Barclays Commercial Mortgage Securities FWP Free writing prospectus

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-257737-12

BBCMS 2024-C24 Disclaimer

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) (SEC File No. 333-257737) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-888-603-5847 (8 a.m. – 5 p.m. EST).

Nothing in this document constitutes an offer of securities for sale in any jurisdiction where the offer or sale is not permitted. The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities. These materials are subject to change, completion, supplement or amendment from time to time.

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

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of Barclays Capital Inc., SG Americas Securities, LLC, BMO Capital Markets Corp., Deutsche Bank Securities Inc., KeyBanc Capital Markets, Inc., UBS Securities LLC, Academy Securities, Inc., Mischler Financial Group, Inc. or any of their respective affiliates, make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Sellers or which was otherwise reviewed by us.

This free writing prospectus contains certain forward-looking statements. If and when included in this free writing prospectus, the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements. Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated. Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in customer preferences, many of which are beyond our control and the control of any other person or entity related to this offering. The forward-looking statements made in this free writing prospectus are made as of the date stated on the cover. We have no obligation to update or revise any forward-looking statement.

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

The information herein is preliminary and may be supplemented or amended prior to the time of sale.

In addition, the Offered Certificates referred to in these materials and the asset pool backing them are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined, or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis.

The underwriters described in these materials may from time to time perform investment banking services for, or solicit investment banking business from, any company named in these materials. The underwriters and/or their affiliates or respective employees may from time to time have a long or short position in any security or contract discussed in these materials.

The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) any representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

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

Indicates a crossed loan

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 (%)

2, 3

6, 7

7, 14

5, 7

3, 4

21, 22, 23

Loan

1, 7, 12, 13, 19, 24

Woodfield Mall

9.7%

100.0%

BMO, Barclays, BANA

BMO, Barclays

Group A

NAP

5 Woodfield Mall

Schaumburg

Cook

60173

Retail

Super Regional Mall

1971, 1995

2015, 2016, 2018

1,064,590

247.98

67,500,000

6.335403409%

0.01840%

6.317003409%

NAP

361,315.98

NAP

4,335,791.76

Interest Only

Actual/360

120

118

120

118

11/22/2023

1/1/2024

NAP

12/1/2033

L(26),D(88),O(6)

72,418,187

35,940,556

36,477,631

10/31/2023

T-12

74,865,600

38,359,447

36,506,153

12/31/2022

T-12

73,703,131

36,473,501

37,229,630

12/31/2021

T-12

95.5%

74,931,706

32,816,238

42,115,468

195,077

864,590

41,055,801

2.48

2.42

16.0%

15.6%

694,000,000

As Is

10/27/2023

38.0%

96.1%

11/14/2023

Nordstrom

200,000

18.8%

3/2/2025

H&M

27,320

2.6%

1/31/2029

Peppa Pig World of Play

22,963

2.2%

12/31/2036

Zara

21,759

2.0%

10/31/2028

Forever 21

21,628

2.0%

1/31/2026

11/7/2023

NAP

11/7/2023

NAP

Fee

NAP

Springing

7,299,496

Outstanding TI/LC Reserve ($6,460,707), Gap Rent Reserve ($838,789.17)

NAP

Hard

Springing

Yes

67,500,000

196,500,000

1,051,830.95

1,413,146.93

30,000,000

10.01625%

294,000,000

1,667,031.04

42.4%

2.05

14.3%

NAP

Simon Property Group, L.P. and Institutional Mall Investors LLC

Simon Property Group, L.P.

Refinance

264,000,000

88,955,402

30,000,000

382,955,402

373,692,064

1,963,843

7,299,496

382,955,402

NAP

Loan

1, 2, 4, 6, 7, 12, 13, 16, 18, 30

Rhino Portfolio 3

9.4%

Barclays, BANA

Barclays

NAP

Various

1,100,563

124.62

65,000,000

6.93200%

0.01840%

6.91360%

NAP

380,698.38

NAP

4,568,380.56

Interest Only

Actual/360

120

119

120

119

12/19/2023

2/6/2024

NAP

1/6/2034

L(24),YM1(89),O(7)

17,559,556

6,798,064

10,761,492

Various

T-12

15,185,348

6,416,874

8,768,474

12/31/2022

T-12

13,199,062

6,105,582

7,093,480

12/31/2021

T-12

92.8%

22,679,232

7,590,897

15,088,334

220,888

841,335

14,026,111

1.57

1.46

11.0%

10.2%

220,113,997

Various

62.3%

94.8%

Various

404,449

201,224

Springing

18,407

61,203

2,203,325

107,625

15,581,504

Upfront TI/LC Reserve ($11,354,359.61), Free Rent Reserve ($2,414,573.70), Trader Joe's Holdback Reserve ($1,300,000), Static Insurance Reserve ($512,570.25)

1,300,000

$1,300,000 deposited into the Trader Joe's Holdback Reserve to be distributed to the borrower upon certain conditions in the loan agreement.

Soft

Springing

Yes

65,000,000

72,150,000

422,575.20

803,273.58

NAP

137,150,000

803,273.58

62.3%

1.46

11.0%

NAP

Yes

Future Mezzanine Loan

Sanjiv Chopra

Refinance

137,150,000

1,477,131

138,627,131

118,577,299

3,956,255

16,093,577

138,627,131

NAP

2.01

Property

The Summit

6.0%

64.6%

13925 South Virginia Street

Reno

Washoe

89511

Retail

Anchored

2005, 2006, 2007

NAP

391,416

41,966,825

9,479,615

2,942,597

6,537,018

9/30/2023

T-12

8,627,098

2,906,016

5,721,082

12/31/2022

T-12

7,849,263

2,845,074

5,004,189

12/31/2021

T-12

95.0%

12,646,022

3,193,861

9,452,162

58,712

563,120

8,830,330

138,713,944

As Is with Escrow

10/5/2023

96.5%

12/12/2023

Century Theatres

49,605

12.7%

5/31/2027

Dave and Busters

20,156

5.1%

1/31/2040

Old Navy

17,046

4.4%

4/30/2029

Trader Joe's

14,850

3.8%

11/14/2034

PetCo

13,486

3.4%

6/30/2034

10/12/2023

NAP

10/12/2023

Fee

NAP

2.02

Property

Blvd 2500

1.2%

12.4%

2500 Carlisle Boulevard Northeast

Albuquerque

Bernalillo

87110

Multifamily

Low Rise

1970

2020

128,922

8,056,872

3,203,674

1,598,620

1,605,054

9/30/2023

T-12

3,158,368

1,485,359

1,673,009

12/31/2022

T-12

2,170,634

1,533,798

636,836

12/31/2021

T-12

87.5%

3,343,868

1,634,090

1,709,778

75,142

4,069

1,630,567

34,218,251

As Is with Escrow

10/10/2023

92.0%

11/24/2023

NAP

10/12/2023

NAP

10/12/2023

NAP

Fee

NAP

2.03

Property

Jackson

0.7%

7.4%

1250-1355 Boardman Road

Jackson

49202

Retail

Anchored

1966

2023

138,513

4,834,123

860,609

306,967

553,642

9/30/2023

T-12

420,752

292,649

128,103

12/31/2022

T-12

143,890

305,863

(161,973)

12/31/2021

T-12

95.0%

1,817,664

594,828

1,222,836

20,777

76,165

1,125,894

14,287,158

As Is with Escrow

10/10/2023

96.7%

12/11/2023

Hobby Lobby

56,340

40.7%

5/31/2032

Planet Fitness

30,000

21.7%

7/31/2032

Burlington

21,700

15.7%

2/28/2035

Jackson Public Schools

9,540

6.9%

5/31/2034

Buckle

6,670

4.8%

1/31/2034

10/12/2023

NAP

10/12/2023

NAP

Fee

NAP

2.04

Property

Haymarket

0.7%

7.1%

4100 Merle Hay Road

Des Moines

Polk

50310

Retail

Anchored

1973

1994

229,413

4,597,156

2,447,451

1,237,738

1,209,712

9/30/2023

T-12

1,748,318

1,138,485

609,834

12/31/2022

T-12

2,230,578

1,052,495

1,178,083

12/31/2021

T-12

91.9%

2,432,978

1,164,743

1,268,235

34,412

101,526

1,132,297

13,683,212

As Is with Escrow

10/23/2023

92.6%

12/11/2023

Burlington

91,261

39.8%

6/30/2030

Hobby Lobby

67,594

29.5%

12/31/2027

Harbor Freight Tools

23,921

10.4%

12/31/2032

Famous Footwear

10,057

4.4%

11/30/2028

Kids Closet Connection

10,000

4.4%

12/31/2026

11/2/2023

NAP

11/1/2023

NAP

Fee

NAP

2.05

Property

North Aurora

0.4%

4.2%

1610-1780 Orchard Gateway Boulevard

North Aurora

Kane

60542

Retail

Shadow Anchored

2006

NAP

85,758

2,748,815

1,300,544

568,772

731,772

9/30/2023

T-12

1,230,812

594,365

636,447

12/31/2022

T-12

804,697

368,352

436,345

12/31/2021

T-12

80.8%

1,139,491

485,769

653,723

12,864

52,258

588,601

9,511,432

As Is with Escrow

10/27/2023

86.8%

12/11/2023

Michael's

21,730

25.3%

2/28/2027

Petco

15,555

18.1%

4/30/2027

Kids Empire

10,004

11.7%

8/31/2034

Dollar Tree

9,317

10.9%

8/31/2026

Hallmark

8,015

9.3%

2/29/2028

11/8/2023

NAP

11/8/2023

NAP

Fee

NAP

2.06

Property

At Home - Arlington

0.3%

3.5%

750 East Rand Road

Arlington Heights

Cook

60004

Retail

Single Tenant

1989

2022

100,501

2,274,882

267,663

143,369

124,294

8/30/2023

T-12

NAV

95.0%

1,118,427

485,743

632,684

15,075

37,688

579,921

7,800,000

As Is

10/10/2023

100.0%

12/19/2023

Yes

At Home

100,501

100.0%

6/30/2033

NAP

10/12/2023

NAP

10/12/2023

NAP

Fee

NAP

2.07

Property

Houma

0.1%

0.8%

104 Armour Drive

Houma

Terrebonne

70364

Retail

Single Tenant

1973

1997

26,040

521,327

NAV

95.0%

180,781

31,864

148,918

3,906

6,510

138,502

1,900,000

As Is

10/9/2023

100.0%

12/19/2023

Yes

Big Lots

26,040

100.0%

1/31/2028

NAP

10/12/2023

NAP

10/12/2023

NAP

Fee

NAP

Loan

1, 3, 7, 12, 13, 23, 24

Arundel Mills and Marketplace

8.6%

100.0%

WFBNA, CREFI, DBRI, SGFC

SGFC, GACC

Group A

NAP

7000 and 7600 Arundel Mills Circle

Hanover

Anne Arundel

21076

Retail

Super Regional Mall

2000, 2002, 2012

NAP

1,938,983

185.66

60,000,000

7.70100%

0.01965%

7.68135%

NAP

390,397.92

NAP

4,684,775.04

Interest Only

Actual/360

120

117

120

117

10/5/2023

12/1/2023

NAP

11/1/2033

L(27),D(87),O(6)

69,724,516

18,198,782

51,525,734

8/31/2023

T-12

69,984,212

17,233,956

52,750,256

12/31/2022

T-12

69,401,934

17,383,847

52,018,087

12/31/2021

T-12

98.1%

74,354,670

16,415,944

57,938,726

278,330

2,102,842

55,557,554

2.06

1.98

16.1%

15.4%

870,600,000

As Is

9/1/2023

41.4%

98.3%

6/15/2023

Live Casino Hotel Maryland

547,331

28.2%

7/13/2115

Bass Pro Shops Outdoor

127,672

6.6%

10/3/2026

Cinemark Theatres

107,190

5.5%

12/31/2025

Burlington

81,282

4.2%

1/31/2026

Medieval Times

66,244

3.4%

8/31/2033

9/25/2023, 9/29/2023

NAP

9/8/2023

NAP

Fee

NAP

Springing

231,942

5,566,608

4,384,369

Outstanding TI/LC Reserve ($3,796,478), Gap Rent Reserve ($587,891)

NAP

Hard

Springing

Yes

60,000,000

300,000,000

1,951,989.58

2,342,387.50

NAP

360,000,000

2,342,387.50

41.4%

1.98

16.1%

NAP

Simon Property Group, L.P.

Refinance

360,000,000

32,236,503

392,236,503

384,870,923

2,981,210

4,384,369

392,236,503

NAP

Loan

1, 4, 5, 6, 7, 12, 16, 18, 19, 23, 27, 30

RTL Retail Portfolio

8.0%

SGFC, KeyBank, Barclays, BMO

SGFC, BMO

NAP

Various

Retail

Various

3,117,102

83.41

55,333,333

6.44575%

0.01840%

6.42735%

NAP

301,348.76

NAP

3,616,185.12

Interest Only

Actual/360

120

115

120

115

8/30/2023

10/6/2023

NAP

9/6/2033

L(12),YM1(17),DorYM1(84),O(7)

49,194,589

15,499,390

33,695,199

6/30/2023

T-12

41,116,072

14,064,144

27,051,928

12/31/2022

T-12

NAV

95.0%

53,888,610

17,916,793

35,971,817

521,495

2,040,576

33,409,746

2.12

1.97

13.8%

12.8%

508,200,000

As Portfolio

7/31/2023

51.2%

95.3%

9/1/2023

4,174,654

596,379

5,240

1,310

Springing

1,027,622

10,130,356

Outstanding TI/LC Reserve ($9,576,923), Free Rent Reserve ($311,601), Gap Rent Reserve ($241,832)

NAP

Hard

Springing

Yes

55,333,333

204,666,667

1,114,627.34

1,415,976.10

NAP

260,000,000

1,415,976.10

51.2%

1.97

13.8%

NAP

Global Net Lease, Inc.

Recapitalization

260,000,000

5,051,814

16,315,372

238,632,813

260,000,000

NAP

4.01

Property

Northwoods Marketplace

0.7%

8.3%

7612 and 7620 Rivers Avenue

North Charleston

Charleston

29406

Retail

Anchored

1998

NAP

236,078

4,575,641

4,192,094

1,380,406

2,811,688

6/30/2023

T-12

4,097,059

1,292,213

2,804,846

12/31/2022

T-12

NAV

96.5%

4,330,372

1,458,301

2,872,071

35,412

165,255

2,671,405

41,200,000

As Is

7/10/2023

97.8%

9/1/2023

Best Buy

43,278

18.3%

11/25/2028

Big Lots

34,000

14.4%

1/31/2028

Aldi

25,046

10.6%

8/31/2030

Michael's

23,327

9.9%

2/28/2026

PetSmart

17,445

7.4%

11/30/2028

8/1/2023

NAP

8/1/2023

14%

Fee

NAP

4.02

Property

The Centrum

0.5%

6.6%

10200, 10400, 10404, 10408, 10412, 10416, 10420, 10500, 10610 Centrum Parkway

Pineville

Mecklenburg

28134

Retail

Anchored

1997

2020

274,446

3,662,641

3,248,221

1,076,733

2,171,488

6/30/2023

T-12

2,622,843

1,031,511

1,591,333

12/31/2022

T-12

NAV

75.8%

3,182,719

1,167,626

2,015,093

41,167

192,112

1,781,814

36,800,000

As Is

7/12/2023

79.9%

9/1/2023

Super G Mart

108,714

39.6%

5/31/2042

Gabe's

30,000

10.9%

4/30/2028

Skyzone

25,536

9.3%

8/31/2029

Guitar Center

16,000

5.8%

9/30/2029

Boot Barn Western and Work Wear

12,000

4.4%

8/31/2032

8/1/2023

NAP

8/1/2023

NAP

Fee

NAP

4.03

Property

Lawton Marketplace

0.5%

6.2%

1726, 1732, 1806, 1824, 1832, 1906, 1912, 1920, 1926, 2004, 2006, 1836, 1948, 2136 and 1754-1772 Northwest 82nd Street

Lawton

Comanche

73505

Retail

Anchored

2013

2023

196,715

3,443,436

2,515,072

800,467

1,714,605

6/30/2023

T-12

2,144,275

679,993

1,464,282

12/31/2022

T-12

NAV

98.3%

3,279,829

953,800

2,326,030

28,159

131,408

2,166,463

31,000,000

As Is

7/20/2023

98.9%

9/1/2023

Academy Sports

62,168

31.6%

1/31/2033

TJ Maxx

24,000

12.2%

8/31/2028

Burlington Coat Factory

20,009

10.2%

2/28/2034

Old Navy

14,995

7.6%

1/31/2034

PetSmart

12,328

6.3%

MTM

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

4.04

Property

Carlisle Crossing

0.5%

6.1%

202, 214, 230-238, 248-266, 299 Westminster Drive

Carlisle

Cumberland

17013

Retail

Anchored

2005

NAP

152,487

3,354,051

2,505,419

939,288

1,566,131

6/30/2023

T-12

2,155,562

835,548

1,320,014

12/31/2022

T-12

NAV

94.9%

3,194,157

1,048,116

2,146,041

22,873

106,741

2,016,428

30,200,000

As Is

7/19/2023

95.3%

9/1/2023

Michaels

21,647

14.2%

5/31/2026

PetSmart

20,087

13.2%

6/30/2026

Aldi

18,320

12.0%

12/31/2027

Harbor Freight Tools

14,565

9.6%

8/31/2033

Furniture & Mattress Discounters, Inc.

10,478

6.9%

5/31/2024

8/1/2023

NAP

8/1/2023

NAP

Fee

NAP

4.05

Property

Southway Shopping Center

0.5%

6.0%

8000-8230 South Gessner Road

Houston

Harris

77036

Retail

Anchored

1976-2011

NAP

181,836

3,332,769

3,547,707

1,317,725

2,229,982

6/30/2023

T-12

3,293,702

1,585,182

1,708,520

12/31/2022

T-12

NAV

99.8%

3,826,353

1,358,719

2,467,634

26,310

122,779

2,318,545

30,000,000

As Is

7/7/2023

100.0%

9/1/2023

Marshalls

34,327

18.9%

4/30/2026

Ross Dress For Less

31,815

17.5%

1/31/2026

Best Buy

30,000

16.5%

1/31/2028

dd's DISCOUNTS

18,000

9.9%

1/31/2033

My Melrose

12,680

7.0%

12/31/2028

8/1/2023

NAP

8/4/2023

NAP

Yes - AE

Fee

NAP

4.06

Property

Parkway Centre South

0.4%

5.2%

1701-1751 Stringtown Road

Grove City

Franklin

43123

Retail

Anchored

2004

NAP

131,887

2,883,718

2,806,871

856,532

1,950,339

6/30/2023

T-12

1,792,299

548,724

1,243,575

12/31/2022

T-12

NAV

99.8%

2,969,784

846,025

2,123,758

19,783

92,321

2,011,654

25,000,000

As Is

7/17/2023

100.0%

9/1/2023

TJ Maxx

28,000

21.2%

11/30/2026

Staples

20,388

15.5%

10/31/2024

PetSmart

19,107

14.5%

1/31/2025

La-Z-Boy

18,025

13.7%

9/30/2032

Ulta

10,004

7.6%

9/30/2025

8/1/2023

NAP

8/1/2023

NAP

Fee

NAP

4.07

Property

Houma Crossing

0.4%

5.0%

1779, 1781, 1783 and 1785 Martin Luther King Jr. Boulevard

Houma

Terrebonne

70360

Retail

Anchored

2008

NAP

181,423

2,753,897

2,018,284

686,750

1,331,534

6/30/2023

T-12

1,800,069

735,874

1,064,195

12/31/2022

T-12

NAV

76.1%

2,599,247

1,077,547

1,521,699

29,028

126,996

1,365,676

24,800,000

As Is

7/16/2023

83.4%

9/1/2023

Hobby Lobby

56,676

31.2%

8/31/2031

Conn's

30,000

16.5%

11/30/2032

Club 4 Fitness

25,754

14.2%

5/1/2033

Five Below

10,000

5.5%

1/31/2029

China Buffet

8,000

4.4%

12/31/2027

8/1/2023

NAP

8/6/2023

NAP

Yes - AH

Fee

NAP

4.08

Property

North Lake Square

0.4%

4.9%

1122, 1134, 1146, 1150, 1154, 1160 Dawsonville Highway

Gainesville

Hall

30501

Retail

Anchored

2015, 2016

NAP

140,116

2,721,974

2,260,370

559,947

1,700,423

6/30/2023

T-12

1,899,050

466,423

1,432,627

12/31/2022

T-12

NAV

97.7%

2,276,936

561,041

1,715,895

21,017

98,081

1,596,796

24,500,000

As Is

7/9/2023

99.0%

9/1/2023

Hobby Lobby

55,000

39.3%

10/31/2030

Burlington Coat Factory

40,317

28.8%

2/29/2032

HomeGoods

20,000

14.3%

6/30/2026

Five Below

8,111

5.8%

7/31/2026

Chicken Salad Chick

3,078

2.2%

6/30/2027

8/1/2023

NAP

8/1/2023

NAP

Fee

NAP

4.09

Property

Liberty Crossing

0.4%

4.8%

5601, 5701-5709 President George Bush Highway

Rowlett

Dallas

75089

Retail

Anchored

2007

NAP

105,769

2,653,872

2,227,472

624,483

1,602,989

6/30/2023

T-12

2,246,251

844,019

1,402,233

12/31/2022

T-12

NAV

91.5%

2,282,096

704,857

1,577,238

26,442

74,038

1,476,758

23,900,000

As Is

7/24/2023

93.2%

9/1/2023

Ross Dress For Less

27,657

26.1%

1/31/2026

PetSmart

20,087

19.0%

MTM

Dollar Tree

10,000

9.5%

8/31/2028

Five Below

8,474

8.0%

2/29/2032

Rack Room Shoes, Inc

5,500

5.2%

MTM

8/1/2023

NAP

8/4/2023

NAP

Fee

NAP

4.10

Property

Owensboro Town Center

0.4%

4.6%

5099, 5101, 5115, 5135, 5241 Frederica Street

Owensboro

Daviess

42301

Retail

Anchored

1992, 1996, 1997, 1999

2010, 2015

164,941

2,521,923

2,549,115

675,191

1,873,924

6/30/2023

T-12

2,242,819

626,525

1,616,294

12/31/2022

T-12

NAV

87.4%

2,579,470

845,371

1,734,099

47,833

115,459

1,570,807

22,700,000

As Is

7/23/2023

90.5%

9/1/2023

Best Buy

32,425

19.7%

3/31/2026

TJ Maxx

29,409

17.8%

1/31/2027

PetSmart

23,197

14.1%

8/31/2033

Jo-Ann Fabrics

13,560

8.2%

1/31/2027

Ulta

13,500

8.2%

2/28/2027

8/1/2023

NAP

8/1/2023

NAP

Yes - AE

Fee

NAP

4.11

Property

Harbor Town Center

0.3%

3.7%

4125, 4140, 4144 Harbor Town Lane, 4411, 4421 Dewey Street and 4450 Calumet Avenue

