0001539497-24-002008.txt : 20240925 0001539497-24-002008.hdr.sgml : 20240925 20240925171812 ACCESSION NUMBER: 0001539497-24-002008 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20240925 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20240925 DATE AS OF CHANGE: 20240925 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages FILER: COMPANY DATA: COMPANY CONFORMED NAME: FS Credit Real Estate Income Trust, Inc. CENTRAL INDEX KEY: 0001690536 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-04817 FILM NUMBER: 241325460 BUSINESS ADDRESS: STREET 1: 201 ROUSE BOULEVARD CITY: PHILADELPHIA STATE: PA ZIP: 19112 BUSINESS PHONE: 2154951150 MAIL ADDRESS: STREET 1: 201 ROUSE BOULEVARD CITY: PHILADELPHIA STATE: PA ZIP: 19112 FORMER COMPANY: FORMER CONFORMED NAME: FS Real Estate Credit Income Trust, Inc. DATE OF NAME CHANGE: 20161121 DEPOSITOR: COMPANY DATA: COMPANY CONFORMED NAME: FS Credit Real Estate Income Trust, Inc. CENTRAL INDEX KEY: 0001690536 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: 201 ROUSE BOULEVARD CITY: PHILADELPHIA STATE: PA ZIP: 19112 BUSINESS PHONE: 2154951150 MAIL ADDRESS: STREET 1: 201 ROUSE BOULEVARD CITY: PHILADELPHIA STATE: PA ZIP: 19112 FORMER COMPANY: FORMER CONFORMED NAME: FS Real Estate Credit Income Trust, Inc. DATE OF NAME CHANGE: 20161121 SECURITIZER: COMPANY DATA: COMPANY CONFORMED NAME: FS Credit Real Estate Income Trust, Inc. CENTRAL INDEX KEY: 0001690536 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-04817 BUSINESS ADDRESS: STREET 1: 201 ROUSE BOULEVARD CITY: PHILADELPHIA STATE: PA ZIP: 19112 BUSINESS PHONE: 2154951150 MAIL ADDRESS: STREET 1: 201 ROUSE BOULEVARD CITY: PHILADELPHIA STATE: PA ZIP: 19112 FORMER COMPANY: FORMER CONFORMED NAME: FS Real Estate Credit Income Trust, Inc. DATE OF NAME CHANGE: 20161121 ABS-15G 1 n4535_x1-abs15g.htm ABS-15G

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM ABS-15G

 

ASSET-BACKED SECURITIZER
Report Pursuant to Section 15G of

the Securities Exchange Act of 1934

 

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

 

[_]Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________________ to _________________

 

Date of Report (Date of earliest event reported)______________________

 

Commission File Number of securitizer: ____________________

 

Central Index Key Number of securitizer: ___________________

 

 

 

Name and telephone number, including area code, of the person to

contact in connection with this filing

 

 

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) [_]

 

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [_]

 

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [_]

 

[ü]Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

 

Central Index Key Number of depositor: 0001690536

 

FS Rialto 2024-FL9 Issuer, LLC

(Exact name of issuing entity as specified in its charter)

 

Central Index Key Number of issuing entity (if applicable): Not applicable

 

Central Index Key Number of underwriter (if applicable): Not applicable

 

Christopher Condelles, 267-439-4365 Ext. 14365

Name and telephone number, including area code, of the person to contact in connection
with this filing

 

 

 

 

INFORMATION TO BE INCLUDED IN THE REPORT

  

FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer

See Report of Independent Accountants on Applying Agreed-Upon Procedures, dated September 25, 2024, of PricewaterhouseCoopers LLP, which was obtained by the sponsor, attached as Exhibit 99.1 to this Form ABS-15G, which report sets forth the findings and conclusions, as applicable, of PricewaterhouseCoopers LLP with respect to certain agreed-upon procedures performed by PricewaterhouseCoopers LLP.

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Date: September 25, 2024 FS CREDIT REAL ESTATE INCOME TRUST, INC.
   
   
   By:   /s/ Christopher Condelles
    Name:   Christopher Condelles
    Title: Chief Financial Officer
       

 



 

 

 

 

 

Exhibit 99.1 Report of Independent Accountants on Applying Agreed-Upon Procedures, dated September 25, 2024, of PricewaterhouseCoopers LLP.

 

 

 

 EX-99.1 2 n4535_x1exh99-1.htm REPORT OF INDEPENDENT ACCOUNTANTS ON APPLYING AGREED-UPON PROCEDURES, DATED SEPTEMBER 25, 2024, OF PRICEWATERHOUSECOOPERS LLP.

 

Exhibit 99.1 

 [PWC Logo]

 

Report of Independent Accountants on Applying

Agreed-Upon Procedures

 

 

FS Credit Real Estate Income Trust, Inc.

201 Rouse Boulevard

Philadelphia, PA, 19112

 

We (“us” or “PwC”) have performed the procedures enumerated below, which were agreed to by FS Credit Real Estate Income Trust, Inc. (the “Company,” as the engaging party) and Wells Fargo Securities, LLC, Wells Fargo Bank, National Association, Barclays Capital Inc., BMO Capital Markets Corp., Bank of Montreal, Goldman Sachs & Co. LLC, M&T Securities, Inc., Morgan Stanley & Co. LLC and Natixis Securities Americas LLC, who are collectively referred to as the “Specified Parties”, solely to assist you in performing certain procedures related to the accuracy of certain attributes and calculations within the Final Data File (defined below). The procedures were performed with respect to the FS Rialto 2024-FL9 securitization (the “Transaction”). The Company (the “Responsible Party”) is responsible for the accuracy of the information contained in the Final Data File.

 

In an agreed-upon procedures engagement, we perform specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the intended purpose of the engagement and we report on findings based on the procedures performed. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose.

 

Procedures and Findings

 

In connection with the Transaction, the Specified Parties have requested that the procedures be performed on 17 mortgage loans (the “Mortgage Loan Assets”) secured by 62 mortgaged properties (the “Mortgaged Properties”) which represents the entire population of Mortgage Loan Assets and Mortgaged Properties (collectively the “Collateral”) as of the closing date of the Transaction.

 

This agreed-upon procedures engagement was not conducted for the purpose of satisfying any criteria for due diligence published by a nationally recognized statistical rating organization.

 

In addition, PwC should not be regarded as having in any way warranted or given any assurance as to the following items:

 

·The completeness, accuracy, appropriateness, quality or integrity of any of the information provided by the Responsible Party, or any other party for the purpose of PwC performing the procedures agreed to by the Specified Parties. The procedures performed would not necessarily reveal any material misstatement of the amounts, balances, ratios, percentages or other relationships of the information included in the data provided to us;
·The conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements;
·The value of the Mortgaged Properties securing the Mortgage Loan Asset; and
·The compliance of the originator of the assets with federal, state, and local laws and regulations.

 

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 1 
  

 

 

We have not performed any procedures with respect to the fair value of the securities being offered in the Transaction and PwC expresses no opinion on the fair value of these securities. PwC should not be regarded as having performed any procedures other than those detailed in this report.

