FWP 1 n3701_x2-anxa1.htm FREE WRITING PROSPECTUS

 

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-257991-07
     

 

 

 

BANK 2023-BNK46 Disclaimer

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-257991) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. – 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.

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herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities.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

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

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

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

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

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

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

J.P. Morgan is the marketing name for the investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities, syndicated loan arranging, financial advisory and other investment banking activities are performed by JPMS and its securities affiliates, and lending, derivatives and other commercial banking activities are performed by JPMorgan Chase Bank, National Association and its banking affiliates. JPMS is a member of SIPC and the NYSE.

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

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

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

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

IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS

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

 

   

 

 

ANNEX A-1 — CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                   
Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name % of Initial Pool Balance % of Loan Balance Mortgage Loan Originator Mortgage Loan Seller Related Group Crossed Group Address City County State Zip Code General Property Type Detailed Property Type Year Built Year Renovated Number of Units Unit of Measure Loan Per Unit ($) Original Balance ($) Cut-off Date Balance ($) Maturity/ARD Balance ($) Interest Rate % Administrative Fee Rate % Net Mortgage Rate % Monthly Debt Service (P&I) ($) Monthly Debt Service (IO) ($) Annual Debt Service (P&I) ($) Annual Debt Service (IO) ($) Amortization Type ARD Loan (Yes / No) Interest Accrual Method Original Interest-Only Period (Mos.) Remaining Interest-Only Period (Mos.) Original Term To Maturity / ARD (Mos.) Remaining Term To Maturity / ARD (Mos.) Original Amortization Term (Mos.) Remaining Amortization Term (Mos.) Origination Date Seasoning (Mos.) Payment Due Date First Payment Date First P&I Payment Date Maturity Date or Anticipated Repayment Date Final Maturity Date Grace Period - Late Fee (Days) Grace Period - Default (Days) Prepayment Provision Most Recent EGI ($) Most Recent Expenses ($) Most Recent NOI ($) Most Recent NOI Date Most Recent Description Second Most Recent EGI ($) Second Most Recent Expenses ($) Second Most Recent NOI ($) Second Most Recent NOI Date Second Most Recent Description Third Most Recent EGI ($) Third Most Recent Expenses ($) Third Most Recent NOI ($) Third Most Recent NOI Date Third Most Recent Description Underwritten Economic Occupancy (%) Underwritten EGI ($) Underwritten Expenses ($) Underwritten Net Operating Income ($) Underwritten Replacement / FF&E Reserve ($) Underwritten TI / LC ($) Underwritten Net Cash Flow ($) Underwritten NOI DSCR (x) Underwritten NCF DSCR (x) Underwritten NOI Debt Yield (%) Underwritten NCF Debt Yield (%) Appraised Value ($) Appraised Value Type Appraisal Date Cut-off Date LTV Ratio (%) LTV Ratio at Maturity / ARD (%) Leased Occupancy (%) Occupancy Date Single Tenant (Y/N) Largest Tenant Largest Tenant SF Largest Tenant % of NRA Largest Tenant Lease Expiration Date Second Largest Tenant Second Largest Tenant SF Second Largest Tenant % of NRA Second Largest Tenant Lease Expiration Date Third Largest Tenant Third Largest Tenant SF Third Largest Tenant % of NRA Third Largest Tenant Lease Expiration Date Fourth Largest Tenant Fourth Largest Tenant SF Fourth Largest Tenant % of NRA Fourth Largest Tenant Lease Expiration Date Fifth Largest Tenant Fifth Largest Tenant SF Fifth Largest Tenant % of NRA Fifth Largest Tenant Lease Expiration Date Environmental Phase I Report Date Environmental Phase II Report Date Engineering Report Date Seismic Report Date PML or SEL (%) Flood Zone Ownership Interest Ground Lease Expiration Date Ground Lease Extension Terms Annual Ground Lease Payment as of the Cut-off Date ($) Annual Ground Rent Increases (Y/N) Upfront RE Tax Reserve ($) Monthly RE Tax Reserve ($) Upfront Insurance Reserve ($) Monthly Insurance Reserve ($) Upfront Replacement / PIP Reserve ($) Monthly Replacement / FF&E Reserve ($) Replacement Reserve Caps ($) Upfront TI/LC Reserve ($) Monthly TI/LC Reserve ($) TI/LC Caps ($) Upfront Debt Service Reserve ($) Monthly Debt Service Reserve ($) Debt Service Reserve Cap ($) Upfront Deferred Maintenance Reserve ($) Upfront Other Reserve ($) Monthly Other Reserve ($) Other Reserve Description Other Reserve Cap ($) Holdback/ Earnout Amount ($) Holdback/ Earnout Description