 1.40x, (ii) after giving effect to the sale, the loan to value ratio will be no more than the lesser of the loan to value ratio immediately preceding the sale and 68.2% and (iii) compliance with REMIC related conditions.
	With respect to Mortgage Loan No. 4, Providence at Heights & Legacy at Westchase, in the event that either (x) the related tax exemption is not obtained for both mortgaged properties by May 16, 2026 or (y) either mortgaged property loses its tax exemption during the term of the mortgage loan, the borrowers are required to, within ten business days after such event, prepay a portion of the mortgage loan (the “Mandatory Prepayment”) such that, after giving effect to such prepayment the debt service coverage ratio of the Mortgage Loan is no less than 1.30x and the debt yield is no less than 8.75%. In connection with the Mandatory Prepayment the borrowers will be required to pay a prepayment fee equal to the greater of a yield maintenance premium and 2.00% of the amount prepaid (the “Prepayment Fee”). The mortgage loan documents provide recourse to the non-recourse carveout guarantor in an amount equal to the Mandatory Prepayment until the tax exemption is in place or the borrower makes the Mandatory Prepayment. With respect to Loan No. 5, Springfield Town Center, the borrower has the right to obtain releases of outparcels, which include specified portions of the Springfield Town Center Property each identified in the Springfield Town Center Whole Loan documents as a “Release Parcel” and sometimes referred to as the “Multifamily Release Parcel”, it being acknowledged and agreed that (i) the boundary lines of such Multifamily Release Parcel are not yet final and may be subject to further adjustments to address city or county approval requirements and/or redevelopment needs, which boundary line adjustments may be permitted without further approval of the lender or the applicable servicer, provided the same do not increase the size of the parcel by more than 15% or would not otherwise be reasonably expected to have a material adverse effect (as certified by the borrower) on the remaining Springfield Town Center Property and (ii) such Multifamily Release Parcel may be subdivided into two or more separate parcels prior to or concurrently with a potential release of the same. In addition, the Springfield Town Center Whole Loan permits release of unspecified outparcels that are either (A) non-income producing and unimproved for tenant occupancy, the release of which does not have a material adverse effect on (i) the business, operations, or financial condition of the borrower, (ii) the ability of the borrower to repay the Springfield Town Center Whole Loan or (iii) the ongoing operations and (B) real property that is as of the date of any potential release non-income producing and improved by structures that (i) were vacant as of the Springfield Town Center Whole Loan origination date and (ii) have been vacant and non-income producing continuously since the origination date and for at least 3 years prior to the date of any potential release. All of such releases are subject to various conditions, including but not limited to (i) the borrower certifies that the release will not materially and adversely affect the use,

	amount and (if prior to the open period) the Release Prepayment Fee and (II) the lesser of (x) 100% of the net sales proceeds of the released property and (y) an amount necessary to, after giving effect to such release, satisfy the debt yield requirement, together with (if prior to the open period) the Release Prepayment Fee.

