Presale Report Benchmark 2021-B23 Mortgage Trust

DBRS Morningstar Capital Structure January 26, 2020 Description Rating Action Balance ($) Subordination (%) DBRS Trend Morningstar Rating Jack Donovan Class A-1 New Rating – Provisional $21,244,000 30.000% AAA (sf) Stable Senior Analyst Class A-2 New Rating – Provisional $155,183,000 30.000% AAA (sf) Stable +1 312 845-2278 Class A-4A1 New Rating – Provisional TBD 30.000% AAA (sf) Stable [email protected] Class A-5 New Rating – Provisional TBD 30.000% AAA (sf) Stable Class A-AB New Rating – Provisional $19,922,000 30.000% AAA (sf) Stable Alper Aydinoglu Class X-A New Rating – Provisional $1,181,663,000 -- AAA (sf) Stable Assistant Vice President Class A-S New Rating – Provisional $163,615,000 18.750% AAA (sf) Stable +1 312 332-9448 Class B NR $59,992,000 14.625% NR N/A [email protected] Class C NR $45,449,000 11.500% NR N/A

Class A-4A2 New Rating - Provisional TBD 30.000% AAA (sf) Stable Dan Kastilahn Class X-B NR $105,441,000 -- NR N/A Senior Vice President Class X-D NR $72,718,000 -- NR N/A +1 312 332-9444 Class X-F NR $32,723,000 -- NR N/A [email protected] Class X-G NR $14,543,000 -- NR N/A Kevin Mammoser Class X-H NR $47,267,145 -- NR N/A Managing Director Class D NR $50,902,000 8.000% NR N/A +1 312 332-0136 Class E NR $21,816,000 6.500% NR N/A [email protected] Class F NR $32,723,000 4.250% NR N/A Class G NR $14,543,000 3.250% NR N/A Erin Stafford Class H NR $47,267,145 0.000% NR N/A Managing Director Class S NR -- -- NR N/A +1 312 332-3291 Class R NR -- -- NR N/A [email protected] Combined VRR Interest NR $76,545,008 -- NR N/A

Class 360A New Rating – Provisional $12,350,000 26.295% A (low) (sf) Stable Class 360B New Rating – Provisional $16,387,000 15.496% BBB (low) (sf) Stable DBRS Morningstar Viewpoint Class 360C New Rating – Provisional $16,388,000 4.696% BB (low) (sf) Stable Click here to see this deal. Class 360D New Rating – Provisional $7,125,000 0.000% B (low) (sf) Stable 360RR Interest NR $2,750,000 -- NR NA DBRS Morningstar Viewpoint is an 1. NR = not rated. interactive, data-driven, loan and property 2. Classes A-4A2, X-B, X-D, X-F, X-G, X-H, D, E, F, G, H, S, and R will be privately placed. level platform that provides users with 3. Classes X-A, X-B, X-D, X-F, X-G, X-H (collectively referred to as the Class X certificates) are notional amount certificates and will not be entitled to distributions of principal. access to DBRS Morningstar presale reports, 4. The exact initial certificate balances of the Class A-4A1 and Class A-5 certificates are unknown and will be determined based on the final surveillance updates, transaction pricing of those classes of certificates. The respective Expected Range of Initial Certificate Balance of the Class A-4A1 and Class A-5 certificates information, and contextual comparable data are expected to be between $60,000,000-$200,000,000 and $561,699,000-$421,699,000, respectively, and the Initial Certificate Balance for Class in a user-friendly manner. Complimentary A-4A2 is expected to be $200,000,000. The aggregate initial certificate balance of the Class A-4A1 and Class A-5 certificates is expected to be registration and access to the transaction is approximately $621,699,000, subject to a various of plus or minus 5%. 5. The Class 360A, 360B, 360C, and 360 D are loan-specific certificates (rake bonds) collateralized by the subordinate companion note for the 360 available. Spear whole loan. The loan-specific certificates will only be entitled to receive distributions from, and will only incur losses with respect to, the trust subordinate companion loan. The trust subordinate companion loan is included as an asset of the issuing entity but is not part of the mortgage pool backing the pooled certificates. No class of pooled certificates will have any interest in the trust subordinate companion loan.

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Table of Contents Page 2 of 100

Page 2 of 100 Capital Structure ...... 1 Transaction Summary ...... 3 Page 2 of 100 Rating Considerations ...... 6

Page 2 of 100 DBRS Morningstar Credit Characteristics ...... 9 Largest Loan Summary ...... 10 DBRS Morningstar Sample ...... 11 Transaction Concentrations...... 14 Loan Structural Features ...... 15 860 Washington ...... 19 Millennium Corporate Park ...... 24 360 Spear...... 29 Phillips Point ...... 36 MGM Grand & Mandalay Bay ...... 41 Pittock Block ...... 50 Waterway Plaza ...... 56 Leonardo DRS Industrial ...... 61 Grace Building ...... 66 Station Park & Station Park West ...... 72 First Central Tower ...... 77 Knitting Mills ...... 82 First Republic Center ...... 88 Transaction Structural Features ...... 93 Methodologies ...... 97 Surveillance ...... 97 Glossary ...... 98 Definitions ...... 99

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Transaction Summary Page 3 of 100 Pool Characteristics Trust Amount ($) 1,530,900,153 Wtd. Avg. Interest Rate (%) 3.213 Page 3 of 100 Number of Loans 53 Wtd. Avg. Remaining Term (months) 112 Number of Properties 65 Wtd. Avg. Remaining Amortization 360 Page 3 of 100 (months) Average Loan Size ($) 28,884,909 Total DBRS Morningstar Expected 3.6 Page 3 of 100 2 Amortization (%) DBRS Morningstar LTV (%)1 55.0/58.2 DBRS Morningstar Balloon LTV (%)1 53.0/56.5

Appraised LTV (%)1 53.5/56.8 Appraised Balloon LTV (%)1 51.6/55.0 Wtd. Avg. DBRS Morningstar DSCR (x)1 2.83/2.51 Wtd. Avg. Issuer Term DSCR (x)1 3.30/2.99 Top 10 Loan Concentration (%) 52.2 Avg. DBRS Morningstar NCF -15.3 Variance (%) 1. The second metric excludes shadow-rated and co-op loans. 2. For certain anticipated repayment date (ARD) loans, expected amortization may include amortization expected to occur after the ARD but prior to single/major tenant expiry

Participants Depositor Citigroup Commercial Mortgage Securities Inc. Mortgage Loan Sellers Citi Real Estate Funding Inc. (CREFI - 24 loans, 24.8%) Goldman Sachs Mortgage Company (GSMC - 9 loans, 24.7%) JPMorgan Chase Bank, National Association (JPMCB - 9 loans, 20.7%) German American Capital Corporation (GACC - 8 loans, 13.3%) JPMCB and GACC (2 loans, 11.5%) CREFI and GACC (1 loan, 4.9%) Trustee Wilmington Trust, National Association Master Servicer Midland Loan Services, a Division of PNC Bank , National Association Special Servicer CWCapital Asset Management LLC Certificate Administrator and Custodian Citibank, N.A Operating Advisor Park Bridge Lender Services, LLC

Transaction Overview Coronavirus Disease (COVID-19) Overview With regard to the coronavirus pandemic, the magnitude and extent of performance stress posed to global structured finance transactions remain highly uncertain. This considers the fiscal and monetary policy measures and statutory law changes that have already been implemented or will be implemented to soften the impact of the crisis on global economies. Some regions, jurisdictions, and asset classes are, however, feeling more immediate effects. DBRS Morningstar continues to monitor the ongoing coronavirus pandemic and its impact on both the commercial real estate sector and the global fixed income markets. Accordingly, DBRS Morningstar may apply additional short-term stresses to its rating analysis, for example by front-loading default expectations and/or assessing the liquidity position of a structured finance transaction with more stressful operational risk and/or cash flow timing considerations. For more information regarding rating methodologies and the coronavirus, please see the following DBRS Morningstar press releases: https://www.dbrsmorningstar.com/research/357883 and https://www.dbrsmorningstar.com/research/358308.

Based on the information provided by the borrowers as of January 2021, borrowers for two loans, representing 3.6% of the pool balance, have requested forbearance or loan modifications. The December

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2020 and January 2021 debt service have been collected on all loans that have closed and commenced Page 4 of 100 debt service payments. The borrower for JW Marriott Nashville entered into a loan modification to

Page 4 of 100 permit the use of FF&E reserve funds to pay debt service, and the borrower sponsor provided a six- month guaranty for debt service, taxes, and insurance payments that expired in October 2020. In Page 4 of 100 October 2020, the mortgage loan was further modified to waive the requirement to fund the FF&E

Page 4 of 100 reserve until April 2021, waive the cash management debt yield trigger through Q2 2022, and otherwise permanently decrease the debt yield trigger level to 7.5% from 10% in exchange for the borrower funding an 18-month debt service reserve to be applied to monthly payments from October 2020 through March 2022. The Hotel ZaZa Houston Museum District loan was recently modified to create a $2,311,667 debt service reserve by converting approximately $945,384 in existing FF&E reserves as well as a $1,248,110 new cash contribution by the sponsor, and an additional deposit of $118,173 to be received from the borrower on the monthly payment date occurring in January 2021. The debt service reserve will only be released upon the Hotel ZaZa Houston Museum District property achieving a 9.5% NCF debt yield on a T-12 basis for two consecutive quarters, with approximately $1.16 million being allocated back to the FF&E reserve and approximately $1.16 million being remitted back to the borrower. The FF&E reserve monthly deposits will be waived for the 2021 calendar year, after which the FF&E reserve will follow the step-up structure of 2.50% in 2022, 3.25% in 2023, and 4.00% in 2024 and thereafter. Lastly, the debt yield cash management trigger will be temporarily waived until January 2023; however, cash management will still be enforced if an EOD occurs.

There are 13 loans, representing 39.2% of the pool balance, with tenants who have requested lease modifications or rent relief. Most of the relief came in the form of short-term rent abatements and rent deferments with repayment schedules. The lease modification or rent relief data provided excluded residential tenants and self-storage tenants but included any commercial tenant that had requested a lease modification or rent relief. All loans, except for six that comprise 16.3% of the pool balance, are collecting more than 90% of the base rent.

Property Name % of Property December January Forbearan Loan Lease November/ Pool Type Debt Debt ce or Debt Modificati Modificati December Service Service Service on on or Rent Collections (%) Received Received Relief Requested Relief Requested Requested 860 Washington 7.6 Mixed Use NAP NAP N N Y 100.0/100.0 Millennium 6.9 Office NAP NAP N N N 100.0/100.0 Corporate Park 360 Spear 6.8 Office NAP NAP N N N 100.0/100.0 Phillips Point 4.9 Office NAP NAP N N N 99.0/100.0 MGM Grand & 4.9 Hospitality Y Y N N N 100.0/100.0 Mandalay Bay Pittock Block 4.9 Mixed Use NAP NAP N N Y 74.0/82.0 Waterway Plaza 4.3 Office NAP NAP N N N 100.0/100.0 Leonardo DRS 4.2 Industrial NAP NAP N N N 100.0/100.0 Industrial The Grace 3.9 Office NAP Y N N Y 97.1/89.7 Building Station Park & 3.8 Mixed Use NAP Y N N Y 85.7/84.7 Station Park West

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First Central 3.1 Office NAP NAP N N Y 95.3/95.0 Page 5 of 100 Tower Knitting Mills 2.8 Office NAP NAP N N N 100.0/100.0

Page 5 of 100 First Republic 2.7 Mixed Use NAP NAP N N N 100.0/100.0 Center Page 5 of 100 Rugby Pittsburgh 2.6 Office NAP NAP N N Y 100.0/100.0 Portfolio

Page 5 of 100 Amazon Chicago- 2.3 Industrial NAP NAP N N N 100.0/100.0 Pullman JW Marriott 2.3 Hospitality Y Y Y Y Y NAP/NAP Nashville

The Village at 2.3 Retail NAP NAP N N Y 80.2/79.2 Meridian Selig Office 2.2 Office NAP Y N N Y 99.5/99.5 Portfolio The Trails at 2.1 Retail NAP NAP N N Y 99.9/96.1 Silverdale 711 Fifth Avenue 1.8 Mixed Use Y Y N N Y 100.0/100.0 Hotel ZaZa 1.3 Hospitality Y Y N Y N 100.0/100.0 Houston Museum District 360 Neptune 1.3 Mixed Use NAP NAP N N Y 100.0/100.0 Avenue Central Missouri 1.3 Industrial NAP NAP N N N 100.0/100.0 Distribution Center Treasure Valley 1.2 Retail NAP NAP N N Y 98.0/99.0 Marketplace 2601 Wilshire 1.2 Office NAP NAP N N N 100.0/100.0 Brookfield Place 1.2 Office NAP NAP N N N 100.0/100.0 Richmond 104 Delancey 1.1 Office NAP NAP N N N 100.0/100.0 Street 880 Butler Drive 1.0 Industrial NAP NAP N N N 100.0/100.0 1400 North 25th 1.0 Industrial NAP NAP N N N 100.0/100.0 Avenue Luna Apartments 0.9 Multifamily NAP NAP N N N 100.0/100.0 63 West 104th 0.9 Multifamily NAP NAP N N N 88.9/88.4 Street 2300 Route 33 0.9 Office NAP NAP N N N 100.0/100.0 Backlot 0.8 Multifamily NAP NAP N N N TBD/TBD Apartments 1623 Flatbush 0.8 Mixed Use NAP NAP N N N 100.0/100.0 Trepte Industrial 0.8 Industrial NAP NAP N N N 100.0/100.0 Park 206-20 Linden 0.8 Office NAP NAP N N N 100.0/100.0 Boulevard Rent A Space 0.7 Self NAP NAP N N N 100.0/100.0 Portfolio Storage The Centre at 0.6 Office NAP NAP N N N 100.0/99.2 Stirling & Palm Baxter 0.6 Industrial NAP NAP N N N 100.0/100.0 International Production Center

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Holiday Inn & 0.5 Hospitality NAP NAP N N N NAP/NAP Page 6 of 100 Suites Memphis/ Germantown

Page 6 of 100 Spring Glen 0.5 Multifamily NAP NAP N N N 90.8/88.8 Apartments Page 6 of 100 Fountainbleau 0.4 Self NAP NAP N N N 100.0/100.0 Self Storage Storage

Page 6 of 100 Tesla 0.4 Retail NAP NAP N N N 100.0/100.0 Schaumberg 211 Saw Mill 0.4 Industrial NAP NAP N N N 100.0/100.0 E&B Brewery 0.4 Mixed Use NAP NAP N N N 100.0/100.0

Lofts 4 Storage - Bristol 0.4 Self NAP NAP N N N 100.0/100.0 Storage Excess Self 0.4 Self NAP NAP N N N 100.0/100.0 Storage Storage Mechanicsburg 0.4 Self NAP NAP N N N 100.0/100.0 Self Storage Storage VanWest Storage 0.3 Self NAP NAP N N N 100.0/100.0 Portfolio Storage Walgreens 0.3 Retail NAP NAP N N N 100.0/100.0 Bradenton Woodbridge 0.3 Industrial NAP NAP N N N 100.0/100.0 Group HQ Secure Store Self 0.2 Self NAP NAP N N N 100.0/100.0 Storage Storage 30222 Esperanza 0.2 Industrial NAP NAP N N N 100.0/100.0

Rating Considerations The transaction consists of 53 fixed-rate loans secured by 65 commercial and multifamily properties. The transaction has a sequential-pay pass-through structure. Four loans, representing 18.4% of the pool, are shadow-rated investment grade by DBRS Morningstar. The conduit pool was analyzed to determine the provisional ratings, reflecting the long-term probability of loan default within the term and its liquidity at maturity. When the cut-off loan balances were measured against the DBRS Morningstar NCF and their respective actual constants, the initial DBRS Morningstar WA DSCR of the pool was 2.83x. One loan, representing only 0.2% of the pool, has a DBRS Morningstar DSCR below 1.29x, a threshold indicative of a higher likelihood of midterm default. The pool additionally includes three loans, composing a combined 11.4% of the pool balance, with a DBRS Morningstar LTV ratio exceeding 70.0%, a threshold generally indicative of above-average default frequency. The WA DBRS Morningstar LTV of the pool at issuance was 55%, and the pool is scheduled to amortize down to a WA DBRS Morningstar LTV of 53.0% at maturity. These credit metrics are based on the A note balances. Excluding the shadow-rated loans, representing 18.4% of the pool, the deal still exhibits a favorable DBRS Morningstar Issuance LTV of 58.2%.

Strengths • There are 10 loans, representing 31.3% of the pool, that are in areas identified as DBRS Morningstar Market Ranks of 7 or 8, which are generally characterized as highly dense urbanized areas that benefit from increased liquidity driven by consistently strong investor demand, even during times of economic stress. Markets ranked 7 and 8 benefit from lower default frequencies than less-dense suburban,

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tertiary, and rural markets. Urban markets represented in the deal include New York, San Francisco, and Page 7 of 100 Portland. In addition, 17 loans, representing 44.3% of the pool balance, have collateral in MSA Group 3,

Page 7 of 100 which is the best-performing group in terms of historical CMBS default rates among the top 25 MSAs. MSA Group 3 has a historical default rate of 17.2%, which is nearly 10.8 percentage points lower than Page 7 of 100 the overall CMBS historical default rate of 28.0%.

Page 7 of 100 • Four of the loans—360 Spear, MGM Grand & Mandalay Bay, the Grace Building, and First Republic Center—exhibit credit characteristics consistent with investment-grade shadow ratings. Combined, these loans represent 18.4% of the pool. The loan for 360 Spear has credit characteristics consistent with an A (high) shadow rating, MGM Grand & Mandalay Bay has credit characteristics consistent with an A shadow rating, The Grace Building has credit characteristics consistent with an A shadow rating, and First Republic Center has credit characteristics consistent with a AA shadow rating. Please refer to the 360 Spear, MGM Grand & Mandalay Bay, The Grace Building, and First Republic Center sections for additional information. • There are 27 loans, representing a combined 56.6% of the pool by allocated loan balance, that exhibit issuance LTVs of less than 60.0%, a threshold historically indicative of relatively low-leverage financing and generally associated with below-average default frequency. Even with the exclusion of the shadow- rated loans, representing 18.4% of the pool, the deal exhibits a favorable DBRS Morningstar Issuance LTV of 58.2%. • Term default risk is low, as indicated by a strong DBRS Morningstar DSCR of 2.83x. Even with the exclusion of the shadow-rated loans the deal exhibits a very favorable DBRS Morningstar DSCR of 2.51x. There are 17 loans, representing 67.4% of the DBRS Morningstar sample, that received a property quality of Average + or better. One loan, representing 5.9% of the DBRS Morningstar sample, was deemed to have Excellent quality and three loans, representing 16.7% of the DBRS Morningstar sample, to be Above Average. • There are 10 loans, five of which are within the top 15 loans, representing 30.0% of the pool, that have strong sponsorship. Furthermore, DBRS Morningstar identified only two loans, cumulatively representing 9.2% of the pool, that have sponsorship and/or loan collateral associated with a prior DPO, foreclosure, loan default, historical negative credit event, sponsorship by a foreign national, and/or inadequate commercial real estate experience.

Challenges and Considerations • While the pool demonstrates favorable loan metrics with WA DBRS Morningstar Issuance and Balloon LTVs of 55.0% and 53.0%, respectively, it also exhibits heavy leverage barbelling. There are four loans, accounting for 18.4% of the pool, with investment-grade shadow ratings and a WA LTV of 40.6%. There are 11 loans, constituting a combined 14.6% of the pool balance, with an issuance LTV of 65.0% or higher, a threshold historically indicative of relatively high-leverage financing and generally associated with above-average default frequency. The WA expected loss of the pool’s investment-grade component was approximately 0.3%, while the WA expected loss of the pool’s conduit component was substantially higher at approximately 3.5%, further illustrating the barbelled nature of the transaction. • The WA DBRS Morningstar expected loss exhibited by the loans that have relatively high- leverage financing was 4.9%. This is higher than the conduit component’s WA expected loss

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of 2.9%, and the pool’s credit enhancement reflects the higher leverage of this 10-loan Page 8 of 100 component with an issuance LTV exceeding 67.9%.

Page 8 of 100 • The pool has a relatively high concentration of loans secured by office and retail properties with 20 loans, representing 50.7% of the pool balance, secured by office or predominantly office properties and Page 8 of 100 six loans, representing 10.2% of the pool, secured by retail or predominantly retail properties. The

Page 8 of 100 ongoing coronavirus pandemic continues to pose challenges globally, and the future demand for office and retail space is uncertain with many store closures, companies filing for bankruptcy or downsizing, and more companies extending remote-working strategies.

• Three of the 20 office/predominantly office loans, representing 23.4% of the office balance, are shadow-rated investment grade by DBRS Morningstar: 360 Spear, The Grace Building, and First Republic Center. Furthermore, 42.8% of the office loans are in areas with DBRS Morningstar Market Ranks of 7 or 8. • Of the retail concentration, four retail loans, representing 93.1% of the retail concentration, have sponsors that DBRS Morningstar deemed to be strong. • The office and retail properties exhibit favorable WA DBRS Morningstar DSCRs of 3.15x and 3.89x, respectively. Additionally, both property types exhibit favorable LTVs at 55.4% and 45.4%, respectively. • There are 34 loans, representing 77.3% of the pool balance, that are structured with full-term IO periods. An additional 13 loans, representing 18.8% of the pool balance, are structured with partial IO terms ranging from 36 months to 84 months. • Of the 34 loans with full-term IO periods, nine loans, representing 45.3% of the pool by allocated loan balance, are in areas with a DBRS Morningstar Market Rank of 6, 7, or 8. These markets benefit from increased liquidity even during times of economic stress. • Three of the 34 identified loans, representing 11.5% of the total pool balance, are shadow- rated investment grade by DBRS Morningstar.

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DBRS Morningstar Credit Characteristics Page 9 of 100 DBRS Morningstar DSCR (x) DSCR (x) % of the Pool (Trust Balance) % of the Pool (Trust Balance)1 Page 9 of 100 0.00-0.90 0.0 0.0

0.90-1.00 0.0 0.0 Page 9 of 100 1.00-1.15 0.0 0.0 1.15-1.30 0.2 0.2 Page 9 of 100 1.30-1.45 2.0 2.5 1.45-1.60 6.4 7.8 1.60-1.75 5.9 5.9 >1.75 85.5 82.2 Wtd. Avg. (x) 2.83 2.51 Note: Includes pari passu debt, but excludes subordinate debt. 1. Excludes shadow-rated and co-op loans.

DBRS Morningstar LTV (%) LTV (%) % of the Pool (Trust Balance) % of the Pool (Trust Balance)1 0.0-50.0 35.2 20.6 50.0-55.0 11.1 13.6 55.0-60.0 6.7 8.2 60.0-65.0 27.0 33.1 65.0-70.0 8.6 10.6 70.0-75.0 11.4 13.9 >75.0 0.0 0.0 Wtd. Avg. (%) 55.0 58.2 Note: Includes pari passu debt, but excludes subordinate debt. 1. Excludes shadow-rated and co-op loans.

DBRS Morningstar Balloon LTV (%) Balloon LTV (%) % of the Pool (Trust Balance) % of the Pool (Trust Balance)1 0.0-50.0 36.7 22.4 50.0-55.0 14.9 18.2 55.0-60.0 13.6 16.7 60.0-65.0 22.6 27.6 65.0-70.0 0.9 1.1 70.0-75.0 11.4 13.9 >75.0 0.0 0.0 Wtd. Avg. (%) 53.0 56.5 Note: Includes pari passu debt, but excludes subordinate debt. 1. Excludes shadow-rated and co-op loans.

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Largest Loan Summary Page 10 of 100 Loan Detail Loan Name Trust Balance % of Pool DBRS DBRS DBRS DBRS Page 10 of 100 ($) Morningstar Morningstar Morningstar Morningstar Shadow LTV (%) Balloon LTV DSCR (x) Rating (%) Page 10 of 100 860 Washington 116,000,000 7.6 n/a 48.3 48.3 3.98 Page 10 of 100 Millennium Corporate Park 105,000,000 6.9 n/a 60.9 60.9 2.30 360 Spear 104,726,660 6.8 A (high) (sf) 44.4 36.8 1.97 Phillips Point 75,000,000 4.9 n/a 70.4 70.4 2.41 MGM Grand & Mandalay Bay 75,000,000 4.9 AAA (sf) 35.5 35.5 7.47 Pittock Block 75,000,000 4.9 n/a 42.9 42.9 2.15 Waterway Plaza 66,000,000 4.3 n/a 60.0 60.0 2.82

Leonardo DRS Industrial 63,700,000 4.2 n/a 73.6 73.6 2.61 The Grace Building 60,000,000 3.9 A (sf) 41.1 41.1 3.64 Station Park & Station Park West 58,700,000 3.8 n/a 50.0 50.0 3.24 First Central Tower 47,500,000 3.1 n/a 65.7 56.0 1.45 Knitting Mills 42,900,000 2.8 n/a 62.2 62.2 2.11 First Republic Center 41,600,000 2.7 AA (sf) 39.8 39.8 5.25

Property Detail Loan Name DBRS City State Year SF/Units Loan per Maturity Morningstar Built SF/Units Balance Property Type ($) per SF/ Units ($) 860 Washington Office New York New York 2016 117,230 990 990 Millennium Office Redmond Washington 1999 537,046 246 246 Corporate Park 360 Spear Office San Francisco California 1924 179,277 584 485 Phillips Point Office West Palm Florida 1985 448,885 442 442 Beach MGM Grand & Full-Service Las Vegas Nevada 1996 9,748 167,645 167,645 Mandalay Bay Hotel Pittock Block Industrial Portland Oregon 1913 297,698 474 474 Waterway Plaza Office The Woodlands Texas 2000 223,516 295 295 Leonardo DRS Industrial Menomonee Wisconsin 2019 491,476 130 130 Industrial Falls The Grace Building Office New York New York 1974 1,556,972 567 567 Station Park & Retail Farmington Utah 2011 995,303 119 119 Station Park West First Central Tower Office Saint Florida 1984 247,540 192 164 Petersburg Knitting Mills Office Wyomissing Pennsylvania 2018 262,415 163 163 First Republic Office Palo Alto California 2016 70,543 590 590 Center

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DBRS Morningstar Sample Page 11 of 100 Prospectus Loan Name % of DBRS DBRS DBRS Morningstar Major Variance DBRS ID Pool Morningstar Morningstar Drivers Morningstar Page 11 of 100 NCF ($) NCF Variance Property (%) Quality 1 860 Washington 7.6 11,234,974 -13.2 Vacancy, Rent Markdowns, Tenant Above Page 11 of 100 Improvements/Leasing Costs Average

2 Millennium 6.9 9,344,515 -26.5 Tenant Improvements/Leasing Average + Page 11 of 100 Corporate Park Costs, Vacancy, Rent Steps 3 360 Spear 6.8 12,418,297 -7.8 Tenant Improvements/Leasing Average

Costs, Operating Expenses, Vacancy 4 Phillips Point 4.9 16,171,464 -13.4 Tenant Improvements/Leasing Average + Costs, Vacancy, Gross Potential Rent 5 MGM Grand & 4.9 440,502,54 -9.6 FF&E, Undistributed Expenses, Excellent Mandalay Bay 4 Total Departmental Revenue 6 Pittock Block 4.9 10,153,366 -9.5 Tenant Improvements/Leasing Average Costs, Vacancy, Rent Markdowns 7 Waterway Plaza 4.3 6,173,586 -24.1 Rent Steps, Vacancy, Tenant Average + Improvements/Leasing Costs 8 Leonardo DRS 4.2 5,581,724 -0.7 Vacancy Average Industrial 9 The Grace 3.9 87,679,508 -14.3 Tenant Improvements/Leasing Above Building Costs, Vacancy, Management Fee Average 10 Station Park & 3.8 13,181,097 -17.3 Vacancy, Tenant Average + Station Park West Improvements/Leasing Costs, Rent Markdowns 11 First Central 3.1 3,683,268 -20.7 Tenant Improvements/Leasing Average Tower Costs, Rent Steps, Other Income 12 Knitting Mills 2.8 3,215,972 -19.8 Tenant Improvements/Leasing Average + Costs, Vacancy 13 First Republic 2.7 5,154,372 -1.4 Vacancy, Management Fee Average + Center 14 Rugby Pittsburgh 2.6 8,205,397 -16.1 Tenant Improvements/Leasing Average Portfolio Costs, Management Fee, Vacancy 15 Amazon Chicago- 2.3 2,425,011 -16.4 Gross Potential Rent, Tenant Average + Pullman Improvements/Leasing Costs, Vacancy 16 JW Marriott 2.3 22,374,946 -8.9 Occupancy Above Nashville Average 17 The Village at 2.3 8,376,490 -29.0 Tenant Improvements/Leasing Average + Meridian Costs, Vacancy, Rent Markdowns 19 The Trails at 2.1 2,805,523 -15.0 Tenant Improvements/Leasing Average + Silverdale Costs, Vacancy, Rent Steps 20 711 Fifth Avenue 1.8 45,175,502 -10.9 Base Rent, Tenant Improvements/ Average + Leasing Costs 21 Hotel ZaZa 1.3 5,736,307 -18.4 ADR Average + Houston Museum District 22 360 Neptune 1.3 1,562,565 -18.3 Tenant Improvements/Leasing Average + Avenue Costs, Vacancy, Real Estate Taxes 24 Treasure Valley 1.2 2,211,886 -17.6 Tenant Improvements/Leasing Average Marketplace Costs, Vacancy, Rent Markdowns 27 104 Delancey 1.1 1,069,446 -10.9 Rent Steps Average Street

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Page 12 of 100 Prospectus Loan Name % of DBRS DBRS DBRS Morningstar Major Variance DBRS ID Pool Morningstar Morningstar Drivers Morningstar Page 12 of 100 NCF ($) NCF Variance Property (%) Quality Page 12 of 100 31 63 West 104th 0.9 919,357 -23.5 Gross Potential Rent, Vacancy Average

Street Page 12 of 100 34 1623 Flatbush 0.8 830,272 -13.0 Rent Steps, Vacancy, Tenant Average Improvements/ Leasing Costs Page 12 of 100 36 206-20 Linden 0.8 800,705 -8.2 Tenant Improvements/Leasing Average

Boulevard Costs, Operating Expenses 38 The Centre at 0.6 797,053 -15.5 Vacancy, Tenant Improvements/ Average Stirling & Palm Leasing Costs, Rent Markdowns 40 Holiday Inn & 0.5 733,054 -28.1 ADR, Undistributed Expenses Average +

Suites Memphis/ Germantown

DBRS Morningstar Site Inspections The DBRS Morningstar sample included 28 of the 53 loans in the pool, representing a combined 82.7% of the pool by allocated loan balance. Because of the ongoing coronavirus pandemic, DBRS Morningstar was generally unable to conduct meetings for most of the sampled loans. DBRS Morningstar performed site inspections on 15 of the 65 properties in the pool, accounting for 58.5% of the pool by allocated loan balance. For sampled loans without a site inspection conducted, DBRS Morningstar relied on resources from both the issuer’s and the appraiser’s third-party reports. The resulting DBRS Morningstar property quality scores are highlighted in the following chart:

DBRS Morningstar Sampled Property Quality

5.9

16.7 Excellent 32.6 Above Average Average + Average Average - Below Average Poor

44.8

Source: DBRS Morningstar.

