JP Morgan Chase Commercial Mortgage Securities FWP Free writing prospectus

FREE WRITING PROSPECTUS

FILED PURSUANT TO RULE 433

REGISTRATION FILE NO.: 333-258342-05

Free Writing Prospectus dated August 13, 2024

The depositor has filed a registration statement (including a prospectus) with the SEC (SEC File No. 333-258342) for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (800) 408-1016 or by emailing the ABS Syndicate Desk at abs_synd@jpmorgan.com.

The information in this file (the “File”) is an electronic copy of the information set forth in the Annex titled "Certain Characteristics of the Mortgage Loans and Mortgaged Properties" to the prospectus. This File does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision.

The information in this File may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.  

Methodologies used in deriving certain information contained in this File are more fully described elsewhere in the prospectus. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value. 

Any legends, disclaimers or other notices that may appear at the bottom of, or attached to, the email communication to which this material may have been attached 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 email system.

 

Loan ID Number	Loan / Property Flag	Footnotes (for Loan and Property Information)	# of Properties	Property Name	% of Initial Pool Balance	% of Loan Balance	Mortgage Loan Originator	Mortgage Loan Seller	Related Group	Crossed Group	Address	City	County	State	Zip Code	General Property Type	Detailed Property Type	Year Built	Year Renovated	Number of Units	Unit of Measure	Loan Per Unit ($)	Original Balance ($)	Cut-off Date Balance ($)	Maturity/ARD Balance ($)	Interest Rate %	Administrative  Fee Rate %	Net Mortgage Rate %	Monthly Debt Service (P&I) ($)	Monthly Debt Service (IO) ($)	Annual Debt Service (P&I) ($)	Annual Debt Service (IO) ($)	Amortization Type	ARD Loan  (Yes / No)	Interest Accrual Method	Original Interest-Only  Period (Mos.)	Remaining Interest-Only Period (Mos.)	Original Term To Maturity / ARD (Mos.)	Remaining Term To Maturity / ARD (Mos.)	Original Amortization Term (Mos.)	Remaining Amortization  Term (Mos.)	Origination Date	Seasoning (Mos.)	Payment Due Date	First Payment Date	First P&I Payment Date	Maturity Date or Anticipated Repayment Date	Final Maturity Date	Grace Period - Late Fee (Days)	Grace Period - Default (Days)	Prepayment Provision	Most Recent EGI ($)	Most Recent Expenses ($)	Most Recent NOI ($)	Most Recent NOI Date	Most Recent Description	Second Most Recent EGI ($)	Second Most Recent Expenses ($)	Second Most Recent NOI ($)	Second Most Recent NOI Date	Second Most Recent Description	Third Most Recent EGI ($)	Third Most Recent Expenses ($)	Third Most Recent NOI ($)	Third Most Recent NOI Date	Third Most Recent Description	Underwritten Economic Occupancy (%)	Underwritten EGI ($)	Underwritten Expenses ($)	Underwritten Net  Operating Income ($)	Underwritten Replacement / FF&E Reserve ($)	Underwritten TI / LC ($)	Underwritten Net Cash Flow ($)	Underwritten NOI DSCR (x)	Underwritten NCF DSCR (x)	Underwritten NOI Debt Yield (%)	Underwritten NCF Debt Yield (%)	Appraised Value ($)	Appraised Value Type	Appraisal Date	Cut-off Date LTV Ratio (%)	LTV Ratio at Maturity / ARD (%)	Leased Occupancy (%)	Occupancy Date	Single Tenant (Y/N)	Largest Tenant	Largest Tenant SF	Largest Tenant % of NRA	Largest Tenant Lease Expiration Date	Second Largest Tenant	Second Largest Tenant SF	Second Largest Tenant % of NRA	Second Largest Tenant Lease Expiration Date	Third Largest Tenant	Third Largest Tenant SF	Third Largest Tenant % of NRA	Third Largest Tenant Lease Expiration Date	Fourth Largest Tenant	Fourth Largest Tenant SF	Fourth Largest Tenant % of NRA	Fourth Largest Tenant Lease Expiration Date	Fifth Largest Tenant	Fifth Largest Tenant SF	Fifth Largest Tenant % of NRA	Fifth Largest Tenant Lease Expiration Date	Environmental Phase I Report Date	Environmental Phase II Report Date	Engineering Report Date	Seismic Report Date	PML or SEL (%)	Flood Zone	Ownership Interest	Ground Lease Expiration Date	Ground Lease Extension Terms	Annual Ground Lease Payment as of the Cut-off Date ($)	Annual Ground  Rent Increases (Y/N)	Upfront RE Tax Reserve ($)	Monthly RE Tax Reserve ($)	Upfront Insurance Reserve ($)	Monthly Insurance Reserve ($)	Upfront Replacement / PIP Reserve ($)	Monthly Replacement / FF&E Reserve ($)	Replacement Reserve Caps ($)	Upfront TI/LC Reserve ($)	Monthly TI/LC Reserve ($)	TI/LC Caps ($)	Upfront Debt Service Reserve ($)	Monthly Debt Service Reserve ($)	Debt Service Reserve Cap ($)	Upfront Deferred Maintenance Reserve ($)	Upfront Other Reserve ($)	Monthly Other Reserve ($)	Other Reserve Description	Other Reserve Cap ($)	Holdback/ Earnout Amount ($)	Holdback/ Earnout Description	Lockbox Type	Cash Management	Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N)	Tenant Specific Excess Cash Trap Trigger (Y/N)	Pari Passu (Y/N)	Pari Passu in Trust Controlling (Y/N)	Trust Pari Passu Cut-off Date Balance ($)	Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($)	Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)	Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)	Subordinate Companion Loan Cut-off Date Balance ($)	Subordinate Companion Loan Interest Rate	Whole Loan Cut-off Date Balance ($)	Whole Loan Monthly Debt Service ($)	Whole Loan Cut-off Date LTV Ratio (%)	Whole Loan Underwritten NCF DSCR (x)	Whole Loan Underwritten NOI Debt Yield (%)	Mezzanine Debt Cut-off Date Balance($)	Mezzanine Debt Interest Rate (%)	Total Debt Cut-off Date Balance ($)	Total Debt Monthly Debt Service ($)	Total Debt Cut-off Date LTV Ratio (%)	Total Debt Underwritten NCF DSCR (x)	Total Debt Underwritten NOI Debt Yield (%)	Future Additional Debt Permitted (Y/N)	Future Debt Permitted Type	Sponsor	Non-Recourse Carveout Guarantor	Delaware Statutory Trust (Y/N)	Tenants-in-common (Y/N)	Loan Purpose	Property Located Within a Qualified Opportunity Zone (Y/N)	Sources: Loan Amount ($)	Sources: Principal's New Cash Contribution ($)	Sources: Subordinate Debt ($)	Sources: Other Sources ($)	Sources: Total Sources ($)	Uses: Loan Payoff ($)	Uses: Purchase Price ($)	Uses: Closing  Costs ($)	Uses: Reserves ($)	Uses: Principal Equity Distribution ($)	Uses: Other Uses ($)	Uses: Total Uses ($)	Franchise Agreement Expiration	Underwritten ADR ($)	Underwritten RevPAR ($)	Underwritten Hotel Occupancy (%)	Most Recent ADR ($)	Most Recent RevPAR ($)	Most Recent Hotel Occupancy (%)	Second Most Recent ADR ($)	Second Most Recent RevPAR ($)	Second Most Recent Hotel Occupancy (%)	Third Most Recent ADR ($)	Third Most Recent RevPAR ($)	Third Most Recent Hotel Occupancy (%)	Coop - Committed Secondary Debt	Coop - Rental Value	Coop - LTV as Rental	Coop - Unsold Percent	Coop - Sponsor Units	Coop - Investor Units	Coop - Coop Units	Coop - Sponsor/Investor Carry
							1	1												5, 6, 7, 8, 9		10				11			12		12					13	13	13	13						13				14	14	13, 15																							16, 17	16, 17	16, 17	16, 17				9, 18, 19, 20, 21	9, 18, 19, 20, 21	16, 17, 22			23, 24, 25				26																						27			28	28								29, 30	30, 31	32											33		34									35		12					36		12, 36		36
1	Loan	5, 6, 10, 16, 18, 33, 36, A	1	The Piazza	9.9%	100.0%	JPMCB	JPMCB	NAP	NAP	1001-13 North 2nd Street, 1015 North 2nd Street, 1010 North Hancock Street, 1050 North Hancock Street and 145 West Wildey Street, Unit 1	Philadelphia	Philadelphia	PA	19123	Multifamily	Mid Rise	2006-2007	2019	332	Units	326,957.83	90,000,000	90,000,000	90,000,000	5.91000%	0.016300%	5.893700%	NAP	449,406.25	NAP	5,392,875.00	Interest Only	No	Actual/360	60	60	60	60	0	0	8/5/2024	0	5	9/5/2024	NAP	8/5/2029	NAP	0	0	L(24),YM1(30),O(6)	11,012,162	3,824,557	7,187,606	4/30/2024	T-12	10,942,780	3,830,341	7,112,438	12/31/2023	T-12	10,087,435	3,930,171	6,157,265	12/31/2022	T-12	90.7%	12,813,095	3,925,483	8,887,612	87,307	0	8,800,305	1.37	1.35	8.2%	8.1%	167,000,000	Hypothetical As If Stabilized	5/22/2024	65.0%	65.0%	97.6%	6/20/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	6/6/2024	NAP	6/5/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	625,851	128,170	0	Springing	7,276	7,276	0	2,393	2,393	86,145	0	0	0	0	6,461,077	0	Unfunded Obligations Reserve ($3,330,271); Coworking Space Conversion Obligations Reserve ($2,400,000); Gap Rent Reserve ($730,806)	0	0	NAP	Soft	In Place	Yes	No	Yes	Yes	90,000,000	18,550,000	92,627.62	542,033.87	NAP	NAP	108,550,000	542,033.87	65.0%	1.35	8.2%	18,500,000	10.00000%	127,050,000	698,341.74	76.1%	1.05	7.0%	No	NAP	Post Brothers	Michael A. Pestronk and Matthew I. Pestronk	No	No	Refinance		108,550,000	22,500,468	18,500,000	0	149,550,468	134,615,404	0	7,838,467	7,096,597	0	0	149,550,468	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
2	Loan	10, 15, 19, 29	1	Baybrook Mall	9.7%	100.0%	MSBNA	MSMCH	NAP	NAP	500 Baybrook Mall	Friendswood	Harris	TX	77546	Retail	Super Regional Mall	1978	2016	540,986	SF	406.66	88,000,000	88,000,000	83,258,238	6.81600%	0.017550%	6.798450%	574,632.36	NAP	6,895,588.32	NAP	Amortizing Balloon	No	Actual/360	0	0	60	60	360	360	7/19/2024	0	1	9/1/2024	9/1/2024	8/1/2029	NAP	0	0	L(24),D(32),O(4)	41,668,756	11,820,364	29,848,392	5/31/2024	T-12	42,147,608	12,227,638	29,919,970	12/31/2023	T-12	40,539,309	11,947,424	28,591,885	12/31/2022	T-12	100.0%	41,481,121	11,271,177	30,209,945	232,624	324,592	29,652,729	1.75	1.72	13.7%	13.5%	392,659,260	As Is	6/4/2024	56.0%	53.0%	95.4%	6/30/2024	No	JCPenney	96,605	17.9%	1/31/2026	Forever 21	81,772	15.1%	12/31/2026	Foot Locker	18,376	3.4%	13,936 SF (4/30/2032); 4,440 SF (5/31/2027)	H&M	17,510	3.2%	1/31/2032	Victoria's Secret	14,115	2.6%	1/31/2032	5/20/2024	NAP	5/20/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	0	Springing	0	Springing	0	Springing	270,493	0	Springing	1,081,972	0	0	0	0	0	Springing	Outstanding TI/LC Reserve (Upfront: $0); Anchor Tenant Reserve (Monthly: Springing)	Anchor Tenant Reserve (An amount equal to the product obtained by multiplying (x) $50.00 by (y) the aggregate amount of gross leasable square footage of the applicable Anchor Tenant space as of the Closing Date)	0	NAP	Hard	Springing	Yes	No	Yes	Yes	88,000,000	132,000,000	861,948.55	1,436,580.91	NAP	NAP	220,000,000	1,436,580.91	56.0%	1.72	13.7%	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Brookfield Properties Retail Holding LLC and SMRF Baybrook Investor Member LLC	BPR Nimbus LLC	No	No	Refinance		220,000,000	0	0	0	220,000,000	213,488,234	0	1,474,030	0	5,037,736	0	220,000,000	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
3	Loan	13, 23, 31, B	1	Potomac Tower	9.2%	100.0%	JPMCB	JPMCB	NAP	NAP	1001 North 19th Street	Arlington	Arlington	VA	22209	Office	CBD	1989	2015	241,710	SF	347.52	84,000,000	84,000,000	84,000,000	7.60000%	0.021300%	7.578700%	NAP	539,388.89	NAP	6,472,666.68	Interest Only	No	Actual/360	61	61	61	61	0	0	8/8/2024	0	5	9/5/2024	NAP	9/5/2029	NAP	0	0	L(25),YM1(32),O(4)	15,417,502	4,953,214	10,464,288	12/31/2023	T-12	13,351,683	4,777,613	8,574,070	12/31/2022	T-12	11,081,759	4,522,442	6,559,318	12/31/2021	T-12	89.7%	15,013,576	5,023,645	9,989,931	48,342	362,565	9,579,024	1.54	1.48	11.9%	11.4%	140,000,000	As Is	6/27/2024	60.0%	60.0%	100.0%	8/8/2024	No	Venture Global	94,744	39.2%	9/30/2034	Strategic Investment Management	36,641	15.2%	3/31/2034	Insight Global	22,811	9.4%	12/31/2027	Consumer Brands Association (GMA)	18,913	7.8%	7/31/2034	KIMC Inc.	18,898	7.8%	4/30/2029	5/17/2024	NAP	5/17/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	804,850	134,142	0	Springing	0	6,005	0	0	30,214	0	0	0	0	0	130,659	0	Free Rent Reserve	0	0	NAP	Hard	Springing	Yes	No	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Venture Global LNG, Inc.	Venture Global LNG, Inc.	No	No	Acquisition		84,000,000	62,988,770	0	0	146,988,770	0	143,000,000	3,053,261	935,509	0	0	146,988,770	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