(22)	The following Mortgaged Properties consist, in whole or in part, of the related borrower’s interest in one or more ground leases, space leases, air rights leases or other similar leasehold interests: With respect to Mortgage Loan No. 4, Providence at Heights & Legacy at Westchase, at origination, the borrower entered into a separate ground lease between La Villa Housing Finance Corporation (“LVHFC”) as ground lessor, and the borrower, as ground lessee, in connection with an application for an exemption from all property taxes. Pursuant to the ground lease and other documents entered in connection with the tax exemption, which are scheduled to terminate on May 31, 2124 with no extensions, the borrower is required to pay, among other amounts, (i) an annual compliance fee of $125 per unit (the “Compliance Fee”) and (ii) an annual payment in an amount equal to 10% of the annual property tax savings (the “Tax Savings Payment”, and together with the Compliance Fee, the “LVHFC Payments”), each of which are subject to 3% per annum increases. In addition, pursuant to a separate subordination agreement among the borrower, its managing member and the LVHFC, so long as the tax exemption remains in effect, the fees required under the LVHFC documents, including the Tax Savings Payment but excluding the Compliance Fee, are to be paid from excess distributable cash, if any, after the payment of debt service payments in connection with the mortgage loan and operating expenses due and owing. The lender has a lien on both the leasehold interest, held by the related borrower, and the fee interest, held by LVHFC, in the related mortgaged property. With respect to Loan No. 5, Springfield Town Center, part of the collateral represents the borrower’s leasehold interest in a 4.367-acre surface parking area, which sits between a future hotel parcel and an office building on the corner of Loisdale Road and Franconia Road. The ground lease’s initial expiration is October 22, 2030, with two, 20-year automatic renewal options resulting in a fully-extended maturity date of October 22, 2070. Additionally, the borrower has a right of first refusal to purchase the fee interest in the parcel in the event that the ground landlord is selling the fee interest; provided, however, any exercise of such right will be a violation of the Springfield Town Center Mortgage Loan documents unless the lender’s prior consent is obtained. The Springfield Town Center Whole Loan documents generally contain language such that in the event the right of first refusal is exercised, such parcel will be included as collateral for the Springfield Town Center Whole Loan. There is recourse for any termination of the ground lease, except if the borrower acquires title and the mortgage covers such portion. The actual ground rent is $784,000 per annum from January 2017 - December 2026, and there is a fair market value reset in January 2027, and every 10 years thereafter. The ground rent last reset in January 2017. The fair market value reset will be calculated by 8% of the appraised value of the ground lease area. The lender is underwriting to the average of the ground rent payable over the next five years, which incorporates the borrower sponsor’s budgeted increase in 2027.
(22)	With respect to Loan No. 24, ILPT 2025 Portfolio, the mortgaged property known as the 435 SE 70th Street property is ground leased by the related borrower (the “Topeka Ground Lease”). The initial term of the Topeka Ground Lease commenced on October 1, 2005 and initially expired on September 30, 2022. The ground lessee previously exercised its right to extend the term of the Topeka Ground Lease through September 30, 2027, and such extended term may be further extended for an additional eight, five-year options and thereafter for one, one year option. The current base rent payable under the Topeka Ground Lease is $30,205 per annum and will be in effect until September 30, 2026 and is subject to escalations for subsequent renewal terms. With respect to Loan No. 27, The Link, the mortgaged property consists of a leasehold interest under a ground lease by and between the borrower, 200 Elm Partners BH LLC, as ground tenant, and 200 Elm Street Ground Owner LLC, as ground lessor. The ground lease commenced on December 1, 2021 for a 98-year term through November 30, 2119. The current rent for the ground lease is $3,077,503 per year. The ground lease rental rate will increase 2% each year, with the exception of a fixed rent consumer price index (“CPI”) adjustment year, which occurs every 10 years (starting December 1, 2032) when the rental rate will increase by the CPI adjustment. The ground rent will increase to $3,139,053 as of December 1, 2025.

(23)	Tenants under certain leases included in the Underwritten Net Cash Flow, Underwritten NOI and/or Occupancy may have unilateral termination options. With respect to the largest 15 Mortgage Loans and certain tenants representing more than 25% of the net rentable area of a Mortgaged Property, see “Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations¬—Other” in this Preliminary Prospectus. With respect to Loan No. 3, Warren Corporate Center, the Third Largest Tenant, Regeneron, has the one time right to terminate its lease as of the 84th month following the rent commencement date (which permitted termination date
(23)