DBRS Morningstar Cash Flow Analysis DBRS Morningstar completed a cash flow review as well as a cash flow stability and structural review on 28 of the 53 loans, representing 82.7% of the pool by loan balance. For loans not subject to an NCF review, DBRS Morningstar applied the average NCF variance of its respective loan seller, except for JPMorgan Chase Bank. DBRS Morningstar excluded one outlier loan from its average NCF variance calculation.

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DBRS Morningstar generally adjusted cash flow to current in-place rent and, in some instances, applied Page 13 of 100 an additional vacancy or concession adjustment to account for deteriorating market conditions or

Page 13 of 100 tenants with above-market rent. In certain instances, DBRS Morningstar accepted contractual rent bumps if they were within market levels. Generally, most of DBRS Morningstar’s expense assumptions Page 13 of 100 were the higher of historical figures or the borrower’s budgeted figures. Real estate taxes and insurance

Page 13 of 100 premiums were inflated if there was no current bill. Capex reflected the greater of the engineer’s inflated estimates or the DBRS Morningstar standard, according to property type. Finally, leasing costs were deducted to arrive at the DBRS Morningstar NCF. If a significant upfront leasing reserve was established at closing, DBRS Morningstar reduced its recognized costs. DBRS Morningstar gave credit to tenants not yet in occupancy if a lease had been signed and the loan was adequately structured with a reserve, LOC, or holdback earn-out. The DBRS Morningstar sample had an average NCF variance of - 15.3% and ranged between -29.0% (The Village at Meridian) and -0.7% (Leonardo DRS Industrial).

DBRS Morningstar Sampled Property Type

Excellent Above Average Average + Average Average - Below Average Poor Pool (%)

70.0% 70.0

60.0% 60.0

50.0% 50.0

40.0% 40.0

30.0% 30.0

20.0% 20.0

10.0% 10.0

0.0% 0.0 Full-Service Industrial Limited-Service Multifamily Office Self-Storage Retail Unanchored Student Housing Mixed Use Manufactured Other Hotel Hotel Retail Housing

Source: DBRS Morningstar.

Model Adjustments DBRS Morningstar made model adjustments to five loans totaling 11.1% of the pool, including cap-rate adjustments for certain loans to bring their respective cap rates to a level that is consistent with similar properties within the market. DBRS Morningstar also made cap-rate adjustments to bring the value of the property to a level consistent with the purchase price. This resulted in adjusted DBRS Morningstar Issuance and Balloon LTVs for these loans, which then were applied to the DBRS Morningstar POD and LGD calculations. Identified model adjustments were as follows:

Cap Rate Table Property Name Issuer's DBRS Issuer's DBRS Issuer's DBRS Implied Morningstar Issuance Morningstar Balloon LTV Morningstar Cap Rate Adjusted Cap LTV (%) Adjusted (%) Adjusted Balloon (%) Rate (%) Issuance LTV (%) LTV (%) Leonardo DRS Industrial 5.7 6.5 64.1 73.6 64.1 73.6 Amazon Chicago-Pullman 4.5 6.0 54.6 73.4 54.6 73.4 The Trails at Silverdale 5.1 5.6 50.1 55.2 50.1 55.2 Hotel ZaZa Houston Museum District 6.2 7.5 52.7 64.0 47.7 57.9 Treasure Valley Marketplace 5.1 6.0 35.0 41.3 35.0 41.3

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Transaction Concentrations Page 14 of 100

Page 14 of 100 DBRS Morningstar Property Type Geography

Page 14 of 100

2.9 Page 14 of 100 Office 18.5 9.0 NY Retail Multifamily CA 35.7 Mixed Use WA Industrial 16.9 Full-Service Hotel FL 12.3 Self-Storage PA Unanchored Retail 57.5 Limited-Service Hotel 3.5 TX 11.2 Student Housing 10.2 All Others 5.6 Manufactured Housing 6.9 9.8 Other

Loan Size DBRS Morningstar Market Types

1.0 1.3

5.5 7.6 1 22.1 Very Large (>$20.0 million) 15.7 2 18.1 Large ($10.0-$20.0 million) 3

Medium ($5.0-$10.0 million) 4 9.2 Small ($2.0-$5.0 million) 5

Very Small (<$2.0 million) 6 15.8 10.5 77.8 7 8 15.4

Largest Property Location Property Name City State 860 Washington New York New York Millennium Corporate Park Redmond Washington 360 Spear San Francisco California Phillips Point West Palm Beach Florida MGM Grand & Mandalay Bay Las Vegas Nevada Pittock Block Portland Oregon Waterway Plaza The Woodlands Texas Leonardo DRS Industrial Menomonee Falls Wisconsin The Grace Building New York New York Station Park & Station Park West Farmington Utah First Central Tower Saint Petersburg Florida Knitting Mills Wyomissing Pennsylvania First Republic Center Palo Alto California Rugby Pittsburgh Portfolio Various Pennsylvania Amazon Chicago-Pullman Chicago Illinois

Source: DBRS Morningstar.

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Loan Structural Features Page 15 of 100 Pari Passu Notes: There are 12 loans, representing 41.8% of the pool, with pari passu debt and are

Page 15 of 100 identified in the table below:

Page 15 of 100 Pari Passu Notes % of % of Total Pari Controlling

Page 15 of 100 Property Name Balance ($) Pool Deal ID Passu Loan Piece (Y/N) Millennium Corporate Park 105,000,000 6.9% BMARK 2021-B23 79.5% Y 27,000,000 Future Securitization(s) 20.5% N 132,000,000 n/a n/a 100.0% n/a

Phillips Point 75,000,000 4.9% BMARK 2021-B23 37.8% Y 50,000,000 Future Securitization(s) 25.2% N 50,000,000 Future Securitization(s) 25.2% N 23,520,000 Future Securitization(s) 11.8% N 198,520,000 n/a n/a 100.0% n/a MGM Grand & Mandalay Bay 75,000,000 4.9% BMARK 2021-B23 4.6% N 65,000,000 GSMS 2020-GSA2 4.0% N 75,000,000 BMARK 2020-B22 4.6% N 75,000,000 BMARK 2020-B21 4.6% N 70,000,000 BMARK 2020-B20 4.3% N 80,000,000 BMARK 2020-B19 4.9% N 65,000,000 BMARK 2020-B18 4.0% N 50,000,000 DBJPM 2020-C9 3.1% N 670,139 BX 2020-VIVA 0.0% N 794,861 BX 2020-VIV2 0.0% N 1,000,000 BX 2020-VIV3 0.1% N 550,000,000 BX 2020-VIV4 33.7% N 69,500,000 BBCMS 2020-C8 4.3% N 39,985,667 Future Securitization(s) 2.4% N 45,000,000 WFCM 2020-C58 2.8% N 101,847,000 Future Securitization(s) 6.2% N 79,055,333 Future Securitization(s) 4.8% N 191,347,000 Future Securitization(s) 11.7% N 1,634,200,000 n/a n/a 100.0% n/a Pittock Block 75,000,000 4.9% BMARK 2021-B23 53.2% N 45,000,000 Future Securitization(s) 31.9% N 21,000,000 Future Securitization(s) 14.9% N 141,000,000 n/a n/a 100.0% n/a The Grace Building 60,000,000 3.9% BMARK 2021-B23 6.8% N 383,000,000 GRACE 2020-GRCE 43.4% Y 75,000,000 BANK 2020-BNK29 8.5% N 60,000,000 BANK 2020-BNK30 6.8% N 100,000,000 BMARK 2020-B21 11.3% N 80,000,000 BMARK 2020-B22 9.1% N 15,000,000 Future Securitization(s) 1.7% N 100,000,000 Future Securitization(s) 11.3% N 10,000,000 Future Securitization(s) 1.1% N 883,000,000 n/a n/a 100.0% n/a

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Pari Passu Notes Page 16 of 100 % of % of Total Pari Controlling Property Name Balance ($) Pool Deal ID Passu Loan Piece (Y/N)

Station Park & Station Park 58,700,000 3.8% BMARK 2021-B23 49.5% N Page 16 of 100 West

60,000,000 BMARK 2020-B22 50.5% Y Page 16 of 100 118,700,000 n/a n/a 100.0% n/a

Page 16 of 100 Rugby Pittsburgh Portfolio 40,000,000 2.6% BMARK 2021-B23 44.4% N 50,000,000 BMARK 2020-B22 55.6% Y 90,000,000 n/a n/a 100.0% n/a JW Marriott Nashville 35,000,000 2.3% BMARK 2021-B23 7.0% Y 350,000,000 GSMS 2020-GSA2 70.0% N 20,000,000 BMARK 2020-B21 4.0% N

20,000,000 BMARK 2020-B22 4.0% N 75,000,000 Future Securitization(s) 15.0% N 500,000,000 n/a n/a 100.0% n/a The Village at Meridian 35,000,000 2.3% BMARK 2021-B23 53.0% Y 30,995,000 Future Securitization(s) 47.0% N 65,995,000 n/a n/a 100.0% n/a Selig Office Portfolio 34,100,000 2.2% BMARK 2021-B23 9.0% N 125,000,000 CGCMT 2015-GC29 33.0% Y 123,000,000 CGCMT 2015-GC30 32.4% N 72,000,000 CGCMT 2015-GC31 19.0% N 25,000,000 GSMS 2015-GC32 6.6% N 379,100,000 n/a n/a 100.0% n/a 711 Fifth Avenue 27,500,000 1.8% BMARK 2021-B23 5.0% N 62,500,000 GSMS 2020-GC47 11.5% Y 60,000,000 BMARK 2020-B21 11.0% N 40,000,000 GSMS 2020-GSA2 7.3% N 30,000,000 BMARK 2020-B22 5.5% N 15,000,000 BMARK 2020-B20 2.8% N 40,000,000 JPMD 2020-COR7 7.3% N 45,000,000 BMARK 2020-B18 8.3% N 25,000,000 DBJPM 2020-C9 4.6% N 10,000,000 BMARK 2020-B19 1.8% N 60,000,000 BANK 2020-BNK28 11.0% N 43,000,000 BANK 2020-BNK27 7.9% N 25,500,000 BANK 2020-BNK29 4.7% N 15,000,000 BANK 2020-BNK30 2.8% N 20,000,000 BBCMS 2020-C8 3.7% N 26,500,000 Future Securitization(s) 4.9% N 545,000,000 n/a n/a 100.0% n/a Hotel Zaza Houston Museum 20,000,000 1.3% BMARK 2021-B23 33.3% Y 20,000,000 GSMS 2020-GSA2 33.3% N 20,000,000 BMARK 2020-B22 33.3% N 60,000,000 n/a n/a 100.0% n/a

Additional Debt: Four loans (360 Spear, MGM Grand & Mandalay Bay, Pittock Block, and The Grace Building), representing 20.6% of the pool, have existing subordinate debts in the form of B notes that are not part of the trust. Three loans (360 Spear, Phillips Point, and First Republic Center), representing 14.5% of the pool, have existing mezzanine debts in the form of unsecured mezzanine loans. There are five loans, representing 27.1% of the pool, permitted to incur mezzanine debt in the future provided that

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certain LTV, debt yield, and/or DSCR thresholds are met and a lender-approved Intercreditor Agreement Page 17 of 100 and rating agency confirmation (RAC) are obtained.

Page 17 of 100 Subordinate Debt Page 17 of 100 Loan Name Trust Balance Pari Passu B Note Balance Mezz/Unsecured Future Total Debt ($) Balance ($) ($) Debt Balance ($) Mezz/ Balance ($) Unsecured Page 17 of 100 Debt (Y/N) ($) 360 Spear 104,726,660 0 55,000,000 25,000,000 N 184,726,660 Phillips Point 75,000,000 123,520,000 0 30,540,000 N 229,060,000 MGM Grand & 75,000,000 1,559,200,000 1,365,800,000 0 Y 3,000,000,000 Mandalay Bay Pittock Block 75,000,000 66,000,000 22,470,000 0 Y 163,470,000 Waterway Plaza 66,000,000 0 0 0 Y 66,000,000 The Grace Building 60,000,000 823,000,000 367,000,000 0 Y 1,250,000,000 First Central Tower 47,500,000 0 0 0 Y 47,500,000 First Republic Center 41,600,000 0 0 38,400,000 N 80,000,000 Selig Office Portfolio 34,100,000 345,000,000 0 0 Y 379,100,000 711 Fifth Avenue 27,500,000 517,500,000 0 0 Y 545,000,000 Central Missouri 19,825,000 0 0 0 Y 19,825,000 Distribution Center The Centre at Stirling 9,350,000 0 0 0 Y 9,350,000 & Palm

Leasehold: There is one loan in the pool, 860 Washington, with a leasehold interest in a property. As of loan closing, the property is subject to a newly structured 99-year ground lease, with the property developer Romanoff Equities.

Interest Only DBRS Morningstar Expected Amortization

3.8 3.3 0.0 7.4

18.8 0.0-5.0 8.5 Full IO 5.0-10.0 3.5 Partial IO 10.0-15.0 4.9 Amortizing 15.0-20.0 20.0-25.0

>25.0 72.4 77.3

Note: For certain ARD loans, expected amortization may include amortization expected to occur after the ARD but prior to single/major tenant expiry.

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Page 18 of 100 Reserve Requirement Borrower Structure Page 18 of 100 Type # of Loans % of Pool Type # of Loans % of Pool Tax Ongoing 36 51.4 SPE with Independent Director and 22 79.0 Page 18 of 100 Nonconsolidation Opinion Insurance Ongoing 22 26.7 SPE with Independent Director Only 2 2.1 Page 18 of 100 Capex Ongoing 16 23.6 SPE with Nonconsolidation Opinion Only 0 0.0 1 Leasing Costs Ongoing 12 21.3 SPE Only 29 18.9 Page 18 of 100 1. Percent of office, retail, industrial, and mixed-use assets based on DBRS Morningstar property types.

Sponsor Strength: DBRS Morningstar considers the sponsorship of 10 loans, totaling 30.0% of the pool,

to be strong because of the sponsors’ extensive experience in the commercial real estate sector as well

as significant financial wherewithal. DBRS Morningstar identified two loans, representing 9.2% of the

pool, associated with sponsors with a prior DPO, foreclosure, loan default, historical negative credit event, sponsorship by a foreign national, and/or inadequate commercial real estate experience. DBRS Morningstar applied POD penalties to mitigate this risk.

DBRS Morningstar Sponsor Strength

9.2

Strong 30.0 Average

Weak

Poor/Litigious

60.9

Source: DBRS Morningstar.

Property Release: Seven loans, representing 15.8% of the pool, allow for the release of one or more properties or a portion of the mortgaged property, subject to release prices in an amount at least equal to the allocated loan amounts of the respective properties and/or certain leverage tests prescribed in the individual loan agreements.

Property Substitution: There are no loans in the pool that allow for the substitution of properties. Terrorism Insurance: Terrorism insurance is required and in place for all loans.

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Page 19 of 100 860 Washington

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Page 19 of 100 Loan Snapshot

Page 19 of 100 Seller JPMCB, GACC Ownership Interest Leasehold Trust Balance ($ million) 116.0 Loan PSF/Unit ($) $989.51 Percentage of the Pool 7.6% Loan Maturity/ARD January 2031 Amortization n/a Collateral Summary DBRS Morningstar DSCR (x) DBRS Morningstar Property Type Office Year Built/Renovated 2016 4.0 City, State New York, NY Physical Occupancy (%) 96.6 DBRS Morningstar LTV (%) Units/SF 117,230 Physical Occupancy Date November 2020 48.3 DBRS Morningstar Balloon LTV (%) This loan is secured by the borrower’s leasehold interest in 860 Washington, a 10-story, 117,230-sf office 48.3 building in New York, located at the base of the High Line on Washington Street between West 13th DBRS Morningstar Property Type Office Street and West 14th Street. The loan will total $116.0 million and is structed as a fixed-rate 10-year DBRS Morningstar Property Quality loan that will be IO in its entirety. Loan proceeds along with $123.3 million of sponsor equity will be used Above Average to acquire the subject for a purchase price of $232.0 million, fund upfront reserves of $7.1 million and

fund closing costs. The controlling $84.8 million note will be securitized in this transaction with a Debt Stack ($ millions) noncontrolling $31.2 million pari passu note anticipated to be securitized in future transactions. As of loan closing, the property is subject to a newly structured 99-year ground lease. Trust Balance 116.0 Pari Passu This Class A property was constructed in 2016 and consists of nine floorplates of office space above 0.0 ground-floor retail which is occupied by Manhattan’s only Tesla store. The LEED Gold certified building B-Note features floor-to-ceiling windows that offer views of the Hudson River and High Line to the west, and 0.0 Mezz cityscape views to south and east in Manhattan’s Meatpacking District. The property was 96.6% 0.0 occupied as of the November 2020 rent roll, with top tenants including Alibaba, Baker Brothers, Delos, Total Debt Social Finance, and Tesla. The WA lease expiration is May 2028, with the first rollover occurring after 116.0 seven years. Loan Purpose Acquisition Equity Contribution/(Distribution) ($ millions) 123.3

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Page 20 of 100 Tenant Summary

Tenant SF % of Total DBRS Morningstar % of Total DBRS Lease Investment Page 20 of 100 NRA Base Rent PSF ($) Morningstar Expiry Grade? Base Rent (Y/N) Page 20 of 100 Alibaba 32,559 27.8 141.13 21.9 12/2027 Y

Baker Brothers 23,045 20.5 165.00 18.4 2/2030 N Page 20 of 100 Delos 21,706 18.5 162.37 16.8 2/2027 N Social Finance 13,067 11.1 163.28 10.2 6/2028 N Page 20 of 100 Tesla 10,967 9.4 495.00 25.8 1/2028 N LG Capital 6,134 5.2 128.00 3.7 12/2027 N Expa, LLC 4,743 4.0 145.00 3.3 12/2027 N Subtotal/Wtd. Avg. 112,221 96.6 149.75 100.0 Various Various Other Tenants 0.0 0.00 n/a n/a N Vacant Space 3,998 3.4 n/a n/a n/a n/a Total/Wtd. Avg. 116,219 100.0 0.00 100.0 Various Various

Coronavirus Update With regard to the coronavirus pandemic, the magnitude and extent of performance stress posed to global structured finance transactions remains highly uncertain, even considering the fiscal and monetary policy measures and statutory law changes that have already been implemented, or will be implemented, to soften the impact of the crisis on global economies. DBRS Morningstar received and analyzed updates regarding the property’s performance as it related to the current coronavirus pandemic. Although the property is open and operational, some tenants have chosen to not have employees regularly work in the office. Since March 2020, 100% of contractual rent has been collected with no tenants requesting pandemic-related rent relief. A new lease, comprising 4,700 sf (4.0% of the NRA), was executed during the pandemic for Expa, LLC. As part of the closing, an outstanding leasing reserve was established that reserved upfront any outstanding free rent obligations, as well as outstanding TI allowances and LCs due in connection with any lease at the property.

Sponsorship The sponsor for this transaction is a joint venture between Meadow Partners and the California Public Employees’ Retirement System. Meadow Partners is a real estate firm that focuses on properties in the New York; Washington, D.C.; Paris; and London markets. Since 2009, Meadow Partners has acquired 179 buildings for more than $5.9 billion, representing 13.4 million sf of office, residential, industrial, hotel, and retail properties.

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DBRS Morningstar Analysis Page 21 of 100 Site Inspection Summary

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DBRS Morningstar toured the property on January 14, 2021, at 11:30 a.m. Based on the site inspection, DBRS Morningstar found the property to be Above Average.

The collateral is a Class A high-rise office building located in the Meatpacking District situated on the far west side of Manhattan. The subject boundaries are extended a few blocks to the north, east, and west by the Meatpacking Business Improvement District, a nonprofit alliance formed by business owners and investors. The group aims to keep the area safe and clean, continue beautification of the district, and continue to attract high-end commercial and residential development. The Meatpacking District began a transformation in the late 1990s, attracting high-end boutiques and some national retailers. The subject specifically sits at the northwest corner of Washington Street, a two-way north/south arterial, and 13th Street, a westbound one-way street. The High Line, a former elevated line that has been converted to a public park, borders the building on the north side. The subject is a block from 10th and 11th Avenues which run along the wharfs of the Hudson River. The surrounding area consists primarily of mid- and- high-rise office or multifamily buildings, typically with ground-level commercial spaces occupied by retail, restaurants, bars, and services. The area has excellent public transit service. Trends are positive with ongoing new construction and renovations of existing buildings throughout.

The subject sits on a land area of 0.43 acres with a total building area of 117,230 sf. Built in 2016, the 10-story building consists of steel and reinforced concrete construction with a glass and metal exterior facade. The building has no landscaping or parking. The subject building has mixed-use office (101,300 sf), ground-floor retail (11,000 sf), and basement (5,000 sf) space. The ground-floor retail space is fully occupied by Tesla. Interiors consist primarily of open loft-style spaces. Interior finishes throughout are upscale and modern, and include quartz tile, plank, or carpeted flooring and floor-to-ceiling windows. Ceiling finishes include open, tray, and baffle systems, with lighting provided by recessed, suspended, and pendant fixtures. Extensive use of glass walls and doors throughout create a spacious and airy atmosphere. Finishes, fixtures, and furnishings are designed for aesthetics and functionality. Amenities include controlled access, a manned security desk in the lobby, LEED Gold certification, a security system, and on-site management. The property overall is in very good condition, with no interior and exterior deficiencies noted.

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Page 22 of 100 DBRS Morningstar NCF Summary

NCF Analysis Page 22 of 100 2018 2019 Issuer NCF DBRS Morningstar NCF Variance (%) NCF ($) Page 22 of 100 GPR ($) 18,987,726 19,503,308 21,537,448 21,183,113 -1.6

Page 22 of 100 Recoveries ($) 779,262 1,383,478 1,480,245 1,648,936 11.4 Other Income ($) 70,803 197,944 0 0 0.0 Vacancy ($) -3,380,488 -83,466 -1,150,885 -2,118,311 84.1 EGI ($) 16,457,303 21,001,264 21,866,809 20,713,738 -5.3

Expenses ($) 5,158,512 5,440,324 7,925,179 8,281,164 4.5 NOI ($) 11,298,791 15,560,940 13,941,629 12,432,574 -10.8 Capex ($) 0 0 23,446 29,308 25.0 TI/LC ($) 0 0 980,914 1,168,293 19.1 NCF ($) 11,298,791 15,560,940 12,937,269 11,234,974 -13.2

DBRS Morningstar analyzed the property’s historical cash flow, occupancy levels, operating expenses, fixed expenses, and capital costs. DBRS Morningstar’s revenue and expenses estimates, as well as its analytical approach, are discussed below.

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $11,234,974, a variance of -13.2% from the issuer’s NCF of $12,937,269. The main drivers of the variance are vacancy, rent markdown, and TI/LCs. DBRS Morningstar assumed a 10% vacancy rate based on the Reis Q3 2020 submarket average by vintage, compared with the issuer’s 5% vacancy rate assumption. DBRS Morningstar applied a rent markdown to three tenant leases, Tesla, Baker Brothers, and Social Finance, based on 110% of the appraiser’s market rent assumption. DBRS Morningstar assumed office TIs of $90 psf for new leases and $45 psf for renewals, generally based on leasing allowances given to recently signed leases and retail TIs of $150 psf for new leases and $75 for renewals, generally based on comparables; these figures also assume a WA lease term of 10 years with a WA renewal probability of 65% for both office and retail spaces. The DBRS Morningstar LC assumptions were 4.0% for new leases and 2.0% for renewals. The resulting DBRS Morningstar TI/LC load is $9.97 psf, compared with the issuer’s $8.37 psf level.

DBRS Morningstar Viewpoint Although the coronavirus pandemic has halted retail shopping, reduced employee count in offices, and minimized tourism across the U.S., DBRS Morningstar expects this property to perform considering that the largest concerns are mitigated by structural safeguards and the majority of tenants are institutional grade. The property is well-located on Washington Street, at the base of the High Line in the Meatpacking District. The subject has strong accessibility and is well served by an extensive network of streets, thoroughfares, and New York’s public transportation system. Additionally, there is as an abundance of restaurants, retail development, schools, and community facilities located throughout the surrounding area.

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The property has significant tenant concentration, with the top five tenants (Alibaba, Baker Brothers, Page 23 of 100 Delos, Social Finance, and Tesla) accounting for 87.3% of the building’s NRA (93% of DBRS Morningstar

Page 23 of 100 base rent). Additionally, lease rollover is high, with all of the tenant leases expiring within the loan term. However, the rollover will take place near the end of the loan’s term, starting in 2027, which should Page 23 of 100 minimize the short-term or medium-term dislocation in the Manhattan office and retail market caused by

Page 23 of 100 the coronavirus pandemic. Additionally, the loan is structured with a lease rollover reserve that will trigger in the event of a nonrenewal by Delos, Tesla, and/or Alibaba. In the event Delos renews its lease within the Notice Period, but either Tesla or Alibaba do not renew their leases, a cash flow sweep will commence to collect a total of $100 psf of space occupied by Tesla and/or Alibaba over 12 months, into an escrow for TI/LCs. In the event that Delos does not renew its lease within its notice period and either Tesla or Alibaba do not renew their leases upon the commencement of their respective notice periods respective leases, a cash flow sweep will commence to collect all excess cash.

The sponsor group contributed $123.3 million to the acquisition at closing. The subject $116 million loan represents a modest 50% loan-to-purchase price ratio. Additionally, the subject is a newer Class A and LEED Gold certified asset.

Downside Risks • The property’s tenancy is heavily concentrated, with the top five tenants accounting for 93.0% of the building’s base rent. • All of the subject tenants have leases expiring during the loan term. • The ongoing coronavirus pandemic continues to pose challenges and risks to virtually all major commercial real estate property types and has created an element of uncertainty around future demand for office and retail space, even in gateway markets that have historically had high demand.

Stabilizing Factors • The loan is structured with a cash flow sweep that will trigger in the event of nonrenewal by Delos, Tesla, and/or Alibaba. • Lease expirations start taking place in 2027, which should minimize the short-term or medium-term dislocation in the Manhattan office and retail market caused by the coronavirus pandemic. Additionally, the subject’s largest tenant, Alibaba, has demonstrated its commitment to the space by investing approximately $5.0 million of capital, which was more than its TI allocation. • The property is well-located at the base of the High Line in the Meatpacking District submarket in Manhattan, a location with strong accessibility. Additionally, the property is in a DBRS Morningstar Market Rank of 8 and MSA group 3, which has historically had lower loan PODs. • The sponsor group contributed $123.2 million into the acquisition of the subject, resulting in a 48.3% LTV ratio based on the $229 million appraised value. • The subject has been performing well since the beginning of the pandemic. Since March 2020, 100% of contractual rent has been collected with no tenants requesting rent relief. Additionally, a new lease, comprising 4,700 sf (4.0% of the NRA), was recently executed for Expa, LLC.