Manitowoc

54220

Retail

Anchored

2005

NAP

138,744

2,043,077

1,800,133

587,126

1,213,007

6/30/2023

T-12

1,196,416

378,917

817,500

12/31/2022

T-12

NAV

90.8%

1,688,547

593,756

1,094,791

11,251

49,225

1,034,315

18,400,000

As Is

7/20/2023

93.0%

9/1/2023

Kohls Corporation

68,423

49.3%

1/31/2029

TJ Maxx

22,504

16.2%

5/31/2028

Petco

13,685

9.9%

12/31/2027

EyeMart Express

4,271

3.1%

12/31/2028

Midwest Dental

3,828

2.8%

11/30/2027

8/1/2023

NAP

8/8/2023

NAP

Fee

NAP

4.12

Property

Lord Salisbury Center

0.3%

3.5%

2637, 2639, 2641, 2649, 2653, 2657 North Salisbury Boulevard

Salisbury

Wicomico

21801

Retail

Anchored

2005

NAP

113,821

1,945,179

1,910,916

561,662

1,349,254

6/30/2023

T-12

1,617,981

592,226

1,025,756

12/31/2022

T-12

NAV

98.0%

2,226,543

767,839

1,458,704

17,073

79,675

1,361,956

15,600,000

As Is

7/18/2023

98.8%

9/1/2023

Ross Dress For Less

30,187

26.5%

1/31/2026

Marshalls

30,000

26.4%

8/31/2028

Grocery Outlet

21,422

18.8%

1/31/2035

Old Navy

14,800

13.0%

MTM

Mattress Warehouse

3,600

3.2%

7/31/2027

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

4.13

Property

Terrell Mill Village

0.3%

3.5%

1453 Terrell Mill Road Southeast

Marietta

Cobb

30067

Retail

Anchored

1974

2012

75,184

1,911,128

1,586,810

384,727

1,202,083

6/30/2023

T-12

1,059,965

279,940

780,026

12/31/2022

T-12

NAV

99.8%

1,869,023

556,622

1,312,401

11,189

52,213

1,248,999

17,200,000

As Is

7/9/2023

100.0%

9/1/2023

L.A. Fitness

45,000

59.9%

7/31/2030

Dollar Tree

12,000

16.0%

7/31/2027

Malincho Specialty Foods

5,500

7.3%

4/30/2026

Animal Dermatology

3,065

4.1%

7/31/2028

Kims Care Kleeners

2,125

2.8%

4/30/2024

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

4.14

Property

The Ridge at Turtle Creek

0.2%

3.1%

6169, 6173, and 6175 US Highway 98

Hattiesburg

Lamar

39402

Retail

Anchored

1992

NAP

98,705

1,721,718

1,493,633

398,146

1,095,487

6/30/2023

T-12

997,546

276,209

721,336

12/31/2022

T-12

NAV

99.8%

1,734,560

536,550

1,198,010

19,741

69,094

1,109,175

15,500,000

As Is

7/10/2023

100.0%

9/1/2023

Academy Sports

75,760

76.8%

1/31/2035

Mattress Express

6,463

6.5%

8/31/2026

The Vein Institute of South Mississippi

3,200

3.2%

1/31/2027

Massage Envy

3,150

3.2%

3/31/2028

Keesler Federal Credit Union

2,500

2.5%

1/31/2025

8/1/2023

NAP

8/6/2023

NAP

Fee

NAP

4.15

Property

Nordstrom Rack

0.2%

3.0%

1702 North Dale Mabry Highway

Tampa

Hillsborough

33607

Retail

Shadow Anchored

1994

NAP

45,457

1,642,974

1,239,916

304,014

935,902

6/30/2023

T-12

1,111,540

282,289

829,251

12/31/2022

T-12

NAV

98.6%

1,311,742

404,466

907,276

6,819

31,820

868,637

14,800,000

As Is

7/24/2023

97.7%

9/1/2023

Nordstrom Rack

33,901

74.6%

10/31/2030

Ulta

10,508

23.1%

3/31/2031

NAP

8/1/2023

NAP

8/1/2023

NAP

Fee

NAP

4.16

Property

Ventura Place

0.2%

2.8%

8810, 8850, 8900 Holly Avenue Northeast

Albuquerque

Bernalillo

87122

Retail

Anchored

2008

NAP

66,595

1,564,231

1,227,663

262,855

964,808

6/30/2023

T-12

768,203

286,698

481,505

12/31/2022

T-12

NAV

94.7%

1,446,565

413,856

1,032,709

12,653

46,617

973,440

14,090,000

As Is

7/25/2023

96.0%

9/1/2023

VCA Animal Hospitals, Inc.

28,000

42.0%

1/31/2032

Ulta

8,931

13.4%

6/30/2025

Petland

6,100

9.2%

8/31/2029

Jinja Bistro

5,428

8.2%

10/31/2026

Orangetheory Fitness

3,600

5.4%

12/31/2026

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

4.17

Property

Quail Springs

0.2%

2.7%

2201 and 2135 West Memorial Road

Oklahoma City

Oklahoma

73134

Retail

Anchored

1984

2004

100,404

1,476,974

1,193,826

328,520

865,306

6/30/2023

T-12

1,206,432

312,239

894,193

12/31/2022

T-12

NAV

99.8%

1,290,310

416,400

873,909

15,061

70,283

788,566

13,300,000

As Is

7/18/2023

100.0%

9/1/2023

Hobby Lobby

55,126

54.9%

9/30/2028

Best Buy

45,278

45.1%

3/31/2025

NAP

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

4.18

Property

Wallace Commons

0.2%

2.6%

1311, 1317, 1321, 1325, 1333, 1345, 1349, 1371 and 1395 Klumac Road

Salisbury

Rowan

28147

Retail

Anchored

2008

NAP

98,509

1,421,641

1,269,173

302,274

966,899

6/30/2023

T-12

905,993

237,028

668,965

12/31/2022

T-12

NAV

96.9%

1,232,068

337,160

894,908

8,991

17,010

868,907

12,800,000

As Is

7/12/2023

98.5%

9/1/2023

Kohls Corporation

68,639

69.7%

1/31/2029

Dollar Tree

8,125

8.2%

2/29/2028

Longhorn Steakhouse

5,570

5.7%

1/31/2029

The Athletes Foot

5,000

5.1%

11/30/2025

Glidden Paints

4,455

4.5%

MTM

8/1/2023

NAP

8/1/2023

NAP

Fee

NAP

4.19

Property

Waterford Park South

0.2%

2.5%

1020 and 1040 Veterans Parkway

Clarksville

Clark

47129

Retail

Anchored

2005, 2006

2008

91,906

1,400,359

1,419,487

584,135

835,352

6/30/2023

T-12

939,677

405,571

534,105

12/31/2022

T-12

NAV

91.4%

1,559,545

545,452

1,014,092

31,248

64,334

918,510

12,600,000

As Is

7/23/2023

93.4%

9/1/2023

Ross Dress For Less

27,623

30.1%

1/31/2025

Michaels

21,727

23.6%

2/28/2026

PetSmart

20,087

21.9%

1/31/2032

CenterWell

5,400

5.9%

6/30/2030

Panera Bread

4,600

5.0%

12/31/2030

8/1/2023

NAP

8/1/2023

NAP

Fee

NAP

4.20

Property

Evergreen Marketplace

0.2%

2.3%

9140, 9142, 9144 South Western Avenue

Evergreen Park

Cook

60805

Retail

Anchored

2013

NAP

49,842

1,266,282

1,540,751

820,691

720,060

6/30/2023

T-12

1,284,015

639,494

644,521

12/31/2022

T-12

NAV

99.9%

1,541,714

769,153

772,561

8,473

34,889

729,198

11,400,000

As Is

7/23/2023

100.0%

9/1/2023

Ross Dress For Less

25,046

50.3%

1/31/2029

Michaels

21,574

43.3%

2/28/2026

Classy Nails

3,222

6.5%

11/30/2028

NAP

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

4.21

Property

Derby Marketplace

0.2%

2.1%

1712, 1800, 1812 North Rock Road

Derby

Sedgwick

67037

Retail

Anchored

2015

NAP

100,000

1,166,256

1,290,004

535,476

754,528

6/30/2023

T-12

1,110,429

456,063

654,366

12/31/2022

T-12

NAV

99.8%

1,271,174

509,265

761,910

15,000

70,000

676,910

10,500,000

As Is

7/19/2023

100.0%

9/1/2023

Hobby Lobby

55,000

55.0%

9/30/2030

Ross Dress For Less

25,000

25.0%

1/31/2027

TJ Maxx

20,000

20.0%

3/31/2026

NAP

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

4.22

Property

Stoneridge Village

0.2%

2.1%

707, 731, 735, 739 Stoneridge Parkway

Jefferson City

Cole

65109

Retail

Anchored

2008

NAP

72,483

1,138,590

1,112,104

287,107

824,997

6/30/2023

T-12

809,934

203,598

606,335

12/31/2022

T-12

NAV

99.8%

1,467,788

430,585

1,037,204

10,872

50,738

975,593

9,300,000

As Is

7/19/2023

100.0%

9/1/2023

Academy Sports + Outdoors

45,000

62.1%

2/28/2039

PetSmart

12,157

16.8%

1/31/2027

Five Below

8,000

11.0%

1/31/2026

Buffalo Wild Wings

5,400

7.5%

10/8/2029

GameStop

1,926

2.7%

MTM

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

4.23

Property

Fresh Thyme & DSW

0.1%

1.5%

4302-4320 Coldwater Road

Fort Wayne

Allen

46805

Retail

Anchored

1985

2014

49,033

832,128

820,259

209,104

611,155

6/30/2023

T-12

727,046

192,105

534,941

12/31/2022

T-12

NAV

99.8%

832,259

255,476

576,783

7,355

34,323

535,105

7,500,000

As Is

7/21/2023

100.0%

9/1/2023

Fresh Thyme Farmers Market

26,081

53.2%

10/31/2024

DSW

18,654

38.0%

1/31/2028

Massage Envy

4,298

8.8%

2/28/2026

NAP

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

4.24

Property

Crossroads Annex

0.1%

1.4%

609 Settlers Trace Boulevard

Lafayette

70508

Retail

Anchored

2012

NAP

40,578

789,564

527,939

229,193

298,746

6/30/2023

T-12

645,992

179,545

466,447

12/31/2022

T-12

NAV

99.8%

879,244

339,124

540,120

6,087

28,405

505,629

7,100,000

As Is

7/16/2023

100.0%

9/1/2023

DSW

18,000

44.4%

1/31/2029

Petco

12,500

30.8%

1/31/2027

Popshelf

10,078

24.8%

8/31/2033

NAP

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

4.25

Property

Tellico Village

0.1%

1.3%

101 Cheeyo Way

Loudon

37774

Retail

Anchored

2008

NAP

40,928

732,103

593,751

137,575

456,176

6/30/2023

T-12

532,907

122,661

410,245

12/31/2022

T-12

NAV

99.8%

615,342

138,650

476,692

13,097

28,650

434,945

6,600,000

As Is

7/9/2023

100.0%

9/1/2023

Food Lion, LLC

34,928

85.3%

12/16/2028

Preferred Pharmacy Tellico

2,400

5.9%

2/14/2025

Courtley Chiropractic

1,200

2.9%

3/31/2027

Salon Anew

1,200

2.9%

3/31/2026

Edward D. Jones & Co.

1,200

2.9%

1/31/2026

8/1/2023

NAP

8/4/2023

Fee

NAP

4.26

Property

Walmart Neighborhood Market

0.1%

1.2%

10635, 10645, 10655 Dorchester Road

Summerville

Dorchester

29485

Retail

Anchored

2015

NAP

51,441

689,538

684,680

226,771

457,909

6/30/2023

T-12

444,306

135,435

308,872

12/31/2022

T-12

NAV

99.8%

747,174

287,221

459,953

1,215

5,670

453,068

6,200,000

As Is

7/9/2023

100.0%

9/1/2023

Wal-Mart

42,141

81.9%

8/4/2035

Asian Bistro

3,300

6.4%

1/31/2026

Dominos Pizza

1,800

3.5%

9/27/2025

S&J Spirits

1,500

2.9%

10/1/2030

Sassy Me Nail Spa

1,500

2.9%

11/30/2025

8/1/2023

NAP

8/1/2023

13%

Fee

NAP

4.27

Property

PetSmart & Old Navy

0.1%

1.1%

2389-2409 Taylor Park Drive

Reynoldsburg

Fairfield

43068

Retail

Anchored

2012

NAP

28,970

632,077

670,889

216,831

454,058

6/30/2023

T-12

580,443

188,775

391,668

12/31/2022

T-12

NAV

99.8%

640,400

228,872

411,528

4,346

20,279

386,904

5,700,000

As Is

7/17/2023

100.0%

9/1/2023

Old Navy

15,112

52.2%

10/31/2027

PetSmart

13,858

47.8%

9/30/2032

NAP

8/1/2023

NAP

8/1/2023

NAP

Fee

NAP

4.28

Property

Sutters Creek

0.1%

1.0%

750, 760, 794 Sutter's Creek Boulevard

Rocky Mount

Nash

27804

Retail

Anchored

1996

NAP

80,004

572,487

524,029

122,128

401,901

6/30/2023

T-12

487,408

129,648

357,760

12/31/2022

T-12

NAV

99.8%

559,611

201,316

358,295

20,801

56,003

281,491

5,150,000

As Is

7/12/2023

100.0%

9/1/2023

Hobby Lobby

55,710

69.6%

8/31/2031

Citi Trends

19,794

24.7%

11/30/2026

Mattress Firm

4,500

5.6%

9/30/2026

NAP

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

4.29

Property

Mattress Firm & Panera Bread

0.1%

0.9%

38295-38305 Chestnut Ridge Road

Elyria

Lorain

44035

Retail

Shadow Anchored

2016

NAP

8,800

483,103

418,001

83,533

334,468

6/30/2023

T-12

395,909

119,691

276,218

12/31/2022

T-12

NAV

99.8%

454,040

163,628

290,412

2,200

6,160

282,052

4,350,000

As Is

7/19/2023

100.0%

9/1/2023

Mattress Firm

4,500

51.1%

1/31/2027

Panera Bread

4,300

48.9%

3/31/2029

NAP

8/1/2023

NAP

8/1/2023

NAP

Fee

NAP

Loan

1, 7, 12, 19, 21

AutoNation

6.1%

100.0%

Barclays, AREF2

NAP

200 Southwest 1st Avenue

Fort Lauderdale

Broward

33301

Office

CBD

2007

NAP

205,956

267.05

42,000,000

8.25000%

0.01840%

8.23160%

NAP

292,760.42

NAP

3,513,125.04

Interest Only

Actual/360

12/1/2023

1/6/2024

NAP

12/6/2028

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

10,474,739

4,494,234

5,980,505

9/30/2023

T-12

10,343,810

4,143,801

6,200,009

12/31/2022

T-12

9,593,629

3,703,208

5,890,421

12/31/2021

T-12

91.4%

11,258,615

4,817,557

6,441,058

57,668

285,022

6,098,368

1.40

1.33

11.7%

11.1%

102,500,000

As Is

11/15/2023

53.7%

92.5%

10/31/2023

AutoNation

162,255

78.8%

12/31/2029

Janney Montgomery Scott, LLC

5,982

2.9%

12/31/2027

Callahan & Fusco

4,975

2.4%

5/31/2028

Palisades Hudson Financial Group

3,970

1.9%

1/31/2029

SRS National Net Lease Group

3,409

1.7%

9/30/2025

5/3/2023

NAP

5/3/2023

NAP

Yes - AH

Fee

NAP

117,194

132,172

44,057

4,806

2,000,000

129,475

25,745

Outstanding TI Reserve (Upfront: $120,550), Free Rent Reserve (Upfront: $8,925), AutoNation Rollover Reserve (Monthly: $25,744.50), AutoNation Renewal Reserve (Monthly: Springing)

AutoNation Renewal Reserve ($3,028,848)

NAP

Hard

Springing

Yes

42,000,000

13,000,000

90,616.32

383,376.74

NAP

55,000,000

383,376.74

53.7%

1.33

11.7%

NAP

Stiles Properties and Investments, Ltd.

