Deutsche Mortgage & Asset Receiving Corp.

10/15/2026 | Press release | Distributed by Public on 10/15/2026 15:23

Free Writing Prospectus (Form FWP)

FREE WRITING PROSPECTUS
FILED PURSUANT TO RULE 433
REGISTRATION FILE NO.: 333-283864-06

October 15, 2026

FREE WRITING PROSPECTUS

STRUCTURAL AND COLLATERAL TERM SHEET

$547,963,000

(Approximate Total Mortgage Pool Balance)

$483,577,000

(Approximate Offered Certificates)

AXDB 2026-MULT1

Deutsche Mortgage & Asset Receiving Corporation

Depositor

German American Capital Corporation

AXMF 2026-1 LLC

Sponsors and Mortgage Loan Sellers

AXDB 2026-MULT1 Mortgage Trust

Commercial Mortgage Pass Through Certificates, Series 2026-MULT1

Deutsche Bank Securities

Lead Manager and Bookrunner
Drexel Hamilton Mischler Financial
Co-Manager Co-Manager

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (File No. 333-283864) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the Securities and Exchange Commission for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the Securities and Exchange Commission website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by emailing: [email protected]. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a "when, as and if issued" basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any "indications of interest" expressed by you, and any "soft circles" generated by us, will not create binding contractual obligations for you or us. This free writing prospectus does not contain all information that is required to be included in the prospectus.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

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

This material is for your information, and none of Deutsche Bank Securities Inc., Mischler Financial Group, Inc., Drexel Hamilton, LLC or any other underwriter (collectively, the "Underwriters") are soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal.

Neither this document nor anything contained herein shall form the basis for any contract or commitment whatsoever. The information contained herein is preliminary as of the date hereof. These materials are subject to change, completion or amendment from time to time. The information contained herein will be superseded by similar information delivered to you as part of the preliminary prospectus relating to the AXDB 2026-MULT1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2026-MULT1 (the "Offering Document"). The information contained herein supersedes any such information previously delivered and should be reviewed only in conjunction with the entire Offering Document. All of the information contained herein is subject to the same limitations and qualifications contained in the Offering Document.  The information contained herein does not contain all relevant information relating to the underlying mortgage loans or mortgaged properties. Such information is described elsewhere in the Offering Document.  The information contained herein will be more fully described elsewhere in the Offering Document.  The information contained herein should not be viewed as projections, forecasts, predictions or opinions with respect to value.  Prior to making any investment decision, prospective investors are strongly urged to read the Offering Document its entirety. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this free writing prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The attached information contains certain tables and other statistical analyses (the "Computational Materials") which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials' accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of Underwriters or any of their respective affiliates makes any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities.

This document contains forward-looking statements. Those statements are subject to certain risks and uncertainties that could cause the success of collections and the actual cash flow generated to differ materially from the information set forth herein. While such information reflects projections prepared in good faith based upon methods and data that are believed to be reasonable and accurate as of the dates thereof, the depositor undertakes no obligation to revise these forward-looking statements to reflect subsequent events or circumstances. Individuals should not place undue reliance on forward-looking statements and are advised to make their own independent analysis and determination with respect to the forecasted periods, which reflect the issuer's view only as of the date hereof.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation being made that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded.  Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
2

AXDB 2026-MULT1 Mortgage Trust

KEY FEATURES OF SECURITIZATION
Capitalized terms used but not defined herein have the meanings assigned to them in the Preliminary Prospectus expected to be dated October 19, 2026 relating to the offered certificates (hereinafter referred to as the "Preliminary Prospectus").
Offering Terms:
Lead Manager and Bookrunner: Deutsche Bank Securities Inc.
Co-Managers: Mischler Financial Group, Inc. and Drexel Hamilton, LLC
Sponsors and Mortgage Loan Sellers: German American Capital Corporation* ("GACC") (29.4%) and AXMF 2026-1 LLC ("AXMF") (70.6%) and *An indirect wholly owned subsidiary of Deutsche Bank AG
Master Servicer: Trimont LLC
Operating Advisor: Park Bridge Lender Services LLC
Asset Representations Reviewer: Park Bridge Lender Services LLC
Special Servicer: LNR Partners, LLC
Certificate Administrator: Computershare Trust Company, National Association
Trustee: Computershare Trust Company, National Association
Rating Agencies: S&P Global Ratings, acting through Standard & Poor's Financial Services LLC ("S&P"), Fitch Ratings, Inc. ("Fitch") and DBRS, Inc. ("Morningstar DBRS").
Credit Risk Retention: For a discussion on the manner in which the U.S. credit risk retention requirements are being satisfied by AXMF, as retaining sponsor, see "Credit Risk Retention" in the Preliminary Prospectus. Note that this securitization transaction is not being structured to satisfy EU/UK risk retention and due diligence requirements.
Determination Date: 11th day of each month, or if such 11th day is not a business day, the immediately following business day, commencing in November 2026.
Distribution Date: 4th business day following the Determination Date in each month, commencing in November 2026.
Cut-off Date: With respect to each mortgage loan, the later of the related payment date of such mortgage loan in October 2026 (or, in the case of any mortgage loan that has its first due date subsequent to October 2026, the date that would have been its due date in October 2026 under the terms of that mortgage loan if a monthly payment were scheduled to be due in that month) and the date of origination of such mortgage loan. Unless otherwise noted, all mortgage loan statistics are based on balances as of the Cut-off Date.
Closing Date: On or about October 30, 2026
Settlement Terms: DTC, Euroclear and Clearstream, same day funds, with accrued interest.
ERISA Eligible: All of the Offered Certificates are expected to be ERISA eligible.
SMMEA Eligible: None of the Offered Certificates will be SMMEA eligible.
Day Count: 30/360
Tax Treatment: REMIC  
Rated Final Distribution Date: October 2059
Minimum Denominations: $10,000 (for each class of offered principal balance certificates) and $100,000 (for each class of offered interest-only certificates) and in each case in multiples of $1 thereafter.
Clean-up Call: 1% (with certain exceptions described under "Pooling and Servicing Agreement-Termination; Retirement of Certificates" in the Preliminary Prospectus)
Distribution of Collateral by Property Type
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
3

AXDB 2026-MULT1 Mortgage Trust

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS
Mortgage Loan Sellers

Number of

Mortgage

Loans

Number of

Mortgaged

Properties

Aggregate

Cut-off Date

Balance

% of Initial Outstanding

Pool Balance

Roll-up Aggregate

Cut-off Date

Balance

Roll-up Aggregate

% of Initial Outstanding

Pool Balance

German American Capital Corporation 13 14 $161,285,000 29.4% $161,285,000 29.4%
AXMF 2026-1 LLC 25 41 $386,678,000 70.6% $386,678,000 70.6%
Total: 38 55 $547,963,000 100.0%

Collateral Facts

Initial Outstanding Pool Balance: $547,963,000
Number of Mortgage Loans: 38
Number of Mortgaged Properties: 55
Average Mortgage Loan Cut-off Date Balance: $14,420,079
Weighted Average Mortgage Rate: 6.3088%
Weighted Average Mortgage Loan Original Term to Maturity Date (months)(1): 60
Weighted Average Mortgage Loan Remaining Term to Maturity Date (months)(1): 59
Weighted Average Mortgage Loan Seasoning (months): 1
% of Mortgaged Properties Leased to a Single Tenant: NAP

Credit Statistics

Weighted Average Mortgage Loan U/W NCF DSCR: 1.37x
Weighted Average Mortgage Loan Cut-off Date LTV: 67.6%
Weighted Average Mortgage Loan Maturity Date LTV: 67.6%
Weighted Average U/W NOI Debt Yield: 9.0%

Amortization Overview

% Mortgage Loans with Amortization through Maturity Date: 0.0%
% Mortgage Loans which pay Interest Only through Maturity Date: 100.0%
% Mortgage Loans which pay Interest Only through the Anticipated Repayment Date: 0.0%
Weighted Average Remaining Amortization Term (months): N/A

Loan Structural Features

% Mortgage Loans with Upfront or Ongoing Tax Reserves: 98.3%
% Mortgage Loans with Upfront or Ongoing Insurance Reserves: 97.9%
% Mortgage Loans with Upfront or Ongoing Replacement Reserves: 56.0%
% Mortgage Loans with Cash Traps Triggered at DSCR Levels ≥ 1.05x: 64.8%

Prepayment Provisions

% Mortgage Loans with Yield Maintenance: 81.6%
% Mortgage Loans with Defeasance: 18.4%
% Mortgage Loans with Yield Maintenance or Defeasance: 0.0%
(1) With respect to two mortgage loans representing approximately 7.5% of the initial pool balance, the initial due date for such mortgage loan occurs after November 2026. On the Closing Date, the related mortgage loan seller will contribute an initial interest deposit amount to the issuing entity to cover an amount that represents one month's interest that would have accrued with respect to such mortgage loan at the related interest rate with respect to the assumed November 2026 payment date, and for such reason the mortgage loan is being treated as having an initial due date in November 2026.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
4

AXDB 2026-MULT1 Mortgage Trust

STRUCTURE SUMMARY

OFFERED CERTIFICATES

Class(1) Ratings
(S&P/Fitch/Morningstar DBRS)

Initial Certificate

Balance or Notional Amount(2)

Initial

Subordination
Levels(3)

Weighted 

Average Life (years)(4)

Principal Window

(months)(4)

Certificate Principal to Value Ratio(5)

Certificate Underwritten

NOI Debt Yield(6)

Class A-2 AAA(sf) / AAAsf / AAA(sf) (7) 30.000%(8) (7) (7) 47.3% 12.9%
Class A-3 AAA(sf) / AAAsf / AAA(sf) (7) 30.000%(8) (7) (7) 47.3% 12.9%
Class X-A(9) NR / AAAsf / AAA(sf) $430,835,000  (10) N/A N/A N/A N/A N/A
Class X-B(9) NR / A-sf / AA(low)(sf) $52,742,000  (10) N/A N/A N/A N/A N/A
Class A-M NR / AAAsf / AAA(sf)           $47,261,000 21.375% 4.96 60 - 60 53.2% 11.4%
Class B NR / AA-sf / AA(high)(sf)           $30,138,000 15.875% 4.96 60 - 60 56.9% 10.7%
Class C NR / A-sf / A(high)(sf)           $22,604,000 11.750% 4.96 60 - 60 59.7% 10.2%

NON-OFFERED CERTIFICATES

Class(1) Ratings
(S&P/Fitch/Morningstar DBRS)

Initial Certificate

Balance or Notional Amount (2)

Initial

Subordination
Levels(3)

Weighted 

Average Life (years)(4)

Principal Window

(months)(4)

Certificate Principal to Value Ratio(5)

Certificate Underwritten

NOI Debt Yield(6)

Class D NR / BBB-sf / BBB(high)(sf)           $18,494,000 8.375% 4.96 60 - 60 61.9% 9.8%
Class E(11) NR / BB-sf / BBB(sf)           $9,178,000 6.700% 5.00 60 - 61 63.1% 9.6%
Class F-RR(11) NR / B-sf / BB(high)(sf)           $9,315,000 5.000% 5.04 61 - 61 64.2% 9.5%
Class G-RR NR / NR / NR           $27,399,000 0.000% 5.04 61 - 61 67.6% 9.0%
(1) The pass-through rates for the Class A-2, Class A-3, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR certificates (collectively, the "Principal Balance Certificates") in each case, will be one of: (i) a fixed per annum rate, (ii) the weighted average of the net mortgage rates on the mortgage loans (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months) as of their respective due dates in the month preceding the month in which such Distribution Date occurs (the "WAC Rate"), (iii) a rate equal to the lesser of a specified pass-through rate and the WAC Rate or (iv) the WAC Rate less a specified rate, but in any case not less than 0.000%.
(2) Approximate; subject to a variance of plus or minus 5%.
(3) The initial subordination levels are calculated based on the initial Certificate Balance. See "Credit Risk Retention" and "Description of the Certificates" in the Preliminary Prospectus.
(4) The weighted average life and principal window during which distributions of principal would be received as set forth in the table with respect to each class of Principal Balance Certificates are based on (i) modeling assumptions described in the Preliminary Prospectus and (ii) assumptions that there are no prepayments, modifications or losses in respect of the mortgage loans and there are no extensions or forbearances of maturity dates of the mortgage loans. The weighted average life and principal window of the Class A-2 and Class A-3 certificates are subject to change as described in footnote (7) below.
(5) "Certificate Principal to Value Ratio" for any class of Principal Balance Certificates is calculated as the product of (a) the weighted average mortgage loan Cut-off Date LTV of the mortgage loans, multiplied by (b) a fraction, the numerator of which is the total initial Certificate Balance of the related class of Principal Balance Certificates and all other classes of Principal Balance Certificates, if any, that are senior to such class, and the denominator of which is the total initial Certificate Balance of all classes of Principal Balance Certificates. The Certificate Principal to Value Ratios of the Class A-2 and Class A-3 certificates are calculated in the aggregate for those classes as if they were a single class.
(6) "Certificate Underwritten NOI Debt Yield" for any class of Principal Balance Certificates is calculated as the product of (a) the weighted average Underwritten NOI Debt Yield for the mortgage loans, multiplied by (b) a fraction, the numerator of which is the total initial Certificate Balance of all classes of Principal Balance Certificates and the denominator of which is the total initial Certificate Balance of such class of Principal Balance Certificates and all other classes of Principal Balance Certificates, if any, that are senior to such class. The Certificate Underwritten NOI Debt Yields of the Class A-2 and Class A-3 certificates are calculated in the aggregate for those classes as if they were a single class.
(7) The exact initial Certificate Balances of the Class A-2 and Class A-3 certificates are unknown and will be determined based on the final pricing of those classes of certificates. However, the respective initial Certificate Balances, weighted average lives and principal windows of the Class A-2 and Class A-3 certificates are expected to be within the applicable ranges reflected in the following chart. The aggregate initial Certificate Balance of the Class A-2 and Class A-3 certificates is expected to be approximately $383,574,000, subject to a variance of plus or minus 5.0%.
Class of Certificates Expected Range of Initial Certificate Balance Expected Range of Weighted Avg. Life (years) Expected Range of Principal Window (months)
Class A-2 $0 - $95,411,000 NAP - 4.71 NAP / 56 - 58
Class A-3 $288,163,000 - $383,574,000 4.88 - 4.84 58 - 60 / 56 - 60
(8) The initial subordination levels for the Class A-2 and Class A-3 certificates are represented in the aggregate.
(9) As further described in the Preliminary Prospectus, the pass-through rate applicable to the Class X-A and Class X-B certificates (collectively, the "Class X Certificates") for each Distribution Date will generally be equal to the excess of (i) the WAC Rate over (ii) (A) with respect to the Class X-A certificates, the weighted average of the pass-through rates of the Class A-2, Class A-3 and Class A-M certificates (based on their respective Certificate Balances outstanding immediately prior to such Distribution Date), and (B) with respect to the Class X-B certificates, the weighted average of the pass-through rates of the Class B and Class C certificates (based on their respective Certificate Balances outstanding immediately prior to such Distribution Date).
(10) The Class X Certificates will not have Certificate Balances. None of the Class X Certificates will be entitled to distributions of principal. The interest accrual amounts on the Class X-A certificates will be calculated by reference to a notional amount equal to the aggregate Certificate Balances of the Class A-2, Class A-3 and Class A-M certificates. The interest accrual amounts on the Class X-B certificates will be calculated by reference to a notional amount equal to the aggregate Certificate Balances of the Class B and Class C certificates. The notional amount of each class of Class X Certificates is subject to change depending upon the final pricing of the Principal Balance Certificates, as follows: (1) if as a result of such pricing the pass-through rate of any class of Principal Balance Certificates whose Certificate Balance comprises such notional amount is equal to the WAC Rate, the Certificate Balance of such class of Principal Balance Certificates may not be part of, and will reduce accordingly, such notional amount of such class of Class X Certificates (or, if as a result of such pricing the pass-through rate of such class of Class X Certificates is equal to zero, such class of Class X Certificates may not be issued on the Closing Date), and/or (2) if as a result of such pricing the pass-through rate of any class of Principal Balance Certificates that does not comprise such notional amount of such class of Class X Certificates is less than the WAC Rate, such class of Principal Balance Certificates may become a part of, and increase accordingly, such notional amount of such class of Class X Certificates.
(11) The initial Certificate Balance of each of the Class E and Class F-RR certificates are subject to change based on final pricing of all Certificates, the final determination of the Class F-RR and Class G-RR certificates (collectively, the "HRR Certificates") that will be retained by AXMF 2026-1 LLC or its "majority-owned affiliate", in satisfaction of the retention obligations of AXMF 2026-1 LLC, in its capacity as retaining sponsor, to satisfy the U.S. risk retention requirements. For more information regarding the methodology and key inputs and assumptions used to determine the sizing of the HRR Certificates, see "Credit Risk Retention" in the Preliminary Prospectus.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
5

