0001539497-23-001104.txt : 20230620 0001539497-23-001104.hdr.sgml : 20230620 20230620123719 ACCESSION NUMBER: 0001539497-23-001104 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 0001258361 FILED AS OF DATE: 20230620 DATE AS OF CHANGE: 20230620 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Benchmark 2023-B39 Mortgage Trust CENTRAL INDEX KEY: 0001979859 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-262701-04 FILM NUMBER: 231024232 BUSINESS ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 2128165343 MAIL ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CITIGROUP COMMERCIAL MORTGAGE SECURITIES INC CENTRAL INDEX KEY: 0001258361 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 861073506 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 BUSINESS PHONE: 2128165343 MAIL ADDRESS: STREET 1: 390 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10013 FWP 1 n3646_x3-premkta1.htm FREE WRITING PROSPECTUS

 

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-262701-04
     

 

 

FREE WRITING PROSPECTUS, DATED June 15, 2023

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-262701) for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Academy Securities, Inc., Drexel Hamilton, LLC or any other underwriter or dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-831-9146.

The information in this file (the “File”) is an electronic copy of the information set forth in the Annex titled “Certain Characteristics of the Mortgage Loans and Mortgaged Properties” to the prospectus. This File does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision. Methodologies used in deriving certain information contained in this File are more fully described elsewhere in the prospectus. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value.

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

The securities related to this File are being offered when, as and if issued.  This free writing prospectus is not an offer to sell or a solicitation of an offer to buy such securities in any state or other jurisdiction where such offer, solicitation or sale is not permitted. Such securities do not represent an interest in or obligation of the depositor, the sponsors, the originators, the master servicer, the special servicer, the trustee, the certificate administrator, the operating advisor, the asset representations reviewer, the controlling class representative, any risk retention consultation parties, the companion loan holders (or their representatives), the underwriters or any of their respective affiliates.  Neither such securities nor the underlying mortgage loans are insured or guaranteed by any governmental agency or instrumentality or private insurer.

Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and that these materials may not be updated or (3) these materials possibly being confidential, are, in each case, 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.

 

 

   

 