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	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 ($)	Underwritten Net Cash Flow ($)
																17
24.046	Property		1	2311 South Park Road	825,918	12/31/2024	T-12	867,483	63,120	804,364	12/31/2023	T-12	100.0%	911,625	57,355	854,270	27,500	20,625	806,145
24.047	Property		1	2820 State Highway 31	711,950	12/31/2024	T-12	824,317	92,578	731,739	12/31/2023	T-12	100.0%	855,007	101,942	753,065	11,856	8,892	732,316
24.048	Property		1	8000 Mid America Blvd.	723,573	12/31/2024	T-12	774,934	63,939	710,995	12/31/2023	T-12	100.0%	966,125	95,115	871,010	22,072	16,554	832,384
24.049	Property		1	14257 E. Easter Avenue	557,534	12/31/2024	T-12	826,674	275,571	551,103	12/31/2023	T-12	100.0%	878,903	276,485	602,418	13,973	10,480	577,965
24.050	Property		1	91-080 Hanua	426,656	12/31/2024	T-12	581,888	414,411	167,477	12/31/2023	T-12	100.0%	696,385	236,432	459,954	0	0	459,954
24.051	Property		1	3736 Salisbury Road	490,249	12/31/2024	T-12	755,235	284,517	470,718	12/31/2023	T-12	100.0%	535,986	43,752	492,234	19,177	14,382	458,675
24.052	Property		1	91-027 Kaomi Loop	(20,616)	12/31/2024	T-12	84,049	231,898	(147,849)	12/31/2023	T-12	100.0%	180,994	186,424	(5,430)	0	0	(5,430)
24.053	Property		1	150 Greenhorn Drive	511,726	12/31/2024	T-12	603,081	123,886	479,195	12/31/2023	T-12	100.0%	685,272	142,702	542,569	10,840	8,130	523,600
24.054	Property		1	7130 Q Street	536,738	12/31/2024	T-12	541,460	122,197	419,263	12/31/2023	T-12	100.0%	647,420	42,021	605,400	17,823	13,367	574,210
24.055	Property		1	235 Great Pond Road	508,060	12/31/2024	T-12	1,301,312	91,292	1,210,020	12/31/2023	T-12	100.0%	1,715,189	1,317,519	397,670	22,751	17,063	357,857
24.056	Property		1	510 Production Avenue	559,599	12/31/2024	T-12	657,822	102,264	555,558	12/31/2023	T-12	100.0%	681,228	97,213	584,015	17,778	13,334	552,904
24.057	Property		1	91-150 Kaomi Loop	328,769	12/31/2024	T-12	470,508	149,881	320,627	12/31/2023	T-12	100.0%	548,697	210,480	338,217	0	0	338,217
24.058	Property		1	4501 Industrial Drive	438,221	12/31/2024	T-12	501,923	95,434	406,489	12/31/2023	T-12	100.0%	557,490	95,846	461,645	12,842	9,632	439,171
24.059	Property		1	91-222 Olai	378,032	12/31/2024	T-12	496,692	141,402	355,290	12/31/2023	T-12	100.0%	596,191	169,996	426,195	0	0	426,195
24.060	Property		1	2580 Technology Drive	492,099	12/31/2024	T-12	545,188	63,445	481,743	12/31/2023	T-12	100.0%	587,427	58,769	528,658	17,825	13,368	497,465
24.061	Property		1	301 Commerce Drive	472,682	12/31/2024	T-12	571,834	109,807	462,027	12/31/2023	T-12	100.0%	626,100	126,328	499,772	15,052	11,289	473,430
24.062	Property		1	590 Assembly Court	439,431	12/31/2024	T-12	507,816	60,836	446,980	12/31/2023	T-12	0.0%	0	36,439	(36,439)	29,600	22,200	(88,239)
24.063	Property		1	7121 South Fifth Avenue	419,712	12/31/2024	T-12	479,612	73,219	406,393	12/31/2023	T-12	100.0%	508,270	61,679	446,591	6,679	5,009	434,903
24.064	Property		1	91-250 Komohana	266,727	12/31/2024	T-12	345,504	95,470	250,034	12/31/2023	T-12	100.0%	402,387	111,907	290,481	0	0	290,481
24.065	Property		1	91-220 Kalaeloa	184,232	12/31/2024	T-12	422,762	184,276	238,487	12/31/2023	T-12	100.0%	556,966	189,137	367,829	4,608	3,456	359,765
24.066	Property		1	91-185 Kalaeloa	253,121	12/31/2024	T-12	338,159	98,807	239,351	12/31/2023	T-12	100.0%	397,288	120,659	276,629	0	0	276,629
24.067	Property		1	91-300 Hanua	361,097	12/31/2024	T-12	480,299	124,265	356,034	12/31/2023	T-12	100.0%	529,629	135,159	394,470	5,664	4,248	384,558
24.068	Property		1	5501 Providence Hill Drive	335,568	12/31/2024	T-12	480,766	166,408	314,358	12/31/2023	T-12	100.0%	549,893	155,567	394,326	13,338	10,004	370,984
24.069	Property		1	91-259 Olai	215,261	12/31/2024	T-12	371,867	160,974	210,893	12/31/2023	T-12	100.0%	411,617	150,755	260,862	0	0	260,862
24.070	Property		1	2 Tower Drive	330,635	12/31/2024	T-12	442,396	137,619	304,776	12/31/2023	T-12	100.0%	465,086	131,662	333,424	12,478	9,359	311,588
24.071	Property		1	91-064 Kaomi Loop	255,302	12/31/2024	T-12	335,807	94,717	241,090	12/31/2023	T-12	100.0%	401,069	121,915	279,154	0	0	279,154
24.072	Property		1	91-202 Kalaeloa	286,954	12/31/2024	T-12	501,342	174,375	326,967	12/31/2023	T-12	100.0%	550,133	187,950	362,183	16,782	12,586	332,815
24.073	Property		1	2100 NW 82nd Avenue	140,804	12/31/2024	T-12	323,340	192,329	131,012	12/31/2023	T-12	100.0%	422,186	201,109	221,077	7,400	5,550	208,126
24.074	Property		1	91-102 Kaomi Loop	313,840	12/31/2024	T-12	387,540	89,557	297,982	12/31/2023	T-12	100.0%	472,417	105,054	367,364	0	0	367,364
24.075	Property		1	1230 West 171st Street	327,248	12/31/2024	T-12	556,497	213,507	342,991	12/31/2023	T-12	100.0%	631,667	231,456	400,211	8,082	6,062	386,068
24.076	Property		1	91-400 Komohana	185,768	12/31/2024	T-12	272,834	102,048	170,786	12/31/2023	T-12	100.0%	344,732	123,349	221,383	0	0	221,383
24.077	Property		1	91-265 Hanua	200,074	12/31/2024	T-12	299,938	85,369	214,569	12/31/2023	T-12	100.0%	317,815	85,700	232,115	0	0	232,115
24.078	Property		1	91-255 Hanua	205,877	12/31/2024	T-12	273,866	80,497	193,369	12/31/2023	T-12	100.0%	369,758	101,652	268,106	0	0	268,106
24.079	Property		1	1415 Industrial Drive	357,976	12/31/2024	T-12	398,115	50,481	347,634	12/31/2023	T-12	100.0%	397,922	35,772	362,150	8,765	6,574	346,812
24.080	Property		1	209 South Bud Street	381,476	12/31/2024	T-12	479,971	108,286	371,684	12/31/2023	T-12	100.0%	526,800	108,864	417,936	14,059	10,544	393,333
24.081	Property		1	91-110 Kaomi Loop	205,637	12/31/2024	T-12	290,785	93,103	197,683	12/31/2023	T-12	100.0%	317,127	101,589	215,538	0	0	215,538
24.082	Property		1	3900 NE 6th Street	297,294	12/31/2024	T-12	366,235	83,109	283,126	12/31/2023	T-12	100.0%	413,000	84,078	328,922	4,862	3,647	320,414
24.083	Property		1	91-218 Olai	167,696	12/31/2024	T-12	239,566	83,246	156,320	12/31/2023	T-12	100.0%	293,241	108,201	185,040	0	0	185,040