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Page 24 of 100 Millennium Corporate Park

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Page 24 of 100 Loan Snapshot

Page 24 of 100 Seller GSMC Ownership Interest Fee Simple Trust Balance ($ million) 105.0 Loan PSF/Unit ($) $245.79 Percentage of the Pool 6.9%

Loan Maturity/ARD Collateral Summary January 2026 DBRS Morningstar Property Type Office Year Built/Renovated 1999-2000/2014 Amortization City, State Redmond, WA Physical Occupancy (%) 100.0% n/a Units/SF 537,046 Physical Occupancy Date October 2021 DBRS Morningstar DSCR (x)

2.3 DBRS Morningstar LTV (%) This loan is secured by the borrower’s fee-simple interest in Millennium Corporate Park, a Class A office 60.9 complex consisting of six buildings totaling 537,046 sf in Redmond, Washington. The collateral was built DBRS Morningstar Balloon LTV (%) between 1999 and 2000 and consists of two- and three-story suburban office buildings featuring modern 60.9 DBRS Morningstar Property Type design aesthetics, locker room facilities, a detached parking garage with 1,610 spaces, and large flexible Office floor plates that cater to technology and creative tenants. The office park is located adjacent to SR-520 DBRS Morningstar Property Quality and is less than one mile from downtown Redmond, with good access to public transportation.. Loan Average + proceeds of $132.0 million along with $85.5 million of sponsor equity were used to purchase the property for $217.0 million, fund $9.6 million of closing costs and cover closing costs. The five-year, Debt Stack ($ millions) fixed-rate loan is IO throughout the term. The note component securitized in this transaction is a controlling $105.0 million pari passu A-1 note with the additional pari passu A-2 notes to be securitized Trust Balance 105.0 in a future transaction. Pari Passu 27.0 The property was 100% occupied to four tenants as of the October 2020, including Microsoft (rated B-Note AA+/Aaa/AAA by Fitch/Moody's/S&P ; 89.2% of total NRA); Golder Associates, Inc. (6.9% of total sf); 0.0 Mezz Quantrarium, LLC (2.2% of total NRA); and People Tech Group (1.5% of total NRA). Microsoft has six 0.0 staggered leases, the earliest of which is scheduled to expire in May 2022. Microsoft has been at the Total Debt subject property for over 20 years, expanded its footprint from 67% to nearly 90% of the total NRA in 132.0 Loan Purpose 2012, and recently signed two seven-year renewal options that will take place in May of 2021 for Acquisition approximately 200,000 sf of its existing leased space. Equity Contribution/(Distribution) ($ millions) 85.5

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Page 25 of 100 Tenant Summary

Page 25 of 100 Tenant SF % of Total DBRS Morningstar % of Total DBRS Lease Expiry Investment NRA Base Rent PSF ($) Morningstar Base Grade? (Y/N) Rent Page 25 of 100 Microsoft Corp. (Building C) 99,945 18.6% $33.09 19.51% 4/30/2028 Y Microsoft Corp. (Building D) 99,898 18.6% $32.31 19.05% 4/30/2028 Y Page 25 of 100 Microsoft Corp. (Building F) 87,897 16.4% $28.10 14.57% 5/31/2022 Y

Page 25 of 100 Microsoft Corp. (Building E) 80,751 15.0% $28.48 13.57% 5/31/2024 Y Microsoft Corp. (Building A) 67,794 12.6% $32.81 13.1% 5/31/2024 Y Microsoft Corp. (Building B) 42,908 8.0% $31.21 7.9% 5/31/2022 Y Golder Associates, Inc. 36,965 6.9% $35.22 7.7% 3/31/2024 N Quantrarium, LLC 11,798 2.2% $38.86 2.7% 7/31/2024 N People Tech Group 7,992 1.5% $40.30 1.9% 8/31/2024 N Subtotal/Wtd. Avg. 535,948 99.8% $31.63 100.00% Various Various Other Tenants 1,098 0.2% $0.00 0% 12/31/2039 N Vacant Space 0 0.0% n/a n/a n/a n/a Total/Wtd. Avg. 537,046 100.0% $31.56 100% Various n/a

Coronavirus Update With regard to the coronavirus pandemic, the magnitude and extent of performance stress posed to global structured finance transaction remains highly uncertain, even considering the fiscal and monetary policy measures and statutory law changes that have already been implemented, or will be implemented, to soften the impact of the crisis on global economies. All tenants at the subject property are current on rent and have not requested any rent relief. While Microsoft (89.2% of total NRA remains under a work-from-home policy, the tenant has shown its commitment to the property by signing two, seven-year renewal options for its leased space in Buildings C and D after the onset of the coronavirus pandemic.

Sponsorship The sponsor for this loan is Vanbarton Group, a real estate firm founded in 1992 that specializes in core plus and value-add equity investments, preferred equity, junior participations, bridge loans, secondary market debt acquisitions, and securitized credit. Vanbarton Group invests in office, retail, and multifamily properties across the U.S. and has $2.65 billion in assets under management.

DBRS Morningstar Analysis Site Inspection Summary

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DBRS Morningstar toured the property on January 12, 2021, at 9:00 a.m. Based on the site inspection Page 26 of 100 and management tour, DBRS Morningstar found the property to be Average +.

Page 26 of 100 The collateral buildings are located within a commercial area in the eastern portion of the city of Page 26 of 100 Redmond, in a suburban setting on the eastern side of Lake Washington, approximately 15 miles east of

Page 26 of 100 the Seattle CBD and 1.2 miles east of downtown Redmond. Access to WA-520 is less than 0.5 miles to the west, WA-520 provides access to I-405, which is 6.5 miles to the southwest. The subject buildings line the north side of NE Union Hill Road, just south of the primarily residential neighborhood of Bear Creek. Southeast Redmond submarket, in which the subject is located, is densely developed with primarily commercial and light industrial improvements, including big box retailers (The Home Depot, Fred Meyer, Kohl’s, Target), suburban office buildings, and flex and light industrial facilities. Development to the east and south of the collateral consists primarily of residential neighborhoods, wetlands and green space.

The subject collateral consists of six low-rise suburban office buildings located east to west along the north side of NE Union Hill Road. The buildings were all developed between 1999 and 2000 and encompass a total building area of 537,046 sf. The improvements are all two- and three-story buildings consisting of structural steel and concrete tilt-up construction with masonry, tinted reflective glass exteriors, and built-up asphalt roofs. Landscaping throughout the campus is lush, professionally designed, and well maintained. There is ample on-site surface parking located throughout the campus, including a recently constructed parking deck providing covered parking. Amenities offered across the collateral buildings are extensive, consisting of lounges, recreation rooms, break rooms, convenience stores, full kitchens, cafeterias, showers, locker rooms, and conference facilities. Interior finishes in all buildings are of above-average commercial quality, including floor coverings, walls, and ceilings. Furnishings, fixtures, lighting, and decor are modern and upscale. Extensive use of glass on the buildings’ exteriors provides an abundance of natural lighting, with ample ambient lighting provided by recessed, specialty, and pendant fixtures throughout. Building interiors, exteriors, and grounds are immaculately maintained.

DBRS Morningstar NCF Summary NCF Analysis 2017 2018 2019 T-12 October Issuer NCF DBRS NCF 2020 Morningstar Variance NCF ($) (%) GPR ($) 10,118,050 10,179,744 11,029,280 11,356,569 14,014,475 13,084,128 -6.6 Recoveries ($) 2,373,187 2,990,712 3,133,322 3,233,506 3,477,404 3,865,706 11.2 Other Income ($) 900 900 900 408 900 900 0.0 Vacancy ($) 0 0 0 0 -705,271 -1,694,983 140.3 EGI ($) 12,492,137 13,171,355 14,163,501 14,590,482 16,787,509 15,255,751 -9.1 Expenses ($) 2,779,147 3,120,392 3,148,266 3,260,799 3,539,016 3,897,137 10.1 NOI ($) 9,712,990 10,050,963 11,015,235 11,329,683 13,248,492 11,358,614 -14.3 Capex ($) 0 0 0 0 107,409 134,262 25.0 TI/LC ($) 0 0 0 0 420,600 1,879,837 346.9 NCF ($) 9,712,990 10,050,963 11,015,235 11,329,683 12,720,483 9,344,515 -26.5

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The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Page 27 of 100 Property Analysis Criteria. The resulting DBRS Morningstar was $9,344,515, a variance of -26.5% from

Page 27 of 100 the issuer’s NCF of $12,720,483. The main drivers of the variance are TI/LCs, vacancy, and rent steps. DBRS Morningstar applied TIs of $25 and $10 for new and renewal leases, respectively, and LCs of 6.0% Page 27 of 100 for new leases and 3.0% for renewals, based on the appraisal’s conclusions. DBRS Morningstar applied

Page 27 of 100 a 10.0% vacancy, which is higher than the appraiser’s estimate of 4.0% and the issuer’s vacancy of 5.0%. DBRS Morningstar accepted rent steps through January 2022, whereas the issuer’s GPR incorporated the net present value of rent steps throughout the lease terms.

DBRS Morningstar Viewpoint The subject is well-located within the Seattle suburb of Redmond, which has established itself as home to large tech companies such as Microsoft, Amazon, Facebook, SpaceX, and Google. Microsoft has been heavily committed to Redmond since purchasing 88 acres in the market in 1986 for its global headquarters, located just 3.5 miles from the subject property. Microsoft has since expanded to 500 acres and 10 million sf of office space in Redmond, and now accommodates approximately 40,000 employees within the market. Most recently, Microsoft renewed 1.8 million sf of their Redmond office space, including two seven-year extensions for approximately 200,000 sf of space at the subject. Microsoft has been a tenant at the subject since 1999, and currently occupy 89.2% of the total NRA. Additionally, Microsoft came out of pocket for additions and improvements at the subject, including the stand-alone parking garage, the renovations to Building C and the cafeteria in Building E, and upgraded lobbies and bathrooms in all buildings. While the subject's term risk is minimal, given investment-grade tenant Microsoft occupies 89.2% of the NRA and contributes 87.8% of the EGI, Microsoft's leases for their space in Buildings B, F, A, and E, along with three other tenant leases, representing 61.3% of the EGI, are scheduled to expire during the loan term. With the coronavirus pandemic causing many companies to enact work-from-home measures, it is unclear how the demand for office space will be affected in the future. The transaction represents an LTV of 60.9% based on the loan amount of $132.0 million and an appraised value of $216.7 million. However, the leverage risk is mitigated by the sponsor's significant equity contribution of approximately $85.5 million to acquire the property.

Downside Risks • Approximately 61.5% of the in place base rent, including four of the six Microsoft leases, is scheduled to expire prior to the loan maturity. • This five-year IO loan lacks a warm body guarantor for the recourse carveouts. The recourse guarantor is Vanbarton Group. The lack of a warm body is a material limitation of the powerful economic disincentives that are contained in a standard CMBS nonrecourse carveout and environmental indemnity structure. • The DBRS Morningstar Market Rank of 4 and high NCF variance of -26.5% contributed to the loan's EL being more than twice as high as the pool average.

Stabilizing Factors • DBRS Morningstar views Microsoft’s base rent for its four leases expiring during the loan term, as well as that of Golder Associates, Inc., which combine to represent approximately 57% of the base rent, to be

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between 14% and 23% below the market rent conclusion of $29.00 psf, representing an opportunity for Page 28 of 100 upside in revenues as those leases roll.

Page 28 of 100 • The property is a well-maintained Class A office park in an accessible location with modern finishes that cater to its submarket's highly tech and creative-centric tenant base. Page 28 of 100

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Page 29 of 100 360 Spear

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Page 29 of 100 Loan Snapshot

Page 29 of 100 Seller GACC Ownership Interest Fee Simple Trust Balance ($ million) 104.7 Loan PSF/Unit ($) $584.16 Percentage of the Pool 6.8% Loan Maturity/ARD January 2031 Amortization 30 Years Collateral Summary DBRS Morningstar DSCR (x) DBRS Morningstar Property Type Office Year Built/Renovated 1924/2000 2.0 DBRS Morningstar LTV (%) City, State San Francisco, CA Physical Occupancy (%) 100.0 44.4 Units/SF 179,277 Physical Occupancy Date December 2020 DBRS Morningstar Balloon LTV (%) 36.8 DBRS Morningstar Property Type This loan is secured by the borrower’s fee-simple interest in 360 Spear, a 10-story, 179,277-sf office, Office telecom/data center, and laboratory building in San Francisco. The 10-year fixed-rate loan will amortize DBRS Morningstar Property Quality on a 30-year schedule during the initial five years, followed by an IO period for the remaining term. Average

The $160 million whole loan encompasses the noncontrolling A-1, A-2, and A-3 notes totaling $105.0 Debt Stack ($ millions) million ($104.7 million as of the cutoff date), as well as a subordinate B note with a total balance of $55

million. The subordinate $55.0 million B note is the controlling piece and it will be an asset of the issuing Trust Balance 104.7 entity as nonpooled rake bonds; however, the loan will be serviced pursuant to the PSA for this Pari Passu transaction. Whole-loan proceeds of $160 million along with $25 million of mezzanine debt and $6.5 0.0 million of sponsor equity facilitated the sponsor’s $175 million acquisition of the property, funded B-Note 55.0 reserves totaling $23.7 million, and covered closing costs of $2.2 million. The reserves include a gap and Mezz free rent reserve of $6.7 million, an unfunded obligations reserve of $8.6 million and a holdback reserve 25.0 for Vitalant of $8.0 million. With a DBRS Morningstar DSCR of 1.97x and DBRS Morningstar LTV of 44.4% Total Debt 184.7 for the A note, as well as favorable tenant roster, DBRS Morningstar considers the credit quality Loan Purpose associated with the whole-loan’s A note exposure to be A (high). Acquisition Equity Contribution/(Distribution) ($ millions) The subject property was originally constructed as the Navy and Marine Headquarters in 1924 and 6.5 converted to its current use in 2000. The building was most recently renovated in 2018, following the

seller’s acquisition. The seller invested approximately $11.0 million into the repositioning of 360 Spear, which included a lobby expansion and renovation, new tenant amenities, and converting ground-floor

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space and the garage into data center space with private entrances. The building is currently leased to Page 30 of 100 four tenants: Verizon, Lattice, Vitalant, and Teleport Communications America, LLC (AT&T).

Page 30 of 100 The landlord work on the recently signed Vitalant (18.6% of NRA) space has not yet been completed and Page 30 of 100 the tenant has not yet accepted its space. The landlord is currently building out the space, and the lease

Page 30 of 100 term does not commence (“Commencement Date”) until 180 days after the completion date of the landlord’s work (the “Delivery Date”). The borrower anticipates that the Delivery Date will occur, and Vitalant will take possession of its space in May 2021 with the Commencement Date occurring 180 days thereafter. However, if the Delivery Date does not occur by the date that is 12 months following the date on which the final form of the plans and specifications with respect to Vitalant’s tenant improvement work are actually delivered by Vitalant to the borrower for review and approval (the “Outside Delivery Date”), then the Commencement Date will be delayed day-for-day by each day that the Delivery Date is delayed beyond the Outside Delivery Date (except to the extent that such delay in the Delivery Date is caused by COVID-19 pandemic related delays outside the landlord’s or tenant’s reasonable control, force majeure, tenant delay, casualty or condemnation). Vitalant is entitled to six months of free rent after the Commencement Date. The 360 Spear Loan Combination includes an approximately $1.0 million reserve for gap rent in respect of the period between loan origination and the anticipated Delivery Date, an approximately $2.6 million reserve for the remaining landlord work and an approximately $8.0 million holdback reserve that will be converted to a TI/LC and free rent reserve after Vitalant has accepted its space. Per the sponsor, the Vitalant space is expected to be delivered to the tenant in May 2021. Vitalant is one of the nation’s oldest and largest community blood services providers. Vitalant plans to use the space mostly for blood-related research, clinical trials, and blood collection, as well as some administrative functions. The space will include a traditional lab space, vivarium, and freezer farm.

Simultaneously with the closing of the loan, Verizon extended its existing lease an additional 20 years through December 2040 and expanded into the vacant third floor, bringing its footprint to 49.8% of the NRA and the property to 100.0% leased. Verizon Tenant or its affiliated designee has a 24-month option to purchase the 360 Spear Property beginning on the 13th month after December 29, 2020 for $260.0 million. Verizon uses the existing space as a secondary carrier hotel data center, although it indicated interest in potentially housing its west coast innovation center at the property, which may include some office space. Verizon is in the process of investing heavily in its 5G network infrastructure and has indicated to the sponsor that the subject is a key piece in the backbone of its infrastructure.

Tenant Summary Tenant SF % of Total DBRS Morningstar % of Total DBRS Lease Investment NRA Gross Rent PSF ($) Morningstar Base Rent Expiry Grade? (Y/N) Verizon 89,237 49.8 121.73 56.0 12/2040 Y Lattice 39,786 22.2 112.14 23.0 5/2028 N Vitalant 33,317 18.6 80.38 13.8 5/2030 N Teleport Communications 16,937 9.4 83.25 7.3 12/2026 Y America, LLC (AT&T) Subtotal/Wtd. Avg. 179,277 100.0 108.28 100.0 Various Various Other Tenants 0 0 0 0 n/a n/a Vacant Space 0 0 n/a 0 n/a n/a Total/Wtd. Avg. 179,277 100.0 108.28 100.0 Various Various

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Page 31 of 100 Coronavirus Update

Page 31 of 100 With regard to the coronavirus pandemic, the magnitude and extent of performance stress posed to global structured finance transactions remains highly uncertain, even considering the fiscal and Page 31 of 100 monetary policy measures and statutory law changes that have already been implemented, or will be

Page 31 of 100 implemented, to soften the impact of the crisis on global economies. DBRS Morningstar received and analyzed updates regarding the property’s performance as it related to the current coronavirus pandemic. The property is open and operational, subject to stay-at-home orders. There has not been any collections issues or closures reported at the building since the start of the pandemic. There have been two leases signed by the seller during the pandemic, with Lattice and Vitalant. Simultaneously with the closing of the loan, Verizon amended and extended its existing lease an additional 20 years through December 2040 as well as expanding into the vacant third floor, bringing the subject to a 100% occupancy. As part of the closing, an outstanding leasing reserve was established that reserved upfront any outstanding free rent obligations, as well as outstanding tenant improvement allowances and LCs due in connection with any lease at the property. A debt service reserve was not held back at close.

Sponsorship The borrower sponsor is John R. Winther, a co-founder and partner at Harvest Properties and the nonrecourse carveout guarantors are John R. Winther and The John R. Winther Trust dated September 20, 2012. Winther has nearly 30 years of commercial real estate experience, from sourcing and structuring, managing and leasing, to asset disposition. Winther founded Harvest Properties in 2002. Harvest Properties is a vertically integrated commercial real estate investment firm specializing in the acquisition, development, management, and financing of commercial property, primarily through joint-venture investments, throughout the San Francisco Bay Area. Harvest Properties has completed approximately $3.2 billion in commercial property investment transactions, and currently owns and/or manages more than nine million sf of office, industrial, and research and development space locally. Within the last 10 years, certain affiliates of the sponsor have been in default on certain obligations and have given title or deed in lieu of foreclosure to certain properties. As a result, DBRS Morningstar applied a sponsor strength adjustment, increasing the loan’s probability of default.

DBRS Morningstar Analysis Site Inspection Summary

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Page 32 of 100 DBRS Morningstar toured the property on January 13, 2021, at 12:45 p.m. Based on the site inspection,

Page 32 of 100 DBRS Morningstar found the property to be Average.

Page 32 of 100 The collateral is a mid-rise office and telecom building located in the Rincon Hill neighborhood, a part of

Page 32 of 100 the greater South of Market area on the east side of San Francisco. Rincon Hill is small, densely developed neighborhood, bordered by the Embarcadero and San Francisco Bay on the east, Bryant Street on the south, Essex Street on the west, ad Folsom Street on the north. The Financial District is to the northwest. The area is zoned as a high-density residential neighborhood, with numerous high-rise and residential towers. The subject building sits on the northwest side of Spear Street and covers the entire block along Harrison Street, from Spear Street to Main Street to the southwest. The building is one block from the Embarcadero, San Francisco Bay Trail, and San Francisco Bay. Mid-rise office buildings are across Spear Street to the northeast, with low-rise and high-rise residential buildings across Harrison Street. Residential and office towers are to the northwest. Surrounding buildings are a mix of late 1800s and early 1900s vintage with some mid-to-late 1900s construction, most of which were renovated in the 2000s. Retail, bars, restaurants, and services are typically located on the ground level of the office and residential buildings.

The subject property is a five-story office/telecom/data-hosting building located on a land area of 0.8 acres, with a gross building area of 179,277 sf. It was originally built in 1924 as the Navy and Marine Headquarters, but changed to its current use after renovations in 2000. The building is of reinforced concrete construction, with masonry and glass exteriors and a flat roof. The subject has two elevators, 18 on-site parking spaces, and common loading areas with overhead bay doors. Additional features include a renovated lobby, amenity space including green space, kitchen and operable storefront, on-site security guard, bike storage room, common area lockers and showers, and expanded windows with ample natural lighting. Interior finishes are of above average quality, modern and upscale, with sealed and polished concrete flooring in common areas, patterned carpeting in office areas, open-concept office spaces with cubicles, and glassed-in private offices. Ceilings are either open with exposed, coated ductwork and suspended lighting, or dropped with recessed and pendant lighting. Furnishings are modern and functional. Vacant spaces are in vanilla box condition, ready for build-out. The building blends well with the surrounding neighborhood. The overall exterior and interior appearance is very good.

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DBRS Morningstar NCF Summary Page 33 of 100 NCF Analysis 2019 T-12 October 2020 Issuer NCF DBRS Morningstar NCF Variance (%) Page 33 of 100 NCF ($)

GPR ($) 3,766,448 3,860,517 16,330,522 16,293,349 -0.2 Page 33 of 100 Recoveries ($) 165,568 248,643 3,119,212 3,387,460 8.6 Other Income ($) -24,037 164,444 24,060 28,292 17.6 Page 33 of 100 Vacancy ($) 0 0 -982,888 -1,289,480 31.2 EGI ($) 3,907,979 4,273,604 18,490,906 18,419,621 -0.4

Expenses ($) 2,198,027 2,340,416 4,757,608 5,121,114 7.6 NOI ($) 1,709,952 1,933,188 13,733,298 13,298,507 -3.2 Capex ($) 0 0 44,819 44,819 0.0 TI/LC ($) 0 0 224,096 835,391 272.8 NCF ($) 1,709,952 1,933,188 13,464,382 12,418,297 -7.8

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $12,418,297, a variance of -7.8% from the issuer’s NCF of $13,464,382. The main drivers of the variance are TI/LCs, vacancy, and expenses. DBRS Morningstar assumed office TIs of $100 psf for new leases and $35 psf for renewals, and production distribution and repair/lab TIs of $85/$35, respectively, based on the appraisal. The TIs for the data center space were $30/$15. The DBRS Morningstar LC assumptions were 6% for new leases and 3% for renewals. The resulting TI/LC load is $4.66 psf, compared with the issuer’s $1.25 psf level. DBRS Morningstar assumed a 6.5% vacancy rate based on based on a blended rate of 4% on the LTCT Verizon and 10% on all other space, compared with the issuer’s 5% vacancy rate assumption. DBRS Morningstar based its expense assumptions on the appraisal. Comparatively, the issuer based expenses on the borrower’s budget.

DBRS Morningstar Viewpoint Although the coronavirus pandemic has halted retail shopping, reduced employee count in offices, and minimized tourism across the U.S., DBRS Morningstar expects this property to perform. The largest concerns are mitigated by having a majority of institutional-grade tenants that use a large portion of their space as telecommunication/data center. Approximately 50% of the property’s base rent is attributable to Verizon under a 20-year lease. This will provide stability to the cash flow over the loan term and beyond. An additional 6.7% of the space is leased to AT&T through 2026.

According to the appraisal, the impact of coronavirus on data centers is expected to be minimal, as they are considered critical infrastructure and essential to sustain a working economy. Additionally, shelter- in-place and social distancing orders have increased reliance on technology, creating additional telecommunication demand, which is expected to last beyond the current wave.

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The property is well-located south of the Financial District in San Francisco, an area that has strong Page 34 of 100 accessibility and is well served by an extensive network of streets and thoroughfares, as well as public

Page 34 of 100 transportation. Much of the fiber connectivity which is critical to data center use is in the SOMA neighborhood; however, according to the appraisal, this buildings connectivity is somewhat inferior in Page 34 of 100 terms of connectivity compared with other facilities in the market. Adjacent to the building on the west

Page 34 of 100 side is 365 Main, a primary interconnection point. This provides tenants at the subject to the larger network. The data center market in San Francisco and the broader Silicon Valley market is critical to the large technology companies that dominate the area. Although there are 80 megawatts of critical IT load in the development pipeline, according to the appraisal, the market remains supply constrained. Additionally, the property is in a DBRS Morningstar Market Rank of 8 and MSA group 3, which has historically had lower loan PODs. With a DBRS Morningstar DSCR of 1.97x and DBRS Morningstar LTV of 44.4% for the A note, as well as favorable tenant roster, DBRS Morningstar considers the credit quality associated with the whole-loan’s A note exposure to be A (high).

Within the last 10 years, certain affiliates of the sponsor have been in default on certain obligations and have given title or deed in lieu of foreclosure to certain properties. As a result, DBRS Morningstar applied a sponsor strength adjustment, increasing the loan’s POD. Downside Risks • Landlord work on the recently signed Vitalant space has not yet been completed and the tenant has not yet accepted its space. Additionally, the use of the Vitalant space for laboratory use is a permitted use, subject to satisfaction of certain conditions. Moreover, the lease term does not commence until 180 days after the landlord delivers the premises with landlord’s work complete. • The Verizon lease includes a purchase option at $260.0 million between months 13 and 36. A transfer to Verizon will result in the largest tenant and borrower being affiliated entities. • The ongoing coronavirus pandemic continues to pose challenges and risks to virtually all major commercial real estate property types and has created an element of uncertainty around future demand for office and retail space, even in gateway markets that have historically had high demand. San Francisco, in particular, has seen an exodus of staff to lower-cost areas.

Stabilizing Factors • The loan features $23.4 million of lender reserves for outstanding TI/LCs, as well as remaining Vitalant landlord work, gap rent, and free rent. The Vitalant lease does not contain a termination option in favor of the tenant in the event the landlord fails to deliver the premises. Additionally, under the Vitalant lease the tenant is responsible for obtaining all permits and approvals necessary for laboratory use. Per the sponsor, the Vitalant space is expected to be delivered to the tenant in May 2021. • Vitalant plans to move its headquarters building to the subject from another San Francisco office to accommodate the company’s growth. Additionally, Verizon is in the process of rolling out and investing heavily in its 5G network infrastructure. Verizon has indicated to the sponsor that the subject is a key piece in the backbone of its infrastructure. Moreover, 360 Spear is located at the crux of San Francisco’s fiber network, which gives it direct access to fiber routes and fiber lines. • The subject has been performing well since the beginning of the pandemic. There has not been any collections issues or closures reported at the building since the start of the pandemic. There have been

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two leases signed by the seller during the pandemic, with Lattice and Vitalant. Simultaneously with the Page 35 of 100 closing of the loan, Verizon amended and extended its existing lease an additional 20 years through

Page 35 of 100 December 2040 as well as expanding into the vacant third floor, bringing its footprint to 49.8% and the subject to 100.0% occupancy. This property could be considered to be critical infrastructure and will Page 35 of 100 likely remain in service to maintain operations for the tenants and their customers.

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Page 36 of 100 Phillips Point

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Page 36 of 100 Loan Snapshot

Page 36 of 100 Seller GSMC Ownership Interest Fee Simple Trust Balance ($ million) 75.0 Loan PSF/Unit ($) $442.25 Percentage of the Pool 4.9% Loan Maturity/ARD February 2031 Amortization n/a Collateral Summary DBRS Morningstar DSCR (x) DBRS Morningstar Property Type Office Year Built/Renovated 1985,1988/2019 2.4 City, State West Palm Beach, FL Physical Occupancy (%) 90.5 DBRS Morningstar LTV (%) Units/SF 448,885 Physical Occupancy Date December 2020 70.4 DBRS Morningstar Balloon LTV (%) This loan is secured by the borrower’s fee-simple interest in Phillips Point, 448,885 sf of Class A office 70.4 and retail building in West Palm Beach, Florida. The property comprises an east and a west tower that DBRS Morningstar Property Type Office are 13 and 19 stories tall, respectively. The loan also includes a multistory parking garage and ground DBRS Morningstar Property Quality floor retail space known as the Promenade retail area. This is a 10-year, full IO loan maturing on March Average + 6, 2031. Loan proceeds of $198.5 million along with a $30.5 million mezzanine loan and $62.7 million of

sponsor equity will be used to facilitate the $281.9 million acquisition of the property, cover $9.0 million Debt Stack ($ millions) in upfront reserves and closing costs.

Trust Balance The Class A office building was constructed in 1985 and 1988 with renovations having been made by the 75.0 Pari Passu seller between 2015 and 2020. Of the $15.7 million in capital improvements, the most recent include 123.5 $4.7 million in lobby renovations and $1.5 million in plaza renovations in 2020. In 2018, capital B-Note improvements included elevator modernizations and renovations to the west garage’s facade at a cost of 0.0 Mezz $1.7 million and $1.4 million, respectively. The property is located on approximately 4.25 acres in West 30.5 Palm Beach at the base of the Royal Palm Bridge, the main bridge connecting West Palm Beach to Palm Total Debt Beach. Because of the property’s commuting ease with its proximity to the bridge, the unobstructed 229.1 views of the intercoastal waterways, and the recently completed capital improvements, the property is Loan Purpose Acquisition considered a Class A Trophy asset in the submarket. Equity Contribution/(Distribution) ($ millions) 62.7 The property is 90.5% occupied by 31 tenants. The largest tenant, Gunster, accounts for 11.3% of DBRS Morningstar’s base rent while the top five tenants account for 48.5% of the DBRS Morningstar base rent with a WA lease term of 24.8 years. The property has minimal turnover through 2023, however, 19.7% of the tenants roll in 2024 and 84.1% of the all tenants roll before 2029. Although there is significant tenant

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rollover through the loan term, it should be noted that the top 12 tenants have been at the property for Page 37 of 100 an average of 16.6 years and the loan is structured with a $6.7 million upfront leasing reserve.