4	Loan	10, 11, 35, C	8	BioMed 2024 Portfolio 2	8.8%		JPMCB/WFB	JPMCB/WFB	NAP	NAP	Various	Various	Various	Various	Various	Various	Various	Various	Various	995,458	SF	552.40	80,000,000	80,000,000	80,000,000	5.48759809004295%	0.016300%	5.47129809004295%	NAP	370,920.98	NAP	4,451,051.76	Interest Only	No	Actual/360	60	60	60	60	0	0	8/9/2024	0	9	9/9/2024	NAP	8/9/2029	NAP	0	0	YM0.5%(24),DorYM0.5%(29),O(7)	85,469,946	25,221,741	60,248,205	3/31/2024	T-12	84,472,430	25,317,096	59,155,334	12/31/2023	T-12	82,497,597	23,810,406	58,687,190	12/31/2022	T-12	93.7%	97,707,980	25,625,813	72,082,166	66,915	497,729	71,517,523	2.36	2.34	13.1%	13.0%	1,098,200,000	As Is	Various	50.1%	50.1%	93.8%	Various																																	0	Springing	0	Springing	0	0	0	0	Springing	An amount equal to twelve (12) multiplied by the Rollover Reserve Monthly Deposit.	0	0	0	0	3,569,740	0	Unfunded Obligations Reserve	0	0	NAP	Hard	Springing	Yes	No	Yes	No	80,000,000	469,894,737	2,178,672.72	2,549,593.70	166,842,106	7.23928517798977%	716,736,843	3,570,087.72	65.3%	1.67	10.1%	NAP	NAP	NAP	NAP	NAP	NAP	NAP	Yes	Mezzanine	BioMed Realty, L.P.	BRE Edison L.P.	No	No	Refinance		549,894,737	142,402,323	166,842,106	0	859,139,166	845,920,651	0	9,648,775	3,569,740	0	0	859,139,166	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
4.01	Property		1	200 Sidney	2.8%	32.2%					200 Sidney Street	Cambridge	Middlesex	MA	02139	Mixed Use	Lab/Office	2000	2016	188,616	SF		25,742,105	25,742,105	25,742,105																											23,664,042	6,898,096	16,765,946	3/31/2024	T-12	22,759,084	6,921,719	15,837,365	12/31/2023	T-12	22,214,851	6,661,111	15,553,740	12/31/2022	T-12	100.0%	31,122,294	6,841,858	24,280,436	33,951	94,308	24,152,177					323,600,000	As Is	4/30/2024			100.0%	4/12/2024	No	AbbVie Inc.	119,980	63.6%	57,850 SF (7/31/2028); 62,130 SF (10/31/2029)	Seres Therapeutics, Inc.	68,636	36.4%	1/13/2030	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	4/8/2024	NAP	4/8/2024	NAP	NAP	Yes	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
4.02	Property		1	Lincoln Centre	1.9%	21.1%					200, 300, 400, 500 and 800 Lincoln Centre Drive	Foster City	San Mateo	CA	94404	Mixed Use	Lab/Office	2017	NAP	360,000	SF		16,842,105	16,842,105	16,842,105																											18,183,731	5,093,898	13,089,833	3/31/2024	T-12	18,193,066	5,181,882	13,011,184	12/31/2023	T-12	17,847,308	5,067,069	12,780,239	12/31/2022	T-12	100.0%	20,914,054	5,419,567	15,494,487	10,800	180,000	15,303,687					243,000,000	As Is	4/22/2024			100.0%	4/12/2024	Yes	Illumina, Inc.	360,000	100.0%	200,000 SF (1/15/2033); 160,000 SF (11/15/2033)	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	4/10/2024	NAP	4/8/2024	4/8/2024	12%	Yes	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
4.03	Property		1	40 Erie Street	1.3%	14.5%					40 Erie Street	Cambridge	Middlesex	MA	02139	Mixed Use	Lab/Office	1996	2015	106,638	SF		11,578,947	11,578,947	11,578,947																											14,104,382	4,651,964	9,452,417	3/31/2024	T-12	14,006,653	4,579,941	9,426,712	12/31/2023	T-12	12,121,371	4,032,638	8,088,733	12/31/2022	T-12	100.0%	15,205,784	4,613,990	10,591,794	4,266	53,319	10,534,209					151,900,000	As Is	4/30/2024			100.0%	4/12/2024	No	Intellia Therapeutics, Inc.	65,319	61.3%	9/30/2026	BioNTech US Inc.	26,806	25.1%	9/30/2028	Gritstone Bio, Inc.	13,907	13.0%	4/30/2025	Make Life Sweeter, LLC	606	0.6%	12/4/2029	NAP	NAP	NAP	NAP	4/8/2024	NAP	4/8/2024	NAP	NAP	Yes	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
4.04	Property		1	4570 Executive Drive	1.0%	11.6%					4570 Executive Drive	San Diego	San Diego	CA	92121	Mixed Use	Lab/Office	2000	2019	125,550	SF		9,296,842	9,296,842	9,296,842																											10,674,557	3,762,645	6,911,912	3/31/2024	T-12	10,861,584	3,817,054	7,044,530	12/31/2023	T-12	10,448,701	3,452,658	6,996,043	12/31/2022	T-12	91.5%	12,230,158	3,839,407	8,390,751	7,533	62,775	8,320,443					120,000,000	As Is	4/24/2024			91.6%	4/12/2024	No	BioMed Realty, L.P.	49,912	39.8%	6/22/2025	Human Longevity, Inc.	48,049	38.3%	34,616 SF (9/12/2025); 13,433 SF (9/12/2030)	International AIDS Vaccine Initiative, Inc.	17,006	13.5%	8/20/2026	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	4/8/2024	NAP	4/8/2024	4/8/2024	10%	Yes	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
4.05	Property		1	9360-9390 Towne Centre Drive	0.8%	9.2%					9360-9390 Towne Centre Drive	San Diego	San Diego	CA	92121	Mixed Use	Lab/Office	1990	2020	147,577	SF		7,368,421	7,368,421	7,368,421																											9,014,947	2,866,298	6,148,648	3/31/2024	T-12	8,970,666	2,982,548	5,988,118	12/31/2023	T-12	10,779,744	2,856,444	7,923,300	12/31/2022	T-12	60.6%	7,873,720	2,960,083	4,913,637	7,379	73,789	4,832,469					141,000,000	As Is	4/24/2024			65.6%	4/12/2024	No	Poseida Therapeutics, Inc.	71,405	48.4%	12/31/2029	Biosplice Therapeutics, Inc.	25,391	17.2%	11/24/2030	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	4/8/2024	NAP	4/8/2024	4/8/2024	13%	Yes	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
4.06	Property		1	21 Erie Street	0.6%	7.4%					21 Erie Street	Cambridge	Middlesex	MA	02139	Mixed Use	Lab/Office	1925	2018	51,914	SF		5,908,421	5,908,421	5,908,421																											5,993,729	1,152,875	4,840,853	3/31/2024	T-12	5,866,478	1,065,329	4,801,149	12/31/2023	T-12	5,677,004	998,372	4,678,632	12/31/2022	T-12	100.0%	6,491,667	1,159,323	5,332,345	2,077	25,957	5,304,311					75,500,000	As Is	4/30/2024			100.0%	4/12/2024	Yes	MIL 21E, LLC	51,914	100.0%	11/30/2030	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	4/8/2024	NAP	4/8/2024	NAP	NAP	Yes	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
4.07	Property		1	47 Erie Street Parking Structure	0.2%	2.8%					47 Erie Street	Cambridge	Middlesex	MA	02139	Other	Parking Garage	1997	NAP	447	Spaces		2,210,526	2,210,526	2,210,526																											2,782,533	580,403	2,202,130	3/31/2024	T-12	2,770,094	552,837	2,217,257	12/31/2023	T-12	2,433,387	591,553	1,841,834	12/31/2022	T-12	NAP	2,782,533	584,424	2,198,109	0	0	2,198,109					28,000,000	As Is	4/30/2024			NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	4/8/2024	NAP	4/8/2024	NAP	NAP	Yes	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
4.08	Property		1	Eastgate Mall	0.1%	1.3%					4575 Eastgate Mall	San Diego	San Diego	CA	92121	Mixed Use	Lab/Office	1989	2020	15,163	SF		1,052,632	1,052,632	1,052,632																											1,052,026	215,560	836,466	3/31/2024	T-12	1,044,805	215,786	829,019	12/31/2023	T-12	975,231	150,562	824,669	12/31/2022	T-12	100.0%	1,087,770	207,163	880,608	910	7,582	872,116					15,200,000	As Is	4/24/2024			100.0%	4/12/2024	Yes	Poseida Therapeutics, Inc.	15,163	100.0%	12/31/2029	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	4/8/2024	NAP	4/8/2024	4/8/2024	10%	Yes	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
5	Loan	10, 12, 27	1	640 5th Avenue	6.4%	100.0%	MSBNA	MSMCH	NAP	NAP	640 5th Avenue	New York	New York	NY	10022	Mixed Use	Retail/Office	1949	2003	314,533	SF	952.40	58,500,000	58,414,688	53,466,563	6.1293333%	0.017550%	6.1117833%	385,397.62	NAP	4,624,771.44	NAP	Amortizing Balloon	No	Actual/360	0	0	60	59	NAP	NAP	6/10/2024	1	1	8/1/2024	8/1/2024	7/1/2029	NAP	0	0	L(25),D(28),O(7)	72,036,886	18,237,231	53,799,655	12/31/2023	T-12	67,571,078	19,799,244	47,771,835	12/31/2022	T-12	66,651,606	17,827,438	48,824,168	12/31/2021	T-12	92.9%	77,479,026	21,293,412	56,185,614	78,633	7,574,210	48,532,770	2.37	2.05	18.8%	16.2%	720,000,000	As Is	2/28/2024	41.6%	38.1%	92.9%	6/1/2024	No	Victoria's Secret	63,779	20.3%	1/31/2032	Fidelity Real Estate Company	40,615	12.9%	11/30/2026	The Klein Group, LLC	30,103	9.6%	4/14/2034	Abbot Capital Management	20,019	6.4%	12/31/2032	Buchanan Ingersoll & Rooney	16,816	5.3%	1/31/2029	4/17/2024	NAP	4/12/2024	NAP	NAP	No	Fee/Leasehold	7/30/2070	None	1	No	0	Springing	0	Springing	0	Springing	195,217	1,567,900	500,000	15,000,000	0	0	0	0	1,648,112	0	Free Rent Reserve	0	0	NAP	Hard	In Place	Yes	Yes	Yes	No	58,414,688	241,147,813	1,591,000.44	1,976,398.06	NAP	NAP	299,562,500	1,976,398.06	41.6%	2.05	18.8%	99,854,167	11.50000%	399,416,667	3,084,670.36	55.5%	1.31	14.1%	No	NAP	Vornado Realty Trust	Manhattan High Street Holdings LP	No	No	Refinance		300,000,000	106,245,190	100,000,000	0	506,245,190	501,608,063	0	1,421,115	3,216,012	0	0	506,245,190	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
6	Loan		1	One Town Center	5.6%	100.0%	WFB	WFB	NAP	NAP	One Town Center Road	Boca Raton	Palm Beach	FL	33486	Office	Suburban	1990	NAP	190,395	SF	267.86	51,000,000	51,000,000	51,000,000	7.33800%	0.017550%	7.320450%	NAP	316,196.46	NAP	3,794,357.52	Interest Only	No	Actual/360	60	59	60	59	0	0	7/9/2024	1	11	8/11/2024	NAP	7/11/2029	NAP	0	0	L(25),D(28),O(7)	10,611,522	3,976,213	6,635,309	4/30/2024	T-12	10,293,531	3,903,052	6,390,479	12/31/2023	T-12	9,426,812	3,788,641	5,638,171	12/31/2022	T-12	90.0%	10,887,851	4,573,075	6,314,776	38,079	140,395	6,136,302	1.66	1.62	12.4%	12.0%	82,600,000	As Is	5/30/2024	61.7%	61.7%	100.0%	5/16/2024	No	Bank of America Merrill Lynch	61,430	32.3%	2/28/2027	Kayne Anderson	25,733	13.5%	8/31/2030	Raymond James	24,364	12.8%	3/31/2030	Kaufman, Rossin & Co.	16,308	8.6%	6/30/2030	AF Encore Management	10,585	5.6%	7/31/2026	5/30/2024	NAP	6/24/2024	NAP	NAP	Yes - AE	Fee	NAP	NAP	NAP	NAP	580,236	145,059	73,934	73,934	0	2,424	0	500,000	15,866	0	0	0	0	0	47,865	0	Existing TI/LC Reserve	0	0	NAP	Hard	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Nader Ohebshalom	Nader Ohebshalom	No	No	Acquisition		51,000,000	29,396,973	0	4,000,000	84,396,973	0	82,000,000	1,194,938	1,202,035	0	0	84,396,973	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
7	Loan	10, 28, 34, D	1	Bronx Terminal Market	5.5%	100.0%	WFB	WFB	NAP	NAP	610 Exterior Street	Bronx	Bronx	NY	10451	Retail	Anchored	2009	NAP	918,779	SF	261.22	50,210,526	50,210,526	50,210,526	5.18100%	0.017550%	5.163450%	NAP	219,794.84	NAP	2,637,538.08	Interest Only	No	Actual/360	60	60	60	60	0	0	8/6/2024	0	6	9/6/2024	NAP	8/6/2029	NAP	5	0	L(23),YM1(1),DorYM1(32),O(4)	47,421,498	17,043,518	30,377,981	3/31/2024	T-12	48,058,002	17,301,924	30,756,078	12/31/2023	T-12	48,167,771	16,915,840	31,251,930	12/31/2022	T-12	90.1%	46,320,029	17,725,341	28,594,688	183,756	918,779	27,492,153	2.27	2.18	11.9%	11.5%	555,000,000	As Is	4/30/2024	43.2%	43.2%	90.2%	4/19/2024	No	Target	188,446	20.5%	10/14/2033	BJ's Wholesale Club	130,099	14.2%	8/2/2029	Home Depot	124,955	13.6%	2/28/2034	Food Bazaar	77,915	8.5%	9/30/2039	Burlington Coat Factory	74,329	8.1%	1/31/2028	5/1/2024	NAP	4/30/2024	NAP	NAP	Yes - AE	Leasehold	9/13/2055	5, 10-year extension options	The greater of (i) $394,961.41 ("Adjusted Base Amount") and (ii) 5% of Gross Revenue	No	0	Springing	0	Springing	0	Springing	547,400	874,981	Springing	1,696,118	0	0	0	0	9,000,000	Springing	DMV Space Reserve (Upfront: $9,000,000); Ground Rent Reserve (Monthly: Springing)	0	0	NAP	Hard	Springing	Yes	No	Yes	No	50,210,526	189,789,474	830,796.83	1,050,591.67	140,000,000	9.20000%	380,000,000	2,138,832.41	68.5%	1.07	7.5%	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	The Related Companies, L.P.	The Related Companies, L.P.	No	No	Refinance		240,000,000	13,238,721	140,000,000	0	393,238,721	376,708,834	0	6,654,906	9,874,981	0	0	393,238,721	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