BMARK 2023-B39

                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                   
                                                                                                                                                                                                                                                                                                                                                                                                   
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 (%)
                                                      1   2   2                                       3                                             4 4               5           6       6       6       6       6                                                                                             4             4                 9   7                                              
1 Loan   17 Novolex Portfolio 9.9%   DBRI, GSBI GACC, GSMC NAP NAP Various Various Various Various Various Industrial Various Various Various 2,516,274 SF 49.68 89,500,000 89,500,000 89,500,000 6.22650%     NAP 470,843.03 NAP 5,650,116.36 Interest Only No Actual/360 120 119 120 119 0 0 5/19/2023 1 6 7/6/2023 NAP 6/6/2033 NAP 0 0 L(23),YM1(2),DorYM1(88),O(7) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0% 15,224,795 456,744 14,768,052 452,929 0 14,315,122 1.87 1.81 11.8% 11.5% 207,300,000 As Is 4/1/2023 60.3% 60.3% 100.0%                                                                   0 Springing 0 Springing 0 Springing 22,673,820 0 Springing 22,673,820 0 0 0 0 0 Springing EIL Policy Reserve 0 0 NAP Hard Springing Yes Yes Yes Yes 89,500,000 35,500,000 186,758.97 657,602.00 NAP NAP 125,000,000 657,602.00 60.3% 1.81 11.8% NAP NAP NAP NAP NAP NAP NAP No NAP New Mountain Net Lease Partners II Corporation New Mountain Net Lease Partners II Corporation No No Recapitalization   125,000,000 0 0 0 125,000,000 0 0 4,428,938 0 120,571,062 0 125,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.01 Property   1 2000 Commerce Center Drive 1.2% 11.9%         2000 Commerce Center Drive Franklin Warren Ohio 45005 Industrial Manufacturing/Warehouse 2003 NAP 275,345 SF   10,664,014 10,664,014 10,664,014                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         24,700,000 As Is 3/13/2023     100.0% 7/6/2023 Yes Novolex 275,345 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/16/2022 NAP 12/13/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.02 Property   1 1200 Northrop Road 0.9% 8.8%         1200 Northrop Road Meriden New Haven Connecticut 06450 Industrial Warehouse/Distribution 1987 2021-2022 145,819 SF   7,900,868 7,900,868 7,900,868                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         18,300,000 As Is 3/8/2023     100.0% 7/6/2023 Yes Novolex 145,819 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/15/2022 NAP 12/12/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.03 Property   1 3400 Bagcraft Boulevard 0.8% 8.1%         3400 Bagcraft Boulevard Baxter Springs Cherokee Kansas 66713 Industrial Manufacturing 1994 NAP 272,330 SF   7,231,669 7,231,669 7,231,669                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         16,750,000 As Is 3/8/2023     100.0% 7/6/2023 Yes Novolex 272,330 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/16/2022 NAP 12/14/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.04 Property   1 690 Unisia Drive 0.8% 7.9%         690 Unisia Drive Monroe Walton Georgia 30655 Industrial Manufacturing 2001 NAP 160,925 SF   7,037,386 7,037,386 7,037,386                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         16,300,000 As Is 3/13/2023     100.0% 7/6/2023 Yes Novolex 160,925 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/19/2022 NAP 12/15/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.05 Property   1 800 Koomey Road 0.7% 7.5%         800 Koomey Road Brookshire Waller Texas 77423 Industrial Manufacturing 1983 2023 151,748 SF   6,691,992 6,691,992 6,691,992                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         15,500,000 As Is 3/16/2023     100.0% 7/6/2023 Yes Novolex 151,748 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/19/2022 NAP 12/15/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.06 Property   1 3900 West 43rd Street 0.7% 7.1%         3900 West 43rd Street Chicago Cook Illinois 60632 Industrial Manufacturing 1956 1967 147,117 SF   6,346,599 6,346,599 6,346,599                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         14,700,000 As Is 3/17/2023     100.0% 7/6/2023 Yes Novolex 147,117 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/19/2022 NAP 12/14/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.07 Property   1 540 West Nez Perce 0.7% 6.6%         540 West Nez Perce Jerome Jerome Idaho 83338 Industrial Manufacturing/Warehouse 1973, 2004 NAP 187,617 SF   5,914,857 5,914,857 5,914,857                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         13,700,000 As Is 3/15/2023     100.0% 7/6/2023 Yes Novolex 187,617 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/12/2022 NAP 12/15/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.08 Property   1 4255 Thunderbird Lane 0.6% 6.4%         4255 Thunderbird Lane West Chester Butler Ohio 45014 Industrial Manufacturing 1991, 2000, 2013 NAP 195,280 SF   5,763,748 5,763,748 5,763,748                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         13,350,000 As Is 3/13/2023     100.0% 7/6/2023 Yes Novolex 195,280 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/16/2023 NAP 2/16/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.09 Property   1 1001 North Madison Avenue 0.6% 6.0%         1001 North Madison Avenue North Vernon Jennings Indiana 47265 Industrial Manufacturing 1959 1999 167,926 SF   5,375,181 5,375,181 5,375,181                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         12,450,000 As Is 3/16/2023     100.0% 7/6/2023 Yes Novolex 167,926 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/15/2022 NAP 12/15/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.10 Property   1 17153 Industrial Highway 0.5% 5.5%         17153 Industrial Highway Caldwell Noble Ohio 43724 Industrial Manufacturing 1958, 1995, 2002 2001 123,120 SF   4,878,678 4,878,678 4,878,678                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         11,300,000 As Is 3/14/2023     100.0% 7/6/2023 Yes Novolex 123,120 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/16/2022 NAP 12/15/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.11 Property   1 999 North Madison Avenue 0.4% 4.2%         999 North Madison Avenue North Vernon Jennings Indiana 47265 Industrial Manufacturing 2005 NAP 114,509 SF   3,777,738 3,777,738 3,777,738                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         8,750,000 As Is 3/16/2023     100.0% 7/6/2023 Yes Novolex 114,509 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/15/2022 NAP 12/15/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.12 Property   1 407 Sangamore Road 0.4% 4.1%         407 Sangamore Road Bremen Haralson Georgia 30110 Industrial Manufacturing 1975-2000 NAP 144,060 SF   3,669,802 3,669,802 3,669,802                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         8,500,000 As Is 3/13/2023     100.0% 7/6/2023 Yes Novolex 144,060 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/19/2022 NAP 12/16/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.13 Property   1 88 Nesbitt Drive 0.4% 4.1%         88 Nesbitt Drive Holley Orleans New York 14470 Industrial Manufacturing 2002 2003, 2006, 2010 120,101 SF   3,669,802 3,669,802 3,669,802                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         8,500,000 As Is 3/9/2023     100.0% 7/6/2023 Yes Novolex 120,101 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/15/2022 NAP 12/15/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.14 Property   1 310 Hartmann Drive 0.3% 3.3%         310 Hartmann Drive Lebanon Wilson Tennessee 37087 Industrial Warehouse/Distribution 1968 1986, 1999 84,221 SF   2,979,016 2,979,016 2,979,016                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         6,900,000 As Is 3/15/2023     100.0% 7/6/2023 Yes Novolex 84,221 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/19/2022 NAP 12/16/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.15 Property   1 101 Commerce Drive 0.3% 3.3%         101 Commerce Drive Mount Vernon Knox Ohio 43050 Industrial Manufacturing 1972, 1991 NAP 82,103 SF   2,957,429 2,957,429 2,957,429                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         6,850,000 As Is 3/14/2023     100.0% 7/6/2023 Yes Novolex 82,103 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/16/2022 NAP 12/10/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.16 Property   1 620 Hardin Street 0.3% 2.9%         620 Hardin Street Coldwater Mercer Ohio 45828 Industrial Manufacturing 1997 NAP 74,369 SF   2,633,623 2,633,623 2,633,623                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         6,100,000 As Is 3/15/2023     100.0% 7/6/2023 Yes Novolex 74,369 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/16/2022 NAP 12/8/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
1.17 Property   1 3100 East Richmond Street 0.2% 2.2%         3100 East Richmond Street Shawano Shawano Wisconsin 54166 Industrial Manufacturing 1983 1993, 2013 69,684 SF   2,007,597 2,007,597 2,007,597                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         4,650,000 As Is 3/15/2023     100.0% 7/6/2023 Yes Novolex 69,684 100.0% 2/14/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/19/2022 NAP 12/14/2022 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
2 Loan   1 Seagate Campus 9.5% 100.0% CREFI, UBS AG, WFBNA CREFI NAP NAP 47488 Kato Road Fremont Alameda California 94538 Industrial R&D/Manufacturing 2010 2016 574,775 SF 299.25 86,000,000 86,000,000 86,000,000 7.04000%     NAP 511,540.74 NAP 6,138,488.88 Interest Only No Actual/360 120 119 120 119 0 0 5/24/2023 1 6 7/6/2023 NAP 6/6/2033 NAP 5 0 L(25),D(88),O(7) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0% 28,021,697 4,631,757 23,389,940 57,478 864,386 22,468,077 1.91 1.83 13.6% 13.1% 260,000,000 As Is 4/13/2023 66.2% 66.2% 100.0% 7/6/2023 Yes Seagate  574,775 100.0% 5/18/2028 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/9/2023 NAP 3/3/2023 5/3/2023 12% No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 0 Springing Free Rent Reserve 0 0 NAP Hard Springing Yes Yes Yes Yes 86,000,000 86,000,000 511,540.74 1,023,081.48 NAP NAP 172,000,000 1,023,081.48 66.2% 1.83 13.6% NAP NAP NAP NAP NAP NAP NAP No NAP Kato Road Cypress Holdings, LLC Kato Road Cypress Holdings, LLC No No Acquisition No 172,000,000 90,443,933 0 519,152 262,963,085 0 260,000,000 2,963,085 0 0 0 262,963,085 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
3 Loan   1 Fashion Valley Mall 9.4% 100.0% JPMCB, BANA, BCREI, BMO JPMCB NAP NAP 7007 Friars Road San Diego San Diego California 92108 Retail Super Regional Mall 1969 2023 1,377,155 SF 326.76 85,000,000 85,000,000 85,000,000 5.73000%     NAP 411,512.15 NAP 4,938,145.80 Interest Only No Actual/360 120 119 120 119 0 0 5/25/2023 1 1 7/1/2023 NAP 6/1/2033 NAP 0 0 L(25),D(89),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% 31.5% 94.0% 5/15/2023 No 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 NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 0 Springing 0 0 0 0 0 28,803,694 0 Outstanding TI/LC Reserve ($24,345,615), Gap Rent Reserve ($4,458,079) 0 0 NAP Hard Springing Yes No Yes No 85,000,000 365,000,000 1,767,081.60 2,178,593.75 NAP NAP 450,000,000 2,178,593.75 31.5% 3.15 18.7% NAP NAP NAP NAP NAP NAP NAP No NAP Simon Property Group, L.P. Simon Property Group, L.P. and PPF Retail, LLC No No Refinance No 450,000,000 0 0 0 450,000,000 417,362,939 0 1,262,178 28,803,694 2,571,188 0 450,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
4 Loan   1 Pacific Design Center 7.1% 100.0% GSBI GSMC NAP NAP 8687 and 8661 Melrose Avenue and 700 North San Vicente Boulevard West Hollywood Los Angeles California 90069 Mixed Use Office/Showroom/Lab 1975, 1988 2004 1,053,217 SF 232.62 64,400,000 64,400,000 64,400,000 5.94107142857143%     NAP 323,265.80 NAP 3,879,189.60 Interest Only No Actual/360 120 115 120 115 0 0 1/11/2023 5 6 3/6/2023 NAP 2/6/2033 NAP 0 0 L(29),D(84),O(7) 40,094,569 13,349,509 26,745,060 9/30/2022 T-12 38,026,102 12,241,303 25,784,799 12/31/2021 T-12 32,245,576 11,178,233 21,067,343 12/31/2020 T-12 82.6% 46,802,895 13,021,016 33,781,880 210,643 1,524,048 32,047,188 2.29 2.17 13.8% 13.1% 512,500,000 As Is 11/17/2022 47.8% 47.8% 78.3% 12/6/2022 No Cedars Sinai Medical Center 259,653 24.7% Various 8687 Melrose GreenTenant 54,630 5.2% 2/28/2034 Pluto, Inc. 35,850 3.4% 11/30/2028 InvestCloud, Inc. 32,128 3.1% 1/31/2027 Kneedler Fauchere 17,762 1.7% 1/31/2028 11/22/2022 NAP 11/22/2022 11/22/2022 16% No Fee NAP NAP NAP NAP 178,740 178,740 0 Springing 0 17,554 0 3,000,000 Springing 5,000,000 0 0 0 0 13,809,708 Springing Unfunded Obligations Reserve (Upfront: $13,809,708.28), Major Tenant Downgrade Funds (Monthly: Springing), Major Tenant Non-Renewal Funds (Monthly: Springing) 0 0 NAP Hard Springing Yes Yes Yes No 64,400,000 180,600,000 906,549.74 1,229,815.54 20,000,000 15.50000% 265,000,000 1,491,736.84 51.7% 1.79 12.7% NAP NAP NAP NAP NAP NAP NAP Yes Mezzanine (Max Principal of $50,000,000; Max Combined LTV of 50.7%; Min Combined NCF DSCR of 1.72x; Min Combined NCF Debt Yield of 11.6%; Intercreditor Agreement is required) Charles Steven Cohen Charles Steven Cohen No No Refinance No 245,000,000 0 20,000,000 0 265,000,000 159,759,913 0 3,702,852 16,988,449 84,548,786 0 265,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
5 Loan   3 Lake Zurich Retail Portfolio 5.8%   CREFI CREFI NAP NAP Various Lake Zurich Lake Illinois 60047 Retail Anchored Various Various 491,593 SF 106.80 52,500,000 52,500,000 52,500,000 7.07000%     NAP 313,608.51 NAP 3,763,302.12 Interest Only No Actual/360 120 118 120 118 0 0 4/25/2023 2 6 6/6/2023 NAP 5/6/2033 NAP 0 0 L(26),D(91),O(3) 7,676,028 2,544,526 5,131,502 12/31/2022 T-12 7,766,388 2,488,900 5,277,488 12/31/2021 T-12 7,361,427 2,427,174 4,934,253 12/31/2020 T-12 95.0% 8,096,593 2,590,208 5,506,385 98,319 245,539 5,162,527 1.46 1.37 10.5% 9.8% 90,000,000 As Is 2/10/2023 58.3% 58.3% 98.4%                                                                   0 Springing 46,659 Springing 250,000 Springing 250,000 750,000 Springing 750,000 0 0 0 0 152,205 0 Unfunded Obligations Reserve 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP John Alan Sfire, Jason Alan Sfire, and Barbara M. Sfire John Alan Sfire, Jason Alan Sfire, and Barbara M. Sfire No No Refinance   52,500,000 0 0 0 52,500,000 47,316,574 0 1,046,713 1,198,864 2,937,849 0 52,500,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
5.01 Property   1 Village Square 2.6% 44.2%         463-795 West Main Street Lake Zurich Lake Illinois 60047 Retail Anchored 1974 1989 210,064 SF   23,200,000 23,200,000 23,200,000                                                     3,551,467 1,027,429 2,524,038 12/31/2022 T-12 3,808,073 999,331 2,808,742 12/31/2021 T-12 3,330,624 973,153 2,357,471 12/31/2020 T-12 95.1% 3,707,617 1,056,031 2,651,586 42,013 110,674 2,498,899         40,700,000 As Is 2/10/2023     98.0% 2/23/2023 No T.J. Maxx 28,000 13.3% 1/31/2024 Office Depot 23,500 11.2% 1/31/2029 Petco 18,810 9.0% 1/31/2024 Dollar Tree 12,000 5.7% 9/30/2027 Party City Corporation 12,000 5.7% 1/31/2025 2/15/2023 NAP 2/15/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
