MSWF Commercial Mortgage Trust 2023-2 FWP Free writing prospectus

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-257991-09

MSWF 2023-2 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. 333-257991) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. – 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.

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herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities.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

This free writing prospectus has been prepared by the underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of (i) Regulation (EU) 2017/1129 (as amended), (ii) such Regulation as it forms part of UK domestic law, or (iii) Part VI of the UK Financial Services and Markets Act 2000, as amended; and does not constitute an offering document for any other purpose.

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

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

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

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

“BofA Securities” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc., which is a registered broker-dealer and member of FINRA and SIPC, and, in other jurisdictions, locally registered entities.

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

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

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

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

IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS

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

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

Loan ID Number

Loan / Property Flag

Footnotes (for Loan and Property Information)

# of Properties

Property Name

% of Initial Pool Balance

% of Loan Balance

Mortgage Loan Originator

Mortgage Loan Seller

Related Group

Crossed Group

Address

City

County

State

Zip Code

General Property Type

Detailed Property Type

Year Built

Year Renovated

Number of Units

Unit of Measure

Loan Per Unit ($)

Original Balance ($)

Cut-off Date Balance ($)

Maturity/ARD Balance ($)

Interest Rate %

Administrative Fee Rate %

Net Mortgage Rate %

Monthly Debt Service (P&I) ($)

Monthly Debt Service (IO) ($)

Annual Debt Service (P&I) ($)

Annual Debt Service (IO) ($)

Amortization Type

ARD Loan (Yes / No)

Interest Accrual Method

Original Interest-Only Period (Mos.)

Remaining Interest-Only Period (Mos.)

Original Term To Maturity / ARD (Mos.)

Remaining Term To Maturity / ARD (Mos.)

Original Amortization Term (Mos.)

Remaining Amortization Term (Mos.)

Origination Date

Seasoning (Mos.)

Payment Due Date

First Payment Date

First P&I Payment Date

Maturity Date or Anticipated Repayment Date

Final Maturity Date

Grace Period - Late Fee (Days)

Grace Period - Default (Days)

Prepayment Provision

Most Recent EGI ($)

Most Recent Expenses ($)

Most Recent NOI ($)

Most Recent NOI Date

Most Recent Description

Second Most Recent EGI ($)

Second Most Recent Expenses ($)

Second Most Recent NOI ($)

Second Most Recent NOI Date

Second Most Recent Description

Third Most Recent EGI ($)

Third Most Recent Expenses ($)

Third Most Recent NOI ($)

Third Most Recent NOI Date

Third Most Recent Description

Underwritten Economic Occupancy (%)

Underwritten EGI ($)

Underwritten Expenses ($)

Underwritten Net Operating Income ($)

Underwritten Replacement / FF&E Reserve ($)

Underwritten TI / LC ($)

Underwritten Net Cash Flow ($)

Underwritten NOI DSCR (x)

Underwritten NCF DSCR (x)

Underwritten NOI Debt Yield (%)

Underwritten NCF Debt Yield (%)

Appraised Value ($)

Appraised Value Type

Appraisal Date

Cut-off Date LTV Ratio (%)

LTV Ratio at Maturity / ARD (%)

Leased Occupancy (%)

Occupancy Date

Single Tenant (Y/N)

Largest Tenant

Largest Tenant SF

Largest Tenant % of NRA

Largest Tenant Lease Expiration Date

Second Largest Tenant

Second Largest Tenant SF

Second Largest Tenant % of NRA

Second Largest Tenant Lease Expiration Date

Third Largest Tenant

Third Largest Tenant SF

Third Largest Tenant % of NRA

Third Largest Tenant Lease Expiration Date

Fourth Largest Tenant

Fourth Largest Tenant SF

Fourth Largest Tenant % of NRA

Fourth Largest Tenant Lease Expiration Date

Fifth Largest Tenant

Fifth Largest Tenant SF

Fifth Largest Tenant % of NRA

Fifth Largest Tenant Lease Expiration Date

Environmental Phase I Report Date

Environmental Phase II Report Date

Engineering Report Date

Seismic Report Date

PML or SEL (%)

Flood Zone

Ownership Interest

Ground Lease Expiration Date

Ground Lease Extension Terms

Annual Ground Lease Payment as of the Cut-off Date ($)

Annual Ground Rent Increases (Y/N)

Upfront RE Tax Reserve ($)

Monthly RE Tax Reserve ($)

Upfront Insurance Reserve ($)

Monthly Insurance Reserve ($)

Upfront Replacement / PIP Reserve ($)

Monthly Replacement / FF&E Reserve ($)

Replacement Reserve Caps ($)

Upfront TI/LC Reserve ($)

Monthly TI/LC Reserve ($)

TI/LC Caps ($)

Upfront Debt Service Reserve ($)

Monthly Debt Service Reserve ($)

Debt Service Reserve Cap ($)

Upfront Deferred Maintenance Reserve ($)

Upfront Other Reserve ($)

Monthly Other Reserve ($)

Other Reserve Description

Other Reserve Cap ($)

Holdback/ Earnout Amount ($)

Holdback/ Earnout Description

Lockbox Type

Cash Management

Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N)

Tenant Specific Excess Cash Trap Trigger (Y/N)

Pari Passu (Y/N)

Pari Passu in Trust Controlling (Y/N)

Trust Pari Passu Cut-off Date Balance ($)

Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($)

Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)

Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($)

Subordinate Companion Loan Cut-off Date Balance ($)

Subordinate Companion Loan Interest Rate

Whole Loan Cut-off Date Balance ($)

Whole Loan Monthly Debt Service ($)

Whole Loan Cut-off Date LTV Ratio (%)

Whole Loan Underwritten NCF DSCR (x)

Whole Loan Underwritten NOI Debt Yield (%)

Mezzanine Debt Cut-off Date Balance($)

Mezzanine Debt Interest Rate (%)

Total Debt Cut-off Date Balance ($)

Total Debt Monthly Debt Service ($)

Total Debt Cut-off Date LTV Ratio (%)

Total Debt Underwritten NCF DSCR (x)

Total Debt Underwritten NOI Debt Yield (%)

Future Additional Debt Permitted (Y/N)

Future Debt Permitted Type

Sponsor

Non-Recourse Carveout Guarantor

Delaware Statutory Trust
(Y/N)

Tenants-in-common
(Y/N)

Loan Purpose

Property Located Within a Qualified Opportunity Zone (Y/N)

Sources: Loan Amount ($)

Sources: Principal's New Cash Contribution ($)

Sources: Subordinate Debt ($)

Sources: Other Sources ($)

Sources: Total Sources ($)

Uses: Loan Payoff ($)

Uses: Purchase Price ($)

Uses: Closing Costs ($)

Uses: Reserves ($)

Uses: Principal Equity Distribution ($)

Uses: Other Uses ($)

Uses: Total Uses ($)

Franchise Agreement Expiration

Underwritten ADR ($)

Underwritten RevPAR ($)

Underwritten Hotel Occupancy (%)

Most Recent ADR ($)

Most Recent RevPAR ($)

Most Recent Hotel Occupancy (%)

Second Most Recent ADR ($)

Second Most Recent RevPAR ($)

Second Most Recent Hotel Occupancy (%)

Third Most Recent ADR ($)

Third Most Recent RevPAR ($)

Third Most Recent Hotel Occupancy (%)

Coop - Committed Secondary Debt

Coop - Rental Value

Coop - LTV as Rental

Coop - Unsold Percent

Coop - Sponsor Units

Coop - Investor Units

Coop - Coop Units

Coop - Sponsor/
Investor Carry

1.00

Loan

60 Hudson

9.8%

100.0%

MSBNA

MSMCH

NAP

60 Hudson Street

New York

10013

Other

Data Center

1930

2013

1,149,619

243.56

90,000,000

5.88500%

5.86462%

NAP

447,505.21

NAP

5,370,062.50

Interest Only

Actual/360

120

118

120

118

9/6/2023

1/1/1900

11/1/2023

NAP

10/1/2033

NAP

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

124,308,174

50,782,190

73,525,984

6/30/2023

T-12

112,940,517

47,378,697

65,561,820

12/31/2022

T-12

118,744,930

41,284,530

77,460,400

12/31/2021

T-12

65.2%

120,518,204

52,684,531

67,833,673

229,924

2,110,256

65,493,494

4.06

3.92

24.2%

23.4%

1,596,000,000

As Is

5/8/2023

17.5%

62.2%

6/5/2023

Verizon

184,420

16.0%

12/31/2034 (173,522 SF); 5/31/2033 (10,898 SF)

CDIL Data Centre USA LLC (Hudson Interxchange)

172,775

15.0%

9/30/2032

Telx - New York LLC (Digital Realty)

95,494

8.3%

10/31/2027

zColo, LLC (DataBank)

57,840

5.0%

7/31/2032

Centurylink Communications

37,472

3.3%

9/30/2033

5/11/2023

NAP

5/11/2023

NAP

Fee

NAP

7,089,987

1,772,497

Springing

NAP

Hard

In Place

Yes

90,000,000

190,000,000

944,733.22

1,392,238.43

NAP

280,000,000

1,392,238.43

17.5%

3.92

24.2%

NAP

The Stahl Organization

NAP

Refinance

280,000,000

2,519,702

282,519,702

274,771,150

658,565

7,089,987

282,519,702

NAP

2.00

Loan

Arundel Mills and Marketplace

9.8%

100.0%

WFB

Group 1

NAP

7000 and 7600 Arundel Mills Circle

Hanover

Anne Arundel

21076

Retail

Super Regional Mall

2000; 2002; 2012

NAP

1,938,983

185.66

90,000,000

7.70100%

7.68062%

NAP

585,596.88

NAP

7,027,162.56

Interest Only

Actual/360

120

119

120

119

10/5/2023

1/1/1900

12/1/2023

NAP

11/1/2033

NAP

L(25),D(89),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

90,000,000

270,000,000

1,756,790.62

2,342,387.50

NAP

360,000,000

2,342,388

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

3.00

Loan

Fashion Valley Mall

8.2%

100.0%

BANA/BMO/Barclays

BANA/MSMCH

Group 1

NAP

7007 Friars Road

San Diego

92108

Retail

Super Regional Mall

1969

2023

1,377,155

326.76

75,000,000

5.73000%

5.71087%

NAP

363,098.96

NAP

4,357,187.50

Interest Only

Actual/360

120

114

120

114

5/25/2023

1/1/1900

7/1/2023

NAP

6/1/2033

NAP

L(30),D(84),O(6)

100,144,513

19,298,501

80,846,012

12/31/2022

T-12

97,018,960

17,953,015

79,065,945

12/31/2021

T-12

89,629,550

16,856,897

72,772,653

12/31/2020

T-12

89.9%

103,974,716

19,972,427

84,002,289

195,237

1,504,094

82,302,958

3.21

3.15

18.7%

18.3%

1,430,000,000

Hypothetical As Is

4/5/2023

31.5%

94.0%

5/15/2023

Nordstrom

220,486

16.0%

12/31/2080

Bloomingdale's

201,502

14.6%

1/31/2035

Macy's

196,120

14.2%

1/31/2026

Forever 21

53,787

3.9%

1/31/2026

AMC Theatres

51,610

3.7%

12/31/2024

4/10/2023

NAP

4/11/2023

4/10/2023

12%

Yes - A, AE

Fee

NAP

Springing

28,803,694

Outstanding TI/LC Reserve (Upfront: $24,345,615), Gap Rent Reserve (Upfront: $4,458,079)

NAP

Hard

Springing

Yes

75,000,000

375,000,000

1,815,494.79

2,178,593.75

NAP

450,000,000

2,178,594

31.5%

3.15

18.7%

NAP

Simon Property Group, L.P.