Lockbox Type Cash Management Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N)  Tenant Specific Excess Cash Trap Trigger (Y/N)  Pari Passu (Y/N) Pari Passu in Trust Controlling (Y/N) Trust Pari Passu Cut-off Date Balance ($) Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($) Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) Subordinate Companion Loan Cut-off Date Balance ($) Subordinate Companion Loan Interest Rate Whole Loan Cut-off Date Balance ($) Whole Loan Monthly Debt Service ($) Whole Loan Cut-off Date LTV Ratio (%) Whole Loan Underwritten NCF DSCR (x) Whole Loan Underwritten NOI Debt Yield (%) Mezzanine Debt Cut-off Date Balance($) Mezzanine Debt Interest Rate (%) Total Debt Cut-off Date Balance ($) Total Debt Monthly Debt Service ($) Total Debt Cut-off Date LTV Ratio (%) Total Debt Underwritten NCF DSCR (x) Total Debt Underwritten NOI Debt Yield (%) Future Additional Debt Permitted (Y/N) Future Debt Permitted Type Sponsor Non-Recourse Carveout Guarantor Delaware Statutory Trust
(Y/N)		 Tenants-in-common
(Y/N)		 Loan Purpose Property Located Within a Qualified Opportunity Zone (Y/N) Sources: Loan Amount ($) Sources: Principal's New Cash Contribution ($) Sources: Subordinate Debt ($) Sources: Other Sources ($) Sources: Total Sources ($) Uses: Loan Payoff ($) Uses: Purchase Price ($) Uses: Closing Costs ($) Uses: Reserves ($) Uses: Principal Equity Distribution ($) Uses: Other Uses ($) Uses: Total Uses ($) Franchise Agreement Expiration Underwritten ADR ($) Underwritten RevPAR ($) Underwritten Hotel Occupancy (%) Most Recent ADR ($) Most Recent RevPAR ($) Most Recent Hotel Occupancy (%) Second Most Recent ADR ($) Second Most Recent RevPAR ($) Second Most Recent Hotel Occupancy (%) Third Most Recent ADR ($) Third Most Recent RevPAR ($) Third Most Recent Hotel Occupancy (%) Coop - Committed Secondary Debt Coop - Rental Value Coop - LTV as Rental  Coop - Unsold Percent Coop - Sponsor Units Coop - Investor Units Coop - Coop Units Coop - Sponsor/
Investor Carry
1.00 Loan   1 CX - 250 Water Street 10.0% 100.0% BANA/WFB BANA/WFB NAP NAP 250 Water Street Cambridge Middlesex MA 02141 Mixed Use Lab/Office 2022 NAP 479,004 SF 1,109.59 72,000,000 72,000,000 72,000,000 5.50950% TBD 5.50950% NAP 335,161.25 NAP 4,021,935.00 Interest Only - ARD Yes Actual/360 120 114 120 114 0 0 1/27/2023 6 10 3/10/2023 NAP 2/10/2033 2/10/2038 0 0 L(24),YM1(6),DorYM1(83),O(7) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 99.0% 62,561,733 13,277,931 49,283,802 119,751 0 49,164,051 1.66 1.66 9.3% 9.3% 1,090,000,000 Prospective Market Value Upon Completion & Stabilization 1/1/2023 48.8% 48.8% 98.7% 8/1/2023 Yes E.R. Squibb & Sons LLC  472,580 98.7% 10/31/2037 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/24/2022 NAP 6/17/2022 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 Springing 0 0 0 0 0 17,593,844 0 Base Building Work Reserve ($5,932,952); Outstanding TI/LC Reserve ($7,160,274.31); Outstanding Linkage Fees Reserve ($4,500,617.42) 0 0 NAP Hard Springing Yes Yes Yes No 72,000,000 459,500,000 2,138,980.48 2,474,141.73 NAP NAP 531,500,000 2,474,141.73 48.8% 1.66 9.3% NAP NAP NAP NAP NAP NAP NAP No NAP DivcoWest Real Estate Services, LLC, California State Teachers' Retirement System and Teacher Retirement System of Texas DW Propco EF, LLC No No Refinance   531,500,000 7,497,903 0 0 538,997,903 473,876,626 0 3,334,755 17,593,844 0 44,192,678 538,997,903 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
2.00 Loan   1 Fashion Valley Mall 9.7% 100.0% BANA/JPMCB BANA/JPMCB NAP NAP 7007 Friars Road San Diego San Diego CA 92108 Retail Super Regional Mall 1969 2023 1,377,155 SF 326.76 70,000,000 70,000,000 70,000,000 5.73000% TBD 5.73000% NAP 338,892.36 NAP 4,066,708.32 Interest Only No Actual/360 120 118 120 118 0 0 5/25/2023 2 1 7/1/2023 NAP 6/1/2033 NAP 0 0 L(26),D(88),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 (Upfront: $24,345,615), Gap Rent Reserve (Upfront: $4,458,079) 0 0 NAP Hard Springing Yes No Yes No 70,000,000 380,000,000 1,839,701.39 2,178,593.75 NAP NAP 450,000,000 2,178,594 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   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                  
3.00 Loan   1 Soho Beach House Miami 8.3% 100.0% JPMCB/CREFI JPMCB NAP NAP 4385 Collins Avenue Miami Beach Miami-Dade FL 33140 Hospitality Full Service 1940 2010 50 Rooms 2,800,000.00 60,100,000 60,100,000 60,100,000 6.99000% TBD 6.99000% NAP 354,944.76 NAP 4,259,337.12 Interest Only No Actual/360 120 118 120 118 0 0 5/11/2023 2 1 7/1/2023 NAP 6/1/2033 NAP 0 0 L(24),YM1(2),DorYM1(87),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 40,907,280 24,906,361 1,727,405 0 23,178,956 2.51 2.34 17.8% 16.6% 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 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 ($40,439,366); Seasonality Reserve ($420,000) 0 0 NAP Hard Springing Yes No Yes No 60,100,000 79,900,000 471,881.63 826,826.39 NAP NAP 140,000,000 826,826 50.7% 2.34 17.8% NAP NAP NAP NAP NAP NAP NAP No NAP Soho House & Co Inc. US AcquireCo, Inc. No No Refinance   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%                  