5.02 Property   1 Deerpath Commons 1.7% 30.1%         917 South Rand Road Lake Zurich Lake Illinois 60047 Retail Anchored 2006 NAP 146,492 SF   15,800,000 15,800,000 15,800,000                                                     2,159,808 807,696 1,352,112 12/31/2022 T-12 2,010,751 790,588 1,220,163 12/31/2021 T-12 2,125,005 764,928 1,360,078 12/31/2020 T-12 95.0% 2,436,767 811,154 1,625,614 29,298 65,652 1,530,663         25,400,000 As Is 2/10/2023     99.0% 2/23/2023 No House of Hope 31,132 21.3% 9/30/2025 The Tile Shop, LLC 21,280 14.5% 6/30/2028 Gold Standard Enterprises, Inc. d/b/a/ Binny’s Beverage Depot 20,000 13.7% 8/31/2027 Planet Fitness 20,000 13.7% 5/31/2033 ALDI, Inc. 16,573 11.3% 5/31/2031 2/15/2023 NAP 2/15/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
5.03 Property   1 Deerpath Court 1.5% 25.7%         696 South Rand Road Lake Zurich Lake Illinois 60047 Retail Anchored 1990 NAP 135,037 SF   13,500,000 13,500,000 13,500,000                                                     1,964,753 709,400 1,255,353 12/31/2022 T-12 1,947,564 698,980 1,248,583 12/31/2021 T-12 1,905,798 689,094 1,216,704 12/31/2020 T-12 95.0% 1,952,209 723,024 1,229,185 27,007 69,213 1,132,965         23,900,000 As Is 2/10/2023     98.5% 2/23/2023 No American Sale Corporation 38,920 28.8% 2/28/2029 Goodwill Retail Services, Inc. 21,705 16.1% 12/31/2028 Ania's 1 Polish Deli 8,150 6.0% 10/31/2028 Advance Stores Company, Inc. 6,400 4.7% 10/31/2025 Fidelity Construction Co 5,103 3.8% 2/28/2026 2/15/2023 NAP 2/15/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6 Loan   22 Four Springs Net Lease Portfolio 5.5%   GACC GACC NAP NAP Various Various Various Various Various Industrial Various Various Various 1,316,654 SF 54.84 50,000,000 50,000,000 50,000,000 5.93500%     NAP 250,726.27 NAP 3,008,715.24 Interest Only No Actual/360 120 120 120 120 0 0 6/14/2023 0 6 8/6/2023 NAP 7/6/2033 NAP 0 0 L(24),D(89),O(7) 8,773,088 470,795 8,302,293 3/31/2023 T-12 8,754,035 458,683 8,295,352 12/31/2022 T-12 6,417,045 364,230 6,052,815 12/31/2021 T-12 95.0% 11,122,214 2,960,371 8,161,843 0 0 8,161,843 1.88 1.88 11.3% 11.3% 132,057,000 As Is Portfolio 3/15/2023 54.7% 54.7% 100.0%                                                                   0 Springing 0 Springing 0 Springing 0 2,000,000 Springing 0 0 0 0 0 0 Springing Low DSCR Cure Deposit Reserve 0 0 NAP Hard Springing Yes No Yes Yes 50,000,000 22,200,000 111,322.47 362,048.74 NAP NAP 72,200,000 362,048.74 54.7% 1.88 11.3% NAP NAP NAP NAP NAP NAP NAP No NAP Four Springs Capital Trust, Coby Johnson, and/or William Dioguardi Four Springs Capital Trust Yes No Refinance   72,200,000 0 0 0 72,200,000 37,374,922 0 4,889,338 2,000,000 27,935,740 0 72,200,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.01 Property   1 8271 Anderson Court 0.6% 10.7%         8271 Anderson Court Odenton Anne Arundel Maryland 21113 Industrial Cold Storage 2001 NAP 70,000 SF   5,365,720 5,365,720 5,365,720                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         13,600,000 As Is 3/14/2023     100.0% 7/6/2023 Yes Dominos 70,000 100.0% 8/31/2037 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.02 Property   1 1313 & 1422 Campbell Street 0.5% 9.7%         1313 & 1422 Campbell Street Toledo Lucas Ohio 43607 Industrial Warehouse/Distribution 1958 2020 227,028 SF   4,852,839 4,852,839 4,852,839                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         12,300,000 As Is 3/14/2023     100.0% 7/6/2023 Yes Brenntag 227,028 100.0% 9/30/2035 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.03 Property   1 3310 Greensburg Road 0.5% 8.8%         3310 Greensburg Road North Canton Summit Ohio 44720 Industrial Warehouse/Manufacturing 2019 NAP 119,856 SF   4,418,837 4,418,837 4,418,837                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         11,200,000 As Is 3/14/2023     100.0% 7/6/2023 Yes Stucki 119,856 100.0% 8/31/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.04 Property   1 2495 Doctor F. E. Wright Drive 0.5% 8.4%         2495 Doctor F. E. Wright Drive Jackson Madison Tennessee 38305 Industrial Warehouse/Distribution 1992 2017 163,000 SF   4,221,607 4,221,607 4,221,607                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         10,700,000 As Is 3/14/2023     100.0% 7/6/2023 Yes Mighty Distributing 163,000 100.0% 12/23/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.05 Property   1 700 Stephenson Highway 0.3% 6.1%         700 Stephenson Highway Troy Oakland Michigan 48083 Industrial Flex 1980 2014 29,179 SF   3,053,740 3,053,740 3,053,740                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         7,740,000 As Is 3/13/2023     100.0% 7/6/2023 Yes Continental Services 29,179 100.0% 4/30/2032 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.06 Property   1 7850 Haggerty Road 0.3% 5.5%         7850 Haggerty Road Van Buren Wayne Michigan 48111 Industrial Warehouse/Distribution 1994 2017 68,499 SF   2,726,247 2,726,247 2,726,247                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         6,910,000 As Is 3/13/2023     100.0% 7/6/2023 Yes Continental Services 68,499 100.0% 5/24/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.07 Property   1 4125 State Route 22 0.3% 5.3%         4125 State Route 22 Plattsburgh Clinton New York 12901 Industrial Warehouse/Distribution 1980 NAP 59,029 SF   2,659,211 2,659,211 2,659,211                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         6,740,000 As Is 3/13/2023     100.0% 7/6/2023 Yes NYSEG 59,029 100.0% 12/5/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.08 Property   1 4400 South 76th Circle 0.3% 5.2%         4400 South 76th Circle Omaha Douglas Nebraska 68127 Industrial Warehouse/Distribution 1964 2019 80,000 SF   2,603,947 2,603,947 2,603,947                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         6,600,000 As Is 3/14/2023     100.0% 7/6/2023 Yes International Paper 80,000 100.0% 2/28/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.09 Property   1 8400 Green Meadows Drive 0.3% 4.9%         8400 Green Meadows Drive Lewis Center  Delaware Ohio 43035 Industrial Manufacturing/Warehouse 1983-1988 2016 85,548 SF   2,457,964 2,457,964 2,457,964                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         6,230,000 As Is 3/20/2023     100.0% 7/6/2023 Yes Abrasive Tech 85,548 100.0% 9/30/2041 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.10 Property   1 1817 Masters Avenue 0.3% 4.9%         1817 Masters Avenue Ashland Ashland Ohio 44805 Industrial Warehouse 1962 2015 102,500 SF   2,446,122 2,446,122 2,446,122                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         6,200,000 As Is 3/14/2023     100.0% 7/6/2023 Yes Liquibox 102,500 100.0% 2/28/2041 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.11 Property   1 8760 Mississippi Street 0.2% 4.1%         8760 Mississippi Street Merrillville Lake Indiana 46410 Industrial Manufacturing/Warehouse 2020 NAP 26,500 SF   2,047,645 2,047,645 2,047,645                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         5,190,000 As Is 3/15/2023     100.0% 7/6/2023 Yes Super Products 26,500 100.0% 12/31/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.12 Property   1 35710 Mound Road 0.2% 3.7%         35710 Mound Road Sterling Heights Macomb Michigan 48310 Industrial Warehouse/Distribution 2000 NAP 43,750 SF   1,830,679 1,830,679 1,830,679                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         4,640,000 As Is 3/13/2023     100.0% 7/6/2023 Yes Continental Services 43,750 100.0% 5/24/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.13 Property   1 819 North Jefferson Avenue 0.2% 3.3%         819 North Jefferson Avenue St. Louis St. Louis Missouri 63106 Industrial Warehouse/Distribution 1997 2016 47,840 SF   1,645,222 1,645,222 1,645,222                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         4,170,000 As Is 3/15/2023     100.0% 7/6/2023 Yes MedCo 47,840 100.0% 12/31/2027 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.14 Property   1 2435 Prairie Road 0.2% 3.1%         2435 Prairie Road Eugene Lane Oregon 97402 Industrial Warehouse 1978, 1983 2021 27,868 SF   1,558,449 1,558,449 1,558,449                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         3,950,000 As Is 3/15/2023     100.0% 7/6/2023 Yes Equipment Share 27,868 100.0% 9/27/2036 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.15 Property   1 199 and 203 Finley Road 0.2% 3.1%         199 and 203 Finley Road Belle Vernon Westmoreland Pennsylvania 15012 Industrial Warehouse 1972, 1986 2021 21,026 SF   1,538,712 1,538,712 1,538,712                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         3,900,000 As Is 3/14/2023     100.0% 7/6/2023 Yes Equipment Share 21,026 100.0% 9/27/2036 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.16 Property   1 50-100 Frontier Way 0.1% 2.6%         50-100 Frontier Way Bensenville DuPage Illinois 60106 Industrial Warehouse 1989 NAP 27,153 SF   1,282,271 1,282,271 1,282,271                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         3,250,000 As Is 3/13/2023     100.0% 7/6/2023 Yes Commercial Food Service Repair 27,153 100.0% 8/30/2036 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.17 Property   1 11686 Upper River Road 0.1% 2.4%         11686 Upper River Road Athens Athens Ohio 45701 Industrial Warehouse 2019 NAP 6,566 SF   1,223,061 1,223,061 1,223,061                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         3,100,000 As Is 3/15/2023     100.0% 7/6/2023 Yes Columbia Gas 6,566 100.0% 8/31/2039 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.18 Property   1 1175 Bowes Road 0.1% 2.3%         1175 Bowes Road Elgin Kane Illinois 60123 Industrial Warehouse/Manufacturing 1999 NAP 40,860 SF   1,171,814 1,171,814 1,171,814                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,970,000 As Is 3/20/2023     100.0% 7/6/2023 Yes Abrasive Tech 40,860 100.0% 9/30/2041 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.19 Property   1 3251 Gila Ridge Road 0.1% 1.9%         3251 Gila Ridge Road Yuma Yuma Arizona 85365 Industrial Warehouse/Distribution 1992 2021 10,900 SF   966,620 966,620 966,620                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,450,000 As Is 3/13/2023     100.0% 7/6/2023 Yes Equipment Share 10,900 100.0% 9/28/2036 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.20 Property   1 2465 North 22nd Street 0.1% 1.4%         2465 North 22nd Street Decatur Macon Illinois 62526 Industrial Flex 2006 NAP 16,912 SF   690,443 690,443 690,443                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,750,000 As Is 3/15/2023     100.0% 7/6/2023 Yes Commercial Food Service Repair 16,912 100.0% 8/30/2036 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.21 Property   1 104 South Scenic Highway 0.1% 1.3%         104 South Scenic Highway Lake Wales Polk Florida 33853 Industrial Warehouse 1973 2015 27,000 SF   631,233 631,233 631,233                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,600,000 As Is 3/14/2023     100.0% 7/6/2023 Yes LiquiBox 27,000 100.0% 2/28/2041 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
6.22 Property   1 3519 Wayland Drive 0.1% 1.2%         3519 Wayland Drive Jackson Jackson Michigan 49202 Industrial Warehouse/Distribution 1970 2018 15,640 SF   607,618 607,618 607,618                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,540,000 As Is 3/13/2023     100.0% 7/6/2023 Yes Continental Services 15,640 100.0% 4/30/2032 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/27/2023 NAP 3/27/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
7 Loan   1 Back Bay Office 5.5% 100.0% DBNY, GSBI, WFBNA, New York Life Insurance Company, Teachers Insurance and Annuity Association of America GACC, GSMC NAP NAP 222 Berkeley Street and 500 Boylston Street Boston Suffolk Massachusetts 02116 Office CBD 1987, 1991 2016-2022 1,283,670 SF 370.03 50,000,000 50,000,000 50,000,000 6.29800%     NAP 266,061.34 NAP 3,192,736.08 Interest Only No Actual/360 60 60 60 60 0 0 6/7/2023 0 6 8/6/2023 NAP 7/6/2028 NAP 0 0 L(24),DorYM1(29),O(7) 99,991,917 36,977,577 63,014,340 3/31/2023 T-12 98,973,331 36,251,075 62,722,256 12/31/2022 T-12 94,773,768 33,234,468 61,539,300 12/31/2021 T-12 93.6% 115,015,445 37,554,805 77,460,640 256,734 0 77,203,906 2.55 2.55 16.3% 16.3% 1,410,000,000 As Is (Extraordinary Assumption) 10/19/2022 33.7% 33.7% 95.8% 4/30/2023 No Wayfair 356,312 27.8% 12/31/2031 DraftKings Inc. 125,104 9.7% 3/31/2029 Summit Partners 78,587 6.1% 11/30/2033 Cooley 72,165 5.6% 5/31/2032 Skadden Arps Slate Meagher 47,722 3.7% 2/28/2029 11/15/2022 NAP 10/31/2022 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 26,723,400 Springing 0 0 0 0 0 31,137,229 0 Outstanding TI/LC Reserve ($21,283,070), Free Rent Reserve ($9,854,159) 0 0 NAP Hard Springing Yes Yes Yes Yes 50,000,000 425,000,000 2,261,521.41 2,527,582.75 65,000,000 8.20000% 540,000,000 2,977,918.40 38.3% 2.16 14.3% 40,000,000 10.12500% 580,000,000 3,320,105.90 41.1% 1.94 13.4% No NAP JPMorgan Chase Bank, N.A., J.P. Morgan Investment Management Inc., OMERS Administration Corporation, and OPG Investment Holdings (US), LLC OPG Investment Holdings (US), LLC No No Refinance No 475,000,000 41,583,604 105,000,000 0 621,583,604 546,966,371 0 16,756,604 57,860,629 0 0 621,583,604 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
8 Loan   1 Soho Beach House Miami 5.5% 100.0% JPMCB, CREFI JPMCB, CREFI NAP NAP 4385 Collins Avenue Miami Beach Miami-Dade Florida 33140 Hospitality Full Service 1940 2010 50 Rooms 2,800,000.00 50,000,000 50,000,000 50,000,000 6.99000%     NAP 295,295.14 NAP 3,543,541.68 Interest Only No Actual/360 120 119 120 119 0 0 5/11/2023 1 1 7/1/2023 NAP 6/1/2033 NAP 0 0 L(24),YM1(1),DorYM1(88),O(7) 65,813,641 38,839,826 26,973,815 3/31/2023 T-12 63,226,557 37,402,410 25,824,147 12/31/2022 T-12 48,809,766 28,678,938 20,130,829 12/31/2021 T-12 77.4% 65,813,641 40,746,858 25,066,783 1,727,405 0 23,339,378 2.53 2.35 17.9% 16.7% 276,000,000 As Is 3/23/2023 50.7% 50.7% 77.4% 3/31/2023 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/24/2023 NAP 3/23/2023 NAP NAP Yes - AE, A1-A30 Fee NAP NAP NAP NAP 336,184 48,026 0 Springing 164,894 1/12 of 4% of the total revenue generated (excluding membership sales) 0 0 0 0 0 0 0 0 40,859,366 Springing Named Storm Coverage Reserve (Upfront: $40,439,366), Seasonality Reserve (Upfront: $420,000; Monthly: Springing) 0 0 NAP Hard Springing Yes No Yes Yes 50,000,000 90,000,000 531,531.25 826,826.39 NAP NAP 140,000,000 826,826.39 50.7% 2.35 17.9% NAP NAP NAP NAP NAP NAP NAP No NAP Soho House & Co Inc. US AcquireCo, Inc. No No Refinance No 140,000,000 22,868,433 0 0 162,868,433 118,685,973 0 2,822,016 41,360,444 0 0 162,868,433 NAP 896.30 693.40 77.4% 896.30 693.40 77.4% 868.31 682.39 78.6% 731.82 593.50 81.1%