AXDB 2026-MULT1 Mortgage Trust

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS
Ten Largest Mortgage Loans
Mortgage Loan

Mortgage

Loan Seller

City, State Property Type

Mortgage Loan

Cut-off Date
Balance

% of Initial
Outstanding
Pool Balance

Cut-off Date
Balance per Unit/

Pad(1)

Cut-off Date
LTV(1)

U/W

NCF

DSCR(1)

U/W NOI

Debt

Yield(1)

Midtown Towers Axonic Parma, OH Multifamily $47,500,000 8.7% $74,803 61.4% 1.73x 10.7%
The Jax Axonic Monroe, GA Multifamily 43,500,000 7.9% 154,255 65.5% 1.21x 7.7%
NW Arkansas Portfolio Axonic Various, AR Multifamily 36,061,000 6.6% 140,863 73.1% 1.34x 8.6%
Marine Terrace Axonic Chicago, IL Multifamily 33,307,000 6.1% 175,300 62.5% 1.36x 8.9%
Chestnut Woods & Chestnut Crossing Axonic Howell, MI Multifamily 33,000,000 6.0% 183,333 67.1% 1.54x 9.0%
Douglaston Villas & Townhomes Axonic Altamonte Springs, FL Multifamily 29,289,000 5.3% 125,167 69.6% 1.35x 9.0%
Yorktowne Pointe Apartments GACC York, PA Multifamily 22,850,000 4.2% 158,681 73.0% 1.20x 7.4%
Nissan Golden Gate GACC Stone Mountain, GA Multifamily 22,600,000 4.1% 80,714 64.8% 1.30x 9.4%
501 West 7th Street GACC Plainfield, NJ Multifamily 22,000,000 4.0% 261,905 64.7% 1.37x 8.8%
Riverside Portfolio Axonic Riverside, CA Multifamily 16,081,000 2.9% 142,310 69.0% 1.20x 8.1%
Total/Weighted Average $306,188,000 55.9% 66.6% 1.39x 8.9%
(1) The Cut-off Date Balance per Unit/Pad, Cut-off Date LTV, U/W NCF DSCR after IO and U/W NOI Debt Yield calculations include any related pari passu companion loan(s) and exclude any related subordinate companion loan(s) and/or mezzanine loan(s).
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
6

AXDB 2026-MULT1 Mortgage Trust

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS
Distribution of Cut-off Date Balances(1)
Range of Cut-off Date Balances Number of
Mortgage Loans 		Aggregate
Cut-off Date Balance

% of Initial
Outstanding

Pool
Balance

Weighted Averages

Mortgage Rate Stated
Remaining Term (Mos.) 		U/W NCF DSCR Cut-off Date LTV(2) Maturity Date LTV(2)
$4,247,000 - $9,999,999 19 $120,941,000 22.1% 6.5201% 59 1.37x 68.7% 68.7%
$10,000,000 - $19,999,999 10 $136,915,000 25.0% 6.4128% 59 1.32x 69.1% 69.1%
$20,000,000 - $29,999,999 4 $96,739,000 17.7% 6.3921% 59 1.31x 68.2% 68.2%
$30,000,000 - $39,999,999 3 $102,368,000 18.7% 6.0850% 60 1.41x 67.7% 67.7%
$40,000,000 - $47,500,000 2 $91,000,000 16.6% 6.0343% 59 1.48x 63.4% 63.4%
Total/Weighted Average 38 $547,963,000 100.0% 6.3088% 59 1.37x 67.6% 67.6%
Distribution of Mortgage Rates(1)
Range of Mortgage Rates Number of
Mortgage Loans 		Aggregate
Cut-off Date Balance

% of Initial
Outstanding

Pool
Balance

Weighted Averages

Mortgage Rate Stated
Remaining Term (Mos.) 		U/W NCF DSCR Cut-off Date LTV(2) Maturity Date LTV(2)
5.6600% - 5.9999% 4 $116,778,000 21.3% 5.8555% 58 1.53x 66.8% 66.8%
6.0000% - 6.4999% 16 $270,989,000 49.5% 6.2942% 59 1.33x 68.3% 68.3%
6.5000% - 6.9999% 17 $155,793,000 28.4% 6.6518% 59 1.33x 67.0% 67.0%
7.0000% - 7.0900% 1 $4,403,000 0.8% 7.0900% 59 1.33x 70.4% 70.4%
Total/Weighted Average 38 $547,963,000 100.0% 6.3088% 59 1.37x 67.6% 67.6%
Property Type Distribution(1)(2)
Property Type

Number of

Mortgaged

Properties

Aggregate
Cut-off Date Balance 		% of Initial
Outstanding
Pool
Balance 		Number of Units/Pads

Weighted Averages

Cut-off Date
Balance per # of

Units/Pads

Mortgage
Rate 		Stated Remaining Term (Mos.) Occupancy U/W NCF DSCR Cut-off Date LTV(2) Maturity Date LTV(2)
Multifamily 54 $543,563,000 99.2% 4,547 $119,543 6.3071% 59 95.6% 1.37x 67.7% 67.7%
Garden 44 $371,010,000 67.7% 3,223 $115,113 6.3503% 59 95.5% 1.35x 69.0% 69.0%
Mid Rise 7 $105,396,000 19.2% 930 $113,329 6.1914% 59 96.4% 1.51x 63.4% 63.4%
Low Rise 2 $33,850,000 6.2% 204 $165,931 6.1419% 57 98.1% 1.23x 71.4% 71.4%
High Rise 1 $33,307,000 6.1% 190 $175,300 6.3600% 60 91.6% 1.36x 62.5% 62.5%
Manufactured Housing 1 $4,400,000 0.8% 93 $47,312 6.5120% 60 86.0% 1.28x 65.2% 65.2%
Manufactured Housing 1 $4,400,000 0.8% 93 $47,312 6.5120% 60 86.0% 1.28x 65.2% 65.2%
Total/Weighted Average 55 $547,963,000 100.0% 6.3088% 59 95.5% 1.37x 67.6% 67.6%
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
7

AXDB 2026-MULT1 Mortgage Trust

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS
Geographic Distribution(1)(2)(3)
State/Location

Number of
Mortgaged

Properties

Aggregate Cut-off
Date Balance 		% of Initial
Outstanding
Pool Balance

Weighted Averages

Mortgage Rate Stated
Remaining Term (Mos.) 		U/W NCF DSCR Cut-off Date LTV(2) Maturity Date LTV(2)
Georgia 4 $74,913,000 13.7% 6.4816% 59 1.26x 65.6% 65.6%
Florida 5 $66,111,500 12.1% 6.3002% 59 1.38x 68.7% 68.7%
Ohio 2 $58,670,000 10.7% 6.0490% 59 1.65x 63.1% 63.1%
California 8 $47,582,000 8.7% 6.3901% 59 1.31x 70.7% 70.7%
Southern 6 $29,509,000 5.4% 6.2715% 59 1.26x 71.5% 71.5%
Northern 2 $18,073,000 3.3% 6.5836% 59 1.39x 69.2% 69.2%
Michigan 3 $39,750,000 7.3% 5.8234% 58 1.51x 67.2% 67.2%
Arkansas 7 $36,061,000 6.6% 6.2200% 61 1.34x 73.1% 73.1%
Illinois 1 $33,307,000 6.1% 6.3600% 60 1.36x 62.5% 62.5%
Texas 4 $31,770,000 5.8% 6.4711% 58 1.31x 66.1% 66.1%
Other 21 $159,798,500 29.2% 6.4002% 58 1.32x 69.2% 69.2%
Total/Weighted Average 55 $547,963,000 100.0% 6.3088% 59 1.37x 67.6% 67.6%
Distribution of Cut-off Date LTVs(1)(2)
Range of Cut-off Date LTVs Number of
Mortgage Loans 		Aggregate Cut-off
Date Balance 		% of Initial
Outstanding
Pool Balance

Weighted Averages

Mortgage Rate Stated
Remaining Term (Mos.) 		U/W NCF DSCR Cut-off Date LTV(2) Maturity Date LTV(2)
52.8% - 64.9% 10 $175,126,000 32.0% 6.3365% 59 1.45x 61.8% 61.8%
65.0% - 69.9% 10 $161,794,000 29.5% 6.2435% 59 1.34x 67.4% 67.4%
70.0% - 74.9% 17 $206,280,500 37.6% 6.3425% 59 1.33x 72.7% 72.7%
75.0% - 75.0% 1 $4,762,500 0.9% 6.0460% 59 1.56x 75.0% 75.0%
Total/Weighted Average 38 $547,963,000 100.0% 6.3088% 59 1.37x 67.6% 67.6%
Distribution of Maturity Date LTVs(1)(2)
Range of Maturity Date LTVs Number of
Mortgage Loans 		Aggregate Cut-off
Date Balance 		% of Initial
Outstanding
Pool Balance

Weighted Averages

Mortgage Rate Stated
Remaining Term (Mos.) 		U/W NCF DSCR Cut-off Date LTV(2) Maturity Date LTV(2)
52.8% - 64.9% 10 $175,126,000 32.0% 6.3365% 59 1.45x 61.8% 61.8%
65.0% - 69.9% 10 $161,794,000 29.5% 6.2435% 59 1.34x 67.4% 67.4%
70.0% - 74.9% 17 $206,280,500 37.6% 6.3425% 59 1.33x 72.7% 72.7%
75.0% - 75.0% 1 $4,762,500 0.9% 6.0460% 59 1.56x 75.0% 75.0%
Total/Weighted Average 38 $547,963,000 100.0% 6.3088% 59 1.37x 67.6% 67.6%
Distribution of Underwritten NCF Debt Service Coverages(1)
Range of Underwritten NCF Debt Service Coverages Number of
Mortgage Loans 		Aggregate Cut-off
Date Balance 		% of Initial
Outstanding
Pool Balance

Weighted Averages

Mortgage Rate Stated
Remaining Term (Mos.) 		U/W NCF DSCR Cut-off Date LTV(2) Maturity Date LTV(2)
1.20x - 1.29x 8 $127,968,000 23.4% 6.2727% 58 1.23x 68.6% 68.6%
1.30x - 1.39x 23 $309,098,000 56.4% 6.4341% 60 1.35x 67.9% 67.9%
1.40x - 1.49x 3 $21,224,500 3.9% 6.5480% 59 1.46x 71.3% 71.3%
1.50x - 1.73x 4 $89,672,500 16.4% 5.8714% 59 1.64x 64.4% 64.4%
Total/Weighted Average 38 $547,963,000 100.0% 6.3088% 59 1.37x 67.6% 67.6%
Original Terms to Maturity(1)
Range of Original Terms
to Maturity 		Number of
Mortgage Loans 		Aggregate Cut-off
Date Balance 		% of Initial
Outstanding
Pool Balance

Weighted Averages

Mortgage Rate Stated
Remaining Term (Mos.) 		U/W NCF DSCR Cut-off Date LTV(2) Maturity Date LTV(2)
60 - 60 36 $507,038,000 92.5% 6.3131% 59 1.37x 67.2% 67.2%
61 - 61 2 $40,925,000 7.5% 6.2545% 61 1.35x 72.7% 72.7%
Total/Weighted Average 38 $547,963,000 100.0% 6.3088% 59 1.37x 67.6% 67.6%

Distribution of Remaining Terms to Maturity(1)

Range of Remaining Terms
to Maturity 		Number of
Mortgage Loans 		Aggregate Cut-off
Date Balance 		% of Initial
Outstanding
Pool Balance

Weighted Averages

Mortgage Rate Stated Remaining Term (Mos.) U/W NCF DSCR Cut-off Date LTV(2) Maturity Date LTV(2)
56 - 59 23 $323,663,000 59.1% 6.2108% 58 1.39x 67.4% 67.4%
60 - 61 15 $224,300,000 40.9% 6.4501% 60 1.34x 68.0% 68.0%
Total/Weighted Average 38 $547,963,000 100.0% 6.3088% 59 1.37x 67.6% 67.6%
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
8

AXDB 2026-MULT1 Mortgage Trust

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS
Distribution of Underwritten NOI Debt Yields(1)
Range of Underwritten NOI Debt Yields Number of  
Mortgage Loans 		Aggregate Cut-off
Date Balance 		% of Initial
Outstanding
Pool Balance

Weighted Averages

Mortgage Rate Stated
Remaining Term (Mos.) 		U/W NCF DSCR Cut-off Date LTV(2) Maturity Date LTV(2)
7.4% - 7.9% 2 $66,350,000 12.1% 6.1008% 58 1.21x 68.1% 68.1%
8.0% - 8.4% 3 $37,629,000 6.9% 6.2511% 59 1.27x 71.2% 71.2%
8.5% - 8.9% 11 $171,016,000 31.2% 6.3197% 59 1.34x 67.7% 67.7%
9.0% - 9.4% 13 $179,671,000 32.8% 6.4222% 59 1.37x 68.0% 68.0%
9.5% - 9.9% 4 $22,703,000 4.1% 6.5224% 59 1.43x 71.1% 71.1%
10.0% - 10.4% 3 $18,684,000 3.4% 6.5994% 60 1.44x 66.7% 66.7%
10.5% - 11.0% 2 $51,910,000 9.5% 5.9899% 59 1.71x 61.8% 61.8%
Total/Weighted Average 38 $547,963,000 100.0% 6.3088% 59 1.37x 67.6% 67.6%
Amortization Types(1)
Amortization Type Number of
Mortgage Loans 		Aggregate Cut-off
Date Balance 		% of Initial
Outstanding
Pool Balance