Simon Property Group, L.P. and PPF Retail, LLC

Refinance

450,000,000

417,362,939

1,262,178

28,803,694

2,571,188

450,000,000

NAP

4.00

Loan

Philadelphia Marriott Downtown

6.7%

100.0%

WFB

NAP

1201 and 1113 Market Street

Philadelphia

19107

Hospitality

Full Service

1990; 1995

2023

1,408

Rooms

152,698.86

61,666,666

8.70500%

8.68462%

NAP

453,553.33

NAP

5,442,639.96

Interest Only

Actual/360

10/25/2023

1/6/1900

12/6/2023

NAP

11/6/2028

NAP

L(25),DorYM0.5(28),O(7)

106,555,128

72,995,206

33,559,922

9/30/2023

T-12

85,149,141

59,158,454

25,990,687

12/31/2022

T-12

26,916,192

29,338,995

(2,422,803)

12/31/2021

T-12

60.2%

111,076,788

76,576,225

34,500,562

5,424,586

29,075,976

1.82

1.53

16.0%

13.5%

391,300,000

As Is

9/7/2023

54.9%

57.1%

9/30/2023

NAP

9/20/2023

NAP

9/15/2023

NAP

Fee

NAP

Springing

Condominium Funds

NAP

Soft

Springing

Yes

61,666,666

153,333,334

1,127,754.25

1,581,307.58

NAP

215,000,000

1,581,308

54.9%

1.53

16.0%

NAP

Yes

Mezzanine

Oaktree Capital Management, LLC, Clearview Hotel Capital, LLC and Host Hotels & Resorts, L.P.

Oaktree Real Estate Opportunities Fund VI, L.P.

Refinance

215,000,000

24,286,718

239,286,718

237,270,647

2,016,071

239,286,718

NAP

$233.09

$140.33

60.2%

$230.42

$131.55

57.1%

$221.64

$102.75

46.4%

$181.77

$37.37

20.6%

5.00

Loan

CX - 250 Water Street

6.7%

100.0%

BANA

NAP

250 Water Street

Cambridge

Middlesex

02141

Mixed Use

Lab/Office

2022

NAP

479,004

1,109.59

61,250,000

5.50950%

5.49037%

NAP

285,119.81

NAP

3,421,437.72

Interest Only - ARD

Yes

Actual/360

120

110

120

110

1/27/2023

1/10/1900

3/10/2023

NAP

2/10/2033

2/10/2038

L(24),YM1(10),DorYM1(79),O(7)

NAP

99.0%

62,561,733

13,277,931

49,283,802

119,751

49,164,051

1.66

9.3%

1,090,000,000

Prospective Market Value Upon Completion & Stabilization

1/1/2023

48.8%

98.7%

12/1/2023

Yes

E.R. Squibb & Sons LLC

472,580

98.7%

10/31/2037

NAP

5/24/2022

NAP

6/17/2022

NAP

Fee

NAP

Springing

17,593,844

Base Building Work Reserve ($5,932,952); Outstanding TI/LC Reserve ($7,160,274.31); Outstanding Linkage Fees Reserve ($4,500,617.42)

NAP

Hard

Springing

Yes

61,250,000

470,250,000

2,189,021.92

2,474,141.73

NAP

531,500,000

2,474,141.73

48.8%

1.66

9.3%

NAP

DivcoWest Real Estate Services, LLC, California State Teachers' Retirement System and Teacher Retirement System of Texas

DW Propco EF, LLC

Refinance

531,500,000

7,497,903

538,997,903

473,876,626

3,334,755

17,593,844

44,192,678

538,997,903

NAP

6.00

Loan

BLE Portfolio

3.0%

AREF2, Barclays

AREF2

Group 2

Group 1

Various

Houston

Harris

Various

Multifamily

Garden

Various

2019-2020

680

Units

79,513.89

27,300,000

7.26400%

7.24362%

NAP

167,551.22

NAP

2,010,614.64

Interest Only

Actual/360

120

118

120

118

10/5/2023

1/6/1900

11/6/2023

NAP

10/6/2033

NAP

L(26),D(90),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

27,300,000

27,350,000

167,858.09

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

1.4%

46.9%

1251 Wilcrest Drive

Houston

Harris

77042

Multifamily

Garden

1975

2019-2020

240

Units

12,795,283

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

1/0/1900

NAP

6.02

Property

The Establishment

1.1%

37.8%

2235 Winrock Boulevard

Houston

Harris

77057

Multifamily

Garden

1971

2019-2020

313

Units

10,325,544

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

Yes - AE

Leasehold

5/31/2122

None

1/0/1900

NAP

6.03

Property

Barcelona

0.5%

15.3%

6434 Ella Lee Lane

Houston

Harris

77057

Multifamily

Garden

1963

2019-2020

127

Units

4,179,173

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

1/0/1900

NAP

7.00

Loan

La Primavera

1.4%

100.0%

AREF2, Barclays

AREF2

Group 2

Group 1

10000 Hammerly Boulevard

Houston

Harris

77080

Multifamily

Garden

1974

2019-2020

328

Units

79,513.89

12,700,000

7.53200%

7.51287%

NAP

80,820.80

NAP

969,849.60

Interest Only

Actual/360

120

119

120

119

10/23/2023

1/6/1900

12/6/2023

NAP

11/6/2033

NAP

L(25),D(91),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

10/23/2122

None

1/0/1900

566,007

Springing

130,056

18,579

515,000

9,457

46,575

Springing

PFC Payments Reserve

NAP

Soft

In Place

Yes

12,700,000

12,800,000

81,457.19

162,277.99

NAP

25,500,000

162,277.99

58.8%

1.22

9.5%

NAP

Swapnil Agarwal

Refinance

25,500,000

90,249

25,590,249

17,252,840

7,079,772

1,257,637

25,590,249

NAP

8.00

Loan

Cross County Plaza

4.4%

100.0%

SMC

NAP

4348 Okeechobee Boulevard

West Palm Beach

Palm Beach

33409

Retail

Anchored

1991

1998

347,093

115.24

40,000,000

7.66000%

7.63962%

NAP

258,879.63

NAP

3,106,555.56

Interest Only

Actual/360

120

119

120

119

10/13/2023

1/6/1900

12/6/2023

NAP

11/6/2033

NAP

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

5,316,151

1,539,117

3,777,034

7/31/2023

T-12

5,180,224

1,475,903

3,704,320

12/31/2022

T-12

4,798,688

1,331,470

3,467,218

12/31/2021

T-12

95.0%

6,162,059

1,952,443

4,209,616

69,419

4,140,197

1.36

1.33

10.5%

10.4%

61,600,000

As Is

10/10/2023

64.9%

99.2%

10/5/2023

Presidente Supermarket

53,291

15.4%

2/9/2041

Conn's

47,209

13.6%

4/30/2034

Ollie's Bargain Outlet

37,693

10.9%

12/31/2026

Supertramp

32,505

9.4%

6/30/2032

Ross Dress for Less

28,102

8.1%

1/31/2029

2/2/2023

NAP

10/12/2023

NAP

Fee

NAP

65,927

319,065

53,177

5,776

750,000

Springing

109,142

415,670

Springing

Free Rent Reserve ($243,481); Rent Credit Reserve ($172,189); Primary Tenant Reserve (Springing)

Primary Tenant Reserve: $525,900.00

NAP

Hard

In Place

Yes

NAP

Paul Pollak

Refinance

40,000,000

31,222,703

2,446,689

1,659,804

4,670,804

40,000,000

NAP

9.00

Loan

RTL Retail Portfolio

3.3%

Barclays

MSMCH

NAP

Various

Retail

Various

3,117,102

83.41

30,000,000

6.44575%

6.42662%

NAP

163,381.86

NAP

1,960,582.32

Interest Only

Actual/360

120

117

120

117

8/30/2023

1/6/1900

10/6/2023

NAP

9/6/2033

NAP

L(12),YM1(15),DorYM1(86),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: ($9,576,923.00); Free Rent Reserve: ($311,601.00); Gap Rent Reserve: ($241,832.00); Environmental Reserve: ($977,500)

NAP

Hard

Springing

Yes

30,000,000

230,000,000

1,252,594.24

1,415,976.10

NAP

260,000,000

1,415,976.10

51.2%

1.97

13.8%

NAP

Global Net Lease, Inc.