9 Loan   1 Scottsdale Fashion Square 4.5% 100.0% GSBI, DBNY GSMC Group 1 NAP 7014 East Camelback Road Scottsdale Maricopa Arizona 85251 Retail Super Regional Mall 1961, 1977, 1982, 1992, 1996, 2006, 2015 1991, 2017-2020, 2023-2024 1,555,459 SF 450.03 41,000,000 41,000,000 41,000,000 6.21425%     NAP 215,269.10 NAP 2,583,229.20 Interest Only No Actual/360 60 56 60 56 0 0 3/3/2023 4 6 4/6/2023 NAP 3/6/2028 NAP 5 0 L(28),DorYM1(25),O(7) 97,949,617 17,988,634 79,960,983 12/31/2022 T-12 85,107,087 17,534,916 67,572,171 12/31/2021 T-12 73,178,391 17,139,268 56,039,123 12/31/2020 T-12 95.0% 105,121,522 18,973,779 86,147,743 327,531 1,009,838 84,810,375 1.95 1.92 12.3% 12.1% 1,825,000,000 As Is 1/4/2023 38.4% 38.4% 96.0% 12/2/2022 No Macy's 235,899 15.2% 1/31/2030 Nordstrom 225,000 14.5% 2/28/2029 Neiman Marcus 100,071 6.4% 10/18/2031 Harkins Theatres 81,177 5.2% 1/31/2031 DICK'S Sporting Goods 50,646 3.3% 1/31/2026 2/13/2023 NAP 2/13/2023 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 402,666 0 Springing 1,651,332 0 0 0 0 14,539,077 0 Outstanding TI/LC Reserve ($10,222,200), Gap Rent Reserve ($4,316,877) 0 0 NAP Hard Springing Yes No Yes No 41,000,000 659,000,000 3,460,057.00 3,675,326.10 NAP NAP 700,000,000 3,675,326.10 38.4% 1.92 12.3% NAP NAP NAP NAP NAP NAP NAP No NAP The Macerich Partnership, L.P. and Institutional Mall Investors LLC The Macerich Partnership, L.P. and Institutional Mall Investors LLC No No Refinance No 700,000,000 0 0 0 700,000,000 404,875,080 0 1,932,303 14,539,077 278,653,540 0 700,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
10 Loan   1 One & Two Commerce Square 4.4% 100.0% JPMCB, BANA, BCREI JPMCB NAP NAP 2001 and 2005 Market Street Philadelphia Philadelphia Pennsylvania 19103 Office CBD 1987, 1992 2013 1,896,143 SF 116.03 40,000,000 40,000,000 40,000,000 7.78750%     NAP 263,188.66 NAP 3,158,263.92 Interest Only No Actual/360 60 59 60 59 0 0 6/1/2023 1 6 7/6/2023 NAP 6/6/2028 NAP 0 0 L(24),YM1(29),O(7) 48,803,159 23,821,189 24,981,970 4/30/2023 T-12 50,751,623 26,352,623 24,399,000 12/31/2022 T-12 48,746,255 26,530,878 22,215,377 12/31/2021 T-12 76.6% 55,090,239 25,392,147 29,698,092 474,036 2,844,215 26,379,842 1.71 1.52 13.5% 12.0% 428,000,000 As Is 3/30/2023 51.4% 51.4% 76.4% 5/17/2023 No Price Water House Coopers LLP 138,413 7.3% 4/30/2030 Stradley, Ronon, Stevens & Young 69,111 3.6% 12/31/2033 Pond Lehocky Giordano Disability 66,315 3.5% 6/30/2028 Wolters Kluwer Health, Inc. 65,389 3.4% 3/31/2029 Jazz Pharmaceuticals, Inc. 59,672 3.1% 4/30/2029 4/6/2023 NAP 4/6/2023 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 25,000,000 Springing 25,000,000 0 0 0 0 11,112,904 0 Upfront Leasing Reserve 0 0 NAP Hard Springing Yes No Yes No 40,000,000 180,000,000 1,184,348.96 1,447,537.62 NAP NAP 220,000,000 1,447,537.62 51.4% 1.52 13.5% NAP NAP NAP NAP NAP NAP NAP No NAP Brandywine Operating Partnership, L.P. Brandywine Operating Partnership, L.P. No No Refinance No 220,000,000 24,825,039 0 0 244,825,039 204,600,430 0 4,111,705 36,112,904 0 0 244,825,039 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
11 Loan   1 Fashion Village at Boca Park 4.0% 100.0% DBNY GACC NAP NAP 680-750 South Rampart Boulevard Las Vegas Clark Nevada 89145 Retail Anchored 2002 NAP 139,173 SF 258.67 36,000,000 36,000,000 36,000,000 6.75850%     NAP 205,571.04 NAP 2,466,852.48 Interest Only No Actual/360 120 119 120 119 0 0 6/2/2023 1 6 7/6/2023 NAP 6/6/2033 NAP 0 0 L(25),D(90),O(5) 5,139,303 1,582,818 3,556,485 2/28/2023 T-12 5,009,980 1,661,097 3,348,883 12/31/2022 T-12 4,360,924 1,372,453 2,988,471 12/31/2021 T-12 94.2% 5,519,805 1,754,948 3,764,857 27,835 173,966 3,563,056 1.53 1.44 10.5% 9.9% 67,400,000 Prospective Market Value Upon Stabilization 11/1/2024 53.4% 53.4% 91.1% 5/31/2023 No Recreation Equipment, Inc. 28,195 20.3% 2/28/2034 Total Wine & More 26,691 19.2% 1/31/2031 Cheesecake Factory Restaurant 9,850 7.1% 9/30/2032 Kona Grill 7,380 5.3% 9/30/2033 Panera Bread 5,047 3.6% 11/30/2027 4/10/2023 NAP 4/10/2023 NAP NAP No Fee NAP NAP NAP NAP 175,006 15,910 6,510 3,255 0 2,320 55,669 0 14,497 347,933 0 0 0 0 1,200,000 0 Earnout Reserve 0 1,200,000 Provided no event of default is continuing, Lender shall disburse the Earnout Reserve Funds to Borrower on the payment date following satisfaction by borrower of the following conditions, among other things: i) Borrower has delivered to Lender evidence reasonably satisfactory to Lender that the Property has achieved a Debt Yield of at least 9.8%, ii) Borrower shall have delivered to Lender (A) either a fully executed and enforceable (x) amendment to the existing Kona Grill Lease or (y) new Lease between Borrower and the Tenant under the Kona Grill Lease, iii) Lender shall retain in the Earnout Account the amount necessary to replicate a full unabated fixed monthly rent of $40,645 for each Monthly Payment Date following the Monthly Payment Date that the balance of the Earnout Funds are to be disbursed to Borrower until such time as such amounts are to be paid under the New Kona Grill Lease, taking into account the fixed monthly base rent anticipated to be received under the existing Kona Grill Lease. No disbursement of the Earnout Reserve Funds shall be made prior to June 2, 2026. Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Kevin Elder Kevin Elder No No Recapitalization No 36,000,000 0 0 0 36,000,000 0 0 648,599 1,381,516 33,969,885 0 36,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
12 Loan   1 3300 75th Avenue 3.4% 100.0% JPMCB JPMCB NAP NAP 3300 75th Avenue Landover Prince George's Maryland 20785 Industrial Flex 1985 2004 266,000 SF 115.34 30,680,000 30,680,000 29,131,055 7.21000%     208,459.95 186,895.88 2,501,519.40 2,242,750.56 Interest Only, Amortizing Balloon No Actual/360 60 59 120 119 360 360 5/25/2023 1 1 7/1/2023 7/1/2028 6/1/2033 NAP 0 0 L(24),YM1(89),O(7) 5,785,418 1,599,381 4,186,037 12/31/2022 T-12 5,754,745 1,502,966 4,251,779 12/31/2021 T-12 NAV NAV NAV NAV NAV 100.0% 5,820,116 1,514,704 4,305,412 109,060 0 4,196,352 1.72 1.68 14.0% 13.7% 67,800,000 As Is 5/2/2023 45.3% 43.0% 100.0% 7/1/2023 Yes GSA 266,000 100.0% 8/31/2039 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/16/2023 NAP 5/9/2023 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 0 Springing 0 0 0 0 0 0 0 NAP 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Office Properties Income Trust Office Properties Income Trust No No Recapitalization No 30,680,000 0 0 0 30,680,000 0 0 956,371 0 0 29,723,629 30,680,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
13 Loan   1 Miracle Mile 3.3% 100.0% GSBI, BANA, MSBNA GSMC Group 1 NAP 3663 South Las Vegas Boulevard Las Vegas Clark Nevada 89109 Retail Regional Mall 2000 2007-2008, 2022-2023 503,484 SF 844.12 30,000,000 30,000,000 30,000,000 6.99105%     NAP 177,203.70 NAP 2,126,444.40 Interest Only No Actual/360 60 59 60 59 0 0 6/6/2023 1 6 7/6/2023 NAP 6/6/2028 NAP 0 0 L(25),DorYM1(28),O(7) 74,433,533 21,918,960 52,514,573 3/31/2023 T-12 77,267,235 21,869,987 55,397,248 12/31/2022 T-12 64,758,060 20,726,977 44,031,083 12/31/2021 T-12 85.8% 82,245,355 22,585,949 59,659,406 100,697 644,411 58,914,298 1.98 1.96 14.0% 13.9% 1,100,000,000 As Is 3/28/2023 38.6% 38.6% 85.3% 2/28/2023 No V Theater 38,428 7.6% 12/31/2028 Saxe Theater 22,398 4.4% 12/31/2028 Victoria's Secret 20,872 4.1% 1/31/2026 PH Race and Sports Book 19,647 3.9% 7/31/2045 H&M 15,182 3.0% 1/31/2027 4/14/2023 NAP 4/14/2023 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 201,394 0 Springing 1,006,968 0 0 0 0 18,702,357 Springing TI Reserve (Upfront: $10,024,690.89), Gap Rent Reserve (Upfront: $8,677,665.64), Planet Hollywood Overlease Rent Funds Reserve (Monthly: Springing) 0 0 NAP Hard Springing Yes No Yes No 30,000,000 395,000,000 2,333,182.02 2,510,385.72 NAP NAP 425,000,000 2,510,385.72 38.6% 1.96 14.0% NAP NAP NAP NAP NAP NAP NAP No NAP Institutional Mall Investors LLC Institutional Mall Investors LLC No No Refinance No 425,000,000 140,500,000 0 0 565,500,000 542,477,253 0 4,320,390 18,702,357 0 0 565,500,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
14 Loan   1 Courtyard Marriott Goleta 3.1% 100.0% DBRI GACC NAP NAP 401 Storke Road Goleta Santa Barbara California 93117 Hospitality Select Service 2012 2019 115 Rooms 243,478.26 28,000,000 28,000,000 28,000,000 6.71900%     NAP 158,954.12 NAP 1,907,449.44 Interest Only No Actual/360 120 120 120 120 0 0 6/12/2023 0 6 8/6/2023 NAP 7/6/2033 NAP 0 0 L(11),YM1(13),DorYM1(89),O(7) 11,052,781 6,019,682 5,033,099 2/28/2023 T-12 10,879,495 5,998,284 4,881,211 12/31/2022 T-12 7,595,246 4,034,441 3,560,805 12/31/2021 T-12 88.1% 11,052,781 6,071,345 4,981,435 552,639 0 4,428,796 2.61 2.32 17.8% 15.8% 52,500,000 As Is 3/29/2023 53.3% 53.3% 88.1% 2/28/2023 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/5/2023 NAP 4/5/2023 4/4/2023 9% No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 5% of Gross Revenue 0 0 0 0 0 0 0 0 0 Springing PIP Reserve 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Robert D. Olson Robert D. Olson No No Refinance No 28,000,000 0 0 0 28,000,000 25,095,935 0 440,152 0 2,463,914 0 28,000,000 NAP 275.17 242.47 88.1% 275.17 242.47 88.1% 273.27 238.97 87.4% 215.54 169.56 78.7%
15 Loan   1 J&O Industrial Facility 2.9% 100.0% GSBI GSMC NAP NAP 7400 & 7500 Excelsior Boulevard and 3964 & 3985 Meadowbrook Road St. Louis Park Hennepin Minnesota 55426 Industrial Manufacturing 1956, 1988, 2016 2016 701,062 SF 66.30 26,480,000 26,480,000 26,480,000 6.98500%     NAP 156,276.44 NAP 1,875,317.28 Interest Only No Actual/360 120 119 120 119 0 0 6/1/2023 1 6 7/6/2023 NAP 6/6/2033 NAP 0 0 L(25),DorYM1(88),O(7) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0% 6,215,287 1,243,057 4,972,230 105,159 175,266 4,691,805 1.51 1.43 10.7% 10.1% 71,600,000 As Is 5/2/2023 64.9% 64.9% 100.0% 6/6/2023 Yes Japs-Olson 701,062 100.0% 5/25/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/15/2023 NAP 5/22/2023 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 140,212 0 Springing 701,062 0 0 0 0 0 0 NAP 0 0 NAP Hard Springing Yes Yes Yes Yes 26,480,000 20,000,000 118,033.56 274,310.00 NAP NAP 46,480,000 274,310.00 64.9% 1.43 10.7% NAP NAP NAP NAP NAP NAP NAP Yes Mezzanine (Max Combined LTV of 64.9%; Min Combined DSCR of 1.56x; Min Combined Debt Yield of 11.07%; Intercreditor Agreement is required) AG Net Lease IV (Q) Corp., AG Net Lease IV Corp. and AG Net Lease Realty Fund IV Investments (H-1), L.P. AG Net Lease IV (Q) Corp., AG Net Lease IV Corp. and AG Net Lease Realty Fund IV Investments (H-1), L.P. No No Acquisition No 46,480,000 25,557,203 0 0 72,037,203 0 71,200,000 837,203 0 0 0 72,037,203 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
16 Loan   1 Harborside 2-3 2.8% 100.0% CREFI, BMO CREFI NAP NAP 200-210 Hudson Street Jersey City Hudson New Jersey 07311 Office CBD 1930 2021 1,599,029 SF 140.71 25,000,000 25,000,000 25,000,000 5.84000%     NAP 123,356.48 NAP 1,480,277.76 Interest Only No Actual/360 60 57 60 57 0 0 4/4/2023 3 6 5/6/2023 NAP 4/6/2028 NAP 0 0 L(27),D(26),O(7) 49,314,096 17,827,217 31,486,880 12/31/2022 T-12 47,450,874 18,047,218 29,403,655 12/31/2021 T-12 44,617,062 18,489,525 26,127,537 12/31/2020 T-12 74.5% 51,753,039 18,582,167 33,170,872 319,806 1,387,420 31,463,647 2.49 2.36 14.7% 14.0% 396,000,000 As Is 2/7/2023 56.8% 56.8% 75.1% 3/22/2023 No MUFG Bank Ltd. 137,076 8.6% 8/31/2029 E-Trade Financial Corporation 132,265 8.3% 1/31/2031 Collectors Universe 130,419 8.2% 11/30/2038 Sumitomo Mitsui Banking 111,605 7.0% 12/31/2036 Arch Insurance Company 106,815 6.7% 5/31/2024 3/24/2023 NAP 3/3/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP 696,822 696,822 272,774 136,387 8,000,000 26,650 0 15,000,000 Springing 15,000,000 0 0 0 0 40,614,319 0 Sea Wall Repair Reserve ($25,000,000), Unfunded Obligations Reserve ($14,195,734), Elevator Modernization Reserve ($1,418,585.35)  0 0 NAP Hard Springing Yes No Yes No 25,000,000 200,000,000 986,851.85 1,110,208.33 NAP NAP 225,000,000 1,110,208.33 56.8% 2.36 14.7% 55,000,000 10.50000% 280,000,000 1,598,142.36 70.7% 1.64 11.8% Yes Mezzanine only permitted in connection with the assumption of the Mortgage Loan and simultaneous repayment of the Mezzanine Loan (Max Combined LTV of 75.0%; Min Combined DSCR of 1.25x; Min Mortgage DSCR of 1.81x; Intercreditor Agreement is required) Mark Karasick and Michael Silberberg Mark Karasick and Michael Silberberg No Yes Acquisition No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17 Loan   99 Jaylor - Burger King Portfolio 2.7%   CREFI CREFI NAP NAP Various Various Various Various Various Retail Single Tenant Various Various 304,641 SF 172.90 25,000,000 24,845,383 11,606,283 6.91000%     223,451.03 NAP 2,681,412.36 NAP Amortizing Balloon No Actual/360 0 0 120 118 180 178 5/2/2023 2 6 6/6/2023 6/6/2023 5/6/2033 NAP 0 0 L(26),YM1(87),O(7) 11,724,095 1,089,736 10,634,359 2/28/2023 T-12 11,691,244 1,086,561 10,604,683 12/31/2022 T-12 11,382,597 1,068,229 10,314,368 12/31/2021 T-12 97.0% 11,556,639 1,089,557 10,467,083 0 305,004 10,162,079 1.84 1.79 19.9% 19.3% 172,275,000 As Is Various 30.6% 14.3% 100.0%                                                                   0 Springing 0 Springing 0 Springing 0 0 0 0 0 0 0 0 200,000 Springing Ground Rent Reserve (Upfront: $100,000, Monthly: Springing); Insurance Deductible Reserve (Upfront: $100,000); Deferred Maintenance (Springing) 0 0 NAP Hard Springing Yes Yes Yes No 24,845,383 27,826,829 250,265.15 473,716.18 NAP NAP 52,672,212 473,716.18 30.6% 1.79 19.9% NAP NAP NAP NAP NAP NAP NAP No NAP Matthew Schoenberg Matthew Schoenberg No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.01 Property   1 Burger King #04324 - Gulf Shores, AL 0.1% 1.9%         1501 Gulf Shores Parkway Gulf Shores Baldwin Alabama 36542 Retail Single Tenant 1984 2017 3,735 SF   464,374 461,502 215,586                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         3,200,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,735 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.02 Property   1 Burger King #04581 - Foley, AL 0.1% 1.8%         910 South McKenzie Street Foley Baldwin Alabama 36535 Retail Single Tenant 1985 2018 3,842 SF   457,118 454,291 212,218                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         3,150,000 As Is 3/16/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,842 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.03 Property   1 Burger King #02957 - Houma, LA 0.0% 1.8%         1033 West Tunnel Boulevard Houma Terrebonne Louisiana 70360 Retail Single Tenant 1980 NAP 3,048 SF   453,490 450,685 210,533                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         3,125,000 As Is 3/18/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,048 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - AH Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.04 Property   1 Burger King #11942 - Gray, LA 0.0% 1.8%         3863 West Park Avenue Gray Terrebonne Louisiana 70359 Retail Single Tenant 1998 NAP 3,003 SF   438,978 436,263 203,796                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         3,025,000 As Is 3/18/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,003 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.05 Property   1 Burger King #03818 - Mobile, AL 0.0% 1.7%         7775 Moffett Road Mobile Mobile Alabama 36618 Retail Single Tenant 1983 2018 3,398 SF   420,839 418,236 195,375                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,900,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,398 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.06 Property   1 Burger King #05255 - Prichard, AL 0.0% 1.6%         2924 Saint Stephens Road Prichard Mobile Alabama 