5.00 Loan   1 Seagate Campus 6.0% 100.0% WFB WFB NAP NAP 47488 Kato Road Fremont Alameda CA 94538 Industrial R&D/Manufacturing 2010 2016 574,775 SF 299.25 43,000,000 43,000,000 43,000,000 7.04000% TBD 7.04000% NAP 255,770.37 NAP 3,069,244.44 Interest Only No Actual/360 120 118 120 118 0 0 5/24/2023 2 6 7/6/2023 NAP 6/6/2033 NAP 0 0 L(26),D(87),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% 8/1/2023 Yes Seagate  574,775 100.0% 5/31/2028 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 Springing 0 0 0 0 0 0 0 0 0 Springing Free Rent Reserve 0 0 NAP Hard Springing Yes Yes Yes No 43,000,000 129,000,000 767,311.11 1,023,081.48 NAP NAP 172,000,000 1,023,081 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   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                  
6.00 Loan   1 1201 Third Avenue 5.8% 100.0% MSBNA MSMCH NAP NAP 1201 Third Avenue Seattle King WA 98101 Office CBD 1988 NAP 1,129,710 SF 150.48 42,000,000 42,000,000 42,000,000 5.58500% TBD 5.58500% NAP 198,189.93 NAP 2,378,279.16 Interest Only No Actual/360 60 55 60 55 0 0 2/10/2023 5 9 4/9/2023 NAP 3/9/2028 NAP 0 0 L(24),YM1(5),DorYM1(24),O(7) 51,796,212 20,401,758 31,394,453 12/31/2022 T-12 52,866,426 19,817,047 33,049,379 12/31/2021 T-12 55,173,622 18,678,980 36,494,642 12/31/2020 T-12 100.0% 51,349,507 21,283,998 30,065,509 225,942 3,282,704 26,556,863 3.12 2.76 17.7% 15.6% 556,500,000 As Is 12/1/2022 30.5% 30.5% 81.1% 1/1/2023 No Perkins Coie 296,843 26.3% 12/31/2026 WeWork 114,679 10.2% 6/30/2034 Kimley-Horn 46,058 4.1% 12/31/2034 Accolade, Inc. 45,083 4.0% 3/31/2030 Hargis Engineering 44,609 3.9% 12/31/2024 12/8/2022 NAP 12/8/2022 12/8/2022 14% No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 21,322,779 0 Upfront Rollover Deposit ($17,567,429.00); Free Rent ($3,755,350.00) 0 0 NAP Hard Springing Yes Yes Yes Yes 42,000,000 128,000,000 604,007.41 802,197.34 NAP NAP 170,000,000 802,197.34 30.5% 2.76 17.7% NAP NAP NAP NAP NAP NAP NAP No NAP MetLife, Inc. and New York Common Retirement Fund NAP No No Refinance   170,000,000 89,973,080 0 0 259,973,080 236,517,648 0 2,132,653 21,322,779 0 0 259,973,080 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
7.00 Loan   1 One & Two Commerce Square 5.4% 100.0% BANA/JPMCB BANA/JPMCB NAP NAP 2001 and 2005 Market Street Philadelphia Philadelphia PA 19103 Office CBD 1987; 1992 2013 1,896,143 SF 116.03 39,166,667 39,166,667 39,166,667 7.78750% TBD 7.78750% NAP 257,705.56 NAP 3,092,466.72 Interest Only No Actual/360 60 58 60 58 0 0 6/1/2023 2 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 80.5% 57,815,225 25,392,147 32,423,078 474,036 2,844,215 29,104,827 1.87 1.68 14.7% 13.2% 428,000,000 As Is 3/30/2023 51.4% 51.4% 80.6% 5/17/2023 No Price Water House Coopers LLP 138,413 7.3% 4/30/2030 Fox Rothschild 79,337 4.2% 11/30/2040 Stradley, Ronon, Stevens & Youn 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 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 Yes 39,166,667 180,833,333 1,189,832.06 1,447,537.62 NAP NAP 220,000,000 1,447,537.62 51.4% 1.68 14.7% NAP NAP NAP NAP NAP NAP NAP No NAP Brandywine Operating Partnership, L.P. Brandywine Operating Partnership, L.P. No No Refinance   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                  
8.00 Loan   1 Brandon Mall 5.0% 100.0% WFB WFB NAP NAP 175, 459, 303-675, 686 & 901 Brandon Town Center Drive Brandon Hillsborough FL 33511 Retail Super Regional Mall 1995 2022 659,882 SF 183.37 36,000,000 36,000,000 36,000,000 7.62000% TBD 7.62000% NAP 231,775.00 NAP 2,781,300.00 Interest Only No Actual/360 60 58 60 58 0 0 5/24/2023 2 11 7/11/2023 NAP 6/11/2028 NAP 0 0 L(26),D(27),O(7) 35,918,311 11,974,859 23,943,452 3/31/2023 T-12 35,352,664 11,742,048 23,610,616 12/31/2022 T-12 32,345,937 10,377,649 21,968,288 12/31/2021 T-12 81.2% 35,463,843 12,244,308 23,219,535 131,976 1,319,764 21,767,794 2.48 2.33 19.2% 18.0% 221,220,000 As Is 3/16/2023 54.7% 54.7% 70.4% 4/6/2023 No Dick's Sporting Goods 45,000 6.8% 1/31/2028 Books-A-Million 17,383 2.6% 1/31/2028 Forever 21 11,179 1.7% MTM Victoria's Secret 11,129 1.7% 1/31/2028 The Cheesecake Factory 10,203 1.5% 1/31/2028 3/14/2023 NAP 4/12/2023 NAP NAP No Fee NAP NAP NAP NAP 2,223,137 317,591 0 Springing 4,000,000 10,998 0 4,000,000 109,980 0 0 0 0 0 1,173,739 0 Gap Rent Reserve Funds ($136,312); Rent Concession Reserve Funds ($89,507); Exisiting TI/LC Reserve Funds ($947,920) 0 0 NAP Hard Springing Yes Yes Yes No 36,000,000 85,000,000 547,246.53 779,021.53 NAP NAP 121,000,000 779,021.53 54.7% 2.33 19.2% NAP NAP NAP NAP NAP NAP NAP No NAP NADG (US) LLLP and North American Property Group NADG (US) LLLP and North American Property Group No No Acquisition   121,000,000 113,322,437 0 0 234,322,437 0 220,000,000 2,925,561 11,396,876 0 0 234,322,437 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