Page 37 of 100 Tenant Summary Page 37 of 100 Tenant SF % of Total DBRS % of Total Lease Investment NRA Morningstar DBRS Expiry Grade? (Y/N) Base Rent Morningstar Page 37 of 100 PSF ($) Base Rent

Gunster, Yoakley, Valdes-Fauli 50,800 11.3 36.37 11.3 8/2024 N Akerman, Senterfitt & Eidson 48,678 10.8 39.42 11.7 9/2028 N Affiliated Managers Group (AMG) 38,499 8.6 48.03 11.3 11/2027 Y Greenberg & Traurig 30,254 6.7 46.51 8.6 10/2024 N Morgan Stanley 26,463 5.9 35.67 5.8 3/2026 Y

Subtotal/Wtd. Avg. 194,694 43.4 40.92 48.5 Various Various Other Tenants 196,567 43.8 43.05 51.5 Various n/a Vacant Space 57,624 12.8 n/a n/a n/a n/a Total/Wtd. Avg. 448,885 100.0 36.60 100.0 Various Various

Sponsorship The sponsor for this loan is The Related Companies, Inc., a privately owned real estate firm in New York City. The Related Companies, L.P. has more than 3,000 employees and is the largest landlord in New York City with more than 8,000 residential units under ownership. The sponsor has two other developments in the local area, 360 Rosemary and One Flagler. Property management is provided by The Related Companies, L.P., a borrower-affiliated company. Services are provided for 1% of EGI, which is subordinate to the debt service payment.

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DBRS Morningstar Analysis Page 38 of 100 Site Inspection Summary

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DBRS Morningstar toured the property on Friday, January 15, 2021, at 1:00 p.m. Based on the site inspection, DBRS Morningstar found the property to be Average +.

The collateral is a two-tower office development located in West Palm Beach, a city across the Intracoastal Waterway to the west of Palm Beach. West Palm Beach is a principal city of the Miami metropolitan area, approximately 68 miles north of downtown Miami. The towers are in the downtown area of West Palm Beach and sit directly along Flagler Drive, a multilane median-divided arterial that runs along the west side of the Lake Worth Lagoon. The property is just west of the Royal Palm Way Bridge that crosses the Intracoastal Waterway, connecting West Palm Beach and Palm Beach. Lakeview Avenue (FL-740), a one-way westbound arterial off Royal Palm Way, borders the subject property to the south; Chase Avenue, a two-way street, borders to the west; and Trinity Place, a one-way eastbound street borders to the north. Immediate surrounding properties along the waterfront and to the west consist mostly of residential towers. Garden apartment complexes, low- and mid-rise multifamily buildings, small university campuses, churches, and museums are to the southwest. The downtown business district of West Palm Beach is a few blocks to the northwest. The property is within walking distance of transit systems and restaurant and retail complexes.

The subject property consists of two office towers located on a land area of 4.25 acres, with a total building area of 448,885 sf. The East Tower is 13 stories, and the West Tower is 19 stories, both with ground floor retail and parking garages. The towers were constructed in 1985 and 1988 of steel frame and reinforced concrete with masonry and glass exterior facades and flat roofs. Both towers were renovated between 2015 and 2020. A total of 1,162 parking spaces are provided in the two tower garages. The position of the property offers views of the Intracoastal Waterway, Atlantic Ocean, Palm Beach, and downtown West Palm Beach. Additional amenities include ground floor retail and restaurants, 24-hour security, access to executive suites, banking services, and valet parking. Interior common area finishes in both towers are modern and upscale. Finishes of leased spaces are individual to the tenant, but all were noted to be of above average commercial quality with attractive surfaces, furnishings, and decor. Vacant spaces viewed were in vanilla box condition.

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DBRS Morningstar NCF Summary Page 39 of 100 NCF Analysis 2017 2018 2019 T-12 Issuer NCF DBRS NCF Page 39 of 100 November Morningstar Variance 2020 NCF ($) (%) Page 39 of 100 GPR ($) 13,421,420 14,486,971 15,138,988 15,756,027 19,929,841 19,573,177 -1.8 Recoveries ($) 8,124,019 8,722,697 9,177,454 9,017,657 9,078,869 9,621,829 6.0

Page 39 of 100 Other Income ($) 1,864,579 1,982,106 1,832,332 1,672,514 1,798,474 1,659,623 -7.7

Vacancy ($) 0 0 -1,124,288 -1,850 -2,309,680 -2,859,239 23.8 EGI ($) 23,410,018 25,191,774 25,024,486 26,444,348 28,497,504 27,995,390 -1.8 Expenses ($) 8,783,998 9,017,791 9,421,017 9,026,741 9,339,815 9,890,818 5.9 NOI ($) 14,626,020 16,173,983 15,603,469 17,417,607 19,157,689 18,104,572 -5.5 Capex ($) 0 0 0 0 107,732 112,221 4.2

TI/LC ($) 0 0 0 0 384,053 1,820,887 374.1 NCF ($) 14,626,020 16,173,983 15,603,469 17,417,607 18,665,904 16,171,464 -13.4

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $16,171,464, representing a variance of -13.4% from the issuer’s NCF of $18,665,904 The primary drivers of the variance tenant improvements, straight line rent step credits and vacancy. DBRS Morningstar concluded a vacancy rate of 10%, which is relatively in line with the comp set performance and higher than the issuer’s value of 7.96% based on gross potential rent. DBRS Morningstar concluded a blended TI assumption of $43.50 for new tenants and $10.79 for renewals, which was generally based on recent leasing for office and the appraiser’s assumptions on all other space. DBRS Morningstar gave straight-line credit over a 10-year period to the $6.65 million of TI/LC reserves, resulting a total TI/LC amount of $4.06 psf. The issuer assumed $0.86 psf.

DBRS Morningstar Viewpoint DBRS Morningstar expects the property to perform well throughout the loan term, despite the current economic challenges faced by office spaces throughout the country. According to the appraisal, leasing activity measured 731,600 sf through the third quarter, trailing the 2019 value of 1.9 million sf. During the second and third quarters, leasing activity was 214,000 sf and 213,000 sf, respectively. This decrease in leasing velocity and the appraiser’s opinion of South Florida’s maturing economy and moderate job growth may cause leasing challenges in the future as the 84.1% of the tenants’ leases expire prior to maturity. However, the property has maintained an average occupancy of 92.2% since 1999 and approximately 90.1% since 2017 and recently completed $15.7 million in renovations, potentially increasing demand for an already desirable location.

The property is considered a trophy asset in its submarket and has rent rates below comparable properties and the submarket. The West Palm Beach Office submarket’s average rent is $43.24 psf, slightly better than the subject’s occupied base rent of $42.40 psf. According to the appraiser, the submarket vacancy rate is slightly higher than the DBRS Morningstar’s economic vacancy assumption of 12.3% at 14.6%. Relative to two other trophy assets, CityPlace Tower and Esperante, the subject’s average rent psf is 16.98% less than the comparable properties WA rent, which may provide for upside as the current leases roll. The issuer noted that many of the leases were signed prior to the completion

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of the buildings’ renovations, which is why the current rent roll is below the market average rent price. Page 40 of 100 The handful of leases signed in 2019 or later have a WA rental rate of $47.38 psf, illustrating the

Page 40 of 100 increasing trend. Additionally, the property’s occupancy rate is 10.4% greater than the comparable group. Page 40 of 100

Page 40 of 100 Downside Risks • 84.1% of the current tenant’s leases roll over prior to 2029. All of the subject’s tenants except Citizens Bank and Alliance Capital Management have leases expiring during the loan term • The loan is interest only for its entire term and has a DBRS Morningstar LTV that is much higher than the pool average. Additionally, there is also a $30.5 million mezzanine loan.

Stabilizing Factors • DBRS Morningstar accounted for the loan's lack of amortization and high LTV in the model, which resulted in the loan's EL being more than twice as high as the pool average. • The current rent roll consists of 31 tenants with the largest tenant accounting for 11.3% of NRA and 14 tenants are credit rated. • The loan has a TI/LC reserve of $6.7 million and will be replenished at $0.50 psf per annum, funded monthly. • The property is well located at the base of the Royal Palm Bridge with unobstructed intercoastal water views and is considered a trophy asset in the area.

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Page 41 of 100 MGM Grand & Mandalay Bay

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Page 41 of 100 Loan Snapshot

Page 41 of 100 Seller CREFI, GACC Ownership Interest Fee Simple Trust Balance ($ million) 75.0 Loan PSF/Unit ($) $167,644.65 Percentage of the Pool 4.9% Loan Maturity/ARD March 2030 Amortization n/a Collateral Summary DBRS Morningstar DSCR (x) DBRS Morningstar Property Type Full-Service Hotel Year Built/Renovated Various 7.5 City, State Las Vegas, NV T-12 RevPAR ($) 179.62 DBRS Morningstar LTV (%) Keys 9,748 T-12 RevPAR Date March 2020 35.5 DBRS Morningstar Balloon LTV (%) The loan is secured by the borrowers’ fee-simple interest in the MGM Grand and Mandalay Bay, two 35.5 DBRS Morningstar Property Type full-service luxury resorts and casinos consisting of 9,748 rooms on the Las Vegas Strip. Built in 1993 and Full Service Hotel 1999 and renovated in 2019 and 2016, respectively, the hotels recorded a 71.4% occupancy as of DBRS Morningstar Property Quality September 2020. Whole-loan proceeds of $3.00 billion along with $1.62 billion of sponsor equity Excellent acquired the properties in a sale-leaseback transaction for a recapitalized purchase price of $4.6 billion excluding closing costs. The 10-year whole loan is full-term IO and represents a 35.5% issuance LTV Debt Stack ($ millions) based on the January 2020 combined aggregate real property appraised value of $4.6 billion.

Trust Balance 75.0 The whole mortgage loan is composed of $1.63 billion of senior A notes, $430.1 million of senior B notes, Pari Passu $374.3 million of junior B notes, and $561.4 million of junior C notes. The junior notes have been 1,559.2 securitized in three single-asset/single-borrower (SASB) transactions to date (BX 2020-VIVA, BX 2020- B-Note 1,365.8 VIV2, and BX 2020-VIV3) and an additional approximately $310.4 million of senior notes is likely to be Mezz securitized in future SASB and/or conduit transactions. The collateral for this transaction is $75.0 million 0.0 of the senior A notes that were held back for contributions to future securitizations from the BX 2020- Total Debt VIVA, BX 2020-VIV2, and BX 2020-VIV3 transactions. 3,000.0 Loan Purpose Acquisition Equity Contribution/(Distribution) ($ millions) 1,617.8

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Page 42 of 100 Portfolio Summary

Page 42 of 100 Property Cut-Off Date % of Loan City, State Property Type Rooms % of Year Built/ Occupancy Loan Amount Amount NRA Renovated (%)

Page 42 of 100 MGM Grand 40,875,000 54.5 Las Vegas, Full-Service 4,998 51.3 1993/NAP 68.5 NV Hotel Page 42 of 100 Mandalay Bay 34,125,000 45.5 Las Vegas, Full-Service 4,750 48.7 1999/NAP 74.8

Page 42 of 100 NV Hotel Subtotal/Wtd. 75,000,000 100.0 Las Vegas, Full-Service 9,748 100.0 71.4 Avg. NV Hotel

The sponsorship for the transaction is a joint venture between Blackstone Real Estate Income Trust (Blackstone; 49.9%) and MGM Growth Properties (MGP; 50.1%), which acquired the property from MGM Resorts International (MGM Resorts). MGM Lessee II, LLC. (MGM Tenant), a wholly owned subsidiary of MGM Resorts, leased the property from the joint venture and operates it under a triple-net master/operating lease with a 30-year initial term and two 10-year extension options.

In 2019, the MGM Grand achieved occupancy, ADR, and RevPAR penetration rates of 91.4%, $190, and $174, and Mandalay Bay of 92.8%, $203, and $188, respectively, versus its competitive set which includes the Mirage, New York New York, Luxor, Caesars, Planet Hollywood, and the Venetian/Palazzo. Both MGM Grand and Mandalay Bay have generally performed in line with their competitive set, although Mandalay Bay has historically had higher RevPAR penetration rates, which have exceeded 100% for each of the last three years. MGM Grand has historically had an occupancy rate that hovers around the low 90% range, while Mandalay Bay has been slightly lower. From an ADR perspective, Mandalay Bay has generally slightly outperformed its competitive set, while MGM Grand has generally performed in line with its competitive set over the past three years. Room renovations at both properties have also enabled MGM Resorts to push rates. MGM Resorts has invested a significant amount of capital, nearly $1 billion, into both properties since 2010 to maintain and improve their performance. The MGM Grand has received $480 million ($96,000 per key) of investment, including a $144 million room renovation in 2012 and $118 million to expand the convention center in 2018. Mandalay Bay has received $510.6 million ($107,500 per key) in capital improvements, including an almost $160 million room renovation (including the Delano tower) from 2010 to 2016. Furthermore, under the terms of the master lease, MGM Resorts must invest a minimum of 3.5% of the actual net revenue per year from 2020 to 2024 and each five-year period thereafter on a rolling basis. MGM Resorts must also fund a monthly capex reserve equal to 1.5% of the actual net revenue, which it can use for FF&E expenditures and on certain qualifying capex. There are only two hotel and casino projects slated for completion through 2022, Resorts World Las Vegas and the Drew. Resorts World Las Vegas is a 3,500-room, 59- story mega resort under construction on the former Stardust Resort and Casino site on the northern part of the Strip, scheduled for completion by December 2020. The Drew is a 3,680-room, 75% completed, resort casino formally named Fontainebleau Las Vegas. The property is currently scheduled to finish construction in 2021. Both projects have been besieged by delays but are likely to open for business over the next couple of years. The projects will also be at the northern end of the Las Vegas Strip, far away from the properties, and north of the Wynn/Encore properties. Resorts World Las Vegas will likely compete, to some extent, with both MGM Grand and Mandalay Bay to attract lucrative high-end

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gamblers, especially from Asia. Occupancy rates are likely to suffer to some degree with the addition of Page 43 of 100 more rooms, but neither property is likely to directly compete with either MGM Grand or Mandalay Bay,

Page 43 of 100 and neither is likely to offer as much convention or conference space as is available at both MGM Grand and Mandalay Bay. Page 43 of 100

Page 43 of 100 Competitive Set Property Rooms Year Meeting Restaurant Casino Slot Table Baccarat Open Space (Total s (sf) Devices Games ed sf) The Mirage 3,044 1989 170,000 Full 94,000 1,223 108 13 New York New York 2,024 1997 30,500 Full 81,000 1,165 64 1

Luxor 4,397 1993 20,000 Full 120,000 1,100 56 1 Caesars 3,976 1966 300,000 Full 124,200 1,510 174 66 Planet Hollywood 2,500 2000 20,000 Full 64,500 1,010 100 1 Venetian/Palazzo 7,117 1999 450,000 Full 335,878 1,970 282 69 Total/Wtd. Avg. Comp. Set 23,058 1991 165,083 Full 136,596 1,330 131 25 Mandalay Bay Hotel and 4,750 1999 2,100,000 Full 147,992 1,325 84 5 Casino MGM Grand Hotel and 4,998 1993 748,325 Full 161,800 1,568 105 23 Casino Source: Appraisal.

Coronavirus Update DBRS Morningstar continues to monitor the ongoing effects of the coronavirus pandemic on operations at both the MGM Grand and Mandalay Bay properties, as well as the Las Vegas gaming and lodging market more broadly. As a result of the pandemic, casino operations at both properties ceased on Monday, March 16, 2020, followed by the closure of hotel operations on Tuesday, March 17, 2020. On March 16, 2020, the MGM Tenant also notified the borrowers of the properties' temporary closure and asserted that an Unavoidable Delay, as defined in the master lease agreement, had occurred that affected the properties and the MGM Tenant’s obligations under the master lease (principally, to remain open for business). The properties have since incrementally begun to resume operations, starting with the reopening of the MGM Grand resort on June 4, 2020, with limited amenities and certain coronavirus mitigation procedures. MGM Resorts subsequently reopened The Shoppes at Mandalay Bay Place on June 25, 2020, and the Mandalay Bay resort on July 1, 2020, again with limited amenities and certain coronavirus mitigation procedures. While it is still too soon to gauge the long-term effect on property cash flow and valuations for hotels from the coronavirus pandemic, given the immediate effects that have occurred thus far in cancelled meetings and conventions, personal travel disruptions, and travel restrictions that remain in place across various jurisdictions, DBRS Morningstar believes there is potential for significant longer-term effects. Furthermore, DBRS Morningstar also believes lasting social distancing restrictions, mandated density reductions, and the costs associated with enhanced sanitization protocols could have a prolonged negative impact on properties’ EBITDAR until the pandemic permanently abates and the macroeconomy fully recovers. Despite the prospect of short- and medium-term uncertainty, DBRS Morningstar believes the transaction benefits from unique structural features that provide additional protection for bondholders. Principally, the master lease structure insulates the mortgage loan from direct exposure to the volatility of the properties’ operating cash flows. Secondarily, the transaction benefits from a guaranty provided by MGM Resorts, which covers payment

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and performance of the MGM Tenant’s monetary obligations and certain other obligations under the Page 44 of 100 master lease agreement. In addition to the payment and performance guaranty, MGM Resorts also

Page 44 of 100 executed a shortfall guaranty for the benefit of the lender for the mortgage loan. For more information, please see the relevant press release for the BX 2020-VIV3 transaction. Page 44 of 100

Page 44 of 100 Sponsorship The sponsorship for this transaction is a joint venture between Blackstone and MGP. Blackstone is a leading global alternative asset manager. Blackstone’s alternative asset management businesses include the management of private equity funds, real estate funds, hedge fund solutions, credit-oriented funds, closed-ended mutual funds, and other investment funds. The Blackstone Real Estate group was established in 1991 and is the largest private equity real estate investment manager in the world. MGP is a subsidiary of MGM Resorts, which is a publicly traded global hospitality and casino company with a market capitalization of $11.6 billion. MGM Resorts owns or operates more than 49,000 rooms and 2.7 million sf of casinos in 30 properties in key markets, such as Macau, Las Vegas, and Atlantic City.

DBRS Morningstar Analysis Site Inspection Summary

DBRS Morningstar toured the MGM Grand and Mandalay Bay properties with members of the management team on the morning and afternoon of Tuesday, January 28, 2020, and found the property quality to be Excellent.

During the tour, representatives from MGM Resorts discussed the details of daily operations at each of the resorts, as well as a history of the assets and a detailed accounting of recent capital investments. At the time of the visit, the conference and convention space was being heavily used by attendees of a major national trade show, and guests were actively using both properties.

The MGM Grand property is just east of the intersection of Las Vegas Boulevard and Tropicana Avenue and is diagonally across the street from the Aria and Park MGM. The Cosmopolitan and Bellagio are to the north, and resort casinos such as Tropicana, Luxor, and Excalibur are to the south. The property’s distinctive turquoise and glass facade along with its massive signage make it hard to miss, although the property is somewhat set back from the Strip.

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The MGM Grand property is sprawling and includes a massive conference center, the MGM Grand Page 45 of 100 Garden arena, and a large casino floor that was busy with activity during the time of the tour. Although

Page 45 of 100 MGM Grand is one of the older casino properties in Las Vegas, the majority of the public space was in good condition. The highlight of the MGM Grand, in addition to the MGM Garden Arena, is likely the Page 45 of 100 Mansion at MGM, which features several opulent “villa” residences for some of the hotel’s most

Page 45 of 100 important gaming clients. The Mansion recently underwent a significant renovation and affords high rollers both privacy and luxury. Guests can enter the Mansion through a private porte cochere and can essentially stay, dine, and gamble without ever interacting with the general public. The Mansion is a major asset in terms of attracting and retaining the most high-profile gaming clients, and the butler and concierge staff were busy greeting clients during the time of the tour. DBRS Morningstar also toured a variety of different rooms at the MGM Grand, most of which were in good condition.

The food and beverage and amenity spaces at the property were generally in good condition, with several of the major establishments having been recently renovated. The well-known Wet Republic Ultra Pool was closed at the time of our site inspection given the winter season. The MGM Grand Conference center has also received significant capital improvements, and MGM Grand is continuing to make upgrades including the addition of a new Starbucks location.

The Mandalay Bay is further south along the western side of the Las Vegas Strip, just south of Luxor and Excalibur. The property is effectively the southern bookend of the Strip, which resulted in less foot traffic and transient business. The complex is massive and includes the Mandalay Bay Convention Center, the Mandalay Bay tower, as well as the separate Delano hotel tower on the northern edge of the parcel. The property benefits from good visibility as well as its distinctive golden facade.

Like the MGM Grand, the Mandalay Bay property is extensive and features multiple different components, each with their own target demographic and look and feel. For example, the main triangle- shaped Mandalay Bay tower features an array of standard guest rooms and suites, in addition to a totally separate Four Seasons Hotel Las Vegas on certain floors of the tower. The Four Seasons component has its own spa and amenity package reserved for the exclusive use of guests staying at that hotel. At the opposite end of the property is the all-suite Delano tower, which like the Four Seasons, also has its own amenity package. DBRS Morningstar toured a wide array of guest rooms at the Mandalay Bay, Four Seasons, and Delano offerings, and all were in good condition at the time of the tour. Each has its own distinctive style and decor targeted toward a specific demographic.

The conference and meeting room space at Mandalay Bay is expansive, and there was a large industry conference with more 60,000 attendees being held at the property at the time of the site tour. Conference attendees packed the food and beverage outlets at both the lunch and dinner hours. The 1 million sf Mandalay Bay Convention Center provided thousands of vendors with ample space to showcase their products and services. Like MGM Grand, the Mandalay Bay property has its own take on a pool amenity, known at the property as “Mandalay Bay Beach.” The beach amenity includes a large wave machine that simulates an ocean environment, complete with a large sandy artificial shoreline.

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Generally speaking, both properties showed well and were busy with guest activity. The approximately Page 46 of 100 $500 million in capital investments made over the past few years across both properties was evident

Page 46 of 100 during the tour, and the sponsors have ongoing plans to make additional improvements. There was minimal deferred maintenance evident during the time of the tour, and the offerings at both properties Page 46 of 100 are generally consistent with full-service resort casinos in Las Vegas at similar ADR points.

Page 46 of 100 DBRS Morningstar NCF Summary NCF Analysis 2017 2018 T-12 September Issuer NCF DBRS NCF 2020 Morningstar Variance NCF ($) (%) Occupancy (%) 91 92 71 92 91 -1.09 ADR ($) 194 193 187 197 190 -3.55 RevPAR ($) 176 174 134 181 173 -4.48 Total Departmental 2,161,960,165 2,191,000,000 1,157,516,861 2,106,295,488 2,036,428,038 -3.32 Revenue ($) Total Deparmental 1,234,888,394 1,235,000,000 750,242,996 1,242,756,510 1,206,996,064 -2.88 Expense ($) Total Departmental 927,071,771 956,000,000 407,273,865 863,538,978 829,431,974 -3.95 Profit ($) Total Undistributed 300,025,766 256,964,246 153,940,132 258,119,417 249,374,896 -3.39 Expense ($) Total Fixed Expense 22,008,793 81,869,869 31,292,385 85,339,208 89,757,697 5.18 ($) NOI ($) 605,037,212 617,165,885 222,041,347 520,080,353 490,299,381 -5.73 FF&E ($) 0 0 0 32,774,592 49,796,837 51.94 NCF ($) 605,037,212 617,165,885 222,041,347 487,305,761 440,502,544 -9.60

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF for the subject was $440,502,444, representing a variance of -9.6% from the Issuer’s NCF of $487,305,761.DBRS Morningstar’s total and all income line items were the T-12 percentage of departmental revenue based on a concluded aggregate ADR of $190 and a concluded aggregate occupancy of 91%. DBRS Morningstar based departmental expense line items on the T-12 percentage of departmental expense against the DBRS Morningstar assumptions for departmental revenue line items enumerated above. Undistributed expenses reflect the T-12 percentage of total revenue for each line item. DBRS Morningstar estimated management fees at 3% of the EGI, real estate taxes to the T-12 figure plus an inflation factor, and insurance premium to the T-12 figure plus an inflation factor. The FF&E reserve assumption of 2.4% of the total revenue reflects DBRS Morningstar’s analysis to determine a required FF&E spend figure, taking into consideration the contractual FF&E spending required by the MGM Tenant under the master lease agreement.

DBRS Morningstar Viewpoint DBRS Morningstar takes a generally positive view on MGP and Blackstone’s acquisition of MGM Grand and Mandalay Bay. The transaction represents the second major resort casino sale-leaseback transaction in the past year in Las Vegas. The sale-leaseback strategy allows experienced gaming operators like MGM Resorts to optimize their capital allocation away from the ownership of real estate, while maintaining operational control over their portfolios.

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The MGM Grand and Mandalay Bay properties have each benefited from significant capital investment Page 47 of 100 in recent years, which was evident during DBRS Morningstar’s site inspection. The properties continue

Page 47 of 100 to be the marquee Las Vegas destinations for large conventions and conferences, and both stand to benefit from a substantial increase in foot traffic during major events and game days at the new Page 47 of 100 Allegiant Stadium.

Page 47 of 100 While the properties together derive a below-average proportion of their revenue from gaming operations, both are still susceptible to the volatility inherent in full-service resort casino operations. Tourism remains the primary driver of Las Vegas’ economy, and a number of macroeconomic or idiosyncratic factors could result in a reduction in domestic or international tourism during the loan term, as seen during the coronavirus pandemic, and thus adversely affect performance at the properties. Despite these risks, DBRS Morningstar believes the loan benefits from favorable credit metrics as well as the operational expertise and expansive guest loyalty program that MGM Resorts brings to the table. Furthermore, the MGM Resorts payment shortfall guarantee provides further assurances to bondholders over the term of the loan.

Downside Risks • Gaming and Food and Beverage Revenue Volatility – A substantial component of revenue across the properties is derived from nonroom revenue, including gaming revenue (18.0%) and revenue from food and beverage outlets (29.9%). These revenue sources are generally more volatile than room revenue; however, the proportion of gaming revenue across both properties is lower than most other properties on the Las Vegas Strip, which generally derive closer to 30% of their revenue from casino operations. Gaming revenue also disproportionately depends on the trends and habits of ultra-high-end visitors, as evidenced by the drop in certain casino revenue line items (specifically baccarat), as a result of the recent renovation of the Mansion at MGM Grand. • Tourism Dependency – Las Vegas hotel and casino performance largely depends on the historically volatile domestic and international tourism, convention, and gaming markets. According to the 2018 Las Vegas Visitor Profile Study, more than 80% of visitors to Las Vegas were domestic tourists, while the remaining 20% were international visitors. A variety of domestic or foreign factors, including a macroeconomic slowdown or other unforeseen idiosyncratic events such as the coronavirus, could result in a reduction in tourism and therefore adversely affect revenue at the properties. • New Supply and Competition – Two major new properties, Resorts World Las Vegas and the Drew (formerly a Fontainebleau resort) are scheduled to add more than 7,100 new rooms to the Strip between 2021 and 2022. Both projects have been delayed but are likely to open for business over the next couple of years. Resorts World Las Vegas will likely compete, to some extent, with both MGM Grand and Mandalay Bay to attract lucrative high-end gamblers, especially from Asia. Occupancy rates are likely to suffer to some degree with the addition of more rooms, but neither property is likely to compete with the steady stream of convention and conference business that MGM Grand and Mandalay Bay attracts. • IO Loan Structure – The mortgage loan is IO through the initial 10-year maturity and does not benefit from deleveraging through amortization. The loan documents provide for an anticipated repayment date (ARD) structure, which could allow for the diversion of excess cash flow to deleverage the mortgage

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loan during the first and second extension periods. However, DBRS Morningstar provided minimal credit Page 48 of 100 for the ARD loan structure given the historical volatility of lodging assets.

Page 48 of 100 • Risks Associated with MGM Resorts Master Lease – The borrowers have entered into a master lease agreement with an affiliate, the MGM Tenant. While the borrowers and the MGM Tenant are not under Page 48 of 100 common control and a true lease opinion was provided, affiliate master lease arrangements may still

Page 48 of 100 pose a risk of recharacterization of the master lease as a financing from the borrowers to the MGM Tenant. Furthermore, the master lease allows the MGM Tenant to obtain leasehold mortgage and/or mezzanine financing. The master lease and loan documents also contain certain restrictions ,which may affect the lender’s rights and remedies. For example, the master lease restricts certain transfers of the property to designated competitors of the MGM Tenant, which could significantly reduce the pool of qualified buyers and reduce liquidity. • Future Permitted Mezzanine Debt – The borrowers have a one-time right to incur future mezzanine debt subject to certain conditions that include, among other things, (1) a maximum LTV of 67.0% based on appraisals ordered by the lender at the time of closing of the mezzanine loan, (2) a DSCR of at least equal to 5.17x, including the additional mezzanine debt, at the time of closing of the loan, and (3) an intercreditor agreement reasonably satisfactory to the lender. RACs are not required in connection with the incurrence of a future mezzanine loan. • Legal and Structural Considerations – DBRS Morningstar identified several legal and structural concerns, including: • Nonrecourse Carveout Guaranty Cap – The liability of the carveout guarantor is capped at 10% of the then-outstanding loan amount for bankruptcy events, and full recourse is triggered only by such bankruptcy events or if the mortgage or other loan document is deemed a fraudulent conveyance or otherwise deemed void under any principles limiting the rights of creditors. • Weak Qualified Transferee Criteria – The qualified transferee provisions allow the borrowers to transfer the properties to an entity or person having, among other things, a net worth or market capitalization of at least $750 million excluding the property. DBRS Morningstar views this threshold as relatively weak in the context of the size of the mortgage. • Casino License Risks – The properties operate under a casino license issued by the Nevada Gaming Control Board. The casino license is nontransferable. Upon a termination of the master lease or a foreclosure of the property, the borrowers or a new owner would be required to obtain a casino license.

Stabilizing Factors • Leverage Profile and Cash Equity – The $3.00 billion whole loan represents a conservative LTV of 65.2% on the DBRS Morningstar concluded value, well below the typical leverage point for most SASB transactions. There is also no additional debt in the form of a B note or mezzanine debt, and the sponsors are acquiring the property and contributing more than $1.6 billion in cash equity as part the transaction. • Location: The MGM Grand and Mandalay Bay properties are strategically located along the southern portion of the Las Vegas Strip. While this was historically a disadvantage from a foot-traffic perspective and the properties were relied more on group and conference business, the new 65,000-seat Allegiant

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Stadium (home to the Las Vegas Raiders) across the Vegas Freeway from Mandalay Bay stands to Page 49 of 100 fundamentally alter that dynamic by bringing more pedestrian traffic to the southern end of the Strip.