36612 Retail Single Tenant 1986 2017 3,489 SF   402,699 400,208 186,954                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,775,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,489 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.07 Property   1 Burger King #12830 - Boutte, LA 0.0% 1.6%         14157 U.S. Highway 90 Boutte Saint Charles Louisiana 70039 Retail Single Tenant 1999 2018 3,068 SF   399,071 396,603 185,269                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,750,000 As Is 3/15/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,068 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.08 Property   1 Burger King #03156 - Saraland, AL 0.0% 1.6%         310 Highway 43 North Saraland Mobile Alabama 36571 Retail Single Tenant 1981 2018 3,244 SF   388,187 385,786 180,216                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,675,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,244 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.09 Property   1 Burger King #11614 - Harvey, LA 0.0% 1.5%         1840 Lapalco Boulevard Harvey Jefferson Louisiana 70058 Retail Single Tenant 1998 2018 2,987 SF   377,304 374,970 175,164                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,600,000 As Is 3/15/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,987 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.10 Property   1 Burger King #04130 - Vicksburg, MS 0.0% 1.5%         3121 Halls Ferry Road Vicksburg Warren Mississippi 39180 Retail Single Tenant 2005 2020 2,756 SF   373,676 371,365 173,480                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,575,000 As Is 3/10/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,756 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee / Leasehold 8/14/2033 None 0 No                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.11 Property   1 Burger King #09004 - Diamondhead, MS 0.0% 1.5%         5400 West Aloha Drive Diamondhead Hancock Mississippi 39525 Retail Single Tenant 1995 2018 2,920 SF   373,676 371,365 173,480                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,575,000 As Is 3/21/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,920 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.12 Property   1 Burger King #09708 - Natchez, MS 0.0% 1.5%         421 Highway 61 North Natchez Adams Mississippi 39120 Retail Single Tenant 1996 2015 2,892 SF   366,420 364,154 170,111                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,525,000 As Is 3/10/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,892 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.13 Property   1 Burger King #09270 - Robertsdale, AL 0.0% 1.5%         21890 State Highway 59 South Robertsdale Baldwin Alabama 36567 Retail Single Tenant 1995 2016 2,545 SF   362,792 360,548 168,427                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,500,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,545 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/24/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.14 Property   1 Burger King #02643 - Gladstone, MO 0.0% 1.4%         6001 Northeast Antioch Road Gladstone Clay Missouri 64119 Retail Single Tenant 1979 NAP 3,923 SF   348,280 346,126 161,690                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,400,000 As Is 3/21/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,923 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.15 Property   1 Burger King #01207 - West Monroe, LA 0.0% 1.4%         100 Thomas Road West Monroe Ouachita Louisiana 71291 Retail Single Tenant 1973 NAP 2,992 SF   341,025 338,915 158,321                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,350,000 As Is 3/18/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,992 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.16 Property   1 Burger King #12007 - Denham Springs, LA 0.0% 1.3%         31706 Louisiana Highway 16 Denham Springs Livingston Louisiana 70726 Retail Single Tenant 1998 2017 2,969 SF   337,397 335,310 156,637                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,325,000 As Is 3/19/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,969 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Leasehold 5/31/2028 8, 5-year extension options 49,280 No                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.17 Property   1 Burger King #06129 - Mobile, AL 0.0% 1.3%         3200 Spring Hill Avenue Mobile Mobile Alabama 36607 Retail Single Tenant 1988 2018 2,694 SF   333,769 331,705 154,953                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,300,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,694 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.18 Property   1 Burger King #06788 - Zachary, LA 0.0% 1.3%         5131 Main Street Zachary East Baton Rouge Louisiana 70791 Retail Single Tenant 1990 2015 2,885 SF   333,769 331,705 154,953                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,300,000 As Is 3/19/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,885 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/28/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.19 Property   1 Burger King #10802 - Westwego, LA 0.0% 1.3%         500 Westbank Expressway Westwego Jefferson Louisiana 70094 Retail Single Tenant 1997 2018 2,982 SF   333,769 331,705 154,953                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,300,000 As Is 3/15/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,982 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.20 Property   1 Burger King #09788 - Walker, LA 0.0% 1.3%         27931 Walker Road South Walker Livingston Louisiana 70785 Retail Single Tenant 1996 2015 2,987 SF   330,141 328,099 153,268                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,275,000 As Is 3/19/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,987 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/28/2023 NAP 3/29/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.21 Property   1 Burger King #09838 - Fairhope, AL 0.0% 1.3%         19755 Greeno Road Fairhope Baldwin Alabama 36532 Retail Single Tenant 1996 2020 2,935 SF   326,513 324,493 151,584                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,250,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,935 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.22 Property   1 Burger King #01198 - Mobile, AL 0.0% 1.3%         3875 Airport Boulevard Mobile Mobile Alabama 36608 Retail Single Tenant 1973 2018 3,807 SF   319,257 317,283 148,216                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,200,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,807 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.23 Property   1 Burger King #10764 - Morgan City, LA 0.0% 1.3%         937 Highway 90 East Morgan City Saint Mary Louisiana 70380 Retail Single Tenant 1997 NAP 2,990 SF   319,257 317,283 148,216                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,200,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,990 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.24 Property   1 Burger King #01465 - Laurel, MS 0.0% 1.3%         319 Leontyne Price Boulevard Laurel Jones Mississippi 39440 Retail Single Tenant 1974 2017 2,966 SF   315,629 313,677 146,531                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,175,000 As Is 3/21/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,966 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.25 Property   1 Burger King #07930 - Long Beach, MS 0.0% 1.3%         310 East Beach Boulevard Long Beach Harrison Mississippi 39560 Retail Single Tenant 2007 2018 2,918 SF   315,629 313,677 146,531                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,175,000 As Is 3/21/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,918 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - VE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.26 Property   1 Burger King #05029 - Pineville, LA 0.0% 1.2%         3301 Monroe Highway Pineville Rapides Louisiana 71360 Retail Single Tenant 1986 NAP 3,489 SF   312,001 310,071 144,847                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,150,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,489 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.27 Property   1 Burger King #12633 - Port Allen, LA 0.0% 1.2%         4383 Louisiana 1 South Port Allen West Baton Rouge Louisiana 70767 Retail Single Tenant 1999 2018 3,063 SF   312,001 310,071 144,847                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,150,000 As Is 3/18/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,063 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.28 Property   1 Burger King #01437 - Monroe, LA 0.0% 1.2%         1710 Martin Luther King Drive Monroe Ouachita Louisiana 71202 Retail Single Tenant 1974 NAP 2,944 SF   308,373 306,466 143,163                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,125,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,944 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/31/2023 NAP 3/29/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.29 Property   1 Burger King #01439 - Slidell, LA 0.0% 1.2%         185 Gause Boulevard Slidell Saint Tammany Louisiana 70458 Retail Single Tenant 1974 2018 3,423 SF   308,373 306,466 143,163                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,125,000 As Is 3/19/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,423 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.30 Property   1 Burger King #07467 - Ruston, LA 0.0% 1.2%         1401 North Trenton Street Ruston Lincoln Louisiana 71270 Retail Single Tenant 1992 NAP 2,915 SF   308,373 306,466 143,163                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,125,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,915 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee / Leasehold 6/5/2029 4, 5-year extension options 7,390 Yes                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.31 Property   1 Burger King #12895 - Delhi, LA 0.0% 1.2%         1007 Broadway Street Delhi Richland Louisiana 71232 Retail Single Tenant 1999 NAP 3,073 SF   308,373 306,465 143,162                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,125,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,073 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.32 Property   1 Burger King #04914 - Pensacola, FL 0.0% 1.2%         13392 Perdido Key Drive Pensacola Escambia Florida 32507 Retail Single Tenant 1985 2022 4,098 SF   301,117 299,255 139,794                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,075,000 As Is 3/12/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 4,098 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.33 Property   1 Burger King #01425 - New Iberia, LA 0.0% 1.2%         1419 Center Street New Iberia Iberia Louisiana 70560 Retail Single Tenant 1996 NAP 3,100 SF   290,233 288,438 134,741                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         2,000,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,100 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.34 Property   1 Burger King #05035 - Tuscaloosa, AL 0.0% 1.1%         2515 Stillman Boulevard Tuscaloosa Tuscaloosa Alabama 35401 Retail Single Tenant 1986 2017 4,182 SF   286,606 284,833 133,057                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,975,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 4,182 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.35 Property   1 Burger King #06149 - New Iberia, LA 0.0% 1.1%         1100 Parkview Drive New Iberia Iberia Louisiana 70563 Retail Single Tenant 1988 NAP 2,720 SF   275,722 274,017 128,004                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,900,000 As Is 3/27/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,720 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.36 Property   1 Burger King #06676 - Jackson, MS 0.0% 1.1%         1470 Canton Mart Road Jackson Hinds Mississippi 39211 Retail Single Tenant 1990 2018 2,814 SF   275,722 274,017 128,004                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,900,000 As Is 3/9/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,814 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.37 Property   1 Burger King #06783 - Baton Rouge, LA 0.0% 1.1%         5119 Jones Creek Road Baton Rouge East Baton Rouge Louisiana 70817 Retail Single Tenant 1990 2019 2,881 SF   275,722 274,017 128,004                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,900,000 As Is 3/19/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,881 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.38 Property   1 Burger King #10763 - Hammond, LA 0.0% 1.1%         46020 North Puma Drive Hammond Tangipahoa Louisiana 70401 Retail Single Tenant 1997 2018 2,867 SF   275,722 274,017 128,004                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,900,000 As Is 3/18/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,867 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.39 Property   1 Burger King #01489 - Mobile, AL 0.0% 1.1%         5380 Highway 90 West Mobile Mobile Alabama 36619 Retail Single Tenant 1984 2015 3,489 SF   264,838 263,200 122,951                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,825,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,489 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.40 Property   1 Burger King #12661 - Baton Rouge, LA 0.0% 1.1%         3530 Harding Boulevard Baton Rouge East Baton Rouge Louisiana 70807 Retail Single Tenant 1999 2019 3,056 SF   264,838 263,200 122,951                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,825,000 As Is 3/19/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,056 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.41 Property   1 Burger King #10762 - Geismar, LA 0.0% 1.0%         13455 Highway 73 Geismar Ascension Louisiana 70734 Retail Single Tenant 1996 2018 2,898 SF   261,210 259,595 121,267                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,800,000 As Is 3/18/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,898 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.42 Property   1 Burger King #06906 - Warrensburg, MO 0.0% 1.0%         215 East Young Avenue Warrensburg Johnson Missouri 64093 Retail Single Tenant 1990 NAP 3,000 SF   261,210 259,595 121,267                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,800,000 As Is 3/22/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,000 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.43 Property   1 Burger King #09686 - Thomasville, AL 0.0% 1.0%         34355 Highway 43 Thomasville Clarke Alabama 36784 Retail Single Tenant 1996 2017 2,905 SF   257,583 255,989 119,583                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,775,000 As Is 3/17/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,905 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.44 Property   1 Burger King #10572 - Eunice, LA 0.0% 1.0%         2300 West Laurel Avenue Eunice Saint Landry Louisiana 70535 Retail Single Tenant 1997 NAP 2,998 SF   257,583 255,989 119,583                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,775,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,998 