Refinance

55,000,000

3,994,806

58,994,806

53,037,468

3,695,692

2,261,647

58,994,806

NAP

Loan

1, 5, 6, 7, 10, 19, 26, 27, 30

BLE Portfolio

3.9%

68.1%

AREF2, Barclays

Group C

Yes

Various

Houston

Harris

Various

Multifamily

Garden

Various

2019-2020

680

Units

79,513.89

27,350,000

7.26400%

0.01965%

7.24435%

NAP

167,858.09

NAP

2,014,297.08

Interest Only

Actual/360

120

116

120

116

10/5/2023

11/6/2023

NAP

10/6/2033

L(28),D(88),O(4)

8,331,467

5,345,955

2,985,513

7/31/2023

T-12

8,327,246

5,079,839

3,247,406

12/31/2022

T-12

7,727,223

4,426,467

3,300,757

12/31/2021

T-12

85.2%

8,610,338

3,507,740

5,102,598

222,129

4,880,469

1.28

1.22

9.5%

9.1%

92,000,000

Various

58.8%

89.4%

8/15/2023

914,165

Springing

204,079

40,816

18,511

398,145

Springing

PFC Payments Reserve

NAP

Soft

In Place

Yes

27,350,000

27,300,000

167,551.22

335,409.31

NAP

54,650,000

335,409.31

58.8%

1.22

9.5%

NAP

Swapnil Agarwal

Refinance

54,650,000

8,175,857

62,825,857

54,491,982

6,817,487

1,516,388

62,825,857

NAP

6.01

Property

Lakeside Forest

1.8%

46.9%

1251 Wilcrest Drive

Houston

Harris

77042

Multifamily

Garden

1975

2019-2020

240

Units

12,818,717

2,922,184

1,747,014

1,175,170

7/31/2023

T-12

2,957,721

1,731,241

1,226,481

12/31/2022

T-12

2,786,213

1,421,253

1,364,960

12/31/2021

T-12

81.5%

3,082,504

1,199,423

1,883,081

70,800

1,812,281

32,900,000

Prospective As Encumbered

10/1/2023

87.5%

8/15/2023

NAP

7/26/2023

NAP

8/4/2023

NAP

Leasehold

10/5/2122

None

NAP

6.02

Property

The Establishment

1.5%

37.8%

2235 Winrock Boulevard

Houston

Harris

77057

Multifamily

Garden

1971

2019-2020

313

Units

10,344,456

3,882,912

2,481,779

1,401,134

7/31/2023

T-12

3,876,144

2,332,188

1,543,956

12/31/2022

T-12

3,610,455

2,021,721

1,588,733

12/31/2021

T-12

86.5%

3,947,105

1,490,494

2,456,611

114,245

2,342,366

44,800,000

As Is, Encumbered

7/19/2023

90.1%

8/15/2023

NAP

7/26/2023

NAP

8/4/2023

NAP

Leasehold

5/31/2122

None

NAP

6.03

Property

Barcelona

0.6%

15.3%

6434 Ella Lee Lane

Houston

Harris

77057

Multifamily

Garden

1963

2019-2020

127

Units

4,186,827

1,526,371

1,117,162

409,209

7/31/2023

T-12

1,493,380

1,016,411

476,969

12/31/2022

T-12

1,330,556

983,492

347,063

12/31/2021

T-12

90.2%

1,580,729

817,824

762,905

37,084

725,821

14,300,000

As Is, Encumbered

7/19/2023

91.3%

8/15/2023

NAP

7/26/2023

NAP

8/4/2023

NAP

Leasehold

5/31/2122

None

NAP

Loan

1, 5, 7, 10, 19, 26, 27, 30

La Primavera

1.8%

31.9%

AREF2, Barclays

Group C

Yes

10000 Hammerly Boulevard

Houston

Harris

77080

Multifamily

Garden

1974

2019-2020

328

Units

79,513.89

12,800,000

7.53200%

0.01965%

7.51235%

NAP

81,457.19

NAP

977,486.28

Interest Only

Actual/360

120

117

120

117

10/23/2023

12/6/2023

NAP

11/6/2033

L(27),D(89),O(4)

3,987,915

2,160,629

1,827,286

8/31/2023

T-12

3,760,079

2,059,895

1,700,184

12/31/2022

T-12

3,439,007

1,766,582

1,672,424

12/31/2021

T-12

90.6%

3,994,259

1,474,851

2,519,408

113,488

2,405,920

1.28

1.22

9.5%

9.1%

44,300,000

Prospective As Encumbered

10/1/2023

58.8%

91.5%

10/17/2023

NAP

7/26/2023

NAP

8/4/2023

NAP

Leasehold

10/22/2122

None

566,007

Springing

130,056

18,579

515,000

9,457

46,575

Springing

PFC Payments Reserve

NAP

Soft

In Place

Yes

12,800,000

12,700,000

80,820.80

162,277.99

NAP

25,500,000

162,277.99

58.8%

1.22

9.5%

NAP

Swapnil Agarwal

Refinance

25,500,000

91,750

25,591,750

17,252,840

7,081,273

1,257,637

25,591,750

NAP

Loan

1, 2, 4, 5, 7, 12, 19, 21, 23

Axis Apartments

4.3%

100.0%

CREFI

BMO

NAP

441 East Erie Street

Chicago

Cook

60611

Multifamily

High Rise

1986

2015

716

Units

189,944.13

30,000,000

6.88000%

0.02715%

6.85285%

NAP

174,388.89

NAP

2,092,666.68

Interest Only

Actual/360

120

118

120

118

11/27/2023

1/6/2024

NAP

12/6/2033

L(26),YM1(87),O(7)

18,536,311

8,365,611

10,170,700

7/31/2023

T-12

18,010,837

8,726,272

9,284,565

12/31/2022

T-12

16,868,370

8,052,400

8,815,970

12/31/2021

T-12

91.7%

21,736,552

8,473,297

13,263,255

209,647

17,195

13,036,413

1.40

1.37

9.8%

9.6%

256,800,000

Prospective As Complete - Proposed

5/31/2024

53.0%

92.5%

10/20/2023

NAP

10/6/2023

NAP

10/6/2023

NAP

Fee

NAP

1,318,059

329,515

216,815

30,974

15,203

Springing

106,250

6,644,232

Sonder Base Rent Reserve ($3,624,131), Sonder Gap Rent Reserve ($1,812,061), Sonder Free Rent Reserve ($1,208,040)

NAP

Springing

Yes

30,000,000

106,000,000

616,174.07

790,562.96

NAP

136,000,000

790,562.96

53.0%

1.37

9.8%

NAP

William O'Kane and Karen O'Kane

Refinance

136,000,000

22,164,897

6,644,232

164,809,129

153,800,522

2,723,251

8,285,356

164,809,129

NAP

Loan

17, 23, 28

Laurel Canyon

2.9%

100.0%

AREF2

NAP

7361 Laurel Canyon Boulevard

North Hollywood

Los Angeles

91605

Industrial

Other

1985

NAP

Acres

329,760.92

20,000,000

7.53000%

0.01840%

7.51160%

NAP

127,243.06

NAP

1,526,916.72

Interest Only

Actual/360

12/28/2023

2/6/2024

NAP

1/6/2029

L(25),D(30),O(5)

7,325,467

779,615

6,545,852

9/30/2023

T-12

7,017,450

740,322

6,277,128

12/31/2022

T-12

6,501,861

721,541

5,780,320

12/31/2021

T-12

95.0%

7,359,206

982,811

6,376,395

264,222

6,112,173

4.18

4.00

31.9%

30.6%

116,500,000

As Is

11/3/2023

17.2%

100.0%

10/31/2023

Insurance Auto Auctions (IAA)

81.0%

6/30/2035

All Valley Dealers Auto Auction (AVDAA)

19.0%

12/31/2035

NAP

11/10/2023

NAP

11/10/2023

NAP

Fee

NAP

Springing

3,000,000

Required Insurance Reserve

NAP

Hard

Springing

Yes

NAP

Stephen Botsford, Sr., Stephen Botsford, Jr., Alexandra C. McVay and Victoria M. Botsford

Refinance

20,000,000

11,578,070

1,024,421

3,000,000

4,397,509

20,000,000

NAP

Loan

2, 10, 16, 18, 30

Wisconsin Avenue Portfolio

2.8%

100.0%

SGFC

Group B

NAP

2224, 2518, 2919 and 3035 West Wisconsin Avenue

Milwaukee

53233

Multifamily

Garden

1925, 1930, 1964, 1965

2023

244

Units

79,538.56

19,440,000

19,407,407

13,322,651

7.18800%

0.01840%

7.16960%

152,919.65

NAP

1,835,035.80

NAP

Amortizing Balloon

Actual/360

120

119

240

239

12/20/2023

2/1/2024

1/1/2034

L(35),YM1(81),O(4)

NAV

95.0%

2,979,224

820,180

2,159,045

48,800

2,110,245

1.18

1.15

11.1%

10.9%

36,050,000

As Is

11/28/2023

53.8%

37.0%

100.0%

12/1/2023

NAP

12/4/2023, 12/5/2023

NAP

12/4/2023, 12/5/2023

NAP

Fee

NAP

17,837

Springing

71,000

Static Insurance Reserve

NAP

Springing

Yes

NAP

Youssef Berrada

Refinance

19,440,000

17,546,692

604,984

88,837

1,199,487

19,440,000

NAP

Loan

7, 13, 23, 26

Centre Pointe Portfolio

2.5%

100.0%

AREF2

NAP

9100, 9050, 9075, 9025 & 9277 Centre Pointe Drive

West Chester

Butler

45069

Office

Suburban

2000-2007

NAP

640,177

74.43

17,650,000

17,223,761

7.02400%

0.01965%

7.00435%

117,710.52

104,746.21

1,412,526.24

1,256,954.52

Interest Only, Amortizing Balloon

Actual/360

120

113

360

6/22/2023

8/6/2023

2/6/2031

7/6/2033

L(31),D(85),O(4)

10,692,107

5,610,235

5,081,872

3/31/2023

T-12

9,979,761

5,403,143

4,576,618

12/31/2022

T-12

10,680,528

4,961,731

5,718,797

12/31/2021

T-12

82.7%

12,419,184

5,610,831

6,808,354

128,035

1,280,354

5,399,965

1.79

1.42

14.3%

11.3%

70,200,000

As Is

4/17/2023

67.9%

66.2%

82.1%

5/31/2023

Synchrony

53,194

8.3%

10/31/2027

Contech Construction Products

44,814

7.0%

7/31/2031

Pilot Chemical Company of Ohio

37,533

5.9%

5/31/2029

3dB Labs, Inc.

32,998

5.2%

5/31/2027

Clarkwestern Dietrich Building Systems, LLC

24,944

3.9%

10/31/2027

1/27/2023, 1/30/2023

NAP

1/30/2023

NAP

Fee

NAP

148,910

33,333

8,333

10,670

106,696

5,000,000

77,284

3,978,696

Outstanding TI/LC Reserve ($3,636,322.35), Free Rent Reserve ($235,797.20), Existing Insurance Claim Reserve ($106,576.25)

NAP

Hard

In Place

Yes

17,650,000

30,000,000

200,074.53

317,785.05

NAP

47,650,000

317,785.05

67.9%

1.42

14.3%

NAP

Yes

Future Mezzanine Loan

Yaron Kandelker

Acquisition

47,650,000

19,059,846

4,228,435

70,938,281

64,500,000

2,200,058

4,238,223

70,938,281

NAP

Loan

18, 30

Rillito Crossing Marketplace

2.4%

100.0%

GACC

NAP

4206-4282 North 1st Avenue

Tucson

Pima

85719

Retail

Anchored

2008

NAP

96,424

173.71

16,750,000

7.29800%

0.01840%

7.27960%

NAP

103,282.75

NAP

1,239,393.00

Interest Only

Actual/360

120

119

120

119

12/22/2023

2/6/2024

NAP

1/6/2034

L(25),D(90),O(5)

2,267,450

589,262

1,678,188

8/1/2023

T-12

2,216,461

525,044

1,691,417

12/31/2022

T-12

2,251,832

555,012

1,696,819

12/31/2021

T-12

95.0%

2,448,127

536,646

1,911,480

19,285

96,424

1,795,771

1.54

1.45

11.4%

10.7%

27,400,000

As Is

10/30/2023

61.1%

95.7%

12/15/2023

LA Fitness

49,920

51.8%

12/31/2028

Sprouts

25,650

26.6%

1/31/2029

Sola Salons

5,549

5.8%

11/30/2027

L&L Hawaiian BBQ

2,251

2.3%

11/30/2033

Dao's Tai Pan's

2,090

2.2%

2/28/2025

11/2/2023

NAP

11/2/2023

NAP

Fee

NAP

97,659

19,532

9,263

3,088

1,607

38,570

130,000

8,035

192,848

5,627

Free Rent Reserve

NAP

Hard

Springing

Yes

NAP

Matthew Sandretto, Alisa Kolodizner, Anand Sheth

Matthew Sandretto and Alisa Kolodizner

Acquisition

16,750,000

12,002,533

28,752,533

27,525,000

984,984

242,549

28,752,533

NAP

Loan

16, 24, 30

CAVU Irvine

2.4%

100.0%

Barclays

NAP

18872, 18912 and 18952 MacArthur Boulevard

Irvine

Orange

92612

Office

CBD

1975

2020-2022

97,628

169.01

16,500,000

15,680,356

7.30000%

0.01840%

7.28160%

113,119.20

101,769.10

1,357,430.40

1,221,229.20

Interest Only, Amortizing Balloon

Actual/360

120

360

1/12/2024

3/6/2024

3/6/2029

2/6/2034

L(24),D(89),O(7)

2,590,791

1,174,822

1,415,969

9/30/2023

T-12

769,018

960,651

(191,633)

12/31/2022

T-12

438

753,892

(753,454)

12/31/2021

T-12

92.5%

3,395,171

1,146,632

2,248,539

24,407

96,940

2,127,192

1.66

1.57

13.6%

12.9%

32,100,000

As Is

10/18/2023

51.4%

48.8%

100.0%

12/20/2023

Colab Space

17,592

18.0%

8/31/2029

Twinsteps Architecture

6,000

6.1%

5/31/2027

The Legacy Lawyers

5,889

6.0%

6/30/2028

Discovery Practice Management

5,841

6.0%

5/31/2030

Acrisure of California

5,788

5.9%

3/31/2028

10/20/2023

NAP

10/18/2023

11%

Fee

NAP

44,624

Springing

2,359

500,000

12,204

50,625

221,235

Free Rent Reserve

NAP

Hard

Springing

Yes

NAP

Peter Donald Cao

Recapitalization

16,500,000

15,619,127

32,119,127

802,643

816,484

30,500,000

32,119,127

NAP

Loan

10, 18, 30

Colonial Pointe I

2.4%

100.0%

SGFC

Group B

NAP

8831-8843 North 96th Street

Milwaukee

53224

Multifamily

Garden

1971

2014

168

Units

98,050.34

16,500,000

16,472,458

11,319,478

7.21660%

0.01840%

7.19820%

130,078.33

NAP

1,560,939.96

NAP

Amortizing Balloon

Actual/360

120

119

240

239

12/29/2023

2/1/2024

1/1/2034

L(35),YM1(81),O(4)

2,458,053

446,432

2,011,620

11/30/2023

T-12

2,100,131

496,702

1,603,428

12/31/2022

T-12

1,669,108

475,044

1,194,065

12/31/2021

T-12

95.0%

2,472,389

625,794

1,846,595

33,600

1,812,995

1.18

1.16

11.2%

11.0%

30,400,000

As Is

12/8/2023

54.2%

37.2%

100.0%

12/1/2023

NAP

12/13/2023

NAP

12/13/2023

NAP

Fee

NAP

16,964

Springing

65,000

Static Insurance Reserve

NAP

Springing

Yes

NAP

Youssef Berrada

Refinance

16,500,000

14,060,806

470,444

81,964

1,886,786

16,500,000

NAP

Loan

Emerald Pointe Apartments

2.3%

100.0%

SMC

NAP

920 Houston Avenue

Pasadena

Harris

77502

Multifamily

Garden

1964

2020

367

Units

44,141.69

16,200,000

7.57600%

0.01840%

7.55760%

NAP

103,696.50

NAP

1,244,358.00

Interest Only

Actual/360

120

1/17/2024

3/6/2024

NAP

2/6/2034

L(24),YM1(92),O(4)

3,240,864

1,473,011

1,767,853

11/30/2023

T-12

3,083,824

1,386,893

1,696,931

12/31/2022

T-12

2,833,190

1,288,411

1,544,779

12/31/2021

T-12

91.0%

3,240,864

1,563,435

1,677,430

91,750

1,585,680

1.35

1.27

10.4%

9.8%

25,200,000

As Is

11/15/2023

64.3%

95.1%

10/31/2023

NAP

11/22/2023

NAP

11/22/2023

NAP

Fee

NAP

105,084

52,542

41,790

11,798

240,000

15,292

62,531

NAP

Springing

Yes

NAP

Gary W. Gates, Jr.

Refinance

16,200,000

13,363,509

923,947

449,405

1,463,139

16,200,000

NAP

Loan

10, 18, 30

Spring Park & Good Tree

2.3%

100.0%

SGFC

Group B

NAP

7401-7535 West Silver Spring Drive and 6809-6951 North 60th Street

Milwaukee

53218, 53223

Multifamily

Garden

1971

2014

160

Units

99,209.12

15,900,000

15,873,459

10,907,860

7.21660%

0.01840%

7.19820%

125,348.21

NAP

1,504,178.52

NAP

Amortizing Balloon

Actual/360

120

119

240

239

12/28/2023

2/1/2024

1/1/2034

L(35),YM1(81),O(4)

2,367,259

473,670

1,893,589

11/30/2023

T-12

1,810,374

497,172

1,313,202

12/31/2022

T-12

1,515,957

491,674

1,024,283

12/31/2021

T-12

95.0%

2,388,418

623,862

1,764,556

32,000

1,732,556

1.17

1.15

11.1%

10.9%

29,400,000

As Is

12/8/2023

54.0%

37.1%

100.0%

12/1/2023

NAP

12/13/2023

NAP

12/13/2023

NAP

Fee

NAP

16,483

Springing

64,000

Static Insurance Reserve

NAP

Springing

Yes

NAP

Youssef Berrada

Refinance

15,900,000

13,323,345

488,357

80,483

2,007,815

15,900,000

NAP

Loan

1, 5, 6, 7, 10, 19, 26, 27

The Muse & Eden Pointe

2.3%

AREF2, Barclays

AREF2

Group C

NAP

Various

Multifamily

Garden

Various

1,001

Units

81,528.47

15,610,000

7.36400%

0.01840%

7.34560%

NAP

97,123.83

NAP

1,165,485.96

Interest Only

Actual/360

120

116

120

116

10/4/2023

11/6/2023

NAP

10/6/2033

L(28),D(88),O(4)

13,433,996

8,208,138

5,225,858

7/31/2023

T-12

12,890,868

8,249,406

4,641,462

12/31/2022

T-12

11,148,338

7,322,649

3,825,690

12/31/2021

T-12

82.4%

13,749,554

5,866,508

7,883,046

250,250

7,632,796

1.29

1.25

9.7%

9.4%

127,400,000

Prospective As Encumbered

10/1/2023

64.1%

86.4%

8/15/2023

395,182

Springing

251,319

50,264

876,000

20,854

1,613,726

Springing

PFC Payments Reserve

NAP

Soft

In Place

Yes

15,610,000

66,000,000

410,645.28

507,769.11

NAP

81,610,000

507,769.11

64.1%

1.25

9.7%

NAP

Swapnil Agarwal

Refinance

NAP

17.01

Property

The Muse

1.7%

77.7%

3035 West Pentagon Parkway

Dallas

75233

Multifamily

Garden

1969

2018

804

Units

12,136,435

10,825,369

6,670,410

4,154,959

7/31/2023

T-12

10,261,009

6,666,233

3,594,776

12/31/2022

T-12

8,719,438

5,929,828

2,789,610

12/31/2021

T-12

82.8%

10,876,871

4,678,366

6,198,505

201,000

5,997,505

97,600,000

Prospective As Encumbered

10/1/2023

86.7%

8/15/2023

NAP

7/26/2023

NAP

8/4/2023

NAP

Yes - AE

Leasehold

10/4/2122

None

NAP

17.02

Property

Eden Pointe

0.5%

22.3%

1307 Wilcrest Drive

Houston

Harris

77042

Multifamily

Garden

1972

2019-2020

197

Units

3,473,565

2,608,627

1,537,728

1,070,899

7/31/2023

T-12

2,629,858

1,583,173

1,046,685

12/31/2022

T-12

2,428,900

1,392,821

1,036,080

12/31/2021

T-12

80.8%

2,872,683

1,188,141

1,684,542

49,250

1,635,292

29,800,000

Prospective As Encumbered

10/1/2023

85.3%

8/15/2023

NAP

7/26/2023

NAP

8/4/2023

NAP

Leasehold

10/4/2122

None

NAP

Loan

6, 16

WWG 4-Property Portfolio

2.2%

Barclays

NAP

Various

Self Storage

Various

207,424

73.52

15,250,000

6.70400%

0.01840%

6.68560%

NAP

86,379.95

NAP

1,036,559.40

Interest Only

Actual/360

120

118

120

118

11/15/2023

1/6/2024

NAP

12/6/2033

L(24),YM1(89),O(7)

3,188,482

1,213,165

1,975,318

9/30/2023

T-12

2,885,669

950,114

1,935,555

12/31/2022

T-12

NAV

86.1%

3,297,694

1,286,761

2,010,933

20,742

1,990,191

1.94

1.92

13.2%

13.1%

41,870,000

As Is

Various

36.4%

84.7%

10/10/2023

73,491

36,746

Springing

1,725

41,409

27,244

NAP

Springing

Yes

NAP

Clark W. Porter, William W. Hobin, Timothy B. Hobin and Gary Sugarman

Refinance

NAP

18.01

Property

Renton, WA

0.9%

41.0%

1105 Sunset Boulevard Northeast

Renton

King

98056

Self Storage

2000

2022

60,602

6,250,000

1,217,351

466,568

750,783

9/30/2023

T-12

1,039,764

418,787

620,977

12/31/2022

T-12

NAV

91.7%

1,284,704

463,095

821,609

6,060

815,549

16,090,000

As Is

10/12/2023

90.7%

10/10/2023

NAP

10/25/2023

NAP

10/25/2023

Fee

NAP

18.02

Property

Los Banos, CA

0.5%

22.9%

420 Mercey Springs Road

Los Banos

Merced

93635

Self Storage

1989

NAP

56,650

3,490,000

776,284

293,716

482,568

9/30/2023

T-12

868,624

188,806

679,818

12/31/2022

T-12

NAV

82.4%

780,650

319,334

461,315

5,665

455,650

9,350,000

As Is

10/23/2023

85.2%

10/10/2023

NAP

10/25/2023

NAP

10/25/2023

Fee

NAP

18.03

Property

Glendale, AZ

0.4%

18.3%

7048 North 43rd Avenue

Glendale

Maricopa

85301

Self Storage

1977

NAP

50,848

2,785,000

609,588

247,999

361,589

9/30/2023

T-12

363,606

217,465

146,140

12/31/2022

T-12

NAV

77.8%

628,000

258,799

369,200

5,085

364,116

9,430,000

As Is

10/17/2023

73.5%

10/10/2023

NAP

10/25/2023

NAP

10/25/2023

NAP

Fee

NAP

18.04

Property

Ripon, CA

0.4%

17.9%

640 West Milgeo Avenue

Ripon

San Joaquin

95366

Self Storage

1994

NAP

39,324

2,725,000

585,260

204,882

380,378

9/30/2023

T-12

613,676

125,057

488,619

12/31/2022

T-12

NAV

89.3%

604,341

245,533

358,808

3,932

354,876

7,000,000

As Is

10/23/2023

89.4%

10/10/2023

NAP

10/25/2023

NAP

10/25/2023

Fee

NAP

Loan

1, 5, 7, 10, 12, 17, 18, 20, 23

Sugar Land Town Square

2.2%

100.0%

AREF2, GSBI

AREF2

NAP

2150 Town Square Place

Sugar Land

Fort Bend

77479

Mixed Use

Office / Retail

2003

2019-2022

803,247

130.72

15,000,000

7.96600%

0.01840%

7.94760%

NAP

100,957.99

NAP

1,211,495.88

Interest Only

Actual/360

11/3/2023

12/6/2023

NAP

11/6/2028

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

25,812,548

13,707,487

12,105,061

9/30/2023

T-12

25,030,189

13,191,986

11,838,203

12/31/2022

T-12

24,653,353

12,402,273

12,251,080

12/31/2021

T-12

75.3%

26,423,334

14,017,142

12,406,192

160,649

1,004,059

11,241,484

1.46

1.33

11.8%

10.7%

209,000,000

As Is

9/22/2023

50.2%

72.0%

10/1/2023

Coffeyville Resources

51,175

6.4%

5/31/2035

Southwest Water

41,114

5.1%

12/31/2038

Industrial Info Resources, Inc

25,298

3.1%

8/31/2030

Contract Land Staff, LLC

24,458

3.0%

1/31/2025

Amica Mutual Insurance

22,721

2.8%

7/31/2029

9/29/2023

NAP

9/29/2023

NAP

Fee / Leasehold

9/30/2102

None

Springing

13,387

5,750,000

Springing

5,750,000

22,108,718

Outstanding TI/LC Reserve ($10,496,773.52), Free and Gap Rent Reserve ($6,611,943.99), Earnout Reserve ($5,000,000)

5,000,000

$5,000,000 deposited into the Earnout Reserve to be distributed to the borrower upon certain conditions in the loan agreement.