Weighted Averages

Mortgage Rate Stated
Remaining Term (Mos.) 		U/W NCF DSCR Cut-off Date LTV(2) Maturity Date LTV(2)
Interest Only 38 $547,963,000 100.0% 6.3088% 59 1.37x 67.6% 67.6%
Total/Weighted Average 38 $547,963,000 100.0% 6.3088% 59 1.37x 67.6% 67.6%
(1) The U/W NCF DSCR, Cut-off Date LTV Ratio, Maturity Date LTV Ratio, Underwritten NOI Debt Yield and Cut-off Date Balance per # of Units/Pads calculations include any related pari passu companion loan(s) and exclude any related subordinate companion loan(s) and/or mezzanine loan(s).
(2) Reflects the allocated loan amount for properties securing multi-property Mortgage Loans.
(3) Northern California properties have a zip code greater than 93600. Southern California properties have a zip code less than or equal to 93600.
Previously Securitized Mortgaged Properties(1)(2)
Mortgaged Property Cut-off Date  Balance % of Initial Outstanding Pool Balance City, State Property Type Previous Securitization
Midtown Towers 47,500,000 8.7% Parma, Ohio Multifamily MSCR 2024-MN9, FHMS 2018-KBF3, FREMF 2019-KBF3
Meadowlands 8,850,671 1.6% Centerton, Arkansas Multifamily FNA 2020-M45
Marine Terrace 33,307,000 6.1% Chicago, Illinois Multifamily PFP 2024-11
Chestnut Crossing 14,890,244 2.7% Howell, Michigan Multifamily GNR 2020-184, GNR 2020-171
University Gardens 12,216,039 2.2% Riverside, California Multifamily FNA 2020-M48
Harbor Oak 5,970,152 1.1% Hampton, Virginia Multifamily MSCR 2023-SN1
Carriage House 2,643,456 0.5% West Springfield, Massachusetts Multifamily FRESB 2021-SB85
4144 West Adams Boulevard 3,276,760 0.6% Los Angeles, California Multifamily FRESB 2024-SB116
Sovereignty at Winter Park 12,696,000 2.3% Winter Park, Florida Multifamily FNA 2018-M15
Prime at Laurel Springs 11,170,000 2.0% Fairborn, Ohio Multifamily WFCM 2016-C35
Mulberry Estates 9,573,000 1.7% Sacramento, California Multifamily FNA 2024-M2
Flats at 87Ten 9,250,000 1.7% Charlotte, North Carolina Multifamily LMREC 2019-CRE3
Aspen Apartments 6,535,000 1.2% Boise, Idaho Multifamily FRESB 2021-SB91
Aria at Wilcrest 6,500,000 1.2% Houston, Texas Multifamily FRESB 2019-SB68
The 501 Apartments 5,766,000 1.1% El Paso, Texas Multifamily FRESB 2019-SB66
The Arthur 5,400,000 1.0% Covington, Kentucky Multifamily FRESB 2022-SB96
Almeda Apartments 4,864,000 0.9% Jacksonville, Florida Multifamily FRESB 2019-SB68
Pompano Flats 4,762,500 0.9% Pompano Beach, Florida Multifamily FRESB 2021-SB90
Northwood Apartments 4,410,000 0.8% Columbus, Georgia Multifamily FNA 2020-M45, FRESB 2016-SB22
The Virginian 4,403,000 0.8% Atlanta, Georgia Multifamily FRESB 2016-SB24
(1) The table above includes mortgaged properties securing mortgage loans for which the most recent prior financing of all or a significant portion of each such mortgaged property was included in a securitization. Information under "Previous Securitization" represents the most recent such securitization with respect to each of those mortgaged properties. The information in the above table is based solely on information provided by the related borrower or obtained through searches of a third-party database and has not otherwise been confirmed by the related mortgage loan seller.
(2) Reflects the allocated loan amount for properties securing multi-property Mortgage Loans.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
9

AXDB 2026-MULT1 Mortgage Trust

STRUCTURE OVERVIEW
Available Funds: The amount available for distribution to holders of the certificates  on each Distribution Date will be the gross amount of interest, principal, yield maintenance charges and prepayment premiums collected with respect to the Mortgage Loans in the applicable one-month collection period, net of specified expenses of the issuing entity, including fees payable therefrom to, and losses, liabilities, costs and expenses reimbursable or indemnifiable therefrom to, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer and CREFC®. See "Description of the Certificates" in the Preliminary Prospectus.
Principal Payments:

Payments in respect of principal on the certificates will be distributed to the Class A-2, Class A-3, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR certificates, in that order, until the Certificate Balance of each such class is reduced to zero. Notwithstanding the foregoing, if the total Certificate Balance of the Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR certificates have been reduced to zero as a result of loss allocation, payments in respect of principal of the certificates will be distributed, first, to the, Class A-2 and Class A-3 certificates, on a pro rata basis, based on the Certificate Balance of each such class, then, to the extent of any recoveries on realized losses, to the Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR certificates, in that order, in each case until the Certificate Balance of each such class is reduced to zero (or previously allocated realized losses have been fully reimbursed).

Each of the Class X Certificates will not be entitled to receive distributions of principal; however, (i) the notional amount of the Class X-A certificates will be reduced by the aggregate amount of principal distributions and realized losses allocated to the Class A-2, Class A-3 and Class A-M certificates and (ii) the notional amount of the Class X-B certificates will be reduced by the aggregate amount of principal distributions and realized losses allocated to the Class B and Class C certificates.

Interest Payments:

On each Distribution Date, interest accrued for each class of certificates at the applicable pass-through rate will be distributed in the following order of priority, to the extent of available funds (exclusive of any portion thereof that represents any yield maintenance charges and prepayment premiums): first, to the Class A-2, Class A-3, Class X-A and Class X-B certificates, on a pro rata basis, based on the accrued and unpaid interest on each such class and then, to the Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR certificates, in that order, in each case until the interest payable to each such class is paid in full.

The pass-through rates applicable to the Class A-2, Class A-3, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR certificates for each Distribution Date will equal one of: (i) a fixed per annum rate, (ii) the WAC Rate, (iii) a rate equal to the lesser of a specified pass-through rate and the WAC Rate or (iv) the WAC Rate less a specified rate, but in any case not less than 0.000%.

As further described in the Preliminary Prospectus, the pass-through rates applicable to the Class X Certificates for each Distribution Date will generally be equal to the excess of (i) the WAC Rate over (ii) (A) with respect to the Class X-A certificates, the weighted average of the pass-through rates of the Class A-2, Class A-3 and Class A-M certificates (weighted based on their respective Certificate Balances outstanding immediately prior to that Distribution Date), and (B) with respect to the Class X-B certificates, the weighted average of the pass-through rates of the Class B and Class C certificates (weighted based on their respective Certificate Balances outstanding immediately prior to that Distribution Date).

Prepayment Interest Shortfalls: Prepayment interest shortfalls will be allocated pro rata based on interest entitlements, in reduction of the interest otherwise payable with respect to each of the interest-bearing classes of certificates.
Loss Allocation:

Losses on the Mortgage Loans will be allocated to each class of certificates entitled to principal in reverse alphabetical order starting with the Class G-RR certificates through and including the Class A-M certificates and then to the Class A-2 and Class A-3 certificates on a pro rata basis based on the Certificate Balance of each such class. The notional amount of any class of Class X Certificates will be reduced by the aggregate amount of realized losses allocated to the class(es) of certificates that are component(s) of the notional amount of such class of Class X Certificates.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
10

AXDB 2026-MULT1 Mortgage Trust

STRUCTURE OVERVIEW
Prepayment Premiums: A percentage of all prepayment premiums (either fixed prepayment premiums or yield maintenance amounts) collected on the Mortgage Loans will be allocated to each of the Class A-2, Class A-3, Class A-M, Class B, Class C and Class D certificates (the "YM P&I Certificates") then entitled to principal distributions, which percentage will be equal to the product of (a) a fraction, not greater than one, the numerator of which is the amount of principal distributed to such class on such Distribution Date and the denominator of which is the total amount of principal distributed to the holders of each class of Principal Balance Certificates on such Distribution Date and (b) the Base Interest Fraction for the related principal prepayment and such class of certificates.

The "Base Interest Fraction" for any principal prepayment on any Mortgage Loan and for:

(A) any of the Class A-2 through Class D certificates with a Pass-Through Rate equal to either the WAC Rate or the WAC Rate less a specified rate, will be a fraction (not greater than one) (a) whose numerator is the greater of zero and the amount, if any, by which (i) the PassThrough Rate on such class of certificates exceeds (ii) the yield rate (as provided by the master servicer) used in calculating the prepayment premium or yield maintenance charge, as applicable, with respect to such principal prepayment and (b) whose denominator is the amount, if any, by which (i) the Net Mortgage Rate on such Mortgage Loan during the related interest accrual period exceeds (ii) the yield rate (as provided by the master servicer) used in calculating the prepayment premium or yield maintenance charge, as applicable, with respect to such principal prepayment; provided, however, that if such yield rate is greater than or equal to the Net Mortgage Rate on such Mortgage Loan during the related interest accrual period, then the respective Base Interest Fraction will be zero; provided, further, that if such yield rate is greater than or equal to the Net Mortgage Rate on such Mortgage Loan during the related interest accrual period, but less than the Pass-Through Rate described in clause (a)(i) above, then the respective Base Interest Fraction will be one; and

(B) any of the Class A-2 through Class D certificates with a Pass-Through Rate equal to a fixed per annum rate, will be a fraction (not greater than one) (a) whose numerator is the greater of zero and the amount, if any, by which (i) the Pass-Through Rate on such class of certificates exceeds (ii) the yield rate (as provided by the master servicer) used in calculating the prepayment premium or yield maintenance charge, as applicable, with respect to such principal prepayment and (b) whose denominator is the amount, if any, by which (i) the Mortgage Rate on such Mortgage Loan ( net of the Administrative Cost Rate) during the related interest accrual period multiplied by 365/360 exceeds (ii) the yield rate (as provided by the master servicer) used in calculating the prepayment premium or yield maintenance charge, as applicable, with respect to such principal prepayment; provided, however, that if such yield rate is greater than or equal to the amount set forth in clause (b)(i) above, then the respective Base Interest Fraction will be zero; provided, further, that if such yield rate is greater than or equal to the amount set forth in clause (b)(i) above, but less than the Pass-Through Rate described in clause (a)(i) above, then the respective Base Interest Fraction will be one.

The remaining percentage of prepayment premiums will be allocated to the Class X-A and Class X-B certificates in the manner described in the Preliminary Prospectus. In general, this formula provides for an increase in the percentage of prepayment premiums allocated to the YM P&I Certificates then entitled to principal distributions relative to the Class X-A and Class X-B certificates as Discount Rates decrease and a decrease in the percentage allocated to such classes as Discount Rates rise.

Control Rights and Directing Holder: With respect to any Mortgage Loan, the Directing Holder will generally be entitled to direct the Special Servicer to take, or refrain from taking certain actions with respect to each Mortgage Loan. Furthermore, the Directing Holder will also have the right to receive notice and consent to certain material actions that the Master Servicer and the Special Servicer proposes to take with respect to each Mortgage Loan.  

The "Directing Holder" means, with respect to each Mortgage Loan, the Controlling Class Certificateholder (or its representative) selected by more than 50% of the Controlling Class, by Certificate Balance, as determined by the certificate registrar from time to time. Axonic Capital LLC (or its affiliate) is expected to be the initial Directing Holder.

Control Eligible Certificates: Class E, Class F-RR and Class G-RR certificates.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
11

AXDB 2026-MULT1 Mortgage Trust

STRUCTURE OVERVIEW
Controlling Class:

The Controlling Class will be, as of any time of determination, the most subordinate class of Control Eligible Certificates then-outstanding that has an aggregate Certificate Balance (as notionally reduced by any cumulative appraisal reduction amounts allocable to such class) at least equal to 25% of the initial Certificate Balance of such class; provided that if at any time the Certificate Balances of all Control Eligible Certificates, as notionally reduced by any appraisal reduction amounts (but without regard to any collateral deficiency amounts) allocable to such classes, have been reduced to zero, then the "Controlling Class" will be the most subordinate class of Control Eligible Certificates that has an aggregate principal balance greater than zero; provided, further, that if at any time the Certificate Balances of the Class A-2, Class A-3, Class A-M, Class B, Class C and Class D certificates have been reduced to zero as a result of the allocation of principal payments on the Mortgage Loans, then the "Controlling Class" will be the most subordinate class of Control Eligible Certificates that has an aggregate Certificate Balance greater than zero without regard to the application of appraisal reduction amounts (or any collateral deficiency amounts) to notionally reduce the Certificate Balance of such class.

The Controlling Class as of the Closing Date will be the Class G-RR certificates.

Appraised-Out Class:

Any class of Control Eligible Certificates that has been determined, as a result of appraisal reduction amounts and collateral deficiency amounts allocable to such class, to no longer be the Controlling Class (an "Appraised-Out Class").

Remedies Available to Holders
of an Appraised-Out Class:

Holders of the majority (by Certificate Balance) of an Appraised-Out Class will have the right, at their sole expense, to require the Special Servicer to order a supplemental appraisal of any Mortgage Loan for which an appraisal reduction event has occurred or as to which there exists a collateral deficiency amount. Upon receipt of such supplemental appraisal, the Special Servicer will be required to send the appraisal to the Master Servicer, who will be required to recalculate the appraisal reduction amount or collateral deficiency amount, as applicable, based on such supplemental appraisal, and if required by such recalculation, the applicable Appraised-Out Class as the Controlling Class. Any Appraised-Out Class requesting a supplemental appraisal will not be entitled to exercise any rights of the Controlling Class until such time, if any, as the class is reinstated as the Controlling Class.

Control Termination Event:

Will occur and be continuing with respect to any Mortgage Loan, when one or more of the following is true: (i) there is no class of Control Eligible Certificates that has a Certificate Balance (taking into account the application of any cumulative appraisal reduction amounts and collateral deficiency amounts to notionally reduce the Certificate Balance of such class) equal to at least 25% of the initial Certificate Balance of that class, (ii) the holder of the Controlling Class certificates is the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor controlling class certificateholder pursuant to the terms of the PSA, or (iii) such Mortgage Loan is an applicable excluded loan; provided, that a Control Termination Event will not be deemed to be continuing in the event the Certificate Balances of all Classes of Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero. With respect to an excluded loan related to the Directing Holder, a Control Termination Event will be deemed to exist.

During the continuance of a Control Termination Event, the Directing Holder will no longer have any control rights. The Directing Holder will no longer have the right to direct certain actions of the Special Servicer and will no longer have consent rights with respect to certain material actions that the Master Servicer or Special Servicer proposes to take with respect to a Mortgage Loan.

During the continuance of a Control Termination Event, the Directing Holder will retain non-binding consultation rights with respect to certain material actions that the Special Servicer proposes to take with respect to a Serviced Mortgage Loan and any related Serviced Companion Loans. Such consultation rights will continue until the occurrence of a Consultation Termination Event.

Consultation Termination Event:

Will occur and be continuing with respect to any Mortgage Loan, when one or more of the following is true: (i) there is no class of Control Eligible Certificates that has a then-outstanding Certificate Balance (without regard to the application of any cumulative appraisal reduction amounts) equal to at least 25% of the initial Certificate Balance of that class, (ii) (the holder of the Controlling Class certificates is the majority Controlling Class Certificateholder and has 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
12

AXDB 2026-MULT1 Mortgage Trust

STRUCTURE OVERVIEW

irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor controlling class certificateholder pursuant to the terms of the PSA, or (iii) such Mortgage Loan is an applicable excluded loan; provided that a Consultation Termination Event will not be deemed to be continuing in the event the Certificate Balances of all Classes of Principal Balance Certificates other than the Control Eligible Certificates have been reduced to zero. With respect to an excluded loan related to the Directing Holder, a Consultation Termination Event will be deemed to exist.

During the continuance of a Consultation Termination Event, the Directing Holder will have no rights under the PSA other than those rights that all Certificateholders have.

Appointment and Replacement
of Special Servicer:

The Directing Holder will appoint the initial Special Servicer with respect to each Mortgage Loan as of the Closing Date. For so long as no Control Termination Event is continuing, the Directing Holder generally may replace the Special Servicer with respect to each Mortgage Loan with or without cause at any time. 

During the continuance of a Control Termination Event, the Directing Holder will no longer have the right to replace the Special Servicer and such replacement will occur based on a vote of holders of all voting eligible classes of certificates as described below.

Replacement of Special Servicer
by Vote of Certificateholders:

If a Control Termination Event is continuing, upon (i) the written direction of holders of certificates evidencing not less than 25% of the voting rights (taking into account the application of any appraisal reduction amounts to notionally reduce the Certificate Balances) of the Principal Balance Certificates and requesting a vote to replace the Special Servicer with a new special servicer, (ii) payment by such requesting holders to the Certificate Administrator of all reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) delivery by such holders to the Certificate Administrator and Trustee of written confirmations from each Rating Agency that the appointment of the replacement Special Servicer will not result in a downgrade of the certificates, the Certificate Administrator will be required to promptly notify the special servicer by e-mail and post notice of such request on the Certificate Administrator's website and concurrently provide written notice of such request by mail to all Certificateholders of such request and conduct the solicitation of votes of all certificates in such regard, which such vote must occur within 180 days of the posting of such notice. Upon the written direction of (i) holders of Principal Balance Certificates evidencing at least 66-2/3% of a Certificateholder Quorum or (ii) holders of Principal Balance Certificates evidencing more than 50% of the aggregate voting rights of Principal Balance Certificates outstanding that has not been reduced to less than 25% of its initial Certificate Balance through the application of appraisal reduction amounts and realized losses, the Trustee will immediately replace the Special Servicer with the replacement Special Servicer.