Page 49 of 100 Authorities plan to shut down Hacienda Avenue on game days and funnel foot traffic across the Vegas Freeway directly in front of Mandalay Bay Page 49 of 100 • Significant Ongoing Capital Investment – MGM Resorts has invested a significant amount of capital,

Page 49 of 100 nearly $1 billion, into both properties since 2010 to maintain and improve their performance. The MGM Grand has received $480 million of investment, including a $144 million room renovation, and Mandalay Bay has received $511 million, including an almost $160 million room renovation (including the Delano tower). Furthermore, under the terms of the master lease, MGM Resorts is required to invest a minimum of 3.5% of the actual net revenue per year from 2020 to 2024 and each five-year period thereafter on a rolling basis. • Experienced Operator – MGM Resorts is a global, publicly traded gaming and hospitality firm founded in 1986. MGM Resorts is an experienced hotel casino operator with properties in virtually all of the world’s major gaming markets, including Las Vegas, Atlantic City, Macau, and many others. The company has a portfolio of 30 properties and more than 83,000 employees globally. Furthermore, MGM Resorts’ “M life” loyalty program is extensive and provides the company with significant leverage to attract and retain gamblers to its properties around the world. • MGM Resorts Guarantee: The transaction benefits from a guarantee provided by MGM Resorts, which covers payment and performance of all monetary obligations and certain other obligations of the MGM Tenant under the master lease agreement. In addition to the payment and performance guaranty, MGM Resorts has also executed a shortfall guaranty for the benefit of mortgage lender for the mortgage loan. While MGM Resorts is not an investment-grade rated entity, the company had revenue of approximately $12.9 billion and EBITDA of approximately $3.0 billion in 2019. • Opening of Allegiant Stadium: The new 65,000-seat Allegiant Stadium represents an opportunity for the properties to draw pedestrian traffic into the casino, restaurants, and retail establishments at both MGM Grand and Mandalay Bay. In addition to serving as the new home of the National Football League’s Las Vegas Raiders, the retractable-roof stadium will also play host to a variety of concerts and other events throughout the year. The properties have historically relied on conference and convention business, and they have been quite successful doing so, but the opening of the stadium brings new opportunities to attract leisure travelers and capitalize on substantial foot traffic. • Sponsorship: The borrower sponsors for the transaction are Blackstone (49.9%) and MGP (50.1%). Blackstone is a global private equity firm with $571 billion of assets under management and is one of the world’s largest and most experienced property owners. MGP is a real estate investment trust and subsidiary of MGM Resorts. MGP owns 13 high-quality, mixed-use Las Vegas resorts and metropolitan properties, totaling more than 27,400 hotel rooms, and leases the properties to MGM Resorts on a triple- net basis. Both borrower sponsors have extensive experience owning and managing operationally intensive gaming and hospitality assets.

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Page 50 of 100 Pittock Block

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Page 50 of 100 Loan Snapshot

Page 50 of 100 Seller JPMCB Ownership Interest Fee Simple Trust Balance ($ million) 75.0 Loan PSF/Unit ($) $473.63 Percentage of the Pool 4.9% Loan Maturity/ARD January 2031 Amortization n/a Collateral Summary DBRS Morningstar DSCR (x) DBRS Morningstar Property Type Mixed Use Year Built/Renovated 1913/2001 2.2 City, State Portland, OR Physical Occupancy (%) 71.4% DBRS Morningstar LTV (%) Units/SF 297,698 Physical Occupancy Date December 2020 42.9 DBRS Morningstar Balloon LTV (%) 42.9 This loan is secured by the borrower’s fee-simple interest in Pittock Block, a 297,698 sf mixed-use DBRS Morningstar Property Type Industrial property with office, retail, and data center components in downtown Portland, Oregon. Loan proceeds DBRS Morningstar Property Quality of $163.5 million, along with $175.8 million of sponsor equity, were used to finance the $326.0 million Average acquisition price, a $7.5 million holdback to be released upon satisfaction of certain conditions, and a

$1.5 million three-month debt service reserve and cover $4.3 million of closing costs. The loan is Debt Stack ($ millions) structured as IO throughout its 10-year term. Loan proceeds include a whole senior note of $141.0 million and a B-note of $22.5 million. The noncontrolling A-1 note of $75.0 million will be contributed to Trust Balance the BMARK 2021-B23 transaction and the noncontrolling A-2 and A-3 notes, which cumulatively equal 75.0 Pari Passu $66.0 million, are expected to be securitized in a future transaction. The $7.5 million holdback will be 66.0 released to the sponsor only if the borrower enters into a data license agreement with the largest B-Note tenant, a Fortune 10 technology company, which would operate no fewer than 31 cabinets and provides 22.5 for annual rent/license fees in an amount not less than $837,000, or the property achieves a debt service Mezz 0.0 coverage ratio of 1.95x and an LTV of 51% on the whole loan, respectively. DBRS Morningstar did not Total Debt give credit to the holdback or the prospective lease in its analysis of the loan. 163.5

Loan Purpose Acquisition Built in 1913 and renovated in 2001, the eight-story mixed use building consist of 191,284 sf of office Equity Contribution/(Distribution) space, 19,981 sf of retail space, 81,906 sf of colocation, data center, and Meet-Me-Room (MMR) space, ($ millions) 175.8 and 3,831 sf of storage space. The property’s data center space includes 16 fiber-optic carriers and 179 other service providers. The MMR currently contains 5,500 cross connections and has the capacity to provide 12,500 with its current infrastructure. The property has available power of six megawatts (MW) and critical IT load of three MW, which is sufficient for its current use. The backup systems include five

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generators with seven MW of power and uninterruptible power supplies with N+1 redundancy, which is Page 51 of 100 equivalent to one independent backup component per system. The Northwest Access Exchange

Page 51 of 100 (NWAX), located at the subject property, is a carrier neutral internet exchange serving over 80 public and private networks. The subject serves as one of two primary internet exchanges for the Northwest Page 51 of 100 and the Westin Building, which was rated by DBRS Morningstar in the BANK 2017-BNK7 transaction.

Page 51 of 100 The collateral also benefits from its proximity to the Hillsboro data center market. The Hillsboro data center offers direct access to several trans-Pacific submarine cables, which connect Oregon with Asia.

Tenants at the data center portion of the property benefit from the property’s central location and proximity to global fiber connections needed to service worldwide customers. There are currently 1,496 panels at the subject property which tenants use when they have a cross connection with another tenant at the property. In total, 846 panels are currently in use and the 650 not in use are being built out by tenants in anticipation for growing demand. The previous owner recently invested over $4.5 million to convert the subject’s T-100 level into additional colocation space. Following the investment by the sponsor for additional colocation space, Facebook expanded into 70 colocation cabinets and retaining the opportunity to expand into an additional 20 cabinets. The MMR currently contains 5,500 cross- connects with the capacity for 12,500 cross-connects with in-place infrastructure. Additionally, the MMR has the ability to expand by two to six times its current capacity, offering significant opportunity for further revenue growth.

Office/Retail Tenant Summary Tenant SF % of DBRS Morningstar % of Total DBRS Lease Investment Total Base Rent PSF ($) Morningstar Expiry Grade? (Y/N) NRA Base Rent Zayo/Integra Telecom Holdings, 5,696 1.9 72.10 10.1 8/2030 N Inc. Hennebery Eddy Architects 13,696 4.6 28.57 9.6 7/2027 N Sagacity Media Inc. 11,936 4.0 26.67 7.8 3/2023 N Oregon Symphony 10,701 3.6 24.50 6.5 10/2023 N DCI - D'Amato, Conversano, Inc. 7,981 2.7 29.70 5.8 8/2026 N Subtotal/Wtd. Avg. 50,010 16.8 32.89 39.8 Various N Other Tenants 173,922 58.4 14.06 60.2 Various Various Vacant Space1,2 73,766 24.8 n/a n/a n/a n/a

Total/Wtd. Avg. 297,698 100.0 18.15 100.0 Various Various 1. DBRS Morningstar did not include base rent from LS Networks in its analysis due to concerns surrounding the recent acquisition of the firm and upcoming lease expiry.

The office and retail portions of the building are 71.4% occupied as of the December 21, 2020 rent roll (December rent roll) by 51 tenants, including Zayo/Integra Holdings, Hennebery Eddy Architects, LS Networks, and Sagacity Media Inc. Zayo provides mission-critical fiber bandwidth to global companies with a fiber network that spans across 44 data centers servicing approximately 400 markets. Zayo’s office lease runs until 2030 and it has occupied space in the Pittock Block’s data center since 2000. Hennebery Eddy Architects is a studio of interior designers and architects. LS Networks is a fiber optic network and occupies space in Pittock Block’s data center. InstarAGF Asset Management Inc. (InstarAGF) acquired LS Networks in October 2020 and there is uncertainty if InstarAGF will commit to a

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lease at the property. DBRS Morningstar assumed all of LS Networks leased spaced at the property to be Page 52 of 100 vacant in its NCF analysis. Sagacity Media is a lifestyle media brand that owns magazines including

Page 52 of 100 Portland Monthly, Seattle Met, and Houstonia.

Page 52 of 100 A Fortune 10 technology company, Zayo, and Facebook are key tenants for the data center portion of the

Page 52 of 100 property. The Fortune 10 technology company has been at the property since 2011. Facebook is a social networking site with more than 2.4 billion monthly active users worldwide and has been a data center tenant since 2013.

Sponsorship The sponsor for this loan is a joint venture between Harrison Street Real Estate Capital and 1547 Critical Systems Realty. Harrison Street is a real estate investment management firm that manages approximately $24.8 billion in real estate assets and publicly traded securities. The company also, as of 2020, has $600 million of data center assets. 1547 Critical Systems Realty is a leading developer and operator of custom-designed data centers, with over 1.3 billion sf of data center space across eight cities.

DBRS Morningstar Analysis Site Inspection Summary

Based on the DBRS Morningstar site inspection and management meeting conducted on January 13, 2021, DBRS Morningstar found the property quality to be Average.

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Page 53 of 100 The collateral is a mixed-use building with office, retail, and data space located in the historic West End

Page 53 of 100 district of Downtown Portland. The building spans a full city block and is bordered by SW Harvey Milk Street on the north, SW 9th Avenue on the east, SW Washington Street on the south, and SW 10th Page 53 of 100 Street on the west. The property is located in downtown Portland, which offers numerous mid- and high-

Page 53 of 100 rise office, residential and hotel properties, typically with ground-floor retail and restaurant space. The area has excellent access to shopping, dining, entertainment, services, and transportation. A public pay- parking lot is across SE Washington Street to the south and a small public park is to the east across SW 9th Avenue, with mid- to high-rise office buildings on all other sides.

The subject is a high-rise urban office building with an off-white brick exterior, stucco accents, and green awnings on the first floor. The property’s classical appearance and construction vintage appeared to be in line with the appearance of most of the nearby commercial buildings in the area. The marbled building entrance accesses a wide hallway with a high coffered ceiling, dark wood trim, and wood columns that opens onto to a rotunda lobby area with a domed gold-plated ceiling and gold-plated elevators doors and accents. The aesthetic of the lobby and entrance area appeared to be somewhat dated due to the green marble and gold accents, but the tall ceilings and recessed lighting added a modern element.

Interiors spaces throughout are spacious with upscale finishes and abundant ambient and natural lighting. Hallways and tenant spaces typically have dropped ceilings with acoustic tiles and recessed lighting, painted gypsum wallboards, and tiled or carpeted flooring. The office space finishes were similar to typical Class B office space within the Portland CBD. The data center areas and were highly secure and featured white tiled flooring, wiring, and black cages. The facility advisor relayed the accessibility to the Portland Internet Exchanges and the data center infrastructure build out within the building helps attract tenants to the building. The property’s on-site amenities bike parking available in basement, 24-7 on-site security, concierge desk, and three complimentary conference rooms. All areas of the building are exceptionally clean and well maintained.

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DBRS Morningstar NCF Summary Page 54 of 100 NCF Analysis 2017 2018 2019 T-12 Issuer NCF DBRS NCF Page 54 of 100 November Morningstar Variance 2020 NCF ($) (%) Page 54 of 100 GPR ($) 3,431,224 4,027,867 4,359,091 4,368,598 5,901,655 6,027,769 2.1 Recoveries ($) 1,111,998 1,350,416 1,697,474 999,728 1,006,292 1,031,599 2.5

Page 54 of 100 Colocation/Cross 8,623,248 8,729,035 9,320,319 11,776,082 12,459,630 11,521,239 -7.5 Connect Income ($) Vacancy ($) 0 0 -19,740 -469,809 -1,899,648 -2,045,304 7.7 EGI ($) 13,166,469 14,107,319 15,357,144 16,674,600 17,467,929 16,535,303 -5.3 Expenses ($) 3,537,767 5,034,876 5,337,329 5,627,162 5,439,415 5,400,971 -0.7

NOI ($) 9,628,702 9,072,443 10,019,815 11,047,438 12,028,514 11,134,331 -7.4

Capex ($) 0 0 0 0 101,217 101,217 0.0 TI/LC ($) 0 0 0 0 702,570 879,748 25.2 NCF ($) 9,628,702 9,072,443 10,019,815 11,047,438 11,224,726 10,153,366 -9.5

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $10,153,366, a variance of -9.5% from the Issuer’s NCF of $ $11,224,726. The main drivers of the variance is colocation income.

The Issuer accepted colocation income based on the in-place rent roll as of December 21, 2020, rent roll. DBRS Morningstar assumed the T-12 ending November 2020 level of colocation income and the annualized leases in place for recently executed colocation licenses with leases durations greater than three years. These recent executed long-term leases included leases to Facebook, Trimet, and Mox Networks, and accounted for 11.2% of the DBRS Morningstar colocation income. While capital-intensive build-outs for colocation tenants help the property mitigate colocation tenancy rollover, there were 120 tenants, representing 73.8% of the colocation in place rental income, with month-to-month leases as of the December 21, 2020, rent roll.

DBRS Morningstar Viewpoint The subject loan benefits from being secured by one of eleven major Internet Exchanges in the United States and one of five on the west coast, as it is home to the Portland NAP. The Portland area has fiber cable landings in Hillsboro, Oregon, and has 22 data centers with about 46 MW of available power and more than $2 billion in investment. Pittock Block offers connections with the major cable landing in Hillsboro, allowing it direct access to the wider network, which gives it appeal to tech companies. The property’s location in downtown Portland provides for low latency for clients requiring high-speed connections to the fiber network.

After the seller converted the Property’s T-100 level into a colocation facility for over $4.5 million, Facebook invested several million dollars’ worth of capital into their build-out at the property. Facebook expanded into 70 state-of-the-art cabinets and retained the opportunity to expand into an additional 20 cabinets. DBRS Morningstar considers the sponsorship, a JV between Harrison Street and 1547 Critical Systems Realty, to be Strong due to the sponsor’s current portfolio and experience with data centers. The sponsor contributed $175.8 million of equity to this transaction representing a substantial 51.8% of

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the total sources for this transaction. The sponsor could create additional value to the property by Page 55 of 100 converting all of the floors to house a colocation center, with the property having approximately 225,000

Page 55 of 100 sf of data center potential. Additionally, the MMR has the potential to increase by more than double its current capacity, as it currently contains 5,500 cross-connects with the capacity for 12,500 with in-place Page 55 of 100 infrastructure. While the sponsorship has the ability to increase value, the as-is appraised LTV of 42.9%

Page 55 of 100 and the DBRS Morningstar DSCR of 2.15x on the senior note, respectively, imply a low term risk and leverage profile.

Downside Risks • There are 187 month-to-month leases for office, storage, roof, retail, colocation, and cross connect, equating to $8.8 million and representing 55.6% of in-place base, colocation, and cross-connect rent at the property as of the November 2020 rent roll. DBRS Morningstar considers short-term leases to be more volatile than traditional annual lease structures.

Stabilizing Factors • Of the total $8.8 million month-to-month leases, the month-to-month collocation and cross connect lease contribute $8.4 million equal to 96.9% of the total month-to-month lease. The colocation and cross- connection tenants have a cost that is incurred during the installation of new cabinets, installation of new cross connections from the colocation space to the MMR, or installation of new panels in the MMR. The costs to install new cabinets is up to $1.0 million and the cost to move a MW of power would be anywhere from $10.0 to $50.0 million. The straight line average start date for month-to-month colocation and cross connection tenants is May 2011, which implies the subject has historically retained month-to- month tenants. The new experienced sponsor for this transaction plans to migrate these license agreements to be longer term, which is the market standard for these leases. The cross-connect tenants include organizations such as a Fortune 10 technology company and Facebook, which provide DBRS Morningstar comfort that the building is a critical infrastructure point that will continue to have use in the coming years.

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Page 56 of 100 Waterway Plaza

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Page 56 of 100 Loan Snapshot

Page 56 of 100 Seller GSMC Ownership Interest Fee Simple Trust Balance ($ million) 66.0 Loan PSF/Unit ($) $295.28 Percentage of the Pool 4.3% Loan Maturity/ARD February 2031 Amortization n/a Collateral Summary DBRS Morningstar Property Type Office Year Built/Renovated 2000 DBRS Morningstar DSCR (x) City, State The Woodlands, TX Physical Occupancy (%) 100.0% 2.8 Units/SF 223,516 Physical Occupancy Date January 2021 DBRS Morningstar LTV (%) 60.0 DBRS Morningstar Balloon LTV (%) This loan is secured by the borrower’s fee-simple interest in Waterway Plaza, a Class A office building 60.0 DBRS Morningstar Property Type totaling 223,516 sf in The Woodlands, Texas. The borrower acquired the property in January 2021 for a Office purchase price of $107.0 million. Whole-loan proceeds of $66.0 million along with borrower equity of DBRS Morningstar Property Quality $43.5 million will fund the purchase price, fund upfront reserves of $8.2 million, and cover $1.5 million of Average + closing costs. The 10-year fixed-rate loan is IO in its entirety.

Debt Stack ($ millions) Constructed in 2000, the office tower is 100% leased to Huntsman International and serves as the company’s global headquarters. Huntsman International is an investment-grade, Fortune 500 global Trust Balance 66.0 manufacturing company that specializes in polyurethanes, performance products, and adhesives. The Pari Passu company operates more than 70 manufacturing, research and development, and operations facilities in 0.0 over 30 countries with over 9,000 employees. Huntsman International has been at the property since B-Note 2004 and recently contributed $5.0 million along with $18.5 million from the past ownership to renovate 0.0 Mezz the lobby, replace the roof, and complete general TIs on floors two through eight. The new owner plans 0.0 to complete $1.9 million of capital improvements to chiller and cooling tower renovations and elevator Total Debt modernization. 66.0 Loan Purpose Acquisition Equity Contribution/(Distribution) ($ millions) 43.5

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Page 57 of 100 Tenant Summary

Page 57 of 100 Tenant SF % of Total DBRS Morningstar % of Total DBRS Lease Expiry Investment NRA Base Rent PSF ($) Morningstar Base Grade? (Y/N) Rent Page 57 of 100 Huntsman International 223,516 100.0% $48.77 100.00% 7/2030 Y Subtotal/Wtd. Avg. 223,516 100.0% $48.77 100.00% 7/2030 Y Page 57 of 100 Other Tenants 0 0.0% $0.00 0% n/a n/a

Page 57 of 100 Vacant Space 0 0.0% n/a n/a n/a n/a Total/Wtd. Avg. 223,516 100.0% $48.77 100% 7/2030 n/a

The loan is structured with a full cash flow sweep in the event that Huntsman International does not exercise its renewal option 24 months before lease expiration, the tenant temporarily ceases operations at the property for a period more than 30 consecutive days, upon a voluntary bankruptcy, or upon a decline in the credit rating of Huntsman International two notches or more below investment grade. The cash flow sweep would cease upon the commencement of an acceptable replacement lease and the related tenant is in occupancy, open for business, and paying rent.

Coronavirus Update With regard to the coronavirus pandemic, the magnitude and extent of performance stress posed to global structured finance transaction remains highly uncertain, even considering the fiscal and monetary policy measures and statutory law changes that have already been implemented, or will be implemented, to soften the impact of the crisis on global economies. Huntsman International has remained current on all rent payments through the pandemic and has posted revenues of $6.0 billion and net income of $1.0 billion for the T-12 period ended September 30, 2020.

Sponsorship The sponsor for this loan is Golden Eagle Group, a Virginia-based real estate firm specializing in the acquisition, development, construction, and management of a wide range of property types. Qatar First Bank is the majority limited partner in a joint venture with Golden Eagle Group for this transaction. Qatar First Bank is a Shari’ah-compliant financial services firm based in Qatar, and an additional loan structure has been included to maintain Shari’ah compliance.

Transwestern Property manages the property for the greater of 1.5% of EGI or $2.0 million.

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DBRS Morningstar Analysis Page 58 of 100 Site Inspection Summary

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DBRS Morningstar toured the interior and exterior of the property on January 8, 2021, at 3:30 p.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average +.

The subject property is located in The Woodlands, an upscale master-planned community and census- designated place situated along I-45, approximately 30 miles north of downtown Houston. The subject is located at the southern edge of The Woodlands CBD and sits on the west side of Woodloch Forest Drive, fronting The Woodlands Waterway to the north. Mid- and high-rise office buildings border the subject building in all directions, with a shared multilevel parking deck adjacent to the southwest. The Woodlands Mall, a 1.4 million-sf two-story mall anchored by Macy’s, Nordstrom, JCPenney, Dillard’s, Forever 21, and Dick’s Sporting Goods, is two blocks to the north via Woodloch Forest Drive. Access to I- 45 is 0.5 miles to the southeast, via Woodloch Forest Drive and Woodlands Parkway. Commercial developments (office and retail) are along the I-45 corridors, with the outlying area consisting of established and upscale residential development. Overall, the subject is well located near main transportation arterials and complementary retail and hospitality developments.

The subject is a Class A, single-tenant, mid-rise office building located on a land area of 1.37 acres, with an NRA of 223,516 sf. The subject is 100% leased to Huntsman International, a manufacturer and marketer of chemical products for consumer and industrial use. Built in 2000, the nine-story building consists of steel frame and reinforced concrete construction, with glass exterior walls and a flat roofing system. The building exterior was appealing with curved glass that overlooks The Woodlands Waterway and similar in appearance to nearby Class A office buildings. The subject has an adjacent shared parking structure with 804 allocated spaces. Additional amenities include a controlled-access entrance, landscaped courtyard area, link with Waterway Plaza II, cafeteria, break rooms, Silver LEED certification, and five elevators. The property is within walking distance to The Woodlands Mall and restaurant court.

Interior finishes include painted gypsum wallboards with metal accents as well as tiled, carpeted, and vinyl plank flooring. The lobby, elevator stand, and first-floor hallways have marble tiled flooring and walls with brass accents. Ceilings are mostly dropped with recessed lighting, with some tray and baffle ceilings. Furnishings and decor are modern and stylish throughout. The recently renovated floors, as part

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of the Huntsman International’s lease extension, had attractive and modern build-outs consistent with Page 59 of 100 new Class A buildings.

Page 59 of 100 DBRS Morningstar NCF Summary Page 59 of 100 NCF Analysis 2018 2019 T-9 Annualized Issuer NCF DBRS Morningstar NCF Variance Page 59 of 100 September 2020 NCF ($) (%) GPR ($) 5,157,136 6,097,889 7,294,817 8,857,097 7,635,307 -13.8 Recoveries ($) 2,573,483 2,854,616 3,276,912 3,324,859 3,282,970 -1.3 Other Income ($) 2,135 1,768 2,124 2,512 2,124 -15.5 Vacancy ($) 0 0 0 -454,224 -1,364,785 200.5 EGI ($) 7,732,754 8,954,273 10,573,853 11,730,244 9,555,616 -18.5

Expenses ($) 2,872,905 2,939,359 3,070,981 3,277,828 3,282,970 0.2 NOI ($) 4,859,849 6,014,914 7,502,872 8,452,416 6,272,646 -25.8 Capex ($) 0 0 0 35,763 55,879 56.3 TI/LC ($) 0 0 0 279,739 43,181 -84.6 NCF ($) 4,859,849 6,014,914 7,502,872 8,136,915 6,173,586 -24.1

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar was $6,173,586, a variance of -24.1% from the issuer’s NCF of $8,136,915. The main drivers of the variance are vacancy and rent steps. DBRS Morningstar applied a vacancy of 12.5%, generally based on Reis submarket data for properties of similar vintage and class. The issuer concluded to a 5.0% vacancy rate while the appraisal concluded a 5.5% rate. DBRS Morningstar is not accepting any rent steps as the first rent step is beyond 12 months of the securitization date, whereas the issuer is applying the present value of rent steps through the loan term.

DBRS Morningstar Viewpoint The loan is secured by a 100.0% occupied, Class A office building that is well located within The Woodlands submarket about 28 miles north of the Houston CBD, a market that is known as the world’s energy capital. The energy sector, for which Huntsman International manufactures products, has been hit specifically hard by the coronavirus pandemic and has led to elevated office vacancy rates in the Houston market and The Woodlands submarket. While the appraiser concluded to a 5.5% vacancy rate, some office comparables provided in the appraisal had vacancy rates in excess of 32.0%. To account for the weak submarket conditions even though the property is 100% occupied, DBRS Morningstar used a 12.5% vacancy rate in its NCF analysis, which is generally based on the REIS submarket rate for properties of similar vintage and class. The property falls within the DBRS Morningstar Market Rank 4 and MSA group 1, which have historically shown elevated POD and LGDs. Based on the January 2021 appraised value of $110.0 million, the issuance LTV was relatively low at 60.0%, although this will remain constant through maturity because the loan is IO throughout. The loan represents acquisition financing with the sponsor contributing more than $43.5 million of fresh equity into the deal and DBRS Morningstar views this as credit positive. In addition, the Class A office tower is well maintained and features high-end finishes. Overall, based on several factors including the property’s location in a weak

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DBRS Morningstar Market Rank and MSA group, in combination with an elevated DBRS Morningstar Page 60 of 100 NCF haircut, the loan does exhibit the highest expected loss in the pool.

Page 60 of 100 Downside Risks Page 60 of 100 • The property is occupied by a single tenant with a lease expiration in the final year of the loan maturity,

Page 60 of 100 which presents significant refinance risk. • The DBRS Morningstar Market Rank of 4 and high DBRS Morningstar NCF variance resulted in the loan's EL being more than three times the pool average.

Stabilizing Factors • The investment-grade tenant has shown a commitment to the property, having been at this location since 2004 and expanded its space in the building. Most recently, in 2018, the tenant expanded to take 100.0% of the building and extended its lease through 2030. As part of the expansion and lease extension, the tenant invested $5.0 million into the space and the prior landlord invested $13.8 million toward TIs and building upgrades. Lastly, the loan is structured with a hard lockbox and springing cash flow sweep that is triggered if Huntsman International does not provide a renewal notice 24 months before the expiration of its lease. This would collect approximately $14.2 million ($63 psf) prior to loan maturity which could be used to retenant the building.

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Page 61 of 100 Leonardo DRS Industrial

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Page 61 of 100 Loan Snapshot

Page 61 of 100 Seller CREFI Ownership Interest Fee Simple Trust Balance ($ million) 63.7 Loan PSF/Unit ($) $129.61 Percentage of the Pool 4.2% Loan Maturity/ARD January 2031 Amortization n/a Collateral Summary DBRS Morningstar DSCR (x) DBRS Morningstar Property Type Industrial Year Built/Renovated 2000, 2019/2018-2019 2.6 City, State Menomonee Falls, WI Physical Occupancy (%) 100.0 DBRS Morningstar LTV (%) 73.6 Units/SF 491,476 Physical Occupancy Date December 2020 DBRS Morningstar Balloon LTV (%) 73.6 DBRS Morningstar Property Type This loan is secured by the borrower’s fee-simple interest in the Leonardo DRS Portfolio, comprised of Industrial two buildings with a combined 491,476-sf of industrial and office space in Menomonee Falls, Wisconsin. DBRS Morningstar Property Quality The 10-year loan is IO for the entire term. Loan proceeds of $63.7 million, along with $35.2 million of Average borrower equity, will be used to acquire the subject for $98 million, pay $805,396 in closing costs, and

fund $55,387 of upfront reserves. Debt Stack ($ millions) The two collateral properties consist of a three-story, 118,620-sf office building and a one-story 372,856- Trust Balance sf industrial building, both of which are 100% leased to Leonardo DRS, an affiliate of its parent company 63.7 Pari Passu ($) Leonardo SpA. The office building was originally built in 2000 and underwent extensive renovations in 0.0 2019, concurrent with the construction of the industrial building. Leonardo SpA is a defense, security, B-Note and aerospace company that provides products to more than 150 countries. 0.0 Mezz 0.0 Tenant Summary Total Debt Tenant SF % of Total DBRS Morningstar % of Total DBRS Lease Expiry Investment NRA Base Rent PSF ($) Morningstar Base Rent Grade? (Y/N) 63.7 Leonardo DRS 491,476 100.0 13.84 100.0 6/2040 Y Loan Purpose Acquisition Subtotal/Wtd. Avg. 491,476 100.0 13.84 100.0 6/2040 Y Equity Contribution/(Distribution) Other Tenants 0 0.0 n/a 0.0 n/a n/a ($ millions) Vacant Space 0 0.0 n/a n/a n/a n/a 35.2 Total/Wtd. Avg. 491,476 100.0 13.84 100.0 6/2040 Y

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Leonardo DRS utilizes its space at the subject property for its DRS Naval Division’s center for excellence. Page 62 of 100 The company uses this facility to design, test, and produce automation equipment for the U.S. Navy as

Page 62 of 100 well as other commercial and international customers. More than 400 people are employed at the site. Leonardo DRS’ parent company, Leonardo SpA is the 12th-largest company in Italy, and is rated BBB- Page 62 of 100 /Ba1/BB+ by Fitch/Moody’s/S&P. Internationally, the company supplies defense electronics, military

Page 62 of 100 support systems, and other high-technology products and services to different government agencies and military forces. Leonardo DRS’ NNN lease runs until June 2040 and includes two five-year extension options. The lease does not allow for termination or contraction options.