8	Loan	7, 10	1	Culver Steps	3.7%	100.0%	WFB	WFB	NAP	NAP	9300 Culver Boulevard	Culver City	Los Angeles	CA	90232	Mixed Use	Office/Retail	2019	NAP	121,736	SF	616.09	33,750,000	33,750,000	33,750,000	6.63400%	0.017550%	6.616450%	NAP	189,172.66	NAP	2,270,071.92	Interest Only	No	Actual/360	60	60	60	60	0	0	7/26/2024	0	6	9/6/2024	NAP	8/6/2029	NAP	0	0	L(24),D(29),O(7)	11,135,231	4,019,828	7,115,403	4/30/2024	T-12	10,011,522	3,873,413	6,138,109	12/31/2023	T-12	8,578,704	4,229,505	4,349,198	12/31/2022	T-12	96.9%	13,060,930	4,476,030	8,584,900	24,347	121,736	8,438,816	1.70	1.67	11.4%	11.3%	130,000,000	As Is	6/4/2024	57.7%	57.7%	100.0%	7/1/2024	No	Amazon	79,369	65.2%	7/31/2031	Erewhon Market	14,558	12.0%	5/31/2038	Laurel Grill	7,541	6.2%	6/30/2034	Sephora	4,166	3.4%	1/31/2031	Afuri Ramen	3,015	2.5%	3/1/2034	6/3/2024	NAP	6/3/2024	6/3/2024	9%	No	Fee	NAP	NAP	NAP	NAP	0	Springing	0	Springing	0	Springing	48,696	1,179,329	Springing	243,480	0	0	0	0	0	0	NAP	0	0	NAP	Hard	Springing	Yes	Yes	Yes	No	33,750,000	41,250,000	231,211.02	420,383.68	NAP	NAP	75,000,000	420,383.68	57.7%	1.67	11.4%	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Hackman Capital Partners, LLC	Hackman Capital Partners, LLC	No	No	Refinance		75,000,000	0	0	0	75,000,000	68,575,407	0	1,181,363	1,179,329	4,063,901	0	75,000,000	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
9	Loan		1	Magnolia Houston	3.7%	100.0%	MSBNA	MSMCH	NAP	NAP	1100 Texas Avenue	Houston	Harris	TX	77002	Hospitality	Full Service	1926	2003, 2017-2019	314	Rooms	106,369.43	33,400,000	33,400,000	33,400,000	7.47000%	0.017550%	7.452450%	NAP	210,802.71	NAP	2,529,632.52	Interest Only	No	Actual/360	60	59	60	59	0	0	6/5/2024	1	1	8/1/2024	NAP	7/1/2029	NAP	5	5	L(25),D(28),O(7)	17,186,152	12,701,808	4,484,344	5/31/2024	T-12	16,342,427	12,060,179	4,282,248	12/31/2023	T-12	12,719,810	10,350,641	2,369,169	12/31/2022	T-12	61.3%	17,186,152	12,797,633	4,388,519	687,446	0	3,701,073	1.73	1.46	13.1%	11.1%	72,500,000	As Is	4/10/2024	46.1%	46.1%	61.1%	5/31/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	4/11/2024	NAP	4/11/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	330,421	47,203	0	Springing	0	56,490	0	0	0	0	0	0	0	0	0	Springing	Future PIP Reserve	0	0	NAP	Springing	Springing	Yes	No	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	H. Stevens Holtze III	H. Stevens Holtze III	No	No	Refinance	Y	33,400,000	1,888,973	0	0	35,288,973	32,360,925	0	2,597,627	330,421	0	0	35,288,973	2/28/2037	188.30	115.35	61.3%	189.20	115.58	61.1%	177.03	104.50	57.2%	174.46	85.96	49.3%
10	Loan		1	120 Beach 26th Street	3.5%	100.0%	MSBNA	MSMCH	NAP	NAP	120 Beach 26th Street	Far Rockaway	Queens	NY	11691	Multifamily	High Rise	2006	2016	126	Units	250,000.00	31,500,000	31,500,000	31,500,000	6.10000%	0.017550%	6.082450%	NAP	162,348.96	NAP	1,948,187.52	Interest Only	No	Actual/360	60	60	60	60	0	0	7/31/2024	0	1	9/1/2024	NAP	8/1/2029	NAP	5	5	L(24),D(32),O(4)	3,711,540	745,893	2,965,647	6/30/2024	T-12	3,587,138	757,629	2,829,509	12/31/2023	T-12	3,386,591	779,259	2,607,332	12/31/2022	T-12	95.0%	3,697,740	903,740	2,794,000	31,500	0	2,762,500	1.43	1.42	8.9%	8.8%	46,400,000	As Is	5/1/2024	67.9%	67.9%	99.2%	7/1/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	5/13/2024	NAP	5/13/2024	NAP	NAP	Yes - AE	Fee	NAP	NAP	NAP	NAP	14,947	7,474	101,766	20,353	0	2,625	63,000	0	0	0	0	0	0	34,723	97,702	0	Local Law 11 Reserve ($91,702); Local Law 126 Reserve ($6,000)	0	0	NAP	Springing	Springing	Yes	No	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Doron Pergament	Doron Pergament	No	No	Refinance		31,500,000	0	0	0	31,500,000	29,481,605	0	1,209,500	249,138	559,757	0	31,500,000	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
11	Loan	10, 26, E	1	Showcase I	3.4%	100.0%	JPMCB	JPMCB	NAP	NAP	3785 South Las Vegas Boulevard	Las Vegas	Clark	NV	89109	Retail	Anchored	1997	2003	180,848	SF	937.25	31,000,000	31,000,000	31,000,000	6.36000%	0.017550%	6.342450%	NAP	166,581.94	NAP	1,998,983.28	Interest Only	No	Actual/360	60	59	60	59	0	0	6/7/2024	1	1	8/1/2024	NAP	7/1/2029	NAP	0	0	L(24),YM1(29),O(7)	16,088,013	3,194,013	12,894,000	4/30/2024	T-12	15,515,891	3,125,777	12,390,114	12/31/2023	T-12	13,686,743	2,886,618	10,800,125	12/31/2022	T-12	91.7%	17,910,209	3,501,507	14,408,703	27,127	180,848	14,200,728	1.32	1.30	8.5%	8.4%	250,000,000	As Is	3/27/2024	67.8%	67.8%	90.0%	2/29/2024	No	FlyOver	41,108	22.7%	8/31/2034	M&M World	31,025	17.2%	8/31/2040	Marshalls	30,624	16.9%	1/31/2029	Coca Cola	18,597	10.3%	12/31/2029	Showcase Food Court	14,737	8.1%	9/30/2038	4/4/2024	NAP	4/5/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	363,322	121,107	0	Springing	2,261	2,261	0	15,071	15,071	542,544	0	0	0	0	14,402,888	0	Unfunded M&M TI Obligations Reserve ($12,000,000); Unfunded M&M Free Rent Obligations Reserve ($2,152,888); Unfunded Obligations Reserve ($250,000)	0	0	NAP	Hard	Springing	Yes	No	Yes	No	31,000,000	138,500,000	744,245.14	910,827.08	NAP	NAP	169,500,000	910,827.08	67.8%	1.30	8.5%	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Jeffrey Gindi and Eli Gindi	Jeffrey Gindi and Eli Gindi	No	No	Refinance		169,500,000	4,571,072	0	0	174,071,072	151,744,918	0	7,542,613	14,783,541	0	0	174,071,072	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
12	Loan	13, 14, 32	1	Northville Village Shopping Center Phase I	3.2%	100.0%	MSBNA	MSMCH	NAP	NAP	17447 Haggerty Road	Northville	Wayne	MI	48168	Retail	Anchored	1997	NAP	179,410	SF	164.43	29,500,000	29,500,000	29,500,000	6.50000%	0.035050%	6.464950%	NAP	162,011.00	NAP	1,944,132.00	Interest Only	No	Actual/360	61	61	61	61	0	0	8/2/2024	0	1	9/1/2024	NAP	9/1/2029	NAP	5	5	L(24),D(30),O(7)	3,433,021	1,154,400	2,278,621	12/31/2023	T-12	3,824,645	1,061,907	2,762,737	12/31/2022	T-12	4,059,044	933,350	3,125,694	12/31/2021	T-12	95.0%	4,461,293	1,453,589	3,007,704	36,821	195,157	2,775,726	1.55	1.43	10.2%	9.4%	42,800,000	As Is	5/29/2024	68.9%	68.9%	97.7%	7/22/2024	No	Kroger	58,120	32.4%	6/30/2027	Barnes & Noble Superstore	28,200	15.7%	5/31/2027	TJ Maxx	23,254	13.0%	11/30/2033	Michaels	19,080	10.6%	2/28/2034	Ulta Beauty	11,750	6.5%	7/31/2027	6/7/2024	NAP	6/7/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	53,582	26,791	0	Springing	0	3,069	0	500,000	17,193	750,000	0	0	0	81,313	0	0	NAP	0	0	NAP	Springing	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Grand/Sakwa Management L.L.C.	Daniel L. Stern, Christopher G. Brochert and Gary Sakwa	No	No	Refinance		29,500,000	0	0	0	29,500,000	25,227,314	0	417,409	634,895	3,220,382	0	29,500,000	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
13	Loan		1	Dundalk Plaza	3.0%	100.0%	MSBNA	MSMCH	NAP	NAP	1401-1417 Merritt Boulevard	Baltimore	Baltimore	MD	21222	Retail	Anchored	1968	2018-2020	178,075	SF	153.31	27,300,000	27,300,000	27,300,000	7.20000%	0.035050%	7.164950%	NAP	166,075.00	NAP	1,992,900.00	Interest Only	No	Actual/360	60	60	60	60	0	0	7/9/2024	0	1	9/1/2024	NAP	8/1/2029	NAP	5	5	L(24),D(32),O(4)	3,456,720	815,368	2,641,352	3/31/2024	T-12	3,435,890	813,873	2,622,017	12/31/2023	T-12	3,153,864	842,074	2,311,790	12/31/2022	T-12	95.0%	3,834,497	788,581	3,045,916	26,711	177,037	2,842,168	1.53	1.43	11.2%	10.4%	42,500,000	As Is	4/25/2024	64.2%	64.2%	97.6%	4/15/2024	No	Ollie's Bargain Outlet	34,140	19.2%	9/30/2027	ALDI	19,704	11.1%	7/31/2028	Planet Fitness	18,219	10.2%	10/15/2032	Harbor Freight Tools	16,814	9.4%	12/31/2029	Octapharma Plasma	15,107	8.5%	9/30/2026	4/30/2024	NAP	4/30/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	0	25,608	0	Springing	6,204	2,226	106,845	0	14,840	712,300	0	0	0	0	1,401,585	0	Pet Supply Reserve ($1,386,284.82); Unfunded Obligations Reserve ($15,300)	0	0	NAP	Hard	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Christos Economides and Oekos Corporation	Christos Economides and Oekos Corporation	No	No	Refinance		27,300,000	0	0	0	27,300,000	22,665,062	0	908,728	1,407,789	2,318,422	0	27,300,000	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
14	Loan	10, 30	1	Cummins Station	2.7%	100.0%	WFB	WFB	NAP	NAP	209 10th Avenue South	Nashville	Davidson	TN	37203	Office	CBD	1910	2017	410,740	SF	328.68	25,000,000	25,000,000	25,000,000	7.15500%	0.017550%	7.137450%	NAP	151,132.81	NAP	1,813,593.72	Interest Only	No	Actual/360	60	58	60	58	0	0	6/6/2024	2	11	7/11/2024	NAP	6/11/2029	NAP	0	0	L(26),D(27),O(7)	16,879,806	4,185,679	12,694,127	3/31/2024	T-12	16,603,708	4,311,244	12,292,464	12/31/2023	T-12	16,698,714	4,697,634	12,001,080	12/31/2022	T-12	73.5%	18,454,322	4,621,356	13,832,966	102,685	0	13,730,281	1.41	1.40	10.2%	10.2%	229,700,000	As Is	4/16/2024	58.8%	58.8%	71.1%	5/15/2024	No	Gibson Brands, Inc.	57,357	14.0%	12/31/2032	Axial Healthcare, Inc	45,911	11.2%	6/30/2028	Serendipity Labs	32,124	7.8%	7/28/2033	Gish, Sherwood & Friends, Inc.	28,363	6.9%	5/31/2026	The Interpublic Group of Companies, Inc.	17,074	4.2%	10/31/2028	4/16/2024	NAP	4/17/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	355,264	88,816	0	Springing	0	8,557	205,370	10,000,000	83,333	0	0	0	0	160,050	3,138,645	Springing	Existing TI/LC Reserve Funds ($2,115,256.38); Rent Concession Reserve Funds ($1,023,389.00); Low DSCR Trigger Event Reserve (Springing)	0	0	NAP	Hard	In Place	Yes	Yes	Yes	No	25,000,000	110,000,000	664,984.38	816,117.19	NAP	NAP	135,000,000	816,117.19	58.8%	1.40	10.2%	NAP	NAP	NAP	NAP	NAP	NAP	NAP	Yes	Mezzanine	Zachary P. Liff	Zachary P. Liff	No	No	Refinance		135,000,000	649,890	0	0	135,649,890	117,462,455	0	4,533,475	13,653,959	0	0	135,649,890	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
15	Loan		1	42-35 Main Street	2.7%	100.0%	MSBNA	MSMCH	NAP	NAP	42-35 Main Street	Flushing	Queens	NY	11355	Retail	Unanchored	2013	NAP	45,323	SF	551.60	25,000,000	25,000,000	25,000,000	7.12000%	0.017550%	7.102450%	NAP	150,393.52	NAP	1,804,722.24	Interest Only	No	Actual/360	60	60	60	60	0	0	7/31/2024	0	1	9/1/2024	NAP	8/1/2029	NAP	5	0	L(24),D(31),O(5)	3,938,760	968,666	2,970,095	12/31/2023	T-12	3,286,337	1,251,338	2,034,998	12/31/2022	T-12	2,615,291	1,030,621	1,584,670	12/31/2021	T-12	95.0%	3,944,212	1,160,888	2,783,324	6,581	118,890	2,657,853	1.54	1.47	11.1%	10.6%	41,000,000	As Is	4/26/2024	61.0%	61.0%	95.5%	5/9/2024	No	Bank of China	16,963	37.4%	15,512 SF (5/24/2029); 1,451 SF (9/30/2033)	Lao Yu Yuan Dumpling House Inc.	4,427	9.8%	7/31/2032	Maxin Bakery 4235 Inc.	3,730	8.2%	2,462 SF (1/31/2028); 1,268 SF (9/30/2027)	KST Café Inc.	3,495	7.7%	12/31/2026	Gogo Fast Food Inc.	2,337	5.2%	4/30/2029	5/8/2024	NAP	5/8/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	71,628	35,814	11,528	5,764	0	567	0	0	5,665	203,954	0	0	0	0	0	0	NAP	0	0	NAP	Hard	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Eric Chong and Alex Lau	Eric Chong and Alex Lau	No	No	Refinance		25,000,000	0	0	0	25,000,000	23,864,508	0	469,127	83,156	583,209	0	25,000,000	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
16	Loan		3	Clark/Jenkins Storage Portfolio	2.4%		WFB	WFB	NAP	NAP	Various	Various	Various	TX	Various	Self Storage	Self Storage	Various	NAP	253,425	SF	87.82	22,255,000	22,255,000	22,255,000	6.72900%	0.017550%	6.711450%	NAP	126,528.18	NAP	1,518,338.16	Interest Only	No	Actual/360	60	60	60	60	0	0	7/31/2024	0	11	9/11/2024	NAP	8/11/2029	NAP	0	0	L(24),D(29),O(7)	3,947,434	1,999,913	1,947,521	6/30/2024	T-12	3,887,874	1,911,780	1,976,093	12/31/2023	T-12	3,629,218	2,071,402	1,557,816	12/31/2022	T-12	81.9%	4,184,122	2,076,710	2,107,412	30,809	0	2,076,603	1.39	1.37	9.5%	9.3%	41,400,000	As Is	6/11/2024	53.8%	53.8%	82.0%	6/30/2024																																	377,713	53,959	0	Springing	0	2,566	92,427	0	0	0	0	0	0	10,120	0	0	NAP	0	0	NAP	Springing	Springing	Yes	No	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Stephen L. Clark, Stephen L. Clark II and Ricky L. Jenkins	Ricky L. Jenkins and Clark Family, LLC	No	No	Refinance														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