"Certificateholder Quorum" means, in connection with any solicitation of votes in connection with the replacement of the Special Servicer as described above or the Asset Representations Reviewer as described below, the holders of certificates evidencing at least 50% of the aggregate voting rights (taking into account the application of any appraisal reduction amounts to notionally reduce the Certificate Balance of the certificates, except in the case of the termination of the Asset Representations Reviewer) of all Principal Balance Certificates, on an aggregate basis.

If at any time, the Operating Advisor determines, in its sole discretion exercised in good faith, that (1) the Special Servicer is not performing its duties as required under the PSA or is otherwise not acting in accordance with the Servicing Standard and (2) the replacement of the Special Servicer would be in the best interest of the Certificateholders as a collective whole, then the Operating Advisor will have the right to recommend the replacement of the Special Servicer. The Operating Advisor's recommendation to replace the Special Servicer must be confirmed by an affirmative vote of holders of Principal Balance Certificates representing a majority of the aggregate outstanding Certificate Balance of all Principal Balance Certificates whose holders voted on the matter; provided that holders of Principal Balance Certificates that so voted on the matter (i) hold Principal Balance Certificates representing at least 20% of the outstanding Certificate Balance of all Principal Balance Certificates on an aggregate basis (taking into account the application of any appraisal reduction amounts to notionally reduce the respective Certificate Balances) and (ii) consist of at least three Certificateholders or Certificate

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
13

AXDB 2026-MULT1 Mortgage Trust

STRUCTURE OVERVIEW

Owners that are not risk retention affiliated with each other, within 180 days from the time such recommendation is posted to the Certificate Administrator's website and subject to the receipt of written confirmation from each Rating Agency that the appointment of the replacement Special Servicer will not result in a downgrade of the certificates.

Cap on Workout and Liquidation
Fees:

The workout fees and liquidation fees payable to a Special Servicer under the PSA will be an amount equal to the lesser of: (1) 1.0% of each collection of interest and principal following a workout or liquidation, subject to a minimum of $25,000 and (2) $1,000,000 per workout or liquidation. All Modification Fees actually paid to the Special Servicer in connection with a workout or liquidation or in connection with any prior workout or partial liquidation that occurred within the prior 18 months will be deducted from the total workout fee (only after receipt by the Special Servicer of workout fees of $25,000) and/or liquidation fees payable (other than Modification Fees earned while the Mortgage Loan was not in special servicing). In addition, the total amount of workout and liquidation fees actually payable by the Issuing Entity under the PSA will be capped in the aggregate at $1,000,000 for each related Mortgage Loan. If a new special servicer begins servicing the related Mortgage Loan, all amounts paid to the prior special servicer will be disregarded for purposes of calculating the cap.

Special Servicer Compensation:

The special servicing fee will equal 0.25% per annum of the stated principal balance of the related specially serviced loan or REO property, as applicable with a minimum monthly fee of $5,000. The Special Servicer and its affiliates will be prohibited from receiving or retaining any compensation or any other remuneration under the PSA (including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any person (including, without limitation, the issuing entity, any borrower, any manager, any guarantor or indemnitor in respect of a Mortgage Loan, and any purchaser of any Mortgage Loan or REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan, the management or disposition of any REO Property, or the performance of any other special servicing duties under the PSA, other than as expressly permitted in the PSA and other than commercially reasonable treasury management fees, banking fees, property condition report fees, customary title agent fees and insurance commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection with any services performed by such party with respect to any Mortgage Loan or REO Property. Subject to certain limited exceptions, the Special Servicer will also be required to report any compensation or other remuneration the Special Servicer or its affiliates have received from any person and such information will be disclosed in the Certificateholders' monthly distribution date statement.

Operating Advisor:

With respect to the Mortgage Loans the Operating Advisor will have access to any final asset status report and all information available with respect to the transaction on the Certificate Administrator's website and will have certain monitoring responsibilities on behalf of the entire trust. After the occurrence and during the continuance of an Operating Advisor Consultation Event, the Operating Advisor will have consultation rights with respect to certain major decisions.

The Operating Advisor will be subject to termination if holders of at least 15% of the aggregate voting rights of the certificates (in connection with termination and replacement relating to the Mortgage Loans) vote to terminate and replace the Operating Advisor and such vote is approved by holders of more than 50% of the applicable voting rights that exercise their right to vote (in the case of each of such vote and approval, taking into account realized losses and the application of any appraisal reduction amounts to notionally reduce the Certificate Balance of the certificates), provided that holders of at least 50% of the applicable voting rights have exercised their right to vote. The holders initiating such vote will be responsible for the fees and expenses in connection with the vote and replacement.

An "Operating Advisor Consultation Event" will occur upon the earlier of when (i) the aggregate Certificate Balances of the HRR Certificates (taking into account the application of any cumulative appraisal reduction amounts to notionally reduce the Certificate Balances of such classes) is 25% or less of the initial aggregate Certificate Balances of such Classes of Certificates or (ii) a Control Termination Event has occurred and is continuing (or a Control Termination Event would occur and be continuing if not for the second to last proviso in the definition of Control Termination Event).

Asset Representations Reviewer:

The Asset Representations Reviewer will be required to review certain delinquent Mortgage Loans after a specified delinquency threshold has been exceeded and the required percentage of Certificateholders vote to direct a review of such delinquent Mortgage Loans. An asset review

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
14

AXDB 2026-MULT1 Mortgage Trust

STRUCTURE OVERVIEW

will occur when either (1) Mortgage Loans with an aggregate outstanding principal balance of 25% or more of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO loans) held by the issuing entity as of the end of the applicable collection period are delinquent loans or (2)(A) prior to and including the second anniversary of the Closing Date, at least 10 Mortgage Loans are delinquent loans as of the end of the applicable collection period and the outstanding principal balance of such delinquent loans in the aggregate constitutes at least 15% of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO loans) held by the issuing entity as of the end of the applicable collection period, or (B) after the second anniversary of the Closing Date, at least 15 Mortgage Loans are delinquent loans as of the end of the applicable collection period and the outstanding principal balance of such delinquent loans in the aggregate constitutes at least 20% of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO loans) held by the issuing entity as of the end of the applicable collection period.

The Asset Representations Reviewer may be terminated and replaced without cause. Upon (i) the written direction of Certificateholders evidencing not less than 25% of the voting rights (taking into account realized losses, but without regard to the application of any appraisal reduction amounts to notionally reduce the Certificate Balance of the certificates) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed successor asset representations reviewer that is an eligible asset representations reviewer, and (ii) payment by such holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator will promptly provide notice to all Certificateholders and the Asset Representations Reviewer of such request by posting such notice on its internet website, and by mailing such notice to all Certificateholders and the Asset Representations Reviewer. Upon the written direction of Certificateholders evidencing at least 75% of a Certificateholder Quorum, the Trustee will terminate all of the rights and obligations of the Asset Representations Reviewer under the PSA by written notice to the Asset Representations Reviewer, and the proposed successor Asset Representations Reviewer will be appointed. See "Pooling and Servicing Agreement-The Asset Representations Reviewer" in the Preliminary Prospectus

Dispute Resolution Provisions: Each Mortgage Loan Seller will be subject to the dispute resolution provisions set forth in the PSA to the extent those provisions are triggered with respect to any Mortgage Loan sold to the depositor by such Mortgage Loan Seller and such Mortgage Loan Seller will be obligated under the related mortgage loan purchase agreement to comply with all applicable provisions and to take part in any mediation or arbitration proceedings that may result.  

Generally, in the event that a repurchase request as described in the Preliminary Prospectus is not "Resolved" within 180 days after the related Mortgage Loan Seller receives such Repurchase Request, then the enforcing servicer will be required to send a notice to the initial requesting Certificateholder (if any) indicating the enforcing servicer's intended course of action with respect to the Repurchase Request. If (a) the enforcing servicer's intended course of action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the related Mortgage Loan Seller with respect to the Repurchase Request and the initial requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner wishes to exercise its right to refer the matter to mediation (including nonbinding arbitration) or arbitration, or (b) the enforcing servicer's intended course of action is to pursue further action to exercise rights against the related Mortgage Loan Seller with respect to the Repurchase Request but the initial requesting Certificateholder, if any, or any other Certificateholder or Certificate Owner does not agree with the dispute resolution method selected by the enforcing servicer, then the initial requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver a written notice to the enforcing servicer indicating its intent to exercise its right to refer the matter to either mediation or arbitration.

"Resolved" means, with respect to a Repurchase Request, (i) that the related material defect or material breach has been cured, (ii) the related Mortgage Loan has been repurchased in accordance with the related mortgage loan purchase agreement, (iii) a mortgage loan has been substituted for the related Mortgage Loan in accordance with the related mortgage loan purchase agreement, (iv) the applicable Mortgage Loan Seller made the loss of value payment, (v) a contractually binding agreement is entered into between the enforcing servicer, on behalf of the issuing entity, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller's obligations under the related mortgage loan purchase agreement, or (vi) the related Mortgage Loan is no longer property of the issuing entity as a result of a sale or other

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
15

AXDB 2026-MULT1 Mortgage Trust

STRUCTURE OVERVIEW

disposition in accordance with the PSA. See "Pooling and Servicing Agreement-Dispute Resolution Provisions" in the Preliminary Prospectus.

Liquidated Loan Waterfall:

On liquidation of any Mortgage Loan, all net liquidation proceeds will be applied according to the PSA, so that amounts allocated as a recovery of accrued and unpaid interest will not, in the first instance, include (a) any amount by which the interest portion of P&I Advances previously made was reduced as a result of appraisal reduction amounts and (b) Accrued AB Loan Interest. After the adjusted interest amount is so allocated, any remaining net liquidation proceeds will be allocated to pay principal on the Mortgage Loan until the unpaid principal amount of the Mortgage Loan has been reduced to zero. Any remaining liquidation proceeds would then be allocated as a recovery of (a) accrued and unpaid interest corresponding to the amount by which the interest portion of P&I Advances previously made was reduced as a result of appraisal reduction amounts and (b) any Accrued AB Loan Interest.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
16

Multifamily - Mid Rise

5676 Broadview Road

Parma, OH 44134

Collateral Asset Summary - Loan No. 1

Midtown Towers

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$47,500,000

61.4%

1.73x

10.7%

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
17

Multifamily - Mid Rise

5676 Broadview Road

Parma, OH 44134

Collateral Asset Summary - Loan No. 1

Midtown Towers

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$47,500,000

61.4%

1.73x

10.7%


THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
18

Multifamily - Mid Rise

5676 Broadview Road

Parma, OH 44134

Collateral Asset Summary - Loan No. 1

Midtown Towers

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$47,500,000

61.4%

1.73x

10.7%

Mortgage Loan Information Property Information
Loan Seller: Axonic Single Asset / Portfolio: Single Asset
Loan Purpose: Refinance Property Type - Subtype: Multifamily - Mid Rise
Borrower Sponsor(s): Various(1) Collateral: Fee
Borrower(s): Midtown Towers LLC Location: Parma, OH
Original Balance: $47,500,000 Year Built / Renovated: 1968 / 2024-2026
Cut-off Date Balance: $47,500,000 Property Management: XLE Management LLC (borrower-affiliated)
% by Initial UPB: 8.7% Size: 635 Units
Interest Rate: 5.91000% Appraised Value / Per Unit: $77,400,000 / $121,890
Note Date: August 17, 2026 Appraisal Date: June 9, 2026
Original Term: 60 months Occupancy: 94.2% (as of June 30, 2026)
Amortization: Interest Only Underwritten NOI: $5,099,178
Original Amortization: NAP Underwritten NCF: $4,923,283
Interest Only Period: 60 months
First Payment Date: October 1, 2026
Maturity Date: September 1, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI: $5,136,225 (TTM May 31, 2026)
Additional Debt Balance: NAP 2025 NOI(3): $5,165,873
Call Protection: YM1(56),O(4) 2024 NOI(3): $3,901,001
Lockbox / Cash Management: Springing / Springing 2023 NOI: $3,829,731
Reserves(2) Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $74,803
Taxes: $112,180 $55,145 NAP Maturity Date Loan / Unit: $74,803
Insurance: $113,628 $22,726 NAP Cut-off Date LTV: 61.4%
Replacement Reserves: $0 Springing NAP Maturity Date LTV: 61.4%
Deferred Maintenance: $99,888 $0 NAP UW NOI DY: 10.7%
UW NCF DSCR: 1.73x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $47,500,000 100.0% Loan Payoff $36,532,792 76.9 %
Return of Equity 8,649,124 18.2
Closing Costs(4) 1,992,388 4.2
Upfront Reserves 325,696 0.7
Total Sources $47,500,000 100.0% Total Uses $47,500,000 100.0 %
(1) The Borrower Sponsors are Binyomin Weinberger, Mordechai Gottlieb, as Trustee of the Gottlieb Family Trust U/A/D December 4, 2018, Izzy Gottlieb and Noemi Brandys.
(2) See "Initial and Ongoing Reserves" below for further discussion of reserve information.
(3) The increase from 2024 NOI to 2025 NOI is primarily due to post-renovation rent growth and utility billbacks.
(4) Closing Costs include (i) an origination fee of $475,000 and (ii) a rate buydown of $475,000.

The Loan. The largest mortgage loan (the "Midtown Towers Mortgage Loan") is secured by the borrower's fee simple interest in a 635-unit, mid-rise apartment complex located in Parma, Ohio (the "Midtown Towers Property"). The Midtown Towers Mortgage Loan has an outstanding principal balance as of the Cut-off Date of $47,500,000. The Midtown Towers Mortgage Loan was originated on August 17, 2026 by Axonic, and accrues interest at a rate of 5.91000% per annum. The Midtown Towers Mortgage Loan has an initial term of five years and is interest-only for the full term. The scheduled maturity date of the Midtown Towers Mortgage Loan is September 1, 2031.

The Property. The Midtown Towers Property is a 635-unit, mid-rise apartment complex located in Parma, Ohio. The Midtown Towers Property was originally constructed in 1968 and is comprised of four, six-story apartment buildings situated on an approximately 23.79-acre site. Current ownership acquired the Midtown Towers Property in May 2024 and has since renovated 48.5% units on an as-needed basis as units turned over. Sponsorship has refreshed common-area amenities including the clubhouse, swimming pool and fitness center, and completed general building improvements. Total capital expenditures and renovation costs to date are approximately $1.935 million. Renovated unit interiors generally include new luxury vinyl plank flooring, updated kitchen cabinets, appliances, countertops and bathroom vanities, as well as new carpet in bedrooms.

Amenities at the Midtown Towers Property include a business center, fitness room, clubhouse/recreation building, swimming pool, barbecue/grill/picnic area and laundry facilities. The Midtown Towers Property also features 638 open surface parking spaces, resulting in a parking ratio of approximately 1.00 space per unit. The unit mix at the Midtown Towers Property consists of 307 one-bedroom units,

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
19

Multifamily - Mid Rise

5676 Broadview Road

Parma, OH 44134

Collateral Asset Summary - Loan No. 1

Midtown Towers

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$47,500,000

61.4%

1.73x

10.7%

278 two-bedroom units and 50 three-bedroom units. As of June 30, 2026, based on the underwritten rent roll, the Midtown Towers Property was approximately 94.2% occupied, including two non-revenue units.

The following table presents certain information relating to the unit mix at the Midtown Towers Property:

Unit Mix(1)
Unit Type # of Units % of Total Occupied Units Occupancy Average Unit Size (SF) Average Monthly Rental Rate(2) Average Monthly Market Rent Per Unit(3)
1 Bed / 1 Bath 307 48.3% 292 95.1% 621 $953 $976
2 Bed / 1 Bath 174 27.4% 166 95.4% 840 $1,141 $1,184
2 Bed / 1.5 Bath 104 16.4% 99 95.2% 870 $1,208 $1,225
3 Bed / 2 Bath 50 7.9% 41 82.0% 1,060 $1,552 $1,575
Total/Wtd. Avg. 635 100.0% 598 94.2% 756 $1,089 $1,121
(1) Based on the underwritten rent roll dated June 30, 2026. Average Monthly Rental Rate is based on occupied units.
(2) The property includes two non-revenue units that are considered vacant excluded from the Average Monthly Rental Rate.
(3) Source: Appraisal.