Hard

Springing

Yes

15,000,000

90,000,000

605,747.91

706,705.90

NAP

105,000,000

706,705.90

50.2%

1.33

11.8%

NAP

Lionstone Commercial Real Estate Alpha Driver Partners, L.P.

Refinance

NAP

Loan

LC MHC Portfolio

2.1%

KeyBank

NAP

Various

Manufactured Housing

Various

346

Pads

41,834.39

14,474,700

6.70000%

0.02715%

6.67285%

NAP

81,939.53

NAP

983,274.36

Interest Only

Actual/360

120

119

120

119

12/19/2023

2/1/2024

NAP

1/1/2034

L(24),YM1(90),O(6)

1,740,702

541,645

1,199,057

10/31/2023

T-12

1,632,598

718,581

914,017

12/31/2022

T-12

NAV

94.6%

1,925,124

574,582

1,350,542

17,300

1,333,242

1.37

1.36

9.3%

9.2%

24,200,000

As Is

Various

59.8%

98.0%

12/1/2023

24,750

9,652

44,261

5,608

1,442

NAP

Soft

Springing

Yes

NAP

Rohun Khanna and Eddie Baurer

Refinance

NAP

20.01

Property

Live Oaks

1.0%

47.5%

475 Landis Lane

Mt. Washington

Bullitt

40047

Manufactured Housing

1960

NAP

142

Pads

6,878,473

794,934

247,110

547,824

10/31/2023

T-12

773,410

352,647

420,763

12/31/2022

T-12

NAV

94.3%

901,648

251,368

650,280

7,100

643,180

11,500,000

As Is

11/17/2023

95.1%

12/1/2023

NAP

11/20/2023

NAP

11/20/2023

NAP

Fee

NAP

20.02

Property

Ponderosa Manor

0.8%

36.0%

1302 Woodland Drive

Elizabethtown

Hardin

42701

Manufactured Housing

1971

NAP

130

Pads

5,203,715

625,188

196,991

428,197

10/31/2023

T-12

582,265

265,581

316,684

12/31/2022

T-12

NAV

95.0%

690,805

206,781

484,024

6,500

477,524

8,700,000

As Is

11/17/2023

100.0%

12/1/2023

NAP

11/20/2023

NAP

11/20/2023

NAP

Fee

NAP

20.03

Property

Mills Estates

0.3%

16.5%

204 and 220 Mills Street

Scott

Lafayette

70583

Manufactured Housing

1999

2022

Pads

2,392,512

320,580

97,544

223,036

10/31/2023

T-12

276,924

100,354

176,570

12/31/2022

T-12

NAV

95.0%

332,671

116,433

216,238

3,700

212,538

4,000,000

As Is

11/9/2023

100.0%

12/1/2023

NAP

11/20/2023

NAP

11/20/2023

NAP

Yes - AE

Fee

NAP

Loan

Lake Point & The Oaks

2.0%

100.0%

BSPRT

NAP

2301 North Broadway Street and 800 North Davidson Street

Greensburg

Decatur

47240

Multifamily

Garden

1968-1977, 2002-2019

NAP

259

Units

52,895.75

13,700,000

7.24000%

0.01840%

7.22160%

NAP

83,804.68

NAP

1,005,656.16

Interest Only

Actual/360

120

1/10/2024

3/6/2024

NAP

2/6/2034

L(24),D(92),O(4)

2,299,286

974,534

1,324,752

11/30/2023

T-12

2,202,739

974,244

1,228,495

12/31/2022

T-12

2,305,724

911,652

1,394,072

12/31/2021

T-12

93.9%

2,402,951

1,106,239

1,296,712

64,750

1,231,962

1.29

1.23

9.5%

9.0%

22,400,000

As Is

1/5/2024

61.2%

94.6%

12/31/2023

NAP

5/5/2023

NAP

5/5/2023

NAP

Fee

NAP

85,769

21,442

39,166

13,055

5,396

112,526

NAP

Springing

Yes

NAP

Norman C. Schlemmer, Norman C. Schlemmer III, The Norman C. Schlemmer III Revocable Trust u/a/d, 09/15/16

Refinance

NAP

Loan

18, 19, 30

Creekside Village

1.8%

100.0%

GACC

NAP

15111-15129 Main Street

Mill Creek

Snohomish

98012

Retail

Shadow Anchored

2007

NAP

48,090

265.13

12,750,000

7.49200%

0.07715%

7.41485%

NAP

80,708.09

NAP

968,497.08

Interest Only

Actual/360

120

119

120

119

12/7/2023

2/6/2024

NAP

1/6/2034

L(24),YM1(92),O(4)

1,703,572

458,028

1,245,544

10/31/2023

T-12

1,882,980

411,763

1,471,217

12/31/2022

T-12

1,706,940

437,302

1,269,638

12/31/2021

T-12

95.0%

1,870,447

529,572

1,340,875

9,618

48,090

1,283,167

1.38

1.32

10.5%

10.1%

20,700,000

As Is

10/26/2023

61.6%

96.6%

11/30/2023

Banner Bank

3,123

6.5%

12/15/2024

Forum Dental. Meng Ho, DDS

2,784

5.8%

9/1/2032

RE/MAX Realty

2,732

5.7%

11/30/2024

Massage Envy

2,670

5.6%

5/31/2027

Inflection Wealth Management

2,665

5.5%

8/1/2035

11/6/2023

NAP

11/6/2023

11/3/2023

Fee

NAP

48,529

12,132

5,800

2,900

802

19,236

4,008

96,180

34,830

2,599

Free Rent Reserve (Upfront: $34,830), Condominium Assessment Reserve (Monthly: $2,598.83)

NAP

Hard

Springing

Yes

NAP

Vien D. Bui

Refinance

NAP

Loan

6, 23

Lehigh Valley Portfolio

1.8%

AREF2

NAP

Various

Bethlehem

Northampton

18017

Various

NAP

272,889

44.87

12,250,000

12,243,568

11,677,823

7.55000%

0.01840%

7.53160%

86,073.58

NAP

1,032,882.96

NAP

Amortizing Balloon

Actual/360

360

359

1/4/2024

2/6/2024

1/6/2029

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

4,264,137

2,238,687

2,025,450

9/30/2023

T-12

4,199,196

2,102,864

2,096,332

12/31/2022

T-12

4,183,051

2,014,256

2,168,795

12/31/2021

T-12

70.7%

4,514,175

2,253,720

2,260,455

54,578

26,445

2,179,432

2.19

2.11

18.5%

17.8%

31,200,000

As Is

11/2/2023

39.2%

37.4%

70.3%

Various

254,032

63,508

106,598

10,660

4,548

1,100,000

11,370

419,198

298,910

Unfunded Obligations Reserve ($276,962.09), Free Rent Reserve ($21,948.35)

NAP

Hard

Springing

Yes

NAP

Zachariah Cobrinik and Lisa Pektor

Refinance

NAP

23.01

Property

1525 Valley Center Parkway

0.5%

29.2%

1525 Valley Center Parkway

Bethlehem

Northampton

18017

Office

Suburban

1999

NAP

75,000

3,580,300

3,578,420

3,413,070

1,348,415

735,983

612,432

9/30/2023

T-12

1,358,198

705,392

652,806

12/31/2022

T-12

1,327,749

647,903

679,846

12/31/2021

T-12

68.9%

1,316,791

737,309

579,482

15,000

15,500

548,982

7,250,000

As Is

11/2/2023

62.6%

12/1/2023

CliftonLarsen

22,318

29.8%

10/31/2032

Service Access & Management

6,000

8.0%

10/31/2029

Mariner Wealth

5,416

7.2%

10/31/2025

U-Pol

4,028

5.4%

11/30/2024

Viner Finance

3,685

4.9%

10/31/2028

11/7/2023

NAP

11/7/2023

NAP

Fee

NAP

23.02

Property

1480 Valley Center Parkway

0.5%

26.0%

1480 Valley Center Parkway

Bethlehem

Northampton

18017

Industrial

Flex

1991

NAP

51,793

3,187,400

3,185,727

3,038,522

1,143,380

356,300

787,080

9/30/2023

T-12

1,122,739

325,953

796,786

12/31/2022

T-12

1,121,117

323,494

797,623

12/31/2021

T-12

100.0%

1,169,239

351,434

817,805

10,359

3,897

803,550

8,900,000

As Is

11/2/2023

100.0%

1/4/2024

Yes

Flowserve US Inc.

51,793

100.0%

12/31/2027

NAP

11/7/2023

NAP

11/7/2023

NAP

Fee

NAP

23.03

Property

1455 Valley Center Parkway

0.3%

19.0%

1455 Valley Center Parkway

Bethlehem

Northampton

18017

Office

Suburban

1996

NAP

54,118

2,323,400

2,322,180

2,214,878

886,415

391,006

495,409

9/30/2023

T-12

851,721

373,784

477,937

12/31/2022

T-12

722,663

374,833

347,830

12/31/2021

T-12

72.3%

862,881

396,820

466,060

10,824

5,059

450,178

4,850,000

As Is

11/2/2023

74.8%

12/1/2023

Life Insurance Co. of North America

27,343

50.5%

1/31/2029

Masters Construction

13,132

24.3%

2/28/2024

NAP

11/7/2023

NAP

11/7/2023

NAP

Fee

NAP

23.04

Property

1510 Valley Center Parkway

0.2%

14.1%

1510 Valley Center Parkway

Bethlehem

Northampton

18017

Industrial

Flex

1989

NAP

48,208

1,722,300

1,721,396

1,641,854

486,513

286,090

200,423

9/30/2023

T-12

338,109

265,144

72,965

12/31/2022

T-12

382,588

267,573

115,015

12/31/2021

T-12

58.3%

638,280

290,795

347,485

9,642

2,104

335,739

6,300,000

As Is

11/2/2023

60.8%

12/1/2023

Mission Autism Clinics

16,555

34.3%

12/31/2031

IQVIA

8,739

18.1%

11/30/2027

Rotech Health

4,000

8.3%

10/31/2025

NAP

11/7/2023

NAP

11/7/2023

NAP

Fee

NAP

23.05

Property

1495 Valley Center Parkway

0.2%

11.7%

1495 Valley Center Parkway

Bethlehem

Northampton

18017

Office

Suburban

1991

NAP

43,770

1,436,600

1,435,846

1,369,499

399,414

469,308

(69,894)

9/30/2023

T-12

528,429

432,591

95,838

12/31/2022

T-12

628,934

400,453

228,481

12/31/2021

T-12

51.8%

526,984

477,361

49,622

8,754

(115)

40,983

3,900,000

As Is

11/2/2023

53.2%

12/1/2023

Stiltz Lifts

12,490

28.5%

4/30/2028

Miller-Keystone Blood Ctr

10,614

24.2%

2/28/2030

Ragnar & Rollo Industries

187

0.4%

10/31/2024

NAP

11/7/2023

NAP

11/7/2023

NAP

Fee

NAP

Loan

1, 7, 12, 26

Creekside Town Center

1.6%

100.0%

3650 REIT 2

BMO

NAP

1180-1256 Galleria Boulevard

Roseville

Placer

95678

Retail

Anchored

1999-2001

NAP

360,891

198.19

11,000,000

7.28000%

0.01840%

7.26160%

NAP

67,660.19

NAP

811,922.28

Interest Only

Actual/360

120

116

120

116

9/28/2023

11/5/2023

NAP

10/5/2033

L(28),D(87),O(5)

10,110,076

2,515,237

7,594,839

7/31/2023

T-12

9,604,742

2,390,218

7,214,524

12/31/2022

T-12

9,186,860

2,304,172

6,882,688

12/31/2021

T-12

95.3%

10,656,860

2,629,901

8,026,958

54,134

20,668

7,952,156

1.52

1.51

11.2%

11.1%

125,600,000

As Is

8/25/2023

56.9%

95.6%

8/30/2023

Best Buy

46,005

12.7%

1/31/2026

Burlington Coat Factory

37,212

10.3%

1/31/2026

Bobs Discount Furniture

34,456

9.5%

5/31/2032

Nordstrom Rack

32,794

9.1%

8/31/2026

Marshalls

30,709

8.5%

1/31/2027

8/2/2023

NAP

6/22/2023

9/14/2023

Fee

NAP

104,378

20,555

2,500,000

Springing

1,500,000

185,505

Springing

Outstanding TI/LC Reserve (Upfront: $185,505.15), DSCR Trigger Reserve (Monthly: Springing)

NAP

Springing

Yes

11,000,000

60,525,000

372,284.79

439,944.98

NAP

71,525,000

439,944.98

56.9%

1.51

11.2%

NAP

Cane Living Trust Dated February 17, 1981 and The Ronald and Mary Ellen Cane 1996 Irrevocable Trust

Acquisition

NAP

Loan

13, 16, 23

5600 West Adams

1.4%

100.0%

DBRI

GACC

NAP

5600 West Adams Boulevard

Los Angeles

90016

Office

Suburban

2021

NAP

31,535

317.11

10,000,000

7.49000%

0.01840%

7.47160%

NAP

63,283.56

NAP

759,402.72

Interest Only

Actual/360

120

118

120

118

11/8/2023

1/6/2024

NAP

12/6/2033

L(26),D(87),O(7)

1,698,748

750,949

947,799

6/30/2023

T-12

891,618

411,313

480,305

12/31/2022

T-12

NAV

95.0%

2,047,913

711,390

1,336,523

6,307

31,535

1,298,681

1.76

1.71

13.4%

13.0%

20,300,000

As Is

8/11/2023

49.3%

100.0%

8/31/2023

Signal Brands

21,911

69.5%

2/28/2033

Donaldson Callif Perez, LLP

9,624

30.5%

2/28/2033

NAP

8/23/2023

NAP

8/19/2023

8/21/2023

11%

Fee

NAP

Springing

526

Springing

NAP

Hard

Springing

Yes

NAP

Yes

Future Mezzanine Loan

Richard Scott Ressler, Avraham Shemesh and/or Shaul Kuba

SKR Holdings, LLC

Refinance

NAP

Loan

Marshall Apartments

1.4%

100.0%

LMF

NAP

10 Marshall Street

Hartford

06105

Multifamily

Mid Rise

1973

2021-2023

115

Units

82,173.91

9,450,000

7.74000%

0.01840%

7.72160%

NAP

61,799.06

NAP

741,588.72

Interest Only

Actual/360

120

118

120

118

11/21/2023

1/6/2024

NAP

12/6/2033

L(11),YM1(105),O(4)

1,479,171

634,036

845,135

9/30/2023

T-12

1,452,870

627,468

825,402

12/31/2022

T-12

1,435,207

598,181

837,026

12/31/2021

T-12

96.0%

1,602,620

618,361

984,259

23,000

961,259

1.33

1.30

10.4%

10.2%

13,500,000

As Is

10/23/2023

70.0%

96.5%

11/1/2023

NAP

11/1/2023

NAP

11/1/2023

NAP

Fee

NAP

23,045

20,656

3,279

1,917

NAP

Springing

Yes

NAP

Yes

Future Mezzanine Loan

Benjamin Weinstein

Refinance

NAP

Loan

10, 18, 30

Highland Avenue Portfolio

1.4%

100.0%

SGFC

Group B

NAP

3017 West Highland Boulevard, 3133 West Wisconsin Avenue, 3414 West Wisconsin Avenue and 845 North 26th Street

Milwaukee

53208

Multifamily

Garden

1914, 1923, 1964, 1967

2016, 2018

118

Units

79,519.44

9,415,000

9,383,294

6,451,887

7.18000%

0.01840%

7.16160%

74,015.10

NAP

888,181.20

NAP

Amortizing Balloon

Actual/360

120

118

240

238

11/17/2023

1/1/2024

12/1/2033

L(35),YM1(81),O(4)

1,378,128

344,895

1,033,233

9/30/2023

T-12

1,311,837

348,811

963,026

12/31/2022

T-12

1,245,136

311,422

933,714

12/31/2021

T-12

95.0%

1,424,968

403,518

1,021,450

1.15

10.9%

15,600,000

As Is

10/26/2023

60.1%

41.4%

100.0%

9/1/2023

NAP

11/1/2023, 11/2/2023

NAP

10/31/2023, 11/2/2023

NAP

Fee

NAP

95,229

7,936

Springing

50,000

Static Insurance Reserve

NAP

Springing

Yes

NAP

Youssef Berrada

Refinance

NAP

Loan

1, 7, 10, 19

Outlet Shoppes at Atlanta

1.3%

100.0%

Barclays, GSBI

Barclays

NAP

915 Ridgewalk Parkway

Woodstock

Cherokee

30188

Retail

Outlet Center

2012

NAP

405,146

195.81

9,330,000

7.85000%

0.01840%

7.83160%

NAP

61,881.44

NAP

742,577.28

Interest Only

Actual/360

120

116

120

116

10/3/2023

11/6/2023

NAP

10/6/2033

L(28),D(85),O(7)

15,397,806

4,458,904

10,938,902

7/31/2023

T-12

15,027,489

4,474,546

10,552,943

12/31/2022

T-12

13,741,626

4,674,036

9,067,590

12/31/2021

T-12

96.0%

16,520,639

4,733,026

11,787,613

81,029

607,719

11,098,864

1.87

1.76

14.9%

14.0%

158,000,000

As Is

8/27/2023

50.2%

95.9%

8/1/2023

Saks Fifth Avenue Off Fifth

24,807

6.1%

7/31/2028

Nike Factory Store

13,692

3.4%

1/31/2029

Forever 21

10,644

2.6%

1/31/2033

Adidas

9,054

2.2%

1/31/2031

Polo Ralph Lauren

8,049

2.0%

11/30/2024

9/5/2023

NAP

9/5/2023

NAP

Fee

NAP

123,910

61,955

Springing

867,000

Springing

897,915

Outstanding TI Reserve

NAP

Hard

Springing

Yes

9,330,000

70,000,000

464,276.62

526,158.06

NAP

79,330,000

526,158.06

50.2%

1.76

14.9%

NAP

CBL & Associates Limited Partnership and Horizon Group Properties, Inc.