16.01	Property		1	Lakeline	1.0%	39.6%					11000 Lakeline Boulevard	Austin	Williamson	TX	78717	Self Storage	Self Storage	2017	NAP	83,305	SF		8,815,171	8,815,171	8,815,171																											1,508,724	743,462	765,262	6/30/2024	T-12	1,498,540	730,923	767,617	12/31/2023	T-12	1,487,867	678,922	808,945	12/31/2022	T-12	86.2%	1,584,394	750,447	833,947	11,408	0	822,539					14,900,000	As Is	6/11/2024			85.4%	6/30/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	7/16/2024	NAP	7/3/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
16.02	Property		1	Southlake	0.8%	33.2%					2060 East Continental Boulevard	Southlake	Tarrant	TX	76092	Self Storage	Self Storage	2018	NAP	78,350	SF		7,395,761	7,395,761	7,395,761																											1,180,522	530,179	650,343	6/30/2024	T-12	1,159,327	511,070	648,256	12/31/2023	T-12	1,051,587	554,136	497,451	12/31/2022	T-12	82.4%	1,261,275	561,068	700,207	10,112	0	690,095					12,700,000	As Is	6/11/2024			80.0%	6/30/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	7/16/2024	NAP	7/3/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
16.03	Property		1	Northgate	0.7%	27.2%					8833 Research Boulevard	Austin	Travis	TX	78758	Self Storage	Self Storage	2019	NAP	91,770	SF		6,044,068	6,044,068	6,044,068																											1,258,188	726,272	531,916	6/30/2024	T-12	1,230,007	669,787	560,220	12/31/2023	T-12	1,089,764	838,343	251,420	12/31/2022	T-12	76.9%	1,338,453	765,195	573,258	9,289	0	563,969					13,800,000	As Is	6/11/2024			80.7%	6/30/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	7/16/2024	NAP	7/3/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
17	Loan	8, 22	2	Marx Development NY Residential Portfolio	2.1%		WFB	WFB	NAP	NAP	Various	Various	Queens	NY	Various	Mixed Use	Multifamily/Retail	Various	NAP	98	Units	191,326.53	18,750,000	18,750,000	18,750,000	6.71000%	0.017550%	6.692450%	NAP	106,299.91	NAP	1,275,598.92	Interest Only	No	Actual/360	60	60	60	60	0	0	7/26/2024	0	11	9/11/2024	NAP	8/11/2029	NAP	0	0	L(24),D(32),O(4)	3,634,698	1,788,785	1,845,913	3/31/2024	T-12	3,600,126	1,794,065	1,806,061	12/31/2023	T-12	3,469,183	1,763,711	1,705,472	12/31/2022	T-12	91.6%	3,576,074	1,899,794	1,676,280	37,322	44,060	1,594,897	1.31	1.25	8.9%	8.5%	31,500,000	As Is	5/21/2024	59.5%	59.5%	96.9%	Various																																	133,796	66,898	109,500	21,900	0	3,111	0	0	3,672	0	0	0	0	0	61,100	0	Rent Concession Reserve	0	0	NAP	Soft (Residential) / Hard (Commercial)	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	David Marx	David Marx	No	No	Refinance														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
17.01	Property		1	158-13 72nd Avenue	1.5%	72.1%					158-13 72nd Avenue	Pomonok	Queens	NY	11365	Mixed Use	Multifamily/Retail	1991	NAP	66	Units		13,525,000	13,525,000	13,525,000																											2,381,669	1,100,624	1,281,045	3/31/2024	T-12	2,360,062	1,083,841	1,276,220	12/31/2023	T-12	2,262,480	1,074,371	1,188,109	12/31/2022	T-12	89.9%	2,336,328	1,154,646	1,181,682	21,661	30,200	1,129,821					22,900,000	As Is	5/21/2024			95.5%	7/9/2024	No	Boulevard Adult Day Care (borrower affiliate)	9,000	34.9%	9/30/2029	Borough Adult Day Care, Inc	7,654	29.7%	8/31/2031	New Milestone, INC	3,000	11.6%	7/31/2027	DSM Design Group LLC (borrower affiliate)	2,650	10.3%	12/31/2024	Atria Builders, LLC	1,600	6.2%	12/31/2024	5/23/2024	NAP	5/23/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
17.02	Property		1	42-34 Saull Street	0.6%	27.9%					42-34 Saull Street	Flushing	Queens	NY	11355	Mixed Use	Multifamily/Retail	1990	NAP	32	Units		5,225,000	5,225,000	5,225,000																											1,253,029	688,161	564,868	3/31/2024	T-12	1,240,064	710,223	529,841	12/31/2023	T-12	1,206,703	689,340	517,363	12/31/2022	T-12	95.0%	1,239,746	745,148	494,598	15,661	13,860	465,076					8,600,000	As Is	5/21/2024			100.0%	7/11/2024	No	Happy City Adult Day Care Center	12,143	85.9%	4/30/2030	NEW MILESTONE INC.	2,000	14.1%	11/30/2029	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	5/23/2024	NAP	5/23/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
18	Loan		1	Shops at Abilene	1.6%	100.0%	MSBNA	MSMCH	NAP	NAP	3517 Catclaw Drive	Abilene	Taylor	TX	79606	Retail	Anchored	2004	NAP	175,581	SF	81.16	14,250,000	14,250,000	14,250,000	6.90000%	0.017550%	6.882450%	NAP	83,075.52	NAP	996,906.24	Interest Only	No	Actual/360	60	60	60	60	0	0	7/26/2024	0	1	9/1/2024	NAP	8/1/2029	NAP	5	5	L(24),D(29),O(7)	2,747,364	1,047,534	1,699,830	12/31/2023	T-12	2,902,121	1,114,138	1,787,983	12/31/2022	T-12	NAV	NAV	NAV	NAV	NAV	86.6%	2,827,878	987,407	1,840,471	26,337	140,499	1,673,635	1.85	1.68	12.9%	11.7%	23,600,000	As Is	6/5/2024	60.4%	60.4%	87.4%	5/31/2024	No	Ross Dress For Less	30,187	17.2%	1/31/2030	TJ Maxx	27,600	15.7%	11/30/2026	Michaels	21,332	12.1%	2/28/2029	PetSmart	19,107	10.9%	1/31/2035	Old Navy	14,806	8.4%	5/31/2027	5/17/2024	NAP	5/17/2024	NAP	NAP	Yes - AE	Fee	NAP	NAP	NAP	NAP	336,352	42,044	0	Springing	0	2,195	105,349	0	14,632	500,000	0	0	0	75,563	235,000	0	PetSmart TI Obligations Reserve ($100,000); Bath & Body Works TI Obligations Reserve ($100,000); Shoe Carnival Gap Rent Reserve ($35,000)	0	0	NAP	Springing	Springing	Yes	No	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	William R. Wilson, III and Kyle D. Miller	William R. Wilson, III and Kyle D. Miller	No	No	Acquisition														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
19	Loan	9	1	Katonah Self Storage	1.5%	100.0%	JPMCB	JPMCB	NAP	NAP	341 Railroad Avenue	Bedford Hills	Westchester	NY	10507	Self Storage	Self Storage	2002; 2005; 2009	NAP	104,708	SF	133.71	14,000,000	14,000,000	14,000,000	6.75000%	0.016300%	6.733700%	NAP	79,843.75	NAP	958,125.00	Interest Only	No	Actual/360	60	60	60	60	0	0	8/1/2024	0	5	9/5/2024	NAP	8/5/2029	NAP	0	0	L(24),D(30),O(6)	3,661,797	1,781,203	1,880,593	3/31/2024	T-12	3,652,207	1,779,986	1,872,221	12/31/2023	T-12	3,310,739	1,573,932	1,736,806	12/31/2022	T-12	94.3%	3,869,770	1,816,506	2,053,263	20,942	0	2,032,322	2.14	2.12	14.7%	14.5%	35,100,000	As Is	6/4/2024	39.9%	39.9%	93.8%	3/31/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	6/6/2024	NAP	6/6/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	103,496	14,779	4,805	4,805	2,129	2,129	76,661	0	0	0	103,089	0	0	0	0	0	NAP	0	0	NAP	Hard	Springing	Yes	No	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Collectors Car Garage Group, LLC	John M. Belniak and James H. Machinist	No	No	Refinance														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
20	Loan	20	1	The Village Tulare	1.5%	100.0%	MSBNA	MSMCH	NAP	NAP	621 Prosperity Avenue, 795 East Prosperity Avenue and 1203 North Cherry Street	Tulare	Tulare	CA	93274	Retail	Anchored	1971; 1986	2000	164,766	SF	81.93	13,500,000	13,500,000	13,500,000	7.02000%	0.017550%	7.002450%	NAP	80,071.88	NAP	960,862.56	Interest Only	No	Actual/360	60	58	60	58	0	0	6/6/2024	2	6	7/6/2024	NAP	6/6/2029	NAP	0	0	L(26),D(27),O(7)	1,991,211	621,421	1,369,790	12/31/2023	T-12	2,150,521	530,297	1,620,224	12/31/2022	T-12	2,039,402	529,383	1,510,019	12/31/2021	T-12	87.3%	2,225,982	783,908	1,442,074	24,715	153,019	1,264,340	1.50	1.32	10.7%	9.4%	21,700,000	As Is	3/20/2024	62.2%	62.2%	91.0%	3/15/2024	No	Vallarta Supermarkets	50,500	30.6%	12/31/2027	Serrano's Furniture Gallery	23,200	14.1%	12/31/2027	Planet Fitness	20,100	12.2%	11/30/2031	Altura Centers for Health	15,490	9.4%	14,060 SF (10/31/2036); 1,430 SF (6/30/2028)	Denny's	4,300	2.6%	11/30/2027	4/2/2024	NAP	4/2/2024	4/2/2024	8%	No	Fee	NAP	NAP	NAP	NAP	0	Springing	7,417	7,417	60,000	Springing	50,000	150,000	17,163	411,915	0	0	0	17,875	1,487,760	Springing	Combined TI/LC & CapEx Reserve (Upfront: $1,472,125); Unfunded Obligations Reserve (Upfront: $15,635.40); Critical Tenant Reserve (Monthly: Springing)	0	0	NAP	Hard	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Christopher D. Shane	Christopher D. Shane	No	Yes	Acquisition														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
21	Loan		2	Townwood and Windmill Apartments	1.4%		WFB	WFB	NAP	NAP	Various	Savannah	Chatham	GA	31419	Multifamily	Garden	Various	2024	162	Units	79,629.63	12,900,000	12,900,000	12,900,000	7.08400%	0.047550%	7.036450%	NAP	77,210.68	NAP	926,528.16	Interest Only	No	Actual/360	60	59	60	59	0	0	7/9/2024	1	11	8/11/2024	NAP	7/11/2029	NAP	0	0	L(25),D(28),O(7)	1,813,673	808,611	1,005,062	5/31/2024	T-12	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	92.4%	2,233,394	786,181	1,447,213	48,600	0	1,398,613	1.56	1.51	11.2%	10.8%	19,950,000	As Is	5/28/2024	64.7%	64.7%	92.6%	6/13/2024																																	47,298	15,766	61,080	7,635	500,000	4,050	0	0	0	0	0	0	0	0	154,200	0	Existing Restoration Reserve	0	0	NAP	Springing	Springing	Yes	No	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Samantha Wells and David Iglewicz	Samantha Wells and David Iglewicz	No	No	Refinance														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
21.01	Property		1	Windmill Apartments	0.9%	66.1%					6 Talina Lane and 0 Holland Road	Savannah	Chatham	GA	31419	Multifamily	Garden	1986	2024	104	Units		8,525,000	8,525,000	8,525,000																											1,194,708	563,863	630,846	5/31/2024	T-12	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	93.1%	1,466,009	543,021	922,988	31,200	0	891,788					13,250,000	As Is	5/28/2024			93.3%	6/13/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	5/31/2024	NAP	5/31/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
21.02	Property		1	Townwood Apartments	0.5%	33.9%					920 Mohawk Street	Savannah	Chatham	GA	31419	Multifamily	Garden	1984	2024	58	Units		4,375,000	4,375,000	4,375,000																											618,964	244,748	374,216	5/31/2024	T-12	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	91.1%	767,385	243,160	524,225	17,400	0	506,825					6,700,000	As Is	5/28/2024			91.4%	6/13/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	5/31/2024	NAP	5/31/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP																																																																	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
22	Loan		1	401 South La Brea	1.4%	100.0%	WFB	WFB	NAP	NAP	415 South La Brea Avenue	Los Angeles	Los Angeles	CA	90036	Retail	Single Tenant	2014	NAP	42,157	SF	292.95	12,350,000	12,350,000	12,350,000	6.95000%	0.017550%	6.932450%	NAP	72,520.52	NAP	870,246.24	Interest Only	No	Actual/360	60	60	60	60	0	0	8/6/2024	0	11	9/11/2024	NAP	8/11/2029	NAP	0	0	L(24),D(32),O(4)	1,619,644	355,169	1,264,475	5/31/2024	T-12	1,613,879	336,219	1,277,660	12/31/2023	T-12	1,610,208	317,970	1,292,238	12/31/2022	T-12	95.0%	1,626,694	349,915	1,276,779	6,324	84,314	1,186,141	1.47	1.36	10.3%	9.6%	28,000,000	As Is	6/11/2024	44.1%	44.1%	100.0%	8/11/2024	Yes	Target Corporation	42,157	100.0%	2/9/2029	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	6/20/2024	NAP	6/20/2024	6/20/2024	11%	No	Fee	NAP	NAP	NAP	NAP	87,090	17,418	0	Springing	0	351	12,636	0	7,026	252,936	0	0	0	0	0	Springing	Major Tenant Reserve	0	0	NAP	Soft	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	SKR Holdings, LLC	SKR Holdings, LLC	No	No	Refinance														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
23	Loan		1	Winterpock Crossing Shopping Center	1.4%	100.0%	WFB	WFB	NAP	NAP	6601, 6701, 6758 and 6801 Lake Harbour Drive	Midlothian	Chesterfield	VA	23112	Retail	Anchored	1999	2007	122,956	SF	100.04	12,300,000	12,300,000	12,300,000	7.07000%	0.055050%	7.014950%	NAP	73,473.99	NAP	881,687.88	Interest Only	No	Actual/360	60	60	60	60	0	0	7/22/2024	0	11	9/11/2024	NAP	8/11/2029	NAP	0	0	L(24),D(32),O(4)	1,816,550	400,482	1,416,068	3/31/2024	T-12	1,823,598	434,844	1,388,754	12/31/2023	T-12	1,816,764	504,388	1,312,376	12/31/2022	T-12	92.9%	1,886,984	443,224	1,443,760	51,642	16,699	1,375,419	1.64	1.56	11.7%	11.2%	18,300,000	As Is	5/18/2024	67.2%	67.2%	95.3%	7/1/2024	No	Children's Museum of Richmond	26,060	21.2%	12/31/2025	Ferguson Enterprises, Inc.	25,892	21.1%	5/31/2027	Tractor Supply Co	20,614	16.8%	9/30/2034	Dollar Tree Stores, Inc.	10,000	8.1%	2/28/2027	Goodyear Tire & Rubber Company	5,200	4.2%	3/31/2026	5/16/2024	NAP	5/21/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	35,658	11,886	6,284	3,142	288,000	1,025	0	300,000	6,250	0	0	0	0	0	0	0	NAP	0	0	NAP	Soft	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Roger A. Glover, III	Roger A. Glover, III	No	No	Refinance														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