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Midtown Towers Property:

Cash Flow Analysis
2023 2024 2025 TTM 5/31/2026 U/W U/W Per Unit
Gross Potential Rent $7,769,171 $6,027,977 $7,750,390 $7,781,451 $8,345,237 $13,142
Vacancy (347,083) (81,082) 0 0 (532,949) ($839)
Concessions (5,991) 500 0 0 0 $0
Bad Debt (202,206) (46,187) (152,273) (149,342) (149,342) ($235)
Additional Adjustments (40,773) (10,058) 0 0 0 $0
Net Rental Income $7,173,119 $5,891,150 $7,598,118 $7,632,109 $7,662,946 $12,068
Utility Reimbursement 0 287,159 569,654 577,090 578,607 $911
Other Income 312,979 383,841 568,947 552,347 620,000 $976
Effective Gross Income $7,486,097 $6,562,149 $8,736,718 $8,761,546 $8,861,553 $13,955
Real Estate Taxes 446,438 366,162 649,873 643,584 1,026,519 $1,617
Insurance 216,820 282,685 357,066 357,066 237,137 $373
Management Fee 240,148 201,282 256,676 255,075 264,102 $416
Utilities 775,181 537,656 852,036 847,667 847,667 $1,335
Repairs & Maintenance 795,191 399,092 367,532 297,941 297,941 $469
Payroll 893,954 724,669 928,293 1,031,997 890,000 $1,402
Advertising 139,453 56,632 52,073 47,983 55,000 $87
General & Administrative 149,182 92,970 107,296 144,009 144,009 $227
Total Expenses $3,656,367 $2,661,148 $3,570,846 $3,625,321 $3,762,375 $5,925
Net Operating Income $3,829,731 $3,901,001(1) $5,165,873(1) $5,136,225 $5,099,178 $8,030
Replacement Reserves 0 0 0 0 175,895 $277
Net Cash Flow $3,829,731 $3,901,001 $5,165,873 $5,136,225 $4,923,283 $7,753
Occupancy NAV NAV NAV 94.2%(2) 91.8%(3)
NCF DSCR 1.35x 1.37x 1.81x 1.80x 1.73x
NOI Debt Yield 8.1% 8.2% 10.9% 10.8% 10.7%
(1) The increase from 2024 Net Operating Income to 2025 Net Operating Income is primarily due to post-renovation rent growth and utility billbacks.
(2) Based on the underwritten rent roll dated June 30, 2026.
(3) Represents economic occupancy.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
20

Multifamily - Mid Rise

5676 Broadview Road

Parma, OH 44134

Collateral Asset Summary - Loan No. 1

Midtown Towers

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$47,500,000

61.4%

1.73x

10.7%

Appraisal. According to the appraisal, the Midtown Towers Property had an "as-is" appraised value of $77,400,000 as of June 9, 2026, as shown in the table below.

Midtown Towers Appraised Value(1)
Property Value Capitalization Rate
Midtown Towers $77,400,000 6.25%
(1) Source: Appraisal.

Environmental Matters. According to the Phase I environmental assessment dated June 23, 2026, there was no evidence of any recognized environmental conditions at the Midtown Towers Property.

The Market. The Midtown Towers Property is located at 5676 Broadview Road in Parma, Ohio, within the Cleveland metropolitan statistical area (the "Cleveland MSA"). Top employers in the Cleveland MSA include Cleveland Clinic Health System, University Hospital Health System, Group Management Services, Inc., Minute Men Cos., the U.S. Office of Personnel Management, Progressive Corporation, and Walmart. Primary access to the Midtown Towers Property is provided by Broadview Road with nearby access to Interstate 480, located approximately 1.10 miles from the Midtown Towers Property, which provides linkage to the surrounding area.

According to a third-party market research report, the Midtown Towers Property is located in the Lakewood multifamily submarket of the Cleveland MSA. As of the first quarter of 2026, the Lakewood multifamily submarket had a total inventory of 20,065 units, a vacancy rate of 5.1%, and asking rent of $1,101 per unit. 

According to the appraisal, the 2025 population within a one-, three- and five-mile radius of the Midtown Towers Property was 15,985, 103,533 and 253,798, respectively. The 2025 average household income within the same radii was $83,490, $84,458 and $79,281, respectively.

The following table presents certain information relating to comparable multifamily properties to the Midtown Towers Property:

Comparable Multifamily Properties(1)
Property Name / Address Distance from Subject Year Built / Renovated Number of Units Occupancy Unit Type Average Unit Size Average Rent Per Unit
Midtown Towers(2)
5676 Broadview Road
Parma, OH 		- 1968 / 2024-2026 635 94.2% 1 Bed / 1 Bath 621 SF $953(2)
2 Bed / 1 Bath 840 SF $1,141(2)
2 Bed / 1.5 Bath 870 SF $1,208(2)
3 Bed / 2 Bath 1,060 SF $1,552(2)
Ridgewood House
6630 State Road
Parma, OH 		1.9 mi 1968 / NAP 131 94.7% Studio / 1 BA 225 SF $760
1 BR / 1 BA 600 SF $1,005
2 BR / 1 BA 800 SF $1,215
3 BR / 1 BA 1,200 SF $1,560
Broadview Gardens Apartments
1907 Pleasantdale Road
Cleveland, OH 		1.0 mi 1957 / NAP 418 99.3% 1 BR / 1 BA 444 SF $893
2 BR / 1 BA 569 SF $970
The Reserve at 1150
1150 Omalley Dr
Parma, OH 		0.2 mi 1987 / 2019 148 96.6% 1 BR / 1 BA 579 SF $1,001
2 BR / 1 BA 879 SF $1,201
2 BR / 2.5 BA 1,035 SF $1,583
North Church Towers
9235 N Church Dr
Cleveland, OH 		3.4 mi 1968 / 2013 397 89.0% 1 BR / 1 BA 581 SF $995
2 BR / 1 BA 830 SF $1,100
2 BR / 1.5 BA 889 SF $1,200
3 BR / 2 BA 1,082 SF $1,725
The Regency Apartments
6841 Day Dr
Parma, OH 		2.7 mi 1969 / NAP 836 98.0% Studio / 1 BA 450 SF $745
1 BR / 1 BA 609 SF $880
2 BR / 1 BA 844 SF $1,075
3 BR / 2 BA 1,131 SF $1,430
Pleasant Valley Apartments
Parma, OH 		3.5 mi 1979 / NAP 197 97.0% 1 BR / 1 BA 539 SF $920
2 BR / 1 BA 787 SF $1,068
3 BR / 2 BA 1,054 SF $1,488
(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated June 30, 2026. Average Rent per Unit reflects the average base rent for occupied units.

The Borrower and the Borrower Sponsors. The borrower is Midtown Towers LLC, a single purpose entity, with one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Midtown Towers Mortgage Loan. The borrower sponsors and non-recourse carveout guarantors are Binyomin Weinberger, Mordechai Gottlieb, as Trustee of the Gottlieb Family Trust U/A/D December 4, 2018, Izzy Gottlieb and Noemi Brandys.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
21

Multifamily - Mid Rise

5676 Broadview Road

Parma, OH 44134

Collateral Asset Summary - Loan No. 1

Midtown Towers

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$47,500,000

61.4%

1.73x

10.7%

The borrower sponsors are the principals of Oakmark Management, which owns and operates approximately 30 properties and over 3,000 units across Ohio, Virginia, Delaware, New Jersey and Pennsylvania. Binyomin Weinberger has more than 15 years of multifamily experience and previously operated Rushmore, a 10,000-unit owner in Pennsylvania and New Jersey.

The borrower sponsors have significant experience in the submarket, owning both Midtown Towers Property and the 220-unit Forest Ridge property in Parma, Ohio. They acquired the Midtown Towers Property in May 2024 from Brookfield for $46.35 million, or approximately $73,000 per unit, and have owned it for approximately two years, renovating units and instituting fixed utility billback charges to drive revenue growth during that period.

Oakmark is a repeat agency borrower, carrying both Fannie Mae and Freddie Mac debt across its portfolio, and the Midtown Towers Mortgage Loan refinances an existing Freddie Mac mortgage.

Property Management. The Midtown Towers Property is managed by XLE Management LLC, a borrower-affiliated management company.

Initial and Ongoing Reserves. At origination of the Midtown Towers Mortgage Loan, the borrower deposited approximately (i) $112,180 into a reserve account for real estate taxes, (ii) $113,628 into a reserve account for insurance premiums and (iii) $99,888 into a reserve account for priority repairs.

Tax Reserve - The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $55,145).

Insurance Reserve - The borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the annual insurance premiums that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $22,726).

Replacement Reserve - The borrower is required to deposit into a replacement reserve, on a monthly basis, approximately $12,700; provided that collection of such monthly deposits is initially deferred and may be reinstated by the lender following (i) a default under the Midtown Towers Mortgage Loan documents, (ii) a transfer requiring lender approval, (iii) the placement of a subordinate loan or (iv) the lender's assessment of the physical condition of the Midtown Towers Property.

Lockbox / Cash Management. The Midtown Towers Mortgage Loan is structured with a springing lockbox and springing cash management. On the first occurrence of a Lockbox Trigger Event (as defined below), the borrower is required to establish a lender-controlled clearing account, and is thereafter required to deposit, or cause the property manager to deposit, within one business day of receipt, all revenue derived from the Midtown Towers Property into such lender-controlled clearing account. Following a Lockbox Trigger Event, all funds deposited into the clearing account are required to be transferred on each business day to the borrower's operating account unless a Trigger Period (as defined below) exists, in which case all funds in the clearing account are required to be swept on each business day to a lender-controlled deposit account to be applied and disbursed in accordance with the Midtown Towers Mortgage Loan documents, and all available cash remaining in the deposit account after the application of such funds in accordance with the Midtown Towers Mortgage Loan documents is required to be held by the lender in a cash collateral account as additional collateral for the Midtown Towers Mortgage Loan. Upon the cure of the applicable Trigger Period, so long as no other Trigger Period exists, the lender is required to return any amounts remaining on deposit in the cash collateral account to the borrower. Upon an event of default under the Midtown Towers Mortgage Loan documents, the lender may apply funds to the debt in such priority as it may determine.

"Lockbox Trigger Event" means a period commencing upon the earliest to occur of (i) the commencement of a Trigger Period and (ii) the debt service coverage ratio being less than 1.10x.

"Trigger Period" means a period (A) commencing upon the occurrence of (i) an event of default under the Midtown Towers Mortgage Loan documents, (ii) a Low DSCR Period, which commences if, from and after the payment date occurring on September 1, 2026, the debt service coverage ratio is less than 1.05x as of the last day of any calendar quarter, (iii) the insolvency or bankruptcy of the property manager if the property manager is an affiliate of the borrower or guarantor, or (iv) the insolvency or bankruptcy of the borrower or any guarantor; and (B) expiring, provided no other Trigger Period is then continuing, upon (1) with regard to clause (i) above, the cure of such event of default and acceptance of such cure by the lender, (2) with regard to clause (ii) above, the date that the debt service coverage ratio is equal to or greater than 1.10x for two consecutive calendar quarters, (3) with regard to clause (iii) above, the replacement of the affiliated property manager with a non-affiliated property manager approved by the lender in accordance with the Midtown Towers Mortgage Loan documents, and (4) with regard to clause (iv) above, if such Trigger Period results solely from a qualifying involuntary petition against the borrower, the discharge or dismissal of such petition within 30 days of filing. 

Current Mezzanine or Secured Subordinate Indebtedness. None.

Permitted Future Mezzanine or Secured Subordinate Indebtedness. Not permitted.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
22

Multifamily - Mid Rise

5676 Broadview Road

Parma, OH 44134

Collateral Asset Summary - Loan No. 1

Midtown Towers

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$47,500,000

61.4%

1.73x

10.7%

Release of Collateral. Not permitted.

Ground Lease. None.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
23
Multifamily - Garden
200 Aycock Avenue
Monroe, GA 30655 		Collateral Asset Summary - Loan No. 2
The Jax

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$43,500,000
65.5%
1.21x
7.7%
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
24
Multifamily - Garden
200 Aycock Avenue
Monroe, GA 30655 		Collateral Asset Summary - Loan No. 2
The Jax

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$43,500,000
65.5%
1.21x
7.7%
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
25
Multifamily - Garden
200 Aycock Avenue
Monroe, GA 30655 		Collateral Asset Summary - Loan No. 2
The Jax

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$43,500,000
65.5%
1.21x
7.7%
Mortgage Loan Information Property Information
Loan Seller: Axonic Single Asset / Portfolio: Single Asset
Loan Purpose: Refinance Property Type - Subtype: Multifamily - Garden
Borrower Sponsor(s): Robert Pereira, Urvish Patel, Sharran Srivatsaa and Brian Hurley Collateral: Fee
Borrower(s): Jax Apartments SPE, LLC Location: Monroe, GA
Original Balance: $43,500,000 Year Built / Renovated: 2025 / NAP
Cut-off Date Balance: $43,500,000 Property Management: ARC Living, LLC (borrower-affiliated)
% by Initial UPB: 7.9% Size: 282 Units
Interest Rate: 6.17000% Appraised Value / Per Unit: $66,400,000 / $235,461
Note Date: August 19, 2026 Appraisal Date: June 24, 2026
Original Term: 60 months Occupancy: 94.3% (as of July 15, 2026)
Amortization: Interest Only Underwritten NOI(2): $3,337,390
Original Amortization: NAP Underwritten NCF: $3,280,991
Interest Only Period: 60 months
First Payment Date: October 1, 2026
Maturity Date: September 1, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI(2): $2,700,144 (TTM June 30, 2026)
Additional Debt Balance: NAP 2025 NOI(2): $843,044
Call Protection: YM1(56),O(4) 2024 NOI(2): NAV
Lockbox / Cash Management: Springing / Springing 2023 NOI(2): NAV
Reserves(1) Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $154,255
Taxes: $476,142 $55,363 NAP Maturity Date Loan / Unit: $154,255
Insurance: $119,012 $13,838 NAP Cut-off Date LTV: 65.5%
Replacement Reserves: $0 Springing NAP Maturity Date LTV: 65.5%
UW NOI DY: 7.7%
UW NCF DSCR: 1.21x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $43,500,000 100.0% Loan Payoff $41,523,713 95.5 %
Closing Costs(3) 1,000,449 2.3
Upfront Reserves 595,154 1.4
Return of Equity 380,685 0.9
Total Sources $43,500,000 100.0% Total Uses $43,500,000 100.0 %
(1) See "Initial and Ongoing Reserves" below for further discussion of reserve information.
(2) The increase from 2025 NOI to Most Recent NOI and Most Recent NOI to Underwritten NOI is primarily attributable to initial lease-up due to The Jax Property (as defined below) being built in 2025. 2024 NOI and 2023 NOI are unavailable due to this recent construction.
(3) Closing Costs include (i) an origination fee of $369,750 and (ii) a rate buydown of $217,500.

The Loan. The second largest mortgage loan ("The Jax Mortgage Loan") is secured by the borrower's fee simple interest in a 282-unit, garden-style apartment complex located in Monroe, Georgia ("The Jax Property"). The Jax Mortgage Loan is evidenced by a single promissory note with an outstanding principal balance as of the Cut-off Date of $43,500,000. The Jax Mortgage Loan was originated on August 19, 2026 by Axonic, and accrues interest at a fixed rate of 6.17000% per annum. The Jax Mortgage Loan has an initial term of five years and is interest-only for the full term. The scheduled maturity date of the Jax Mortgage Loan is September 1, 2031.