Refinance

NAP

Loan

18, 19, 23, 24

White Horse Plaza

1.3%

100.0%

UBS AG

NAP

6119 White Horse Road

Greenville

29611

Retail

Anchored

1988

2005

159,114

54.65

8,700,000

8,694,893

7,628,608

7.20500%

0.01840%

7.18660%

59,084.02

NAP

709,008.24

NAP

Amortizing Balloon

Actual/360

120

119

360

359

12/29/2023

2/6/2024

1/6/2034

L(25),D(91),O(4)

1,294,758

322,210

972,548

11/30/2023

T-12

1,209,009

324,401

884,608

12/31/2022

T-12

1,081,568

315,945

765,623

12/31/2021

T-12

95.0%

1,500,961

348,990

1,151,971

63,646

82,846

1,005,480

1.62

1.42

13.2%

11.6%

16,800,000

As Is

10/5/2023

51.8%

45.4%

100.0%

12/27/2023

La Unica Super Center

35,982

22.6%

7/31/2053

ROSS (dd's Discounts)

20,693

13.0%

1/31/2029

Cititrends

15,942

10.0%

8/31/2024

La Unica Festivities Center

15,000

9.4%

7/31/2038

Donivon Glassburn (Mr. Bingo)

11,557

7.3%

1/31/2030

10/18/2023

NAP

10/18/2023

NAP

Fee

NAP

25,434

15,897

41,944

3,329

5,304

127,291

24,813

989,130

Springing

Unit 4/5 Occupancy Holdback Reserve (Upfront: $500,000), Unit 1, J and 17/18 Occupancy Holdback Reserve (Upfront: $250,000; Monthly: Springing), Material Tenant Reserve (Upfront: $239,130; Monthly: Springing; Cap: Various), DSCR Cure Reserve (Monthly: Springing)

Various

750,000

Unit 1, J and 17/18 Occupancy Holdback Funds ($250,000.00), Unit 4/5 Occupancy Holdback Funds ($500,000.00)

Hard

Springing

Yes

NAP

Gloria Isabel Pena

Recapitalization

NAP

Loan

INA & Bailey Buildings

1.2%

100.0%

Barclays

NAP

14701-14725 Detroit Avenue

Lakewood

Cuyahoga

44107

Mixed Use

Office / Medical Office / Retail

1920, 1950, 1964

2010

167,694

49.79

8,350,000

7,497,870

7.43100%

0.01840%

7.41260%

57,990.40

52,425.53

695,884.80

629,106.36

Interest Only, Amortizing Balloon

Actual/360

120

118

360

11/30/2023

1/6/2024

1/6/2025

12/6/2033

L(26),D(90),O(4)

2,276,534

1,092,120

1,184,415

9/30/2023

T-12

2,172,215

1,101,136

1,071,079

12/31/2022

T-12

2,166,839

1,092,738

1,074,100

12/31/2021

T-12

79.0%

2,451,395

1,126,737

1,324,659

33,539

75,271

1,215,849

1.90

1.75

15.9%

14.6%

16,400,000

As Is

10/16/2023

50.9%

45.7%

78.7%

10/26/2023

Signature Health

32,841

19.6%

1/31/2029

Albert Einstein

12,276

7.3%

5/31/2028

Dimit Architects

9,760

5.8%

3/31/2028

Panera Bread

5,561

3.3%

10/31/2024

Arepazo

5,495

3.3%

5/31/2026

10/20/2023

NAP

10/23/2023

NAP

Fee

NAP

95,451

19,090

Springing

250,000

2,795

505,000

10,481

628,853

53,153

37,870

Free Rent Reserve ($26,470), Existing TI/LC Obligations Reserve ($11,400)

NAP

Hard

Springing

Yes

NAP

Bradley T. Kowit, Gregg Levy and Steven Passov

Refinance

NAP

Loan

Claremont Packing House

1.2%

100.0%

DBRI

GACC

NAP

532 West 1st Street

Claremont

Los Angeles

91711

Mixed Use

Multifamily / Retail

1922

2007

56,267

142.18

8,000,000

6.65000%

0.01840%

6.63160%

NAP

44,949.07

NAP

539,388.84

Interest Only

Actual/360

120

118

120

118

12/6/2023

1/6/2024

NAP

12/6/2033

L(26),D(89),O(5)

1,819,408

590,089

1,229,318

8/31/2023

T-12

1,555,420

543,146

1,012,274

12/31/2022

T-12

1,611,137

526,792

1,084,346

12/31/2021

T-12

95.0%

1,768,779

561,870

1,206,909

11,596

37,979

1,157,334

2.24

2.15

15.1%

14.5%

21,400,000

As Is

7/10/2023

37.4%

99.9%

11/9/2023

Whisper House LLC

4,266

7.6%

MTM

Packing House Corner LLC

3,682

6.5%

2/28/2026

Gus's BBQ 2, Inc.

3,500

6.2%

10/31/2027

Eureka Restaurant Group, LLC

3,000

5.3%

6/30/2026

Claremont Packing House Wine Merchants

2,976

5.3%

10/31/2025

7/20/2023

NAP

7/24/2023

19%

Fee

NAP

26,126

9,064

24,150

2,013

966

150,000

Springing

150,000

NAP

Springing

Yes

NAP

Gerald V. Tessier

Refinance

NAP

Loan

19, 23, 24

Rabun Gap Industrial Park

1.1%

100.0%

UBS AG

NAP

400 Kelly's Creek Road

Rabun Gap

Rabun

30568

Industrial

Warehouse / Distribution

1952

2016

947,816

7.91

7,500,000

8.58300%

0.01840%

8.56460%

NAP

54,388.80

NAP

652,665.60

Interest Only

Actual/360

12/19/2023

2/6/2024

NAP

1/6/2029

L(25),D(31),O(4)

1,589,699

509,914

1,079,785

8/31/2023

T-12

1,625,445

585,506

1,039,939

12/31/2022

T-12

1,727,681

599,263

1,128,418

12/31/2021

T-12

95.0%

2,456,062

837,501

1,618,561

94,782

72,617

1,451,162

2.48

2.22

21.6%

19.3%

18,800,000

As Is

10/9/2023

39.9%

100.0%

12/19/2023

Elk Lighting, Inc.

714,500

75.4%

12/31/2035

ParkDale

151,500

16.0%

4/30/2026

Tricorn

47,136

5.0%

3/31/2024

Bradburn Home

34,680

3.7%

12/31/2024

NAP

10/10/2023

NAP

10/10/2023

NAP

Yes

Fee

NAP

13,721

5,277

65,103

25,040

7,898

284,345

15,797

568,689

115,313

23,695

Roof Repair Funds (Monthly: $23,695.40), Material Tenant Funds (Monthly: Springing)

NAP

Springing

Yes

NAP

Mark J. Fludgate, Bradford A. Smith, Elk Lighting, Inc.

Refinance

NAP

Loan

5, 6, 7, 20

Blackbird Portfolio

0.8%

AREF2

NAP

Various

Ann Arbor

Washtenaw

48108

Various

427,513

83.62

5,750,000

5,501,685

7.92000%

0.06715%

7.85285%

41,871.23

38,477.08

502,454.76

461,724.96

Interest Only, Amortizing Balloon

Actual/360

120

118

360

11/21/2023

1/6/2024

1/6/2029

12/6/2033

L(26),D(90),O(4)

8,982,761

3,453,274

5,529,487

9/30/2023

T-12

9,146,710

3,429,693

5,717,017

12/31/2022

T-12

7,811,067

3,371,847

4,439,220

12/31/2021

T-12

83.6%

8,001,309

3,378,501

4,622,808

85,503

163,386

4,373,919

1.48

1.40

12.9%

12.2%

67,060,000

As Portfolio

9/30/2023

53.3%

51.0%

83.4%

Various

694,641

138,928

86,855

9,651

7,125

2,000,000

57,002

150,510

118,000

Outstanding TI/LC Reserve

NAP

Hard

Springing

Yes

5,750,000

30,000,000

218,458.59

260,329.82

NAP

35,750,000

260,329.82

53.3%

1.40

12.9%

5,250,000

12.00000%

41,000,000

313,558.99

61.1%

1.16

11.3%

NAP

Jeffrey L. Hauptman

Refinance

NAP

33.01

Property

1100, 1200, and 1300 Victors Way

0.1%

16.7%

1100, 1200, 1300 Victors Way

Ann Arbor

Washtenaw

48108

Mixed Use

Office / Industrial / Lab

1999

2022

68,348

961,997

920,453

1,585,676

623,897

961,780

9/30/2023

T-12

1,488,934

544,090

944,843

12/31/2022

T-12

921,348

524,473

396,875

12/31/2021

T-12

100.0%

1,591,288

594,897

996,391

13,670

38,096

944,626

11,010,000

As Is

9/30/2023

100.0%

10/31/2023

NeuMoDx Molecular, Inc.

28,235

41.3%

7/31/2025

Cumulus Broadcasting LLC

9,600

14.0%

8/31/2027

Great Lakes Commission

9,422

13.8%

6/30/2025

The Women's Center of Southeastern Michigan

8,300

12.1%

9/30/2030

SiTime Corporation

8,197

12.0%

5/31/2029

7/25/2023

NAP

7/26/2023

NAP

Fee

NAP

33.02

Property

1200 Eisenhower Place

0.1%

13.2%

1200 Eisenhower Place

Ann Arbor

Washtenaw

48108

Mixed Use

Office / Industrial / Lab

1985

2007

48,368

757,111

724,415

1,112,676

394,529

718,148

9/30/2023

T-12

1,368,149

455,742

912,407

12/31/2022

T-12

1,205,605

574,148

631,457

12/31/2021

T-12

87.5%

1,018,524

406,524

612,001

9,674

21,113

581,214

8,610,000

As Is

9/30/2023

85.8%

10/31/2023

NeuMoDx Molecular, Inc.

41,486

85.8%

7/31/2025

NAP

7/25/2023

NAP

7/26/2023

NAP

Yes - AE

Fee

NAP

33.03

Property

3767-3891 Ranchero Drive

0.1%

12.2%

3767-3891 Ranchero Drive

Ann Arbor

Washtenaw

48108

Mixed Use

Office / Industrial

2000

2014

59,335

704,351

673,933

1,124,206

460,021

664,185

9/30/2023

T-12

1,249,346

432,312

817,034

12/31/2022

T-12

1,261,831

412,680

849,150

12/31/2021

T-12

44.9%

558,078

426,445

131,633

11,867

30,435

89,331

8,010,000

As Is

9/30/2023

45.8%

10/31/2023

Esperion Therapeutics, Inc.

11,471

19.3%

10/31/2028

ParishSOFT, LLC

9,799

16.5%

9/30/2024

BigBear.ai, LLC

3,052

5.1%

1/31/2026

Muller-BBM Vibroakustiks Systems

2,841

4.8%

4/30/2027

MCImetro Access Transmission Services LLC

0.0%

1/31/2026

7/24/2023

NAP

7/26/2023

NAP

Fee

NAP

33.04

Property

1300 Eisenhower Place

0.1%

10.8%

1300 Eisenhower Place

Ann Arbor

Washtenaw

48108

Mixed Use

Office / Industrial / Lab

1985

2007

42,691

622,572

595,686

953,866

335,806

618,060

9/30/2023

T-12

909,357

326,281

583,076

12/31/2022

T-12

796,724

303,502

493,221

12/31/2021

T-12

100.0%

962,233

336,929

625,305

8,538

16,287

600,479

7,080,000

As Is

9/30/2023

100.0%

10/31/2023

Igadea, LLC

10,931

25.6%

4/30/2025

Society for College and University Planning

10,900

25.5%

11/30/2026

G2 Consulting Group, L.L.C.

7,949

18.6%

5/31/2025

Program Planning Professionals

6,590

15.4%

12/31/2025

Heartland Hospice Services, LLC

6,321

14.8%

7/31/2026

7/25/2023

NAP

7/26/2023

NAP

Yes - AE

Fee

NAP

33.05

Property

1500 Eisenhower Place

0.1%

10.7%

1500 Eisenhower Place

Ann Arbor

Washtenaw

48108

Mixed Use

Office / Industrial

1987

2006

42,874

615,538

588,955

948,281

347,094

601,188

9/30/2023

T-12

918,960

331,740

587,220

12/31/2022

T-12

896,448

325,554

570,895

12/31/2021

T-12

89.2%

874,218

335,810

538,408

8,575

16,443

513,391

7,000,000

As Is

9/30/2023

89.3%

10/31/2023

Hearst Communications, Inc.

17,841

41.6%

12/31/2028

TRC Environmental Corporation

7,894

18.4%

4/30/2027

Arbor Assays, Inc.

7,731

18.0%

2/28/2025

Mitzel Law Group PLC

4,812

11.2%

11/30/2028

NAP

7/26/2023

NAP

7/21/2023

NAP

Yes - AE

Fee

NAP

33.06

Property

1100 Eisenhower Place

0.1%

10.1%

1100 Eisenhower Place

Ann Arbor

Washtenaw

48108

Mixed Use

Office / Industrial / Lab

1985

2007

39,450

580,364

555,301

928,573

314,728

613,845

9/30/2023

T-12

940,067

371,860

568,208

12/31/2022

T-12

784,196

303,364

480,832

12/31/2021

T-12

100.0%

872,110

317,640

554,470

7,890

13,533

533,048

6,780,000

As Is

9/30/2023

100.0%

11/21/2023

Yes

NeuMoDx Molecular, Inc.

39,450

100.0%

7/31/2025

NAP

7/24/2023

NAP

7/21/2023

NAP

Yes - AE

Fee

NAP

33.07

Property

1194 Oak Valley Drive

0.1%

9.6%

1194 Oak Valley Drive

Ann Arbor

Washtenaw

48108

Mixed Use

Office / Industrial / Lab

1998

2000

42,296

551,346

527,536

842,095

247,034

595,061

9/30/2023

T-12

790,555

253,606

536,949

12/31/2022

T-12

649,169

227,873

421,297

12/31/2021

T-12

100.0%

868,790

243,756

625,034

8,459

15,952

600,623

6,270,000

As Is

9/30/2023

100.0%

10/31/2023

GFG Instrumentation, Inc

16,630

39.3%

2/28/2026

U.S. Medical Management, LLC

11,943

28.2%

9/30/2025

Radar Applications Incorporated

8,941

21.1%

1/31/2025

Resonant Sciences LLC

4,782

11.3%

7/31/2025

NAP

7/24/2023

NAP

7/26/2023

NAP

Fee

NAP

33.08

Property

3940-3948 Ranchero Drive

0.1%

6.7%

3940-3948 Ranchero Drive

Ann Arbor

Washtenaw

48108

Mixed Use

Office / Industrial

2000

NAP

29,472

387,789

371,042

590,810

211,483

379,328

9/30/2023

T-12

592,668

226,666

366,002

12/31/2022

T-12

306,217

223,682

82,536

12/31/2021

T-12

46.1%

306,789

199,304

107,486

5,894

5,051

96,540

4,160,000

As Is

9/30/2023

50.1%

10/31/2023

2BeSuccessful LLC

8,932

30.3%

1/31/2029

ARC Document Solutions LLC

4,200

14.3%

2/28/2025

Halle Properties, L.L.C.

1,640

5.6%

5/31/2024

NAP

7/24/2023

NAP

7/25/2023

NAP

Fee

NAP

33.09

Property

950 Victors Way

0.0%

5.0%

930 and 950 Victors Way

Ann Arbor

Washtenaw

48108

Mixed Use

Office / Industrial

1997

2006

23,723

284,906

272,602

356,602

218,847

137,755

9/30/2023

T-12

364,288

211,086

153,202

12/31/2022

T-12

421,927

201,761

220,167

12/31/2021

T-12

69.5%

353,319

216,915

136,404

4,745

165

131,495

3,270,000

As Is

9/30/2023

69.0%

10/31/2023

Planned Parenthood Mid and South Michigan

10,300

43.4%

6/30/2033

Learn-It Systems, LLC

3,866

16.3%

7/31/2025

Habitat for Humanity of Huron Valley

2,203

9.3%

8/31/2026

NAP

7/26/2023

NAP

7/26/2023

NAP

Fee

NAP

33.10

Property

825 Victors Way

0.0%

4.9%

825 Victors Way

Ann Arbor

Washtenaw

48108

Office

Suburban

1980

2019

30,956

284,027

271,761

539,975

299,836

240,139

9/30/2023

T-12

524,385

276,310

248,076

12/31/2022

T-12

567,601

274,811

292,791

12/31/2021

T-12

82.3%

595,959

300,283

295,676

6,191

6,313

283,172

3,230,000

As Is

9/30/2023

83.0%

10/31/2023

Online Tech, LLC

11,143

36.0%

6/30/2029

American Title Company of Washtenaw, Inc.

6,168

19.9%

11/30/2030

Arbor Trust Wealth Advisors LLC

5,372

17.4%

10/31/2025

The Association for Asian Studies, Inc.

3,013

9.7%

5/31/2027

NAP

7/24/2023

NAP

7/26/2023

NAP

Fee

NAP

Loan

16, 19

Carhartt HQ

0.7%

100.0%

KeyBank

NAP

5750 Mercury Drive

Dearborn

Wayne

48126

Office

Suburban

2002

2019

58,722

87.11

5,115,000

4,842,834

6.97000%

0.02715%

6.94285%

33,927.23

30,122.26

407,126.76

361,467.12

Interest Only, Amortizing Balloon

Actual/360

120

119

360

12/21/2023

2/1/2024

2/1/2029

1/1/2034

L(25),D(92),O(3)

NAV

90.7%

1,176,345

508,326

668,019

35,820

58,556

573,642

1.64

1.41

13.1%

11.2%

10,100,000

As Is

11/9/2023

50.6%

47.9%

100.0%

12/21/2023

Yes

Carhartt Inc

58,722

100.0%

11/30/2034

NAP

11/9/2023

NAP

11/9/2023

NAP

Fee

NAP

Springing

967

121

NAP

Hard

Springing

Yes

NAP

Syndicated Equities

Richard Kaplan and Matthew McCulloch

Yes

Acquisition

NAP

Loan

13, 16

Pharmaloz Manufacturing

0.5%

100.0%

AREF2

NAP

500 North 15th Avenue

Lebanon

17046

Industrial

R&D / Manufacturing

1990

1994

57,500

56.76

3,265,000

3,263,666

2,937,316

8.25000%

0.01840%

8.23160%

24,528.86

NAP

294,346.32

NAP

Amortizing Balloon

Actual/360

120

119

360

359

12/20/2023

2/6/2024

1/6/2034

L(25),D(91),O(4)

NAV

95.0%

544,403

117,481

426,922

19,550

28,750

378,622

1.45

1.29

13.1%

11.6%

8,550,000

As Is

11/29/2023

38.2%

34.4%

100.0%

12/20/2023

Yes

Pharmaloz Manufacturing

57,500

100.0%

12/30/2052

NAP

11/30/2023

NAP

11/30/2023

NAP

Fee

NAP

16,613

2,769

12,027

4,009

1,629

2,396

11,188

500,000

EBITDAR Reserve

NAP

Hard

Springing

Yes

NAP

Yes

Future Mezzanine Loan

Ted Karkus and Jed Latkin

Recapitalization

NAP

Footnotes to Annex A-1

(1)	“Barclays” denotes Barclays Capital Real Estate Inc. as Mortgage Loan Seller, “SGFC” denotes Societe Generale Financial Corporation as Mortgage Loan Seller, “KeyBank” denotes KeyBank National Association as Mortgage Loan Seller, “BMO” denotes Bank of Montreal as Mortgage Loan Seller, “AREF2” denotes Argentic Real Estate Finance 2 LLC as Mortgage Loan Seller, “BSPRT” denotes BSPRT CMBS Finance, LLC as Mortgage Loan Seller, “LMF” denotes LMF Commercial, LLC as Mortgage Loan Seller, “SMC” denotes Starwood Mortgage Capital LLC as Mortgage Loan Seller, “GACC” denotes German American Capital Corporation as Mortgage Loan Seller and “UBS AG” denotes UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York as Mortgage Loan Seller. With respect to Loan No. 1, Woodfield Mall, the mortgage loan is part of a whole loan that was co-originated by BMO, Barclays and Bank of America, N.A. With respect to Loan No. 2, Rhino Portfolio 3, the mortgage loan is part of a whole loan that was co-originated by Bank of America, N.A. and Barclays. With respect to Loan No. 3, Arundel Mills and Marketplace, the mortgage loan is part of a whole loan that was co-originated by Wells Fargo Bank, National Association, Citi Real Estate Funding Inc., DBR Investments Co. Limited and SGFC. With respect to Loan No. 4, RTL Retail Portfolio, the mortgage loan is part of a whole loan that was co-originated by Barclays Capital Real Estate Inc., SGFC, BMO and KeyBank National Association. With respect to Loan No. 5, AutoNation, the mortgage loan is part of a whole loan that was co-originated by Barclays and AREF2. With respect to Loan No. 6, BLE Portfolio, the mortgage loan is part of a whole loan that was co-originated by AREF2 and Barclays. With respect to Loan No. 7, La Primavera, the mortgage loan is part of a whole loan that wasco-originated by AREF2 and Barclays. With respect to Loan No. 8, Axis Apartments, the mortgage loan is part of a whole loan that was originated by Citi Real Estate Funding Inc. Such mortgage loan was subsequently acquired by BMO. With respect to Loan No. 17, The Muse & Eden Pointe, the mortgage loan is part of a whole loan that was co-originated by AREF2 and Barclays Capital Real Estate Inc. With respect to Loan No. 19, Sugar Land Town Square, the mortgage loan is part of a whole loan that was co-originated by AREF2 and Goldman Sachs Bank USA. With respect to Loan No. 24, Creekside Town Center, the mortgage loan is part of a whole loan that was originated by 3650 Real Estate Investment Trust 2 LLC. Such mortgage loan was subsequently acquired by BMO. With respect to Loan No. 28, Outlet Shoppes at Atlanta, the mortgage loan is part of a whole loan that was co-originated by Barclays and Goldman Sachs Bank USA.