24	Loan		1	Northpointe Shopping Center	1.1%	100.0%	MSBNA	MSMCH	NAP	NAP	45030-45250 Northpointe Boulevard	Utica	Macomb	MI	48315	Retail	Anchored	1990	2004	176,918	SF	56.52	10,000,000	10,000,000	10,000,000	7.04000%	0.075050%	6.964950%	NAP	59,481.48	NAP	713,777.76	Interest Only	No	Actual/360	60	59	60	59	0	0	6/17/2024	1	1	8/1/2024	NAP	7/1/2029	NAP	0	5	L(25),D(30),O(5)	1,985,081	678,211	1,306,870	12/31/2023	T-12	1,967,631	647,603	1,320,028	12/31/2022	T-12	1,892,500	617,942	1,274,558	12/31/2021	T-12	95.0%	1,933,099	664,313	1,268,786	26,538	91,450	1,150,798	1.78	1.61	12.7%	11.5%	15,500,000	As Is	5/2/2024	64.5%	64.5%	100.0%	4/23/2024	No	Going Going Gone by Dick's Clothing & Sporting Goods	59,850	33.8%	1/31/2029	The Salvation Army	49,248	27.8%	1/31/2029	PetSmart	31,974	18.1%	3/31/2027	Ollie's Bargain Outlet	29,946	16.9%	5/31/2026	US Mattress	3,813	2.2%	5/31/2031	5/6/2024	NAP	5/6/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	288,340	28,834	0	Springing	280,000	2,212	0	0	16,955	610,367	0	0	0	40,000	0	0	NAP	0	0	NAP	Springing	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Gregg Orley and David W. Schostak	Gregg Orley and David W. Schostak	No	No	Recapitalization														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
25	Loan		1	Harmon Business Park	0.8%	100.0%	MSBNA	MSMCH	Group 1	NAP	13031-13045 Harmon Road	Fort Worth	Tarrant	TX	76177	Industrial	Manufacturing	2020-2022	NAP	82,255	SF	87.90	7,230,000	7,230,000	7,230,000	6.95200%	0.017550%	6.934450%	NAP	42,467.55	NAP	509,610.60	Interest Only	No	Actual/360	60	60	60	60	0	0	7/19/2024	0	1	9/1/2024	NAP	8/1/2029	NAP	5	5	L(24),D(31),O(5)	987,219	154,223	832,995	4/30/2024	T-12	976,215	187,738	788,477	12/31/2023	T-12	376,219	49,985	326,235	12/31/2022	T-12	95.0%	1,042,290	253,564	788,726	8,226	48,093	732,407	1.55	1.44	10.9%	10.1%	12,100,000	As Is	5/23/2024	59.8%	59.8%	100.0%	7/9/2024	No	CB Adventure Supply	13,700	16.7%	7/31/2027	Trinity All Stars	12,000	14.6%	6/30/2028	Excellence Auto Collision	7,200	8.8%	11/30/2024	Encounter Arts Academy	4,800	5.8%	5/31/2027	Top Notch Transmissions	4,460	5.4%	12/31/2026	5/30/2024	NAP	5/30/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	59,182	7,398	6,413	6,413	0	686	0	150,000	Springing	150,000	0	0	0	1,125	0	0	NAP	0	0	NAP	Hard	Springing	Yes	No	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	William M. Bennett and Matt Goebel	William M. Bennett and Matt Goebel	No	No	Acquisition														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
26	Loan	24	1	120 West 79th Street	0.6%	100.0%	JPMCB	JPMCB	NAP	NAP	120 West 79th Street	Chicago	Cook	IL	60620	Retail	Anchored	1986	NAP	68,200	SF	86.36	5,890,000	5,890,000	5,890,000	7.27000%	0.016300%	7.253700%	NAP	36,179.19	NAP	434,150.28	Interest Only	No	Actual/360	60	60	60	60	0	0	7/11/2024	0	5	9/5/2024	NAP	8/5/2029	NAP	0	0	L(24),D(30),O(6)	1,189,075	437,670	751,405	12/31/2023	T-12	1,145,035	431,410	713,625	12/31/2022	T-12	NAV	NAV	NAV	NAV	NAV	95.0%	1,345,390	470,141	875,249	10,230	46,461	818,558	2.02	1.89	14.9%	13.9%	9,400,000	As Is	5/2/2024	62.7%	62.7%	100.0%	2/1/2024	No	Forman Mills	50,000	73.3%	5/1/2034	Family Dollar	8,800	12.9%	9/1/2027	Neighborhood Laundromat	5,200	7.6%	2/28/2029	Morrison's Soul Food	4,200	6.2%	1/31/2028	NAP	NAP	NAP	NAP	4/29/2024	NAP	4/29/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	25,826	25,826	0	Springing	32,609	Springing	51,150	217,391	Springing	341,000	0	0	0	0	0	0	NAP	0	0	NAP	Hard	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Jenel Management Corp	David Dushey	No	No	Acquisition														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
27	Loan	17	1	Stadium Walk	0.6%	100.0%	JPMCB	JPMCB	Group 1	NAP	1341 North 9th Street	Lincoln	Lancaster	NE	68508	Multifamily	Student Housing	1991	2018	238	Beds	23,109.24	5,500,000	5,500,000	5,500,000	7.60000%	0.016300%	7.583700%	NAP	35,317.13	NAP	423,805.56	Interest Only	No	Actual/360	60	60	60	60	0	0	7/31/2024	0	1	9/1/2024	NAP	8/1/2029	NAP	0	0	L(24),D(30),O(6)	1,385,567	789,429	596,138	5/31/2024	T-12	1,353,694	817,641	536,053	12/31/2023	T-12	1,222,959	834,449	388,510	12/31/2022	T-12	95.0%	1,544,978	811,624	733,354	35,700	0	697,654	1.73	1.65	13.3%	12.7%	8,020,000	As Is	4/9/2024	68.6%	68.6%	97.5%	8/5/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	4/10/2024	NAP	4/10/2024	NAP	NAP	Yes - AE	Fee	NAP	NAP	NAP	NAP	14,053	14,053	2,203	1,101	0	1,983	0	0	0	0	0	0	0	85,500	300,000	0	Unit Upgrade Reserve	0	0	NAP	Soft	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Elevate Multifamily	William M. Bennett	No	No	Refinance														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
28	Loan		1	Secure Space Storage	0.5%	100.0%	WFB	WFB	NAP	NAP	3519 North Salem Road and 3525 North Salem Road	Fayetteville	Washington	AR	72704	Self Storage	Self Storage	2005	2017	80,000	SF	62.50	5,000,000	5,000,000	5,000,000	6.94000%	0.017550%	6.922450%	NAP	29,318.29	NAP	351,819.48	Interest Only	No	Actual/360	60	59	60	59	0	0	7/10/2024	1	11	8/11/2024	NAP	7/11/2029	NAP	0	0	L(25),D(28),O(7)	932,335	236,400	695,936	5/31/2024	T-12	933,888	250,111	683,777	12/31/2023	T-12	901,186	262,135	639,051	12/31/2022	T-12	83.4%	885,475	290,136	595,339	8,800	0	586,539	1.69	1.67	11.9%	11.7%	10,800,000	As Is	6/6/2024	46.3%	46.3%	82.9%	6/24/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	6/18/2024	NAP	6/18/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	0	2,570	4,678	4,678	0	734	0	0	0	0	0	0	0	0	0	0	NAP	0	0	NAP	Springing	Springing	Yes	No	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Henry K Jordan, Jr.	Henry K Jordan, Jr.	No	No	Refinance														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
29	Loan	F	1	Muegge Manor MHC	0.5%	100.0%	MSBNA	MSMCH	NAP	NAP	38 Vista Drive	Saint Charles	Saint Charles	MO	63303	Manufactured Housing	Manufactured Housing	1966	NAP	67	Pads	63,432.84	4,250,000	4,250,000	4,250,000	6.00000%	0.017550%	5.982450%	NAP	21,545.14	NAP	258,541.68	Interest Only	No	Actual/360	60	60	60	60	0	0	7/10/2024	0	1	9/1/2024	NAP	8/1/2029	NAP	5	5	L(23),YM1(32),O(5)	389,085	66,116	322,969	4/30/2024	T-12	369,342	63,991	305,351	12/31/2023	T-12	311,496	48,214	263,282	9/30/2022	T-12	95.0%	428,437	63,729	364,708	3,350	0	361,358	1.41	1.40	8.6%	8.5%	6,290,000	As Is	5/30/2024	67.6%	67.6%	98.5%	6/11/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	6/5/2024	NAP	6/5/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	15,254	1,907	2,850	475	0	279	0	0	0	0	0	0	0	27,772	0	0	NAP	0	0	NAP	Springing	Springing	Yes	No	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Bethlehem Communities	Iysam Atuan and Mark Holcombe	No	No	Refinance														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
30	Loan	21	1	Mission Trace II	0.4%	100.0%	MSBNA	MSMCH	NAP	NAP	3355 South Wadsworth Boulevard	Lakewood	Jefferson	CO	80227	Retail	Unanchored	1983-1987	NAP	44,142	SF	90.62	4,000,000	4,000,000	4,000,000	6.98000%	0.017550%	6.962450%	NAP	23,589.81	NAP	283,077.72	Interest Only	No	Actual/360	60	60	60	60	0	0	7/8/2024	0	5	9/5/2024	NAP	8/5/2029	NAP	0	0	L(24),D(32),O(4)	941,722	369,181	572,541	4/30/2024	T-12	910,420	392,463	517,957	12/31/2023	T-12	884,764	380,862	503,902	12/31/2022	T-12	93.6%	1,002,663	386,071	616,593	8,193	50,043	558,357	2.18	1.97	15.4%	14.0%	7,500,000	As Is	5/24/2024	53.3%	53.3%	93.9%	6/1/2024	No	Colpar Hobbies, Inc.	4,640	10.5%	6/30/2025	Day At A Time	3,616	8.2%	12/31/2032	Vapergate, LLC	3,273	7.4%	10/31/2027	Namaste Restaurant	3,062	6.9%	4/30/2026	The Rusty Bucket	2,945	6.7%	8/31/2029	6/17/2024	NAP	6/17/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	0	10,550	0	Springing	0	700	8,193	0	9,207	110,480	0	0	0	2,250	58,122	0	Nancy & Jonathan Martinez 10N Salon Reserve	0	0	NAP	Hard	Springing	Yes	No	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Time Equities	TEI LLC	No	No	Refinance														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
31	Loan	G	1	Fairgrove MHC	0.4%	100.0%	MSBNA	MSMCH	NAP	NAP	125 Capital Loop	Reidsville	Rockingham	NC	27320	Manufactured Housing	Manufactured Housing	1983	NAP	96	Pads	36,822.92	3,535,000	3,535,000	3,535,000	6.10000%	0.017550%	6.082450%	NAP	18,219.16	NAP	218,629.92	Interest Only	No	Actual/360	60	59	60	59	0	0	6/27/2024	1	1	8/1/2024	NAP	7/1/2029	NAP	5	5	L(23),YM1(30),O(7)	367,242	81,710	285,533	4/30/2024	T-12	348,398	80,808	267,589	12/31/2023	T-12	303,637	85,478	218,159	12/31/2022	T-12	87.5%	415,492	92,141	323,351	4,800	0	318,551	1.48	1.46	9.1%	9.0%	5,540,000	As Is	5/30/2024	63.8%	63.8%	88.5%	6/15/2024	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	4/11/2024	NAP	4/11/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	4,141	518	1,209	604	0	400	0	0	0	0	0	0	0	146,417	0	0	NAP	0	0	NAP	Springing	Springing	Yes	No	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	The Foundry Companies, LLC	Christian P. Cronin	No	No	Acquisition														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
32	Loan		1	34 Avenue A	0.4%	100.0%	MSBNA	MSMCH	NAP	NAP	34 Avenue A	New York	New York	NY	10009	Mixed Use	Multifamily/Retail/Office	1900	2022	3,450	SF	971.01	3,350,000	3,350,000	3,350,000	6.70000%	0.017550%	6.682450%	NAP	18,963.95	NAP	227,567.40	Interest Only	No	Actual/360	60	60	60	60	0	0	7/31/2024	0	1	9/1/2024	NAP	8/1/2029	NAP	5	5	L(24),D(32),O(4)	447,589	82,461	365,128	4/30/2024	T-12	462,288	55,943	406,345	12/31/2023	T-12	NAV	NAV	NAV	NAV	NAV	95.0%	458,632	98,598	360,034	2,629	6,900	350,505	1.58	1.54	10.7%	10.5%	5,500,000	As Is	5/9/2024	60.9%	60.9%	100.0%	5/1/2024	No	Ruff Club	1,750	50.7%	10/30/2027	Island Hill Construction	1,700	49.3%	4/1/2029	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	5/17/2024	NAP	5/17/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	2,275	2,275	1,277	1,277	0	219	5,257	0	575	13,800	0	0	0	0	0	0	NAP	0	0	NAP	Springing	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Chun Y. Lee and Sylvia L. Hung	Chun Y. Lee and Sylvia L. Hung	No	No	Acquisition														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP
33	Loan	25	1	1305 Kings Highway	0.3%	100.0%	MSBNA	MSMCH	NAP	NAP	1305 Kings Highway	Brooklyn	Kings	NY	11229	Mixed Use	Retail/Office	1975	1996; 2019	9,979	SF	308.65	3,080,000	3,080,000	3,080,000	6.86000%	0.017550%	6.842450%	NAP	17,851.88	NAP	214,222.56	Interest Only	No	Actual/360	60	60	60	60	0	0	7/3/2024	0	1	9/1/2024	NAP	8/1/2029	NAP	5	5	L(24),D(32),O(4)	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	NAV	95.0%	516,047	129,106	386,941	2,994	20,218	363,729	1.81	1.70	12.6%	11.8%	5,000,000	As Is	5/8/2024	61.6%	61.6%	100.0%	6/12/2024	No	Manhattan Optometry & Ophthalmic Dispensing PLLC	6,000	60.1%	5/31/2039	CityMD	3,979	39.9%	10/31/2025	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	5/30/2024	NAP	5/30/2024	NAP	NAP	No	Fee	NAP	NAP	NAP	NAP	3,692	3,692	2,049	1,025	0	258	37,122	0	1,746	41,912	0	0	0	27,500	0	Springing	Letter of Credit Reserve	0	0	NAP	Springing	Springing	Yes	Yes	No	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	No	NAP	Arthur Vayner, Leonid Vayner and Dmitry Vayner	Arthur Vayner, Leonid Vayner and Dmitry Vayner	No	No	Acquisition														NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP	NAP