 

With respect to any terms or requirements of the Transaction documents that do not appear in this report, we performed no procedures and, accordingly, the procedures we performed would not ensure that any requirements are satisfied. Further, we have performed only the following agreed-upon procedures and therefore make no representations regarding the adequacy of disclosures or whether any material facts have been omitted from the Transaction documents.

 

It should be understood that we make no representations as to:

 

·The interpretation of Transaction documents included in connection with our procedures;
·Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934; and
·The reasonableness of any of the assumptions provided by the Company or other Specified Parties.

 

These procedures should not be taken to supplant any additional inquiries or procedures that the Specified Parties would undertake in consideration of the Transaction.

 

For the purpose of this report:

 

·The phrase “Cut-off Date” refers to the date of September 13, 2024.

 

·The phrase “Final Data File” refers to the following Microsoft Excel (“Excel”) file provided by the Company, which includes certain attributes related to the Collateral. The Final Data File was provided on September 24, 2024 with certain Collateral attribute calculations adjusted for the Cut-off Date:

 

oFSRIAL 2024-FL9 Accounting Tape 09242024v6.xlsx (provided on September 24, 2024).
·The phrase “Specified Attributes” refers to the fields in the Final Data File.

 

·The phrase “Source Document” refers to the documents (including any applicable amendments, assumptions or exhibits thereof) provided by the Company, related to the information contained in the Final Data File.

 

·The phrase “Loan File” refers to any Source Document or collection of Source Documents provided by the Company, and used by us, in performing the procedures enumerated below.

 

·The term “compared” refers to the comparison of one or more Specified Attributes to Source Documents, as indicated within Exhibit A.

 

·The term “recalculated” refers to a re-computation of one or more Specified Attributes using the Company provided methodology, as indicated within Exhibit B.

 

·The phrase “in agreement” refers to the comparison or recalculation of one or more Specified Attributes which resulted in a match, or a difference that was within the Company provided tolerance level (if any), as indicated within Exhibit A.

 

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 2 
  

 

 

 

Source Documents included in the Loan File:

 

·The phrase “Appraisal Report” refers to a signed appraisal document or exhibit, appraisal summary and/or a restricted appraisal document.
·The phrase “Cash Management Agreement” refers to signed cash management agreement and/or deposit and control account agreement.
·The phrase “Cross Collateralization Agreement” refers to signed cross collateralization agreement.
·The phrase “Engineering Report” refers to a final property condition assessment document or exhibit.
·The phrase “Environmental Report” refers to a final phase I and phase II (if applicable) environmental document or exhibit.
·The phrase “Ground Lease” refers to the signed ground lease agreement, ground lease estoppel and/or assumptions or riders thereof.
·The phrase “Guaranty Agreement” refers to a signed guaranty agreement or environmental indemnity agreement.
·The phrase “Insurance Binder” refers to a certificate of insurance and/or insurance risk analysis.
·The phrase “Interest Rate Cap Agreement” refers to a signed interest rate cap agreement, interest rate cap confirmation or a transaction summary document.
·The phrase “Loan Agreement” refers to a signed loan agreement and any amendments, slip pages or exhibits thereof, a signed promissory note, purchase and assignment agreements and/or other security agreements.
·The phrase “Management Agreement” refers to signed management agreements and any amendments, assignments or assumptions thereof.
·The phrase “Seismic Report” refers to a seismic assessment document or exhibit.
·The phrase “Servicer Report” refers to a schedule dated as of September 13, 2024 of loan and escrow balances.
·The phrase “Settlement Statement” refers to a borrower, title company and/or lender mortgage loan closing statement, indicating the sources and uses of dispersed funds.
·The phrase “Subordinate Debt Loan Agreement” refers to a signed mezzanine, junior or other subordinate loan agreement and promissory note.
·The phrase “Title Policy” refers to a signed title policy.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 3 
  

 

·The phrase “Underwriting File” refers to the electronic underwriting file consisting of historical and underwritten cash flow statements prepared by the Company’s underwriting team and underwritten rent roll.

The procedures performed and results thereof are described below. In performing this engagement, we received one or more preliminary data file(s) and performed certain procedures as set forth in Exhibit A and Exhibit B. The procedures identified differences, which were communicated to the Responsible Party. The Responsible Party revised one or more of the preliminary data files based on such communicated differences, where they determined it to be appropriate. We then performed these procedures on the Final Data File, and the results of those procedures are described below.

 

From August 14, 2024 through September 24, 2024, the Company provided us with the Source Documents related to the Collateral for which we:

·Compared certain Specified Attributes to the corresponding Source Documents as detailed in Exhibit A and found them to be in agreement (the “Compared Attributes”);
·Recalculated certain Specified Attributes as detailed in Exhibit B and found them to be in agreement (the “Recalculated Attributes”); or
·Assumed certain Specified Attributes were accurate as instructed by the Company, and neither compared nor recalculated the Specified Attributes (the “Company Provided Attributes”).

 

The recalculation methodology associated with the Recalculated Attributes is listed in Exhibit B. For each procedure where a recalculation was performed, if necessary, we compared the underlying attributes to the corresponding Source Documents and found them to be in agreement. We did not perform any procedures with respect to the Specified Attributes denoted with a Source Document of “None - Company Provided”, in Exhibit A.

 

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not conduct an audit or an examination engagement, the objective of which would be the expression of an opinion, or a review engagement, the objective of which would be the expression of a conclusion, on the Final Data File.  Accordingly, we do not express such an opinion or conclusion.  Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

 

In performing this engagement, we are required to be independent of the Responsible Party and to meet our ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

 

This report is intended solely for the information and use of the Specified Parties (including for the purpose of substantiating the Specified Parties' “due diligence defense” under the Securities Act of 1933), and is not intended to be and should not be used by anyone other than the Specified Parties.

 

If a party has obtained, or has access to, this report without having executed an agreement with PwC wherein such party accepts responsibility for the appropriateness of the procedures performed (such party is referred to as a “Non-Specified Party”), that Non-Specified Party cannot:

 

·Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility and at its sole and exclusive risk; and
·Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party.

 

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 4 
  

 

A Non-Specified Party may not disclose or distribute this report or any of the report’s contents to any

other party (including but not limited to electronic distribution and/or posting to a website pursuant to Rule 17g-5 of the Securities Exchange Act of 1934).

 

The procedures enumerated above were performed as of the date of this report, and we disclaim any consideration of any events and circumstances occurring after the date of this report. Further, we have no obligation to update this report because of events occurring, or data or information coming to our attention, subsequent to the date of this report.