(2)	With respect to Loan No. 2, Rhino Portfolio 3 – Blvd 2500, the mortgaged property is a 296-unit multifamily property consisting of 121,308 square feet of multifamily space converted from a hotel that includes 7,614 square feet of retail space. With respect to Loan No. 8, Axis Apartments, the mortgaged property is comprised of a 716 unit, 60 story high rise multifamily property making up 95.3% of Underwritten EGI and 17,195 square feet of ground floor retail making up 4.7% of Underwritten EGI. Approximately 13.8% of the net rentable square footage is currently being converted from office space to multifamily space. With respect to Loan No. 10, Wisconsin Avenue Portfolio, the mortgaged properties consist of 244 multifamily units and 900 square feet of retail space. With respect to Loan No. 31, Claremont Packing House, the mortgaged property is comprised of 16 live-work lofts totaling 18,288 square feet and 37,979 square feet of retail space, totaling 56,267 square feet.

(3)	Certain of the mortgage loans include parcels ground leased to tenants in the calculation of the total square footage and the occupancy of the mortgaged property. With respect to Loan No. 3, Arundel Mills and Marketplace, the mortgaged property includes a larger mall and lifestyle center which consists of 1,391,652 square feet of owned improvements and 547,331 square feet of leased fee improvements. Occupancy at the mortgaged property represents the occupancy excluding square footage from the leased fee tenant, Live Casino Hotel Maryland, and is based on the owned square footage totaling 1,391,652. Occupancy including Live Casino Hotel Maryland is 98.8%.


(4)	In certain cases, mortgaged properties may have tenants that have executed leases that were included in the underwriting but that have not yet commenced paying rent and/or are not in occupancy. For tenants that are one of the top five tenants (by net rentable area leased) for the 15 largest mortgage loans, certain of such tenants have not taken possession or commenced paying rent or sublease a material portion of their property. See “Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Other” in the preliminary prospectus. With respect to Loan No. 2, Rhino Portfolio 3, the Second Largest Tenant at The Summit mortgaged property, Dave and Busters, is expected to take occupancy in May 2024. The Fourth Largest Tenant at The Summit mortgaged property, Trader Joe’s, is expected to take occupancy in November 2024. The Fifth Largest Tenant at The Summit mortgaged property, Petco, is expected to take occupancy in July 2024. With respect to Loan No. 2, Rhino Portfolio 3, the sole commercial tenant at the Blvd 2500 mortgaged property, Mattress Firm, is expected to take occupancy in March 2024. With respect to Loan No. 2, Rhino Portfolio 3, the Third Largest Tenant at the Jackson mortgaged property, Burlington, is expected to take occupancy in July 2024. The Fourth Largest Tenant at the Jackson mortgaged property, Jackson Public Schools, is expected to take occupancy in June 2024. With respect to Loan No. 2, Rhino Portfolio 3, the Third Largest Tenant at the North Aurora mortgaged property, Kids Empire, is expected to take occupancy in April 2024. With respect to Loan No. 4, RTL Retail Portfolio, the Largest Tenant at the Ventura Place mortgaged property, VCA Animal Hospitals, Inc., is currently building out its space and is expected to take occupancy in the first quarter of 2024; however, the tenant is paying rent. With respect to Loan No. 8, Axis Apartments, occupancy includes 101 units that are currently being converted from office space to residential units and are leased by Sonder Hospitality USA Inc. (“Sonder”) for a six-year term with two, three-year renewal options. The other 615 units not subject to the Sonder lease are 91.2% leased.

(5)	With respect to all mortgage loans, with the exceptions of the mortgage loans identified in “Description of the Mortgage Pool—Definitions” in the preliminary prospectus, the Cut-off Date LTV Ratio (%) and the LTV Ratio at Maturity / ARD (%) are based on the Appraised Value ($) even though, for certain mortgage loans, the appraisal provided “as-stabilized” values based on certain criteria being met. With respect to Loan No. 4, RTL Retail Portfolio, the Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) were calculated using the “As Portfolio” appraised value. With respect to Loan No. 6, BLE Portfolio, the Appraised Value ($) shown represents the “Prospective As Encumbered” value of the leasehold interest as of October 1, 2023 for the Lakeside Forest mortgaged property and “As Is, Encumbered” values of the leasehold interest as of July 19, 2023 for The Establishment and Barcelona mortgaged properties, which assume the BLE Portfolio mortgaged properties are encumbered by a ground lease as part of the Public Facility Corporation (“PFC”) Program and that the tax savings payment is subordinate to BLE Portfolio whole loans. The aggregate market-based “As Is” appraised value, which assumes no tax exemptions for BLE Portfolio mortgaged properties, is $68,400,000. With respect to Loan No. 7, La Primavera, the Appraised Value ($) shown represents the combined “Prospective As Encumbered” value of the leasehold interest as of October 1, 2023, which assumes the La Primavera mortgaged property is encumbered by a ground lease as part of the PFC Program and that the tax savings payment is subordinate to La Primavera whole loans. The market-based “As Is” appraised value, which assumes no Tax Exemptions for the La Primavera mortgaged property, is $32,700,000. With respect to Loan No. 8, Axis Apartments, the Appraised Value ($), Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) are based on the appraiser’s “prospective as complete – proposed” value as of May 31, 2024, which assumes completion of the currently ongoing and planned renovation work for 101 units that are being converted from office space to residential units. The appraiser concluded an “as-is” appraised value of $229,400,000 as of September 29, 2023, which would result in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 59.3%. With respect to Loan No. 17, The Muse & Eden Pointe, the Appraised Value ($) represents the “Prospective As Encumbered” market value as of October 1, 2023 under the assumptions that The Muse & Eden Pointe mortgaged properties are encumbered by a ground lease as part of the PFC Program and that the associated tax savings payment is subordinated to the whole loan. With respect to Loan No. 19, Sugar Land Town Square, the Appraised Value ($) of $209,000,000 is the “as-is” value based on the extraordinary assumption that leases with each of the Southwest Water, the second largest tenant, and PuttShack will be transacted in a timely manner. As of the origination date, a letter of intent to lease has been negotiated with PuttShack but has not been signed. However, the portion of space that is intended for PuttShack is currently leased to two tenants. With respect to Loan No. 33, Blackbird Portfolio, the Appraised Value ($) represents the “As Portfolio” appraised value as of September 30, 2023 for the portfolio. Based on the cumulative individual property values, the As-Is Appraised Value is $65,420,000 and results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 54.6% and 52.3%, respectively.

(6)	For mortgage loans secured by multiple mortgaged properties, each mortgage loan’s Original Balance ($), Cut-off Date Balance ($) and Maturity/ARD Balance ($) are allocated to the respective mortgaged property based on the mortgage loan’s documentation, or if no such allocation is provided in the mortgage loan documentation, the mortgage loan seller’s determination of the appropriate allocation. • Loan No. 2, Rhino Portfolio 3 • Loan No. 4, RTL Retail Portfolio • Loan No. 6, BLE Portfolio • Loan No. 17, The Muse & Eden Pointe • Loan No. 18, WWG 4-Property Portfolio • Loan No. 20, LC MHC Portfolio • Loan No. 23, Lehigh Valley Portfolio • Loan No. 33, Blackbird Portfolio

(7)	The Original Balance ($), Cut-off Date Balance ($), and Maturity/ARD Balance ($) represent only the mortgage loan included in the issuing entity. The Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Cut-off Date LTV Ratio (%), LTV Ratio at Maturity / ARD (%), Underwritten NOI Debt Yield (%), Underwritten NCF Debt Yield (%) and Loan per Unit ($) are calculated based on the mortgage loan included in the issuing entity and the related pari passu companion loans in the aggregate but exclude any subordinate companion loan(s). For more information regarding the mortgage loans secured by the mortgaged properties identified under the column heading in this Annex A-1, see the charts titled “Whole Loan Summary” and “Whole Loan Control Notes and Non-Control Notes” in “Description of the Mortgage Pool—The Whole Loans” in the preliminary prospectus. • Loan No. 1, Woodfield Mall • Loan No. 2, Rhino Portfolio 3 • Loan No. 3, Arundel Mills and Marketplace • Loan No. 4, RTL Retail Portfolio • Loan No. 5, AutoNation • Loan No. 6, BLE Portfolio • Loan No. 7, La Primavera • Loan No. 8, Axis Apartments • Loan No. 11, Centre Pointe Portfolio • Loan No. 17, The Muse & Eden Pointe • Loan No. 19, Sugar Land Town Square • Loan No. 24, Creekside Town Center • Loan No. 28, Outlet Shoppes at Atlanta • Loan No. 33, Blackbird Portfolio

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

(9)	For the mortgage loans with an interest-only period that accrues interest on an Actual/360 basis, the Monthly Debt Service (IO) ($) was calculated as 1/12th of the product of (i) the Original Balance ($), (ii) the Interest Rate % and (iii) 365/360.

(10)	With respect to Loan No. 6, BLE Portfolio, a Grace Period – Late Fee (Days) of five days is permitted once within any consecutive 12-month period. With respect to Loan No. 7, La Primavera, a Grace Period – Late Fee (Days) of five days is permitted once within any consecutive 12-month period. With respect to Loan No. 10, Wisconsin Avenue Portfolio, a Grace Period – Default (Days) of five days is allowed; however, Grace Period – Default is not allowed on the maturity date. With respect to Loan No. 14, Colonial Pointe I, a Grace Period – Default (Days) of five days is allowed; however, Grace Period – Default is not allowed on the maturity date. With respect to Loan No. 16, Spring Park & Good Tree, a Grace Period – Default (Days) of five days is allowed; however, Grace Period – Default is not allowed on the maturity date. With respect to Loan No. 17, The Muse & Eden Pointe, a Grace Period – Late Fee (Days) of five days is permitted once within any consecutive 12-month period. With respect to Loan No. 19, Sugar Land Town Square, a Grace Period – Late Fee (Days) of five days is permitted once within any consecutive 12-month period. With respect to Loan No. 27, Highland Avenue Portfolio, a Grace Period – Default (Days) of five days is allowed; however, Grace Period – Default is not allowed on the maturity date. With respect to Loan No. 28, Outlet Shoppes at Atlanta, a Grace Period – Late Fee (Days) of five days is permitted once within any consecutive 12-month period.

(11)	Intentionally Left Blank

(12)

The “L” component of the prepayment provision represents lockout payments.

The “D” component of the prepayment provision represents defeasance payments.

The “YM” component of the prepayment provision represents yield maintenance payments.

The “O” Component of the prepayment provision represents the free payments including the Maturity Date.

Certain mortgage loans permit the release of a portion of a mortgaged property (or an individual mortgaged property, in connection with a portfolio mortgage loan) under various circumstances, as described in the preliminary prospectus. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases” in the preliminary prospectus.

With respect to Loan No. 1, Woodfield Mall, defeasance of the Woodfield Mall Whole Loan is permitted at any time after the earlier to occur of (a) the end of the two-year period commencing on the closing date of the securitization of the last promissory note representing a portion of the Woodfield Mall Whole Loan to be securitized and (b) June 1, 2027. The assumed defeasance lockout period of 26 payments is based on the expected closing date of the BBCMS 2024-C24 transaction in February 2024. The actual defeasance lockout period may be longer. If any pari passu note has not been securitized for two years by June 1, 2027, the borrowers may prepay any such note that has not been securitized for two years upon payment of a prepayment fee equal to the greater of (i) 1% of the prepaid amount and (ii) a yield maintenance charge in conjunction with the defeasance of any securitized pari passu notes that have been securitized for greater than two years by the projected repayment date.

With respect to Loan No. 2, Rhino Portfolio 3, if the Trader Joe’s Holdback Reserve has not been released to the borrower by December 19, 2025, the lender will have the right to apply any remaining amounts to the payment of the mortgage loan in its sole discretion and subject to payment of any applicable yield maintenance premium.

With respect to Loan No. 3, Arundel Mills and Marketplace, defeasance of the Arundel Mills and Marketplace whole loan is permitted at any time after the earlier to occur of (a) the end of the two-year period commencing on the closing date of the securitization of the last promissory note representing a portion of the Arundel Mills and Marketplace whole loan to be securitized and (b) December 1, 2026. The assumed prepayment lockout period of 27 payments is based on the expected closing date of the BBCMS 2024-C24 transaction in February 2024. The actual lockout period may be longer. If any pari passu note has not been securitized for two years by December 1, 2026, the borrowers may prepay any note that has not been securitized for two years in an amount equal to the greater of (i) 1% of the prepaid amount or (ii) yield maintenance basis.

With respect to Loan No. 4, RTL Retail Portfolio, the lockout period will be at least 12 months beginning with and including the first payment date on October 6, 2023. Defeasance of the RTL Retail Portfolio Whole Loan in full is permitted at any time after the date that is the earlier of (i) two years from the closing date of the securitization that includes the last pari passu note to be securitized and (ii) August 30, 2026. In addition, voluntary prepayment of the RTL Retail Portfolio Whole Loan in full, but not in part, is permitted after September 6, 2024, and, if such prepayment is made prior to the open prepayment date on March 6, 2033, with the payment of a yield maintenance premium. The assumed defeasance lockout period of 29 payments is based on the expected BBCMS 2024-C24 securitization closing date in February 2024. The actual defeasance lockout period may be longer. At any time after September 6, 2024, the borrowers may also obtain a release of one or more mortgaged properties upon satisfaction of the conditions set forth in the loan agreement. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases” in the preliminary prospectus.

	With respect to Loan No. 5, AutoNation, the lockout period will be at least 26 months beginning with and including the first payment date on January 6, 2024. Defeasance of the AutoNation Whole Loan is permitted after the date that is the earlier of (i) two years from the closing date of the securitization that includes the last pari passu note to be securitized and (ii) December 1, 2026. The assumed lockout period is based on the expected BBCMS 2024-C24 securitization closing date in February 2024. The actual lockout period may be longer. With respect to Loan No. 8, Axis Apartments, the borrower may, provided no event of default has occurred and is continuing, prepay the Axis Apartments whole loan in whole but not in part (i) on or after the payment date occurring in June 2033, without the payment of any prepayment premium or (ii) on or after the earlier to occur of (a) the end of the two-year period commencing on the closing date of the securitization of the last promissory note representing a portion of the Axis Apartments whole loan to be securitized and (b) November 27, 2027, through but not including the payment date occurring in June 2033, with the payment of an amount equal to the greater of (i) 1% of the prepaid amount and (ii) a yield maintenance charge. The assumed lockout period of 26 payments is based on the expected BBCMS 2024-C24 securitization closing date in February 2024. The actual lockout period may be longer. With respect to Loan No. 19, Sugar Land Town Square, the borrower deposited $5,000,000 into an earnout reserve at origination. The earnout reserve funds may be disbursed to the borrower upon satisfaction of, among other conditions, the net cash flow debt yield being greater than or equal to 11.25% (the “Earnout Satisfaction Event”). If the borrower is not entitled to a disbursement of the earnout reserve funds as of November 3, 2025 (the “Stabilization Date”), the borrower will be entitled to a partial disbursement of earnout reserve funds, so long as the borrower has satisfied the conditions precedent for the Earnout Satisfaction Event, in the amount which would cause the net cash flow debt yield to be greater than or equal to 11.25%. The lender will, in its sole discretion, apply all funds remaining in the earnout reserve as of the Stabilization Date (after any permitted partial disbursement) to prepay a portion of the outstanding principal balance of the whole loan subject to the applicable yield maintenance premium. With respect to Loan No. 24, Creekside Town Center, the defeasance lockout period will be at least 28 months beginning with and including the first payment date on November 5, 2023. Defeasance of the Creekside Town Center whole loan is permitted after the date that is the earlier of (i) two years from the closing date of the securitization that includes the last pari passu note to be securitized and (ii) September 28, 2027. The assumed defeasance lockout period of 28 payments is based on the expected BBCMS 2024-C24 securitization closing date in February 2024. The actual defeasance lockout period may be longer.

(13)	Refers to (a) debt secured by the mortgaged property, (b) mezzanine debt and (c) preferred equity. See “Description of the Mortgage Pool—Additional Indebtedness—Mezzanine Indebtedness,” “—Preferred Equity” and “Certain Legal Aspects of the Mortgage Loans” in the preliminary prospectus for information related to mortgage loans with subordinate, mezzanine or other additional debt or preferred equity that permit subordinate, mezzanine or other additional debt in the future. With respect to Loan No. 1, Woodfield Mall, the Woodfield Mall Property also secures the Woodfield Mall Subordinate Companion Loan, which has an aggregate Cut-off Date principal balance of $30,000,000. The Woodfield Mall Subordinate Companion Loan accrues interest at 10.01625% per annum. The Woodfield Mall Senior Loan is senior in right of payment to the Woodfield Mall Subordinate Companion Loan. With respect to Loan No. 1, Woodfield Mall, the related mortgage loan documents permit the borrower to enter into a property-assessed clean energy loan for an amount not to exceed $5,000,000, subject to the lender’s approval and delivery of a rating agency confirmation. Additionally, the related mortgage loan documents permit upper-tier equity pledges provided that, among other conditions, (i) such debt is secured by a pledge of a substantial portion of the assets wholly owned by the pledgor, and (ii) any foreclosure of such pledge must be to a bank or similar financial institution that has (a) total assets in excess of $650,000,000 and (b) (except with respect to a pension advisory firm or similar fiduciary) either a net worth or combined capital and statutory surplus or shareholder’s equity in excess of $250,000,000 (which may include a bank or financial institution acting as agent for a group of lenders provided that 51% of such debt is held by a bank or similar financial institution meeting such requirements). With respect to Loan No. 2, Rhino Portfolio 3, the mortgage loan documents permit future mezzanine debt from and after the date that is two years after the closing date of the securitization that includes the last note of the whole loan to be securitized, provided that, among other conditions (i) no event of default has occurred and is continuing, (ii) the mezzanine loan, together with the mortgage loan, will have a combined loan-to-value ratio that is not more than 61.7%, (iii) the debt yield is equal to or greater than 10.0%, (iv) the combined debt service coverage ratio based on the mortgage loan and the permitted mezzanine loan is at least equal to or greater than 1.26x (clauses (ii) through (iv) exclude the Trader Joe’s Holdback Funds from the mortgage loan), (v) the permitted mezzanine loan is co-terminus with, or has a term that extends beyond the term of the mortgage loan, and (vi) the permitted mezzanine lender executes an intercreditor agreement acceptable to the lender in its sole but reasonable discretion providing for the subordination of the mezzanine loan to the mortgage loan in all respects. With respect to Loan No. 3, Arundel Mills and Marketplace, the mortgaged property is subject to an existing property assessed clean energy loan in an original principal amount of $2,037,877.38 from Petros PACE Finance, LLC, a Texas limited liability company, to the borrowers. The property-assessed clean energy (“PACE”) loan has an approximately 17-year term with final payment occurring in November 2035. The annual debt service is $195,956.85 and the remaining balance, including all interest and administrative expenses, as of October 2023 was $1,633,579.73. Payments and any accrued interest are collected on the tax bill for the Arundel Mills and Marketplace Property and constitute a first lien on the Arundel Mills and Marketplace Property that has a priority over any mortgage loan. In addition, the Arundel Mills and Marketplace Whole Loan documents permit the borrowers to enter into an additional PACE loan for an amount not to exceed $5,000,000. With respect to Loan No. 11, Centre Pointe Portfolio, in connection with a transfer and assumption, the transferee is permitted to obtain a mezzanine loan provided, among other conditions, that the mezzanine loan will be in a principal amount that, when added to the outstanding principal balance of the loan, is less than or equal to 70% of the total consideration paid by the proposed transferee to acquire the property and will have a principal amount, interest rate and debt service payments that will result in a combined DSCR of at least 1.10x.