	is currently anticipated to be July 31, 2033), upon one year’s notice to the landlord and the payment of a termination fee. With respect to Loan No. 14, One Jackson Square, the Third Largest Tenant, Starbucks Corporation has the one-time right to terminate its lease effective as of August 31, 2026, provided that it gives notice to Landlord no later than December 31, 2025, and pays a termination fee. With respect to Loan No. 14, One Jackson Square, the Fourth Largest Tenant, The Board of Managers of The One Jackson Condominium, may terminate its license agreement at any time, effective on the last day of the applicable month, provided they give 60 days prior written notice. With respect to Loan No. 20, Parsippany Office Portfolio, the Fourth Largest Tenant, Hoffman & Baron LLC, has the right to terminate its lease as of July 31, 2026 upon notice on or before November 1, 2025 and payment of a termination fee. With respect to Loan No. 22, Old Seward, the Third Largest Tenant, GSA (USGS), has an ongoing termination option after July 27, 2031 through July 27, 2041 upon 270 days’ written notice and payment of a termination fee. With respect to Loan No. 23, Gateway Industrial Center, the Fourth Largest Tenant, General Services Administration - IRS has the option to terminate its lease, in whole or in part, at any time on or after the end of the firm term of the lease (which is expected to be April 30, 2034), by providing no less than 90 days’ prior written notice. With respect to Loan No. 25, Atrium II, the Fourth Largest Tenant, Central Eye Care, has an early termination option tied to its 5,340 square foot suite at any time after September 2025, upon 180 days’ written notice and the payment of a termination fee. With respect to Loan No. 27, The Link, the Third Largest Tenant, Henkel, has the right to terminate its R&D lease (approximately 20,000 square feet) on September 30, 2027 upon 15 months’ prior written notice and the payment of a termination fee. Henkel also has the option under its office lease to contract 4,824 SF of space (first floor space) on September 30, 2030, upon 12-months’ notice. In addition, the Fourth Largest Tenant, Diageo, has the option to contract 12,718 SF of space (Suite D300) on October 31, 2027, upon 12 months’ notice.

(24)	Tenants under certain leases included in the Underwritten Net Cash Flow, Underwritten NOI and/or Occupancy may not be in physical occupancy, may not have begun paying rent or may be in negotiation. With respect to the largest 15 Mortgage Loans and certain tenants representing more than 25% of the net rentable area of a Mortgaged Property, see “Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations¬—Other” in this Preliminary Prospectus. The tenants–shown in Annex A–1–have signed leases but may or may not be open for business as of the Cut–off Date. With respect to Loan No. 3, Warren Corporate Center, the Largest Tenant, Metlife, is not yet in occupancy. The term of the lease will commence upon substantial completion by the borrower sponsor of certain work set forth in the lease (“LL Work”), which is anticipated to occur by July 2026. The lease provides for rent to commence on January 1, 2028. The failure of the borrower sponsor to complete the LL Work by a date to be agreed upon between borrower sponsor and MetLife will result in a daily rent credit of approximately $12,611. At origination $4,200,000 was reserved for the estimated cost of the LL Work. The space was originally leased to the Second Largest Tenant, PTC Therapeutics, which is required to continue paying rent on the MetLife space until December 31, 2027. With respect to Loan No. 3, Warren Corporate Center, the Second Largest Tenant, PTC Therapeutics, PTCT is currently using the first and second floors of its space, but is not yet using, and has not yet built out the third and fourth floors. In addition, PTCT has a sublease agreement with its subsidiary, PTC Therapeutics US, Inc., for a portion of the first floor located in Building 500. The sublease agreement was created between the parent company and the commercial subsidiary and was implemented as the commercial entity needed a locked location within the building that was defined as its own. The sublease automatically renews on a yearly basis through December 31st , and may be terminated by written notice from either party to the other party at any time upon 30 days’ advance notice, and is also terminated as a result of the termination of the direct lease. During the sublease period, the subtenant pays an annual rent in the amount of approximately $4,036, whicch increases annually at the rate of 3%.
(24)