The Property. The Jax Property is a 282-unit, garden-style apartment complex located in Monroe, Georgia. The Jax Property was delivered in 2025 and is comprised of seven, three-story apartment buildings, a single-story clubhouse/leasing office and a single-story storage building situated on an approximately 26.6-acre site. Current ownership acquired the underlying site in September 2022 for $2.3 million and subsequently developed the property, which was completed in 2025.

Amenities at The Jax Property include a clubhouse, business center, fitness center, resort-style pool, grilling area, volleyball court, pet play area, pet washing station and electric vehicle charging stations. Unit amenities include granite countertops, faux-hardwood flooring, stainless steel appliances and full-size washers and dryers. The Jax Property also features 427 surface parking spaces, resulting in a parking ratio of approximately 1.51 spaces per unit. The unit mix at The Jax Property consists of 48 one-bedroom units, 204 two-bedroom units and 30 three-bedroom units across seven floor plans. As of July 15, 2026, based on the underwritten rent roll, The Jax Property was approximately 94.3% occupied.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
26
Multifamily - Garden
200 Aycock Avenue
Monroe, GA 30655 		Collateral Asset Summary - Loan No. 2
The Jax

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$43,500,000
65.5%
1.21x
7.7%

The following table presents certain information relating to the unit mix at The Jax Property:

Unit Mix(1)
Unit Type # of Units % of Total Occupied Units Occupancy Average Unit Size (SF) Average Monthly Rental Rate Average Monthly Market Rent Per Unit(2)
1 Bed / 1 Bath - The Creek 48 17.0% 45 93.8% 835 $1,487 $1,535
2 Bed / 2 Bath - The Monroe 186 66.0% 176 94.6% 1,120 $1,691 $1,740
2 Bed / 2 Bath - The Cove 3 1.1% 3 100.0% 1,254 $1,712 $1,765
2 Bed / 2 Bath - The Bay 12 4.3% 10 83.3% 1,265 $1,906 $1,955
2 Bed / 2 Bath - The Jack 3 1.1% 3 100.0% 1,390 $1,921 $1,980
3 Bed / 2 Bath - The Brook 27 9.6% 26 96.3% 1,448 $2,119 $2,185
3 Bed / 2 Bath - The Beck 3 1.1% 3 100.0% 1,480 $2,169 $2,235
Total/Wtd. Avg. 282 100.0% 266 94.3% 1,117 $1,714 $1,765
(1) Based on the underwritten rent roll dated July 15, 2026. Average Monthly Rental Rate is based on occupied units.
(2) Source: Appraisal.

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at The Jax Property:

Cash Flow Analysis(1)
2025(2) TTM 6/30/2026(2) U/W(2) U/W Per Unit
Gross Potential Rent $5,806,538 $5,819,382 $5,809,788 $20,602
Vacancy (3,051,253) (918,229) (286,781) ($1,017)
Concessions (568,362) (535,263) (418,305) ($1,483)
Bad Debt (34,514) (76,916) (91,214) ($323)
Net Rental Income $2,152,409 $4,288,974 $5,013,489 $17,778
Utility Reimbursement 63,981 106,691 366,600 $1,300
Other Income 184,860 382,790 270,720 $960
Total Other Income $248,841 $489,481 $637,320 $2,260
Effective Gross Income $2,401,250 $4,778,455 $5,650,809 $20,038
Real Estate Taxes 287,799 292,949(3) 651,328(3) $2,310
Insurance 131,921 160,909 158,202 $561
Utilities 256,949 445,664 376,192 $1,334
Repairs & Maintenance 307,605 260,824 260,824 $925
Management Fee 105,885 143,320 141,270 $501
Payroll 389,006 481,082 451,200 $1,600
Advertising 31,011 136,324 141,000(4) $500
Professional Fees 0 25,575 0(4) $0
General & Administrative 48,030 106,276 112,800(4) $400
Employee Units 0 25,388 20,603 $73
Total Expenses $1,558,206 $2,078,311 $2,313,419 $8,204
Net Operating Income $843,044 $2,700,144 $3,337,390 $11,835
Replacement Reserves 0 0 56,399 $200
Net Cash Flow $843,044 $2,700,144 $3,280,991 $11,635
Occupancy NAV 94.3%(5) 86.3%(6)
NCF DSCR 0.31x 0.99x 1.21x
NOI Debt Yield 1.9% 6.2% 7.7%
(1) Historical financial information prior to 2025 is not available due to The Jax Property delivering in 2025.
(2) The increase from 2025 Net Operating Income to TTM 6/30/2026 Net Operating Income to Underwritten Net Operating Income is primarily attributable to initial lease-up due to The Jax Property delivering in 2025.
(3) The increased Real Estate Taxes from TTM 6/30/2026 to U/W is due to The Jax Property tax reevaluation after construction in 2025.
(4) Advertising, Professional Fees, and General & Administrative expenses are underwritten to the appraisal combined total of $253,800.
(5) Based on the underwritten rent roll dated July 15, 2026.
(6) Represents economic occupancy.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
27
Multifamily - Garden
200 Aycock Avenue
Monroe, GA 30655 		Collateral Asset Summary - Loan No. 2
The Jax

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$43,500,000
65.5%
1.21x
7.7%

Appraisal. According to the appraisal, The Jax Property had an "as-is" appraised value of $66,400,000 as of June 24, 2026, as shown in the table below.

The Jax Appraised Value(1)
Property Value Capitalization Rate
The Jax $66,400,000 5.75%
(1) Source: Appraisal.

Environmental Matters. According to the Phase I environmental assessment dated June 29, 2026, there was no evidence of any recognized environmental conditions at The Jax Property. 

The Market. The Jax Property is located at 200 Aycock Avenue in Monroe, Georgia, within the Atlanta-Sandy Springs-Roswell metropolitan statistical area (the "Atlanta MSA"). The Jax Property is located in Monroe, Walton County, Georgia, near downtown Atlanta. Top employers in the Atlanta MSA include Delta Air Lines, Northside Hospital, Piedmont Healthcare, Publix Super Markets, Wellstar Health Systems, The Home Depot, United Parcel Service and Emory University. Primary access to The Jax Property is provided by Aycock Avenue with nearby access to Georgia State Route 11 and U.S. Route 78, which provide linkage to the surrounding area and Atlanta.

According to a third-party market research report, The Jax Property is located in the Far East Atlanta Suburbs multifamily submarket of the Atlanta MSA. As of the first quarter of 2026, the Far East Atlanta Suburbs multifamily submarket had a total inventory of 13,861 units, a vacancy rate of 7.1% and asking rent of $1,453 per unit. 

According to the appraisal, the 2025 population within a one-, three- and five-mile radius of The Jax Property was 967, 17,950 and 30,830, respectively. The 2025 average household income within the same radii was $64,421, $67,026 and $79,361, respectively.

The following table presents certain information relating to comparable multifamily properties to The Jax Property:

Comparable Multifamily Properties(1)
Property Name / Address Distance from Subject Year Built / Renovated Number of Units Occupancy Unit Type Average Unit Size Average Rent Per Unit
The Jax
200 Aycock Avenue
Monroe, GA 		- 2025 / NAP 282(2) 94.3%(2) 1 Bed / 1 Bath - The Creek(2) 835 SF(2) $1,487(2)
2 Bed / 2 Bath - The Monroe(2) 1,120 SF(2) $1,691(2)
2 Bed / 2 Bath - The Cove(2) 1,254 SF(2) $1,712(2)
2 Bed / 2 Bath - The Bay(2) 1,265 SF(2) $1,906(2)
2 Bed / 2 Bath - The Jack(2) 1,390 SF(2) $1,921(2)
3 Bed / 2 Bath - The Brook(2) 1,448 SF(2) $2,119(2)
3 Bed / 2 Bath - The Beck(2) 1,480 SF(2) $2,169(2)
Sinclair at Callaway Farm
 10500 Town Center Blvd
Covington, GA 		16 mi 2025 / NAP 388 69.1%

1BR/1BA

2BR/2BA

3BR/2BA

652 - 786 SF

999 - 1,100 SF

1,287 - 1,310 SF

$1,667 - $1,775

$1,885 - $2,237

$2,507 - $2,627

Villas at Loganville
 2935 Rosebud Road
Loganville, GA 		16 mi 2010 / NAP 175 94.3%

Studio

1BR/1BA

2BR/2BA

3BR/2BA

3BR/2.5BA

691 SF

890 SF

1,186 - 1,626 SF

1,489 - 1,573 SF

1,626 SF

$1,386

$1,716 - $1,955

$1,559 - $3,764

$2,051 - $2,142

$1,754

Accent Springs
 300 Bethlehem Springs Blvd
Bethlehem, GA 		10 mi 2026 / NAP 288 24.3%

1BR / 1BA

2BR / 2BA

823 - 825 SF

1,108 - 1,117 SF

$1,449 - $1,750

$1,699 - $2,100

The Stafford
 91 Market St
Bethlehem, GA 		9.8 mi 2024 / NAP 288 94.0%

1BR / 1BA

2BR / 2BA

725 - 768 SF

1,109 - 1,144 SF

$1,510 - $1,760

$1,804 - $2,006

The Cove at Covington Town Center
 12301 Town Center Boulevard
Covington, GA 		16 mi 2022 / NAP 350 96.3%

Studio

1BR/1BA

2BR/2BA

3BR/2BA

620 SF

775 - 853 SF

1,079 - 1,183 SF

1,296 - 1,945 SF

$1,341 - $1,351

$1,461 - $1,539

$1,738 - $1,803

$1,971 - $3,217

Rosemont Grayson
 605 Athens Highway
Loganville, GA 		15 mi 2022 / NAP 344 96.2%

1BR/1BA

2BR/2BA

3BR/2BA

738 - 774 SF

1,099 - 1,194 SF

1,434 SF

$1,373 - $1,759

$1,725 - $1,771

$1,806

(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated July 15, 2026. Average Rent per Unit reflects the average base rent for occupied units.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
28
Multifamily - Garden
200 Aycock Avenue
Monroe, GA 30655 		Collateral Asset Summary - Loan No. 2
The Jax

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$43,500,000
65.5%
1.21x
7.7%

The Borrower and the Borrower Sponsors. The borrower is Jax Apartments SPE, LLC, a Delaware limited liability company and single purpose entity, with one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of The Jax Mortgage Loan. The borrower sponsors and non-recourse carveout guarantors are Robert Pereira, Urvish Patel, Sharran Srivatsaa and Brian Hurley. 

The sponsorship is led by Robert Pereira, founder of ARC Multifamily Group, a vertically integrated multifamily operator formed in 2019. Robert Pereira has more than 20 years of real estate experience, including the ground-up construction of over 700 units and a schedule of real estate owned with more than 2,700 units within 100 miles of The Jax. Urvish Patel has more than 25 years of real estate experience. Brian Hurley founded Green River Builders, The Jax Property's developer. Sharran Srivatsaa was previously with Goldman Sachs and Credit Suisse and serves as president of The Real Brokerage. The sponsorship is a repeat Fannie Mae borrower.

The sponsors developed The Jax Property through a joint venture with Green River Builders.

Property Management. The Jax Property is managed by ARC Living, LLC, a borrower-affiliated management company.

Initial and Ongoing Reserves. At origination of The Jax Mortgage Loan, the borrower deposited approximately $595,154 into a reserve account for real estate taxes and insurance reserves.

Tax Reserve - The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $55,363).

Insurance Reserve - The borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the annual insurance premiums that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $13,838).

Replacement Reserve - The borrower is not initially required to make monthly deposits into the capital replacement and repair reserve. The capital replacement and repair reserve monthly deposit, initially $4,700, is deferred; however, may be reinstated by the lender following (i) a default under The Jax Mortgage Loan documents, (ii) a transfer requiring lender approval, (iii) the placement of a subordinate loan or (iv) the lender's assessment of the physical condition of The Jax Property.

Lockbox / Cash Management. The Jax Mortgage Loan is structured with a springing lockbox and springing cash management. On the first occurrence of a Lockbox Trigger Event (as defined below), a lender-controlled clearing account is required to be opened or activated. Thereafter, any gross revenue received by the borrower or property manager is required to be deposited into the clearing account within one business day of receipt. During any Trigger Period (as defined below), funds deposited into the clearing account are required to be swept on a daily basis to a lender-controlled deposit account and applied and disbursed in accordance with The Jax Mortgage Loan documents, and all available cash remaining after the application of such funds is required to be held by the lender in a cash collateral account as additional collateral for The Jax Mortgage Loan. If a Trigger Period is not continuing, funds in the clearing account are required to be swept daily to the borrower's operating account. Upon the cure of the applicable Trigger Period, so long as no other Trigger Period exists, amounts remaining in the cash collateral account are required to be disbursed to the borrower. Upon an event of default under The Jax Mortgage Loan documents, the lender may apply funds to the debt in such priority as it may determine.

"Lockbox Trigger Event" means the earlier of (i) the commencement of a Trigger Period and (ii) the debt service coverage ratio being less than 1.15x, as determined by the lender.

"Trigger Period" means a period (A) commencing upon (i) the occurrence of an event of default, (ii) the commencement of a Low DSCR Period (as defined below), (iii) the insolvency or bankruptcy of an affiliated property manager, or (iv) the insolvency or bankruptcy of the borrower or guarantor; and (B) expiring, provided no other Trigger Period is then continuing, upon (1) with regard to clause (i) above, the cure of such event of default and acceptance of such cure by the lender, (2) with regard to clause (ii) above, the date that the debt service coverage ratio is equal to or greater than 1.10x for two consecutive calendar quarters, (3) with regard to clause (iii) above, the replacement of the affiliated property manager with a non-affiliated property manager approved by the lender in accordance with The Jax Mortgage Loan documents, and (4) with regard to clause (iv) above, if such Trigger Period results solely from a qualifying involuntary petition against the borrower, the discharge or dismissal of such petition within 30 days of filing.

A "Low DSCR Period" commences if, from and after the April 1, 2027 payment date, the debt service coverage ratio is less than 1.10x as of the last day of any calendar quarter and ends when the debt service coverage ratio is at least 1.10x for two consecutive calendar quarters, in each case as determined by the lender.

Current Mezzanine or Secured Subordinate Indebtedness. None.

Permitted Future Mezzanine or Secured Subordinate Indebtedness. Not permitted.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
29
Multifamily - Garden
200 Aycock Avenue
Monroe, GA 30655 		Collateral Asset Summary - Loan No. 2
The Jax

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$43,500,000
65.5%
1.21x
7.7%

Release of Collateral. Not permitted.