	With respect to Loan No. 25, 5600 West Adams, the borrower may pledge up to 100% of its equity interest subject to the following restrictions: (1) the loan amount plus all any additional debt may not exceed a maximum LTV ratio of 49.3%, (2) the minimum DSCR inclusive of the mezzanine loan can be no less than 1.74x, (3) the debt will be interest only and the maturity date of the debt must be coterminous with the 5600 West Adams Loan, (4) the debt is evidenced by terms and documentation approved by the lender in its reasonable discretion, (5) the mezzanine lender is not an affiliate of the borrower and satisfies a customary qualified transferee definition and the holder of the loan must agree in the intercreditor agreement that the loan may only be transferred to a lender that is not an affiliate of the borrower, (6) the holder of the debt must execute an intercreditor agreement acceptable to the lender, (7) the borrower must pay all costs and expenses in connection with the new mezzanine loan, (8) the additional debt will be subject and subordinate to any mezzanine loan created by the lender pursuant to its rights under the 5600 West Adams loan documents and (9) receipt of prior written confirmation from the applicable rating agencies that the advance will not cause a downgrade, withdrawal or qualification of the then-current rating of the securities or any class thereof. With respect to Loan No. 26, Marshall Apartments, future mezzanine debt is permitted, subject to the satisfaction of certain conditions including, among others, (i) immediately after giving effect to such debt (x) the combined loan-to-value ratio does not exceed 70.0% and (y) the debt service coverage ratio, is greater than 1.18x, (ii) execution of a subordination and intercreditor agreement reasonably acceptable to the lender, and (iii) receipt of a rating agency confirmation from each applicable rating agency. With respect to Loan No. 35, Pharmaloz Manufacturing, the borrower is able to incur mezzanine debt so long as the combined LTV is no greater than 57.5%, the debt yield is at least 12.0% and the DSCR is greater than 1.40x.

(14)	The Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Whole Loan Underwritten NCF DSCR (x) and Total Debt Underwritten NCF DSCR (x) for all partial interest-only mortgage loans were calculated based on the first 12 principal and interest payments after the Origination Date during the term of the mortgage loan.

(15)	In certain cases, Underwritten TI / LC ($) is inclusive of certain credits for upfront reserves taken at closing.

(16)	With respect to some mortgage loans, historical financial information may not be available as a result of acquisition financing and/or recent construction. With respect to Loan No. 2, Rhino Portfolio 3, with respect to the Blvd 2500 mortgaged property, Fourth Most Recent cash flows are not available as the mortgaged property was renovated in 2020. With respect to Loan No. 2, Rhino Portfolio 3, with respect to the Haymarket mortgaged property, Second Most Recent cash flows do not reflect the full year due to incomplete financial statements from the borrower sponsor. According to the borrower sponsor, the financial statements provided exclude March 2022 and April 2022. With respect to Loan No. 2, Rhino Portfolio 3, with respect to the At Home - Arlington mortgaged property, Fourth Most Recent cash flows, Third Most Recent cash flows and Second Most Recent cash flows are not available as the mortgaged property was acquired in 2023. With respect to Loan No. 2, Rhino Portfolio 3, with respect to the Houma mortgaged property, historical cash flows are not available as the mortgaged property was acquired in September 2023. With respect to Loan No. 4, RTL Retail Portfolio, certain historical information prior to 2022 is limited to the information relating to the five properties acquired by the borrower sponsor in 2017 (the Liberty Crossing, Southway Shopping Center, Northwoods Marketplace, The Centrum, and Quail Springs mortgaged properties). The other 24 mortgaged properties were acquired by the borrower sponsor between February 2022 and April 2022, and accordingly, historical information for such 24 properties only includes information following the related acquisition date of the properties. With respect to Loan No. 10, Wisconsin Avenue Portfolio, historical financials are not available as the mortgaged properties were recently renovated in 2023. With respect to Loan No. 13, CAVU Irvine, Fourth Most Recent cash flows are not available as the mortgaged property was nearly vacant (1.1% occupied) during renovations in 2020. With respect to Loan No. 18, WWG 4-Property Portfolio, Fourth Most Recent cash flows and Third Most Recent cash flows are not available as the mortgaged properties were acquired in 2022 (Renton, WA and Glendale, AZ mortgaged properties) and 2023 (Ripon, CA and Los Banos, CA mortgaged properties). With respect to Loan No. 25, 5600 West Adams, the historical cash flows are unavailable as the mortgaged property was built in 2021. With respect to loan No. 34, Carhartt HQ, historical financial information is not available as the mortgaged property was acquired in December 2023. With respect to Loan No. 35, Pharmaloz Manufacturing, historical cash flows are not available as the sole tenant owned and occupied the mortgaged property without a lease.


(17)	With respect to Loan No. 9, Laurel Canyon, the lien of the Laurel Canyon mortgage loan is secured by both the fee and leasehold interests, effectively creating a fee simple interest in the mortgaged property. With respect to Loan No. 19, Sugar Land Town Square, approximately 396 square feet of the Sugar Land Town Square Property is encumbered by a ground lease between the borrower, as ground lessee, and the Sugar Land Town Square Development Authority, as ground lessor. The annual rent under the ground lease is $10.00 and the lease expires on September 30, 2102 with no extension options.

(18)	Represents the amount deposited by the borrower at origination. All or a portion of this amount may have been released pursuant to the terms of the related mortgage loan documents. With respect to Loan No. 2, Rhino Portfolio 3, the borrower deposited $1,300,000 into the Trader Joe’s Holdback Reserve at loan origination. Prior to December 19, 2025, provided no event of default has occurred and is continuing, the Trader Joe’s Holdback Reserve Funds will be disbursed upon satisfaction of the following conditions: (i) the primary term as set forth in the Trader Joe’s lease, has commenced and such lease is in full force and effect, (ii) Trader Joe’s is in actual, physical possession of the Trader Joe’s space, open for normal business operations and not “dark”, (iii) the borrowers have performed and paid for all its tenant improvement obligations relating to the Trader Joe’s lease, and no leasing commissions remain outstanding with respect to the Trader Joe’s lease, (iv) Trader Joe’s is paying full, unabated rent under the Trader Joe’s Lease, with no right of offset or remaining free rent credit, (v) the borrowers have delivered to the lender an estoppel from Trader Joe’s, in form and substance reasonably acceptable to the lender and (vi) the debt yield is equal to or greater than 10.0%. With respect to Loan No. 4, RTL Retail Portfolio, at loan origination, the borrowers deposited $977,500 to cover the cost of further testing to determine if certain vapor intrusion conditions exist and to mitigate any such intrusion. With respect to Loan No. 10, Wisconsin Avenue Portfolio, at origination, the borrower was required to deposit the amount of $71,000 for static insurance reserves. With respect to Loan No. 12, Rillito Crossing Marketplace, the Upfront Other Reserve ($) consists of $5,627 for the Free Rent reserve set aside for the Fourth Largest Tenant, L&L Hawaiian BBQ’s, for abated rent for the month of January 2024. With respect to Loan No. 14, Colonial Pointe I, at origination, the borrower was required to deposit the amount of $65,000 for static insurance reserves. With respect to Loan No. 16, Spring Park & Good Tree, at origination, the borrower was required to deposit the amount of $64,000 for static insurance reserves. With respect to Loan No. 19, Sugar Land Town Square, at origination, the borrower deposited $5,000,000 into an earnout reserve. The earnout reserve funds may be disbursed to the borrower upon satisfaction of, among other conditions, the net cash flow debt yield being greater than or equal to 11.25% (the “Earnout Satisfaction Event”). If the borrower is not entitled to a disbursement of the earnout reserve funds as of November 3, 2025 (the “Stabilization Date”), the borrower will be entitled to a partial disbursement of the earnout reserve funds, so long as the borrower has satisfied the conditions precedent for the Earnout Satisfaction Event, in the amount which would cause the net cash flow debt yield to be greater than or equal to 11.25%. The lender will, in its sole discretion, apply all funds remaining in the earnout reserve as of the Stabilization Date (after any permitted partial disbursement) to prepay a portion of the outstanding principal balance of the whole loan subject to the applicable yield maintenance premium. The Cut-Off Date LTV, Maturity Date LTV, and UW NOI Debt Yield net of the earnout reserve are 47.8%, 47.8%, and 12.4%, respectively. With respect to Loan No. 22, Creekside Village, the Upfront Other Reserve ($) consists of $34,380 for the Free Rent Reserve for Vital Chiropractic for the months of March 2024, May 2024, July 2024, September 2024, November 2024 and January 2025.
	With respect to Loan No. 27, Highland Avenue Portfolio, at origination, the borrower was required to deposit the amount of $50,000 for static insurance reserves. With respect to Loan No. 29, White Horse Plaza, the borrower deposited $250,000 at origination of the mortgage loan (the “Unit I, J and 17/18 Occupancy Holdback Deposit”). Upon the satisfaction of all the unit I occupancy conditions, the unit J occupancy conditions and the unit 17/18 occupancy conditions, in each case as set forth in the related mortgage loan agreement (including, among them, the respective tenants being open for business), and provided that the adjusted net operating income at the time of disbursement is not less than $906,000, the lender is required to disburse the Unit I, J and 17/18 Occupancy Holdback Deposit. With respect to Loan No. 29, White Horse Plaza, the borrower deposited $500,000 at origination of the mortgage loan (the “Unit 4/5 Occupancy Holdback Deposit”). Upon the satisfaction of all the unit 4/5 occupancy conditions as set forth in the related mortgage loan agreement (including, among them, the respective tenants being open for business), the lender is required to disburse the Unit 4/5 Occupancy Holdback Deposit.

(19)

Represents the monthly amounts required to be deposited by the borrower. The monthly collected amounts may be increased or decreased pursuant to the terms of the related mortgage loan documents. In certain other cases, all excess cash flow will be swept into reserve accounts in the event of certain conditions being triggered in the respective mortgage loan documents.

With respect to Loan No. 1, Woodfield Mall, the borrower may provide a reserve guaranty or letter of credit in lieu of deposits of amounts due for the outstanding TI/LC reserve and/or gap rent reserve. No reserve guaranty was provided at origination.

With respect to Loan No. 4, RTL Retail Portfolio, on each monthly payment date during a cash sweep period, the borrowers are required to deposit (i) into the replacement reserve an amount equal to $0.25 multiplied by the total number of rentable square feet of the RTL Retail Portfolio mortgaged properties divided by 12 and (ii) into the rollover reserve an amount equal to $1.50 multiplied by the total number of rentable square feet of the RTL Retail Portfolio mortgaged properties divided by 12. In the event of a partial release, each such amount (described in clause (i) and (ii) above), will be reduced by an amount equal to $0.25 (with respect to clause (i)) and $1.50 (with respect to clause (ii)) multiplied by the total number of rentable square feet of the released property divided by 12.

With respect to Loan No. 5, AutoNation, on each monthly payment date beginning on the payment date that is 24 months prior to the maturity date, until such time as the major tenant renewal criteria are satisfied with respect to the AutoNation lease, the borrower is required to deposit into an AutoNation renewal reserve the sum of $126,202 (the “AutoNation Renewal Reserve Deposit”). To the extent the sum of AutoNation renewal reserve equals or exceeds the AutoNation reserve cap of $3,028,848, the borrower will no longer be required to make the AutoNation Renewal Reserve Deposit until the AutoNation renewal reserve is less than the AutoNation renewal reserve cap.

With respect to Loan No. 6, BLE Portfolio, the borrowers are required to deposit monthly an amount equal to 1/12th of the estimated annual property taxes that the lender estimates will be payable during the next 12 months, provided that the borrowers will not be required to make the monthly deposit for any of the BLE Portfolio mortgaged properties until the earlier to occur of the following in relation to any such property: (A) the tax exemption is not formally granted by the applicable central appraisal district or (B) there is a prepayment of the whole loan as a result of the failure to timely obtain the tax exemption. After the BLE Portfolio mortgaged properties receive the tax exemption under the PFC program, the monthly amount deposited in the tax reserve is expected to be $0.

With respect to Loan No. 7, La Primavera, the borrowers are required to deposit monthly an amount equal to 1/12th of the estimated annual property taxes that the lender estimates will be payable during the next 12 months, provided that the borrowers will not be required to make the monthly deposit for the mortgaged property until the earlier to occur of the following in relation to any such property: (A) the tax exemption is not formally granted by the applicable central appraisal district or (B) there is a prepayment of the whole loan as a result of the failure to timely obtain the tax exemption. After the mortgaged property receives the tax exemption under the PFC program, the monthly amount deposited in the tax reserve is expected to be $0.

With respect to Loan No. 8, Axis Apartments, at origination of the mortgage loan, the borrower posted two letters of credit for (i) a Sonder base rent reserve of $3,624,131, which accounts for approximately one year of Sonder’s rent, (ii) a Sonder gap rent reserve of $1,812,061 and (iii) a Sonder free rent reserve of $1,208,040.

With respect to Loan No. 15, Emerald Pointe Apartments, the borrower is required to make deposits on each monthly payment date into the replacement reserve account in an amount equal to (i) $15,292 through March 2026 and (ii) $7,646 thereafter.

	With respect to Loan No. 17, The Muse & Eden Pointe, the borrowers are required to deposit monthly an amount equal to 1/12th of the estimated annual property taxes that the lender estimates will be payable during the next 12 months, provided that the borrowers will not be required to make the monthly deposit for either of The Muse & Eden Pointe mortgaged properties until the earlier to occur of the following in relation to any such property: (A) the tax exemption is not formally granted by the applicable central appraisal district or (B) there is a prepayment of the whole loan as a result of the failure to timely obtain the tax exemption. After The Muse & Eden Pointe mortgaged properties receive the tax exemption under the PFC program, the monthly amount deposited in the tax reserve is expected to be $0. With respect to Loan No. 22, Creekside Village, the Monthly Other Reserve ($) consists of a monthly payment $2,598.83 for the borrower’s share of the condominium expense assessments, expected to cost $31,186 annually. With respect to Loan No. 28, Outlet Shoppes at Atlanta, on each monthly payment date during a reserves trigger period, the borrower is required to deposit an amount equal to $8,440.54 into a replacement reserve account and $67,524.33 into a rollover reserve account. With respect to Loan No. 29, White Horse Plaza, if all of the unit I occupancy conditions are not satisfied on or before March 5, 2024, the borrower is required to deposit an amount equal to $46,000 (the “Unit I Occupancy Reserve Deposit”) and if all of the unit 17/18 occupancy conditions are not satisfied on or before March 5, 2024, the borrower is required to deposit an amount equal to $36,000 (the “Unit 17/18 Occupancy Reserve Deposit” and, together with the Unit I Occupancy Reserve Deposit, individually and/or collectively, as the context requires, the “Unit I and 17/18 Occupancy Reserve Deposit”). Upon the satisfaction of all the unit I occupancy conditions and/or all the unit 17/18 occupancy conditions, as applicable, the lender is required to disburse the applicable portion of the Unit I and 17/18 Occupancy Reserve Deposit. With respect to Loan No. 29, White Horse Plaza, on each monthly payment date during a material tenant trigger event period, the borrower is required to deposit an amount equal to $23,250 for tenant allowances, tenant improvements and leasing commissions that may be incurred or required to be reimbursed by the borrower in connection with leasing material tenant space pursuant to qualified leases. During the continuance of a material tenant trigger event period, the borrower has the ability to deposit in the form of cash or a letter of credit, an amount equal to the applicable material tenant cap deposit into the material tenant account, which will be deemed a part of the material tenant funds. During the continuance of a material tenant trigger event period relating to any material tenant, its material tenant lease or its lease guarantor, the amount of the material tenant funds deposited into the material tenant account or the applicable material tenant subaccount will not exceed an aggregate amount equal to the applicable material tenant cap deposit. At origination of the mortgage loan, the borrower deposited $239,130 into the material tenant subaccount of the Third Largest Tenant, Cititrends. With respect to Loan No. 29, White Horse Plaza, during the continuance of a cash management DSCR trigger event or a cash sweep DSCR trigger event, the borrower has the ability to deposit in the form of cash or a letter of credit an amount which, if applied to repay the then outstanding principal balance, would result in the DSCR for such 12-month period being equal to or greater than 1.20x for the entirety of such 12-month period. With respect to Loan No. 32, Rabun Gap Industrial, on each monthly payment date during a material tenant trigger event period, the borrower is required to deposit an amount equal to the greater of (i) the product of (A) the total rentable square footage demised under all material tenant leases with respect to which (or with respect to the related material tenants or lease guarantors) a material tenant trigger event exists and (B) the ratio in which (1) the numerator is equal to $71,450 and (2) the denominator is equal to 12 and (ii) all material tenant trigger event excess cash.
	With respect to Loan No. 34, Carhartt HQ, the borrower is required to deposit into a tax reserve on a monthly basis 1/12th of such taxes that the lender estimates will be payable during the next ensuing 12 months; however, such tax reserve has been conditionally waived so long as (i) no cash sweep period has occurred and is continuing, (ii) the primary tenant lease provides that the primary tenant is obligated to pay all taxes and other charges, (iii) borrower provides evidence satisfactory to lender of the primary tenant’s full compliance and (iv) the primary tenant lease remains in full force and effect.

(20)	Represents a cap on the amount required to be deposited by the borrower pursuant to the related mortgage loan documents. In certain cases, during the term of the mortgage loan, the caps may be altered or terminated subject to conditions of the respective mortgage loan documents. With respect to Loan No. 19, Sugar Land Town Square, the borrower is required to escrow approximately $83,672 monthly for tenant improvements and leasing commissions if at any time the balance in the TI/LC Reserve is less than $5,750,000, excluding certain amounts deposited therein in respect of certain lease termination payments and ongoing lease matters. With respect to Loan No. 33, Claremont Packing House, the Borrower deposited an upfront TI/LC reserve of $150,000, which must be replenished if drawn below $100,000 by depositing $3,165 monthly until the TI/LC reserve equals $150,000.

(21)	In certain cases, the data for tenants occupying multiple spaces includes square footage only from the primary spaces sharing the same expiration date and may not include smaller spaces with different expiration dates. With respect to Loan No. 5, AutoNation, the Largest Tenant, AutoNation, has 158,892 square feet that expires on December 31, 2029, and 3,363 square feet of subleased space from Kittelson & Associates, Inc. that expires on May 31, 2024. With respect to Loan No. 8, Axis Apartments, the sixth through tenth floors of the mortgaged property, which the borrower sponsors are converting from office space to 101 residential units, is subject to a lease agreement between the borrower, as landlord, and Sonder, as tenant, that has a six-year term that expires in 2030, pursuant to which Sonder leases such space, which, when completed, will represent approximately 14.1% of the multifamily component of the mortgaged property, and subleases them to individual tenants. The Sonder lease represents approximately 19.0% of underwritten base rent. Sonder is not yet in occupancy of its leased premises. Sonder is expected to commence occupancy following completion of certain landlord work required by such tenant’s lease which is expected to cost approximately $28,636,849 (including certain buildout and related work to convert the leased premises from commercial space into multifamily units), which landlord work has been divided into two phases, with the first phase scheduled to be completed on or before June 30, 2024 and the second phase scheduled to be completed on or before August 14, 2024. The estimated commencement date of the Sonder lease is August 16, 2024. Following commencement of the Sonder lease, Sonder will be in a rent abatement period and is not required to begin paying rent until the fifth calendar month of the lease term. In the event the borrower fails to complete either the first phase or the second phase by the foregoing scheduled completion dates, Sonder will receive a further abatement of rent equal to one day of rent for each day that the delivery of either phase is delayed beyond such scheduled completion dates for the first 30 days of such delay, which abatement will increase to two days of rent for each day that the delivery of either the first phase or the second phase is delayed beyond thirty days following the applicable scheduled completion date. There can be no assurance that Sonder will accept its improvements, that Sonder’s lease will commence or that Sonder will take possession of the leased premises and begin paying rent as expected or at all.

(22)	With respect to the footnotes hereto, no footnotes have been provided with respect to tenants that are not among the five largest tenants by square footage for any mortgaged property.