 

/s/ PricewaterhouseCoopers

 

 

 

New York, NY

 

September 25, 2024

 

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 5 
  

 

Exhibits

 

 

Exhibit A – Loan File Review Procedures

 

Exhibit B – Recalculation Methodology

 

 

 

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 6 
  
FS Rialto 2024-FL9EXHIBIT A
Loan File Review Procedures  

Exhibit A - Loan File Review Procedures

 

# Specified Attribute Source Document (in order of priority) Tolerance
1 Collateral Interest Number None - Company Provided None
2 Collateral Interest Type None - Company Provided None
3 Collateral Interest Status None - Company Provided None
4 Collateral Interest / Property Flag None - Company Provided None
5 # of Properties Appraisal Report None
6 Collateral Interest/Mortgaged Property Name None - Company Provided None
7 Cross Collateralized and Cross Defaulted Loan Flag Loan Agreement, Cross Collateralization Agreement None
8 Property Address Appraisal Report None
9 City Appraisal Report None
10 State Appraisal Report None
11 County Appraisal Report None
12 Zip Code Appraisal Report None
13 Year Built Appraisal Report, Engineering Report None
14 Year Renovated Appraisal Report, Engineering Report None
15 Property Type Appraisal Report None
16 Specific Property Type Appraisal Report None
17 Number of Units Underwriting File None
18 Unit of Measure Underwriting File None
19 Occupancy (%) Underwriting File None
20 Occupancy Date Underwriting File None
21 Loan Purpose Settlement Statement None
22 Note Date Loan Agreement None
23 First Payment Date Loan Agreement None
24 Mortgage Loan Commitment Original Balance ($) (1) Loan Agreement None
25 Mortgage Loan Commitment Original Balance / Unit ($) Recalculation None
26 Mortgage Loan Initial Funded Amount ($) (1) Loan Agreement None
27 Mortgage Loan Initial Unfunded Future Funding Amount ($) Loan Agreement None
28 Mortgage Loan Commitment Cut-Off Date Balance ($) Recalculation None
29 Mortgage Loan Cut-off Date Balance ($) Servicing Report, Loan Agreement None
30 Mortgage Loan Cut-off Date Balance / Unit ($) Recalculation None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 7 
  
FS Rialto 2024-FL9EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute Source Document (in order of priority) Tolerance
31 Mortgage Loan Future Funding Participation Cut-off Date Unfunded Balance ($) Servicing Report, Loan Agreement None
32 Future Funding Advance Conditions Loan Agreement None
33 Mortgage Loan Balloon Balance ($) Recalculation None
34 Mortgage Loan Balloon Balance / Unit ($) Recalculation None
35 Mortgage Loan Annual Debt Service Payment (IO) ($) Recalculation None
36 Mortgage Loan Annual Debt Service Payment (P&I) ($) Recalculation None
37 Mortgage Loan Annual Debt Service Payment (Cap) ($) Recalculation None
38 Collateral Interest Cut-off Date Balance ($) None - Company Provided None
39 Collateral Interest Future Funding Participation Cut-off Date Unfunded Balance ($) Recalculation None
40 Aggregate Collateral Interest Cut-off Date Balance % Recalculation None
41 Collateral Interest Balloon Balance ($) Recalculation None
42 Collateral Interest Annual Debt Service Payment (IO) ($) Recalculation None
43 Collateral Interest Annual Debt Service Payment (P&I) ($) Recalculation None
44 Collateral Interest Annual Debt Service Payment (Cap) ($) Recalculation None
45 Pari Passu Funded Amount Recalculation None
46 Pari Passu Balance in Other Securitization None - Company Provided None
47 Junior Participation Cut-off Date Balance None - Company Provided None
48 Junior Participation Cut-off Date Future Funding Unfunded Balance ($) Loan Agreement, Servicing Report None
49 Junior Participation Balloon Payment ($) Loan Agreement, Servicing Report None
50 Rate Type Loan Agreement None
51 Index Loan Agreement None
52 Index Rate Assumption None - Company Provided None
53 Interest Accrual Basis Loan Agreement None
54 Accrual Period Loan Agreement None
55 Lookback Period Loan Agreement None
56 Rounding Factor Loan Agreement None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 8 
  
FS Rialto 2024-FL9EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute Source Document (in order of priority) Tolerance
57 Time of Rounding (Before Spread, After Spread) Loan Agreement None
58 Rounding Direction Loan Agreement None
59 Mortgage Loan Margin Loan Agreement None
60 Collateral Interest Margin Loan Agreement None
61 Junior Participation Cut-off Date Margin Loan Agreement None
62 Mortgage Loan Index Floor Loan Agreement None
63 Mortgage Loan Index Cap Provider Interest Rate Cap Agreement None
64 Mortgage Loan Index Cap Notional Amount Interest Rate Cap Agreement None
65 Mortgage Loan Index Cap Termination Date Interest Rate Cap Agreement None
66 Mortgage Loan Index Cap Interest Rate Cap Agreement None
67 Mortgage Loan Margin Change (Y/N) Loan Agreement None
68 Mortgage Loan Margin Change Description Loan Agreement None
69 Mortgage Loan Cut-off Date Interest Rate Recalculation None
70 Mortgage Loan Rate Floor Recalculation None
71 Mortgage Loan Rate Cap Recalculation None
72 Collateral Interest Cut-off Date Interest Rate Recalculation None
73 Collateral Interest Rate Floor Recalculation None
74 Collateral Interest Rate Cap Recalculation None
75 Junior Participation Cut-off Date Interest Rate None - Company Provided None
76 Junior Participation Rate Floor None - Company Provided None
77 Junior Participation Rate Cap None - Company Provided None
78 Amortization Type During Initial Term Loan Agreement None
79 Initial IO Period Loan Agreement None
80 Initial IO Period (Remaining) Recalculation None
81 Original Loan Term (Initial) Recalculation None
82 Original Loan Term (Remaining) Recalculation None
83 ARD Loan (Y/N) Loan Agreement None
84 Initial Maturity Date or Anticipated Repayment Date Loan Agreement None
85 Seasoning (months) Recalculation None
86 Extension Options (Y/N) Loan Agreement None
87 Extension Options Description Loan Agreement None
88 Amortization Type During Extensions Loan Agreement None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 9 
  
FS Rialto 2024-FL9EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute Source Document (in order of priority) Tolerance
89 Amortization Style Loan Agreement None
90 Amortization Rate Loan Agreement None
91 Amortization Basis Loan Agreement None
92 First Extension Period Requirements Loan Agreement None
93 First Extension Period (months) Loan Agreement None
94 First Extension Floor Recalculation None
95 First Extension Cap Loan Agreement None
96 First Extension Fee (%) Loan Agreement None
97 First Extension Fee Recalculation None
98 Second Extension Period Requirements Loan Agreement None
99 Second Extension Period (months) Loan Agreement None
100 Second Extension Floor Recalculation None
101 Second Extension Cap Loan Agreement None
102 Second Extension Fee (%) Loan Agreement None
103 Second Extension Fee Recalculation None
104 Third Extension Period Requirements Loan Agreement None
105 Third Extension Period (months) Loan Agreement None
106 Third Extension Floor Recalculation None
107 Third Extension Cap Loan Agreement None
108 Third Extension Fee (%) Loan Agreement None
109 Third Extension Fee Recalculation None
110 Fourth Extension Period Requirements Loan Agreement None
111 Fourth Extension Period (months) Loan Agreement None
112 Fourth Extension Floor Recalculation None
113 Fourth Extension Cap Loan Agreement None
114 Fourth Extension Fee (%) Loan Agreement None
115 Fourth Extension Fee Recalculation None
116 Exit Fee ($) Recalculation None
117 Exit Fee % Loan Agreement None
118 Exit Fee Balance Loan Agreement None
119 Fully Extended IO Period (Initial) Loan Agreement None
120 Fully Extended IO Period (Remaining) Recalculation None
121 Fully Extended Loan Term (Initial) Recalculation None
122 Fully Extended Loan Term (Remaining) Recalculation None
123 Fully Extended Maturity Date Loan Agreement None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 10 
  