Recapitalization

260,000,000.00

260,000,000

5,051,814

16,315,372

238,632,813

260,000,000

NAP

9.01

Property

Northwoods Marketplace

0.3%

8.3%

7612 and 7620 Rivers Avenue

North Charleston

Charleston

29406

Retail

Anchored

1998

NAP

236,078

2,480,769

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 (NC), LLC

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

10%

Fee

NAP

9.02

Property

The Centrum

0.2%

6.6%

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

Pineville

Mecklenburg

28134

Retail

Anchored

1997

2020

274,446

1,985,769

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

9.03

Property

Lawton Marketplace Lawton

0.2%

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

1,866,923

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%

1/31/2024

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

9.04

Property

Carlisle Crossing

0.2%

6.1%

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

Carlisle

Cumberland

17013

Retail

Anchored

2005

NAP

152,487

1,818,462

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 Discounte

10,478

6.9%

5/31/2024

8/1/2023

NAP

8/1/2023

NAP

Fee

NAP

9.05

Property

Southway Shopping Center

0.2%

6.0%

8000-8230 South Gessner Road

Houston

Harris

77036

Retail

Anchored

1976-2011

NAP

181,836

1,806,923

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

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

��

NAP

9.06

Property

Parkway Centre South Shopping

0.2%

5.2%

1701-1751 Stringtown Road

Grove City

Franklin

43123

Retail

Anchored

2004

NAP

131,887

1,563,462

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

9.07

Property

Houma Crossing - Houma

0.2%

5.0%

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

Houma

Terrebonne Parish

70360

Retail

Anchored

2008

NAP

181,423

1,493,077

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

9.08

Property

North Lake Square

0.2%

4.9%

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

Gainesville

Hall

30501

Retail

Anchored

2015; 2016

NAP

140,116

1,475,769

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

9.09

Property

Liberty Crossing - Rowlett

0.2%

4.8%

5601, 5701-5709 President George Bush Highway

Rowlett

Dallas

75089

Retail

Anchored

2007

NAP

105,769

1,438,846

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

27,657

26.1%

1/31/2026

PetSmart

20,087

19.0%

1/31/2024

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%

1/31/2024

8/1/2023

NAP

8/4/2023

NAP

Fee

NAP

9.10

Property

Owensboro Towne Center

0.1%

4.6%

5099, 5101, 5115, 5135, 5241 Frederica Street

Owensboro

Daviess

42301

Retail

Anchored

1992; 1996; 1997; 1999

2015

164,941

1,367,308

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

9.11

Property

Harbor Town Center

0.1%

3.7%

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

Manitowoc

54220

Retail

Anchored

2005

NAP

138,744

1,107,692

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

9.12

Property

Lord Salisbury Center

0.1%

3.5%

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

Salisbury

Wicomico

21801

Retail

Anchored

2005

NAP

113,821

1,054,615

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%

7/31/2028

Mattress Warehouse

3,600

3.2%

7/31/2027

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

9.13

Property

Terrell Mill Village

0.1%

3.5%

1453 Terrell Mill Road Southeast

Marietta

Cobb

30067

Retail

Anchored

1974

2012

75,184

1,036,154

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

9.14

Property

The Ridge at Turtle Creek

0.1%

3.1%

6169, 6173, and 6175 US Highway 98

Hattiesburg

Lamar

39402

Retail

Anchored

1992

NAP

98,705

933,462

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

9.15

Property

Nordstrom Rack

0.1%

3.0%

1702 North Dale Mabry Highway

Tampa

Hillsborough

33607

Retail

Shadow Anchored

1994

NAP

45,457

890,769

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

9.16

Property

Ventura Place

0.1%

2.8%

8810, 8850, 8900 Holly Avenue Northeast

Albuquerque

Bernalillo

87122

Retail

Anchored

2008

NAP

66,595

848,077

1,227,663

262,855

964,808

3/31/2023

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

9.17

Property

Village at Quail Springs Oklahoma City

0.1%

2.7%

2201 and 2135 West Memorial Road

Oklahoma City

Oklahoma

73134

Retail

Anchored

1984

2004

100,404

800,769

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

9.18

Property

Wallace Commons I

0.1%

2.6%

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

Salisbury

Rowan

28147

Retail

Anchored

2008

NAP

98,509

770,769

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%

11/30/2023

8/1/2023

NAP

8/1/2023

NAP

Fee

NAP

9.19

Property

Waterford Park South

0.1%

2.5%

1020 & 1040 Veterans Parkway

Clarksville

Clark

47129

Retail

Anchored

2005

2008

91,906

759,231

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

9.20

Property

Evergreen Marketplace

0.1%

9140, 9142, 9144 South Western Avenue

Evergreen Park

Cook

60805

Retail

Anchored

2013

NAP

49,842

686,538

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

9.21

Property

Derby Marketplace

0.1%

1712, 1800, 1812 North Rock Road

Derby

Sedgwick

67037

Retail

Anchored

2015

NAP

100,000

632,308

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

9.22

Property

Stoneridge Village

0.1%

707, 731, 735, 739 Stoneridge Parkway

Jefferson City

Cole

65109

Retail

Anchored

2008

NAP

72,483

617,308

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%

1/31/2024

8/1/2023

NAP

8/7/2023

NAP

Fee

NAP

9.23

Property

Fresh Thyme and DSW

0.0%

4302-4320 Coldwater Road

Fort Wayne

Allen

46805

Retail

Anchored

1985

2014

49,033

451,154

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

9.24

Property

Crossroads Annex - Lafayette

0.0%

609 Settlers Trace Boulevard

Lafayette

Lafayette Parish

70508

Retail

Anchored

2012

NAP

40,578

428,077

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

9.25

Property

Tellico Village

0.0%

101 Cheeyo Way

Loudon

37774

Retail

Anchored

2008

NAP

40,928

396,923

593,751

137,575

456,176

6/30/2023

T-12

532,907

122,661

410,246

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

Salon Anew

1,200

2.9%

3/31/2026

Courtley Chiropractic

1,200

2.9%

3/31/2027

Edward D. Jones & Co.

1,200

2.9%

1/31/2026

8/1/2023

NAP

8/4/2023

10%

Fee

NAP

9.26

Property

Walmart Neighborhood Market

0.0%

10635, 10645, 10655 Dorchester Road

Summerville

Dorchester

29485

Retail

Anchored

2015

NAP

51,441

373,846

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

10%

Fee

NAP

9.27

Property

PetSmart & Old Navy

0.0%

2389-2409 Taylor Park Drive

Reynoldsburg

Fairfield

43068

Retail

Anchored

2012

NAP

28,970

342,692

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

9.28

Property

Sutter's Creek

0.0%

750, 760, 794 Sutter's Creek Boulevard

Rocky Mount

Nash

27804

Retail

Anchored

1996

NAP

80,004

310,385

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

9.29

Property

Mattress Firm and Panera Bread

0.0%

38295 - 38305 Chestnut Ridge Road

Elyria

Lorain

44035

Retail

Shadow Anchored

2016

NAP

8,800

261,923

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

10.00

Loan

Rhino Retail Portfolio 2

3.3%

Barclays, BANA

BANA

NAP

Various

Retail

Anchored

Various

827,429

157.72

30,000,000

6.97500%

6.87712%

NAP

176,796.88

NAP

2,121,562.56

Interest Only

Actual/360

120

116

120

116

7/28/2023

1/6/1900

9/6/2023

NAP

8/6/2033

NAP

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

6,117,352

2,446,492

3,670,860

5/31/2023

T-12

6,431,240

2,564,132

3,867,109

12/31/2022

Various

6,215,139

2,079,392

4,135,747

12/31/2021

T-12

92.5%

19,233,452

5,271,185

13,962,267

124,114

845,946

12,992,206

1.51

1.41

10.7%

10.0%

198,631,638

As Is with Escrow Reserve

Various

65.7%

95.5%

7/20/2023

785,206

157,041

Springing

10,343

51,714

1,861,715

47,813

11,867,009

Planet Fitness TI/LC Reserve ($100,000)

Upfront TI/LC Reserve ($8,513,459.87); Free Rent and Gap Rent Reserve ($2,578,518.22); Planet Fitness TI/LC Reserve ($468,576); Static Insurance Reserve ($306,454.50)

Planet Fitness TI/LC Reserve ($968,576)

NAP

Soft

Springing

Yes

30,000,000

100,500,000

592,269.53

769,066.41

NAP

130,500,000

769,066

NAP

Yes

Mezzanine

Sanjiv Chopra

Refinance

130,500,000

194,081

130,694,081

112,026,380

5,967,674

12,700,027

130,694,081

NAP

10.01

Property

Monte Vista

1.5%

44%

2801-3027 Countryside Drive

Turlock

Stanislaus

95380

Retail

Anchored

2000

2015

275,087

13,333,333

NAV

95.0%

8,765,820

2,437,995

6,327,824

41,263

384,683

5,901,878

94,943,627

As Is with Escrow Reserve

6/10/2023

98.7%

7/20/2023

Dick's Sporting Goods

45,000

16.4%

1/31/2025

Boot Barn

18,264

6.6%

11/30/2031

Forever 21

18,000

6.5%

1/31/2028

Joann's

18,000

6.5%

1/31/2026

Rooms Xpress

12,900

4.7%

5/31/2027

6/19/2023

NAP

6/19/2023

5/19/2023

Fee

NAP

10.02

Property

Sherwood

0.6%

19%

16030 Southwest Tualatin Sherwood Road

Sherwood

Washington

97140

Retail

Anchored

1995

NAP

125,515

5,632,184

2,880,287

786,582

2,093,705

5/31/2023

T-12

2,901,951

892,942

2,009,008

12/31/2022

T-7 Ann.

3,007,484

874,021

2,133,463

12/31/2021

T-12

95.0%

3,457,346

949,864

2,507,482

18,827

168,259

2,320,395

35,558,011

As Is with Escrow Reserve

6/7/2023

99.3%

7/20/2023

Hobby Lobby

49,793

39.7%

2/28/2030

La Petite Academy

9,500

7.6%

2/29/2028

O'Reillys

8,000

6.4%

1/31/2034

BedMart

5,200

4.1%

8/31/2026

Super Deluxe

3,500

2.8%

8/31/2030

6/19/2023

NAP

6/19/2023

Fee

NAP

10.03

Property

Madera Marketplace

0.5%

15%

2001-2295 West Cleveland Avenue

Madera

93637

Retail

Anchored

1992

NAP

134,833

4,643,678

1,574,053

520,947

1,053,105

5/31/2023

T-12

1,855,648

607,816

1,247,832

12/31/2022

T-12

2,418,060

705,675

1,712,385

12/31/2021

T-12

84.6%

2,843,157

723,458

2,119,699

20,225

110,904

1,988,570

28,400,000

As Is with Escrow Reserve

6/10/2023

85.8%

7/20/2023

Smart & Final

30,161

22.4%

11/30/2038

Ross Dress For Less

28,321

21.0%

1/31/2034

Learn 4 Life Learning Center

10,135

7.5%

9/30/2032

Crazy Deal

8,000

5.9%

8/31/2026

San Joaquin Valley

7,935

5.9%

3/31/2025

6/19/2023

NAP

6/19/2023

Fee

NAP

10.04

Property

Silverdale Village

0.3%

9333-9481 Silverdale Way Northwest

Silverdale

Kitsap

98383

Retail

Anchored

1965

2023

73,818

2,367,816

606,684

419,078

187,606

5/31/2023

T-12

709,911

389,034

320,877

12/31/2022

T-12

NAV

90.9%

1,497,254

448,484

1,048,769

11,073

61,307

976,390

14,390,000

As Is with Escrow Reserve

6/8/2023

93.8%

7/20/2023

Planet Fitness

19,910

27.0%

5/31/2034

Harbor Freight Tools

19,019

25.8%

7/31/2032

Grocery Outlet

16,000

21.7%

5/31/2027

Kitsap Mini Golf

4,210

5.7%

5/31/2034

Kitsap Great Escape

4,203

5.7%

8/31/2032

7/22/2023

NAP

6/19/2023

10%

Fee

NAP

��

NAP

10.05

Property

Port Orchard

0.2%

4350 Southeast Mile Hill Drive

Port Orchard

Kitsap

98366

Retail

Anchored

1995

2022

75,349

2,068,966

476,218

383,183

93,035

5/31/2023

T-12

465,151

296,823

168,328

12/31/2022

T-12

389,014

201,918

187,096

12/31/2021

T-12

95.0%

1,387,953

373,769

1,014,184

11,302

55,759

947,122

12,670,000

As Is with Escrow Reserve

6/8/2023

100.0%

7/20/2023

Treetop Village Early Learning Center

30,000

39.8%

8/31/2033

Dollar Tree

11,600

15.4%

2/28/2034

FIIT Fitness

8,360

11.1%

11/30/2030

Chai Foundation

5,200

6.9%

11/30/2026

Taerong Taekwondo

4,965

6.6%

1/31/2031

6/19/2023

NAP

6/19/2023

Fee

NAP

10.06

Property

Grafton

0.1%

1827 Wisconsin Avenue

Grafton

Ozaukee

53024

Retail

Anchored

1989

2022

82,374

1,126,437

330,110

198,759

131,351

5/31/2023

T-12

284,708

251,831

32,877

12/31/2022

T-12

251,684

182,179

69,505

12/31/2021

T-12

95.0%

754,358

185,901

568,457

12,356

36,546

519,554

6,960,000

As Is with Escrow Reserve

6/7/2023

98.1%

7/20/2023

Big Lots

39,042

47.4%

1/31/2034

Harbor Freight Tools

17,500

21.2%

11/30/2032

Dollar Tree

9,374

11.4%

8/31/2026

Eupraxia Fitness

3,200

3.9%

6/30/2029

Even Odd Pizza

2,400

2.9%

12/31/2030

6/19/2023

NAP

6/19/2023

NAP

Fee

NAP

10.07

Property

Fallon

0.1%

2105 West Williams Avenue

Fallon

Churchill

89406

Retail

Anchored

1990

NAP

60,453

827,586

250,000

137,942

112,058

5/31/2023

T-12

213,871

125,685

88,186

12/31/2022

T-12

148,898

115,599

33,299

12/31/2021

T-12

83.2%

527,566

151,713

375,853

9,068

28,487

338,297

5,710,000

As Is with Escrow Reserve

6/8/2023

87.1%

7/20/2023

The TJX Companies, Inc.