Ground Lease. None.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
30
Multifamily - Garden
Various
Various, AR Various 		Collateral Asset Summary - Loan No. 3
NW Arkansas Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$36,061,000
73.1%
1.34x
8.6%
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
31
Multifamily - Garden
Various
Various, AR Various 		Collateral Asset Summary - Loan No. 3
NW Arkansas Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$36,061,000
73.1%
1.34x
8.6%
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
32
Multifamily - Garden
Various
Various, AR Various 		Collateral Asset Summary - Loan No. 3
NW Arkansas Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$36,061,000
73.1%
1.34x
8.6%
Mortgage Loan Information Property Information
Loan Seller: Axonic Single Asset / Portfolio: Portfolio
Loan Purpose: Refinance Property Type - Subtype: Multifamily - Garden
Borrower Sponsor(s): Paul A. Schmidt, Jr. and Bridget D. Schmidt Collateral: Fee
Borrower(s): PBS Rental Properties, LLC Location(3): Various, AR
Original Balance: $36,061,000 Year Built / Renovated(3): Various / Various
Cut-off Date Balance: $36,061,000 Property Management: Self-Managed
% by Initial UPB: 6.6% Size: 256 Units
Interest Rate: 6.22000% Appraised Value / Per Unit(4): $49,300,000 / $192,578
Note Date: October 14, 2026 Appraisal Date(4)(5): Various
Original Term(1): 61 months Occupancy: 98.8% (as of September 9, 2026)
Amortization: Interest Only Underwritten NOI: $3,119,060
Original Amortization: NAP Underwritten NCF: $3,055,060
Interest Only Period(1): 61 months
First Payment Date(1): November 1, 2026
Maturity Date: November 1, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI: $3,393,131 (TTM July 31, 2026)
Additional Debt Balance: NAP 2025 NOI: $3,337,456
Call Protection(1): L(1),YM1(56),O(4) 2024 NOI: $3,150,058
Lockbox / Cash Management: Springing / Springing 2023 NOI: $2,643,331
Reserves(2) Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $140,863
Taxes: $208,940 $20,693 NAP Maturity Date Loan / Unit: $140,863
Insurance: $131,801 $14,199 NAP Cut-off Date LTV(4): 73.1%
Replacement Reserves: $0 $5,461 NAP Maturity Date LTV(4): 73.1%
Deferred Maintenance: $121,080 $0 NAP UW NOI DY: 8.6%
UW NCF DSCR: 1.34x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $36,061,000 100.0% Loan Payoff $22,590,374 62.6 %
Return of Equity 11,136,700 30.9
Closing Costs(6) 1,872,106 5.2
Upfront Reserves 461,821 1.3
Total Sources $36,061,000 100.0% Total Uses $36,061,000 100.0 %
(1) The first payment date for the NW Arkansas Portfolio Mortgage Loan (as defined below) is December 1, 2026. On the closing date of the AXDB 2026-MULT1 transaction, Axonic will deposit sufficient funds to pay the amount of interest that would be due with respect to a November 1, 2026 payment. Original Term, Interest Only Period, First Payment Date and Call Protection are inclusive of the additional November 1, 2026 interest-only payment funded by Axonic on the closing date of the AXDB 2026-MULT1 transaction.
(2) See "Initial and Ongoing Reserves" below.
(3) See the chart titled "Portfolio Summary" under "The Properties" below.
(4) Appraised Value represents the aggregate "As-Is" appraised value of the NW Arkansas Portfolio Properties (as defined below).
(5) See "Appraisals" below.
(6) Closing Costs include (i) an origination fee of approximately $306,519 and (ii) a rate buydown of $1,081,830.

The Loan. The third largest mortgage loan (the "NW Arkansas Portfolio Mortgage Loan") is secured by the borrower's fee simple interests in a 256-unit, seven-property multifamily portfolio located in Northwest Arkansas (the "NW Arkansas Portfolio Properties"). The NW Arkansas Portfolio Mortgage Loan is evidenced by a single promissory note with an outstanding principal balance as of the Cut-off Date of $36,061,000. The NW Arkansas Portfolio Mortgage Loan was originated on October 14, 2026 by Axonic, and accrues interest at a fixed rate of 6.22000% per annum. The NW Arkansas Portfolio Mortgage Loan has an initial term of 61 months (after giving effect to the deposit described in footnote (1) above) and is interest-only for the full term. The scheduled maturity date of the NW Arkansas Portfolio Mortgage Loan is November 1, 2031.

The Properties. The NW Arkansas Portfolio Properties are comprised of seven multifamily properties totaling 256 units, located in Benton and Washington counties, Arkansas. As of September 9, 2026, the NW Arkansas Portfolio Properties were 98.8% occupied.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
33
Multifamily - Garden
Various
Various, AR Various 		Collateral Asset Summary - Loan No. 3
NW Arkansas Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$36,061,000
73.1%
1.34x
8.6%

The following table presents certain information relating to the NW Arkansas Portfolio Properties:

Portfolio Summary

Property Name

Location(1)

Year Built / Renovated(1)

# of Units(2)

Occupancy(2)

Allocated Cut-off Date Balance

% of Allocated Cut-off Date Balance

UW NOI(2)

% of UW NOI(2)

Appraised Value(1)

Meadowlands Centerton, AR 2006 / 2019 64 98.4% $8,850,671 24.5% NAV NAV $12,100,000
Ecology Farmington, AR 1973 / NAP 53 100.0% $7,972,919 22.1% NAV NAV $10,900,000
Honeysuckle Fayetteville, AR 1984 / NAP 44 97.7% $6,071,122 16.8% NAV NAV $8,300,000
Windwood Springdale, AR 1987 / NAP 34 97.1% $4,608,201 12.8% NAV NAV $6,300,000
Brooks Duplexes Fayetteville, AR 1975 / NAP 30 100.0% $4,096,178 11.4% NAV NAV $5,600,000
Clevenger Fayetteville, AR 1972 / 2022 20 100.0% $2,998,988 8.3% NAV NAV $4,100,000
Fountains Fayetteville, AR 1984 / NAP 11 100.0% $1,462,921 4.1% NAV NAV $2,000,000
Total/ Wtd. Avg 256 98.8% $36,061,000 100.0% $3,119,060 100.0% $49,300,000
(1) Source: Appraisals.
(2) Based on the underwritten rent roll dated September 9, 2026.

Meadowlands. The Meadowlands property consists of 16, two-story, garden-style buildings situated on a 5.28-acre site located in Centerton, Arkansas, totaling 64 units (the "Meadowlands Property"). The Meadowlands Property was originally constructed in 2006 and most recently renovated in 2019. The Meadowlands Property includes 128 parking spaces, resulting in a parking ratio of approximately 2.00 spaces per unit. The average unit size at the Meadowlands Property is 1,500 SF, with 3 bedroom / 2.5 bathroom units. As of September 9, 2026, the Meadowlands Property is 98.4% occupied.

Ecology. The Ecology property consists of 20, one- to two-story, garden-style buildings situated on a 7.53-acre site located in Farmington, Arkansas, totaling 53 units (the "Ecology Property"). The Ecology Property was originally constructed in 1973. The Ecology Property includes 159 parking spaces, resulting in a parking ratio of approximately 3.00 spaces per unit. The average unit size at the Ecology Property is 1,247 SF, with unit types ranging from 2 bedroom / 1 bathroom to 3 bedroom / 2.5 bathroom. As of September 9, 2026, the Ecology Property is 100.0% occupied. 

Honeysuckle. The Honeysuckle property consists of 22, one- to two-story, garden-style buildings situated on an 8.20-acre site located in Fayetteville, Arkansas, totaling 44 units (the "Honeysuckle Property"). The Honeysuckle Property was originally constructed in 1984. The Honeysuckle Property includes 176 parking spaces, resulting in a parking ratio of approximately 4.00 spaces per unit. The average unit size at the Honeysuckle Property is 1,250 SF, with 2 bedroom / 1.5 bathroom units. As of September 9, 2026, the Honeysuckle Property is 97.7% occupied.

Windwood. The Windwood property consists of 17, one-story, garden-style buildings situated on a 3.62-acre site located in Springdale, Arkansas, totaling 34 units (the "Windwood Property"). The Windwood Property was originally constructed in 1987. The Windwood Property includes 74 parking spaces, resulting in a parking ratio of approximately 2.18 spaces per unit. The average unit size at the Windwood Property is 1,012 SF, with unit types ranging from 2 bedroom / 1 bathroom to 3 bedroom / 2.5 bathroom. As of September 9, 2026, the Windwood Property is 97.1% occupied. 

Brooks Duplexes. The Brooks Duplexes property consists of 15, one-story, garden-style buildings situated on a 5.94-acre site located in Fayetteville, Arkansas, totaling 30 units (the "Brooks Duplexes Property"). The Brooks Duplexes Property was originally constructed in 1975. The Brooks Duplexes Property includes 60 parking spaces, resulting in a parking ratio of approximately 2.00 spaces per unit. The average unit size at the Brooks Duplexes Property is 1,050 SF, with unit types ranging from 2 bedroom / 1 bathroom to 3 bedroom / 3 bathroom. As of September 9, 2026, the Brooks Duplexes Property is 100.0% occupied.

Clevenger. The Clevenger property consists of 11, one-story, garden-style buildings situated on a 5.07-acre site located in Fayetteville, Arkansas, totaling 20 units (the "Clevenger Property"). The Clevenger Property was originally constructed in 1972 and most recently renovated in 2022. The Clevenger Property includes 40 parking spaces, resulting in a parking ratio of approximately 2.00 spaces per unit. The average unit size at the Clevenger Property is 893 SF, with unit types ranging from 2 bedroom / 1 bathroom to 3 bedroom / 3 bathroom. As of September 9, 2026, the Clevenger Property is 100.0% occupied.

Fountains. The Fountains property consists of two, two-story, garden-style buildings situated on a 0.85-acre site located in Fayetteville, Arkansas, totaling 11 units (the "Fountains Property"). The Fountains Property was originally constructed in 1984. The Fountains Property includes 22 parking spaces, resulting in a parking ratio of approximately 2.00 spaces per unit. The average unit size at the Fountains Property is 960 SF, with 2 bedroom / 1.5 bathroom units. As of September 9, 2026, the Fountains Property is 100.0% occupied.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
34
Multifamily - Garden
Various
Various, AR Various 		Collateral Asset Summary - Loan No. 3
NW Arkansas Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$36,061,000
73.1%
1.34x
8.6%

The following table presents certain information relating to the unit mix at the NW Arkansas Portfolio Properties:

Portfolio Unit Mix(1)
Unit Type # of Units % of Total Units Vacant Units Occupancy Average Unit Size (SF) Average Monthly Rent Per Unit Average Monthly Market Rent Per Unit(2)
Meadowlands
3 Bedroom / 2.5 Bathroom 64 100.0% 1 98.4% 1,500 $1,348 $1,322
Property Total / Wtd Avg. 64 100.0% 1 98.4% 1,500 $1,348 $1,322
Ecology
2 Bedroom / 1 Bathroom 14 26.4% 0 100.0% 865 $1,187 $1,169
2 Bedroom / 1.5 Bathroom 6 11.3% 0 100.0% 960 $1,207 $1,241
2 Bedroom / 2 Bathroom 2 3.8% 0 100.0% 856 $1,417 $1,400
3 Bedroom / 2 Bathroom 1 1.9% 0 100.0% 1,170 $1,570 $1,545
3 Bedroom / 2.5 Bathroom 30 56.6% 0 100.0% 1,511 $1,547 $1,511
Property Total / Wtd Avg. 53 100.0% 0 100.0% 1,247 $1,409 $1,387
Honeysuckle
2 Bedroom / 1.5 Bathroom 44 100.0% 1 97.7% 1,250 $1,352 $1,327
Property Total / Wtd Avg. 44 100.0% 1 97.7% 1,250 $1,352 $1,327
Windwood
2 Bedroom / 1 Bathroom 28 82.4% 1 96.4% 946 $1,194 $1,186
3 Bedroom / 2.5 Bathroom 6 17.6% 0 100.0% 1,317 $1,625 $1,617
Property Total / Wtd Avg. 34 100.0% 1 97.1% 1,012 $1,272 $1,262
Brooks Duplexes
2 Bedroom / 1 Bathroom 2 6.7% 0 100.0% 875 $1,363 $1,300
2 Bedroom / 2 Bathroom 24 80.0% 0 100.0% 1,007 $1,311 $1,281
3 Bedroom / 3 Bathroom 4 13.3% 0 100.0% 1,394 $1,609 $1,590
Property Total / Wtd Avg. 30 100.0% 0 100.0% 1,050 $1,354 $1,323
Clevenger
2 Bedroom / 1 Bathroom 19 95.0% 0 100.0% 861 $1,291 $1,320
3 Bedroom / 3 Bathroom 1 5.0% 0 100.0% 1,500 $1,620 $1,620
Property Total / Wtd Avg. 20 100.0% 0 100.0% 893 $1,307 $1,335
Fountains
2 Bedroom / 1.5 Bathroom 11 100.0% 0 100.0% 960 $1,279 $1,259
Property Total / Wtd Avg. 11 100.0% 0 100.0% 960 $1,279 $1,259
Portfolio Total / Wtd Avg. 256 100.0% 3 98.8% 1,216 $1,346 $1,327
(1) Based on the underwritten rent roll dated September 9, 2026.
(2) Source: Appraisals.

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the NW Arkansas Portfolio Properties:

Cash Flow Analysis
2023 2024 2025 TTM 7/31/2026 U/W U/W Per Unit
Base Rent $3,119,551 $3,659,482 $3,901,888 $3,965,362 $4,132,955 $16,144
Gross Potential Rent $3,119,551 $3,659,482 $3,901,888 $3,965,362 $4,132,955 $16,144
Other Income 202,118 234,681 251,844 243,157 259,000 $1,012
Net Rental Income $3,321,670 $3,894,163 $4,153,732 $4,208,519 $4,391,955 $17,156
(Vacancy / Credit Loss) 0 0 0 0 (206,648) ($807)
Total Effective Gross Income $3,321,670 $3,894,163 $4,153,732 $4,208,519 $4,185,307 $16,349
Real Estate Taxes 168,870 185,026 238,756 259,155 278,587 $1,088
Insurance 150,631 169,411 180,225 170,388 237,595 $928
Management Fee 191,942 208,295 212,546 219,461 209,265 $817
Other Expenses(1) 166,896 181,373 184,750 166,385 340,800 $1,331
Total Expenses $678,339 $744,105 $816,276 $815,388 $1,066,247 $4,165
Net Operating Income $2,643,331 $3,150,058 $3,337,456 $3,393,131 $3,119,060 $12,184
Replacement Reserves 0 0 0 0 64,000 $250
Net Cash Flow $2,643,331 $3,150,058 $3,337,456 $3,393,131 $3,055,060 $11,934
Occupancy NAV NAV NAV 98.8%(2) 95.0%(3)
NCF DSCR 1.16x 1.39x 1.47x 1.49x 1.34x
NOI Debt Yield 7.3% 8.7% 9.3% 9.4% 8.6%
(1) Other Expenses include utilities, repairs and maintenance, and general and administrative expenses.
(2) Based on the underwritten rent roll dated September 9, 2026.
(3) Represents economic occupancy.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
35
Multifamily - Garden
Various
Various, AR Various 		Collateral Asset Summary - Loan No. 3
NW Arkansas Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$36,061,000
73.1%
1.34x
8.6%

Appraisals. The NW Arkansas Portfolio Properties had an aggregate appraised value of $49,300,000 as of June 30, 2026 or July 1, 2026, as shown in the table below.

 Appraised Value(1)
Property Value Capitalization Rate
Meadowlands $12,100,000 6.00%
Ecology $10,900,000 6.00%
Honeysuckle $8,300,000 6.00%
Windwood $6,300,000 6.00%
Brooks Duplexes $5,600,000 6.00%
Clevenger $4,100,000 6.00%
Fountains $2,000,000 6.00%
Portfolio Total / Avg. $49,300,000 6.00%
(1) Source: Appraisals.

Environmental Matters. The Phase I environmental site assessments dated between July 9, 2026 and July 13, 2026 did not identify any recognized environmental conditions at any of the NW Arkansas Portfolio Properties.

The Market. According to the appraisals, the NW Arkansas Portfolio Properties are located in the Fayetteville-Springdale-Rogers, AR-MO metropolitan statistical area in Northwest Arkansas. The metropolitan area had a 2025 population of approximately 611,655, representing annual population growth of 2.3%, and approximately 231,761 households. The 2025 median household income was approximately $82,028 and approximately 38.1% of occupied housing units were renter occupied. Major employers in the region include Walmart, Tyson Foods and J.B. Hunt Transport Services. As of the first quarter of 2026, the Fayetteville-Springdale-Rogers multifamily market included approximately 43,779 units with an average occupancy rate of 95.3% and a weighted average effective asking rent of approximately $1,221 per unit, or $1.36 per SF.

According to the appraisals, the Fayetteville submarket, in which six of the NW Arkansas Portfolio Properties are located, contained approximately 15,041 units as of the first quarter of 2026. The average occupancy rate was approximately 95.7%. The submarket had approximately 496 units under construction and 468 units slated for delivery over the next four quarters. Effective asking rents averaged approximately $1,096 per unit per month.