FS Rialto 2024-FL9EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute Source Document (in order of priority) Tolerance
124 Future Debt Permitted (Y/N) Loan Agreement None
125 Permitted Future Debt Type Loan Agreement None
126 Grace Period Default (Days) Loan Agreement None
127 Grace Period Late (Days) Loan Agreement None
128 Initial Prepayment Provision Loan Agreement None
129 Remaining Call Protection (Cut-off Date) Loan Agreement None
130 Original Yield Maintenance or Minimum Interest Term Loan Agreement None
131 Rate for Prepayment Protection Loan Agreement None
132 Partial Release and/or Partial Prepayment (Y/N) Loan Agreement None
133 Lien Position Title Policy None
134 Recourse Guaranty Agreement, Loan Agreement None
135 Recourse Provisions Guaranty Agreement, Loan Agreement None
136 Recourse Carveout Guarantor Guaranty Agreement None
137 Borrower Loan Agreement None
138 Sponsor Loan Agreement, Guaranty Agreement None
139 Affiliated Sponsor (Y/N) Recalculation None
140 Tenants-in-common (Y/N) Loan Agreement None
141 Ownership Interest Title Policy None
142 Ground Lease (Y/N) Title Policy None
143 Annual Ground Lease Payment ($) Ground Lease None
144 Ground Lease Initial Expiration Date Ground Lease None
145 Ground Lease Extension (Y/N) Ground Lease None
146 # of Ground Lease Extension Options Ground Lease None
147 Ground Lease Expiration Date with Extensions Ground Lease None
148 Lockbox Type Loan Agreement None
149 Cash Management Type Loan Agreement, Cash Management Agreement None
150 Cash Management Trigger Event Loan Agreement, Cash Management Agreement None
151 Tax Escrow (Upfront) ($) Loan Agreement, Settlement Statement None
152 Tax Escrow (Cut-off Date) ($) Servicing Report, Settlement Statement None
153 Tax Escrow (Monthly)($) Loan Agreement, Servicing Report, Settlement Statement None
154 Springing Tax Escrow Description Loan Agreement None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 11 
  
FS Rialto 2024-FL9EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute Source Document (in order of priority) Tolerance
155 Insurance Escrow (Upfront) ($) Loan Agreement, Settlement Statement None
156 Insurance Escrow (Cut-off Date) ($) Servicing Report, Settlement Statement None
157 Insurance Escrow (Monthly)($) Loan Agreement, Servicing Report, Settlement Statement None
158 Springing Insurance Escrow Description Loan Agreement None
159 Replacement Reserve (Upfront)($) Loan Agreement, Settlement Statement None
160 Replacement Reserve (Cut-off Date)($) Servicing Report, Settlement Statement None
161 Replacement Reserve (Monthly)($) Loan Agreement, Servicing Report None
162 Replacement Reserve Cap($) Loan Agreement None
163 Springing Replacement Reserve Description Loan Agreement None
164 TI/LC Reserve (Upfront) ($) Loan Agreement, Settlement Statement None
165 TI/LC Reserve (Cut-off Date) ($) Servicing Report, Settlement Statement None
166 TI/LC Reserve (Monthly)($) Loan Agreement, Servicing Report None
167 TI/LC Reserve Cap($) Loan Agreement None
168 Springing TI/LC Reserve Description Loan Agreement None
169 Environmental Reserve (Upfront) ($) Loan Agreement, Settlement Statement None
170 Environmental Reserve (Cut-off Date) ($) Servicing Report, Settlement Statement None
171 Upfront Engineering/Deferred Maintenance Escrow (Upfront) ($) Loan Agreement, Settlement Statement None
172 Upfront Engineering/Deferred Maintenance Escrow (Cut-off Date) ($) Servicing Report, Settlement Statement None
173 Debt Service Reserve (Upfront) ($) Loan Agreement, Settlement Statement None
174 Debt Service Reserve (Cut-off Date) ($) Servicing Report, Settlement Statement None
175 Debt Service Reserve (Monthly)($) Loan Agreement, Servicing Report None
176 Debt Service Reserve Cap($) Loan Agreement None
177 Springing Debt Service Reserve Description Loan Agreement None
178 Other Reserves (Upfront)($) Loan Agreement, Settlement Statement None
179 Other Reserves (Cut-Off Date)($) Servicing Report, Settlement Statement None
180 Other Reserves (Monthly)($) Loan Agreement, Servicing Report None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 12 
  
FS Rialto 2024-FL9EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute Source Document (in order of priority) Tolerance
181 Other Reserves Cap ($) Loan Agreement None
182 Other Reserves Description Loan Agreement None
183 Other Reserves 2 (Upfront)($) Loan Agreement, Settlement Statement None
184 Other Reserves 2 (Cut-Off Date)($) Servicing Report, Settlement Statement None
185 Other Reserves 2 (Monthly)($) Loan Agreement, Servicing Report None
186 Other Reserves 2 Cap ($) Loan Agreement None
187 Other Reserves 2 Description Loan Agreement None
188 Third Most Recent As Of Period Underwriting File $1.00
189 Third Most Recent Revenues Underwriting File $1.00
190 Third Most Recent Expenses Underwriting File $1.00
191 Third Most Recent NOI Underwriting File $1.00
192 Third Most Recent NCF Underwriting File $1.00
193 Second Most Recent As Of Period Underwriting File $1.00
194 Second Most Recent Revenues Underwriting File $1.00
195 Second Most Recent Expenses Underwriting File $1.00
196 Second Most Recent NOI Underwriting File $1.00
197 Second Most Recent NCF Underwriting File $1.00
198 Most Recent As Of Period Underwriting File $1.00
199 Most Recent Revenues Underwriting File $1.00
200 Most Recent Expenses Underwriting File $1.00
201 Most Recent NOI Underwriting File $1.00
202 Most Recent NCF Underwriting File $1.00
203 Mortgage Loan Most Recent NOI DSCR Recalculation None
204 Mortgage Loan Most Recent NCF DSCR Recalculation None
205 Cut-off Date Mortgage Loan Most Recent NOI Debt Yield Recalculation None
206 Cut-off Date Mortgage Loan Most Recent NCF Debt Yield Recalculation None
207 Collateral Interest Most Recent NOI DSCR Recalculation None
208 Collateral Interest Most Recent NCF DSCR Recalculation None
209 Cut-off Date Collateral Interest Most Recent NOI Debt Yield Recalculation None
210 Cut-off Date Collateral Interest Most Recent NCF Debt Yield Recalculation None
211 Underwritten Occupancy (%) Underwriting File $1.00
212 Underwritten Revenues ($) Underwriting File $1.00