	With respect to Loan No. 3, Warren Corporate Center, the Third Largest Tenant, Regeneron Pharmaceuticals, Inc., recently took possession of its space on July 28, 2025, with rent commencing on August 1, 2026. This abated rent totals $4,401,644, and was reserved with the lender. With respect to Loan No. 20, Parsippany Office Portfolio, the mortgaged property is currently 86.6% occupied, but lender underwriting excludes temporary and dark tenants which results in underwritten occupancy of 80.0%. The State of New Jersey, which occupies 10,747 square feet is expected to vacate. Zoll Medical is currently leasing 1,587 square feet of temporary space. Royal Coachman is a prospective tenant whose space (6,981 square feet) is currently under construction. All have been excluded from lender underwriting. With respect to Loan No. 23, Gateway Industrial Center, the Fourth Largest Tenant at the mortgaged property, General Services Administration - IRS, is not yet in occupancy and its space is currently being built out. Rent under the IRS lease is expected to commence in May 2026 with a current lease term through April 2038 (based on the expected rent commencement date). At origination, $12,999,018 was reserved for unfunded obligations and $1,944,408 for gap rent in relation to the IRS space. With respect to Loan No. 27, The Link, the mortgaged property is currently 69.7% occupied, but 92.0% leased. The Largest Tenant, Indeed, is currently building out its’ space and is expected take occupancy in the fourth quarter of 2025. In addition, the borrower deposited approximately $6,695,378 with the lender into a reserve for the free rent for the following tenants: (i) $198,734 for Ascot; (ii) $204,434 for RSM; (iii) $501,085 for Tudor; and (iv) $5,791,123 for Indeed.

(25)	The following Mortgage Loans have one or more borrowers that own all or a portion of the related Mortgaged Property as tenants–in–common. See “Description of the Mortgage Pool—Mortgage Pool Characteristics—– Tenancies–in–Common or Diversified Ownership” in this Preliminary Prospectus for further information. ● Loan No. 7 – Soudry NYC Multifamily Portfolio ● Loan No. 22 – Old Seward

(26)	With respect to Loan No. 1, 180 Water, on the payment dates occurring in each of September 2025, October 2025, November 2025 and December 2025, the borrower will be required to deposit into a real estate tax reserve account an amount equal to 125% multiplied by one-twelfth of the real estate taxes that the lender estimates will be payable during the next ensuing 12 months (initially $908,215.99), and on each payment date thereafter, the borrower will be required to deposit an amount equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next ensuing 12 months (initially $748,369.98). With respect to Loan No. 1, 180 Water, on the payment dates occurring in each of September 2025, October 2025, November 2025, December 2025, January 2026, February 2026, March 2026, April 2026, May 2026 and June 2026, the borrower will be required to deposit into an insurance reserve account an amount equal to 110% of 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of the coverage afforded by the policies upon the expiration thereof (initially $101,194.66) and on each payment date thereafter the borrower will be required to deposit an amount equal to 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of the coverage afforded by the policies upon the expiration thereof. However, if the insurance is carried under an acceptable blanket policy, provided that an event of default has not occurred and is continuing, deposits for insurance premiums will be suspended. As of the loan origination date, there is not an acceptable blanket policy in effect. With respect to Loan No. 4, Providence at Heights & Legacy at Westchase, on each monthly payment date, the borrower is required to deposit into the real estate tax reserve an amount equal to 1/12th of the annual real estate taxes, which is initially $95,478.17. This monthly amount will be waived to the extent (i) the tax exemption is formally granted by the applicable central appraisal district and remains in effect with respect to the mortgaged property and (ii) the borrower provides the lender on an annual basis a copy of the tax bill or other written evidence reasonably acceptable to the lender to verify the tax exemption is in place and no property taxes are due and owing in relation to the mortgaged property.
	With respect to Loan No. 4, Providence at Heights & Legacy at Westchase, on each monthly payment date beginning with the monthly payment date occurring in January 2026, the borrower is required to deposit into a ground rent reserve fund 1/12th of the amount that the lender reasonably determines will be needed in order to accumulate sufficient funds to pay the ground rent at least 30 days prior to the date the same is due (initially $15,161.15).