9.00 Loan   1 Cumberland Mall 4.6% 100.0% MSBNA MSMCH NAP NAP 2860 Cumberland Mall Southeast Atlanta Cobb GA 30339 Retail Super Regional Mall 1973 2006-2016 709,318 SF 253.76 33,000,000 33,000,000 33,000,000 7.87000% TBD 7.87000% NAP 219,430.90 NAP 2,633,170.80 Interest Only No Actual/360 60 57 60 57 0 0 4/14/2023 3 1 6/1/2023 NAP 5/1/2028 NAP 0 0 L(27),D(29),O(4) 32,341,156 8,275,516 24,065,640 1/31/2023 T-12 32,192,386 7,869,157 24,323,229 12/31/2022 T-12 30,319,446 7,094,622 23,224,824 12/31/2021 T-12 96.5% 32,871,677 8,090,891 24,780,787 177,330 739,588 23,863,869 1.73 1.66 13.8% 13.3% 368,000,000 As Is 2/28/2023 48.9% 48.9% 98.7% 3/31/2023 No Costco 147,409 20.8% 11/30/2026 Round 1 Bowling & Amusement 83,600 11.8% 2/28/2031 Dick's Sporting Goods 70,984 10.0% 1/31/2031 Forever 21 25,748 3.6% 1/31/2027 H&M 24,655 3.5% 1/31/2032 3/1/2023 NAP 3/1/2023 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 1,987,019 Springing 1,415,412 0 0 0 0 267,919 Springing Gap Rent Reserve ($267,919), Anchor Tenant Reserve (Springing) 0 0 NAP Hard Springing Yes No Yes No 33,000,000 147,000,000 977,464.93 1,196,895.83 NAP NAP 180,000,000 1,196,895.83 48.9% 1.66 13.8% NAP NAP NAP NAP NAP NAP NAP No NAP BPR Nimbus LLC BPR Nimbus LLC No No Refinance   180,000,000 0 0 0 180,000,000 160,491,051 0 1,638,600 2,254,938 15,615,412 0 180,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
10.00 Loan   1 1825 K Street NW 4.4% 100.0% JPMCB JPMCB NAP NAP 1825 K Street Northwest Washington District of Columbia DC 20006 Office CBD 1966 2019 260,419 SF 161.28 32,000,000 32,000,000 32,000,000 7.54700% TBD 7.54700% NAP 204,048.52 NAP 2,448,582.24 Interest Only No Actual/360 60 59 60 59 0 0 6/26/2023 1 5 8/5/2023 NAP 7/5/2028 NAP 0 0 L(25),D(31),O(4) 12,134,530 4,096,510 8,038,020 2/28/2023 T-12 12,167,157 3,970,309 8,196,848 12/31/2022 T-12 11,429,022 4,076,932 7,352,090 12/31/2021 T-12 76.1% 9,767,529 4,124,341 5,643,188 52,084 0 5,591,105 1.76 1.74 13.4% 13.3% 79,200,000 As Is 3/30/2023 53.0% 53.0% 73.3% 6/1/2023 No Union of Concerned Scientists 27,007 10.4% 4/30/2026 TD International, LLC 13,731 5.3% 12/31/2029 Local Initiatives Support Corp 11,742 4.5% 2/29/2032 The Morris & Gwendolyn Cafritz Foundation 11,329 4.4% 6/30/2037 BBGM/Architects & Interiors 10,555 4.1% 1/31/2030 4/12/2023 NAP 4/12/2023 NAP NAP No Fee NAP NAP NAP NAP 672,650 143,193 0 Springing 4,341 4,341 0 3,000,000 37,978 0 0 0 0 0 810,650 0 Free Rent Reserve ($619,462); Outstanding TI Reserve ($191,188) 0 0 NAP Hard Springing Yes No Yes Yes 32,000,000 10,000,000 63,765.16 267,813.68 NAP NAP 42,000,000 267,813.68 53.0% 1.74 13.4% NAP NAP NAP NAP NAP NAP NAP No NAP The Morris and Gwendolyn Cafritz Foundation The Morris and Gwendolyn Cafritz Foundation No No Refinance   42,000,000 18,354,493 0 0 60,354,493 52,780,814 0 3,086,038 4,487,641 0 0 60,354,493 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
11.00 Loan   1 Prada Waikiki 3.7% 100.0% WFB WFB NAP NAP 2174 & 2176 Kalakaua Avenue Honolulu Honolulu HI 96815 Retail Single Tenant 1995 2023 5,840 SF 4,620.15 27,000,000 26,981,699 23,427,428 6.72800% TBD 6.72800% 174,726.82 NAP 2,096,721.84 NAP Amortizing Balloon No Actual/360 0 0 120 119 360 359 6/30/2023 1 1 8/1/2023 8/1/2023 7/1/2033 NAP 5 5 L(25),D(91),O(4) 3,043,200 208,769 2,834,431 12/31/2022 T-12 2,167,200 207,051 1,960,149 12/31/2021 T-12 2,041,487 172,542 1,868,945 12/31/2020 T-12 95.0% 3,121,592 242,686 2,878,906 2,394 0 2,876,512 1.37 1.37 10.7% 10.7% 60,500,000 As Is 5/22/2023 44.6% 38.7% 100.0% 8/1/2023 Yes Prada USA Corp. 5,840 100.0% 12/31/2035 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/10/2023 NAP 5/9/2023 NAP NAP Yes Fee NAP NAP NAP NAP 0 Springing 0 2,686 0 0 0 0 0 0 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 Yoko Kimura, Akiko Kimura, the Akiko Kimura Revocable Living Trust Dated 05/22/92, Yuko Kimura-Drye, and the Yuko Kimura-Drye Revocable Living Trust Dated 05/22/92 Yoko Kimura, Akiko Kimura, the Akiko Kimura Revocable Living Trust Dated 05/22/92, Yuko Kimura-Drye, and the Yuko Kimura-Drye Revocable Living Trust Dated 05/22/92 No No Refinance   27,000,000 0 0 0 27,000,000 24,861,111 0 711,728 0 1,427,162 0 27,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
12.00 Loan   1 22330 Glenn Drive 3.7% 100.0% JPMCB JPMCB Group 1 NAP 22330 Glenn Drive Sterling Loudoun VA 20164 Office Suburban 2016 NAP 167,440 SF 157.31 26,340,000 26,340,000 26,340,000 8.13900% TBD 8.13900% NAP 181,132.31 NAP 2,173,587.72 Interest Only No Actual/360 60 59 60 59 0 0 6/23/2023 1 1 8/1/2023 NAP 7/1/2028 NAP 0 0 L(24),YM1(29),O(7) 5,690,256 1,903,581 3,786,674 12/31/2022 T-12 5,564,097 1,791,382 3,772,716 12/31/2021 T-12 5,548,547 1,665,913 3,882,634 12/31/2020 T-12 100.0% 5,726,916 1,740,634 3,986,281 0 33,488 3,952,793 1.83 1.82 15.1% 15.0% 45,000,000 As Is 5/4/2023 58.5% 58.5% 100.0% 8/1/2023 Yes GSA - U.S. Customs 167,440 100.0% 8/16/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/11/2023 NAP 5/16/2023 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   26,340,000 0 0 0 26,340,000 0 0 298,900 0 0 26,041,100 26,340,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