Sponsorship The sponsor for this loan is the Capital Trust Group. a real estate, private equity and corporate finance advisory firm. The company has 10 funds with combined investments of over $700 million, and currently manages over two million sf of commercial space in the U.S. The Bascom Group is the guarantor of the loan, and has a reported $44.9 million in net worth and $19.5 million of liquidity. The Bascom Group has a reported company valuation of $176 million and has reported ownership interests in 67 multifamily properties.

Founders 3 Management Company provides property management for the portfolio at contractual management fee of 2.75% of monthly gross receipts.

DBRS Morningstar Analysis Site Inspection Summary

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Page 63 of 100 DBRS Morningstar toured the exterior of the property on January 20, 2021, at 10:00 a.m. Based on the

Page 63 of 100 site inspection, DBRS Morningstar found the property quality to be Average.

Page 63 of 100 The two collateral buildings are situated adjacent to each other in suburban Menomonee Falls, within

Page 63 of 100 the Greater Milwaukee area’s Waukesha County industrial submarket, approximately 15 miles northwest of downtown Milwaukee. The buildings are on the north side of Good Hope Road (County Highway West) and, and are bounded by I-41 to the east and Appleton Avenue (WI-175) to the west. Commercial office and industrial buildings border the subject to the west, north, and east, while development to the south of Good Hope Road consists of office and residential buildings interspersed among wooded lands. Retail development intensifies along WI-175 as it stretches toward the town center of Menomonee Falls, approximately 3.25 miles northwest of the property.

The two subject buildings consist of a 372,956-sf single-story industrial building, built in 2019, and a 118,620-sf three-story office building, built in 2000 and gut renovated in 2019, for a total gross building area of 491,476 sf. The buildings are of steel frame and reinforced concrete construction with masonry exteriors and flat roofs. The site is at the northwest corner of the signaled intersection of West Good Hope Road and Flint Drive. A large parking lot is to the north of the industrial building and to the west of the office building, easily accessible by both buildings. Truck access is on the west side of the building off of West Good Hope Road. There are 575 surface parking spaces and 90 underground spaces.

The buildings are operated as a comprehensive office and research facility, and are both fully leased by the Naval Power & Control Systems of Leonardo DRS, a subsidiary of Italian defense contractor, Leonardo SpA. Leonardo DRS has a contract with the U.S. Department of Defense and, as such, the collateral has extensive and stringent security measures in place and, as such, only a tour of the exterior of the property was approved. Though DBRS Morningstar was not able to tour the interiors of the buildings, the details of the industrial portion of the property noted by the issuer reflect a well-developed offering. Features of the industrial portion of the property include 65 feet by 50 feet column spaces, 32 feet by 34 feet clear heights, a direct power line, 130,000 sf of testing space, a 50-ton bridge crane, and 17 five-ton bridge cranes. In addition, the space is climate controlled and includes five exterior docks and one interior dock. Interior finishes of the office portion of the property, in pictures provided by the issuer, are standard and of average quality, having been fully renovated in 2018–19.

Asphalt parking lots and drives are spacious, well laid out, and easy to navigate. Surface parking lots are in very good condition, with bright striping and pavement markings. The buildings, being either recently constructed or renovated within the past 24 months, appeared in good condition, with no surface or structural defects noted.

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DBRS Morningstar NCF Summary Page 64 of 100 NCF Analysis Appraisal Budget 2021 Issuer NCF DBRS Morningstar NCF Variance (%) Page 64 of 100 NCF ($)

GPR ($) 5,469,471 5,510,492 5,853,822 5,853,822 0.0 Page 64 of 100 Recoveries ($) 889,539 1,437,856 968,601 948,630 -2.1 Other Income ($) 0 0 0 0 0.0 Page 64 of 100 Vacancy ($) 0 0 -170,561 -272,098 59.5 EGI ($) 6,359,010 6,948,348 6,651,862 6,530,354 -1.8

Expenses ($) 889,539 1,437,856 968,601 948,630 -2.1 NOI ($) 5,469,471 5,510,492 5,683,261 5,581,724 -1.8 Capex ($) 0 0 61,010 0 -100.0 TI/LC ($) 0 0 0 0 0.0 NCF ($) 5,469,471 5,510,492 5,622,252 5,581,724 -0.7

Leonardo SpA was given LTCT status as its lease runs through June 2040, 10 years beyond the loan maturity, and is rated above investment grade. Given the tenant's LTCT status and based on the tenant’s credit rating, DBRS Morningstar concluded a vacancy rate of 4%, which is slightly in excess of the Issuer's concluded vacancy rate of 2.5%.

DBRS Morningstar Viewpoint DBRS Morningstar expects the loan to perform well given the LTCT status of the sole occupant of the property. The subject property is mission critical to Leonardo DRS’ U.S. operations. Leonardo DRS is the largest of parent company Leonardo SpA’s 11 subsidiaries and produces the highest amount of revenue for the company, accounting for approximately 29%. In comparison, the company’s Italy and UK divisions represent 16% and 10% of its revenues, respectively. Leonardo DRS has been a supplier to the U.S. Department of Defense since 1969.

Leonardo DRS’ lease has lender-favorable provisions including annual 1.5% rent escalations, no termination or contraction clauses, and an expiration in 2040, which is 10 years after loan maturity. Additionally, the loan is structured with a full cash flow sweep in the event of a credit rating downgrade for Leonardo DRS’ parent company, Leonardo SpA.

The office property underwent a complete renovation in 2019, coinciding with when the industrial facility was being developed. Renovations and development for the collateral buildings totaled $82 million, of which Leonardo DRS provided $35 million, further demonstrating its long-term commitment to this location as well as the importance of the portfolio buildings to its U.S.-based business.

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Another positive factor for this loan is the subject property’s continued outperformance relative to its Page 65 of 100 submarket, Waukesha County industrial. The submarket had a Q3 2020 vacancy rate of 1.4%, compared

Page 65 of 100 with that of the subject property’s in-place vacancy of 0.0%. The subject property’s in-place base rent is $11.31 psf which is almost double that of the submarket’s average rental rate of $5.40 psf. Page 65 of 100

Page 65 of 100 The collateral is well-located 15 miles northwest of downtown Milwaukee, which has an important inland port. This location also allows for relatively easy freight access via General Mitchell International Airport, which is 21 miles from the subject property. The property is less than 10 miles from I-94, I-41, I- 43, and U.S. Hwys. 41, 45, and 18. Through these highways and interstates, shipments can reach any point in the continental U.S. in 72 hours, which is a strong advantage of operating in this area.

The $35.2 million of cash equity provided in conjunction with this acquisition indicates the sponsor’s commitment to the property’s long-term success. The appraisal concluded a dark value of $75.1 million, which would imply an 84.6% dark-value appraised LTV. The as-is appraised value was concluded at $99.4 million, indicating a 64.1% appraised value LTV. The DBRS Morningstar value was concluded to $86.5 million with and implied cap rate of 6.5% and LTV of 73.6%.

Downside Risks • The subject property is 100% occupied by a single tenant, Leonardo DRS. The space was built and designed with the company’s needs in mind and could be difficult to re-lease if the tenant vacates. • The DBRS Morningstar LTV is the highest in the pool, and the loan is IO throughout the 10-year loan term.

Stabilizing Factors • Leonardo DRS is investment-grade rated and contributed $35 million to the build-out of its space which represents a significant financial commitment. The subject property represents a mission-critical location for Leonardo DRS, especially in terms of its U.S. operations. In addition, there is a full cash flow sweep provision in the lease if the company’s credit rating is downgraded. Additional favorable lease terms include 1.5% yearly rent escalations and a lease expiry in 2040, 10 years after the loan term. • The sponsor contributed $35.2 million of equity to acquire the property. • The subject property is located in proximity to freight, air, rail, and truck transportation. Given the extensive build-out partially funded by Leonardo DRS, the appraiser did not identify any incoming directly competitive properties.

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Page 66 of 100 Grace Building

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Page 66 of 100 Loan Snapshot

Page 66 of 100 Seller JPMCB, GACC Ownership Interest Fee Simple Trust Balance ($ million) 60.0 Loan PSF/Unit ($) $567.13 Percentage of the Pool 3.9% Loan Maturity/ARD December 2030 Amortization n/a Collateral Summary DBRS Morningstar DSCR (x) DBRS Morningstar Property Type Office Year Built/Renovated 1974/2018 3.6 City, State New York, NY Physical Occupancy (%) 94.8 DBRS Morningstar LTV (%) Units/SF 1,556,972 Physical Occupancy Date October 2020 41.1

DBRS Morningstar Balloon LTV (%) 41.1 The mortgage loan is secured by The Grace Building, a 48-story Class A office tower located on the DBRS Morningstar Property Type northern edge of Bryant Park along 42nd Street between 5th Avenue and Avenue of the Americas in Office Manhattan. The building was constructed in 1974 and is known for its unique sloped facade designed DBRS Morningstar Property Quality Above Average by award-winning architect Gordon Bunshaft of Skidmore, Owings & Merrill.

The collateral is well located with Grand Central Terminal only two blocks east on 42nd Street and Debt Stack ($ millions) convenient access to a wide variety of subway lines, including the N, Q, R, Q, subway as well as the B, Trust Balance 60.0 D, F, M, and the 7 lines. Additionally, the tenancy benefits from unobstructed views of Bryant Park and Pari Passu ($) an array of nearby restaurants. 823.0 B-Note 367.0 The building is currently 94.8% leased to a granular rent roll of tenants, including the Bank of America Mezz (investment grade; 10.0% of total SF); The Trade Desk Inc. (9.9% of total SF); Israel Discount Bank 0.0 (investment grade; 9.2% of total SF); and Bain & Company (7.8% of total SF). The property’s 20-year Total Debt average occupancy is approximately 94%, which demonstrates sustained long-term demand for space in 1,250.0 Loan Purpose the building primarily based on its location. The sponsors have also invested $160 million into the Refinance building over the past six years, including a lobby renovation, a reconfiguration of the plaza on 43rd Equity Contribution/(Distribution) ($ millions) Street, and leasing costs for tenants. (240.0)

Several large tenants left the building between 2016 and 2018 (including Time Warner Inc., which vacated for Hudson Yards), but the sponsors has successfully backfilled the space, including executing on a 127,500-sf expansion lease with the Bank of America. The DBRS Morningstar WA in-place gross

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rent at the property is $104.08 psf across all space, but the sponsor has executed recent leases at much Page 67 of 100 higher rents, including The Trade Desk Inc. space on the 46th through 48th floors at $139 psf, as well as

Page 67 of 100 iStar Inc. on the 38th and 39th floors at $130 psf.

Page 67 of 100 Tenant Summary Tenant SF % of DBRS Morningstar % of Total DBRS Lease Expiry Investment Page 67 of 100 Total Gross Rent PSF ($) Morningstar Base Grade? (Y/N) NRA Rent Bank of America 155,270 10.0 83.75 8.5 5/2042 N Bain & Company 121,262 7.8 114.69 9.1 2/2030 N The Trade Desk 154,558 9.9 133.38 13.5 8/2030 Y

Israel Discount Bank 143,533 9.2 90.54 8.5 12/2040 Y Insight Venture Partners 93,998 6.0 108.92 6.7 2/2030 N Subtotal/WA 667,693 42.9% 105.85 46.3 Various Various Other Tenants 812,871 52.2 100.95 53.7 Various N Vacant Space 76,480 4.9 n/a n/a n/a n/a Total/WA 1,557,044 100.0 98.09 100.0 Various Various

A syndicate of banks including the Bank of America, National Association (30%), JPMorgan Chase Bank, N.A. (30%), Column Financial, Inc. (20%), and DBR Investments Co. Limited (20%) co-originated the $1.25 billion whole loan. The 10-year mortgage loan pays fixed-rate interest of 2.6921%. The sponsor used the loan proceeds to refinance existing CMBS debt of $900.0 million, return approximately $240.0 million in equity to the joint-venture (JV) sponsorship, fund upfront reserves, and pay closing costs. Based on the as-is appraised value of $2.150 billion, the sponsor has approximately $900.0 million of implied market equity remaining.

The whole loan comprises 21 pari passu senior A notes totaling $883.0 million and four subordinate B notes totaling $367.0 million. All four subordinate B notes and $383.0 million of the senior A notes were securitized via the GRACE 2020-GRCE single-asset/single-borrower transaction. The note component securitized in this multiborrower transaction are two noncontrol $60.0 million pari passu A notes.

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Sponsorship Page 68 of 100 The sponsor is a JV between The Swig Company, LLC (Swig) and Brookfield Property Partners, L.P.

Page 68 of 100 (Brookfield). The same JV partnership also owns the adjacent building on the corner of 6th Avenue and 42nd Street (1100 Avenue of the Americas), which was recently redeveloped to facilitate Bank of Page 68 of 100 America’s expansion in the Bryant Park neighborhood. Swig originally developed The Grace Building and

Page 68 of 100 Brookfield bought into the building in 2005. Brookfield is one of the largest owners of commercial real estate in the world, with over $550 billion of total assets under management. Swig is a private investment firm based in San Francisco with a portfolio of over 9 million sf of office buildings in core markets, such as New York, San Francisco, and Southern California.

DBRS Morningstar Analysis Site Inspection Summary

DBRS Morningstar conducted a tour of the property and, based on the site inspection, found the property quality to be Above Average.

The collateral is a skyscraper in Midtown Manhattan, sitting on the north side of 6th Avenue (also known as Avenue of the Americas) between West 42nd Street and West 43rd Street. The main entrance to the building is on 42nd Street. Bryant Park and the New York Public Library are directly across West 42nd Street to the south. Midtown's key transportation centers—Grand Central Terminal, Penn Station, and the Port Authority Bus Terminal—are within three blocks. Major restaurants, clubs, retail shops, Rockefeller Center, and the Theater District are within walking distance.

The Grace Building is a 48-story office building on a land area of 1.01 acres with a rentable building area of 1.56 million sf that is currently configured for approximately 40 tenant spaces. The building has a diverse mix of tenants with no single large user. The building was developed in 1971 of steel frame and reinforced concrete construction with white limestone walls and black glass. The building has a unique architectural design with concave slopes on the north and south elevations. Building amenities include a 188-space underground parking garage, landscaped plaza, on-site restaurant, banking and other services, LEED Silver certification, and on-site property management.

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The lobby area has upscale finishes, which include hardwood flooring, paneled walls, and high ceiling Page 69 of 100 with recessed lighting. The occupied space that DBRS Morningstar toured had stained and sealed

Page 69 of 100 concrete flooring, painted wallboard, and open ceilings with exposed ductwork and suspended lighting. The space was an open-concept configuration with glassed-in private offices and conference rooms. Page 69 of 100 DBRS Morningstar toured two vacant units, one of which was in vanilla-box condition and ready for TIs

Page 69 of 100 and one which was in the process of TIs.

DBRS Morningstar NCF Summary NCF Analysis 2017 2018 2019 T-12 Issuer NCF DBRS NCF September Morningstar Variance 2020 NCF ($) (%) GPR ($) 99,833,553 107,014,493 91,119,452 87,976,996 149,354,392 147,108,331 -1.5 Recoveries ($) 10,212,232 12,529,407 8,566,979 6,267,900 12,766,325 13,563,709 6.2 Other Income 3,209,878 3,195,652 3,230,812 2,759,133 2,956,947 2,443,653 -17.4 ($) Vacancy ($) 0 0 0 0 -7,464,675 -10,816,242 44.9 EGI ($) 113,255,664 122,739,552 102,917,243 97,004,029 157,612,989 152,299,450 -3.4 Expenses ($) 46,095,990 49,532,888 50,379,050 50,731,490 53,319,272 54,843,607 2.9 NOI ($) 67,159,164 73,206,664 52,538,193 46,272,539 104,293,717 97,455,842 -6.6 Capex ($) 0 0 0 0 389,243 389,014 -0.1 TI/LC ($) 0 0 0 0 1,556,972 9,387,321 502.9 NCF ($) 67,159,674 73,206,665 52,538,193 46,272,539 102,347,502 87,679,508 -14.3

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $87,679,508, a variance of -14.3% from the Issuer’s NCF of $102,347,502. The main drivers of the variance were straight-line rent steps, vacancy, management fees, and TI/LCs. DBRS Morningstar based its TI assumptions on a WA value of $91.21 psf for new leases and $45.60 psf for renewals. LCs were set to 4.0% for new leases and 2.0% for renewals. DBRS Morningstar estimated a blended vacancy rate of 6.7%, which included reduced vacancy factors for the Bank of America and Israel Discount Bank space, and 7.5% vacancy on most other space. DBRS Morningstar also applied a mark-to-market adjustment for The Partners Group USA Inc.

DBRS Morningstar Viewpoint DBRS Morningstar generally takes a positive view on the collateral, which has been a sought-after Class A trophy office building for decades. The property continues to attract a diverse roster of tenants based on its location, which affords tenants a multitude of convenient transit options as well as unobstructed views of Bryant Park. Still, the sponsors have had to invest in common areas and tenant spaces to compete with newer buildings, particularly farther west in the Hudson Yards development, and DBRS Morningstar believes this will continue to be the case.

The ongoing coronavirus pandemic has introduced short- and medium-term uncertainty around the trajectory of rents and vacancy in the Manhattan office market, and the building’s roll profile leaves open the possibility that vacancy could increase or renewal rents could stagnate. Given that only 16.5%

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of base rent is scheduled to expire in the next five years, however, DBRS Morningstar views the Page 70 of 100 exposure as limited. From a structural perspective, the $75 million senior note that serves as trust

Page 70 of 100 collateral for this transaction has investment-grade credit characteristics and the sponsor has approximately $900 million of implied equity remaining based on the $2.125 billion appraised value. Page 70 of 100

Page 70 of 100 Downside Risks • Approximately 72% of the building’s base rent is schedule expire through the loan’s maturity, including three of the building’s top five tenants in 2030, just as the loan’s maturity comes due. Increased tenant rollover can increase cash flow volatility, and DBRS Morningstar does not view the property’s rents to be meaningfully below market. • The JV partnership is partially using loan proceeds to withdraw $240 million of equity. DBRS Morningstar views cash-out refinancing transactions as less favorable than acquisition financings because sponsors typically have less incentive to support a property through times of economic stress if less of their own cash equity is at risk. Based on the as-is appraised value of $2.150 billion, the sponsor will have approximately $900 million of implied market equity remaining. • The property will likely continue to face competition for tenants from newer buildings, including those in the Hudson Yards submarket farther west of the collateral. The building lost a major tenant (Time Warner Inc.) to Hudson Yards, but was able to backfill the space. The appraisal notes 13.1 million sf of new supply in the Midtown market, including 4.8 million sf that is competitive with the subject. • Legal and structural considerations, including: • Nonrecourse Carveout Guaranty Cap – The liability of the carveout guarantor is capped at 15% of the then-outstanding loan amount for bankruptcy events and full recourse is triggered only by such bankruptcy events or if the mortgage or other loan document is deemed a fraudulent conveyance. • Nonsequential Waterfall – Following an EOD, the subordinate B notes are paid interest entitlements before the senior A notes are repaid, which DBRS Morningstar views as credit negative with respect to the senior notes that collateralize this trust. • Weak Qualified Transferee Criteria – The qualified transferee provisions allow the borrower to transfer the properties to an entity or person with, among other things, a net worth or market capitalization of at least $350 million. DBRS Morningstar views this threshold as relatively weak in the context of the size of the mortgage, and RAC is not required.

Stabilizing Factors • The $883 million senior A note ($60 million of which serves as trust collateral) has a DBRS Morningstar LTV of 62.9% and features investment-grade credit characteristics akin to “A.” There are $367 million of subordinate B notes securitized in a stand-alone offering that provide credit support to the senior notes. • Approximately 17% of the building's concluded in-place rent derives from investment-grade tenants that qualified for LTCT treatment in DBRS Morningstar’s concluded NCF, including Bank of America and Israel Discount Bank. Other institutional-grade tenants include Bain & Company and several large law firms. • The building is a trophy Class A office space that is very well located, perhaps even more so than its competitors in Hudson Yards. There are a number of mass transit options nearby, including most major subway lines and the Metro North commuter rail lines via Grand Central Terminal. Additionally, the

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building benefits from unobstructed views of Bryant Park and has successfully taken advantage of Bank Page 71 of 100 of America’s search for space beyond its One Bryant Park headquarters.

Page 71 of 100 • The property benefits from experienced, long-term sponsorship in the form of a JV partnership between Swig and Brookfield. Brookfield is one of the largest owners of commercial real estate in the world, with Page 71 of 100 over $550 billion of total assets under management. Swig is a private investment firm based in San

Page 71 of 100 Francisco with a portfolio of over 9 million sf of office buildings in core markets, such as New York, San Francisco, and Southern California.

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Page 72 of 100 Station Park & Station Park West

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Page 72 of 100 Loan Snapshot

Page 72 of 100 Seller JPMCB Ownership Interest Fee Simple Trust Balance ($ million) 58.7 Loan PSF/Unit ($) $119.26 Percentage of the Pool 3.8% Loan Maturity/ARD December 2030 Amortization n/a Collateral Summary DBRS Morningstar DSCR (x) DBRS Morningstar Property Type Mixed Use Year Built/Renovated 2011-2018 3.2 City, State Farmington, UT Physical Occupancy (%) 88.3 DBRS Morningstar LTV (%) 50.0 Units/SF 995,303 Physical Occupancy Date October 2020 DBRS Morningstar Balloon LTV (%) 50.0 DBRS Morningstar Property Type This loan is secured by the borrowers fee-simple interest in Station Park & Station Park West, a Retail combined 995,303-sf mixed-use open-air lifestyle center with retail and office space in addition to a 108- DBRS Morningstar Property Quality unit Hyatt Place hotel in Farmington, Utah. Built in two parts from 2011 to 2018, the property has two Average + components. The first, Station Park, was constructed between 2011 and 2016 and comprises 17 buildings which include an open-air lifestyle center (known as The Village), a grocery-anchored power Debt Stack ($ millions) center, and a 108-unit Hyatt Place hotel. Station Park represents 893,872 sf of the total collateral with its retail tenants making up 73% of rental income, and office space representing 27%, exclusive of the hotel Trust Balance 58.7 space. The second component of the collateral, Station Park West, was built between 2016 and 2018 Pari Passu ($) and comprises three multitenant retail strip buildings, a single-tenant office building, and a ground- 60.0 leased gas station. Station Park West additionally consists of three pad sites, two of which have planned B-Note 0.0 improvements consisting of a Quick Quack express car wash and a Sherwin Williams paint store. Station Mezz Park West is located adjacent to Station Park and represents 101,431 sf of the total collateral. The 0.0 blended occupancy of Station Park & Station Park West was 85.9% as of October 1, 2020. Total Debt

118.7 Loan Purpose Loan proceeds of $118.7 million covered closing costs, a 12-month rent reserve for Station Park & Station Recapitalization Park West in the amount of $4.2 million, and returned $113.4 million of equity to the sponsor. The 10- Equity Contribution/(Distribution) ($ millions) year loan is structured full IO with a $58.7 million pari passu piece as collateral in this transaction. Based (113.4) on an aggregate appraised value of $237.4 million, the loan has an LTV of 50%.

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Page 73 of 100 Tenant Summary

Page 73 of 100 Tenant SF % of Total DBRS Morningstar Base % of Total DBRS Lease Expiry NRA Rent PSF ($) Morningstar Base Rent

Page 73 of 100 Harmons 72,785 7.3% 16.83 5.0% 4/2031 Cinemark 53,624 5.4% 23.33 5.3% 7/2026 Page 73 of 100 Best Buy 50,455 5.1% 15.62 3.4% 3/2029 Life Engineering 43,145 4.3% 27.57 5.1% 6/2026

Page 73 of 100 Vista Outdoor 35,194 3.5% 24.57 3.7% 5/2026 Nordstrom Rack 29,603 3.0% 19.24 2.4% 11/2023 UDO 28,970 2.9% 25.75 3.2% 9/2025 Marshalls 25,340 2.5% 14.45 1.6% 8/2021 Ross Dress for Less 25,060 2.5% 14.07 1.5% 1/2022

Homegoods 24,903 2.5% 15.64 1.7% 8/2021 Subtotal/Wtd. Avg. 389,079 39.1% 19.75 32.8% Various Other Tenants 489,512 49.2% 32.43 67.2% Various Vacant Space 116,712 11.7% n/a n/a Various Total/Wtd. Avg. 995,303 100.0% 23.57 100.0% Various

The subject is considered the dominant retail center within the trade area. The current vacancy of 12.8% is slightly higher than the Reis-defined submarket average of 9.4%. Because of the coronavirus pandemic, the sponsor negotiated rent deferrals on a tenant-by-tenant basis, providing two to three months of deferred rent in April and December to 31 tenants at Station Park comprising 293,362 sf and five tenants at Station Park West comprising 12,494 sf. Collections improved to 85.7% in November 2020 from a low of 56.2% in May. All negotiated rent deferrals will be recouped by the landlord via 12 equal installments throughout 2021. The subject’s top tenant by base rent, Life Engineering—who had previously been subleasing its office space at Station Park—signed a five-year lease commencing in March 2021 to take over the space. It should be noted that this space is considered closed and is not being used by the tenant; however, rental payments have not been disrupted. Likewise, Udo, another office tenant, signed a five-year lease in September 2020.

Sponsorship The sponsor is a joint venture between the California State Teachers’ Retirement System (CalSTRS) and CenterCal Properties LLC. As the second-largest public pension fund in the nation, CalSTRS had assets totaling $283.4 billion as of December 31, 2020. CalSTRS’ allocation to real estate has a range of 10% to 16%. As of December 2020, the current allocation wa12.75% and totaled $36.1 billion.

CalSTRS is advised by Principal Rest Estate Investors, which is one of the most active retail developers in the U.S. with a portfolio of 20 shopping centers valued at more than $3 billion.

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DBRS Morningstar Analysis Page 74 of 100 Site Inspection Summary

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DBRS Morningstar toured the exterior of the property on January 18, 2021, at 1:30 p.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average +.

The collateral is a mixed-use property consisting of two adjacent components. The first, Station Park, is an open-air lifestyle center with office, retail, and hotel space. The second, Station Park West, consists of a smaller strip retail center, office space, and gas station. The property is located in Farmington, in the southern portion of the Ogden-Clearfield MSA. The subject is about 18 miles north of the Salt Lake City CBD and Clearfield and Ogden are, respectively, 13 miles and 22 miles to the northwest and north of the property. The site is on the west side of the merge between I-15 and Hwy. 89 (Legacy Parkway). The subject is bordered by Park Lane to the west and northwest, with West Clark Lane (W 100 N) to the south. Park Lane separates Station Park from the smaller Station Park West to the northwest. The Lagoon Amusement Park is on the east side of the merge. The Legacy Events Center, DMV, Farmington Bay Youth Center, and Church of Jesus Christ of Latter Day Saints are located to the south of the property on West Clark Lane. The greater surrounding area is primarily residential with scattered pockets of commercial support. Downtown Farmington is about two miles to the east.

Station Park is a lifestyle center consisting of 17 buildings housing retail and office space. The property has a varied mix of local, regional, and national retail and office users. The buildings were completed between 2012 and 2016 and are one to four stories of steel frame construction with masonry exteriors and flat membrane roofing systems. There are several small parking lots in front of the various sections of buildings with a large, spacious lot at the center of the site. Parking and drives are well laid out and easily navigated. More than 3,600 surface parking spaces are provided and includes 152 spaces that comply with the Americans with Disabilities Act (ADA). The site is pedestrian friendly with wide interconnected walkways throughout. Landscaping in winter conditions, at the time of inspection, includes planters around the building perimeters, landscape islands in the parking areas, courtyard areas, and trees throughout. There are also some hardscaped beds with desert, xeriscape plantings. Lighting is provided by decorative pole-mounted, lantern-type fixtures along the walkways and storefronts, with overhead pole-mounted fixtures in the parking areas.

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Station Park West is a smaller mixed-use office/retail site, consisting of four buildings located on a land Page 75 of 100 area of 9.3 acres with a total building area of 101,431 sf. Construction and grounds details are similar to

Page 75 of 100 Station Park. Station Park West has 274 surface parking spaces with 16 ADA-compliant spaces.

Page 75 of 100 In the toured spaces, DBRS Morningstar noted modern and upscale finishes and fixtures. Final finish-out

Page 75 of 100 varied, individual to the tenant, but all were of Average + commercial quality.