 

	BANK5 2024-5YR9
	Footnotes to Annex A-1
(1)	JPMCB—JPMorgan Chase Bank, National Association; MSBNA—Morgan Stanley Bank, N.A.; MSMCH—Morgan Stanley Mortgage Capital Holdings LLC; WFB—Wells Fargo Bank, National Association.
(2)	Certain tenants may not be in occupancy or may be in free rent periods. See "Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Other” in this prospectus for information regarding the 5 largest tenants at mortgaged properties securing the 15 largest Mortgage Loans and tenants that occupy 50% or more of the net rentable area at their respective mortgaged properties which are not in occupancy or are in free rent periods.
(3)	The Administrative Fee Rate includes the master servicing fee rate, operating advisor fee rate, certificate administrator/trustee fee rate, asset representations reviewer fee rate, primary or sub-servicing servicing fee rate, CREFC® license fee rate and, with respect to any non-serviced Mortgage Loan, pari passu loan primary servicing fee rate, in each case applicable to the related Mortgage Loan.
(4)	Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease. See "Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Terminations” for information regarding certain lease termination options affecting the 5 largest tenants at mortgaged properties securing the 15 largest Mortgage Loans and tenants that occupy 50% or more of the net rentable area at their respective mortgaged properties.
(5)	With respect to Mortgage Loan No. 1, The Piazza, the Mortgaged Property is in the process of converting 20,951 square feet of commercial space into 16 residential units, which are master leased to an affiliate of the borrowers. Upon completion of such conversion, there will be 332 residential units. The Underwritten Occupancy % assumes that such conversion has been completed and that the related units are occupied.
(6)	With respect to Mortgage Loan No. 1, The Piazza, the Mortgaged Property includes 332 residential units covering 306,577 square feet and commercial space covering 28,715 square feet.
(7)	With respect to Mortgage Loan No. 8, Culver Steps, the Mortgaged Property is a mixed use property with 79,369 square feet of office space (65.2% of NRA) and 42,367 square feet of retail space (34.8% of NRA).
(8)	With respect to Mortgage Loan No. 17, Marx Development NY Residential Portfolio, the Mortgaged Property is a mixed use property with 98 multifamily units and 39,947 SF of commercial space. The Unit of Measure represents the 98 multifamily units.
(9)	With respect to Mortgage Loan No. 19, Katonah Self Storage, the Mortgaged Property is operated as a self storage property containing a mix of storage and storage related spaces, including approximately 48.9% of the net rentable area allocable to traditional self storage units, wine storage cabinets, and a customer clubhouse and approximately 51.1% of the net rentable area devoted to the storage of luxury vehicles.
(10)	With respect to Mortgage Loan No. 1, The Piazza, Mortgage Loan No. 2, Baybrook Mall, Mortgage Loan No. 4, BioMed 2024 Portfolio 2, Mortgage Loan No. 5, 640 5th Avenue, Mortgage Loan No. 7, Bronx Terminal Market, Mortgage Loan No. 8, Culver Steps, Mortgage Loan No. 11, Showcase I, and Mortgage Loan No. 14, Cummins Station, each such Mortgage Loan is part of a whole loan related to the issuing entity. For purposes of the statistical information set forth in this prospectus as to such Mortgage Loans, all LTV, DSCR, Debt Yield and Loan Per Unit ($) calculations are in each case based on the subject Mortgage Loan together with any related pari passu companion loan, but (unless otherwise indicated) without regard to any related subordinate companion loan(s). For further information, see “Description of the Mortgage Pool—The Whole Loans—General”, “—The Serviced Pari Passu Whole Loans”, “—The Non-Serviced Pari Passu Whole Loans”, and “Pooling and Servicing Agreement” or “Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans,” as applicable, in this prospectus.
(11)	With respect to Mortgage Loan No. 4, BioMed 2024 Portfolio 2, the Interest Rate % represents the weighted average of component A and component B of the whole loan, which components are comprised of, collectively, Note A-1, Note A-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 and Note A-8. See the definition of “Weighted Average Interest Rate” set forth under “Description of the Mortgage Pool—Definitions” in the prospectus.
(12)	With respect to Mortgage Loan No. 5, 640 5th Avenue, the 640 5th Avenue Whole Loan and the 640 5th Avenue Mezzanine Loan each have fixed amortization for their entire 60-month loan terms. With respect to the 640 5th Avenue Whole Loan, the borrower is required to make payments on each monthly payment date, as follows: (x) principal in the amount of $437,500 and (y) the monthly interest payment. With respect to the 640 5th Avenue Mezzanine Loan, the mezzanine borrower is required to make payments on each monthly payment date as follows: (x) principal in the amount of approximately $145,833 and (y) the monthly interest payment.