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 13 
  
FS Rialto 2024-FL9EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute Source Document (in order of priority) Tolerance
213 Underwritten Expenses ($) Underwriting File $1.00
214 Underwritten NOI ($) Underwriting File $1.00
215 Underwritten Reserves ($) Underwriting File $1.00
216 Underwritten NCF ($) Underwriting File $1.00
217 Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR Recalculation None
218 Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR Recalculation None
219 Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield Recalculation None
220 Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield Recalculation None
221 Collateral Interest Cut-off Date Balance Underwritten NOI DSCR Recalculation None
222 Collateral Interest Cut-off Date Balance Underwritten NCF DSCR Recalculation None
223 Collateral Interest Cut-off Date Balance Underwritten NOI Debt Yield Recalculation None
224 Collateral Interest Cut-off Date Balance Underwritten NCF Debt Yield Recalculation None
225 Underwritten Stabilized Occupancy (%) Underwriting File $1.00
226 Underwritten Stabilized Revenues ($) Underwriting File $1.00
227 Underwritten Stabilized Expenses ($) Underwriting File $1.00
228 Underwritten Stabilized NOI ($) Underwriting File $1.00
229 Underwritten Stabilized Reserves ($) Underwriting File $1.00
230 Underwritten Stabilized NCF ($) Underwriting File $1.00
231 Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR Recalculation None
232 Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR Recalculation None
233 Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield Recalculation None
234 Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield Recalculation None
235 Collateral Interest Underwritten Stabilized NOI DSCR Recalculation None
236 Collateral Interest Underwritten Stabilized NCF DSCR Recalculation None
237 Collateral Interest Underwritten Stabilized NOI Debt Yield Recalculation None
238 Collateral Interest Underwritten Stabilized NCF Debt Yield Recalculation None
239 Appraisal Stabilized Occupancy (%) Underwriting File $1.00

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 14 
  
FS Rialto 2024-FL9EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute Source Document (in order of priority) Tolerance
240 Appraisal Stabilized Revenues ($) Underwriting File $1.00
241 Appraisal Stabilized Expenses ($) Underwriting File $1.00
242 Appraisal Stabilized NOI ($) Underwriting File $1.00
243 Appraisal Stabilized Reserves ($) Underwriting File $1.00
244 Appraisal Stabilized NCF ($) Underwriting File $1.00
245 Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR Recalculation None
246 Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR Recalculation None
247 Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield Recalculation None
248 Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield Recalculation None
249 Collateral Interest Appraisal Stabilized NOI DSCR Recalculation None
250 Collateral Interest Appraisal Stabilized NCF DSCR Recalculation None
251 Collateral Interest Appraisal Stabilized NOI Debt Yield Recalculation None
252 Collateral Interest Appraisal Stabilized NCF Debt Yield Recalculation None
253 Engineering Report Date Engineering Report None
254 Environmental Report Date (Phase I) Environmental Report None
255 Environmental Report Date (Phase II) Environmental Report None
256 Environmental Insurance (Y/N) Insurance Binder, Environmental Report None
257 Seismic Report Date Seismic Report, Engineering Report None
258 Seismic PML % Seismic Report, Engineering Report None
259 Seismic Insurance Obtained if PML ≥ 20% (Y/N) Seismic Report, Engineering Report None
260 Subordinate Debt (Y/N) Subordinate Debt Loan Agreement, Loan Agreement None
261 Subordinate Debt Type Subordinate Debt Loan Agreement, Loan Agreement None
262 Subordinate Debt Margin Subordinate Debt Loan Agreement, Loan Agreement None
263 Subordinate Debt Interest Rate Subordinate Debt Loan Agreement, Loan Agreement None
264 Subordinate Debt Cut-off Date Balance ($) Subordinate Debt Loan Agreement, Loan Agreement None
265 Total Debt Cut-off Date Balance ($) Recalculation None
266 Total Debt Cut-off Date As-Is LTV Recalculation None
267 Total Debt Cut-off Date UW NCF DSCR Recalculation None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 15 
  
FS Rialto 2024-FL9EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute Source Document (in order of priority) Tolerance
268 Total Debt Cut-off Date UW NOI DY Recalculation None
269 As-Is Appraisal Valuation Date Appraisal Report None
270 Appraisal Firm Appraisal Report None
271 As-Is Appraised Value ($) Appraisal Report None
272 Stabilized Appraised Value ($) Appraisal Report None
273 Appraisal Anticipated Stabilization Date Appraisal Report None
274 USPAP Appraisal (Y/N) Appraisal Report None
275 FIRREA Appraisal (Y/N) Appraisal Report None
276 Mortgage Loan Cut-off Date As-Is LTV Ratio Recalculation None
277 Mortgage Loan Commitment Maturity Date Stabilized LTV Ratio Recalculation None
278 Collateral Interest Cut-off Date As-Is LTV Ratio Recalculation None
279 Collateral Interest Commitment Maturity Date Stabilized LTV Ratio Recalculation None
280 Single-Tenant (Y/N) Underwriting File None
281 Property Manager Management Agreement None
282 Largest Tenant Name Underwriting File None
283 Largest Tenant Square Feet Underwriting File None
284 Largest Tenant Square Feet % Recalculation None
285 Largest Tenant Expiration Date Underwriting File None
286 2nd Largest Tenant Name Underwriting File None
287 2nd Largest Tenant Square Feet Underwriting File None
288 2nd Largest Tenant Square Feet % Recalculation None
289 2nd Largest Tenant Expiration Date Underwriting File None
290 3rd Largest Tenant Name Underwriting File None
291 3rd Largest Tenant Square Feet Underwriting File None
292 3rd Largest Tenant Square Feet % Recalculation None
293 3rd Largest Tenant Expiration Date Underwriting File None
294 4th Largest Tenant Name Underwriting File None
295 4th Largest Tenant Square Feet Underwriting File None
296 4th Largest Tenant Square Feet % Recalculation None
297 4th Largest Tenant Expiration Date Underwriting File None
298 5th Largest Tenant Name Underwriting File None
299 5th Largest Tenant Square Feet Underwriting File None
300 5th Largest Tenant Square Feet % Recalculation None
301 5th Largest Tenant Expiration Date Underwriting File None

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 16 
  
FS Rialto 2024-FL9EXHIBIT A
Loan File Review Procedures  

 

# Specified Attribute Source Document (in order of priority) Tolerance
302 Lender Loan Agreement None

 

(1)For the Mortgaged Properties identified on Final Data File with a Collateral Interest Number of “9.01,” “9.02,” “9.03,” “9.04” and “9.05”, we were instructed by the representatives of the Company to compare the information (with regards to Specified Attributes 24 and 26) to the information contained in the Title Policy.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 17 
  
FS Rialto 2024-FL9EXHIBIT B
Recalculation Methodology 

Exhibit B - Recalculation Methodology

 