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Leasehold 9/30/2027 2, 5-year extension options 36,075 No                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.45 Property   1 Burger King #12329 - Rayne, LA 0.0% 1.0%         1021 Church Point Highway Rayne Acadia Louisiana 70578 Retail Single Tenant 2000 NAP 3,200 SF   257,583 255,989 119,583                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,775,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,200 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.46 Property   1 Burger King #13080 - Slidell, LA 0.0% 1.0%         120 Brownswitch Road Slidell Saint Tammany Louisiana 70458 Retail Single Tenant 2000 2020 3,939 SF   257,583 255,989 119,583                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,775,000 As Is 3/19/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,939 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - A1 Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.47 Property   1 Burger King #02483 - Mobile, AL 0.0% 1.0%         7701 Airport Boulevard Mobile Mobile Alabama 36608 Retail Single Tenant 1980 2019 3,722 SF   253,954 252,384 117,899                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,750,000 As Is 3/16/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,722 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.48 Property   1 Burger King #09026 - Laurel, MS 0.0% 1.0%         2130 Highway 15 North Laurel Jones Mississippi 39440 Retail Single Tenant 1995 2017 2,554 SF   253,954 252,384 117,899                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,750,000 As Is 3/21/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,554 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.49 Property   1 Burger King #11544 - Westlake, LA 0.0% 1.0%         801 Sampson Street Westlake Calcasieu Louisiana 70669 Retail Single Tenant 1998 2017 2,974 SF   253,954 252,384 117,899                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,750,000 As Is 3/16/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,974 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.50 Property   1 Burger King #03623 - Covington, LA 0.0% 1.0%         605 North Highway 190 Covington Saint Tammany Louisiana 70433 Retail Single Tenant 1983 2014 2,430 SF   246,699 245,173 114,530                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,700,000 As Is 3/18/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,430 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.51 Property   1 Burger King #11715 - Ville Platte, LA 0.0% 1.0%         1212 East Main Street Ville Platte Evangeline Louisiana 70586 Retail Single Tenant 1998 NAP 2,998 SF   246,699 245,173 114,530                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,700,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,998 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.52 Property   1 Burger King #12313 - Roeland Park, KS 0.0% 1.0%         4811 Roe Boulevard Roeland Park Johnson Kansas 66205 Retail Single Tenant 1999 NAP 4,018 SF   246,699 245,173 114,530                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,700,000 As Is 3/22/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 4,018 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.53 Property   1 Burger King #06674 - Slidell, LA 0.0% 1.0%         141 Northshore Boulevard Slidell Saint Tammany Louisiana 70460 Retail Single Tenant 1990 NAP 2,905 SF   243,071 241,567 112,846                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,675,000 As Is 3/19/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,905 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.54 Property   1 Burger King #09692 - Greenwell Springs, LA 0.0% 1.0%         14280 Greenwell Springs Road Greenwell Springs East Baton Rouge Louisiana 70739 Retail Single Tenant 1996 2017 3,114 SF   243,071 241,567 112,846                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,675,000 As Is 3/19/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,114 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.55 Property   1 Burger King #01428 - Sulphur, LA 0.0% 1.0%         2017 Ruth Street Sulphur Calcasieu Louisiana 70663 Retail Single Tenant 2011 NAP 2,957 SF   239,443 237,962 111,162                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,650,000 As Is 3/16/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,957 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.56 Property   1 Burger King #05981 - Meridian, MS 0.0% 0.9%         2100 North Frontage Road Meridian Lauderdale Mississippi 39301 Retail Single Tenant 1988 2014 2,662 SF   232,187 230,751 107,793                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,600,000 As Is 3/17/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,662 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.57 Property   1 Burger King #08645 - Pace, FL 0.0% 0.9%         4120 Highway 90 Pace Santa Rosa Florida 32571 Retail Single Tenant 1994 2020 2,475 SF   232,187 230,751 107,793                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,600,000 As Is 3/12/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,475 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.58 Property   1 Burger King #09213 - Pensacola, FL 0.0% 0.9%         3210 West Michigan Avenue Pensacola Escambia Florida 32526 Retail Single Tenant 1996 2020 2,613 SF   232,187 230,751 107,793                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,600,000 As Is 3/12/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,613 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - A Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.59 Property   1 Burger King #03585 - Daphne, AL 0.0% 0.9%         29295 US Highway 98 Daphne Baldwin Alabama 36526 Retail Single Tenant 1983 2019 2,799 SF   224,931 223,540 104,425                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,550,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,799 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.60 Property   1 Burger King #12322 - Oakdale, LA 0.0% 0.9%         695 U.S. Highway 165 South Oakdale Allen Louisiana 71463 Retail Single Tenant 1999 NAP 2,967 SF   224,931 223,540 104,425                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,550,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,967 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.61 Property   1 Burger King #04330 - Kansas City, MO 0.0% 0.9%         340 West 72nd Street Kansas City Jackson Missouri 64114 Retail Single Tenant 1985 NAP 3,011 SF   224,931 223,540 104,425                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,550,000 As Is 3/22/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,011 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.62 Property   1 Burger King #02831 - Olathe, KS 0.0% 0.9%         2004 East Santa Fe Street Olathe Johnson Kansas 66062 Retail Single Tenant 1976 NAP 4,757 SF   224,931 223,540 104,425                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,550,000 As Is 3/22/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 4,757 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.63 Property   1 Burger King #06916 - Kenner, LA 0.0% 0.9%         1000 West Esplanade Avenue Kenner Jefferson Louisiana 70065 Retail Single Tenant 1990 2018 3,008 SF   221,303 219,935 102,740                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,525,000 As Is 3/15/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,008 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.64 Property   1 Burger King #09115 - Meridian, MS 0.0% 0.9%         4825 8th Street Meridian Lauderdale Mississippi 39307 Retail Single Tenant 1995 2015 2,391 SF   221,303 219,935 102,740                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,525,000 As Is 3/17/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,391 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.65 Property   1 Burger King #11694 - DeQuincy, LA 0.0% 0.9%         901 East Fourth Street DeQuincy Calcasieu Louisiana 70633 Retail Single Tenant 1998 2017 2,986 SF   221,303 219,935 102,740                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,525,000 As Is 3/16/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,986 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.66 Property   1 Burger King #00373 - Mobile, AL 0.0% 0.9%         3946 Government Boulevard Mobile Mobile Alabama 36693 Retail Single Tenant 1967 2012 2,421 SF   217,675 216,329 101,056                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,500,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,421 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.67 Property   1 Burger King #01617 - Lake Charles, LA 0.0% 0.9%         1211 Martin Luther King Highway Lake Charles Calcasieu Louisiana 70601 Retail Single Tenant 1976 2017 3,194 SF   214,047 212,723 99,372                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,475,000 As Is 3/16/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,194 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.68 Property   1 Burger King #01917 - Vidalia, LA 0.0% 0.9%         1115 Carter Street Vidalia Concordia Louisiana 71373 Retail Single Tenant 1977 NAP 2,913 SF   214,047 212,723 99,372                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,475,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,913 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.69 Property   1 Burger King #12264 - Mission, KS 0.0% 0.8%         6880 Johnson Drive Mission Johnson Kansas 66202 Retail Single Tenant 1999 NAP 4,001 SF   210,419 209,118 97,687                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,450,000 As Is 3/22/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 4,001 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.70 Property   1 Burger King #09804 - Gonzales, LA 0.0% 0.8%         404 North Airline Highway Gonzales Ascension Louisiana 70737 Retail Single Tenant 1996 2015 2,987 SF   206,792 205,513 96,003                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,425,000 As Is 3/18/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,987 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.71 Property   1 Burger King #11095 - Tuscaloosa, AL 0.0% 0.8%         4900 Skyland Boulevard East Tuscaloosa Tuscaloosa Alabama 35405 Retail Single Tenant 1998 NAP 2,932 SF   206,792 205,513 96,003                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,425,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,932 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.72 Property   1 Burger King #09259 - Gulf Breeze, FL 0.0% 0.8%         3380 Gulf Breeze Parkway Gulf Breeze Santa Rosa Florida 32563 Retail Single Tenant 1995 NAP 2,621 SF   199,536 198,302 92,635                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,375,000 As Is 3/12/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,621 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.73 Property   1 Burger King #00144 - Baton Rouge, LA 0.0% 0.8%         4951 Florida Boulevard Baton Rouge East Baton Rouge Louisiana 70806 Retail Single Tenant 1964 2015 3,240 SF   195,908 194,697 90,951                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,350,000 As Is 3/22/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,240 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.74 Property   1 Burger King #06488 - Mobile, AL 0.0% 0.8%         6403 Cottage Hill Road Mobile Mobile Alabama 36695 Retail Single Tenant 1989 NAP 2,795 SF   195,908 194,696 90,950                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,350,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,795 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.75 Property   1 Burger King #12597 - Lake Charles, LA 0.0% 0.8%         279 Sam Houston Jones Parkway Lake Charles Calcasieu Louisiana 70611 Retail Single Tenant 1999 2017 3,073 SF   195,908 194,696 90,950                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,350,000 As Is 3/16/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,073 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.76 Property   1 Burger King #00211 - Baton Rouge, LA 0.0% 0.8%         3100 Highland Road Baton Rouge East Baton Rouge Louisiana 70802 Retail Single Tenant 1996 2018 2,980 SF   188,652 187,485 87,582                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,300,000 As Is 3/18/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,980 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.77 Property   1 Burger King #01337 - Metairie, LA 0.0% 0.8%         8101 Airline Drive Metairie Jefferson Louisiana 70003 Retail Single Tenant 1974 2018 2,970 SF   188,652 187,485 87,582                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,300,000 As Is 3/15/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,970 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.78 Property   1 Burger King #04016 - Mobile, AL 0.0% 0.7%         3004 Airport Boulevard Mobile Mobile Alabama 36606 Retail Single Tenant 1984 2016 4,134 SF   185,024 183,880 85,898                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,275,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 4,134 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.79 Property   1 Burger King #10607 - Houma, LA 0.0% 0.7%         1637 Martin Luther King Jr Boulevard Houma Terrebonne Louisiana 70360 Retail Single Tenant 1997 2018 2,975 SF   177,768 176,668 82,529                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,225,000 As Is 3/18/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,975 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee / Leasehold 9/24/2027 2, 5-year extension options 72,473 No                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.80 Property   1 Burger King #10800 - Livingston, AL 0.0% 0.7%         639 Highway 28 Livingston Sumter Alabama 35470 Retail Single Tenant 1998 NAP 2,921 SF   177,768 176,668 82,529                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,225,000 As Is 3/17/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,921 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.81 Property   1 Burger King #09958 - Grove Hill, AL 0.0% 0.7%         198 South Jackson Street Grove Hill Clarke Alabama 36451 Retail Single Tenant 1996 2017 2,399 SF   174,140 173,063 80,845                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,200,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,399 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.82 Property   1 Burger King #12820 - Iowa, LA 0.0% 0.7%         1111 Lowe Grout Road Iowa Calcasieu Louisiana 70647 Retail Single Tenant 1999 2017 3,073 SF   174,140 173,063 80,845                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,200,000 As Is 3/16/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,073 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.83 Property   1 Burger King #01149 - Baton Rouge, LA 0.0% 0.7%         6244 Airline Highway Baton Rouge East Baton Rouge Louisiana 70805 Retail Single Tenant 1972 2018 2,625 SF   170,512 169,458 79,161                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,175,000 As Is 3/19/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,625 