22,564

37.3%

9/30/2033

Harbor Freight Tools

16,310

27.0%

12/31/2030

Boot Barn

13,776

22.8%

5/31/2032

NAP

6/19/2023

NAP

6/19/2023

Fee

NAP

11.00

Loan

Blackbird Portfolio

3.3%

AREF2

NAP

Various

Ann Arbor

Washtenaw

48108

Various

427,513

83.62

30,000,000

28,733,261

7.92000%

7.82212%

218,458.59

200,750.00

2,621,503.08

2,409,000.00

Interest Only, Amortizing Balloon

Actual/360

120

360

11/21/2023

1/6/1900

1/6/2024

1/6/2029

12/6/2033

NAP

L(24),D(92),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%

51.1%

83.4%

Various

694,641

138,928

86,855

9,651

7,125

2,000,000

$57,001.73, reduced to $30,282.17 upon satisfaction of NeuMoDX Re-Tenanting Conditions

150,510

118,000

Outstanding TI/LC Reserve

NAP

Hard

Springing

Yes

30,000,000

5,750,000

41,871.23

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

35,750,000

75,000

5,250,000

41,075,000

36,443,847

1,581,147

3,050,005

41,075,000

NAP

11.01

Property

1100, 1200, and 1300 Victors Way

0.5%

17%

1100, 1200, 1300 Victors Way

Ann Arbor

Washtenaw

48108

Mixed Use

Office/Industrial/Lab

1999

2022

68,348

5,019,116

4,807,185

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

11.02

Property

1200 Eisenhower Place

0.4%

13%

1200 Eisenhower Place

Ann Arbor

Washtenaw

48108

Mixed Use

Office/Industrial/Lab

1985

2007

48,368

3,950,145

3,783,351

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%

12/1/2023

Yes

NeuMoDx Molecular, Inc.

41,486

85.8%

7/31/2025

NAP

7/25/2023

NAP

7/26/2023

NAP

Yes - AE

Fee

NAP

11.03

Property

3767-3891 Ranchero Drive

0.4%

12%

3767-3891 Ranchero Drive

Ann Arbor

Washtenaw

48108

Mixed Use

Office/Industrial

2000

2014

59,335

3,674,874

3,519,704

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

11.04

Property

1300 Eisenhower Place

0.4%

11%

1300 Eisenhower Place

Ann Arbor

Washtenaw

48108

Mixed Use

Office/Industrial/Lab

1985

2007

42,691

3,248,203

3,111,049

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

11.05

Property

1500 Eisenhower Place

0.4%

11%

1500 Eisenhower Place

Ann Arbor

Washtenaw

48108

Mixed Use

Office/Industrial

1987

2006

42,874

3,211,500

3,075,896

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

11.06

Property

1100 Eisenhower Place

0.3%

10%

1100 Eisenhower Place

Ann Arbor

Washtenaw

48108

Mixed Use

Office/Industrial/Lab

1985

2007

39,450

3,027,986

2,900,130

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%

12/1/2023

Yes

NeuMoDx Molecular, Inc.

39,450

100.0%

7/31/2025

NAP

7/24/2023

NAP

7/21/2023

NAP

Yes - AE

Fee

NAP

11.07

Property

1194 Oak Valley Drive

0.3%

10%

1194 Oak Valley Drive

Ann Arbor

Washtenaw

48108

Mixed Use

Office/Industrial/Lab

1998

2000

42,296

2,876,586

2,755,123

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

11.08

Property

3940-3948 Ranchero Drive

0.2%

3940-3948 Ranchero Drive

Ann Arbor

Washtenaw

48108

Mixed Use

Office/Industrial

2000

NAP

29,472

2,023,245

1,937,815

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

11.09

Property

950 Victors Way

0.2%

930 and 950 Victors Way

Ann Arbor

Washtenaw

48108

Mixed Use

Office/Industrial

1997

2006

23,723

1,486,466

1,423,701

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

11.10

Property

825 Victors Way

0.2%

825 Victors Way

Ann Arbor

Washtenaw

48108

Office

Suburban

1980

2019

30,956

1,481,878

1,419,307

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

12.00

Loan

Centre Pointe Portfolio

3.3%

100%

AREF2

NAP

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

West Chester

Butler

45069

Office

Suburban

2000-2007

NAP

640,177

74.43

30,000,000

29,304,063

7.02400%

6.92612%

200,074.53

178,038.89

2,400,894.36

2,136,466.68

Interest Only, Amortizing Balloon

Actual/360

120

115

360

6/22/2023

1/6/1900

8/6/2023

2/6/2031

7/6/2033

NAP

L(29),D(87),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%

12,419,185

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%

66.3%

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

Various

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

30,000,000

17,650,000

117,710.52

317,785.05

NAP

47,650,000

317,785.05

67.9%

1.42

14.3%

NAP

Yes

Mezzanine

Yaron Kandelker

Acquisition

47,650,000

19,061,282

4,226,999

70,938,281

64,500,000

2,200,058

4,238,223

70,938,281

NAP

13.00

Loan

Gwinnett Marketfair

2.8%

100%

WFB

Group 3

NAP

3675 Satellite Boulevard

Duluth

Gwinnett

30096

Retail

Anchored

1987

NAP

193,782

131.08

25,400,000

6.96800%

6.87012%

NAP

149,537.80

NAP

1,794,453.60

Interest Only

Actual/360

120

117

120

117

8/29/2023

1/11/1900

10/11/2023

NAP

9/11/2033

NAP

L(27),D(88),O(5)

3,531,010

833,853

2,697,157

6/30/2023

T-12

3,466,854

781,464

2,685,390

12/31/2022

T-12

3,322,299

822,239

2,500,060

12/31/2021

T-12

95.0%

3,404,903

761,253

2,643,650

38,756

36,891

2,568,003

1.47

1.43

10.4%

10.1%

39,800,000

As Is

5/16/2023

63.8%

96.6%

8/16/2023

Burlington

29,820

15.4%

1/31/2026

Marshalls

27,054

14.0%

1/31/2028

TJ Maxx

24,300

12.5%

1/31/2028

Five Below

15,303

7.9%

1/31/2030

Party City

15,155

7.8%

8/31/2031

5/22/2023

NAP

8/8/2023

NAP

Fee

NAP

29,324

Springing

124,748

3,230

600,000

Springing

600,000

757,400

Springing

Burlington Reserve ($280,000); Party City Reserve ($350,000); Shoe Carnival Reserve ($127,400); Debt Yield Reserve (Springing)

NAP

Springing

NAP

Stanley Werb and Jonathan Gaines

Refinance

NAP

14.00

Loan

Princeton ND Portfolio

2.7%

AREF2

NAP

Various

Multifamily

Garden

Various

NAP

603

Units

41,127.69

24,800,000

7.79600%

7.69812%

NAP

163,355.07

NAP

1,960,260.84

Interest Only

Actual/360

120

11/13/2023

1/6/1900

1/6/2024

NAP

12/6/2033

NAP

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

5,917,836

3,110,990

2,806,846

9/30/2023

T-12

4,968,594

2,780,412

2,188,182

12/31/2022

T-12

NAV

93.8%

6,508,494

3,388,274

3,120,220

163,610

2,956,611

1.59

1.51

12.6%

11.9%

39,680,000

As Is

Various

62.5%

94.7%

10/23/2023

173,066

38,459

89,495

29,832

13,618

88,585

13,700

Environmental Reserve

NAP

Springing

Yes

NAP

Matthew B. Lester

Refinance

24,800,000

62,997

24,862,997

23,160,722

1,337,428

364,846

24,862,997

NAP

14.01

Property

Timber Cove

0.7%

24%

1100, 1104, 1108, & 1112 Elm Street Southeast

Tioga

Williams

58852

Multifamily

Garden

2013

NAP

168

Units

6,018,000

1,383,713

727,489

656,224

9/30/2023

T-12

1,094,113

569,265

524,848

12/31/2022

T-12

NAV

94.1%

1,605,142

812,295

792,847

47,744

745,103

9,310,000

As Is

10/4/2023

94.0%

10/23/2023

NAP

10/2/2023

NAP

10/9/2023

NAP

Fee

NAP

14.02

Property

Custer Crossing and Raven Wood

0.5%

20%

1541-1763 Carroll Street and 931 2nd Street East

Dickinson

Stark

58601

Multifamily

Garden

2012; 2013

NAP

124

Units

4,848,000

1,283,549

723,702

559,847

9/30/2023

T-12

1,163,995

619,550

544,445

12/31/2022

T-12

1,123,284

550,289

572,995

12/31/2021

T-12

94.4%

1,372,421

726,590

645,831

34,994

610,837

8,730,000

As Is

10/3/2023

95.2%

10/23/2023

NAP

Various

NAP

Various

NAP

Fee

NAP

14.03

Property

Raven Ridge

0.5%

19%

1053 and 1153 Koch Street

Dickinson

Stark

58601

Multifamily

Garden

2012

NAP

126

Units

4,761,000

1,296,832

712,007

584,825

9/30/2023

T-12

1,074,519

543,290

531,229

12/31/2022

T-12

NAV

95.0%

1,428,878

824,421

604,457

35,245

569,212

9,040,000

As Is

10/3/2023

95.2%

10/23/2023

NAP

10/9/2023

NAP

10/9/2023

NAP

Fee

NAP

14.04

Property

Fox Run

0.4%

16%

3964 89th Avenue Northwest

New Town

Mountrail

58763

Multifamily

Garden

2015

NAP

Units

3,879,000

931,615

444,926

486,689

9/30/2023

T-12

787,738

486,795

300,943

12/31/2022

T-12

NAV

95.0%

940,014

474,385

465,629

18,633

446,996

5,300,000

As Is

10/4/2023

98.7%

10/23/2023

NAP

10/9/2023

NAP

10/9/2023

NAP

Fee

NAP

14.05

Property

Killdeer Highlands

0.3%

124 Park Lane

Killdeer

Dunn

58640

Multifamily

Garden

2015

NAP

Units

2,342,000

454,544

187,072

267,472

9/30/2023

T-12

375,265

194,444

180,821

12/31/2022

T-12

NAV

95.0%

493,292

209,300

283,992

10,070

273,923

3,050,000

As Is

10/4/2023

97.6%

10/23/2023

NAP

10/9/2023

NAP

10/9/2023

NAP

Fee

NAP

14.06

Property

Bakken Ridge

0.2%

210 11th Avenue Northeast

Watford City

McKenzie

58854

Multifamily

Garden

2014

NAP

Units

1,629,000

371,029

233,092

137,937

9/30/2023

T-12

280,267

290,996

(10,729)

12/31/2022

T-12

218,406

280,518

(62,112)

12/31/2021

T-12

91.4%

463,209

250,182

213,027

11,142

201,886

2,710,000

As Is

10/4/2023

92.9%

10/23/2023

NAP

10/9/2023

NAP

10/9/2023

NAP

Fee

NAP

14.07

Property

Creekside Cottages

0.1%

504-525 5th Street Southeast and 504-525 6th Street Southeast

Watford City

McKenzie

58854

Multifamily

Garden

2010

NAP

Units

1,323,000

196,554

82,702

113,852

9/30/2023

T-12

192,697

76,072

116,625

12/31/2022

T-12

NAV

78.4%

205,538

91,101

114,437

5,783

108,654

1,540,000

As Is

10/4/2023

79.2%

10/23/2023

NAP

10/9/2023

NAP

10/9/2023

NAP

Fee

NAP

15.00

Loan

Rockwall Market Center

2.4%

100%

AREF2

NAP

2663-2853 Market Center Drive

Rockwall

75032

Retail

Anchored

1999

NAP

211,971

104.26

22,100,000

7.19600%

7.09812%

NAP

134,366.98

NAP

1,612,403.76

Interest Only

Actual/360

120

117

120

117

8/17/2023

10/6/2023

NAP

9/6/2033

NAP

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

3,877,326

1,100,357

2,776,969

6/30/2023

T-12

3,773,589

1,079,835

2,693,755

12/31/2022

T-12

3,717,494

1,061,346

2,656,149

12/31/2021

T-12

95.0%

3,826,805

1,127,528

2,699,277

31,796

108,978

2,558,503

1.67

1.59

12.2%

11.6%

33,500,000

As Is

7/7/2023

66.0%

100.0%

7/10/2023

Burkes Outlet (Beall's Outlet)