# Specified Attribute Recalculation Methodology
25 Mortgage Loan Commitment Original Balance / Unit ($) For the Mortgage Loan Assets, the quotient of (i) Mortgage Loan Commitment Original Balance ($) and (ii) Number of Units. For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (i) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Mortgage Loan Commitment Original Balance / Unit ($) for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
28 Mortgage Loan Commitment Cut-Off Date Balance ($) Sum of (i) Mortgage Loan Cut-off Date Balance ($) and (ii) Mortgage Loan Future Funding Participation Cut-off Date Unfunded Balance ($).
30 Mortgage Loan Cut-off Date Balance / Unit ($) For the Mortgage Loan Assets, the quotient of (i) Mortgage Loan Cut-off Date Balance ($) and (ii) Number of Units. For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (i) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Mortgage Loan Cut-off Date Balance / Unit ($) for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
33 Mortgage Loan Balloon Balance ($) Set equal to Mortgage Loan Commitment Cut-Off Date Balance ($).
34 Mortgage Loan Balloon Balance / Unit ($) For the Mortgage Loan Assets, the quotient of (i) Mortgage Loan Balloon Balance ($) and (ii) Number of Units. For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (i) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Mortgage Loan Balloon Balance / Unit ($) for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
35 Mortgage Loan Annual Debt Service Payment (IO) ($) For the Mortgage Loan Assets, the product of (A) Mortgage Loan Cut-off Date Balance ($), (B) Mortgage Loan Cut-off Date Interest Rate and (C) 365/360.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 18 
  
FS Rialto 2024-FL9EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
36 Mortgage Loan Annual Debt Service Payment (P&I) ($) Set equal to Mortgage Loan Annual Debt Service Payment (IO) ($).
37 Mortgage Loan Annual Debt Service Payment (Cap) ($) For the Mortgage Loan Assets, the product of (A) Mortgage Loan Cut-off Date Balance ($), (B) Mortgage Loan Rate Cap and (C) 365/360.
39 Collateral Interest Future Funding Participation Cut-off Date Unfunded Balance ($) Set equal to Mortgage Loan Future Funding Participation Cut-off Date Unfunded Balance ($).
40 Aggregate Collateral Interest Cut-off Date Balance % Quotient of (i) Collateral Interest Cut-off Date Balance ($) and (ii) aggregate Collateral Interest Cut-off Date Balance ($) for the Mortgage Loan Assets.
41 Collateral Interest Balloon Balance ($) Set equal to Collateral Interest Cut-off Date Balance ($).
42 Collateral Interest Annual Debt Service Payment (IO) ($) For the Mortgage Loan Assets, the quotient of (i) product of (A) Collateral Interest Cut-off Date Balance ($) and (B) Mortgage Loan Annual Debt Service Payment (IO) ($) and (ii) Mortgage Loan Cut-off Date Balance ($).
43 Collateral Interest Annual Debt Service Payment (P&I) ($) Set equal to Collateral Interest Annual Debt Service Payment (IO) ($).
44 Collateral Interest Annual Debt Service Payment (Cap) ($) For the Mortgage Loan Assets, the quotient of (i) product of (A) Collateral Interest Cut-off Date Balance ($) and (B) Mortgage Loan Annual Debt Service Payment (Cap) ($) and (ii) Mortgage Loan Cut-off Date Balance ($).
45 Pari Passu Funded Amount For the Mortgage Loan Assets, the difference between (i) Mortgage Loan Cut-off Date Balance ($), (ii) Collateral Interest Cut-off Date Balance ($) and (iii) the amounts listed as previously securitized balances under Pari Passu Balance in Other Securitization.
69 Mortgage Loan Cut-off Date Interest Rate For the Mortgage Loan Assets, the greater of (i) sum of (A) Mortgage Loan Margin and (B) Index Rate Assumption applying, if applicable, the Rounding Factor, Time of Rounding (Before Spread, After Spread) and Rounding Direction and (ii) Mortgage Loan Rate Floor.
70 Mortgage Loan Rate Floor For the Mortgage Loan Assets, the sum of (i) Mortgage Loan Margin and (ii) Mortgage Loan Index Floor.
71 Mortgage Loan Rate Cap For the Mortgage Loan Assets, the sum of (i) Mortgage Loan Margin and (ii) Mortgage Loan Index Cap.
72 Collateral Interest Cut-off Date Interest Rate Set equal to Mortgage Loan Cut-off Date Interest Rate.
73 Collateral Interest Rate Floor Set equal to Mortgage Loan Rate Floor.
74 Collateral Interest Rate Cap Set equal to Mortgage Loan Rate Cap.
80 Initial IO Period (Remaining) For the Mortgage Loan Assets, the difference between (i) Initial IO Period and (ii) Seasoning (months).
81 Original Loan Term (Initial) For the Mortgage Loan Assets, the count of the number of monthly payment dates, from and inclusive of (i) First Payment Date, to and inclusive of (ii) Initial Maturity Date or Anticipated Repayment Date.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 19 
  
FS Rialto 2024-FL9EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
82 Original Loan Term (Remaining) For the Mortgage Loan Assets, the difference between (i) Original Loan Term (Initial) and (ii) Seasoning (months).
85 Seasoning (months) For the Mortgage Loan Assets, the count of the number of monthly payment dates, from and inclusive of (i) First Loan Payment Date, to and inclusive of (ii) Cut-off Date. In no event will Seasoning (months) be less than 0.
94 First Extension Floor For the Mortgage Loan Assets, set equal to Mortgage Loan Index Floor, if applicable.
97 First Extension Fee For the Mortgage Loan Assets, the product of (i) Mortgage Loan Commitment Cut-Off Date Balance ($) and (ii) First Extension Fee (%), if applicable.
100 Second Extension Floor For the Mortgage Loan Assets, set equal to Mortgage Loan Index Floor, if applicable.
103 Second Extension Fee For the Mortgage Loan Assets, the product of (i) Mortgage Loan Commitment Cut-Off Date Balance ($) and (ii) Second Extension Fee (%), if applicable.
106 Third Extension Floor For the Mortgage Loan Assets, set equal to Mortgage Loan Index Floor, if applicable.
109 Third Extension Fee For the Mortgage Loan Assets, the product of (i) Mortgage Loan Commitment Cut-Off Date Balance ($) and (ii) Third Extension Fee (%), if applicable.
112 Fourth Extension Floor For the Mortgage Loan Assets, set equal to Mortgage Loan Index Floor, if applicable.
115 Fourth Extension Fee For the Mortgage Loan Assets, the product of (i) Mortgage Loan Commitment Cut-Off Date Balance ($) and (ii) Fourth Extension Fee (%), if applicable.
116 Exit Fee ($) For the Mortgage Loan Assets, the product of (i) Mortgage Loan Commitment Cut-Off Date Balance ($) and (ii) Exit Fee %. For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, the sum of (i) the product of (A) Mortgage Loan Commitment Cut-Off Date Balance ($) and (B) Exit Fee % and (ii) $580,000.
120 Fully Extended IO Period (Remaining) For the Mortgage Loan Assets, the difference between (i) Fully Extended IO Period (Initial) and (ii) Seasoning (months).
121 Fully Extended Loan Term (Initial) For the Mortgage Loan Assets, the count of the number of monthly payment dates, from and inclusive of (i) First Payment Date, to and inclusive of (ii) Fully Extended Maturity Date.
122 Fully Extended Loan Term (Remaining) For the Mortgage Loan Assets, the difference between (i) Fully Extended Loan Term (Initial) and (ii) Seasoning (months).
129 Remaining Call Protection (Cut-off Date) For the Mortgage Loan Assets, the Initial Prepayment Provision adjusted by the Seasoning (months).
139 Affiliated Sponsor (Y/N) A recalculation in which borrower relationships were identified based on shared Sponsor names. Affiliated Sponsor (Y/N) groups were then assigned numbers based on the descending order of aggregate Collateral Interest Cut-off Date Balance ($) of the related group (starting with Yes - Group 1).

