PRESALE REPORT FREMF 2020-K106 Mortgage Trust, Series 2020-K106 and Freddie Mac Structured Pass-Through Certificates, Series K-106 MARCH 2020 STRUCTURED FINANCE: CMBS Table of Contents Capital Structure 3 Transaction Summary 4 Rating Considerations 5 DBRS Morningstar Credit Characteristics 7 Largest Loan Summary 8 DBRS Morningstar Sample 9 Transaction Concentrations 12 Loan Structural Features 13 10x Living at Columbia Town Center 15 Marc San Marcos 20 Belvoir Square 24 Torrente, Park West 205, Marquis Place 28 210 St. Paul 34 The Muse 39 Springhouse Apartment Homes 44 Las Palmas 48 Atler at Brookhaven 51 The Avenue Apartments 56 Rivera Apartments 60 Aperture 64 Polo Glen Apartments 68 88twenty 73 Stratford Green Apartments 77 Transaction Structural Features 81 Methodologies 81 Surveillance 81 Glossary 83 Definitions 83 Carson Applegate Edward Dittmer Vice President Senior Vice President +1 312 332-9445 +1 212 806-3285
[email protected] [email protected] Kevin Mammoser Erin Stafford Managing Director Managing Director +1 312 332-0136 +1 312 332-3291
[email protected] erin.stafford@ dbrsmorningstar.com Presale Report | FREMF 2020-K106 Capital Structure FREMF 2020-K106 MORTGAGE TRUST, SERIES 2020-K106 Description Rating Action Balance ($) Subordination (%) DBRS Morningstar Trend Rating Class A-1 New Rating - Provisional 135,929,000 18.500 AAA (sf) Stable Class A-2 New Rating - Provisional 852,000,000 18.500 AAA (sf) Stable Class X1 New Rating - Provisional 987,929,000 - AAA (sf) Stable Class X2-A New Rating - Provisional 987,929,000 - AAA (sf) Stable Class XAM New Rating - Provisional 54,548,000 - AA (sf) Stable Class A-M New Rating - Provisional 54,548,000 14.000 AA (low) (sf) Stable Class B New Rating - Provisional 48,488,000 10.000 A (low) (sf) Stable Class X2-B New Rating - Provisional 224,254,542 - BBB (high) (sf) Stable Class C New Rating - Provisional 30,304,000 7.500 BBB (sf) Stable Class X3 NR 169,706,542 - NR n/a Class D NR 90,914,542 0.000 NR n/a NR = not rated.