34,027

16.1%

1/31/2029

Ross Dress For Less

30,187

14.2%

1/31/2026

Michael's

23,988

11.3%

2/28/2025

Office Max

23,600

11.1%

10/31/2024

Old Navy

17,239

8.1%

1/31/2025

7/7/2023

NAP

7/7/2023

NAP

Fee

NAP

281,252

31,250

65,480

8,185

2,650

500,000

13,248

28,944

Unfunded Obligations Reserve

NAP

Hard

Springing

Yes

NAP

Yes

Mezzanine

Mark Hutchinson

Acquisition

22,100,000

12,093,745

34,193,745

32,400,000

918,068

875,677

34,193,745

NAP

16.00

Loan

Mountain Lakes Estates

2.4%

100%

MSBNA

MSMCH

NAP

765 South Meadows Parkway

Reno

Washoe

89521

Multifamily

Senior Housing

2020

NAP

131

Units

166,351.15

21,792,000

6.48000%

6.38212%

NAP

119,311.20

NAP

1,431,734.40

Interest Only

Actual/360

120

114

120

114

5/26/2023

7/1/2023

NAP

6/1/2033

NAP

L(30),D(86),O(4)

4,900,364

2,899,779

2,000,585

5/31/2023

T-12

4,188,436

2,683,655

1,504,780

12/31/2022

T-12

1,840,104

1,795,796

44,308

12/31/2021

T-12

95.0%

5,302,048

2,823,487

2,478,561

32,750

2,445,811

1.73

1.71

11.4%

11.2%

38,000,000

As Is

5/2/2023

57.3%

96.9%

10/4/2023

NAP

4/18/2023

NAP

4/18/2023

5/22/2023

Yes - A

Fee

NAP

17,081

Springing

98,250

2,729

50,000

Springing

CC&R Reserve

NAP

Springing

Yes

NAP

Livingston Street Capital, LLC

Pietro V. Scola and Joseph L. Fox

Yes

Acquisition

21,792,000

19,295,717

41,087,717

37,250,000

3,672,386

165,331

41,087,717

NAP

17.00

Loan

Lucas Industrial Portfolio

1.6%

WFB

NAP

Various

Arapahoe

80110

Industrial

Warehouse

Various

NAP

257,408

58.27

15,000,000

7.47700%

7.37912%

NAP

94,760.59

NAP

1,137,127.08

Interest Only

Actual/360

120

11/21/2023

1/11/2024

NAP

12/11/2033

NAP

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

2,702,564

1,162,563

1,540,001

6/30/2023

T-12

2,547,588

1,149,084

1,398,503

12/31/2022

T-12

2,288,849

994,353

1,294,496

12/31/2021

T-12

94.7%

3,186,102

1,238,379

1,947,723

109,955

57,141

1,780,628

1.71

1.57

13.0%

11.9%

28,960,000

As Is

8/23/2023

51.8%

95.9%

11/10/2023

Springing

351,000

Springing

Major Tenant Reserve

NAP

Springing

Yes

NAP

Stanley H. Lucas

Refinance

NAP

17.01

Property

Union Business Park

0.6%

38%

1855-1865 West Union Avenue

Sheridan

Arapahoe

80110

Industrial

Warehouse

1981

NAP

90,841

5,644,189

1,009,534

395,646

613,888

6/30/2023

T-12

951,620

389,655

561,964

12/31/2022

T-12

842,038

379,033

463,006

12/31/2021

T-12

95.0%

1,144,090

426,140

717,949

28,190

19,746

670,013

10,620,000

As Is

8/23/2023

97.5%

11/10/2023

Alloy Metalworks (Christopher Gavitt)

6,813

7.5%

9/30/2026

Eurosport (Greg Johnson)

4,542

5.0%

9/30/2025

Granite Concepts LLC (Jose Gonzalez)

4,542

5.0%

8/31/2025

AC Construction (Aaron Caro)

4,542

5.0%

8/31/2024

MPS, LLC

4,542

5.0%

5/31/2024

9/5/2023

NAP

8/28/2023

NAP

Fee

NAP

17.02

Property

Stanford Industrial Park

0.5%

34%

1825-1835 West Union Avenue & 1910 West Stanford Avenue

Sheridan

Arapahoe

80110

Industrial

Warehouse

1974-1980

NAP

94,199

5,026,111

921,840

422,147

499,693

6/30/2023

T-12

883,766

408,537

475,229

12/31/2022

T-12

778,993

308,347

470,646

12/31/2021

T-12

95.0%

1,099,582

448,030

651,552

34,718

20,192

596,642

10,420,000

As Is

8/23/2023

95.4%

11/10/2023

The Garage, LLC

11,212

11.9%

10/31/2025

DMS LLC (David Smith)

10,637

11.3%

3/31/2026 (5,125 SF); 5/31/2026 (5,512 SF)

Springs Automotive Group, LLC (Brian Karsh)

9,589

10.2%

9/30/2024

Mile High Drain Cleaning (Joel Verbeck)

6,456

6.9%

8/31/2026

Steve Moran

6,150

6.5%

1/31/2027

9/5/2023

NAP

8/28/2023

NAP

Fee

NAP

17.03

Property

Auto Works Industrial Park

0.5%

29%

1942-1952 West Union Avenue

Englewood

Arapahoe

80110

Industrial

Warehouse

1985

NAP

72,368

4,329,700

771,189

344,770

426,419

6/30/2023

T-12

712,202

350,893

361,309

12/31/2022

T-12

667,818

306,973

360,845

12/31/2021

T-12

95.0%

942,431

364,208

578,222

47,047

17,203

513,972

7,920,000

As Is

8/23/2023

94.7%

11/10/2023

Barrys Cabinets

9,720

13.4%

12/31/2026

Master Craft PDR (Andrew Palmer & Robyn Palmer)

6,780

9.4%

7/31/2025 (2,550 SF); 7/31/2026 (2,780 SF); 8/31/2026 (1,450 SF)

SJS Stair & Millworks (James Jacobs)

5,930

8.2%

7/31/2026

AAA Trans Warehouse Inc (Jeremiah Snyder)

5,400

7.5%

8/31/2024

A&G Automotive (Oscar Alcala)

5,060

7.0%

7/31/2026

9/5/2023

NAP

8/28/2023

NAP

Fee

NAP

18.00

Loan

Bangor Parkade

1.6%

100%

MSBNA

MSMCH

NAP

482-534 Stillwater Avenue

Bangor

Penobscot

04401

Retail

Anchored

2005

NAP

232,529

64.51

15,000,000

14,227,724

7.02000%

6.92212%

99,996.93

88,968.75

1,199,963.16

1,067,625.00

Interest Only, Amortizing Balloon

Actual/360

120

360

11/20/2023

1/1/2024

1/1/2029

12/1/2033

NAP

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

3,554,249

1,811,382

1,742,867

8/31/2023

T-12

3,562,373

1,743,888

1,818,486

12/31/2022

T-12

3,494,925

1,710,299

1,784,626

12/31/2021

T-12

95.0%

3,773,902

1,677,536

2,096,366

34,879

233,858

1,827,629

1.75

1.52

14.0%

12.2%

27,000,000

As Is - Extraordinary Assumption

7/24/2023

55.6%

52.7%

99.4%

9/1/2023

Kohl's

88,904

38.2%

1/31/2032

Books-A-Million

27,905

12.0%

4/30/2034

Michael's

22,000

9.5%

2/28/2030

Old Navy

19,074

8.2%

10/31/2025

L.L. Bean

12,997

5.6%

1/31/2027

9/25/2023

NAP

9/25/2023

NAP

Leasehold

1/1/2105

NAP

1/22/3599

168,812

42,203

Springing

2,907

50,000

19,377

466,000

13,750

496,470

Books-A-Million - TI Allowance ($348,813); Books-A-Million - Gap Rent and Reimbursements ($144,644); Sally Beauty Supply - Rent Abatement ($3,013)

NAP

Hard

Springing

Yes

NAP

Murad H. Guindi

Refinance

NAP

19.00

Loan

DoubleTree Hotel Largo

1.6%

100%

WFB

NAP

9100 Basil Court

Upper Marlboro

Prince George's

20774

Hospitality

Full Service

1990

2015

184

Rooms

79,838.38

14,700,000

14,690,262

13,184,309

8.06300%

7.96512%

108,509.69

NAP

1,302,116.28

NAP

Amortizing Balloon

Actual/360

120

119

360

359

11/7/2023

12/11/2023

11/11/2033

NAP

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

6,916,912

4,645,692

2,271,220

9/30/2023

T-12

5,933,064

4,057,427

1,875,637

12/31/2022

T-12

3,792,059

2,885,958

906,101

12/31/2021

T-12

61.1%

6,916,912

4,683,600

2,233,312

276,676

1,956,635

1.72

1.50

15.2%

13.3%

23,500,000

As Complete

9/27/2024

62.5%

56.1%

61.1%

9/30/2023

NAP

10/3/2023

NAP

10/4/2023

NAP

Fee

NAP

44,963

22,484

10,630

10,627

22,721

4,000,000

Springing

PIP Reserve

NAP

Hard

Springing

Yes

NAP

Shailesh A. Patel

Acquisition

11/30/2038

5/19/1900

3/25/1900

1/0/1900

5/19/1900

3/25/1900

1/0/1900

5/8/1900

3/13/1900

1/0/1900

4/21/1900

2/17/1900

1/0/1900

20.00

Loan

Tri Palms Estates & Country Club

1.5%

100%

WFB

NAP

32700 Desert Moon Drive

Thousand Palms

Riverside

92276

Other

Golf Course/Recreational Facilities

1989

2014-2015

7,618,602

1.84

14,000,000

6.90700%

6.80912%

NAP

81,700.86

NAP

980,410.32

Interest Only

Actual/360

120

118

120

118

10/2/2023

11/11/2023

NAP

10/11/2033

NAP

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

6,272,295

3,995,519

2,276,776

6/30/2023

T-12

6,234,853

3,893,578

2,341,275

12/31/2022

T-12

5,674,488

3,710,890

1,963,597

12/31/2021

T-12

95.0%

6,403,453

4,089,255

2,314,198

13,193

2,301,005

2.36

2.35

16.5%

16.4%

30,150,000

As Is

7/13/2023

46.4%

100.0%

12/1/2023

NAP

7/19/2023

NAP

7/19/2023

7/26/2023

10%

Yes - AO

Fee

NAP

41,201

6,538

Springing

9,659

750,000

Course Repair Reserve

NAP

Springing

Yes

NAP

Michael H. Scott and Lee M. Kort

Kort Family Trust U/A/D December 1, 2004, Michael H. Scott Revocable Trust U/A/D August 15, 2007, Michael H. Scott and Lee M. Kort

Refinance

NAP

21.00

Loan

Shoppes at Waterford

1.4%

100%

SMC

Group 4

NAP

1149, 1175 and 1191 University Drive

Burlington

Alamance

27215

Retail

Anchored

2007

NAP

79,842

164.07

13,100,000

7.94000%

7.84212%

NAP

87,882.20

NAP

1,054,586.39

Interest Only

Actual/360

120

119

120

119

10/27/2023

12/6/2023

NAP

11/6/2033

NAP

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

1,644,259

292,678

1,351,581

8/31/2023

T-12

1,764,194

280,330

1,483,864

12/31/2022

T-12

1,771,190

281,021

1,490,169

12/31/2021

T-12

95.0%

1,697,542

296,787

1,400,755

15,968

47,905

1,336,881

1.33

1.27

10.7%

10.2%

19,700,000

As Is

10/3/2023

66.5%

97.0%

11/6/2023

Lowes Foods

42,324

53.0%

2/28/2028

CVS

11,945

15.0%

1/31/2029

Truist Bank

3,906

4.9%

12/31/2028

Tickle My Ribs

2,800

3.5%

12/31/2025

Highway 55

2,800

3.5%

12/31/2032

10/10/2023

NAP

10/10/2023

NAP

Fee

NAP

9,076

Springing

1,331

8,333

300,000

150,000

Springing

Tenant Expiration Reserve ($150,000); Major Tenant Reserve (Springing)