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.84 Property   1 Burger King #06325 - Baton Rouge, LA 0.0% 0.6%         7004 Siegen Lane Baton Rouge East Baton Rouge Louisiana 70809 Retail Single Tenant 1989 2017 3,047 SF   159,628 158,641 74,108                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,100,000 As Is 3/18/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,047 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.85 Property   1 Burger King #06048 - Tuscaloosa, AL 0.0% 0.6%         1601 McFarland Boulevard North Tuscaloosa Tuscaloosa Alabama 35406 Retail Single Tenant 1988 NAP 2,585 SF   152,373 151,430 70,739                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,050,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,585 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.86 Property   1 Burger King #11979 - Monroe, LA 0.0% 0.6%         5151 Forsythe Bypass Monroe Ouachita Louisiana 71201 Retail Single Tenant 1998 NAP 3,014 SF   152,373 151,430 70,739                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,050,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,014 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.87 Property   1 Burger King #13081 - New Iberia, LA 0.0% 0.6%         2919 South Lewis Street New Iberia Iberia Louisiana 70560 Retail Single Tenant 2000 NAP 3,500 SF   152,373 151,430 70,739                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,050,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,500 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Leasehold 3/28/2025 3, 5-year extension options 52,272 No                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.88 Property   1 Burger King #03685 - Kansas City, MO 0.0% 0.6%         3441 Main Street Kansas City Jackson Missouri 64111 Retail Single Tenant 1983 NAP 2,695 SF   152,373 151,430 70,739                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,050,000 As Is 3/22/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,695 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.89 Property   1 Burger King #06105 - Northport, AL 0.0% 0.6%         3820 McFarland Boulevard West Northport Tuscaloosa Alabama 35476 Retail Single Tenant 1988 NAP 2,636 SF   148,745 147,825 69,055                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,025,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,636 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.90 Property   1 Burger King #12919 - Covington, LA 0.0% 0.6%         1005 Ronald Reagan Highway Covington Saint Tammany Louisiana 70433 Retail Single Tenant 1999 2020 3,920 SF   145,117 144,219 67,371                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         1,000,000 As Is 3/19/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,920 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Leasehold 12/22/2024 3, 5-year extension options 53,572 No                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.91 Property   1 Burger King #09853 - Franklin, LA 0.0% 0.6%         1825 Main Street Franklin Saint Mary Louisiana 70538 Retail Single Tenant 1996 NAP 2,990 SF   141,489 140,614 65,686                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         975,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,990 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.92 Property   1 Burger King #12660 - Vinton, LA 0.0% 0.6%         1807 West Street Vinton Calcasieu Louisiana 70668 Retail Single Tenant 1999 2017 3,073 SF   141,489 140,614 65,686                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         975,000 As Is 3/16/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,073 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee NAP NAP NAP NAP                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.93 Property   1 Burger King #00360 - New Orleans, LA 0.0% 0.5%         1700 Saint Charles Avenue New Orleans Orleans Louisiana 70130 Retail Single Tenant 1968 2022 2,654 SF   126,977 126,192 58,949                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         875,000 As Is 3/15/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,654 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Leasehold 2/29/2024 3, 5-year extension options 50,650 No                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.94 Property   1 Burger King #12753 - Slidell, LA 0.0% 0.4%         3114 Pontchartrain Drive Slidell Saint Tammany Louisiana 70458 Retail Single Tenant 1999 NAP 2,635 SF   108,838 108,165 50,528                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         750,000 As Is 3/19/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,635 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - AE Leasehold 8/31/2024 3, 5-year extension options 58,564 No                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.95 Property   1 Burger King #01315 - Alexandria, LA 0.0% 0.4%         3705 South MacArthur Drive Alexandria Rapides Louisiana 71302 Retail Single Tenant 1974 NAP 3,206 SF   94,326 93,743 43,791                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         650,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,206 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee / Leasehold 5/2/2024 3, 5-year extension options 40,674 Yes                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.96 Property   1 Burger King #12752 - Lafayette, LA 0.0% 0.3%         1726 North University Avenue Lafayette Lafayette Louisiana 70507 Retail Single Tenant 1999 NAP 2,850 SF   65,302 64,898 30,317                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         450,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,850 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Leasehold 9/23/2024 3, 5-year extension options 43,560 No                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.97 Property   1 Burger King #01537 - Lafayette, LA 0.0% 0.2%         312 Jefferson Boulevard Lafayette Lafayette Louisiana 70501 Retail Single Tenant 1975 NAP 3,200 SF   61,675 61,293 28,632                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         0 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,200 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee / Leasehold 3/24/2025 4, 5-year extension options 64,902 No                                                                                                       Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.98 Property   1 Burger King #11488 - Lafayette, LA 0.0% 0.2%         2256 Ambassador Caffery Parkway Lafayette Lafayette Louisiana 70506 Retail Single Tenant 1998 NAP 3,358 SF   61,675 61,293 28,632                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         425,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 3,358 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP Yes - A Leasehold 4/15/2028 4, 5-year extension options and 1, 6-year extension option 70,862 No                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
17.99 Property   1 Burger King #00501 - Lafayette, LA 0.0% 0.0%         1500 Johnston Street Lafayette Lafayette Louisiana 70503 Retail Single Tenant 1988 NAP 2,654 SF   0 0 0                                                     NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV         425,000 As Is 3/20/2023     100.0% 7/6/2023 Yes GPS Hospitality Partners IV, LLC 2,654 100.0% 6/5/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/29/2023 NAP 3/29/2023 NAP NAP No Fee / Leasehold 6/5/2024 1, 5-year extension option 29,296 No                                                                                                       No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
18 Loan   1 One Campus Martius 2.6% 100.0% JPMCB, MSBNA JPMCB NAP NAP 1000 Woodward Avenue Detroit Wayne Michigan 48226 Office CBD 2003 2019-2020 1,356,325 SF 160.73 23,300,000 23,300,000 23,300,000 6.02000%     NAP 118,511.78 NAP 1,422,141.36 Interest Only No Actual/360 120 108 120 108 0 0 6/28/2022 12 1 8/1/2022 NAP 7/1/2032 NAP 0 0 L(36),D(80),O(4) 49,845,174 21,445,511 28,399,663 11/30/2022 T-12 44,198,961 19,173,640 25,025,321 12/31/2021 T-12 36,845,931 18,308,085 18,537,846 12/31/2020 T-12 86.6% 46,224,574 21,145,889 25,078,685 188,765 1,703,467 23,186,453 1.88 1.74 11.5% 10.6% 362,500,000 As Is 5/4/2022 60.1% 60.1% 86.8% 6/27/2022 No Rocket Mortgage 570,214 42.0% 12/31/2028 Meridian Health 266,001 19.6% 12/31/2024 Rock Ventures 66,059 4.9% 12/31/2028 Building Amenities Wellness Center LLC 50,116 3.7% 12/31/2035 Microsoft Corporation 43,795 3.2% 7/31/2025 5/27/2022 NAP 5/27/2022 NAP NAP No Fee NAP NAP NAP NAP 3,926,163 615,075 0 Springing 28,230 28,230 677,530 1,500,000 169,541 4,000,000 0 0 0 0 3,851,373 Springing Outstanding TI/LC Reserve (Upfront: $3,851,373.43), Meridian/Rocket Reserve (Monthly: Springing) 0 0 NAP Hard Springing Yes Yes Yes No 23,300,000 194,700,000 990,310.91 1,108,822.69 NAP NAP 218,000,000 1,108,822.69 60.1% 1.74 11.5% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured Bedrock Detroit Rock Backer LLC No No Refinance Yes                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
19 Loan   1 Hyatt Regency Indianapolis  2.0% 100.0% CREFI CREFI NAP NAP 1 South Capitol Avenue  Indianapolis Marion Indiana 46204 Hospitality Full Service 1977 2020 499 Rooms 117,172.15 18,600,000 18,558,389 16,260,635 7.08000%     124,747.21 NAP 1,496,966.52 NAP Amortizing Balloon No Actual/360 0 0 120 117 360 357 4/5/2023 3 6 5/6/2023 5/6/2023 4/6/2033 NAP 0 0 L(27),D(89),O(4) 32,008,192 22,922,437 9,085,755 2/28/2023 T-12 31,512,414 22,392,612 9,119,802 12/31/2022 T-12 20,360,119 15,872,047 4,488,072 12/31/2021 T-12 63.4% 32,008,192 22,967,684 9,040,508 1,280,328 0 7,760,180 1.92 1.65 15.5% 13.3% 140,900,000 As Is 2/2/2023 41.5% 36.4% 63.4% 2/28/2023 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/14/2023 NAP 2/14/2023 NAP NAP No Fee NAP NAP NAP NAP 157,268 157,268 0 Springing 0 106,694 0 0 0 0 0 0 0 72,600 127,022 27,945 Seasonality Reserve (Upfront: $127,022; Monthly: $27,945), PIP Reserve (Monthly: Springing) 0 0 NAP Hard Springing Yes No Yes No 18,558,389 39,910,514 268,273.56 393,020.77 NAP NAP 58,468,902 393,020.77 41.5% 1.65 15.5% NAP NAP NAP NAP NAP NAP NAP No NAP William J. Yung III, Martha Yung, William J. Yung IV, Joseph A. Yung, Julie A. Haught, Judith A. Yung, Jennifer A. Yung, Michelle M. Christensen and Scott A. Yung CSC Holdings, LLC No No Refinance Yes                         4/4/2038 174.52 110.66 63.4% 174.52 110.66 63.4% 174.09 108.81 62.5% 157.23 65.38 41.6%
20 Loan   1 Deerbrook Medical Center 1.8% 100.0% CREFI CREFI NAP NAP 8901 FM 1960 Bypass Road West  Humble Harris Texas 77338 Office Medical 2008 2020, 2021 66,110 SF 249.39 16,500,000 16,487,281 14,510,947 7.31000%     113,231.36 NAP 1,358,776.32 NAP Amortizing Balloon No Actual/360 0 0 120 119 360 359 6/2/2023 1 6 7/6/2023 7/6/2023 6/6/2033 NAP 0 0 L(25),D(91),O(4) 3,441,288 986,127 2,455,161 2/28/2023 T-12 3,447,166 1,030,351 2,416,815 12/31/2022 T-12 NAV NAV NAV NAV NAV 90.0% 3,311,141 1,086,685 2,224,457 13,222 99,140 2,112,095 1.64 1.55 13.5% 12.8% 35,800,000 As Is 4/5/2023 46.1% 40.5% 94.5% 5/16/2023 No EHS Hospital 31,600 47.8% 6/30/2036 Northeast Primary Care Associates 4,691 7.1% 11/30/2026 Woodlands Specialty Hospital 3,870 5.9% 6/30/2036 NHFM - Memorial /Pain Clinics 3,683 5.6% 6/30/2036 NHFM - RMCDC 3,502 5.3% 6/30/2036 4/13/2023 NAP 4/13/2023 NAP NAP No Fee NAP NAP NAP NAP 215,466 35,911 31,087 7,772 98,116 1,102 0 0 8,262 0 0 0 0 26,938 0 0 NAP 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Ravi Kumar Moparty and Nellie Kay Ravi Kumar Moparty and Nellie Kay No No Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
21 Loan   1 Platinum Tower 1.7% 100.0% JPMCB JPMCB NAP NAP 400 Interstate North Parkway Southeast Atlanta Cobb Georgia 30339 Office Suburban 1987 NAP 312,591 SF 76.73 15,000,000 14,990,542 14,413,378 8.30500%     113,270.50 NAP 1,359,246.00 NAP Amortizing Balloon No Actual/360 0 0 60 59 360 359 5/26/2023 1 1 7/1/2023 7/1/2023 6/1/2028 NAP 0 5 (Once per trailing 12-month period) L(25),YM1(31),O(4) 7,222,152 2,770,377 4,451,775 4/30/2023 T-12 6,978,331 2,842,710 4,135,622 12/31/2022 T-12 6,798,108 3,218,057 3,580,051 12/31/2021 T-12 74.9% 6,934,711 2,872,489 4,062,222 62,518 129,938 3,869,766 1.87 1.78 16.9% 16.1% 48,900,000 As Is 3/28/2023 49.0% 47.2% 74.6% 5/17/2023 No Aveanna Healthcare, LLC 81,368 26.0% 12/31/2029 Hartman, Simons & Wood LLP 20,645 6.6% 2/28/2033 Interra International, Inc 20,295 6.5% 9/30/2028 SouthState Bank, N.A. 13,466 4.3% 2/28/2029 BVT National Capital Partners 10,164 3.3% 1/31/2028 4/7/2023 NAP 4/7/2023 NAP NAP No Fee NAP NAP NAP NAP 486,750 54,083 0 Springing 5,210 5,210 0 2,000,000 52,099 0 0 0 0 122,264 1,636,085 0 Outstanding TI Reserve ($1,154,376), Free Rent Reserve ($481,709) 0 0 NAP Hard Springing Yes Yes Yes Yes 14,990,542 8,994,325 67,962.30 181,232.80 NAP NAP 23,984,867 181,232.80 49.0% 1.78 16.9% NAP NAP NAP NAP NAP NAP NAP No NAP Accesso Partners and Partners Group Dalet Investment Properties, LLLP No No Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
22 Loan   1 Continental Shopping Plaza 1.4% 100.0% DBRI GACC NAP NAP 180-260 West Continental Road Green Valley Pima Arizona 85622 Retail Anchored 1980 NAP 155,549 SF 78.75 12,250,000 12,250,000 12,250,000 6.19000%     NAP 64,067.22 NAP 768,806.64 Interest Only No Actual/360 120 118 120 118 0 0 4/28/2023 2 6 6/6/2023 NAP 5/6/2033 NAP 0 0 L(26),D(89),O(5) 3,057,170 1,235,211 1,821,959 2/28/2023 T-12 2,956,059 1,171,640 1,784,419 12/31/2022 T-12 2,583,204 1,199,612 1,383,592 12/31/2021 T-12 94.6% 2,856,692 1,244,261 1,612,431 52,887 155,549 1,403,996 2.10 1.83 13.2% 11.5% 21,000,000 As Is 3/14/2023 58.3% 58.3% 95.1% 4/20/2023 No Safeway 48,660 31.3% 2/28/2025 Arizona CVS Stores LLC 17,640 11.3% 5/31/2030 Green Valley True Value 10,851 7.0% 4/30/2028 Coldwell Banker 5,648 3.6% 3/31/2026 Campbell Fashions 3,600 2.3% 12/31/2023 2/13/2023 NAP 2/13/2023 NAP NAP No Fee NAP NAP NAP NAP 31,536 15,768 0 Springing 0 4,407 105,773 176,000 12,962 311,098 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Kenneth Levy, Wayne Levy and/or Mark Levy Kenneth Levy No No Refinance No                         NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
23 Loan   1 Holiday Inn Express Dripping Springs 1.3% 100.0% CREFI CREFI NAP NAP 333 West Highway 290 Dripping Springs Hays Texas 78620 Hospitality Limited Service 2017 NAP 84 Rooms 136,805.57 11,500,000 11,491,668 10,193,316 7.62000%     81,356.73 NAP 976,280.76 NAP Amortizing Balloon No Actual/360 0 0 120 119 360 359 6/6/2023 1 6 7/6/2023 7/6/2023 6/6/2033 NAP 0 0 L(25),D(91),O(4) 3,599,180 1,906,636 1,692,545 2/28/2023 T-12 3,601,026 1,900,210 1,700,816 12/31/2022 T-12 2,804,615 1,472,184 1,332,431 12/31/2021 T-12 66.4% 3,599,180 1,940,434 1,658,746 143,967 0 1,514,779 1.70 1.55 14.4% 13.2% 19,100,000 As Is 3/10/2023 60.2% 53.4% 66.4% 2/28/2023 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/28/2023 NAP 3/28/2023 NAP NAP No Fee NAP NAP NAP NAP 81,018 11,574 82,668 6,359 0 11,997 0 0 0 0 0 0 0 30,375 0 Springing PIP Reserve 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Nidhi Tuli and Rohit Kumar Nidhi Tuli and Rohit Kumar No No Refinance No                         3/8/2038 174.84 116.02 66.4% 174.84 116.02 66.4% 174.43 116.08 66.5% 155.93 90.66 58.1%