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 20 
  
FS Rialto 2024-FL9EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
203 Mortgage Loan Most Recent NOI DSCR For the Mortgage Loan Assets, the quotient of (i) Most Recent NOI and (ii) the lesser of (A) Mortgage Loan Annual Debt Service Payment (IO) ($) or (B) Mortgage Loan Annual Debt Service Payment (Cap) ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (ii) of this procedure an amount of $2,741,506.94.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Mortgage Loan Most Recent NOI DSCR for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
204 Mortgage Loan Most Recent NCF DSCR For the Mortgage Loan Assets, the quotient of (i) Most Recent NCF and (ii) the lesser of (A) Mortgage Loan Annual Debt Service Payment (IO) ($) or (B) Mortgage Loan Annual Debt Service Payment (Cap) ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (ii) of this procedure an amount of $2,741,506.94.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Mortgage Loan Most Recent NCF DSCR for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
205 Cut-off Date Mortgage Loan Most Recent NOI Debt Yield For the Mortgage Loan Assets, the quotient of (i) Most Recent NOI and (ii) Mortgage Loan Cut-off Date Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (ii) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Cut-off Date Mortgage Loan Most Recent NOI Debt Yield for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 21 
  
FS Rialto 2024-FL9EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
206 Cut-off Date Mortgage Loan Most Recent NCF Debt Yield For the Mortgage Loan Assets, the quotient of (i) Most Recent NCF and (ii) Mortgage Loan Cut-off Date Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (ii) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Cut-off Date Mortgage Loan Most Recent NCF Debt Yield for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
207 Collateral Interest Most Recent NOI DSCR Set equal to Mortgage Loan Most Recent NOI DSCR.
208 Collateral Interest Most Recent NCF DSCR Set equal to Mortgage Loan Most Recent NCF DSCR.
209 Cut-off Date Collateral Interest Most Recent NOI Debt Yield Set equal to Cut-off Date Mortgage Loan Most Recent NOI Debt Yield.
210 Cut-off Date Collateral Interest Most Recent NCF Debt Yield Set equal to Cut-off Date Mortgage Loan Most Recent NCF Debt Yield.
217 Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR For the Mortgage Loan Assets, the quotient of (i) Underwritten NOI ($) and (ii) the lesser of (A) Mortgage Loan Annual Debt Service Payment (IO) ($) or (B) Mortgage Loan Annual Debt Service Payment (Cap) ($). For the Mortgage Loan Assets identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of "Gulf Portfolio," "Coda & The Chase," "Four Seasons Nashville" and “Residence Inn Berkeley”, we were instructed by the representatives of the Company to assume that the Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR for each such Mortgage Loan Asset is equal to 1.00.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 22 
  
FS Rialto 2024-FL9EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
218 Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR For the Mortgage Loan Assets, the quotient of (i) Underwritten NCF ($) and (ii) the lesser of (A) Mortgage Loan Annual Debt Service Payment (IO) ($) or (B) Mortgage Loan Annual Debt Service Payment (Cap) ($). For the Mortgage Loan Assets identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of "Gulf Portfolio," "Coda & The Chase," "Four Seasons Nashville" and “Residence Inn Berkeley”, we were instructed by the representatives of the Company to assume that the Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR for each such Mortgage Loan Asset is equal to 1.00.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
219 Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield For the Mortgage Loan Assets, the quotient of (i) Underwritten NOI ($) and (ii) Mortgage Loan Cut-off Date Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (ii) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
220 Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield For the Mortgage Loan Assets, the quotient of (i) Underwritten NCF ($) and (ii) Mortgage Loan Cut-off Date Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (ii) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
221 Collateral Interest Cut-off Date Balance Underwritten NOI DSCR Set equal to Mortgage Loan Cut-off Date Balance Underwritten NOI DSCR.
222 Collateral Interest Cut-off Date Balance Underwritten NCF DSCR Set equal to Mortgage Loan Cut-off Date Balance Underwritten NCF DSCR.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 23 
  
FS Rialto 2024-FL9EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
223 Collateral Interest Cut-off Date Balance Underwritten NOI Debt Yield Set equal to Mortgage Loan Cut-off Date Balance Underwritten NOI Debt Yield.
224 Collateral Interest Cut-off Date Balance Underwritten NCF Debt Yield Set equal to Mortgage Loan Cut-off Date Balance Underwritten NCF Debt Yield.
231 Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR For the Mortgage Loan Assets, the quotient of (1) Underwritten Stabilized NOI ($) and (2) the product of (i) the lesser of (A) Mortgage Loan Annual Debt Service Payment (IO) ($) or (B) Mortgage Loan Annual Debt Service Payment (Cap) ($) and (ii) quotient of (a) Mortgage Loan Commitment Cut-Off Date Balance ($) and (b) Mortgage Loan Cut-off Date Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (2) of this procedure an amount of $4,064,201.58.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
232 Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR For the Mortgage Loan Assets, the quotient of (1) Underwritten Stabilized NCF ($) and (2) the product of (i) the lesser of (A) Mortgage Loan Annual Debt Service Payment (IO) ($) or (B) Mortgage Loan Annual Debt Service Payment (Cap) ($) and (ii) quotient of (a) Mortgage Loan Commitment Cut-Off Date Balance ($) and (b) Mortgage Loan Cut-off Date Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (2) of this procedure an amount of $4,064,201.58.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 24 
  
FS Rialto 2024-FL9EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
233 Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield For the Mortgage Loan Assets, the quotient of (i) Underwritten Stabilized NOI ($) and (ii) Mortgage Loan Balloon Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (ii) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
234 Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield For the Mortgage Loan Assets, the quotient of (i) Underwritten Stabilized NCF ($) and (ii) Mortgage Loan Balloon Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (ii) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
235 Collateral Interest Underwritten Stabilized NOI DSCR Set equal to Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR.
236 Collateral Interest Underwritten Stabilized NCF DSCR Set equal to Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR.
237 Collateral Interest Underwritten Stabilized NOI Debt Yield Set equal to Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield.
238 Collateral Interest Underwritten Stabilized NCF Debt Yield Set equal to Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 25 
  
FS Rialto 2024-FL9EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
245 Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR For the Mortgage Loan Assets, the quotient of (1) Appraisal Stabilized NOI ($) and (2) the product of (i) the lesser of (A) Mortgage Loan Annual Debt Service Payment (IO) ($) or (B) Mortgage Loan Annual Debt Service Payment (Cap) ($) and (ii) quotient of (a) Mortgage Loan Commitment Cut-Off Date Balance ($) and (b) Mortgage Loan Cut-off Date Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (2) of this procedure an amount of $4,064,201.58.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
246 Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR For the Mortgage Loan Assets, the quotient of (1) Appraisal Stabilized NCF ($) and (2) the product of (i) the lesser of (A) Mortgage Loan Annual Debt Service Payment (IO) ($) or (B) Mortgage Loan Annual Debt Service Payment (Cap) ($) and (ii) quotient of (a) Mortgage Loan Commitment Cut-Off Date Balance ($) and (b) Mortgage Loan Cut-off Date Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (2) of this procedure an amount of $4,064,201.58.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
247 Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield For the Mortgage Loan Assets, the quotient of (i) Appraisal Stabilized NOI ($) and (ii) Mortgage Loan Balloon Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (ii) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 26 
  