NAP

Springing

Yes

NAP

Jeffrey L. Zimmer

Refinance

NAP

22.00

Loan

419 West River Road

1.3%

100%

AREF2

NAP

419 West River Road

Louisburg

Franklin

27549

Industrial

Warehouse

1975

2021

195,000

60.26

11,750,000

8.25500%

8.15712%

NAP

81,952.85

NAP

983,434.20

Interest Only

Actual/360

120

119

120

119

11/3/2023

12/6/2023

NAP

11/6/2033

NAP

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

NAV

95.0%

1,725,003

236,303

1,488,701

19,500

97,500

1,371,701

1.51

1.39

12.7%

11.7%

23,600,000

As Is

9/1/2023

49.8%

100.0%

12/1/2023

Yes

Novozymes North America

195,000

100.0%

1/31/2030

NAP

10/24/2023

NAP

10/24/2023

NAP

Fee

NAP

16,930

4,233

8,445

4,223

1,625

$32,500 till Feb 2026, thereafter $8,125

1,700,000

44,495

NAP

Hard

Springing

Yes

NAP

Ryan Stenberg and Abraham Mowad

Refinance

NAP

23.00

Loan

Baytowne Shoppes and Square

1.3%

100%

MSBNA

MSMCH

NAP

2033 North Prospect Avenue

Champaign

61822

Retail

Anchored

1993

NAP

118,305

97.21

11,500,000

6.97000%

6.87212%

NAP

67,723.55

NAP

812,682.60

Interest Only

Actual/360

120

117

120

117

8/31/2023

10/1/2023

NAP

9/1/2033

NAP

L(27),D(86),O(7)

2,235,935

640,895

1,595,040

44,926

T-12

2,169,073

599,889

1,569,184

44,561

T-12

2,010,470

554,455

1,456,015

44,196

T-12

93.2%

2,199,146

715,734

1,483,412

17,746

82,651

1,383,015

1.83

1.70

12.9%

12.0%

18,200,000

As Is

7/10/2023

63.2%

96.7%

7/10/2023

PetSmart

20,020

16.9%

1/31/2027

Staples

20,000

16.9%

10/31/2025

Party City

11,529

9.7%

1/31/2027

Citi Trends

10,806

9.1%

2/28/2027

Ulta Salon, Cosmetics & Fragrance

10,469

8.8%

2/28/2027

6/5/2023

NAP

7/21/2023

NAP

Fee

NAP

28,080

9,688

4,844

1,689

350,000

Springing

350,000

4,375

143,478

Outstanding Leasing Obligations

NAP

Hard

Springing

Yes

NAP

Espada Real Estate,Stonefield Investment Advisors

Simon Honeybone, Don Thomas, Brent Conlin, Thomas Tyng, and Michael Jersen

Acquisition

NAP

24.00

Loan

1777 Vine Street

1.3%

100%

WFB

NAP

1777 Vine Street

Los Angeles

90028

Office

CBD

1961

2002-2022

39,248

291.37

11,500,000

11,435,516

9,934,793

6.56700%

6.46912%

73,195.28

NAP

878,343.36

NAP

Amortizing Balloon

Actual/360

120

113

360

353

4/24/2023

6/11/2023

5/11/2033

NAP

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

NAV

95.0%

2,406,894

786,845

1,620,049

9,812

58,872

1,551,365

1.84

1.77

14.2%

13.6%

24,000,000

As Is

3/2/2023

47.6%

41.4%

100.0%

12/1/2023

Yes

AMDA Inc.

39,248

100.0%

3/30/2041

NAP

9/26/2022

NAP

3/14/2023

9/20/2022

19%

Fee

NAP

Springing

1,025

512

818

29,436

Springing

NAP

Soft

Springing

Yes

NAP

John Gamboa and Lucy Rumantir

Mini Griya California, LLC

Acquisition

NAP

25.00

Loan

Monkey Junction

1.2%

100%

SMC

Group 4

NAP

5120 South College Road

Wilmington

New Hanover

28412

Retail

Shadow Anchored

2003

NAP

48,165

230.46

11,100,000

8.30000%

8.20212%

NAP

77,841.32

NAP

934,095.83

Interest Only

Actual/360

120

119

120

119

10/25/2023

12/6/2023

NAP

11/6/2033

NAP

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

1,414,272

246,132

1,168,140

8/31/2023

T-12

1,474,669

242,935

1,231,733

12/31/2022

T-12

1,417,716

238,035

1,179,682

12/31/2021

T-12

95.0%

1,439,898

234,111

1,205,787

9,633

28,899

1,167,255

1.29

1.25

10.9%

10.5%

18,000,000

As Is

9/29/2023

61.7%

97.5%

10/1/2023

Junction 421

7,062

14.7%

12/31/2028

Chick-Fil-A (Ground Lease)

4,200

8.7%

4/30/2027

El Cerro Grande

3,600

7.5%

12/31/2028

First Bank (Ground Lease)

3,414

7.1%

5/30/2033

Wendy's (Ground Lease)

3,089

6.4%

12/31/2033

10/10/2023

NAP

10/10/2023

NAP

Fee

NAP

5,564

Springing

803

5,000

180,000

NAP

Springing

Yes

NAP

Jeffrey L. Zimmer

Refinance

NAP

26.00

Loan

The West Wing

1.1%

100%

SMC

NAP

2501 East Fowler Avenue

Tampa

Hillsborough

33612

Hospitality

Extended Stay

1973

2019

116

Rooms

86,206.90

10,000,000

8,933,399

7.88000%

7.78212%

72,541.65

NAP

870,499.80

NAP

Amortizing Balloon

Actual/360

120

360

11/16/2023

1/6/2024

12/6/2033

NAP

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

2,694,810

640,354

2,054,455

10/31/2023

T-12

2,182,002

527,096

1,654,906

12/31/2022

T-12

NAV

94.9%

2,753,727

995,542

1,758,185

61,075

10,750

1,686,361

2.02

1.94

17.6%

16.9%

17,200,000

As Is

9/18/2023

58.1%

51.9%

100.0%

11/9/2023

NAP

9/29/2023

NAP

9/29/2023

NAP

Fee

NAP

21,374

10,687

156,819

31,802

5,090

896

NAP

Springing

Yes

NAP

Paul Turovsky and Rostislav Grigorenko

Refinance

NAP

27.00

Loan

Tammany on the Ponds

1.1%

100%

WFB

Group 6

NAP

7610 Heritage Drive, 7832 Heritage Drive, and 310 South Canal Road

Lansing

Eaton

48917

Multifamily

Garden

2000

NAP

236

Units

42,219.93

10,000,000

9,963,904

8,726,022

6.93900%

6.84112%

66,121.08

NAP

793,452.96

NAP

Amortizing Balloon

Actual/360

120

115

360

355

7/6/2023

8/11/2023

7/11/2033

NAP

L(29),D(87),O(4)

2,134,554

921,060

1,213,494

8/31/2023

T-12

2,291,709

1,063,918

1,227,791

12/31/2022

T-12

2,171,942

1,108,765

1,063,177

12/31/2021

T-12

90.9%

2,466,497

1,135,666

1,330,831

110,212

1,220,619

1.68

1.54

13.4%

12.3%

19,400,000

As Is

5/26/2023

51.4%

45.0%

91.5%

10/25/2023

NAP

5/25/2023

NAP

5/25/2023

NAP

Fee

NAP

22,951

Springing

9,184

64,169

NAP

Springing

Yes

NAP

Janice L. Mulder and Thomas B. Mulder Trust No. 1

Refinance

NAP

28.00

Loan

Residence Inn Charleston Summerville

1.0%

100%

WFB

Group 5

NAP

1528 North Main Street

Summerville

Berkeley

29486

Hospitality

Extended Stay

2018

NAP

Rooms

98,958.33

9,500,000

7.33200%

7.23412%

NAP

58,851.18

NAP

706,214.16

Interest Only

Actual/360

120

117

120

117

8/31/2023

10/11/2023

NAP

9/11/2033

NAP

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

4,350,229

2,746,645

1,603,584

7/31/2023

T-12

4,219,487

2,511,741

1,707,747

12/31/2022

T-12

3,653,002

2,416,198

1,236,804

12/31/2021

T-12

85.7%

4,350,229

2,739,306

1,610,924

174,009

1,436,914

2.28

2.03

17.0%

15.1%

20,400,000

As Is

7/13/2023

46.6%

85.7%

7/31/2023

NAP

7/27/2023

NAP

7/27/2023

NAP

Fee

NAP

212,856

26,607

Springing

14,501

Springing

Low DSCR Reserve

NAP

Springing

Yes

NAP

Chatham Lodging, L.P.

Recapitalization

8/27/2038

5/21/1900

5/1/1900

1/0/1900

5/21/1900

5/1/1900

1/0/1900

5/14/1900

4/27/1900

1/0/1900

4/29/1900

4/11/1900

1/0/1900

29.00

Loan

Courtyard Charleston Summerville

1.0%

100%

WFB

Group 5

NAP

1510 Rose Drive

Summerville

Berkeley

29486

Hospitality

Select Service

2014

NAP

Rooms

93,750.00

9,000,000

7.33200%

7.23412%

NAP

55,753.75

NAP

669,045.00

Interest Only

Actual/360

120

117

120

117

8/31/2023

10/11/2023

NAP

9/11/2033

NAP

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

4,336,815

2,841,079

1,495,736

7/31/2023

T-12

4,282,674

2,613,848

1,668,826

12/31/2022

T-12

3,504,663

2,315,220

1,189,443

12/31/2021

T-12

76.2%

4,336,815

2,822,112

1,514,703

173,473

1,341,230

2.26

2.00

16.8%

14.9%

18,700,000

As Is

7/13/2023

48.1%

76.2%

7/31/2023

NAP

7/27/2023

NAP

7/27/2023

NAP

Fee

NAP

184,968

23,121

Springing

14,457

Springing

Low DSCR Reserve

NAP

Springing

Yes

NAP

Chatham Lodging, L.P.