13.00 Loan   1 Mariposa Shopping Center 3.5% 100.0% MSBNA MSMCH NAP NAP 204-340 West Mariposa Road Nogales Santa Cruz AZ 85621 Retail Anchored 1991-1994 NAP 255,574 SF 97.82 25,000,000 25,000,000 25,000,000 6.71000% TBD 6.71000% NAP 141,733.22 NAP 1,700,798.64 Interest Only No Actual/360 120 119 120 119 0 0 6/15/2023 1 1 8/1/2023 NAP 7/1/2033 NAP 0 5 L(25),D(91),O(4) 2,655,925 725,378 1,930,547 3/31/2023 T-3 Annualized 2,707,990 851,837 1,856,153 12/31/2022 T-12 2,570,626 845,965 1,724,661 12/31/2021 T-12 89.6% 3,492,501 879,858 2,612,642 38,336 166,898 2,407,408 1.54 1.42 10.5% 9.6% 38,500,000 As Is 5/15/2023 64.9% 64.9% 92.4% 5/22/2023 No Hobby Lobby Stores 50,213 19.6% 8/1/2028 JC Penney Co. 49,520 19.4% 10/31/2028 Ross Dress For Less 31,544 12.3% 1/31/2029 Marshalls 21,000 8.2% 11/30/2028 Old Navy 20,058 7.8% 1/31/2033 5/22/2023 NAP 5/22/2023 NAP NAP Yes - AE Fee NAP NAP NAP NAP 91,008 18,202 0 Springing 0 3,195 76,672 337,358 14,057 337,358 0 0 0 125,313 342,125 0 Five Below Gap Rent ($58,680); Five Below Outstanding TI ($90,000); Five Below Free Rent ($33,750); Old Navy Abated Rent ($159,695) 0 0 NAP Soft Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Mark Vakili Mark Vakili and The Vakili Family Trust Dated August 2, 1999 No Yes Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
14.00 Loan   1 Hampton Inn Kearny Mesa 3.4% 100.0% BANA BANA NAP NAP 5434 Kearny Mesa Road San Diego San Diego CA 92111 Hospitality Limited Service 1989 2016 146 Rooms 168,732.88 24,635,000 24,635,000 22,874,059 8.29500% TBD 8.29500% 185,854.44 172,654.57 2,230,253.28 2,071,854.84 Interest Only, Amortizing Balloon No Actual/360 24 24 120 120 360 360 7/18/2023 0 1 9/1/2023 9/1/2025 8/1/2033 NAP 5 4 L(24),D(89),O(7) 7,189,923 3,726,419 3,463,504 4/30/2023 T-12 6,908,537 3,448,349 3,460,188 12/31/2022 T-12 4,313,592 2,608,854 1,704,738 12/31/2021 T-12 72.8% 7,189,923 3,614,546 3,575,377 391,341 0 3,184,036 1.60 1.43 14.5% 12.9% 37,900,000 Prospective Market Value Upon Completion 1/27/2025 65.0% 60.4% 72.7% 4/30/2023 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/3/2023 NAP 2/3/2023 1/24/2023 7% No Fee/Leasehold 4/22/2028 2, 10-year 10/27/2125 Yes 79,734 15,947 25,556 6,992 0 4% of previous month's total gross revenue 0 0 0 0 0 0 0 10,380 2,973,613 Springing PIP Reserve ($2,951,765); Ground Rent Reserve ($21,848) 0 0 NAP Hard In Place Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Jeffrey A. Carlstead Jeffrey A. Carlstead No No Refinance                           6/30/2034 $177.79 $129.40 72.8% $178.09 $129.40 72.7% $174.41 $124.46 71.4% $143.29 $78.48 54.8%                  
15.00 Loan   1 Jacksonville Marriott 3.3% 100.0% WFB WFB NAP NAP 4670 Salisbury Road Jacksonville Duval FL 32256 Hospitality Full Service 1986 2019/2020 255 Rooms 92,156.86 23,500,000 23,500,000 21,235,727 6.83700% TBD 6.83700% 153,782.05 135,750.85 1,845,384.60 1,629,010.20 Interest Only, Amortizing Balloon No Actual/360 24 22 120 118 360 360 6/1/2023 2 11 7/11/2023 7/11/2025 6/11/2033 NAP 0 0 L(26),D(90),O(4) 11,910,590 8,100,306 3,810,284 5/31/2023 T-12 9,966,193 7,210,042 2,756,152 12/31/2022 T-12 8,599,616 6,175,681 2,423,935 12/31/2021 T-12 56.2% 11,910,590 8,123,262 3,787,328 476,424 0 3,310,905 2.05 1.79 16.1% 14.1% 51,300,000 As Is 4/21/2023 45.8% 41.4% 56.2% 5/31/2023 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/26/2023 NAP 4/25/2023 NAP NAP No Fee NAP NAP NAP NAP 181,720 25,960 0 Springing 0 37,805 0 0 0 0 0 0 0 0 167,000 0 Seasonality Reserve 0 0 NAP Hard Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP 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                           8/28/2045 $162.87 $91.60 56.2% $162.87 $91.60 56.2% $158.30 $75.03 47.4% $132.83 $67.00 50.4%                  
16.00 Loan   1 Promenade at Carolina Reserve 3.0% 100.0% MSBNA MSMCH NAP NAP 7780-7822 Charlotte Highway Indian Land Lancaster SC 29707 Retail Anchored 2018 NAP 221,054 SF 96.81 21,400,000 21,400,000 19,699,317 6.92000% TBD 6.92000% 141,226.82 125,120.65 1,694,721.84 1,501,447.80 Interest Only, Amortizing Balloon No Actual/360 36 35 120 119 360 360 6/8/2023 1 1 8/1/2023 8/1/2026 7/1/2033 NAP 5 5 L(25),D(90),O(5) 3,255,858 755,860 2,499,998 12/31/2022 T-12 NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0% 3,228,703 836,883 2,391,820 33,158 149,102 2,209,560 1.41 1.30 11.2% 10.3% 34,200,000 As Is 4/24/2023 62.6% 57.6% 100.0% 5/1/2023 No Hobby Lobby 55,000 24.9% 8/31/2033 Burlington 40,000 18.1% 2/28/2029 Ross Dress for Less 22,000 10.0% 1/31/2029 Homegoods 21,000 9.5% 4/30/2029 TJ Maxx 20,500 9.3% 11/30/2028 5/8/2023 NAP 5/8/2023 NAP NAP No Fee NAP NAP NAP NAP 344,659 57,443 8,383 4,191 0 2,763 0 0 11,974 0 0 0 0 2,500 384,819 0 Petco SNDA Reserve ($303,839.89); CAM Reconciliation Reserve ($80,978.91) 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 Manish Gandhi and Dilip Gandhi Manish Gandhi and Dilip Gandhi No No Acquisition                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
17.00 Loan   1 Hilton Garden Inn Pittsburgh Airport 2.0% 100.0% JPMCB JPMCB NAP NAP 9600 University Boulevard Moon Township Allegheny PA 15108 Hospitality Select Service 2017 NAP 139 Rooms 102,517.99 14,250,000 14,250,000 14,250,000 7.49000% TBD 7.49000% NAP 90,179.08 NAP 1,082,148.96 Interest Only No Actual/360 120 119 120 119 0 0 6/29/2023 1 5 8/5/2023 NAP 7/5/2033 NAP 0 0 L(25),D(92),O(3) 6,219,353 3,939,127 2,280,226 5/31/2023 T-12 5,668,254 3,647,852 2,020,401 12/31/2022 T-12 4,000,932 2,742,122 1,258,809 12/31/2021 T-12 75.5% 6,219,353 3,941,176 2,278,177 248,774 0 2,029,403 2.11 1.88 16.0% 14.2% 24,400,000 As Is 5/25/2023 58.4% 58.4% 75.5% 5/31/2023 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/25/2023 NAP 5/25/2023 NAP NAP No Fee NAP NAP NAP NAP 182,738 19,009 4,880 4,880 20,549 20,549 0 0 0 0 0 0 0 0 100,000 Springing FRCM Reserve 0 0 NAP Hard Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Synergy Development Company Allan Edwin Wampler and Mary Ellen Wampler No No Refinance                           9/30/2036 $144.23 $108.94 75.5% $144.23 $108.94 75.5% $143.06 $99.55 69.6% $117.49 $71.08 60.5%                  