DBRS Morningstar NCF Summary NCF Analysis 2017 2018 2019 T-12 October Issuer NCF DBRS NCF 2020 Morningstar Variance NCF ($) (%) GPR ($) 16,155,521 15,841,457 17,287,499 19,031,461 22,764,854 22,874,945 0.5 Recoveries ($) 4,121,300 3,925,959 4,891,000 5,952,865 5,579,474 6,503,290 16.6 Other Income ($) 1,180,830 1,841,103 1,652,956 427,796 440,083 427,796 -2.8 Vacancy ($) 0 0 -62,648 0 -3,634,805 -5,956,624 63.9 EGI ($) 21,457,651 21,608,519 23,768,809 25,412,122 25,149,606 23,849,407 -5.2 Expenses ($) 8,631,544 9,303,290 10,609,018 8,619,084 8,569,989 8,769,478 2.3 NOI ($) 12,826,107 12,305,229 13,159,791 16,793,038 16,579,617 15,079,929 -9.0 Capex ($) 0 0 0 0 149,295 199,060 33.3 TI/LC ($) 0 0 0 0 497,652 1,699,772 241.6 NCF ($) 12,826,107 12,305,229 13,159,791 16,793,038 15,932,670 13,181,097 -17.3

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $13,181,097 with a variance of -17.3% from the issuer’s NCF of $15,932,670. The main drivers of the variance are vacancy, TI/LC assumptions, and a mark down of leases to market rents. DBRS Morningstar based its vacancy assumptions on the in-place rent roll. The DBRS Morningstar vacancy factor was based on leases in place and grossed up for recovery income. Tenants that were not currently open or paying rent, per the November 2020 collections report, were considered occupied, as the loan is structured with a sufficient rent reserve to offset these tenants’ rental income. One exception was Forever 21, which was modeled as a vacant space. DBRS Morningstar based its TI/LC assumptions on the appraiser’s concluded market TIs and LCs. TIs at Station Park were analyzed to a WA TI of $21.22 psf for new leases and $1.00 psf for renewals. TIs at Station Park West were analyzed to a WA TI of $21.82 psf for new and $5.00 psf for renewal leases. LCs for both Station Park & Station Park West were analyzed to 5.0% for new leases and 2.5% for renewals, again, based on the appraiser’s market LCs. The issuer assumed a blended TI/ LC factor of $0.50 psf per year versus the DBRS Morningstar blended TI/LC factor of $1.70 psf per year. Finally, DBRS Morningstar marked down $651,886 of base rent to 110% of the appraiser’s market rents.

DBRS Morningstar Viewpoint With travel being limited and consumers less inclined to shop in person, the retail and hospitality components of Station Park & Station Park West have seen headwinds caused by the coronavirus pandemic. The Hyatt Place Hotel has seen income drop off from historical levels. In 2018 and 2019, hotel income, as a percent of EGI, was 4.9% and 4.5%, respectively. As of the T-12 ended October 31, 2020,

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hotel revenue, as a percent of EGI, was 0.5% with a reported occupancy of 62.4%. Station Park’s hotel Page 76 of 100 income was $1,064,625 in 2019 compared with $119,039 based on the T-12 ended October 31, 2020,

Page 76 of 100 which DBRS Morningstar used in its NCF analysis.

Page 76 of 100 The sponsor was forced to negotiate rent deferrals on a tenant-by-tenant basis, ultimately providing two

Page 76 of 100 to three months of deferred rent in April and December to a total of 64 tenants between the subject’s two properties. A total of $909,200 of base rent deferrals was negotiated. The deferred rent is expected to be recouped by the landlord via 12 equal instalments throughout 2021. Despite the negotiated deferrals, some tenants have still struggled to pay rent as blended collections between Station Park & Station Park West sat at 85.7% in November, up from a low of 56.2% in May. Additionally, several tenants including Forever 21 vacated their spaces mid-lease.

Despite the uncertainty caused by the pandemic, the loan fares strongly when considering other credit factors. The rent roll is very diversified with more than 120 tenants. Most tenants are established, brand name, national retailers that include Best Buy; Harmons; Nordstrom Rack; Recreational Equipment, Inc.; Sleep Number; Noodles & Company; Nike; Old Navy, Bed Bath & Beyond, Lululemon, Starbucks, H&M, Apple, and others. Cinemark, the subject’s third-largest tenant by DBRS Morningstar’s calculated base rent, has been open throughout the pandemic and has been making rent payments since exercising two to three months of deferred rent in April and December. The subject’s location is also a strength. Considered the dominant retail center in the Farmington area, the subject is located adjacent to the Farmington Station, a commuter rail serviced by the Utah Transit Authority. The subject is 30 minutes by train and 20 minutes by car to the Salt Lake City CBD. The property benefits from the presence of grocer- anchor Harmons within Station Park, and is located in a high-growth area. Farmington has seen annual population growth of 2.88% within a three-mile radius of the subject since 2010. Growth is expected to continue at a 2.3% annual rate through 2024.

The loan exhibits a favorable leverage level with a DBRS Morningstar Balloon LTV of 50%. The DBRS Morningstar DSCR is 3.24x. The loan is also structured with a significant 12-month gap rent reserve.

Downside Risks • The collateral is subject to rollover risk as 80.5% of the NRA will roll during the 10-year loan term. • The transaction returns $113.4 million in equity to the sponsor.

Stabilizing Factors • The loan is structured with a 12-month gap rent reserve equal to nearly $4.2 million. The reserve will not be released until on a T-12 basis. Collections are at or above 95% and occupancy is above 80%. • The loan has a strong and experienced sponsor. CalSTRS, supervised by Principal Real Estate Investors, is the second-largest public pension fund in the U.S. and has partnered with CenterCal Properties LLC. CenterCal Properties LLC’s portfolio consists of over $3 billion in assets. Principal Real Estate Investors is a leading institutional asset-management firm. • As of loan closing, the sponsor still had $209.5 million of cash equity in the transaction, representing 65.2% of the total cost basis, evidencing a strong financial commitment to the transaction.

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Page 77 of 100 First Central Tower

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Page 77 of 100 Loan Snapshot

Page 77 of 100 Seller CREFI Ownership Interest Fee Simple Trust Balance ($ million) 47.5 Loan PSF/Unit ($) $191.89 Percentage of the Pool 3.1% Loan Maturity/ARD February 2031 Amortization 30 Years Collateral Summary DBRS Morningstar Property Type Office Year Built/Renovated 1984/2016 DBRS Morningstar DSCR (x) City, State St. Petersburg, FL Physical Occupancy (%) 94.7 1.5 Units/SF 247,450 Physical Occupancy Date October 2020 DBRS Morningstar LTV (%) 65.7 DBRS Morningstar Balloon LTV (%) The loan is secured by the borrower’s fee-simple interest in First Central Tower, a Class A high-rise office 56.0 tower in St. Petersburg, Florida. The sponsor used total loan proceeds of $47.5 million along with the DBRS Morningstar Property Type Office borrower’s $3.2 million in cash equity to pay off existing debt of $47.7 million, provide an upfront TI/LC DBRS Morningstar Property Quality escrow of $1.5 million, cover closing costs, fund an additional insurance/Real Estate Taxes and free-rent Average escrows and cover other outstanding obligations. The 10-year fixed-rate loan is IO for the first three

years of the loan term followed by a 30-year amortization schedule. Based on a November 2020 Debt Stack ($ millions) appraisal, the property’s as-is market value stands at $72.3 million, which equates to a moderate as-is LTV of 65.7%. Trust Balance 47.5 Pari Passu ($) The subject is a 17-story office tower situated on a 1.65-acre lot with an NRA of 247,450 sf. Originally 0.0 built in 1984, the property underwent a $10.0 million renovation from 2014 to 2016 which included B-Note upgrades to the lobby, elevators, roof, fitness center, garage, and common areas. The property features 0.0 Mezz three ground-level retail spaces, an adjacent four-level garage providing 396 parking spaces, a 0.0 controlled-access entrance, on-site management, a fitness center, elevators, a conferencing facility, and Total Debt 24-hour security and video surveillance. 47.5

Loan Purpose Refinance First Central Tower was 94.7% occupied as of October 2020. The top two tenants, Twinlab Consolidated Equity Contribution/(Distribution) Holdings, Inc. (Twinlab) and Truist Bank – BB&T (Trust-BB&T), occupy 12.4% and 8.4% of the NRA, ($ millions) 3.2 respectively, while none of the remaining tenants occupy more that 6.2% of the NRA. The WA remaining lease term is 4.1 years with 31.1% of the rent roll expiring within the first three years of the loan term.

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Page 78 of 100 Tenant Summary

Page 78 of 100 Tenant SF % of Total DBRS Morningstar % of Total DBRS Lease Investment NRA Base Rent PSF ($) Morningstar Expiry Grade? Base Rent (Y/N) Page 78 of 100 TwinLab Consolidated Holding 30,592 12.4 29.03 12.4 4/2027 N Truist Bank - BB&T 20,725 8.4 36.40 10.5 12/2025 N Page 78 of 100 Banker Lopez Gassler P.A. 15,296 6.2 29.14 6.2 6/2026 N RGN-St. Petersburg II, LLC 15,296 6.2 29.65 6.3 4/2027 N Page 78 of 100 Traub Liberman Straus & Shrews 15,182 6.1 31.04 6.6 8/2022 N Leidos, Inc. 12,096 4.9 31.50 5.3 5/2026 N Inside Out Solutions LLC 10,228 4.1 31.76 4.5 12/2024 N Gooee, LLC 8,183 3.3 31.82 3.6 9/2022 N Spector Gadon & Rosen 8,105 3.3 26.82 3.0 5/2025 N AARP Inc. 7,247 2.9 34.61 3.5 11/2022 N

Subtotal/Wtd. Avg. 142,920 57.7 31.11 61.9 Various N Other Tenants 91,448 36.9 30.72 38.1 Various N Vacant Space 13,172 5.3 n/a n/a n/a n/a Total/Wtd. Avg. 247,540 100.0 30.60 100.00 Various N

Coronavirus Update With regard to the coronavirus pandemic, the magnitude and extent of performance stress posed to global structured finance transaction remains highly uncertain, even considering the fiscal and monetary policy measures and statutory law changes that have already been implemented, or will be implemented, to soften the impact of the crisis on global economies. The coronavirus pandemic has not severely affected the subject, which maintained monthly rental collections that averaged 95.0% from March 2020 through December 2020 and never dropped below 92.0%. Of the 55 tenants on the rent roll, one tenant was granted rent relief and is behind on rent with discussions of a possible downsize.

Sponsorship The sponsor for the loan is Lawrence Feldman of Feldman Equities, LLC (Feldman), which specializes in the acquisition and development of commercial real estate properties in Florida. The firm is deeply experienced in the St. Petersburg submarket and the largest owner of office space in St. Petersburg. Feldman also owns and manages more than 4.0 million sf of office space in Florida. The firm’s $3.0 billion portfolio comprises mostly retail and office space. The carveout guarantors for the loan are Lawrence Feldman, Paul Esajian, and Nathaniel Merrill. Of the borrower’s equity, 80.0% is attributed to crowdfunding with no individuals owning more than 10.0%. The crowdfunding investors are accredited with an average net worth of $5.0 million.

The property is managed by an independent third-party company for 1.5% of EGI. In addition, a fee of 1.5% is paid to a borrower-related management company.

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DBRS Morningstar Analysis Page 79 of 100 Site Inspection Summary

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DBRS Morningstar toured the interior and exterior of the property on Friday, January 15, 2021, at 2:00 p.m. Based on the management-led site inspection, DBRS Morningstar found the property quality to be Average.

The collateral is a high-rise office building in the heart of Downtown St. Petersburg, a city in Pinellas County and a part of the Tampa-St. Petersburg-Clearwater MSA in Florida. The subject sits on the east side of 4th Street South, a multilane southbound arterial, and is bordered by Central Avenue, a two-lane east/west arterial, on the north and 1st Avenue South, a one-way eastbound arterial, on the south. 4th Street South provides access to I-175, a 1.3-mile spur route from I-275, four blocks to the south. Overall, the subject is centrally located near main transportation arterials and complementary retail and entertainment centers. Surrounding development in all directions comprises low-, mid-, and high-rise office and residential buildings, typically with ground-level retail, restaurants, and services. The building’s exterior is composed of large reflective glass window panels with gray stonework accents and a flat roof that give the property a sleek, modern look. The building’s height and architecture are eye- catching to passing traffic compared with its neighboring shorter buildings. Downtown attractions within a short distance include Tropicana Field (home to Major League Baseball’s Tampa Bay Rays), the St. Pete Pier, as well as numerous museums, galleries, theaters, hotels, restaurants, and parks. The Bayfront Health Center St. Petersburg campus is on the south side of I-175. The University of South Florida campus is less than one mile to the southeast.

Interior common areas, hallways, and spaces have standard commercial-quality finishes, including painted gypsum wall boards and tiled or carpeted flooring. The lobby, which was recently renovated, was very high end with marbled flooring, metal walls, and brass accents as well as a manned security/concierge desk. Most ceilings are dropped with acoustic tiles and recessed lighting, with raised and open ceiling in some spaces. DBRS Morningstar noted that finishes in the tenant spaces it observed were good quality and all spaces were clean and well lit. The vacant tenant space that DBRS Morningstar observed was finished and in marketable condition. One of the vacant spaces was being built out with tenant finishes. The interior office builds featured average aesthetics and interior designs

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seemed to be dated. The overall condition of the property indicates that effective management policies Page 80 of 100 and maintenance procedures are in place with no material deferred maintenance observed.

Page 80 of 100 DBRS Morningstar NCF Summary Page 80 of 100 NCF Analysis 2018 2019 T-12 November Issuer NCF DBRS NCF Variance Page 80 of 100 2020 Morningstar (%) NCF ($) GPR ($) 6,214,626 6,295,746 6,423,339 7,167,451 7,157,708 -0.1 Recoveries ($) 254,524 348,155 600,117 435,614 456,225 4.7

Other Income ($) 849,868 901,432 764,381 768,323 726,017 -5.5

Vacancy ($) -1,907 -17,330 -17,330 -535,688 -903,147 68.6 EGI ($) 7,317,111 7,528,003 7,770,506 7,835,699 7,436,803 -5.1 Expenses ($) 2,500,427 2,698,257 2,755,862 2,799,865 3,044,420 8.7 NOI ($) 4,816,684 4,829,746 5,014,644 5,035,835 4,392,383 -12.8 Capex ($) 0 0 0 56,934 61,573 8.1 TI/LC ($) 0 0 0 337,062 766,999 127.6 NCF ($) 4,816,684 4,829,746 5,014,644 4,641,838 3,563,812 -23.2

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $3,563,812, representing a -23.2% variance from the Issuer’s NCF of $4,641,838. The primary drivers for the variance are TI/LCs and vacancy. DBRS Morningstar estimated TI/LC costs at $3.36 psf, which is based on the appraisal estimated figures. DBRS Morningstar assumed a vacancy rate of 10.0% while the Issuer assumed a vacancy rate 7.0%.

DBRS Morningstar Viewpoint The loan is secured by a high-rise office property that is well located in the heart of the CBD in Downtown St. Petersburg, which offers easy access to and from the property off I-175. The sponsor originally acquired the property in 2014 when the property had a high vacancy rate of 50.0% because a large tenant vacated the building in 2009. The sponsor immediately implemented a PIP that included a $10.0 million renovation that was completed in 2016. The improvements were well received by the market and occupancy increased significantly to 95.0% by the end of 2017, which is consistent with the October 2020 occupancy. The coronavirus pandemic has not had an immediate impact on the property’s performance and collections have remained at 94.0% or higher since May 2020.

Downside Risks • Of the in-place rent roll, 100% expires during the loan term, which elevates the refinance risk. • The loan's partial-IO period combined with the high DBRS Morningstar NCF variance contributed to the loan's EL being nearly three times higher than the pool average.

Stabilizing Factors • The rent roll is granular and, aside from Twinlab and Truist – BB&T, no single tenant occupies more than 6.2% of the NRA. In addition, the loan is structured with an upfront TI/LC reserve of $1.5 million, which the sponsor can use to renew or attract new tenants. Lastly, the sponsor has demonstrated its ability to

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execute a successful leasing strategy, taking the property to the recently reported October 2020 vacancy Page 81 of 100 of 5.0% from the 2014 vacancy of 50.0%.

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Page 82 of 100 Knitting Mills

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Page 82 of 100 Loan Snapshot

Page 82 of 100 Seller CREFI Ownership Interest Fee Trust Balance ($ million) 42.9 Loan PSF/Unit ($) $163.48 Percentage of the Pool 2.8% Loan Maturity/ARD January 2031 Amortization n/a Collateral Summary DBRS Morningstar Property Type Office Year Built/Renovated 1920,2018/2018 DBRS Morningstar DSCR (x) City, State Wyomissing, PA Physical Occupancy (%) 100.0 2.1 Units/SF 262,415 Physical Occupancy Date December 2020 DBRS Morningstar LTV (%) 62.2 DBRS Morningstar Balloon LTV (%) This loan is secured by the borrower’s fee interest in Knitting Mills, a cohort of three recently 62.2 redeveloped single tenant office buildings totaling 262,415 sf in the master-planned Knitting Mills DBRS Morningstar Property Type Office campus in Wyomissing, Pennsylvania. The 10-year IO $42.9 million loan, along with $25.6 million of DBRS Morningstar Property Quality sponsor equity, will fund the $68.4 million acquisition price and pay closing costs. Average +

These Class A office properties were constructed in 1920 as a group of textile manufacturing buildings Debt Stack ($ millions) that later became one of the first outlet centers in the country and, more recently, was redeveloped to its current use in 2016 as part of a comprehensive redevelopment project. The collateral sits among the Trust Balance newly developed one million sf/53 acre Knitting Mills master-planned campus in Wyomissing, at the 42.9 Pari Passu ($) intersection of Penn Avenue (U.S. Route 422) and Park Road. The property was 100.0% occupied as of 0.0 the December 2020 rent roll with three single tenants: UGI Energy Services, Arrow International Inc., B-Note and Reading Hospital. The blended weighted-average lease term is 18.2 years with 6.6 years of lease tail 0.0 Mezz post loan maturity date. 0.0 Total Debt 42.9 Loan Purpose Acquisition Equity Contribution/(Distribution) ($ millions) 25.6

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Page 83 of 100 Tenant Summary

Tenant SF % of Total DBRS Morningstar % of Total DBRS Lease Investment Page 83 of 100 NRA Base Rent PSF ($) Morningstar Base Rent Expiry Grade? (Y/N)

Page 83 of 100 UGI Energy Services 146,324 55.8 18.40 60.6 6/2040 N Arrow International, Inc 63,091 24.0 14.33 20.4 11/2034 N Page 83 of 100 Reading Hospital 53,000 20.2 15.95 19.0 10/2032 N Subtotal/Wtd. Avg. 262,415 100.0 16.93 100.0 Various N

Page 83 of 100 Other Tenants 0 0.0 n/a n/a n/a n/a Vacant Space 0 0.0 n/a n/a n/a n/a Total/Wtd. Avg. 262,415 100.0 0.00 100.0 Various n/a

The tenancy includes the three aforementioned tenants with UGI Energy Services in the 835 building, Arrow International Inc./Teleflex in the 35 Innovation Way building, and Reading Hospital in the 830 building. The campus also includes the new Drexel University College of Medicine, a Wawa, a Wells Fargo Bank branch, breweries such as Sly Fox Taphouse, the Orthopedic Associates of Reading, two limited service flagged hotels, and a Class A apartment complex. These components are not included in the collateral.

The UGI Energy Services Building is a five-story, 146,324 sf office building that was redeveloped and completed in June 2019. UGI Energy Services markets and supplies natural gas, liquid fuels, and electricity to over 40,000 regional customers. The space will be used as their headquarters and house the executive offices, energy sales and trading, and pipeline monitoring functions. UGI plans to invest $8 million of its own capital into their space to install a full cafeteria, lounge, and training center to complete buildout of the fifth floor. The lease is guaranteed by the parent company, which is not investment grade. The guaranty will remain in effect until the parent’s credit rating rises to an investment-grade level. UGI has a right of first offer (ROFO) on the building should the borrower wish to sell it.

The Arrow International Inc. building is a one-story, 63,041 sf office building that was built to suit in 2019 for Teleflex, the subsidiary that occupies this location. Teleflex serves as the guarantor for the lease and is a global specialty medical device firm headquartered in nearby Wayne, PA. This space functions as their hub for cardiovascular technologies and comprises two floors of office space, interior conference rooms, and one floor of research and development (R&D) laboratories and shop space. The tenant has invested $12.6 million of its own capital into the site to build out its R&D facility. The lease has two five- year and one four-year-eleven-month renewal option remaining. Arrow International has been in Wyomissing since the 1940s and develops and manufactures disposable catheters and related products for cardiac care. Teleflex has a ROFO in the event that the borrower elects to sell the property.

The Reading Hospital building is a one-story and lower level 53,000 sf office building that was redeveloped in June 2019. The tenant utilizes this space for traditional corporate office space and it is located less than one mile north of the main Reading Hospital campus. The Reading Hospital is a subsidiary of Tower Health and is the firm’s primary hospital system. Tower Health has invested over $20 million into the Knitting Mills Campus between the subject property and two nearby noncollateral buildings and is forming a partnership with the new medical school being built by Drexel University.

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Page 84 of 100 All leases are NNN with the tenants reimbursing 100% of CAM, real estate taxes, and insurance; have

Page 84 of 100 annual rent escalations throughout their terms (ranging from 1.5% to 2.5%); and have no early termination or contraction options. Page 84 of 100

Page 84 of 100 Coronavirus Update With regard to the coronavirus pandemic, the magnitude and extent of performance stress posed to global structured finance transactions remains highly uncertain, even considering the fiscal and monetary policy measures and statutory law changes that have already been implemented, or will be implemented, to soften the impact of the crisis on global economies. DBRS Morningstar received and analyzed updates regarding the property’s performance as it related to the current coronavirus pandemic. The Property is open and operational with tenants operating with “skeleton” crews. Since March 2020, 100% of contractual rent has been collected with no tenants requesting rent relief due to the pandemic.

Sponsorship The sponsor for this transaction is Kawa Capital Partners, LLC. Kawa Capital Partners is an independent asset management firm headquartered in Aventura, Florida, with approximately $1.0 billion in assets under management. Through its real estate arm, Kawa and its affiliates have invested over $425 million of equity and have a six million sf portfolio under management, primarily in the East and South-East regions of the United States. They have been involved in 10 loan securitizations with all loans performing as agreed.

DBRS Morningstar Analysis Site Inspection Summary

DBRS Morningstar toured the property on Thursday, January 14, 2021, at 10:00 a.m. Based on the site inspection, DBRS Morningstar found the property to be Average +.

The collateral consists of three newly redeveloped single tenant office buildings located in the Knitting Mills Campus in Wyomissing, a borough in Berks County on the west side of the boroughs of Reading and West Reading. The Knitting Mills Campus is a 53-acre mixed-use development situated on the site

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of the former Berkshire Knitting Mills complex and is centered around the intersection of Park Road and Page 85 of 100 Penn Avenue (U.S. 422) in Wyomissing. Two of the buildings (830 and 835 Knitting Mills Way) are

Page 85 of 100 redeveloped with the third (35 Innovation Way) being a new construction. The three buildings are located on a land area of 13.0 acres, with a total combined building area of 262,415 sf. The three sites Page 85 of 100 have a total of 614 surface parking spaces.

Page 85 of 100 The 830 and 835 buildings are located in the Knitting Mills Main campus on the east side of Parks Road. Knitting Mills Way is a local access street off the east side of Park Avenue between the two buildings. The 835 building (UGI Energy Services Building) is on the north side of Knitting Mills Way, occupying the entire north side of the block. The 830 building (The Reading Hospital/Tower Health Building) is on the south side, approximately mid-block, sitting between buildings of similar size to the east and west. The 35 Innovation Way building (Arrow International/Teleflex Building) is in the Knitting Mills North campus. Railroad tracks and wooded easements separate the two campuses. The area to the south of the Knitting Mills campus is mostly residential, except for the Reading Hospital, a large medical center, approximately 0.5 miles to the south. The greater immediate area to the north is a mix of residential, commercial, and light industrial. Parking surfaces and drives are asphalt with concrete curbing and sidewalks. There is an original brick paved drive between the two Knitting Way buildings. Landscaping throughout is professionally designed and maintained. Exterior lighting is provided by overhead pole- mounted fixtures with concrete bases as well as period pole-mounted lantern-type fixtures.

The 830 Knitting Mills Way building, fully occupied by Reading Hospital/Tower Health, is two-story masonry structure located on a land area of 1.9 acres with a building area of 53,000 sf. The improvements were originally constructed in 1920 with full renovations completed in 2019. Parking is along the east side of the building. The interior of the building has spacious open office areas with cubicles, private offices, break rooms, and work room. Finishes are of above average commercial quality and include painted wallboards, carpeted flooring in office areas with vinyl flooring in break rooms and other heavy use areas, and dropped ceilings with recessed lighting. Furnishings are modern and functional. Amenities include a small patio area with picnic tables, seats, and umbrellas.

The 835 Knitting Mills Way building, fully leased to UGI Energy Services, is a five-story office building of reinforced masonry construction with brick and glass exteriors and a flat roofing system. The building is located on a land area of 7.5 acres with a leasable area of 146,324 sf. Improvements were originally built in 1920 with full renovations completed in 2019. Interior finishes are of above average quality. The two- story lobby area has opaque and glossy tiled flooring, smoked glass walls, and a wood ceiling with recessed lighting. Wooden steps in the lobby area lead up to a mezzanine level. Interior turnstiles are at the main entrance, with a marble and wood reception desk in the lobby at the turnstiles. Finishes throughout include a combination of glossy and opaque floor tile, patterned carpeting, painted wallboards, and lifted ceilings. Large windows throughout provide ample natural light. Finishes, furnishings, and decor are modern and appealing. The fifth floor is in vanilla box condition, awaiting finish-out, reportedly with a cafeteria, lounge, and training area.

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The 35 Innovation Way building, fully occupied by Teleflex, is a newly constructed (2018) building Page 86 of 100 located on a land area of 4.1 acres with a building area of 63,091 sf. The building is a two-story structure

Page 86 of 100 of reinforced concrete construction with masonry and glass exteriors and a flat roof. The building contains office, R & D labs, and conferencing space. Interior office finishes include vinyl tile and wood Page 86 of 100 plank flooring and painted gypsum wall boards. Hallways and private office have dropped ceiling with

Page 86 of 100 acoustic tiles and recessed lighting. The open office areas have lifted ceilings with suspended lighting and double floor-to-ceiling windows providing ample natural light. Lab areas have sealed concrete flooring and open ceilings. Amenities include a fitness center, break rooms, and patio area.

DBRS Morningstar NCF Summary NCF Analysis 2019 T-12 November Issuer NCF DBRS Morningstar NCF Variance (%) 2020 NCF ($) GPR ($) 2,603,212 4,393,031 4,518,079 4,518,079 0.0 Recoveries ($) 513,518 842,248 1,353,680 1,417,607 4.7 Other Income ($) 0 343 0 0 0.0 Vacancy ($) -294,331 0 -293,588 -593,569 102.2 EGI ($) 2,822,399 5,235,622 5,578,172 5,342,118 -4.2 Expenses ($) 557,422 1,204,219 1,383,524 1,417,607 2.5 NOI ($) 2,264,977 4,031,403 4,194,648 3,924,511 -6.4 Capex ($) 0 0 39,362 65,604 66.7 TI/LC ($) 0 0 144,973 642,935 343.5 NCF ($) 2,264,977 4,031,403 4,010,313 3,215,972 -19.8

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $3,215,972, a variance of -19.8% from the issuer’s NCF of $4,010,313. The main drivers of the variance are TI/LCs and vacancy. DBRS Morningstar assumed tenant improvement figures of $30.00 psf, on new leases and $15.00 on renewals, generally based on a recently securitized comp, as the in place TI allowances were primarily on 1st gen space. The issuer assumed tenant improvements of $5.00 psf, based on appraisal levels. DBRS Morningstar assumed leasing costs at 6.0% for new leases and 3.0% for renewals, based on the appraiser’s assumptions, while the issuer assumed 4% and 2%, respectively. DBRS Morningstar assumed a 10% vacancy rate compared with the issuer’s 5% vacancy rate assumption.

DBRS Morningstar Viewpoint Although the properties are in a tertiary market, the long-term commitment from the tenants provides cash flow stability over the loan term. The three buildings are each leased to a single tenant under leases that extend through the full loan term. This should provide for cash flow stability over the term. One of the tenants has an investment grade rating and one of the non-investment grade tenants has a parental guaranty. The Knitting Mills Campus has become a center for commercial development in Berks County. Since the redevelopment of the campus began in 2016, the area has become a modern walkable hub for Class A residential, retail, and commercial spaces that still has a historically preserved textile-mill ambiance due to its manufacturing presence history. The new affiliation of Drexel University’s College of

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Medicine with Reading Hospital is positive as it should bring high-quality healthcare employment to the Page 87 of 100 area.

Page 87 of 100 Two of the properties, UGI and Arrow Teleflex, are subject to a ROFO to the tenants should the borrower Page 87 of 100 elect to sell the properties. The Arrow-Teleflex and Reading Hospital properties may be released from

Page 87 of 100 the collateral. Any release requires the greater of 115% of the allocated loan amount or 100% of the purchase price, which reduces the risk of any adverse selection in the deal.

The subject’s average rental rate of $16.93 is at the high end of the appraisal’s comparable range of $12.00 to $18.40 psf; however, the quality of the property, the build-to-suit nature of the offices, and the appeal of the surrounding master-planned development are factors in the rent. The surrounding retail, restaurant, and hotel uses are not part of the loan collateral; however, they do compliment the office space.

Downside Risks • Tertiary office locations experience more leasing risks from national tenants compared with their urban counterparts. Despite its strong manufacturing history, the city of Reading has experienced stagnant population growth in the past several decades along with lower than average incomes for a majority of households in the city and surrounding areas. Although the asset is in a transformative and recently developed master-planned area in Wyomissing, it will have to continue to develop and attract demand from office tenants on a national scale for the foreseeable future because national corporations continue to flock to cities to attract talent. • Each of the buildings in the portfolio is leased to a single tenant, which could increase term or maturity risk if any of them vacate their respective properties.

Stabilizing Factors • The collateral is in an established area that is well served by the local highway network and the surrounding residential population is complemented by significant commercial developments. Tower Health is the second largest employer in the Reading metropolitan region, employing over 7,000 people in the area. • The loan is structured with cash flow sweeps if any tenant goes dark, bankrupt, into default, terminates, or if the NCF debt yield ratio falls below 8.0%. In addition, each of the three tenants has invested considerable resources in their own buildout. The Arrow building is occupied by its mission critical cardiovascular subsidiary and the Reading Hospital will use its space for a medical school in partnership with Drexel University. None of the tenants has any termination options.