	With respect to Loan No. 11, Eaglewood Resort & Spa, at the borrower’s option, the borrower is required to deposit into a Seasonality Reserve Account on each monthly payment date occurring in the months of May, June, July, August, September and October (inclusive) in each calendar year, an amount equal to the applicable “Seasonality Reserve Monthly Deposit”. If the borrower does not make the monthly deposits into the Seasonality Reserve Account, the borrower and non-recourse carveout guarantor will have full recourse liability for the shortfall for any amounts in the Seasonality Reserve Account. The “Seasonality Reserve Monthly Deposit” means an amount equal to the quotient obtained on the monthly payment date occurring in May of each calendar year by dividing (A) the positive difference, if any, between (x) the greater of (1) the sum of the negative monthly amounts for the monthly payment dates occurring in the months of November, December and January immediately preceding such calculation date and (2) the sum of the negative monthly amounts projected for the monthly payment dates occurring in the months of November, December, January, February, March and April immediately following such calculation date, pursuant to the approved annual budget, and (y) the amount of funds, if any, that are on deposit in the Seasonality Reserve Account on such calculation date, by (B) six (6). With respect to Loan No. 15, Hilton Garden Inn - Fairfax, VA, on each payment date, the borrower is required to deposit into the replacement reserve an amount equal to one twelfth of the greater of (a) 4% of the projected annual gross income from operations of the related mortgaged property as set forth in the approved annual budget and (b) the amount required by franchisor pursuant to the franchise agreement (“FF&E Reserve Monthly Deposit”). The initial FF&E Reserve Monthly Deposit is equal to $18,331.04. The lender may reassess the amount necessary for FF&E Reserve Monthly Deposit, provided that at no time may the FF&E Reserve Monthly Deposit be less than $9,722.25. With respect to Loan No. 18, Aloft Cleveland Airport, the related mortgaged property is expected to undergo a franchise-mandated PIP that is scheduled to commence in the fourth quarter of 2025 or the first quarter of 2026. The PIP will primarily consist of upgrades to the lobby, food and beverage facilities, guest rooms, meeting spaces and fitness center. At origination, the related borrower escrowed $1,881,053 into a PIP reserve, which is equal to 110% of the estimated cost of the PIP. With respect to Loan No. 23, Gateway Industrial Center, the monthly tax reserves are $432,301 from July 2025 through September 2025 and thereafter decrease to 1/12th of the annual real estate tax payments that the lender estimates will be payable during the next ensuing 12 months (initially estimated to be approximately $117,900). With respect to Loan No. 23, Gateway Industrial Center, on each monthly payment date the borrower is required to deposit approximately $114,146 into a reserve for future tenant improvements and leasing commissions. The monthly deposit will be reduced to $18,023 upon the occurrence of a DMS Trigger Cure. A “DMS Trigger Cure” means (A) either (x) not less than 75% of the space leased under the DMS lease as of the origination date has been leased pursuant to one or more leases with a term of at least three years, and a base rent equal to or greater than 75% of the annual rent payable under the DMS lease as of the origination date, and the applicable tenants are in actual physical occupancy of their leased space, there are no contingencies to the effectiveness of each such lease, and each such lease has commenced and a rent commencement date has been established, or (y) DMS has renewed its lease in accordance with the terms of the related loan agreement for a term of at least three years, and in the case of either (x) or (y), sufficient funds have accumulated in the excess cash flow reserve to cover anticipated leasing costs and free rent in connection with such new or renewal lease and (B) the debt yield is at least 9.25% for two consecutive calendar quarters.

(27)	With respect to the Mortgage Loans identified below, the lender is insured under an environmental insurance policy obtained (i) in lieu of obtaining a Phase II Environmental Site Assessment, (ii) in lieu of providing an indemnity or guaranty from a sponsor or (iii) to address environmental conditions or concerns. For additional information, see “Risk Factors—Risks Related to the Mortgage Loans—Adverse Environmental Conditions at or Near Mortgaged Properties May Result in Losses” and “Description of the Mortgage Pool—Mortgage Pool Characteristics—Environmental Considerations” in this Preliminary Prospectus. ● Loan No. 5, Springfield Town Center ● Loan No. 7, Soudry NYC Multifamily Portfolio – 210 Rivington Street, 244 East Houston Street ● Loan No. 24, ILPT 2025 Portfolio – all properties except for 11224 Will Walker Road, 1341 N. Clyde Morris Blvd., 435 SE 70th Street

(28)	With respect to Loan No. 1, 180 Water, the Mortgage Rate represents the interest rate associated with Note A-2 and Note A-7, which is being contributed to the Benchmark 2025-V17 mortgage trust. The weighted average interest rate of Notes A-1, A-2, A-3, A-4, A-5, A-6, and A-7, which constitute the 180 Water senior notes is 5.34703378378378% per annum and the weighted average interest rate for the 180 Water Whole Loan is 6.319575% per annum. See “Description of the Mortgage Pool—Definitions” in the Preliminary Prospectus.