18.00 Loan   1 Lorton Station Medical Center - VA 1.9% 100.0% WFB WFB NAP NAP 8986-8988 Lorton Station Boulevard Lorton Fairfax VA 22079 Office Medical 2006 NAP 40,907 SF 330.02 13,500,000 13,500,000 13,500,000 7.59600% TBD 7.59600% NAP 86,641.88 NAP 1,039,702.56 Interest Only No Actual/360 120 119 120 119 0 0 6/30/2023 1 11 8/11/2023 NAP 7/11/2033 NAP 0 0 L(25),YM1(91),O(4) 2,025,104 626,989 1,398,115 4/30/2023 T-12 2,017,538 632,813 1,384,725 12/31/2022 T-12 2,209,870 708,522 1,501,348 12/31/2021 T-12 95.0% 1,910,778 513,531 1,397,247 8,181 31,157 1,357,908 1.34 1.31 10.3% 10.1% 21,100,000 As Is 5/8/2023 64.0% 64.0% 100.0% 6/12/2023 No INOVA Fairfax Family Practice 7,310 17.9% 5/31/2027 Fresenius / Biomedical Application 7,000 17.1% 12/31/2025 Washington Behavioral Health 5,900 14.4% 3/31/2033 Sentara / Potomac Hospital Corp. of Prince William 3,891 9.5% 6/30/2025 Washington Behavioral Group 3,087 7.5% 8/31/2032 5/17/2023 NAP 5/18/2023 NAP NAP No Fee NAP NAP NAP NAP 33,528 16,764 6,147 683 97,000 682 0 0 7,329 263,850 0 0 0 98,000 0 0 NAP 0 0 NAP Soft 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 Alberto Herrera MD, Katherine B. Herrera, and the Herrera Family Trust Alberto Herrera MD, Katherine B. Herrera, and the Herrera Family Trust No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
19.00 Loan   1 Union Square 1.8% 100.0% WFB WFB NAP NAP 100-580 Union Square Drive  New Hope Bucks PA 18938 Mixed Use Office/Retail 1868 2004 114,333 SF 115.89 13,250,000 13,250,000 13,250,000 6.74800% TBD 6.74800% NAP 75,544.02 NAP 906,528.24 Interest Only No Actual/360 120 118 120 118 0 0 5/30/2023 2 11 7/11/2023 NAP 6/11/2033 NAP 0 0 L(26),D(90),O(4) 2,811,529 1,183,323 1,628,206 3/31/2023 T-12 2,719,195 1,102,016 1,617,180 12/31/2022 T-12 2,430,857 1,076,236 1,354,621 12/31/2021 T-12 79.3% 2,552,000 1,122,505 1,429,495 41,442 87,080 1,300,974 1.58 1.44 10.8% 9.8% 20,650,000 As Is 5/2/2023 64.2% 64.2% 76.9% 5/10/2023 No BioPharm 13,700 12.0% 6/30/2026 Triumph Brewery 12,132 10.6% 6/30/2023 MeetMe/Insider Guides 10,046 8.8% 3/31/2024 Bucks County Childrens Mus. 9,172 8.0% 10/31/2025 Poolside Tech 8,564 7.5% 3/31/2026 5/19/2022 NAP 5/19/2022 NAP NAP No Fee NAP NAP NAP NAP 117,400 23,480 0 Springing 100,000 1,906 100,000 100,000 5,000 100,000 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP George F. Michael Jr. George F. Michael, Jr. No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
20.00 Loan   1 Barbours Cut Port IOS 1.8% 100.0% WFB WFB NAP NAP 816 West Barbours Cut Boulevard La Porte Harris TX 77571 Industrial Other 1980; 1988; 1998 2013; 2018 100 Acres 935,000.00 12,825,000 12,825,000 12,825,000 7.20000% TBD 7.20000% NAP 78,018.75 NAP 936,225.00 Interest Only No Actual/360 120 118 120 118 0 0 5/9/2023 2 6 7/6/2023 NAP 6/6/2033 NAP 0 0 L(26),D(90),O(4) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0% 11,818,628 1,258,086 10,560,543 0 0 10,560,543 1.55 1.55 11.3% 11.3% 186,000,000 As Is 4/19/2023 50.3% 50.3% 100.0% 4/21/2023 No Ceres Terminals 76 75.7% 6/30/2037 Dragon Products 24 24.3% 6/30/2037 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/26/2023 NAP 4/27/2023 NAP NAP No Fee/Leasehold 12/31/2043 6, 10-year options; 1, 9-year option 8/18/2515 No 195,426 32,571 50,000 Springing 0 18,149 650,000 0 0 0 0 0 0 31,313 37,476 Springing Ground Rent 37,476 0 NAP Hard Springing Yes Yes Yes No 12,825,000 80,675,000 490,772.92 568,791.67 NAP NAP 93,500,000 568,791.67 50.3% 1.55 11.3% NAP NAP NAP NAP NAP NAP NAP No NAP The Modern Group, Ltd. The Modern Group, Ltd. No No Recapitalization                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
21.00 Loan   1 145 Rio Robles Drive 1.2% 100.0% JPMCB JPMCB Group 1 NAP 145 Rio Robles San Jose Santa Clara CA 95134 Mixed Use Office/Lab/Industrial 1984 2010 57,586 SF 145.87 8,400,000 8,400,000 8,400,000 7.30500% TBD 7.30500% NAP 51,845.21 NAP 622,142.52 Interest Only No Actual/360 120 119 120 119 0 0 6/30/2023 1 1 8/1/2023 NAP 7/1/2033 NAP 0 0 L(24),YM1(89),O(7) 1,676,044 475,112 1,200,932 12/31/2022 T-12 2,127,358 425,501 1,701,858 12/31/2021 T-12 NAV NAV NAV NAV NAV 95.0% 1,852,801 497,231 1,355,570 11,517 86,379 1,257,674 2.18 2.02 16.1% 15.0% 21,600,000 As Is 4/24/2023 38.9% 38.9% 100.0% 8/1/2023 Yes Kawasaki Robotics (USA), Inc. 57,586 100.0% 7/31/2033 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/15/2023 NAP 5/16/2023 5/16/2023 12% Yes - AO Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 0 Springing 0 0 0 0 0 610,210 0 Outstanding TI/LC Reserve ($551,695.12); Free Rent Reserve ($58,514.81) 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                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