 

   

 

Footnotes to Annex A
   
(1) The Administrative Fee Rate includes the Servicing Fee Rate, the Operating Advisor Fee Rate, the Trustee/Certificate Administrator Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate applicable to each Mortgage Loan.
   
(2) The Monthly Debt Service (P&I)($) and Annual Debt Service (P&I) ($) shown for Mortgage Loans with a partial interest-only period reflects the amount payable after the expiration of the interest-only period. 
   
(3) The open period is inclusive of the Maturity Date or Anticipated Repayment Date.
   
(4) Underwritten NOI DSCR (x), Underwritten NCF DSCR (x), Whole Loan Underwritten NCF DSCR (x) and Total Debt Underwritten NCF DSCR (x) are calculated based on amortizing debt service payments (except for interest-only loans).
   
(5) Leased Occupancy (%) includes tenants that have signed leases, but are not yet in occupancy or may not be paying rent.
   
(6) The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the lease. See “Description of the Mortgage Pool—Tenant Issues” in the Preliminary Prospectus for certain examples of the foregoing.

 

   

 

     
  MORTGAGE POOL CHARACTERISTICS
     
  Mortgage Pool Characteristics  
  Initial Pool Balance $906,483,263
  Number of Mortgage Loans 23
  Number of Mortgaged Properties 160
  Average Cut-off Date Balance $39,412,316
  Weighted Average Mortgage Rate 6.59258%
  Weighted Average Remaining Term to Maturity/ARD (months) 105
  Weighted Average Remaining Amortization Term (months) 321
  Weighted Average Cut-off Date LTV Ratio  50.1%
  Weighted Average Maturity Date/ARD LTV Ratio 49.3%
  Weighted Average UW NCF DSCR 2.00x
  Weighted Average Debt Yield on Underwritten NOI 14.1%
  % of Initial Pool Balance of Mortgage Loans that are Amortizing Balloon  9.5%
  % of Initial Pool Balance of Mortgage Loans that are Interest Only then Amortizing Balloon  3.4%
  % of Initial Pool Balance of Mortgage Loans that are Interest Only  87.1%
  % of Initial Pool Balance of Mortgaged Properties with Single Tenants  33.9%
  % of Initial Pool Balance of Mortgage Loans with Mezzanine Debt  8.3%
  % of Initial Pool Balance of Mortgage Loans with Subordinate Debt  12.6%

 

   

 

  COLLATERAL OVERVIEW      
                 
  Mortgage Loans by Loan Seller              
  Mortgage Loan Seller Mortgage Loans  Mortgaged Properties Aggregate Cut-off Date Balance % of Initial Pool Balance      
  Citi Real Estate Funding Inc. 7 107 $234,882,721 25.9%      
  JPMorgan Chase Bank, National Association 5 5 $193,970,542 21.4%      
  Goldman Sachs Mortgage Company 4 4 $161,880,000 17.9%      
  German American Capital Corporation 4 25 $126,250,000 13.9%      
  German American Capital Corporation / Goldman Sachs Mortgage Company 2 18 $139,500,000 15.4%      
  JPMorgan Chase Bank, National Association, Citi Real Estate Funding Inc. 1 1 $50,000,000 5.5%      
  Total 23 160 $906,483,263 100.0%      
                 
  Top 10 Mortgage Loans              
  Top 10 Mortgage Loans Mortgage Loan Seller Cut-off Date Balance ($) % of Initial Pool Balance Cut-off Date LTV  UW NOI DY UW NCF DSCR (x) General Property Type
  Novolex Portfolio GACC, GSMC $89,500,000 9.9% 60.3% 11.8% 1.81 Industrial
  Seagate Campus CREFI $86,000,000 9.5% 66.2% 13.6% 1.83 Industrial
  Fashion Valley Mall JPMCB $85,000,000 9.4% 31.5% 18.7% 3.15 Retail
  Pacific Design Center GSMC $64,400,000 7.1% 47.8% 13.8% 2.17 Mixed Use
  Lake Zurich Retail Portfolio CREFI $52,500,000 5.8% 58.3% 10.5% 1.37 Retail
  Four Springs Net Lease Portfolio GACC $50,000,000 5.5% 54.7% 11.3% 1.88 Industrial
  Back Bay Office GACC, GSMC $50,000,000 5.5% 33.7% 16.3% 2.55 Office
  Soho Beach House Miami JPMCB, CREFI $50,000,000 5.5% 50.7% 17.9% 2.35 Hospitality
  Scottsdale Fashion Square GSMC $41,000,000 4.5% 38.4% 12.3% 1.92 Retail
  One & Two Commerce Square JPMCB $40,000,000 4.4% 51.4% 13.5% 1.52 Office
                 
  Property Types              
  Property Type / Detail Number of Mortgaged Properties Aggregate Cut-off Date Balance ($) % of Initial Pool Balance        
  Industrial 42 $282,660,000 31.2%        
  Manufacturing 14          88,521,245 9.8        
  R&D/Manufacturing 1          86,000,000 9.5        
  Flex 3          34,424,183 3.8        
  Warehouse/Distribution 11          32,993,873 3.6        
  Manufacturing/Warehouse 4          21,084,481 2.3        
  Warehouse 6            8,679,848 1.0        
  Warehouse/Manufacturing 2            5,590,651 0.6        
  Cold Storage 1            5,365,720 0.6        
  Retail 107 $281,595,383 31.1%        
  Super Regional Mall 2        126,000,000 13.9        
  Anchored 5        100,750,000 11.1        
  Single Tenant 99          24,845,383 2.7        
  Office 6 $169,777,823 18.7%        
  CBD 4        138,300,000 15.3        
  Medical 1          16,487,281 1.8        
  Suburban 1          14,990,542 1.7        
  Hospitality 4 $108,050,057 11.9%        
  Full Service 2          68,558,389 7.6        
  Select Service 1          28,000,000 3.1        
  Limited Service 1          11,491,668 1.3        
  Mixed Use 1 $64,400,000 7.1%        
  Office/Showroom/Lab 1          64,400,000 7.1        
  Total 160 $906,483,263 100.0%        
                 
  Geographic Distribution              
  Property Location Number of Mortgaged Properties Aggregate Cut-off Date Balance ($) % of Initial Pool Balance        
  California 4 $263,400,000 29.1%        
  Nevada 2          66,000,000 7.3        
  Illinois 7          61,991,128 6.8        
  Arizona 3          54,216,620 6.0        
  Florida 6          51,590,291 5.7        
  Massachusetts 1          50,000,000 5.5        
  Ohio 10          42,296,314 4.7        
  Pennsylvania 2          41,538,712 4.6        
  Maryland 2          36,045,720 4.0        
  Texas 3          34,670,942 3.8        
  Michigan 5          31,518,283 3.5        
  Indiana 4          29,758,953 3.3        
  Minnesota 1          26,480,000 2.9        
  Georgia 3          25,697,730 2.8        
  New Jersey 1          25,000,000 2.8        
  Louisiana 57          13,333,076 1.5        
  Kansas 4            7,909,500 0.9        
  Connecticut 1            7,900,868 0.9        
  Tennessee 2            7,200,623 0.8        
  New York 2            6,329,013 0.7        
  Alabama 22            6,183,403 0.7        
  Idaho 1            5,914,858 0.7        
  Mississippi 9            2,711,324 0.3        
  Missouri 5            2,625,913 0.3        
  Nebraska 1            2,603,947 0.3        
  Wisconsin 1            2,007,598 0.2        
  Oregon 1            1,558,449 0.2        
  Total 160 $906,483,263 100.0%        
                 
  Distribution of Amortization Types              
  Amortization Type Number of Mortgage Loans Cut-off Date Balance ($) % of Initial Pool Balance        
  Interest Only 17 $789,430,000 87.1%        
  Amortizing Balloon 5 86,373,263 9.5%        
  Interest Only, Amortizing Balloon 1 30,680,000 3.4%        
  Total 23 $906,483,263 100.0%