	With respect to Loan No. 6, Vertex HQ, the Vertex HQ Junior Notes have an outstanding principal balance as of the Cut-off Date of $441,200,000, the weighted average interest rate associated with the Vertex HQ Junior Notes is 6.43191708975521% per annum. For additional information, see “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced AB Whole Loans—The Vertex HQ Whole Loan” in the Preliminary Prospectus. With respect to Loan No. 24, ILPT 2025 Portfolio, the ILPT 2025 Portfolio Mortgage Loan is part of the ILPT 2025 Portfolio Whole Loan, which is comprised of 38 pari passu senior promissory notes with an aggregate balance of $747,200,000 and 12 junior promissory notes, with an aggregate original principal balance and Cut-off Date Balance of $412,800,000. The Interest Rate represents the weighted average interest rate of the ILPT 2025 Portfolio Senior Loan. The junior notes bear interest at the weighted average interest rate of 8.2510509729845% per annum. The weighted average interest rate of the ILPT 2025 Portfolio Whole Loan is 6.39895724160776% per annum. See the definition of “Weighted Average Interest Rate” set forth under “Description of the Mortgage Pool—Certain Calculations and Definitions” in the preliminary prospectus.

(29)	With respect to the following loans, a direct or indirect parent entity of the borrower may incur mezzanine debt secured by its equity interest in the borrower on the terms set forth below.

Mortgage Loan Name	Mortgage Loan Cut-off Date Balance	Pari Passu Companion Loan Cut-off Date Balance	Subordinate Companion Loan Cut-Off Date Balance	Combined Maximum LTV Ratio	Combined Minimum DSCR	Combined Minimum Debt Yield	Intercreditor Agreement Required
Vertex HQ	$44,600,000	$514,200,000	$441,200,000	60.8%	N/A	8.3%	Yes

	With respect to Loan No. 6, Vertex HQ, after the earlier of 120 days from the origination date or the securitization of the Vertex HQ Whole Loan, the borrower will have a one-time right without the consent of the lenders to obtain one or more mezzanine loans, subject to certain conditions, including (a) no event of default under the Vertex HQ Whole Loan is then continuing, (b) the principal amount of the mezzanine loan(s) do not exceed an amount that would result in (i) an aggregate loan-to-value ratio for the total debt being greater than 60.8% or (ii) the debt yield for the total debt being less than 8.3%, and (c) the lender under such mezzanine loan(s) must satisfy certain eligibility requirements (as described in the Vertex HQ Whole Loan documents). Otherwise, the borrower may not incur additional debt, whether unsecured or secured, provided, that the foregoing restrictions will specifically exclude (x) any permitted encumbrances and taxes and other charges that are being contested in good faith and (y) trade payables and lease agreements for equipment used at the Vertex HQ Property and other similar arrangements, which may not exceed, at any one time, 5% of the original amount of the Vertex HQ Whole Loan.

(30)	With respect to the mortgaged properties identified below, each operates without franchise agreement. ● Mortgage Loan No. 2, Pacifica Hotel Portfolio (4-Pack) ● Mortgage Loan No. 11, Eaglewood Resort & Spa

(31)	With respect to Loan No. 3, Warren Corporate Center, historical financial information is not available because the mortgaged property was renovated in 2025 and subsequently leased up. With respect to Loan No. 10, 5 Hanover Square, historical financial information is not available because the mortgage loan proceeds were used to acquire the mortgaged property. With respect to Loan No. 13, 322 Grand Concourse, historical financial information prior to 2024 is not available as the mortgaged property was built in 2023. With respect to Loan No. 16, 1000 Portside Drive, historical financial information prior to the most recent period is not shown as the mortgaged property was built in 2024. With respect to Loan No. 17, 330 Melrose, historical financial information is not available as the 330 Melrose Property was recently renovated from 2024-2025 and is currently in lease up. With respect to Loan No. 19, White Plains Linen, historical financial information is not available as the sponsor acquired the properties at loan closing and the sole tenant at both properties is on a 20-year absolute NNN lease through June 2045.

	With respect to Loan No. 21, 215-217 South 4th Street, historical financial information is not available as the 215-217 S 4th Street property was recently renovated in 2025.