22.00 Loan   1 Central Westchester Tenants Corp 1.1% 100.0% NCB WFB NAP NAP 100 East Hartsdale Avenue Hartsdale Westchester NY 10530 Multifamily Cooperative 1969 1981 240 Units 33,062.98 8,000,000 7,935,115 6,736,948 5.69000% TBD 5.69000% 46,381.35 NAP 556,576.20 NAP Amortizing Balloon No Actual/360 0 0 120 112 360 352 11/29/2022 8 1 1/1/2023 1/1/2023 12/1/2032 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 94.8% 7,747,440 2,640,006 5,107,434 68,000 0 5,039,434 9.18 9.05 64.4% 63.5% 65,500,000 As Is 10/11/2022 12.1% 10.3% 94.8% 10/11/2022 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 10/26/2022 NAP 10/26/2022 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP None None NAP NAP No NAP NAP NAP NAP NAP 1,000,000 greater of 3.70% or the Prime Rate 8,935,115 53,351.84 13.6% 7.87 57.2% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP          1,000,000            84,000,000 9.4% 0.0% 0 0 0 NAP
23.00 Loan   1 South Athens Storage 0.8% 100.0% MSBNA MSMCH NAP NAP 7227 Highway 19 South Athens Henderson TX 75752 Self Storage Self Storage 2005, 2008, 2020 2020 80,885 SF 69.23 5,600,000 5,600,000 5,600,000 6.89000% TBD 6.89000% NAP 32,599.91 NAP 391,198.92 Interest Only No Actual/360 120 119 120 119 0 0 6/14/2023 1 1 8/1/2023 NAP 7/1/2033 NAP 5 5 L(25),D(90),O(5) 820,819 284,100 536,720 4/30/2023 T-12 806,689 282,575 524,114 12/31/2022 T-12 645,273 236,178 409,095 12/31/2021 T-12 86.9% 820,819 280,786 540,033 8,089 0 531,944 1.38 1.36 9.6% 9.5% 9,500,000 As Is 5/4/2023 58.9% 58.9% 89.5% 5/31/2023 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/12/2023 NAP 5/12/2023 NAP NAP No Fee NAP NAP NAP NAP 26,313 3,759 0 Springing 0 674 40,442 0 0 0 0 0 0 7,750 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Andrew Kangera and Rade Kangera Andrew Kangera and Rade Kangera No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
24.00 Loan   1 Tracy Tenants Corp 0.7% 100.0% NCCB WFB NAP NAP 243/245 East 24th Street a/k/a 421/427 Second Avenue New York New York NY 10010 Multifamily Cooperative 1961 2003 160 Units 31,061.24 5,000,000 4,969,799 4,231,722 5.87000% TBD 5.87000% 29,560.91 NAP 354,730.92 NAP Amortizing Balloon No Actual/360 0 0 120 114 360 354 1/3/2023 6 1 3/1/2023 3/1/2023 2/1/2033 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 96.0% 6,372,648 3,061,147 3,311,501 80,500 0 3,231,001 9.34 9.11 66.6% 65.0% 92,100,000 As Is 10/11/2022 5.4% 4.6% 96.0% 10/11/2022 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 10/19/2022 NAP 10/17/2022 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 250,000 0 Collateral Security Agreement For Capital Improvements 0 0 NAP None None NAP NAP No NAP NAP NAP NAP NAP 1,000,000 greater of 4.50% or the Prime Rate 5,969,799 36,531.40 6.5% 7.37 55.5% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP          1,000,000            56,000,000 8.9% 10.0% 16 0 0 218,462
25.00 Loan   1 Seven Points Storage 0.6% 100.0% MSBNA MSMCH NAP NAP 1309 North Seven Points Boulevard Kemp Henderson TX 75143 Self Storage Self Storage 2002, 2006, 2009, 2010, 2020 NAP 82,320 SF 48.59 4,000,000 4,000,000 4,000,000 6.99000% TBD 6.99000% NAP 23,623.61 NAP 283,483.32 Interest Only No Actual/360 120 119 120 119 0 0 6/16/2023 1 1 8/1/2023 NAP 7/1/2033 NAP 5 5 L(25),D(90),O(5) 530,709 133,784 396,925 5/31/2023 T-12 482,105 134,151 347,953 12/31/2022 T-12 NAV NAV NAV NAV NAV 93.4% 553,142 183,294 369,848 8,232 0 361,616 1.30 1.28 9.2% 9.0% 6,200,000 As Is 5/4/2023 64.5% 64.5% 92.9% 5/1/2023 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/16/2023 NAP 5/16/2023 NAP NAP No Fee NAP NAP NAP NAP 6,699 957 0 Springing 0 686 0 0 0 0 0 0 0 11,688 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP AMR Capital Gordon Rush Graves, Jr. No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                  
26.00 Loan   1 60-68 Apartments Corp 0.5% 100.0% NCCB WFB NAP NAP 60-66 West 68th Street New York New York NY 10023 Multifamily Cooperative 1920 2021 68 Units 47,794.12 3,250,000 3,250,000 3,250,000 5.68000% TBD 5.68000% NAP 15,596.99 NAP 187,163.88 Interest Only No Actual/360 120 112 120 112 0 0 11/30/2022 8 1 1/1/2023 NAP 12/1/2032 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 94.7% 3,129,610 1,540,961 1,588,649 17,100 0 1,571,549 8.49 8.40 48.9% 48.4% 79,200,000 As Is 9/20/2022 4.1% 4.1% 94.7% 9/20/2022 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 10/4/2022 NAP 10/6/2022 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP None None NAP NAP No NAP NAP NAP NAP NAP 500,000 greater of 3.50% or the Prime Rate 3,750,000 19,082.23 4.7% 6.86 42.4% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP             500,000            29,900,000 10.9% 0.0% 0 0 0 NAP
27.00 Loan   1 Meadow Apartments Corp 0.4% 100.0% NCB WFB NAP NAP 110-11/110-19 64th Road a/k/a 110-11/110-65 64th Road a/k/a 110-12/110-44 64th Avenue Forest Hills Queens NY 11375 Multifamily Cooperative 1950 2011 49 Units 61,224.49 3,000,000 3,000,000 3,000,000 5.80000% TBD 5.80000% NAP 14,701.39 NAP 176,416.68 Interest Only No Actual/360 120 112 120 112 0 0 11/9/2022 8 1 1/1/2023 NAP 12/1/2032 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 97.0% 1,435,497 531,920 903,577 24,000 0 879,577 5.12 4.99 30.1% 29.3% 27,000,000 As Is 9/27/2022 11.1% 11.1% 97.0% 9/27/2022 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 10/11/2022 NAP 10/12/2022 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP None None NAP NAP No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP               16,000,000 18.8% 10.2% 5 0 0 -22,174