Recapitalization

11/15/2037

5/30/1900

4/24/1900

1/0/1900

5/30/1900

4/24/1900

1/0/1900

5/29/1900

4/24/1900

1/0/1900

5/4/1900

4/3/1900

1/0/1900

30.00

Loan

McDonough Marketplace

1.0%

100%

WFB

Group 3

NAP

105-133 Willow Lane, 1124 Highway 20/81

McDonough

Henry

30253

Retail

Anchored

2003

NAP

53,099

169.49

9,000,000

7.73100%

7.63312%

NAP

58,787.81

NAP

705,453.72

Interest Only

Actual/360

120

118

120

118

10/5/2023

11/11/2023

NAP

10/11/2033

NAP

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

1,339,354

280,335

1,059,019

6/30/2023

T-12

1,326,441

268,663

1,057,778

12/31/2022

T-12

1,289,678

226,417

1,063,261

12/31/2021

T-12

95.0%

1,317,663

303,809

1,013,854

10,620

23,475

979,759

1.44

1.39

11.3%

10.9%

13,900,000

As Is

8/28/2023

64.7%

100.0%

9/1/2023

Office Depot

20,584

38.8%

6/30/2025

Dollar Tree

9,500

17.9%

8/31/2028

Super Sunny Beauty Mart

4,200

7.9%

8/31/2034

Rent-A-Center

3,500

6.6%

8/31/2027

Shoe Show

3,500

6.6%

MTM

9/7/2023

NAP

9/5/2023

NAP

Fee

NAP

6,776

Springing

63,000

885

150,000

Springing

200,000

NAP

Springing

NAP

Stanley Werb and Jonathan Gaines

Refinance

NAP

31.00

Loan

Triangle Center

0.9%

100%

AREF2

NAP

2000 North Mays Street

Round Rock

Williamson

78664

Retail

Unanchored

1985

2021

58,929

135.76

8,000,000

7.35000%

7.25212%

NAP

49,680.56

NAP

596,166.72

Interest Only

Actual/360

120

117

120

117

8/31/2023

10/6/2023

NAP

9/6/2033

NAP

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

1,204,159

400,908

803,250

6/30/2023

T-12

973,106

368,568

604,539

12/31/2022

T-12

662,368

392,042

270,326

12/31/2021

T-12

95.0%

1,613,791

369,898

1,243,893

11,786

33,929

1,198,178

2.09

2.01

15.5%

15.0%

16,450,000

As Is

7/25/2023

48.6%

96.7%

8/18/2023

Genuine Parts Company

12,946

22.0%

11/30/2028

Action Behavior Centers, LLC

8,212

13.9%

1/31/2033

The Sherwin Williams Company

7,986

13.6%

4/30/2027

Pathway Vet Alliance LLC

4,643

7.9%

6/30/2026

Best Kids North, LLC

3,809

6.5%

9/30/2028

7/14/2023

NAP

7/14/2023

NAP

Fee

NAP

154,878

15,488

14,654

1,332

982

250,000

Springing

37,015

425,482

Free Rent Reserve ($64,757.83); Unfunded Obligations Reserve ($360,724.65)

NAP

Hard

Springing

Yes

NAP

Blum Associates

Yes

Acquisition

NAP

32.00

Loan

Dixon Street

0.8%

100%

MSBNA

MSMCH

NAP

4121 Dixon Street

Des Moines

Polk

50313

Industrial

Warehouse/Distribution

1976; 1977; 1979

1986; 1991; 1992

606,006

12.76

7,732,000

6.70000%

6.60212%

NAP

43,769.92

NAP

525,239.04

Interest Only

Actual/360

120

119

120

119

10/31/2023

12/1/2023

NAP

11/1/2033

NAP

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

3,359,200

1,350,207

2,008,993

10/31/2023

T-12

3,291,822

1,252,439

2,039,382

12/31/2022

T-12

3,011,007

1,110,394

1,900,614

12/31/2021

T-12

90.6%

3,565,597

1,308,597

2,257,000

60,601

166,054

2,030,345

4.30

3.87

29.2%

26.3%

34,800,000

As Is

9/20/2023

22.2%

90.7%

10/11/2023

EMCO Enterprises, Inc.

244,577

40.4%

7/31/2027; 4/30/2028

JT Logistics, LLC

177,431

29.3%

10/31/2028

Warners' Stellian Company

40,000

6.6%

12/31/2027

Baker Mechanical, Inc.

30,000

5.0%

12/31/2025

Florstar Sales, Inc.

13,870

2.3%

6/30/2028

8/10/2023

NAP

8/31/2023

NAP

Fee

NAP

57,436

Springing

7,575

90,901

121,250

NAP

Springing

Yes

NAP

Kenneth Levy

Kenneth Levy and Kenneth Levy, As Trustee of the Levy Family Trust Dated February 18, 1983, As Amended

Refinance

NAP

33.00

Loan

Highlands Plaza

0.8%

100%

AREF2

NAP

2253 & 2257 North Loop 336 West

Conroe

Montgomery

77304

Mixed Use

Office/Retail

2002-2008

NAP

60,824

123.65

7,550,000

7,521,084

6,546,027

6.70000%

6.60212%

48,718.49

NAP

584,621.88

NAP

Amortizing Balloon

Actual/360

120

115

360

355

6/28/2023

8/6/2023

7/6/2033

NAP

L(29),DorYM2(87),O(4)

1,226,103

489,770

736,333

4/30/2023

T-12

1,110,508

461,171

649,337

12/31/2022

T-12

984,524

440,442

544,082

12/31/2021

T-12

90.0%

1,395,118

463,254

931,864

12,165

63,736

855,963

1.59

1.46

12.4%

11.4%

11,550,000

As Is

5/11/2023

65.1%

56.7%

89.7%

6/15/2023

Beverly Wedgeman

4,451

7.3%

1/31/2027

Dr Brad Harris (BGSE, Inc.)

4,134

6.8%

12/31/2023

Chicago Title Insurance

3,694

6.1%

11/30/2024

Cantex Home Health North Houston

3,387

5.6%

3/31/2027

Cryomed Sports Recovery

3,266

5.4%

7/30/2026

5/18/2023

NAP

5/18/2023

NAP

Fee

NAP

86,956

12,422

Springing

1,014

275,000

Springing

275,000

9,125

30,225

Outstanding TI/LC Reserve

NAP

Hard

Springing

Yes

NAP

Christopher P. D'Agostino

Yes

Refinance

NAP

34.00

Loan

Nogales Plaza

0.8%

100%

MSBNA

MSMCH

NAP

251-490 North Grand Court Plaza

Nogales

Santa Cruz

85621

Retail

Anchored

1992; 2015

NAP

147,124

50.98

7,500,000

6.68000%

6.58212%

NAP

42,329.86

NAP

507,958.32

Interest Only

Actual/360

120

118

120

118

9/29/2023

11/1/2023

NAP

10/1/2033

NAP

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

1,890,163

538,916

1,351,247

6/30/2023

T-12

1,857,034

593,016

1,264,018

12/31/2022

T-12

1,809,867

538,545

1,271,322

12/31/2021

T-12

81.8%

1,857,917

491,183

1,366,735

22,069

131,813

1,212,853

2.69

2.39

18.2%

16.2%

18,600,000

As Is

8/3/2023

40.3%

84.5%

8/1/2023

Basha's (dba Food City)

42,761

29.1%

1/19/2028

CSL Plasma

18,858

12.8%

11/30/2028

Goodwill Industries

18,370

12.5%

11/20/2024

Family Dollar

12,000

8.2%

1/31/2028

Peter Piper Pizza

10,000

6.8%

12/31/2028

8/17/2023

NAP

8/15/2023

NAP

Yes - AE

Fee

NAP

18,604

9,302

Springing

1,839

22,069

Springing

67,125

135,000

Outstanding TI Reserve

NAP

Soft

Springing

Yes

NAP

Mohsen M. Sharif (Mike Sharif)

Mohsen M. Sharif (Mike Sharif) and The Sharif Family Trust Dated July 21, 1999

Refinance

NAP

35.00

Loan

Natchez Promenade

0.6%

100%

AREF2

NAP

350 John R Junkin Drive

Natchez

Adams

39120

Retail

Anchored

1979

2023

148,010

37.01

5,477,500

5,061,204

8.00500%

7.90712%

40,211.05

37,046.98

482,532.60

444,563.76

Interest Only, Amortizing Balloon

Actual/360

120

360

11/10/2023

1/6/2024

1/6/2026

12/6/2033

NAP

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

NAV

94.8%

1,069,942

301,103

768,839

37,003

71,008

660,829

1.59

1.37

14.0%

12.1%

8,350,000

As Is

7/5/2023

65.6%

60.6%

97.4%

10/16/2023

Belk

68,009

45.9%

1/31/2030

Ollie's Bargain Outlet

35,340

23.9%

1/31/2030

Planet Fitness

11,880

8.0%

9/30/2030

Rainbow

8,200

5.5%

1/31/2033

City Gear

8,184

5.5%

2/28/2032

7/12/2023

NAP

7/12/2023

NAP

Fee

NAP

107,825

8,985

8,819

2,940

3,084

400,000

Springing

250,000

43,640

217,040

Outstanding TI/LC Reserve ($100,000.00), Free Rent Reserve ($117,040.00)

NAP

Hard

Springing

Yes

NAP

Yariv Golan and Or Pando

Acquisition

NAP

36.00

Loan

Sullivan Parke IV

0.6%

100%

MSBNA

MSMCH

Group 7

NAP

2295 Lafayette Park Drive

Easton

Northampton

18040

Multifamily

Garden

2023

NAP

Units

180,000.00

5,400,000

7.46000%

7.36212%

NAP

34,036.25

NAP

408,435.00

Interest Only

Actual/360

120

119

120

119

10/19/2023

12/1/2023

NAP

11/1/2033

NAP

L(23),YM1(2),DorYM1(88),O(7)

NAV

95.0%

765,734

194,739

570,995

7,500

563,495

1.40

1.38

10.6%

10.4%

10,400,000

As Is

9/27/2023

51.9%

96.7%

10/3/2023

NAP

8/17/2023

NAP

7/11/2023

NAP

Fee

NAP

6,692

Springing

625

NAP

Springing

NAP

Michael E. Laub

Refinance

NAP

37.00

Loan

Sorrento View Apartments

0.6%

100%

WFB

NAP

12495 Southwest Conestoga Drive

Beaverton

Washington

97008

Multifamily

Low Rise

1985

NAP

Units

63,657.47

5,100,000

5,092,598

4,455,746

6.99200%

6.89412%

33,903.03

NAP

406,836.36

NAP

Amortizing Balloon

Actual/360

120

118

360

358

10/10/2023

11/11/2023

10/11/2033

NAP

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

1,229,721

385,901

843,820

7/31/2023

T-12

1,144,636

372,851

771,785

12/31/2022

T-12

1,092,665

341,967

750,697

12/31/2021

T-12

95.0%

1,232,340

414,854

817,486

20,000

797,486

2.01

1.96

16.1%

15.7%

14,800,000

As Is

8/2/2023

34.4%

30.1%

100.0%

7/31/2023

NAP

8/9/2023

NAP

8/9/2023

Fee

NAP

11,316

12,135

4,045

1,667

40,000

NAP

Springing

Yes

NAP

Farid Abujame and Mohammed Abujame

Refinance

NAP

38.00

Loan

Metroplex

0.5%

100%

GACC

AREF2

NAP

3530 Wilshire Boulevard

Los Angeles

90010

Office

CBD

1985

2018-2020

419,804

128.63

5,000,000

6.72350%

6.62562%

NAP

28,403.67

NAP

340,844.04

Interest Only

Actual/360

1/6/2023

2/6/2023

NAP

1/6/2028

NAP

L(12),YM1(23),DorYM1(20),O(5)

9,222,846

3,110,138

6,112,708

9/30/2022

T-12

10,696,105

3,145,704

7,550,401

12/31/2021

T-12

12,069,467

3,425,309

8,644,158

12/31/2020

T-12

69.8%

10,018,053

3,244,801

6,773,252

117,545

294,804

6,360,903

1.84

1.73

12.5%

11.8%

104,000,000

As Is

10/10/2022

51.9%

65.9%

1/1/2023

County of Los Angeles

66,644

15.9%

2/3/2025

New York Life Insurance Company

24,462

5.8%

6/30/2030

HW Workspace, LLC dba Spark Spaces

13,236

3.2%

12/31/2025

Asiana Airlines

11,840

2.8%

10/31/2024

Carter Residential, LLC

11,418

2.7%

9/30/2024

10/10/2022

NAP

10/10/2022

14%

Fee

NAP

169,654

42,414

Springing

9,796

1,250,000

34,984

5,539,535

34,984

Free Rent Reserve (Upfront: $856,228.30), County of LA Funds (Upfront: $750,000.00, Monthly: $34,984.00), Outstanding TI/LC Reserve (Upfront: $3,933,307.05)

NAP

Hard

Springing

Yes

5,000,000

49,000,000

278,356.02

306,759.69

NAP

54,000,000

306,760

NAP

David Y. Lee

Refinance

NAP

39.00

Loan

3800 Horizon Boulevard

0.5%

100%

AREF2

NAP

3800 Horizon Boulevard

Feasterville-Trevose

Bucks

19053

Office

Suburban

2009

NAP

214,750

125.73

5,000,000

4,532,258

6.99000%

6.89212%

33,231.55

29,529.51

398,778.60

354,354.12

Interest Only, Amortizing Balloon

Actual/360

120

112

360

3/27/2023

5/6/2023

5/6/2025

4/6/2033

NAP

L(32),D(84),O(4)

4,346,165

1,598,748

2,747,417

1/31/2023

T-12

4,312,443

1,596,838

2,715,605

12/31/2022

T-12

4,511,753

1,552,210

2,959,543

12/31/2021

T-12

75.5%

4,988,019

1,683,694

3,304,325

42,950

325

3,261,050

1.53

1.51

12.2%

12.1%

45,000,000

As Is

3/3/2023

60.0%

54.4%

74.4%

3/3/2023

Comcast of Southeast Pennsylvania, LLC

43,173

20.1%

2/29/2024

Epicor Software Corp

32,110

15.0%

11/30/2024

Harte-Hanks Direct Inc

22,660

10.6%

2/28/2025

Vetstreet LLC

10,830

5.0%

11/30/2024

SEMRush Inc.