(32)	With respect to Loan No. 1, 180 Water, SVP 180 Water Preferred Investor LLC, an affiliate of Strategic Value Partners (the “Holdco Preferred Equity Holder”) contributed approximately $50,000,000 in preferred equity to the transaction, and 180 Water Investors LLC contributed approximately $39,473,848.60 in common equity. The lender entered into a recognition agreement with the Holdco Preferred Equity Holder, which provided, among other things, that (i) the lender will not make certain modifications to the 180 Water Whole Loan documents without the consent of the Holdco Preferred Equity Holder, (ii) the Holdco Preferred Equity Holder may undertake an indirect change of control of the borrower and obtain all of the common equity holder’s indirect interests in the borrower in the event of a default under the preferred equity documents or preferred equity trigger event under the 180 Water Whole Loan documents), (iii) the Holdco Preferred Equity Holder has the right to cure 180 Water Whole Loan defaults and has an additional 10 business days to cure monetary defaults and at least an additional 30 days to cure non-monetary defaults, in each case, after the later of notice and the expiration of the borrower’s cure period, plus, in the case, of non-monetary defaults, an extended cure period of an additional 180 days and the waiver of certain non-monetary defaults that are not susceptible of cure, (iv) the right of the Holdco Preferred Equity Holder to purchase the 180 Water Whole Loan for a price equal to its outstanding principal balance and accrued interest without the payment of any yield maintenance premiums, prepayment fees or premiums, any exit fees, any liquidated damage amount, any spread maintenance charges, any late charges or late fees, any default interest or, if the 180 Water Whole Loan is purchased within 90 days of the first purchase option notice, any workout and liquidation fees, provided that “liquidation fees” are not permitted to exceed a rate of 1.00% of liquidation proceeds and “workout fees” are not permitted to exceed a rate of 1.00% of interest and principal collections on the 180 Water Whole Loan, (v) the Holdco Preferred Equity Holder has the right to transfer the preferred equity investment to a qualified preferred equity holder and to make certain direct and indirect transfers in the Holdco Preferred Equity Holder and (vi) the Holdco Preferred Equity Holder has certain other rights. The Holdco Preferred Equity Holder is entitled to receive a preferred rate of 16.0% per annum, compounded annually. To the extent there is sufficient cash flow and no preferred equity trigger event is continuing, 6.0% of the 16.0% preferred rate will be paid monthly. From July 2028 until June 2029, the current pay amount will increase to 7.0% and from and after July 2029, the current pay amount will increase to 8.0%. In the event that there is insufficient cash flow, the current pay amount will accrue and will be added to the Preferred Equity Investment. After a preferred equity trigger event, the preferred rate will be 21.0%, compounded annually, and from and after the date that is 90 days following the mandatory redemption date, the preferred return is 25.0%, compounded annually. The “mandatory redemption date” will be August 6, 2030 or such earlier date that the Preferred Equity Investment and other amounts becomes due under the terms of the preferred equity documents. See “Description of the Mortgage Pool—Additional Indebtedness—Preferred Equity” in the Preliminary Prospectus.
	With respect to Loan No. 1, 180 Water, as of the origination date, a $100,000,000 mezzanine loan secured by equity interests in the borrower was outstanding and in maturity default. An affiliate of the borrower (the “New Mezzanine Holder”) acquired the existing mezzanine loan at a 19.8% discount, paying $80.2 million for the $100.0 million existing mezzanine loan on or prior to the closing of the 180 Water whole loan. Accordingly, both the mezzanine borrower and the mezzanine lender are under common control with the borrower. Simultaneously with its acquisition of the mezzanine loan, the New Mezzanine Holder entered into an amendment to the mezzanine loan documents with the mezzanine loan borrower to, among other things, extend the term of the mezzanine loan by approximately 15 years, and also entered into a subordination and standstill agreement with the lender under the 180 Water Whole Loan. See “Description of the Mortgage Pool—Additional Indebtedness—Mezzanine Indebtedness” in the Preliminary Prospectus. With respect to Loan No. 2, Pacifica Hotel Portfolio (4-Pack), to the extent there are any outstanding property improvement plan (“PIP”) requirements for any Pacifica Hotel Portfolio (4-Pack) Properties, the borrowers are required to deposit the applicable PIP Deposit Amount (as defined below) (or an additional amount which, when combined with any other amounts then on deposit in the PIP reserve, is equal to the PIP Deposit Amount) within 10 business days after the PIP requirements are identified and a budget related thereto is agreed to by the borrowers. “PIP Deposit Amount” means 110% of the estimated cost to complete any PIP requirements as reasonably approved by the lender.
	With respect to Loan No. 3, Warren Corporate Center, the Second Largest Tenant, PTC Therapeutics, has provided a $10,000,000 letter of credit (“LOC”) with the borrower sponsor, which equates to approximately 28 months of rent at its current lease rate. As of July 1, 2027, there is a 50% reduction bringing the LOC down to $5,000,000 (which equates to approximately 13 months of rent based on the lease rate as of July 2027). As of December 31, 2028,