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Page 88 of 100 First Republic Center

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Page 88 of 100 Loan Snapshot

Page 88 of 100 Seller GACC Ownership Interest Fee Trust Balance ($ million) 41.6 Loan PSF/Unit ($) $589.71 Percentage of the Pool 2.7% Loan Maturity/ARD January 2031 Amortization n/a Collateral Summary DBRS Morningstar DSCR (x) DBRS Morningstar Property Type Mixed Use Year Built/Renovated 2016 5.2 City, State Palo Alto, CA Physical Occupancy (%) 100.0% DBRS Morningstar LTV (%) 39.8 Units/SF 70,543 Physical Occupancy Date December 2020 DBRS Morningstar Balloon LTV (%) 39.8 DBRS Morningstar Property Type This loan is secured by the borrower’s fee-simple interest in the First Republic Center, a 70,543-sf Class Office A mixed-use property in Palo Alto, California. The loan is IO for through the 10-year anticipated DBRS Morningstar Property Quality repayment date (ARD) period but will hyper-amortize sequentially first to the senior loan and second to Average + the mezzanine loan over six years and nine months if the loan is not paid prior to the ARD. Loan proceeds of $41.6 million, along with a $38.4 million mezzanine loan, and $26.9 million of sponsor equity Debt Stack ($ millions) was used to facilitate the $105.6 million acquisition of the property, fund a $2.0 million upfront seller credit for a seven-month rental abatement for First Republic Bank and a $175,000 upfront free rent Trust Balance 41.6 reserve for the outstanding tenant allowance for Real Produce, and cover $3.1 million of closing costs. Pari Passu ($) The collateral was previously securitized in WBCMT 2003-C4 with a whole-loan balance of $3.98 million 0.0 and was paid in full. B-Note 0.0 Mezz The Class A mixed-use building contains 53,629 sf of office space, 16,914 sf of retail space and 6,906 sf 38.4 of residential space. The ground floor consists mostly of in-line retail spaces. First Republic Bank Total Debt occupies a portion of the ground floor as well as the entire second and third floors. Amenities include a 80.0 Loan Purpose rooftop patio area and cafeteria space that First National Bank built out for its employees. There is a Acquisition parking garage at the property that connects to the grocer retail tenant and is available to retail Equity Contribution/(Distribution) ($ millions) customers and bank employees. The property also included eight affordable housing one-bedroom 26.9 apartments located in a separate building on the west side of the property.

The office space is 100% leased to First Republic Bank, an investment-grade-rated bank that provides brokerage, wealth management, and private banking services and is headquartered in San Francisco.

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First Republic Bank uses the space for its client-facing wealth-management office focused on high-net- Page 89 of 100 worth clients. The space at the property represents a mission-critical location for First Republic Bank by

Page 89 of 100 providing access within a five-mile radius of Palo Alto to eight of the top 25 wealthiest zip codes in the U.S. First Republic Bank began its current lease at the property in March 2016. First Republic Bank Page 89 of 100 signed a lease extension agreement on January 1, 2019, which extended the initial term of the lease to

Page 89 of 100 an October 31, 2037, termination date from a July 31, 2026, termination date. The tenant received a $2.1 million TI package, equating to $40 psf in conjunction with the execution of its lease at the property.

The retail space is 100% leased to three tenants: Real Produce, LaserAway, and New Mozart School of Music. Real Produce is a locally sourced and organic-focused grocery store founded in 2007 and has an existing brick-and-mortar grocery store located in San Jose. Real Produce opened its store at the property in December 2020. Local zoning regulations require a grocer to continuously occupy and operate in at least 8,000 sf of the retail space at the property. Failure to comply with local zoning regulation could result in a fine for the landlord of more than $2,100 per day. The sponsor noted that if the grocer were to struggle, the sponsor would anticipate switching the lease to a percent in-lieu structure. LaserAway has occupied the property since 2017 and provides laser hair and tattoo removal and other dermatology services. New Mozart School of Music has provided private lessons for students of all ages since 1989 and is Palo Alto’s largest music school. The subject property is New Mozart School of Music’s headquarter location for its 500+ students.

Palo Alto’s Housing Committee administers an affordable housing program for residents who work in the Palo Alto community. First Republic Center is subject to an affordable housing regulatory agreement with the city and the property includes eight one-bedroom affordable residential units located in a complex on the west side of the property. The complex includes surface parking spots for tenants. Currently, seven of the eight units are occupied and the last unit has a 50-person waiting list.

Coronavirus Update With regard to the coronavirus pandemic, the magnitude and extent of performance stress posed to global structured finance transactions remains highly uncertain, even considering the fiscal and monetary policy measures and statutory law changes that have already been implemented, or will be implemented, to soften the impact of the crisis on global economies. As of December 30, 2020, the First Republic Center property is open and operational for the retail tenants, with most First Republic Bank employees working from home. Additionally, there have been no rent relief requests or lease modifications by any tenants. Two tenants at the First Republic Center property, Real Produce (15.6% of NRA; 6.0% of Total Base Rent) and New Mozart School of Music (5.1% of NRA; 5.1% of Total Base Rent), were in free rent periods during the months of November and December. Excluding those two tenants, 100.0% of tenants by NRA and 100.0% by underwritten base rent paid their full rent in December 2020. LaserAway (3.3% of NRA and 2.4% of U/W Base Rent) made a rent relief request to the prior owner of the First Republic Center property, which was not granted. The tenant has not made all CAM reimbursements required pursuant to the terms of its lease. New Mozart School of Music (5.1% of NRA and 5.1% of U/W Base Rent) made a rent relief request to the prior owner of the First Republic Center property, which was granted and reflected in its lease.

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Sponsorship Page 90 of 100 The sponsor for this loan is KKR Real Estate Select Trust Inc. (KRR), a subsidiary of KKR & Co. Inc. KKR is

Page 90 of 100 a global investment firm that has more than $234 billion in assets under management and specifically manages alternative asset classes including real estate, private equity, energy, and infrastructure. The Page 90 of 100 sponsor has multiple global real estate funds and reached approximately $14 billion in assets under

Page 90 of 100 management in those funds as of September 30, 2020. At closing, KKR will invest $26.89 million in cash equity into the property.

Tenant Summary Tenant SF % of Total DBRS Morningstar % of Total DBRS Lease Investment NRA Base Rent PSF ($) Morningstar Base Rent Expiry Grade? (Y/N)

First Republic Bank 53,629 76.0 119.45 89.6 10/2037 Y Real Produce 11,001 15.6 27.27 4.2 10/2030 N Laser Away 2,300 3.3 72.77 2.5 8/2027 N New Mozart School of Music 3,613 5.1 78.94 3.7 12/2029 N Subtotal/Wtd. Avg. 70,543 100.0 101.35 100.0 Various Various Vacant Space 0 0.0 n/a n/a n/a n/a Total/Wtd. Avg. 70,543 100.0 101.35 100.0 Various Various

Property management is provided by Jones Lang LaSalle IP, Inc. for a contractual fee of 2.5% of EGI.

DBRS Morningstar Analysis Site Inspection Summary

Based on the DBRS Morningstar site inspection and management meeting conducted on January 13, 2021, at 11:00 a.m, DBRS Morningstar found the property quality to be Average +.

The mixed-use property is situated on a full block along El Camino Real, a busy commercial thoroughfare in the College Terrace neighborhood of Palo Alto. The property’s retail tenants benefit from prime visibility along El Camino Real and its prominent corner location. Development within the immediate area and to the southeast contains a plethora of retail shops, eateries, service businesses, and offices. The College Terrace neighborhood beyond the commercial development along El Camino Real contains an abundance of high-end single-family homes. The greater area to the west, within one block of the subject, is dominated by the Stanford University campus. The area bordering College Avenue to the east

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and extending south and southeast is the Stanford University Research Park, which is built out with Page 91 of 100 biotech, medical, and research and development facilities, including the VA Palo Alto Health Care

Page 91 of 100 System.

Page 91 of 100 The collateral contains three buildings, which are either two stories or three stories tall, and benefits

Page 91 of 100 from its recent construction 2016. The property is one of the tallest and most modern commercial buildings in the immediate area. The exterior of the building offered a beige and white painted stucco and a tall clock tower, which enhanced the curb appeal of the property. The largest tenant at the property, First Republic Bank, leases office space on the first, second, and third floors. First Republic Bank’s space was built out with a lobby area, conference rooms, cubicle areas, cafeteria space, and private offices. First Republic Bank had a limited number of employees working out of the property at the time of the inspection due to coronavirus pandemic restrictions, but the space appeared to be fully used and built out. First Republic Bank’s space was similar in quality to a Class A- suburban office space. The amenities of the office include a courtyard area, balconies in select spaces, green roof, operable windows, and bicycle storage, which were all nicely marinated.

DBRS Morningstar inspected two of the retail tenant spaces. Real Produce’s build-out was comparable with a recently constructed high-end grocery store. Real Produce had some produce stands, decorative string lighting, and tables set up outside of its space. Real Produce did not appear to be that busy at the time of the inspection, but the site inspection occurred in the morning. LaserAway had a build-out similar to a upscale dentist office with a lobby area and several interior patient rooms. DBRS Morningstar was unable to view the apartment portion of the collateral at the time of the inspection, but the eight units were reportedly 100.0% occupied.

DBRS Morningstar NCF Summary NCF Analysis 2019 2021 Budget Issuer NCF DBRS Morningstar NCF Variance NCF ($) (%) GPR ($) 4,280,562 5,055,744 5,691,586 5,695,344 0.1 Recoveries ($) 1,932,916 1,438,256 1,438,244 1,454,920 1.2 Other Income ($) 262,098 362,352 362,352 353,684 -2.4 Vacancy ($) -114,894 0 -149,844 -202,565 35.2 EGI ($) 6,360,682 6,856,352 7,342,338 7,301,384 -0.6 Expenses ($) 1,891,648 2,044,764 2,057,147 2,105,098 2.3 NOI ($) 4,469,034 4,811,588 5,285,191 5,196,286 -1.7 Capex ($) 0 0 14,109 4,059 -71.2 TI/LC ($) 0 0 40,970 37,854 -7.6 NCF ($) 4,469,034 4,811,588 5,230,113 5,154,372 -1.4

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $5,154,372, a variance of -1.4% from the issuer’s NCF of $5,230,113. The primary drivers of the variance were vacancy and the management fee. DBRS Morningstar concluded to a blended 2.8% vacancy rate derived from a 2.0% vacancy for LTCT First Republic Bank and a 10.0% vacancy for all remaining tenants, while the issuer concluded an overall

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2.0% vacancy rate. DBRS Morningstar applied a 3.0% management fee compared with the issuer’s 2.5% Page 92 of 100 rate.

Page 92 of 100 DBRS Morningstar Viewpoint Page 92 of 100 The collateral for the loan, a mixed-use property with office, retail, and multifamily components, is well-

Page 92 of 100 located along a major thoroughfare, El Camino Real, in the College Terrace neighborhood of Palo Alto. First Republic Bank represents 89.6% of the DBRS Morningstar gross rent and is considered an LTCT with an investment-grade rating and a lease that expires in October 2037. While the subject loan will benefit from the LTCT, the appraiser’s dark value of $92.6 million implies there is substantial value in the property without an LTCT, as the senior loan to dark appraised value is equal to 44.9%. The property benefits from its recent construction 2016 and its modern appearance, as DBRS Morningstar assessed the property quality to be Average +. The sponsor contributed $26.9 million of equity for this acquisition financing, which represents 25.2% of the total sources for the transaction. The property should benefit from its institutional sponsor by KKR, which DBRS Morningstar assessed with Strong sponsorship. DBRS Morningstar estimates that the senior note would hyper-amortize to $195 psf from $590 psf at the ARD by the final maturity date because of the sequential amortization feature of the ARD, which should help mitigate refinance risk. With a DBRS Morningstar DSCR of 5.25x and DBRS Morningstar LTV of 39.8%, as well as favorable tenant roster, DBRS Morningstar considers the credit quality associated with the whole loan’s exposure to be AA.

Downside Risk • The leverage on the property inclusive of the mezzanine debt at $1,134 psf is well above the WA whole- loan debt leverage ($783 psf) and the range ($429 psf to $1,097 psf) of seven office properties securitized since 2014 in a two-mile radius of the subject.

Stabilizing Factor • While most of the securitized properties in the Stanford University Research Park area are subject to ground leases, the collateral for this loan is the fee-simple interest in the property. The collateral is leased to an LTCT, First Republic Bank, which does not have a lease expiry until October 2037. The senior debt included in the BMARK 2021-B23 securitization at $590 psf would be at the low end of the range of the whole-loan debt leverage for the seven securitized office properties in the two-mile radius of the subject. Additionally, DBRS Morningstar estimates that the ARD structure would result in a leverage profile inclusive of mezzanine debt of $740 psf at the final maturity date in March 2032.

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Transaction Structural Features Page 93 of 100 Credit Risk Retention

Page 93 of 100 This transaction features a vertical risk-retention structure to satisfy the risk-retention requirements of Section 15G of the Securities Exchange Act. The Class VRR Interest will collectively constitute the Page 93 of 100 Eligible Vertical Interest of the pooled certificates, and the Class 360RR Interest will constitute the

Page 93 of 100 Eligible Vertical Interest of the loan-specific certificates. Citi Real Estate Funding Inc. is acting as the retaining sponsor under the credit risk-retention rules. German American Capital Corporation will act as retaining sponsor with respect to the issuance of the loan-specific certificates. The 360RR Interest is expected to be retained by German American Capital Corporation or its majority-owned affiliate. Citi Real Estate Funding Inc. will be permitted to offset the amount of its required risk retention by the portions of the Class VRR Interest Certificates expected to be acquired by each of JPMorgan Chase Bank, National Association and Goldman Sachs Mortgage Company [or in each case, its majority owned affiliates]of one or more of the securitized assets.

Operating Advisor This transaction has an operating advisor that will have consultation rights with the special servicer on major decisions during the period when a control termination event has occurred and is continuing (see definitions below in the Directing Certificateholder/Controlling Class Rights section). In addition, the operating advisor will be required to review certain operational activities related to specially serviced loans in general. Furthermore, during these periods, the operating advisor will be required to complete an annual report assessing the special servicer’s performance. Such report is to be delivered to the rating agencies, the trustee, and the certificate administrator, which will be required to make the report available through its website. After the occurrence and continuance of a consultation termination event (see definitions below in the Directing Certificateholder/Controlling Class Rights section), if the operating advisor determines that the special servicer is not performing its duties as required under the PSA or is otherwise not acting in accordance with the servicing standard, the operating advisor may recommend the replacement of the special servicer. The operating advisor is entitled to a fee of 0.00098% per annum with respect to each serviced mortgage loan and any successor REO loan. The operating advisor is also entitled to a $10,000 fee for each major decision on which it is required to consult, but it is payable only to the extent that it is paid by the related borrower. Other expenses incurred by the operating advisor will be payable from funds on deposit in the collection account out of amounts otherwise available to make distributions on the certificates.

Appraisal Reduction/Realized Loss Any interest that is not advanced on as part of the appraisal-reduction mechanism may not be recovered as part of the loan waterfall upon realization of the collateral. ARAs may affect the amount of P&I Advance otherwise required by the PSA. Interest not advanced on because of an appraisal reduction will likely have permanent interest impairment if the net proceeds of the loan in question do not exceed the outstanding principal (plus fees) at the time of liquidation. The special servicer shall attempt to obtain the appraisal it will use for appraisal-reduction purposes within 60 days of an appraisal-reduction event, provided that if it does not receive the appraisal within 90 days to 120 days in certain cases, after the initial delinquency for the related appraisal reduction event, the ARA, for purposes of P&I Advances, will

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be an amount equal to 25% of the current stated principal balance of the related mortgage loan (or Page 94 of 100 serviced whole loan) until the special servicer receives a Member Appraisal Institute appraisal or

Page 94 of 100 valuation.

Page 94 of 100 Pari Passu and AB Loan Combinations

Page 94 of 100 Millennium Corporate Park, Phillips Point, JW Marriott Nashville, The Village at Meridian, Pittock Block, and Hotel Zaza Houston Museum whole-loan combinations and 360 Spear whole-loan combination including the 360 Spear trust subordinate loan for purposes of the Loan Specific Certificates (defined below) will be serviced according to the PSA for this transaction The MGM Grand & Mandalay Bay whole-loan combination will be serviced according to the Trust and Servicing Agreement (TSA) for BX 2020-VIVA. The Station Park & Station Park West and Rugby Pittsburgh Portfolio whole-loan combinations will be serviced according to the PSA for Benchmark 2020-B22. The Grace Building whole- loan combination will be serviced according to the PSA for Grace Trust 2020-GRCE TSA. The 711 Fifth Avenue whole-loan combination will be serviced according to the PSA for GSMS 2020-GC47. The Selig Office Portfolio whole-loan combination will be serviced according to the PSA for CGCMT 2015-GC29.

Loan-Specific Certificates The Loan-Specific Certificates include the Class 360A, Class 360B, Class 360C, Class 360D,and Class 360RR certificates. The Loan-Specific Certificates evidence interests in the 360 Spear Trust Subordinate Companion Loan only. The 360 Spear Trust Subordinate Companion Loan is included as an asset of the issuing entity but is not part of the mortgage pool backing the pooled certificates. The Loan-Specific Certificates are only entitled to distributions of amounts received (and subject to losses) in respect of the 360 Spear Trust Subordinate Companion Loan. All amounts paid or received in respect of the 360 Spear Trust whole loan will be allocated among the 360 Spear mortgage loan (backing the pooled certificates) and the 360 Spear Trust Subordinate Companion Loan pursuant to an intercreditor agreement and the PSA. Payments of interest and principal received in respect of the 360 Spear Trust Subordinate Companion Loan will be available to make distributions in respect of the Loan-Specific Certificates only. Losses with respect to the 360 Spear Loan Combination will be allocated first, to the 360 Spear trust subordinate companion loan, and then to the 360 Spear Mortgage Loan. Losses with respect to the other mortgage loans will not be allocated to the 360 Spear Trust Subordinate Companion Loan.

Directing Certificateholder/Controlling Class Rights The transaction’s most subordinate bonds are controlled by the most subordinate bondholders. The controlling class certificateholder (or its representative) will be the controlling class certificateholder selected by more than a specified percentage of the controlling class certificateholders (by certificate balance, as certified by the certificate registrar from time to time as provided for in the PSA). The controlling class is the most subordinate of the [Class F, Class G, and Class H] (the Control Eligible Certificates) then outstanding, which has a principal amount (net of ARAs) that is at least 25.0% of the initial certificate amount of such class. The loan-specific control eligible certificates will be the Class 360A, Class 360B, Class 360C, and Class 360D certificates, and the controlling class will be the most subordinate of the aforementioned certificates. As of the closing date, the controlling class will be, as to

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the pooled certificates, the Class H Certificates and as to the loan-specific certificates, the Class 360D Page 95 of 100 Certificates.

Page 95 of 100 Except in certain cases, prior to a control termination event, the applicable directing holder (or Page 95 of 100 controlling class representative) will be entitled to have consent and/or consultation rights under the

Page 95 of 100 PSA with respect to replacing the special servicer and certain major decisions (including with respect to assumptions, waivers, certain loan modifications, and workouts) and other matters with respect to such serviced loan. For so long as no 360 Spear control appraisal period is continuing, the rights of the directing holder with respect to the 360 Spear loan combination will be exercisable by the Loan-Specific Controlling Class Representative.

During the continuance of a control termination event, consent rights of the controlling class representative will terminate, but until a consultation termination event, the controlling class representative will retain non-binding consultation rights with respect to certain major decisions and other matters with respect to the serviced mortgage loans.

A control termination event (1) with respect to any mortgage loan (other than the 360 Spear loan combination) (a) will occur when none of the classes of the Control Eligible Certificates has an outstanding certificate balance (as notionally reduced by cumulative appraisal reductions) that is at least equal to 25% of the initial certificate balance of that class of certificate or (b) be deemed to occur with respect to mortgage loans as to which the controlling class representative would otherwise be the directing holder if not a borrower party (excluded mortgage loan) and (2) with respect 360 Spear loan combination same as (1) but only if a 360 Spear loan combination control appraisal period exists. A consultation termination event with respect to any mortgage loan (other than the 360 Spear loan combination) (1) will occur (a) when none of the Control Eligible Certificates have a certificate balance at least equal to 25.0% of the initial certificate balance (without regard to appraisal reductions) or (b) be deemed to occur with respect to excluded mortgage loans and (2) with respect to the 360 Spear whole loan combination same as (1) above, but only if a 360 control appraisal period exists.

A 360 Spear loan combination control appraisal period will exist if the actual balance of the 360 Spear Trust Companion Loan is not at least 25% of its initial principal balance as reduced by the sum of prepayments, ARAs, and realized losses allocated to it.

Excluded Loans If the special servicer becomes a borrower party as to a specified percentage for any mortgage loan (a special servicer excluded loan), the special servicer will be required to resign for that special servicer excluded loan. The directing certificateholder (prior to the occurrence and continuance of a control termination event will be entitled to appoint a special servicer that is not a borrower party for such special servicer excluded loan; however, if the controlling class representative or any majority controlling class certificateholder is a borrower party as to a specified percentage of such loan (also an excluded loan), the largest controlling class certificateholder (by certificate balance) that is not a borrower party will be entitled to appoint the special servicer and/or controlling class representative in their respective

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roles within the trust and their roles as borrower parties This mechanism is in place to mitigate conflicts Page 96 of 100 of interest that can arise between the special servicer and/or controlling class representative in their

Page 96 of 100 respective roles within the trust and their roles as borrower parties.

Page 96 of 100 Special Servicing Fees

Page 96 of 100 The liquidation fee for serviced loans is equal to 1.0% of the net liquidation proceeds. The workout fee is 1.0% of all payments of principal and interest received on each corrected loan so long as it remains a corrected loan. Both fees are subject to a minimum fee of $25,000. Notwithstanding the foregoing, the workout fee rate and the liquidation fee rate in the case of the First Republic Center Loan Combination, will be a rate equal to 0.50%. The special servicer fee is equal to the greater of 0.25% or the per annum rate that would result in a special servicing fee of $3,500. In the case of an outside serviced loan combination, amounts payable to the related outside servicer or outside special servicer may be calculated differently or be subject to different caps or no caps. Any fees or charges (excluding attorneys’ fees and third-party expenses) charged by the applicable special servicer in connection with processing any Payment Accommodation (defined below); in the aggregate with each other such Payment Accommodation with respect to a mortgage loan or serviced whole loan will be capped and may only be borne by the borrower, not the Issuer, provided that such caps shall not apply if the borrower defaults under any Payment Accommodation.

Disclosable Special Servicing Fees For each collection period, the special servicer is required to provide the certificate administrator with an itemized report of all disclosable special servicing fees. These fees are defined as any compensation or remuneration (including, but not limited to, commissions, brokerage fees, rebates, and any fee-sharing arrangements) received or retained by the special servicer or any of its affiliates that is paid in connection with the disposition or workout of the trust mortgage loan (or REO property, in the EOD and foreclosure on the property).

Modifications Related to the Coronavirus Emergency A Payment Accommodation for any serviced mortgage loan (or serviced loan combination, if applicable) refers to any temporary forbearance agreement entered as a result of the coronavirus emergency (as reasonably determined by the applicable servicer in accordance with the Servicing Standard) relating to payment obligations or operating covenants under the related mortgage loan documents or the use of funds on deposit in any reserve account or escrow account for any purpose other than the express purpose described in the related mortgage loan documents, subject to certain caps as identified in the PSA. Payment Accommodations will typically not trigger an appraisal reduction event, delinquency, or servicing transfer event up to certain limitations so long as borrower is complying with the Payment Accommodation.

Rating Agency Confirmations This confirmation contemplates waivers of RACs. DBRS Morningstar intends to waive loan-level RACs when it receives notice upon their occurrence. DBRS Morningstar will review relevant loan-level

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changes as part of its surveillance. DBRS Morningstar will not waive RACs that affect any party involved Page 97 of 100 in the operational risk of the transaction (i.e., replacement of the special servicer, master servicer, etc.).

Page 97 of 100 Methodologies Page 97 of 100 The following are the methodologies DBRS Morningstar applied to assign ratings to this transaction.

Page 97 of 100 These methodologies can be found on www.dbrsmorningstar.com under the heading Methodologies & Criteria. Alternatively, please contact [email protected] or contact the primary analysts whose information is listed in this report. • North American CMBS Multi-Borrower Rating Methodology • North American Single-Asset/Single-Borrower Ratings Methodology • DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria • Rating North American CMBS Interest-Only Certificates • North American CMBS Surveillance Methodology

Surveillance DBRS Morningstar will perform surveillance subject to its North American CMBS Surveillance Methodology.

Notes: All figures are in U.S. dollars unless otherwise noted.

This report is based on information as of January 26, 2021. Subsequent information may result in material changes to the rating assigned herein and/or the contents of this report.

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Page 98 of 100 Glossary

Page 98 of 100

Page 98 of 100 ADR average daily rate MSA metropolitan statistical area ARA appraisal-reduction amount n.a. not available ASER appraisal subordinate entitlement reduction n/a not applicable BOV broker’s opinion of value NCF net cash flow

CAM common area maintenance NNN triple net capex capital expenditures NOI net operating income CBD central business district NRA net rentable area CBRE CB Richard Ellis NRI net rental income CMBS commercial mortgage-backed securities NR – PIF not rated – paid in full CoStar CoStar Group, Inc. OSAR operating statement analysis report CREFC CRE Finance Council PCR property condition report DPO discounted payoff P&I principal and interest DSCR debt service coverage ratio POD probability of default EGI effective gross income PIP property improvement plan EOD event of default PILOT property in lieu of taxes F&B food & beverage PSA pooling and servicing agreement FF&E furniture, fixtures and equipment psf per square foot FS Hotel full-service hotel R&M repairs and maintenance G&A general and administrative REIT real estate investment trust GLA gross leasable area REO real estate owned GPR gross potential rent RevPAR revenue per available room HVAC heating, ventilation and air conditioning sf square foot/square feet IO interest only STR Smith Travel Research LC leasing commission SPE special-purpose entity LGD loss severity given default TI tenant improvement LOC letter of credit TIC tenants in common LOI letter of intent T-12 trailing 12 months LS Hotel limited-service hotel UW underwriting LTC loan-to-cost WA weighted average LTCT long-term credit tenant WAC weighted-average coupon LTV loan-to-value x times MHC manufactured housing community YE year end MTM month to month YTD year to date

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Page 99 of 100 Definitions

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Page 99 of 100 Capital Expenditure (Capex) Costs incurred in the improvement of a property that will have a life of more than one year. DBRS Morningstar Refi DSCR A measure that divides the DBRS Morningstar stabilized NCF by the product of the loan’s maturity balance and a stressed refinance debt constant. DBRS Morningstar Term DSCR A measure that divides the DBRS Morningstar stabilized NCF by the actual debt service payment Debt Service Coverage Ratio (DSCR) A measure of a mortgaged property’s ability to cover monthly debt service payments, defined as the ratio of net operating income or net cash flow to the debt service payments. Effective Gross Income (EGI) Rental revenue minus vacancies plus miscellaneous income. Issuer UW Issuer underwritten from Annex A or servicer reports. Loan-to-Value (LTV) The ratio between the principal amount of the mortgage balance, at origination or thereafter, and the most recent appraised value of the underlying real estate collateral, generally from origination. Net Cash Flow (NCF) The revenues earned by a property’s ongoing operations less the expenses associated with such operations and the capital costs of tenant improvements, leasing commissions and capital expenditures (or reserves). Moreover, NCF is net operating income less tenant improvements, leasing commissions and capital expenditures. NNN (Triple Net) A lease that requires the tenant to pay operating expenses such as property taxes, insurance and maintenance, in addition to the rent. Net Operating Income (NOI) The revenues earned by a property’s ongoing operations less the expenses associated with such operations but before mortgage payments, tenant improvements, replacement reserves and leasing commissions. Net Rentable Area (NRA) The area (sf) for which rent can be charged. NRA includes the tenant’s premises plus an allocation of the common area directly benefiting the tenant, such as common corridors and restrooms. Revenue Per Available Room (RevPAR) A measure that divides revenue by the number of available rooms, not the number of occupied rooms. It is a measure of how well the hotel has been able to fill rooms in the off-season, when demand is low even if rates are also low, and how well it fills the rooms and maximizes the rate in the high season, when there is high demand for hotel rooms. Tenant Improvements (TIs) The expense to physically improve the property or space, such as new improvements or remodeling, paid by the borrower. Weighted Average (WA) Calculation is weighted by the size of each mortgage in the pool. Weighted-Average Coupon (WAC) The average coupon or interest payment on a set of mortgages, weighted by the size of each mortgage in the pool.

Page 100 of 100 BMARK 2021-B23 Presale Report | January 26, 2021

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About DBRS Morningstar Page 100 of 100 DBRS Morningstar is a full-service global credit ratings business with approximately 700 employees around the world. We’re a market leader in Canada, and in multiple asset classes across the U.S. and Europe. Page 100 of 100 We rate more than 3,000 issuers and nearly 60,000 securities worldwide, providing independent credit ratings for financial institutions, corporate and Page 100 of 100 sovereign entities, and structured finance products and instruments. Market innovators choose to work with us because of our agility, transparency, and tech-forward approach.

Page 100 of 100 DBRS Morningstar is empowering investor success as the go-to source for independent credit ratings. And we are bringing transparency, responsiveness, and leading-edge technology to the industry.

That’s why DBRS Morningstar is the next generation of credit ratings.

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