10,450

4.9%

6/30/2028

3/6/2023

NAP

3/6/2023

NAP

Fee

NAP

394,438

43,826

28,858

5,772

3,579

1,500,000

12,527

31,563

875,302

Outstanding TI/LC Reserve ($500,000.00), Rent Abatement Reserve ($375,302.00)

NAP

Hard

In Place

Yes

5,000,000

22,000,000

146,218.83

179,450.38

NAP

27,000,000

179,450

NAP

Abraham Leser, Edith Leser and The Leser Group Ltd.

Refinance

NAP

40.00

Loan

Sullivan Parke III

0.5%

100%

MSBNA

MSMCH

Group 7

NAP

2265 Lafayette Park Drive

Easton

Northampton

18040

Multifamily

Garden

2023

NAP

Units

185,416.67

4,450,000

7.37000%

7.27212%

NAP

27,710.01

NAP

332,520.12

Interest Only

Actual/360

120

119

120

119

10/25/2023

12/1/2023

NAP

11/1/2033

NAP

L(23),YM1(2),DorYM1(88),O(7)

NAV

95.0%

599,374

160,888

438,486

6,000

432,486

1.32

1.30

9.9%

9.7%

8,400,000

As Is

7/11/2023

53.0%

100.0%

10/24/2023

NAP

8/17/2023

NAP

7/11/2023

NAP

Fee

NAP

27,550

5,510

14,575

1,325

500

NAP

Springing

NAP

Michael E. Laub

Refinance

NAP

41.00

Loan

Graves & Dalworth Business Park

0.4%

WFB

NAP

Various

Tarrant

Various

Industrial

Warehouse

Various

NAP

44,514

74.13

3,300,000

7.63300%

7.53512%

NAP

21,282.29

NAP

255,387.48

Interest Only

Actual/360

120

119

120

119

10/25/2023

12/11/2023

NAP

11/11/2033

NAP

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

NAV

94.6%

587,879

199,703

388,177

5,133

12,293

370,751

1.52

1.45

11.8%

11.2%

4,900,000

As Is

9/18/2023

67.3%

95.5%

10/17/2023

3,969

5,341

24,446

557

35,000

100,000

Springing

100,000

135,554

18,295

Dean Ash Rent Reserve

NAP

Springing

Yes

NAP

Lawrence Kaplan and George Thacker

Acquisition

NAP

41.01

Property

Graves Industrial Park

0.2%

55%

3620 Graves Boulevard

Pantego

Tarrant

76013

Industrial

Warehouse

1970

NAP

24,564

1,821,028

NAV

95.0%

292,360

99,854

192,506

2,456

472

189,578

2,510,000

As Is

9/18/2023

95.8%

10/17/2023

Ali A Sayed

6,058

24.7%

3/14/2028

Adenilto Simoes Jr.

3,150

12.8%

8/31/2024

Jarred M. Tennell

3,140

12.8%

4/30/2024

Mike Speed Shop (Michael Anderson)

3,000

12.2%

1/31/2025

Marco. A. Antonio Sr.

2,773

11.3%

7/13/2024

9/5/2023

NAP

9/5/2023

NAP

Fee

NAP

41.02

Property

Dalworth Business Park

0.2%

45%

2345 Dalworth Street

Grand Prairie

Tarrant

75050

Industrial

Warehouse

1986

NAP

19,950

1,478,972

NAV

94.2%

295,520

99,849

195,671

2,676

11,821

181,174

2,390,000

As Is

9/18/2023

94.5%

10/17/2023

Erick E. Luis

2,350

11.8%

9/26/2024

Dallas Auto Body Collision and Repair LLC (John E. Lewis)

2,200

11.0%

6/21/2024

Jennifer C. Tran

1,100

5.5%

4/2/2025

JEC Iron Doors & Remodeling (Mary H. Peralta)

1,100

5.5%

3/12/2024

Paragon Direct LLC (Connor A. Duff)

1,100

5.5%

6/22/2024

9/5/2023

NAP

9/5/2023

NAP

Fee

NAP

42.00

Loan

Tammany Hills Apartments

0.3%

100%

WFB

Group 6

NAP

3010 Staten Avenue & 3015 Staten Avenue

Lansing

Ingham

48910

Multifamily

Garden

1986

NAP

158

Units

20,179.51

3,200,000

3,188,362

2,790,105

6.90900%

6.81112%

21,094.47

NAP

253,133.64

NAP

Amortizing Balloon

Actual/360

120

115

360

355

7/6/2023

8/11/2023

7/11/2033

NAP

L(29),D(87),O(4)

1,282,210

736,891

545,319

8/31/2023

T-12

1,429,519

663,627

765,892

12/31/2022

T-12

1,300,766

778,991

521,775

12/31/2021

T-12

77.9%

1,279,602

853,646

425,956

42,186

383,770

1.68

1.52

13.4%

12.0%

9,700,000

As Is

5/26/2023

32.9%

28.8%

79.7%

10/25/2023

NAP

5/26/2023

NAP

5/26/2023

NAP

Fee

NAP

13,577

Springing

3,516

NAP

Springing

Yes

NAP

Janice L. Mulder and Gerald Mulder Trus U/A/D July 16, 1986

Refinance

NAP

43.00

Loan

Lee Vista Retail Center

0.3%

100%

MSBNA

MSMCH

NAP

6125 South Semoran Boulevard

Orlando

Orange

32822

Retail

Unanchored

2005

NAP

13,907

202.06

2,810,000

8.25000%

8.15212%

NAP

19,587.07

NAP

235,044.84

Interest Only

Actual/360

120

119

120

119

10/4/2023

12/1/2023

NAP

11/1/2033

NAP

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

532,465

213,266

319,199

7/31/2023

T-12

521,165

190,911

330,254

12/31/2022

T-12

540,237

161,706

378,531

12/31/2021

T-12

91.4%

532,098

200,707

331,391

2,086

21,007

308,298

1.41

1.31

11.8%

11.0%

5,300,000

As Is

7/21/2023

53.0%

100.0%

7/14/2023

Panaderia El Cafetal

3,960

28.5%

10/31/2028

Five Guys (Bengel's Burgers VI, LLC)

2,508

18.0%

4/30/2025

Spice Thai (Sripakdee Harris, LLC)

2,066

14.9%

8/31/2027

Aloha Poke Orlando, LLC

1,656

11.9%

5/31/2028

Papa John's

1,240

8.9%

9/30/2033

8/1/2023

NAP

8/1/2023

NAP

Fee

NAP

4,807

2,101

17,517

174

3,477

83,442

180,000

Papa John's Reserve

NAP

Hard

Springing

Yes

NAP

John Minio and Loraine Minio

Loraine Minio and John J. Minio

Refinance

NAP

44.00

Loan

Broad Street Commons

0.3%

100%

WFB

NAP

3300 East Broad Street

Mansfield

Tarrant

76063

Retail

Shadow Anchored

2011

NAP

16,081

171.01

2,750,000

6.99200%

6.89412%

NAP

16,245.88

NAP

194,950.56

Interest Only

Actual/360

120

116

120

116

8/2/2023

9/11/2023

NAP

8/11/2033

NAP

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

735,921

252,963

482,958

10/31/2023

T-12

709,363

226,025

483,338

12/31/2022

T-12

724,147

273,882

450,265

12/31/2021

T-12

95.0%

688,639

229,855

458,785

8,917

27,546

422,322

2.35

2.17

16.7%

15.4%

7,460,000

As Is

6/4/2023

36.9%

100.0%

4/30/2023

Pacific Dental

3,220

20.0%

12/31/2026

Pho Palace 2 Noodles & Grill (Mansfield Noodle Soup, LLC)

2,569

16.0%

1/31/2028

Mooyah Burgers And Fries

2,504

15.6%

9/30/2030

Luxury Nail & Spa

2,100

13.1%

11/30/2028

Club Pilates (JLS Fitness, LLC)

1,725

10.7%

10/31/2027

6/7/2023

NAP

6/7/2023

NAP

Fee

NAP

75,131

10,733

Springing

737

1,675

60,300

NAP

Springing

Yes

NAP

Bradley T. Kornfeld

Refinance

NAP

45.00

Loan

Walgreens - Rosedale

0.2%

100%

WFB

NAP

8606 Philadelphia Road

Rosedale

Baltimore

21237

Retail

Single Tenant

2002

NAP

14,978

146.68

2,200,000

2,196,983

1,933,659

7.22300%

7.12512%

14,967.61

NAP

179,611.32

NAP

Amortizing Balloon

Actual/360

120

118

360

358

9/29/2023

11/11/2023

10/11/2033

NAP

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

NAV

97.0%

322,731

6,593

316,137

1,498

314,640

1.76

1.75

14.4%

14.3%

6,170,000

As Is

8/18/2023

35.6%

31.3%

100.0%

12/1/2023

Yes

Walgreens

14,978

100.0%

12/31/2088

NAP

8/25/2023

NAP

8/30/2023

NAP

Fee

NAP

Springing

402,122

Rent Abatement Reserve

NAP

Hard

In Place

Yes

NAP

Kathleen Ossey and The kathleen Ossey Trust Dated January 28, 2013

Acquisition

NAP

46.00

Loan

Westfarms

0.2%

100%

WFB

NAP

1500 New Britain Avenue

West Hartford

Hartford

06110

Retail

Super Regional Mall

1974

2013

501,990

482.08

2,000,000

7.79500%

7.69712%

NAP

13,172.11

NAP

158,065.32

Interest Only

Actual/360

8/31/2023

10/6/2023

NAP

9/6/2028

NAP

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

48,528,897

17,617,481

30,911,416

6/30/2023

T-12

47,139,850

18,215,282

28,924,568

12/31/2022

T-12

47,635,108

17,859,759

29,775,349

12/31/2021

T-12

96.4%

51,139,577

16,217,012

34,922,565

306,214

968,038

33,648,313

1.83

1.76

14.4%

13.9%

547,800,000

As Is

7/6/2023

44.2%

95.9%

8/25/2023

Forever 21

22,512

4.5%

MTM

H&M

15,121

3.0%

1/31/2032

Pottery Barn

14,187

2.8%

1/31/2027

Gap Gap Kids

13,093

2.6%

1/31/2025

Anthropologie

11,673

2.3%

1/31/2027

7/17/2023

NAP

7/17/2023

NAP

Fee

NAP

Springing

20,916

41,833

3,402,016

Gap Rent/Free Rent Reserve ($298,225.34); Outstanding TI/LC ($3,103,791)

NAP

Hard

Springing

Yes

2,000,000

240,000,000

1,580,652.77

1,593,824.88

NAP

242,000,000

1,593,825

NAP

The Taubman Realty Group LLC

Refinance

NAP

MSWF Commercial Mortgage Trust 2023-2 FWPFree writing prospectus