(23)	The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease with respect to all or a portion of its leased space prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the subject lease. With respect to Loan No. 3, Arundel Mills and Marketplace, the Largest Tenant, Live Casino Hotel Maryland, representing approximately 28.2% of total net rentable square footage, may terminate its lease on June 30, 2027, which is the expiration of the first 15-year period from the rent commencement date, or at the end of any 10-year period thereafter. With respect to Loan No. 4, RTL Retail Portfolio, the Fourth Largest Tenant at the Lawton Marketplace Mortgaged property, Old Navy, has the right to terminate its lease at any time during the first three months after the period between December 1, 2027 and November 30, 2028 (“the Termination Measuring Period”) if gross sales do not equal or exceed $3,500,000 during such Termination Measuring Period. With respect to Loan No. 4, RTL Retail Portfolio, the Fourth Largest Tenant at the Carlisle Crossing mortgaged property, Harbor Freight Tools, has a one-time right to terminate its lease any time prior to March 1, 2028 effective as of August 31, 2028 with the payment of a termination fee of 50% of the brokerage commission and $72,825. With respect to Loan No. 4, RTL Retail Portfolio, the Fifth Largest Tenant at the Tellico Village mortgaged property, Edward D. Jones & Co., has the right to terminate its lease with 60 days’ prior written notice and payment of a termination fee equal to (i) two months’ base rent and (ii) any unamortized tenant improvements and leasing commissions paid on the initial term of the lease, not exceeding $25,000, and which will be amortized on a straight-line basis over a period of 58 months. With respect to Loan No. 8, Axis Apartments, the Sonder lease represents approximately 19.0% of underwritten base rent. Sonder is not yet in occupancy of its leased premises. Sonder is expected to commence occupancy following completion of certain landlord work required by such tenant’s lease which is expected to cost approximately $28,636,849 (including certain buildout and related work to convert the leased premises from commercial space into multifamily units), which landlord work has been divided into two phases, with the first phase scheduled to be completed on or before June 30, 2024 and the second phase scheduled to be completed on or before August 14, 2024. The estimated commencement date of the Sonder lease is August 16, 2024. In the event the borrower fails to deliver either the first phase by October 28, 2024 or the second phase by December 12, 2024, Sonder will have the right to terminate its lease without payment of a termination penalty by providing 45 days’ prior written notice to the landlord. There can be no assurance that Sonder will accept its improvements, that Sonder's lease will commence or that Sonder will take possession of the leased premises and begin paying rent as expected or at all. With respect to Loan No. 9, Laurel Canyon, the Largest Tenant, Insurance Auto Auctions (IAA), has two options to terminate its lease by providing written notice to the landlord not more than 20 months prior, and not less than 18 months prior to (a) December 31, 2027, or (b) December 31, 2032.

	With respect to Loan No. 9, Laurel Canyon, the Second Largest Tenant, All Valley Dealers Auto Auction (AVDAA), has the option to terminate its lease effective December 31, 2030 and every seven years thereafter through any extended term of the lease. The termination may be exercised by providing written notice to the landlord at least 18 months prior to the effective date of the termination. With respect to Loan No. 11, Centre Pointe Portfolio, the Third Largest Tenant, Pilot Chemical Company of Ohio (“Pilot Chemical”), has the right to terminate its lease effective May 2026, provided the tenant provides notice to the landlord on or before September 19, 2025 and pays a termination fee of $875,331.41, equal to the sum of three scheduled months of base rent plus the unamortized portion of (i) the tenant improvement allowance, (ii) leasing commissions and (iii) abated rent, assuming an 8% annual rate to the amortization. Additionally, Pilot Chemical has the right to downsize its space by 5,000 square feet effective May 2026, provided the tenant provides written notice to the landlord on or prior to September 19, 2025, for a termination fee equal to the unamortized portion of the tenant improvement allowance, leasing commissions and abated rent, assuming an 8% annual rate of amortization applicable to the space that will be relinquished. With respect to Loan No. 19, Sugar Land Town Square, the Fifth Largest Tenant, Amica Mutual Insurance, has the option to terminate its lease as of May 31, 2027, by providing written notice to the landlord at least 12 months prior to such termination and paying a termination fee calculated under the related lease. With respect to Loan No. 23, Lehigh Valley Portfolio, the Largest Tenant at the 1455 Valley Center Parkway mortgaged property, Life Insurance Co. of North America, has the right to terminate its lease on October 31, 2026 by providing written notice to the landlord on or prior to January 31, 2026. With respect to Loan No. 25, 5600 West Adams, the Largest Tenant, Signal Brands, has the one-time right to terminate its lease effective May 31, 2029, exercisable upon 12 to 15 months' written notice and payment of a fee equal to all unamortized deal costs incurred by the landlord in connection with lease, together at a 7% interest rate, along with an amount equal to three months of gross rent then in effect. With respect to Loan No. 29, White Horse Plaza, the Third Largest Tenant, Cititrends, has the right to terminate its lease with 60 days’ prior written notice if Cititrends’ gross sales at the mortgaged property are less than $1,900,000. With respect to Loan No. 32, Rabun Gap Industrial, the Second Largest Tenant, ParkDale, may terminate its lease at any time upon 90 days' prior written notice.

(24)	With respect to Loan No. 1, Woodfield Mall, for so long as one or more of Simon Property Group, L.P. (“SPG LP”), Simon Property Group, Inc. (“Simon Inc.”), Institutional Mall Investors LLC (“IMI”), California Public Employees’ Retirement System (“CalPERS”) or any entity of which CalPERS owns, directly or indirectly, at least fifty percent (50%) of the capital and profits (“CalPERS Investor”) (or an affiliate of SPG LP, Simon Inc., IMI, CalPERS or CalPERS Investor) is a non-recourse carveout guarantor, the non-recourse carveout guarantor’s aggregate liability, is limited to 20% of the outstanding principal balance of the Mortgage Loan at such time, plus all of the reasonable out-of-pocket costs and expenses (including court costs and reasonable attorneys’ fees) incurred by the related lender in the enforcement of the related guaranty or the preservation of such lender’s rights under such guaranty. In addition, there is no separate environmental indemnity with respect to such Mortgage Loan. The non-recourse carveout guaranty covers breaches of representations, warranties and indemnification provisions in the loan agreement concerning environmental laws and hazardous materials; however, such coverage is subject to the cap described above. With respect to Loan No. 3, Arundel Mills and Marketplace, for so long as any of Simon Property Group, Inc., SPG LP, or an affiliate of the foregoing is a guarantor under the non-recourse carveout guaranty, the liability of the nonrecourse carveout guarantors is capped at an amount equal to 20% of the original principal amount of the related whole loan, plus all of the reasonable out-of-pocket costs and expenses incurred by the lender in the enforcement of such guaranty or the preservation of the lender’s rights thereunder. In addition, there is no separate environmental indemnity with respect to such Mortgage Loan. The non-recourse carveout guaranty covers breaches of representations, warranties and indemnification provisions in the loan agreement concerning environmental laws and hazardous materials; however, such coverage is subject to the cap described above. With respect to Loan No. 13, CAVU Irvine, the Largest Tenant, Colab Space, is an affiliate of the borrower sponsor. With respect to Loan No. 29, White Horse Plaza, the Largest Tenant, La Unica Super Center, is an affiliate of the borrower sponsor. Additionally, the Fourth Largest Tenant, La Unica Festivites Center, is also an affiliate of the borrower sponsor. Both leases are personally guaranteed by the borrower sponsor. With respect to Loan No. 32, Rabun Gap Industrial, the Largest Tenant, Elk Lighting, Inc., is an affiliate of the borrower sponsors.

(25)	Each number identifies a group of related borrowers.

(26)

The classification of the lockbox types is described in the preliminary prospectus. See “Description of the Mortgage Pool—Certain Calculations and Definitions” and “—Definitions” in the preliminary prospectus for further details.

With respect to Loan No. 6, BLE Portfolio, the whole loan was structured with in-place cash management at origination, which will continue until the tax exemptions under the PFC Program have been granted for the BLE Portfolio mortgaged properties. Any future cash management periods will occur upon the earliest of the following: (i) the occurrence of an event of default under the BLE Portfolio whole loan documents; or (ii) if, as of the last day of any calendar quarter, the net cash flow debt service coverage ratio is less than 1.15x based on the trailing 12 months.

With respect to Loan No. 7, La Primavera, the whole loan was structured with in-place cash management at origination, which will continue until the tax exemptions under the PFC Program have been granted for the La Primavera mortgaged property. Any future cash management periods will occur upon the earliest of the following: (i) the occurrence of an event of default under the La Primavera whole loan documents; or (ii) if, as of the last day of any calendar quarter, the net cash flow debt service coverage ratio is less than 1.15x based on the trailing 12 months.

With respect to Loan No. 11, Centre Pointe Portfolio, the whole loan was structured with in-place cash management at origination until the balance in the TI/LC reserve reaches $2,500,000. Any future Cash Management Period will commence upon the occurrence of any of the following:  (i) the stated maturity date, (ii) a default or an event of default, (iii) the debt yield is less than 10.0% or (iv) the commencement of a lease sweep period.

With respect to Loan No. 17, The Muse & Eden Pointe, the whole loan was structured with in-place cash management at origination, which will continue until the tax exemptions under the PFC Program have been granted for both of The Muse mortgaged property and the Eden Pointe mortgaged property. Any future cash management periods will occur upon the earliest of the following: (i) the occurrence of an event of default under The Muse & Eden Pointe whole loan documents; or (ii) if, as of the last day of any calendar quarter, the net cash flow debt service coverage ratio is less than 1.15x based on the trailing 12 months.

With respect to Loan No. 24, Creekside Town Center, no lockbox account or cash management agreement was established at origination. The related loan documents require the borrower to enter into a lockbox account agreement and a cash management agreement with the lender if (i) there is an event of default (at the lender’s option) or (ii) the borrower fails to deposit a required reserve fund amount as described below. Upon the commencement of a period (i) commencing upon the debt service coverage ratio being less than 1.15x; and (ii) expiring upon the achievement of a debt service coverage ratio of 1.15x or greater for one calendar quarter (a “Creekside DSCR Trigger Period”), the borrower is required to make a deposit in an amount equal to $767,000.00 into a DSCR trigger reserve account.  If as of any anniversary of the commencement of the Creekside DSCR Trigger Event Period, such Creekside DSCR Trigger Event Period remains uncured, then on each such anniversary the borrower is required to elect to either (i) institute a lockbox account and cash management structure or (ii) make an additional $767,000.00 deposit to the DSCR trigger reserve account (unless the borrower has previously elected to implement a lockbox account/cash management structure which remains in effect).  Upon the cure of the Creekside DSCR Trigger Event Period, (x) any funds on deposit in the DSCR trigger reserve account are to be disbursed to the borrower and (y) to the extent that clearing account/cash management structure is in place, such structure will be terminated.

(27)	With respect to Loan No. 4, RTL Retail Portfolio, the Parkway Centre South mortgaged property is subject to tax increment financing (“TIF”) in which Grove City issued bonds and reimbursed the developer for certain constructed improvements. The related city services those bond payments through tax increment and payment in lieu of taxes (“PILOT”) payments. The TIF structure does not create any additional or ongoing obligations on the part of the related borrower or the related mortgaged property (other than the PILOT payments). The related borrower is required to make PILOT payments when they become due (as indicated in a schedule included in the agreement related to the TIF financing), and such TIF agreement expires after 2031. Under the related mortgage loan documents, the borrower is required to comply with the terms of the TIF documents. The PILOT payments are equal to the real property taxes that would have been charged had the TIF structure not been in place. The lender underwrote the current tax bills. With respect to Loan Nos. 6 and 7, BLE Portfolio and La Primavera, each of the BLE Portfolio and La Primavera mortgaged properties are encumbered by a separate ground lease between the Texas Essential Housing Public Facility Corporation (“TEHPFC”), as ground lessor, and the applicable borrower, as ground lessee. Pursuant to each ground lease which each have scheduled lease expirations ranging from May 2122 to October 2122, with no extensions, the applicable borrower is required to pay TEHPFC, among other fees, as applicable, (i) an annual oversight and compliance fee equal to the sum of $100 per unit (the “Compliance Fee”) and (ii) an annual payment in the amount of 15% of the annual property tax savings received by the applicable borrower pursuant to the Tax Exemption (“Tax Savings Payment” and, together with the Compliance Fee, the “PFC Payments”). TEHPFC entered into a fee agreement agreeing that all fees required under the PFC documents, including the PFC Payments, be paid from excess distributable cash, if any, after the payment of debt service payments in connection with the BLE Portfolio and La Primavera whole loans and operating expenses due and owing. The lender has established a reserve for the PFC Payments, provided, absent a continuing event of default under the BLE Portfolio and La Primavera whole loans, there is no obligation to make deposits into the PFC Payments reserve unless the borrowers fail to provide evidence of timely payment. With respect to Loan Nos. 6 and 7, BLE Portfolio and La Primavera, The BLE Portfolio whole loan documents and La Primavera whole loan documents require the applicable borrower(s) to partially prepay (in conjunction with the applicable payment of yield maintenance premium) the applicable whole loan within 30 days in the amount necessary for the applicable properties to satisfy both a debt service coverage ratio of 1.21x with respect to the BLE Portfolio mortgaged properties and 1.24x with respect to the La Primavera mortgaged property and a debt yield of 8.93% with respect to the BLE Portfolio mortgaged properties and 9.43% with respect to the La Primavera mortgaged property, if in relation to any of the BLE Portfolio and La Primavera mortgaged properties, either (i) the tax exemption is not granted by (x) October 5, 2024 with respect to the BLE Portfolio mortgaged properties and (y) October 23, 2024 with respect to the La Primavera mortgaged property or (ii) the PFC Program documents applicable to such property are terminated, the tax exemption is lost and/or the applicable borrower otherwise surrenders the leasehold estate created by its ground lease with the TEHPFC and such borrower acquires the fee interest in the applicable property. With respect to Loan Nos. 6 and 7, BLE Portfolio and La Primavera, all of the BLE Portfolio and La Primavera mortgaged properties have entered into the PFC Program. The Barcelona mortgaged property and The Establishment mortgaged property entered into the PFC Program in May 2023 while the Lakeside Forest mortgaged property and the La Primavera mortgaged property entered into the PFC Program in October 2023. The tax exemption has been granted for the Barcelona mortgaged property and The Establishment mortgaged property but has not yet been granted for the Lakeside Forest mortgaged property and the La Primavera mortgaged property. The review and processing time frame for the applicable central appraisal districts to issue tax exemptions after properties have formally entered the PFC Program have historically ranged from three to six months. No real estate taxes were underwritten due to entry into the PFC Program.
	With respect to Loan No. 17, The Muse & Eden Pointe, the borrowers entered into a ground lease between the TEHPFC, as ground lessor, and the applicable borrower, as ground lessee. Pursuant to each ground lease, each of which is scheduled to terminate in October 2122 with no extensions, the applicable borrower is required to pay TEHPFC, among other fees, if applicable, (i) an annual oversight and compliance fee equal to the sum of $100 per unit (the “Compliance Fee”) and (ii) an annual payment in the amount of 15% of the annual property tax savings received by the applicable borrower pursuant to the tax exemption (“Tax Savings Payment” and, together with the Compliance Fee, the “PFC Payments”). TEHPFC entered into a fee agreement agreeing that all fees required under the PFC documents, including the PFC Payments, are only payable to the extent there is excess distributable cash after the payment of debt service payments due in connection with The Muse & Eden Pointe whole loan and operating expenses which are due and owing. The lender has established a reserve for the PFC Payments, provided, absent a continuing event of default in relation to The Muse & Eden Pointe whole loan, there is no obligation to make deposits into the PFC Payments reserve unless the borrowers fail to provide evidence of timely payment. With respect to Loan No. 17, The Muse & Eden Pointe, The Muse & Eden Pointe whole loan documents require the borrowers to partially prepay (in conjunction with the applicable payment of yield maintenance premium) The Muse & Eden Pointe whole loan within 30 days in the amount necessary for The Muse & Eden Pointe mortgaged properties to satisfy both a debt service coverage ratio of 1.25x and a debt yield of 9.35%, if in relation to either of The Muse & Eden Pointe mortgaged properties, either (i) the tax exemption is not granted by October 4, 2024 or (ii) the PFC Program documents applicable to such property are terminated, the tax exemption is lost and/or the applicable borrower otherwise surrenders the leasehold estate created by its ground lease with the TEHPFC and such borrower acquires the fee interest in the applicable property. With respect to Loan No. 17, The Muse & Eden Pointe, all necessary documentation for admission into the PFC Program was effectuated at loan origination and as such, the mortgaged properties are part of the PFC Program. Pursuant to the State of Texas PFC Program, a property will be exempt from all property taxes if it meets certain conditions including, among other things, (i) a portion of the property is utilized for the purpose of affordable housing; and (ii) the fee interest to the property is owned by the governing body overseeing the PFC Program. The tax exemptions have not formally been granted for The Muse & Eden Pointe mortgaged properties as of the origination date but no real estate taxes were underwritten due to entry into the PFC Program.

(28)	With respect to Loan No. 9, Laurel Canyon, the mortgaged property is subject to a master lease between 63 LCB Land LLC (co-borrower), as lessor, and 63 LCH Tenant LLC (co-borrower), as lessee. The base rent under the master lease, which is scheduled to expire on November 30, 2036, has been prepaid through November 30, 2025, and commencing on December 1, 2025, the base rent due is $245,000 per month for the remainder of the master lease term. Given the lessor and lessee are co-borrowers and the lien of the mortgage loan is secured by both fee and leasehold interests, the master lease rent was not underwritten. Furthermore, in the event that rents received by the lessee from the sublessees are swept by the lender during a cash management period and held in the special rollover reserve subaccount or cash collateral subaccount, rental payments due from the lessee pursuant to the master lease will be abated, and the lessee will be required to resume making rental payments as soon as the lender no longer sweeps funds into such accounts. If rents from the sublessees in such accounts are released to the lessee, the lessee’s obligation to pay rent to the lessor will be reinstated to the extent of the rents released.

(29)	Intentionally Left Blank

(30)	With respect to Loan No. 2, Rhino Portfolio 3 – Blvd 2500, the mortgaged property leases its retail space to Mattress Firm at an annual rent of $114,210 commencing in March 2024 and expiring in February 2034. The lease has two, five-year options with an annual rent increase of 10.0% within each option period. With respect to Loan No. 4, RTL Retail Portfolio, the borrowers are ARC CTCHRNC001, LLC, ARC LCROWTX001, LLC, ARC NWNCHSC001, LLC, ARC QSOKCOK001, LLC, ARC SWHOUTX001, LLC, ARG CALAFLA001, LLC, ARG CCCARPA001, LLC, ARG DMDERKS001, LLC, ARG EMEVGIL001, LLC, ARG FTFTWIN001, LLC, ARG HCHOULA001, LLC, ARG HTMANWI001, LLC, ARG LMLAWOK001, LLC, ARG LSSALMD001, LLC, ARG MPELYOH001, LLC, ARG NLGAIGA001, LLC, ARG NRTAMFL001, LLC, ARG OTOWEKY001, LLC, ARG PCGROOH001, LLC, ARG PSREYOH001, LLC, ARG SCROCNC001, LLC, ARG SVJEFMO001, LLC, ARG TCHATMS001, LLC, ARG TMMARGA001, LLC, ARG TVLOUTN001, LLC, ARG VPALBNM001, LLC, ARG WASUMSC001, LLC, ARG WCSALNC001, LLC and ARG WSCLAIN001, LLC. With respect to Loan Nos. 6 and 7, BLE Portfolio and La Primavera, the two whole loans are cross-collateralized and cross-defaulted with one another. The LTV ratios, DSCRs, and debt yields shown are based upon the indebtedness of both whole loans. With respect to Loan No. 12, Rillito Crossing Marketplace, any time after the Defeasance Lockout Expiration Date, the borrower has the right to partially defease the LA Fitness Pad Site and the Pad Site Parcel if any of the following conditions are met including (i) payment of the Release Parcel Amount, (ii) the LTV for the remaining property is no greater than the lesser of (a) LTV in existence immediately preceding such release and (b) 61.13% and (iii) the DSCR for the remaining property is not less than the greater of (a) the DSCR in existence immediately preceding such release and (b) 1.45x.
	With respect to Loan No. 13, CAVU Irvine, the mortgaged property is entitled to 849,863 square feet of development intensity values (“DIVS”). At the CAVU Irvine Property there are 96,222 square feet of existing office DIVS and 9,821 square feet of existing retail DIVS, leaving 743,820 square feet of excess zoning potential DIVS. There are 109,230 square feet of DIVs under contract to be sold to a third party, leaving 634,690 square feet of DIV rights at origination of the CAVU Mortgage Loan. The borrower may freely transfer any DIVS existing at the CAVU Irvine Property in excess of the DIV Threshold of 350,000 square feet of office equivalency. With respect to Loan No. 21, Lake Point & The Oaks, 58 of the 259 multifamily units (22.4% of total units) at the related mortgaged property are leased on a month-to-month basis. In addition, 16 of the 259 multifamily units (6.2% of total units) are leased to corporate tenants who pay rent directly for the benefit of their employees. With respect to Loan No. 22, Creekside Village, the mortgaged property is part of the Creekside Village Condominiums. The condominium is comprised of 26 retail units, 4 storage units and an event center. The event center is part of the condominium common elements. The Borrower owns 23 of the retail units and all 4 storage units and has a controlling interest represented by 87.08% of the voting interests in the condominium. The Lender among other mortgagee rights has the right to notice and cure of any default of the borrower under the Condominium Documents. With respect to the following mortgage loans, all of the multifamily units at the related Mortgaged Properties are leased on a month-to-month basis. • Loan No. 10, Wisconsin Avenue Portfolio • Loan No. 14, Colonial Pointe I • Loan No. 16, Spring Park & Good Tree • Loan No. 27, Highland Avenue Portfolio

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