28.00 Loan   1 Elmhurst House, Inc 0.4% 100.0% NCCB WFB NAP NAP 88-11 Elmhurst Avenue Elmhurst Queens NY 11373 Multifamily Cooperative 1937 2003 81 Units 31,979.40 2,600,000 2,590,331 2,206,460 5.95000% TBD 5.95000% 15,504.83 NAP 186,057.96 NAP Amortizing Balloon No Actual/360 0 0 120 116 360 356 3/31/2023 4 1 5/1/2023 5/1/2023 4/1/2033 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 98.0% 2,096,730 784,570 1,312,160 20,500 0 1,291,660 7.05 6.94 50.7% 49.9% 30,700,000 As Is 1/5/2023 8.4% 7.2% 98.0% 1/5/2023 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 1/5/2023 NAP 1/11/2023 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 443,164 0 Collateral Security Agreement For Capital Improvements 0 0 NAP None None NAP NAP No NAP NAP NAP NAP NAP 500,000 greater of 4.50% or the Prime Rate 3,090,331 18,990.07 10.1% 5.67 42.5% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP             500,000            24,600,000 10.5% 14.8% 0 12 0 126,557
29.00 Loan   1 402-414 Bay Ridge Parkway 0.3% 100.0% NCB WFB NAP NAP 402-414 Bay Ridge Parkway Brooklyn Kings NY 11209 Multifamily Cooperative 1925 NAP 59 Units 42,323.90 2,500,000 2,497,110 2,328,617 6.05000% TBD 6.05000% 13,842.58 NAP 166,110.96 NAP Amortizing Balloon No Actual/360 0 0 120 117 480 477 4/13/2023 3 1 6/1/2023 6/1/2023 5/1/2033 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 95.0% 1,147,520 527,800 619,720 15,000 0 604,720 3.73 3.64 24.8% 24.2% 16,240,000 As Is 11/30/2022 15.4% 14.3% 95.0% 11/30/2022 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 12/9/2022 NAP 12/13/2022 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 $350,000, $60,000 0 Collateral Security Agreement For Capital Improvements, Collateral Security Agreement Re: Maintenance Arrears 0 0 NAP None None NAP NAP No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP               10,500,000 23.8% 57.6% 34 0 0 311,380
30.00 Loan   1 22 Irving Place Corp 0.2% 100.0% NCCB WFB NAP NAP 22 Irving Place New York New York NY 10003 Multifamily Cooperative 1880 2003 29 Units 51,724.14 1,500,000 1,500,000 1,500,000 5.81000% TBD 5.81000% NAP 7,363.37 NAP 88,360.44 Interest Only No Actual/360 120 112 120 112 0 0 11/18/2022 8 1 1/1/2023 NAP 12/1/2032 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 95.0% 1,145,092 388,488 756,604 4,100 0 752,504 8.56 8.52 50.4% 50.2% 12,800,000 As Is 9/8/2022 11.7% 11.7% 95.0% 9/8/2022 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 9/16/2022 NAP 9/21/2022 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 650,000 0 Collateral Security Agreement For Capital Improvements 0 0 NAP None None NAP NAP No NAP NAP NAP NAP NAP 500,000 greater of 3.95% or the Prime Rate +0.25% 2,000,000 10,954.23 15.6% 5.72 37.8% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Recapitalization                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP             500,000            13,700,000 10.9% 0.0% 0 0 0 NAP
31.00 Loan   1 Spice Lofthouse Corp a/k/a Spice Lofthouse Corporation 0.2% 100.0% NCCB WFB NAP NAP 165/167 Hudson Street New York New York NY 10013 Multifamily Cooperative 1908 2003 14 Units 99,360.57 1,400,000 1,391,048 1,174,635 5.58000% TBD 5.58000% 8,019.46 NAP 96,233.52 NAP Amortizing Balloon No Actual/360 0 0 120 114 360 354 1/30/2023 6 1 3/1/2023 3/1/2023 2/1/2033 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 94.7% 2,192,283 585,352 1,606,931 7,500 0 1,599,431 16.70 16.62 115.5% 115.0% 34,000,000 As Is 11/17/2022 4.1% 3.5% 94.7% 11/17/2022 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 11/28/2022 NAP 11/29/2022 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP None None NAP NAP No NAP NAP NAP NAP NAP 250,000 greater of 4.50% or the Prime Rate 1,641,048 9,762.08 4.8% 13.65 97.9% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP             250,000            27,700,000 5.0% 0.0% 0 0 0 NAP
32.00 Loan   1 448 East 84th St. Owners Corp 0.1% 100.0% NCCB WFB NAP NAP 448 East 84th Street New York New York NY 10028 Multifamily Cooperative 1910 2003 20 Units 49,821.39 1,000,000 996,428 853,091 6.13000% TBD 6.13000% 6,079.34 NAP 72,952.08 NAP Amortizing Balloon No Actual/360 0 0 120 116 360 356 3/30/2023 4 1 5/1/2023 5/1/2023 4/1/2033 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 98.0% 616,338 206,334 410,004 4,000 0 406,004 5.62 5.57 41.1% 40.7% 8,200,000 As Is 1/24/2023 12.2% 10.4% 98.0% 1/24/2023 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/2/2023 NAP 2/2/2023 NAP NAP No Fee NAP NAP NAP NAP 19,087 9,543 0 Springing 0 0 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP None None NAP NAP No NAP NAP NAP NAP NAP 250,000 greater of 4.50% or the Prime Rate +0.25% 1,246,428 7,874.77 15.2% 4.30 32.9% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP             250,000              8,100,000 12.3% 0.0% 0 0 0 NAP