FS Rialto 2024-FL9EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
248 Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield For the Mortgage Loan Assets, the quotient of (i) Appraisal Stabilized NCF ($) and (ii) Mortgage Loan Balloon Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (ii) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
249 Collateral Interest Appraisal Stabilized NOI DSCR Set equal to Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR.
250 Collateral Interest Appraisal Stabilized NCF DSCR Set equal to Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR.
251 Collateral Interest Appraisal Stabilized NOI Debt Yield Set equal to Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield.
252 Collateral Interest Appraisal Stabilized NCF Debt Yield Set equal to Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield.
265 Total Debt Cut-off Date Balance ($) For the Mortgage Loan Assets, the sum of (i) Mortgage Loan Cut-off Date Balance ($) and (ii) Subordinate Debt Cut-off Date Balance ($). For the Mortgage Loan Assets with a Subordinate Debt Cut-off Date Balance ($) amount of "N/A", is set equal to Mortgage Loan Cut-off Date Balance ($).
266 Total Debt Cut-off Date As-Is LTV For the Mortgage Loan Assets, the quotient of (i) Total Debt Cut-off Date Balance ($) and (ii) As-Is Appraised Value ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (i) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Total Debt Cut-off Date As-Is LTV for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 27 
  
FS Rialto 2024-FL9EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
267 Total Debt Cut-off Date UW NCF DSCR For the Mortgage Loan Assets, the quotient of (i) Underwritten NCF ($) and (ii) the lesser of (A) Mortgage Loan Annual Debt Service Payment (IO) ($) or (B) Mortgage Loan Annual Debt Service Payment (Cap) ($). For the Mortgage Loan Assets identified on the Final Data File with a Subordinate Debt (Y/N) value of "Yes", we were instructed by the representatives of the Company to add to clause (ii) of this procedure the product of (a) Subordinate Debt Cut-off Date Balance ($), (b) Subordinate Debt Interest Rate, subject to subordinate debt floor and cap and (c) 365/360. For the Mortgage Loan Assets identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of "Gulf Portfolio," "Coda & The Chase," "9 Homestead," "Four Seasons Nashville," “Residence Inn Berkeley” and “Arboreta Apartments”, we were instructed by the representatives of the Company to assume that the Total Debt Cut-off Date UW NCF DSCR for each such Mortgage Loan Asset is equal to 1.00.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Total Debt Cut-off Date UW NCF DSCR for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
268 Total Debt Cut-off Date UW NOI DY For the Mortgage Loan Assets, the quotient of (i) Underwritten NOI ($) and (ii) Total Debt Cut-off Date Balance ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (ii) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Total Debt Cut-off Date UW NOI DY for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
276 Mortgage Loan Cut-off Date As-Is LTV Ratio For the Mortgage Loan Assets, the quotient of (i) Mortgage Loan Cut-off Date Balance ($) and (ii) As-Is Appraised Value ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (i) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Mortgage Loan Cut-off Date As-Is LTV Ratio for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.
277 Mortgage Loan Commitment Maturity Date Stabilized LTV Ratio For the Mortgage Loan Assets, the quotient of (i) Mortgage Loan Commitment Cut-Off Date Balance ($) and (ii) Stabilized Appraised Value ($). For the Mortgage Loan Asset identified on the Final Data File with a Collateral Interest/Mortgaged Property Name of “Residence Inn Berkeley”, we were instructed by the representatives of the Company to add to clause (i) of this procedure an amount of $50,000,000.

For the Mortgage Loan Assets indicated on the Final Data File as secured by more than one mortgaged property, the Mortgage Loan Commitment Maturity Date Stabilized LTV Ratio for each such mortgaged property is set equal to the corresponding amount recomputed for such Mortgage Loan Asset.

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 28 
  
FS Rialto 2024-FL9EXHIBIT B
Recalculation Methodology 

 

# Specified Attribute Recalculation Methodology
278 Collateral Interest Cut-off Date As-Is LTV Ratio Set equal to Mortgage Loan Cut-off Date As-Is LTV Ratio.
279 Collateral Interest Commitment Maturity Date Stabilized LTV Ratio Set equal to Mortgage Loan Commitment Maturity Date Stabilized LTV Ratio.
284 Largest Tenant Square Feet % For the Mortgaged Properties, the quotient of (i) Largest Tenant Square Feet and (ii) Number of Units. This procedure was not performed for those Mortgaged Properties and Mortgage Loan Assets for which the Property Type for such Mortgaged Property and Mortgage Loan Asset, respectively, was equal to " Multifamily" or “Hospitality” (as set forth on the Final Data File). For the Mortgage Loan Assets with a Largest Tenant Square Feet amount of "Various", is set equal to "Various".
288 2nd Largest Tenant Square Feet % For the Mortgaged Properties, the quotient of (i) 2nd Largest Tenant Square Feet and (ii) Number of Units. This procedure was not performed for those Mortgaged Properties and Mortgage Loan Assets for which the Property Type for such Mortgaged Property and Mortgage Loan Asset, respectively, was equal to " Multifamily" or “Hospitality” (as set forth on the Final Data File). For the Mortgage Loan Assets with a 2nd Largest Tenant Square Feet amount of "Various", is set equal to "Various".
292 3rd Largest Tenant Square Feet % For the Mortgaged Properties, the quotient of (i) 3rd Largest Tenant Square Feet and (ii) Number of Units. This procedure was not performed for those Mortgaged Properties and Mortgage Loan Assets for which the Property Type for such Mortgaged Property and Mortgage Loan Asset, respectively, was equal to " Multifamily" or “Hospitality” (as set forth on the Final Data File). For the Mortgage Loan Assets with a 3rd Largest Tenant Square Feet amount of "Various", is set equal to "Various".
296 4th Largest Tenant Square Feet % For the Mortgaged Properties, the quotient of (i) 4th Largest Tenant Square Feet and (ii) Number of Units. This procedure was not performed for those Mortgaged Properties and Mortgage Loan Assets for which the Property Type for such Mortgaged Property and Mortgage Loan Asset, respectively, was equal to " Multifamily" or “Hospitality” (as set forth on the Final Data File). For the Mortgage Loan Assets with a 4th Largest Tenant Square Feet amount of "Various", is set equal to "Various".
300 5th Largest Tenant Square Feet % For the Mortgaged Properties, the quotient of (i) 5th Largest Tenant Square Feet and (ii) Number of Units. This procedure was not performed for those Mortgaged Properties and Mortgage Loan Assets for which the Property Type for such Mortgaged Property and Mortgage Loan Asset, respectively, was equal to " Multifamily" or “Hospitality” (as set forth on the Final Data File). For the Mortgage Loan Assets with a 5th Largest Tenant Square Feet amount of "Various", is set equal to "Various".

 

 

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, NY 10017

  

T: (646) 471-3000, F: (813)-286-6000 www.pwc.com

 29 
  

 

 

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