 

(13)	With respect to Mortgage Loan No. 3, Potomac Tower, and Mortgage Loan No. 12, Northville Village Shopping Center Phase I, under the terms of the related Mortgage Loan documents, the First Payment Date is the payment date in October 2024, and the Original Term to Maturity or ARD (mos.), Remaining Term to Maturity or ARD (mos.), Original IO Period (mos.), or Remaining IO Period (mos.), as applicable, is 60 months. However, the related mortgage loan seller will contribute an initial interest deposit amount to the issuing entity on the Closing Date to cover an amount that represents one month’s interest that would have accrued with respect to the Mortgage Loan at the related interest rate with respect to a September 2024 payment date, and, therefore, such Mortgage Loan is being treated as having a First Payment Date on the due date in September 2024, a L(#) of (i) with respect to Mortgage Loan No. 3, Potomac Tower, 25 months and (ii) with respect to Mortgage Loan No. 12, Northville Village Shopping Center Phase I, 24 months, and an Original Term to Maturity or ARD (mos.), Remaining Term to Maturity or ARD (mos.), Original IO Period (mos.), or Remaining IO Period (mos.), as applicable, of 61 months.
(14)	With respect to Mortgage Loan No. 12, Northville Village Shopping Center Phase I, no more than once in any twelve month period, the borrower will have a grace period of five days following notice to the lender that any monthly debt service payment amount is due.
(15)	With respect to Mortgage Loan No. 2, Baybrook Mall, the related loan documents permit one or more outparcel or other releases or substitutions without prepayment or defeasance. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases; Property Additions” in this prospectus.
(16)	With respect to Mortgage Loan No. 1, The Piazza, the borrowers and an affiliate of the borrowers, Place Hospitality LLC, entered into two separate commercial leases at the Mortgaged Property, representing approximately 28.0% of the net rentable area for the commercial portion of the Mortgaged Property and 2.4% of the total net rentable area at the Mortgaged Property (multifamily and commercial).
(17)	With respect to Mortgage Loan No. 27, Stadium Walk, underwriting is based on the August 2024 pre-leased rent roll for the 2024-2025 academic year.
(18)	With respect to Mortgage Loan No. 1, The Piazza, the appraised value of $167,000,000 represents the “Hypothetical As If Stabilized” value of $167,000,000 which is based on the hypothetical assumptions that (i) leases for three vacant retail spaces are signed and (ii) the conversion of the former WeWork space at the Mortgaged Property into 16 residential units has been completed. In addition, in determining the value of the Mortgaged Property, the appraiser used the extraordinary assumptions that (i) one of the borrower affiliated leases at the Mortgaged Property, for space that is intended to be operated by such borrower affiliate, is leased at market rent and (ii) two draft leases with unaffiliated tenants are signed on the same terms outlined in the drafts provided to the appraiser. The borrowers were required at loan origination to deposit $3,330,271 into an unfunded obligations reserve, $730,806 into a gap rent reserve related to the three retail leases, and $2,400,000 into a coworking space conversion obligations reserve related to the remaining work at the WeWork space. Based on the “as-is” appraised value of $155,800,000, The Piazza Whole Loan results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 69.7% and The Piazza Total Debt results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 81.5%.
(19)	With respect to Mortgage Loan No. 2, Baybrook Mall, the Appraised Value ($) is the market value “as is” with escrow reserve, which assumes that $2,659,260.33 will be reserved for tenant improvements. The market value “as is” Appraised Value without the reserve is $390,000,000, which results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 56.4% and 53.4%, respectively, and an appraised value per SF of $720.91. Since the date of the appraisal, some of the outstanding tenant improvements have been paid. At origination, the outstanding tenant improvements of approximately $1,984,194 were guaranteed by the guarantor under the Guaranty of Limited Payment in lieu of a reserve.
(20)	With respect to Mortgage Loan No. 20, The Village Tulare, the Appraised Value ($) assumes that $1,700,000 will be reserved for capital expenditures and tenant improvements and leasing commissions. The “as is” Appraised Value without the reserve is $20,000,000, which results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 67.5% and 67.5% respectively. At origination, $1,472,125 was reserved for such obligations.
(21)	With respect to Mortgage Loan No. 30, Mission Trace II, the Appraised Value ($) assumes that tenant improvements will be reserved for. The “as is” Appraised Value without the reserve is $7,425,000 which results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 53.9% and 53.9% respectively. At origination, $34,541 was reserved for tenant improvements for one tenant.
(22)	With respect to Mortgage Loan No. 17, Marx Development NY Residential Portfolio, four commercial tenants (6,150 square feet), representing 15.4% of the commercial net rentable square feet, are owned by an affiliate of the borrower.
(23)	With respect to Mortgage Loan No. 3, Potomac Tower, the largest tenant, Venture Global (representing approximately 39.2% of the net rentable area at the Mortgaged Property), is the Sponsor.
(24)	With respect to Mortgage Loan No. 26, 120 West 79th Street, the largest tenant, Forman Mills, is an affiliate of the Sponsor.

 

(25)	With respect to Mortgage Loan No. 33, 1305 Kings Highway, the largest tenant, Manhattan Optometry & Ophthalmic Dispensing PLLC, is an affiliate of the borrower.
(26)	With respect to Mortgage Loan No. 11, Showcase I, the second largest tenant, M&M World, recently executed a lease renewal in connection with a potential renovation of the M&M World space with a renewal rent of $4,000,000 per year, which renewal rent is scheduled to commence upon the earlier to occur of (i) the delivery of the renovated M&M World space to M&M World and (ii) September 1, 2025. The underwritten rent for M&M World is based on the renewal rent amount of $4,000,000 per year.
(27)	With respect to Mortgage Loan No. 5, 640 5th Avenue, a prior owner of the Mortgaged Property ground leased the Mortgaged Property to the owner of the property located at 650 5th Avenue (the “Air Rights Tenant”), who subleased the Mortgaged Property (other than development rights relating to the West 52nd Street building, which was retained by the Air Rights Tenant) back to such prior owner of the Mortgaged Property, solely for the purpose of satisfying certain zoning requirements in connection with the transfer of such development rights to the Air Rights Tenant. See “Description of the Mortgage Pool—Mortgage Pool Characteristics—Fee & Leasehold Estates; Ground Leases” in the prospectus.
(28)	With respect to Mortgage Loan No. 7, Bronx Terminal Market, commencing August 2024 and every 5 years thereafter, the borrower is required to pay ground rent equal to the greater of (i) 105% of the immediately preceding Adjusted Base Amount ($394,961) or (ii) 5.0% of Gross Revenues (defined as all rent received from subtenants minus (a) a management fee in the amount of 3% of rent from subtenants received by tenants and (b) aggregate compensation and associated costs and expenses for 2 on-site personnel engaged in the operation of the Mortgaged Property). As part of Target's lease, the tenant paid an upfront buydown of $46,394,000. Gross revenues utilized to calculate percent ground rent include an amortized imputed annual gross revenue amount from the tenant's buydown, calculated at an annual rate of 6.9% of the total buydown. The ground lease expires on September 13, 2055 and has five, 10-year renewal options.
(29)	With respect to Mortgage Loan No. 2, Baybrook Mall, at the origination date, the borrower provided a Guaranty of Limited Payment  from the Non-Recourse Carveout Guarantor in lieu of depositing approximately $1,984,194 (the "Upfront Rollover Amount") into a TI/LC reserve. The amount guaranteed under such guaranty will be reduced on a dollar-for-dollar basis by an amount equal to the aggregate amount of expenditures actually made by the borrower or its affiliates for the outstanding amounts related to the Upfront Rollover Amount or for certain other costs permitted pursuant to the Baybrook Mall Whole Loan documents.
(30)	With respect to Mortgage Loan No. 14, Cummins Station, TI/LC reserves may be used for general TI/LCs and existing TI/LCs totaling $2,115,000 with respect to the Vidorra Restaurant space (9,400 square feet of net rentable area).
(31)	With respect to Mortgage Loan No. 3, Potomac Tower, the borrower is required to deposit into a TI/LC reserve any termination fees or other payments received by the borrower in connection with the termination of any lease at the Mortgaged Property in excess of $250,000.
(32)	With respect to Mortgage Loan No. 12, Northville Village Shopping Center Phase I, the TI/LC Cap will decrease from $750,000 to $500,000 at such time as the borrower provides to the lender evidence that Barnes & Noble Superstore has renewed its lease at the Mortgaged Property.
(33)	With respect to Mortgage Loan No. 1, The Piazza, the borrowers are required to deposit, or cause to be deposited, into a lockbox account all rents received from residential tenants within two business days of receipt thereof and all non-residential tenants are required to deliver all rental amounts directly to the lockbox account.
(34)	With respect to Mortgage Loan No. 7, Bronx Terminal Market, the Whole Loan Underwritten NCF DSCR (x) is 1.07x, which is below the cash flow sweep trigger of 1.10x. However, the NCF DSCR cash flow sweep trigger event calculation is based on tenant improvements and leasing commissions of $0.35 per square foot and capital expenditures of $0.10 per square foot, which is equal to or greater than a 1.10x NCF DSCR. Therefore, the Mortgage Loan is not in a cash flow sweep at time of securitization.
(35)	With respect to Mortgage Loan No. 4, BioMed 2024 Portfolio 2, the Subordinate Companion Loan Interest Rate represents the weighted average of component C and component D of the related whole loan, which components are comprised of, collectively, Note B-1, Note B-2, Note B-3, and Note B-4. See the definition of “Weighted Average Interest Rate” set forth under “Description of the Mortgage Pool—Definitions” in the prospectus.
(36)	With respect to Mortgage Loan No. 1, The Piazza, each of the Mezzanine Debt Interest Rate (%), Total Debt Monthly Debt Service ($) and Total Debt Underwritten NCF DSCR (x) is calculated including the base interest rate of the mezzanine debt of 10.0% per annum (the “Base Pay Rate”), but exclusive of the 2.5000% per annum deferred interest rate (the “Deferred Pay Rate”). To the extent amounts remain on deposit in the cash management account after payment of monthly interest based on the Base Pay Rate and the required waterfall in accordance with the related cash management agreement, the mezzanine borrower is required to make deferred interest payments based on the Deferred Pay Rate (x) first, for the current interest accrual period and (y) second, accrued and capitalized into the outstanding principal amount during prior interest accrual periods. To the extent insufficient amounts remain on deposit in the cash management account, deferred interest payments based on the Deferred Pay Rate are required to be added to the principal of the mezzanine debt.

 

A.	With respect to Mortgage Loan No. 1, The Piazza, “Yield Maintenance Premium” means, with respect to any repayment of the outstanding principal balance of the Mortgage Loan, an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the portion of the Mortgage Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest under the notes to be made with respect to the portion of the Mortgage Loan under the notes assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Mortgage Loan being prepaid is paid on the Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid. “Prepayment Rate” means the bond equivalent yield (in the secondary market) on the United States Treasury Security that as of the date which is five (5) business days prior to the date that such prepayment shall be applied has a remaining term to maturity closest to, but not exceeding, the remaining term to the Maturity Date as most recently published in “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide as Lender may reasonably select.
B.	With respect to Mortgage Loan No. 3, Potomac Tower, “Yield Maintenance Premium” means, with respect to any repayment of the outstanding principal balance of the Mortgage Loan prior to the business day after the payment date which is three months prior to the related Maturity Date, an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the portion of the Mortgage Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of unpaid principal and interest under the notes to be made on or prior to the business day after the payment date which is three months prior to the related Maturity Date with respect to the portion of the Mortgage Loan under the notes assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Mortgage Loan being prepaid is paid on the business day after the payment date which is three months prior to the related Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid. “Prepayment Rate” means the bond equivalent yield (in the secondary market) on the United States Treasury Security that as of the date that is five business days prior to the date that such prepayment will be applied has a remaining term to maturity closest to, but not exceeding, the remaining term to the Maturity Date as most recently published in “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide as the Mortgage Lender may reasonably select.
C.	With respect to Mortgage Loan No. 4, BioMed 2024 Portfolio 2, “Yield Maintenance Premium” means, with respect to each Component, an amount equal to the greater of (a) one-half of one percent (0.50%) of the outstanding principal amount of such Component to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest in respect of the principal amount being prepaid under such Component assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on such Component is paid on the February 9, 2029 (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a payment date), over (ii) the principal amount being prepaid provided, with respect to any prepayment of any portion of the Whole Loan that is subject to a rated securitization and which is made after the Payment Date in January 2029 but prior to the February 9, 2029, the Yield Maintenance Premium will be zero. All Yield Maintenance Premiums payable with respect to Component A and Component B will be allocated to the notes comprising Note A on a pro rata and pari passu basis, and all Yield Maintenance Premiums payable with respect to Component C and Component D will be allocated to the notes comprising Note B on a pro rata and pari passu basis. “Prepayment Rate” means the bond equivalent yield (in the secondary market) on the United States Treasury Security, that as of the date which is five (5) business days prior to the date that such prepayment has a remaining term to maturity closest to, but not later than, the February 9, 2029 as most recently published in “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide as the lender may reasonably select. If there is no United States Treasury Security with a yield equal to the remaining term to the February 9, 2029, the Prepayment Rate will be calculated by taking the linear interpolation of the yields with maturity dates (one longer and one shorter) most nearly approximating the remaining term to February 9, 2029.

 

D.	With respect to Mortgage Loan No. 7, Bronx Terminal Market, “Yield Maintenance Premium” means an amount equal to the greater of: (i) one percent (1%) of the principal amount of the Whole Loan being prepaid and (ii) the excess, if any, of (A) the present value (determined using a discount rate equal to the Treasury Note Rate at such time) of all scheduled monthly payments of principal and interest payable in respect of the principal amount of the Whole Loan being prepaid; provided that the notes will be deemed, for purposes of this definition, to be due and payable on the Open Prepayment Commencement Date, over (B) the principal amount of the Whole Loan being prepaid. The lender’s calculation of the Yield Maintenance Premium, and all component calculations (including, without limitation, the Treasury Note Rate), will be conclusive and binding on the borrower absent manifest error. “Treasury Note Rate” means, at the time of the prepayment, as applicable, the rate of interest per annum equal to (x) the annual yield to maturity of the actively traded non-callable United States Treasury fixed interest rate security (other than any such security which can be surrendered at the option of the holder at face value in payment of federal estate tax or which was issued at a substantial discount) that has a maturity closest to (whether before, on or after) the Open Prepayment Commencement Date (or if two or more such securities have maturity dates equally close to the Open Prepayment Commencement Date, the average annual yield to maturity of all such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth (5th) Business Day preceding the prepayment date, divided by (y) twelve (12). “Open Prepayment Commencement Date” means the Monthly Payment Date that occurs three (3) months prior to the Stated Maturity Date. “Stated Maturity Date” means, subject to the loan agreement, August 6, 2029; provided, however, that, in the event the lender changes the Monthly Payment Date in accordance with the loan agreement, the Stated Maturity Date will also be deemed to have been changed such that the Stated Maturity Date and the Monthly Payment Date will occur on the same calendar day and, if requested by the lender, the borrower will be required to promptly execute an amendment to the loan agreement to evidence such change. “Monthly Payment Date” means the sixth (6th) day of every calendar month occurring during the term of the Whole Loan; provided, however, that (i) the lender has the right to change the Monthly Payment Date to any other day of a calendar month selected by the lender, in its sole and absolute discretion (including in connection with a securitization) upon reasonable prior written notice to the borrower (in which event such change will then be deemed effective), (ii) if the lender changes the Monthly Payment Date as aforesaid, the lender will be required to also adjust the Interest Period accordingly and (iii) if requested by the lender, the borrower will be required to promptly execute an amendment to the loan agreement to evidence such changes.
E.	With respect to Mortgage Loan No. 11, Showcase I, “Yield Maintenance Premium” means an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the portion of the Mortgage Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest under the note to be made with respect to the portion of the Mortgage Loan under the note assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Mortgage Loan being prepaid is paid on the Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding payment date in the event such payment is not made on a payment date), over (ii) the principal amount being prepaid. As used in this definition, the term “Prepayment Rate” means the bond equivalent yield (in the secondary market) on the United States Treasury Security that as of the date that is five business days prior to the date that such prepayment will be applied has a remaining term to maturity closest to, but not exceeding, the remaining term to the Maturity Date as most recently published in “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide as the lender may reasonably select.
F.	With respect to Mortgage Loan No. 29, Muegge Manor MHC, “Yield Maintenance Premium” means an amount equal to the greater of: (x) one percent (1%) of the principal amount of the note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the Calculated Payments (defined below) from the Prepayment Date through the Maturity Date determined by discounting such payments at the Discount Rate (defined below). As used in this definition, the term “Prepayment Date” means the date on which prepayment is made. As used in this definition, the term “Calculated Payments” means the monthly payments of interest only which would be due based on the principal amount of the note being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (1) the applicable interest rate and (2) the Yield Maintenance Treasury Rate (defined below). As used in this definition, the term “Discount Rate” means the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” means the yield calculated by the lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, the lender will select a comparable publication to determine the Yield Maintenance Treasury Rate. In no event, however, will the lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise.
G.	With respect to Mortgage Loan No. 31, Fairgrove MHC, “Yield Maintenance Premium” means an amount equal to the greater of: (x) one percent (1%) of the principal amount of the note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the Calculated Payments (defined below) from the Prepayment Date through the Maturity Date determined by discounting such payments at the Discount Rate (defined below). As used in this definition, the term “Prepayment Date” means the date on which prepayment is made. As used in this definition, the term “Calculated Payments” means the monthly payments of interest only which would be due based on the principal amount of the note being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (1) the applicable interest rate and (2) the Yield Maintenance Treasury Rate (defined below). As used in this definition, the term “Discount Rate” means the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” means the yield calculated by the lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, the lender will select a comparable publication to determine the Yield Maintenance Treasury Rate.