According to the appraisals, the Springdale/Rogers/Bentonville submarket, in which the Meadowlands Property is located, contained approximately 28,738 units as of the first quarter of 2026. The average occupancy rate was approximately 95.1%. The submarket had approximately 1,825 units under construction and 1,050 units slated for delivery over the next four quarters. Effective asking rents averaged approximately $1,258 per unit per month.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
36
Multifamily - Garden
Various
Various, AR Various 		Collateral Asset Summary - Loan No. 3
NW Arkansas Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$36,061,000
73.1%
1.34x
8.6%

The following table presents certain information relating to comparable multifamily properties to the NW Arkansas Portfolio Properties:

Multifamily Rent Comparables(1)
Property Name / Address Year Built / Renovated Number of Units Occupancy Average Unit Size Average Rent Per Unit

Meadowlands

804 Meadowlands Drive

Centerton, AR

2006 / 2019 64(2) 98.4%(2) 1,500(2) $1,348(2)

Ecology

344 North Double Springs Road

Farmington, AR

1973 / NAP 53(2) 100.0%(2) 1,247(2) $1,409(2)

Honeysuckle

4179 North Sunflower Circle

Fayetteville, AR

1984 / NAP 44(2) 97.7%(2) 1,250(2) $1,352(2)

Windwood

1905 South 40th Street

Springdale, AR

1987 / NAP 34(2) 97.1%(2) 1,012(2) $1,272(2)

Brooks Duplexes

993 North Brook Drive

Fayetteville, AR

1975 / NAP 30(2) 100.0%(2) 1,050(2) $1,354(2)

Clevenger

764 North 54th Avenue

Fayetteville, AR

1972 / 2022 20(2) 100.0%(2) 893(2) $1,307(2)

Fountains

4119 North Sunflower Circle

Fayetteville, AR

1984 / NAP 11(2) 100.0%(2) 960(2) $1,279(2)

Rupple Townhomes

4234 West Eisenhower Place

Fayetteville, AR

2022 / NAP 64 100.0% 1,214 SF $1,725

Moonlight Cottages, Duplex and Townhomes

5280 West Moonlight Drive

Fayetteville, AR

2005 / NAP 49 98.0% 1,115 SF $1,084

Pleasant Woods Townhomes

1727 Pleasant Woods Drive

Fayetteville, AR

2002 / NAP 60 98.3% 1,200 SF $1,200

3161 W Montrail Pl

3161 West Montrail Place

Fayetteville, AR

2000 / NAP 31 93.5% 1,404 SF $1,695

Meadow View Townhomes

2509 Meadow View Drive

Fayetteville, AR

1998 / NAP 85 98.8% 1,200 SF $1,251

2305-2315 E Kantz Cv

2305 East Kantz Cove

Fayetteville, AR

1985 / NAP 6 100.0% 1,072 SF $1,200

Village at Scull Creek

2619 North Quality Lane

Fayetteville, AR

2007 / NAP 54 94.4% 1,005 SF $1,092

Springdale Square Apartments

1305 Crutcher Street

Springdale, AR

2002 / NAP 96 92.7% 619 SF $1,027

Talmoore Townhomes

2093 Oriole Street

Springdale, AR

2021 / NAP 40 100.0% 1,126 SF $1,100

Elm Tree Townhomes

3102 Southwest 2nd Street

Bentonville, AR

2022 / NAP 32 96.9% 1,509 SF $1,664

Valley Oaks

800 Valley Oaks Lane

Centerton, AR

2022 / NAP 38 94.7% 1,394 SF $1,621

Woodward Park

111 Northwest 63rd Avenue

Bentonville, AR

2023 / NAP 100 96.0% 1,137 SF $1,566

Reserve on Central

1301 East Central Avenue

Bentonville, AR

1995 / NAP 62 85.5% 1,202 SF $1,221

Hawthorne Row

1801 Southeast J Street

Bentonville, AR

2024 / NAP 12 100.0% 2,002 SF $2,835

Har-Ber Meadows Townhomes

6523 Lynch's Prairie Cove

Springdale, AR

2023 / NAP 22 90.9% 1,274 SF $1,563

Har-Ber Townhomes

Har-Ber Avenue

Springdale, AR

2020 / NAP 25 100.0% 1,126 SF $1,314

Bradford Duplexes

592 Bradford Dr

Tontitown, AR

2023 / NAP 20 95.0% 1,472 SF $1,838

Emma East Apartments

1907 East Emma Avenue

Springdale, AR

2005 / NAP 55 94.5% 950 SF $1,116
(1) Source: Appraisals, unless otherwise indicated.
(2) Based on the underwritten rent roll dated September 9, 2026.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
37
Multifamily - Garden
Various
Various, AR Various 		Collateral Asset Summary - Loan No. 3
NW Arkansas Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$36,061,000
73.1%
1.34x
8.6%

The Borrower and the Borrower Sponsors. The borrower is PBS Rental Properties, LLC, a Delaware limited liability company and single purpose entity having one independent director in its organizational structure. The borrower's counsel delivered a non-consolidation opinion upon closing of the NW Arkansas Portfolio Mortgage Loan. The borrower sponsors and non-recourse carveout guarantors are Paul A. Schmidt, Jr. and Bridget D. Schmidt, local owner-operators and repeat agency borrowers based in Rogers, Arkansas with more than 10 years of experience in the Northwest Arkansas market. The borrower sponsors own 37 properties totaling approximately 350 units, all located in the Northwest Arkansas metropolitan area. The borrower sponsors either acquired or constructed the NW Arkansas Portfolio Properties between 2014 and 2018.

Property Management. The NW Arkansas Portfolio Properties are self-managed by the borrower.

Initial and Ongoing Reserves. At origination of the NW Arkansas Portfolio Mortgage Loan, the borrower deposited approximately (i) $121,080 into a reserve for deferred maintenance, (ii) $208,940 into a reserve account for real estate taxes and (iii) $131,801 into a reserve account for insurance premiums.

Tax Reserve - The borrower is required to deposit into a real estate tax reserve, on a monthly basis, an amount sufficient to enable the lender to pay taxes when due (initially approximately $20,693 per month).

Insurance Reserve - The borrower is required to deposit into an insurance reserve, on a monthly basis, an amount sufficient to enable the lender to pay insurance premiums when due (initially approximately $14,199 per month).

Replacement Reserve - The borrower is required to deposit into a capital replacement and repair reserve, on a monthly basis, approximately $5,461.

Lockbox / Cash Management. The NW Arkansas Portfolio Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Lockbox Trigger Event (as defined below), the borrower is required to establish a lender-approved clearing account and cause all gross revenue to be deposited into such clearing account within one business day following receipt. During a Trigger Period (as defined below), funds are swept daily to a lender-controlled cash management account and applied and disbursed in accordance with the NW Arkansas Portfolio Mortgage Loan documents. All available cash remaining after such applications is deposited into a cash collateral account until the Trigger Period is terminated. If no Trigger Period is continuing, funds are swept daily to the borrower's operating account.

A "Lockbox Trigger Event" means the earlier of (i) the commencement of a Trigger Period and (ii) the debt service coverage ratio being less than 1.20x.

"Trigger Period" means a period (A) commencing upon the earliest of (i) the occurrence and continuance of an event of default, (ii) a Low DSCR Period (as defined below), (iii) the insolvency or bankruptcy of an affiliated property manager or (iv) certain bankruptcy or insolvency events of the borrower or a guarantor; and (B) expiring, provided no other Trigger Period is then continuing, upon (1) with regard to clause (i) above, the cure of such event of default and acceptance of such cure by the lender, (2) with regard to clause (ii) above, the cure of such Low DSCR Period, (3) with regard to clause (iii) above, the replacement of the affiliated property manager with a non-affiliated property manager approved by the lender in accordance with the NW Arkansas Portfolio Mortgage Loan documents and (4) with regard to clause (iv) above, if such Trigger Period results solely from a qualifying involuntary petition against the borrower, the discharge or dismissal of such petition within 30 days of filing

A "Low DSCR Period" commences if, from and after the December 1, 2026 payment date, the debt service coverage ratio is less than 1.15x as of the last day of any calendar quarter and ends when the debt service coverage ratio is at least 1.20x for two consecutive calendar quarters, in each case as determined by the lender.

Current Mezzanine or Secured Subordinate Indebtedness. None.

Permitted Future Mezzanine or Secured Subordinate Indebtedness. Not permitted.

Release of Collateral. Not permitted.

Ground Lease. None.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
38
Multifamily - High Rise
4180 North Marine Drive
Chicago, IL 60613

Collateral Asset Summary - Loan No. 4
Marine Terrace

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,307,000
62.5%
1.36x
8.9%
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
39
Multifamily - High Rise
4180 North Marine Drive
Chicago, IL 60613

Collateral Asset Summary - Loan No. 4
Marine Terrace

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,307,000
62.5%
1.36x
8.9%
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
40
Multifamily - High Rise
4180 North Marine Drive
Chicago, IL 60613

Collateral Asset Summary - Loan No. 4
Marine Terrace

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,307,000
62.5%
1.36x
8.9%
Mortgage Loan Information Property Information
Loan Seller: Axonic Single Asset / Portfolio: Single Asset
Loan Purpose: Refinance Property Type - Subtype: Multifamily - High Rise
Borrower Sponsor(s): Nicholas Yassan and Nicholas Yassan, as Trustee of Nicholas Yassan Trust Collateral: Fee
Borrower(s): 4180 Holdings II, LLC Location: Chicago, IL
Original Balance: $33,307,000 Year Built / Renovated: 1950 / 2025
Cut-off Date Balance: $33,307,000 Property Management: Rany Management, LLC (borrower-affiliated)
% by Initial UPB: 6.1% Size: 190 Units
Interest Rate: 6.36000% Appraised Value / Per Unit: $53,300,000 / $280,526
Note Date: September 9, 2026 Appraisal Date: July 31, 2026
Original Term: 60 months Occupancy: 91.6% (as of August 14, 2026)
Amortization: Interest Only Underwritten NOI: $2,966,856
Original Amortization: NAP Underwritten NCF: $2,919,356
Interest Only Period: 60 months
First Payment Date: November 1, 2026
Maturity Date: October 1, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI: $2,720,585 (TTM July 31, 2026)
Additional Debt Balance: NAP 2025 NOI: $2,498,707
Call Protection: YM1(56),O(4) 2024 NOI: $2,331,005
Lockbox / Cash Management: Springing / Springing 2023 NOI(2): NAV
Reserves(1) Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $175,300
Taxes: $44,962 $44,962 NAP Maturity Date Loan / Unit: $175,300
Insurance: $89,126 $9,903 NAP Cut-off Date LTV: 62.5%
Replacement Reserves: $0 Springing NAP Maturity Date LTV: 62.5%
Deferred Maintenance: $5,000 $0 NAP UW NOI DY: 8.9%
UW NCF DSCR: 1.36x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $33,307,000 100.0% Loan Payoff $29,528,667 88.7 %
Return of Equity 2,494,999 7.5
Closing Costs(3) 1,144,246 3.4
Upfront Reserves 139,088 0.4
Total Sources $33,307,000 100.0% Total Uses $33,307,000 100.0 %
(1) See "Initial and Ongoing Reserves" below for further discussion of reserve information.
(2) 2023 NOI is unavailable due to the owner acquiring the last 16 of 190 units of the former condominium in September 2023, and later consolidating them into a single parcel.
(3) Closing Costs include an origination fee of $499,605.

The Loan. The fourth largest mortgage loan (the "Marine Terrace Mortgage Loan") is secured by the borrower's fee simple interest in a 190-unit, high-rise apartment complex located in Chicago, Illinois (the "Marine Terrace Property"). The Marine Terrace Mortgage Loan is evidenced by a single promissory note with an outstanding principal balance as of the Cut-off Date of $33,307,000. The Marine Terrace Mortgage Loan was originated on September 9, 2026 by Axonic, and accrues interest at a fixed rate of 6.36000% per annum. The Marine Terrace Mortgage Loan has an initial term of five years and is interest-only for the full term. The scheduled maturity date of the Marine Terrace Mortgage Loan is October 1, 2031.

The Property. The Marine Terrace Property is a 190-unit, high-rise apartment complex located in Chicago, Illinois. The Marine Terrace Property was originally constructed in 1950 and is comprised of one, 16-story apartment building situated on an approximately 0.47-acre site. The current ownership entity began acquiring individual condominium units in 2010 and acquired the final 16 units in September 2023, resulting in 100% ownership of all 190 units and operation of the property as a single rental apartment community. The Marine Terrace Property has benefited from approximately $2.2 million of capital improvements since 2024, including modernization of both elevators, renovations to common areas and residential units, improvements to the laundry room and parking garage, façade repairs, exterior painting and storage unit enhancements.

Amenities at the Marine Terrace Property include common laundry and storage lockers, and unit amenities include ceiling fans, refrigerators, oven/ranges, microwaves and dishwashers. The Marine Terrace Property also features 47 surface and garage parking

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
41
Multifamily - High Rise
4180 North Marine Drive
Chicago, IL 60613

Collateral Asset Summary - Loan No. 4
Marine Terrace

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,307,000
62.5%
1.36x
8.9%

spaces, resulting in a parking ratio of approximately 0.2 spaces per unit. The unit mix at the Marine Terrace Property consists of six studio units, 169 one-bedroom units, 10 two-bedroom units and five three-bedroom units. As of August 14, 2026, based on the underwritten rent roll, the Marine Terrace Property was approximately 91.6% occupied.

The following table presents certain information relating to the unit mix at the Marine Terrace Property:

Unit Mix(1)
Unit Type # of Units % of Total Occupied Units Occupancy Average Unit Size (SF) Average Monthly Rental Rate Average Monthly Market Rent Per Unit(2)
Studio / 1 Bath 6 3.2% 6 100.0% 500 $1,593 $1,579
1 Bed / 1 Bath 169 88.9% 154 91.1% 700 $1,793 $1,776
2 Bed / 1 Bath 10 5.3% 10 100.0% 1,200 $2,876 $2,840
3 Bed / 2 Bath 5 2.6% 4 80.0% 1,400 $3,733 $3,733
Total/Wtd. Avg. 190 100.0% 174 91.6% 738 $1,893 $1,867
(1) Based on the underwritten rent roll dated August 14, 2026. Average Monthly Rental Rate is based on occupied units.
(2) Source: Appraisal.

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Marine Terrace Property:

Cash Flow Analysis(1)
2024 2025 TTM 7/31/2026 U/W U/W Per Unit
Gross Potential Rent $3,288,100 $3,444,930 $3,720,634 $4,319,428 $22,734
Vacancy 0 0 0 (367,480) ($1,934)
Concessions (1,142) (46,688) (145,949) (21,597) ($114)
Bad Debt 0 0 0 (21,597) ($114)
Net Rental Income $3,286,958 $3,398,242 $3,574,685 $3,908,754 $20,572
Utility Reimbursement 141,393 206,524 221,010 244,228 $1,285
Miscellaneous Other Income 72,807 77,960 72,059 90,688 $477
Damage/Late/Deposits 15,532 14,951 9,346 9,392 $49
Parking 94,214 113,048 123,354 130,340 $686
Pet 7,810 14,616 9,991 10,052 $53
Laundry 39,595 34,609 47,882 46,300 $244
Effective Gross Income $3,658,310 $3,859,950 $4,058,327 $4,439,754 $23,367
Real Estate Taxes 629,152 638,562 555,984 496,266(2) $2,612
Insurance 71,257 106,828 105,760 103,334 $544
Utilities 247,344 311,422 360,144 319,382 $1,681
Repairs & Maintenance 145,886 73,398 85,131 190,000 $1,000
Management Fee 0 0 0 133,193 $701
Payroll 68,400 105,577 193,643 193,643 $1,019
Advertising 109,776 79,586 8,100 8,100 $43
Professional Fees 37,523 28,077 10,665 10,665 $56
General & Administrative 17,967 17,794 18,315 18,315 $96
Total Expenses $1,327,305 $1,361,243 $1,337,742 $1,472,898 $7,752
0 0
Net Operating Income $2,331,005 $2,498,707 $2,720,585 $2,966,856 $15,615
Replacement Reserves 0 0 0 47,500 $250
Net Cash Flow $2,331,005 $2,498,707 $2,720,585 $2,919,356 $15,365
Occupancy NAV NAV 91.6%(3) 90.5%(4)
NCF DSCR 1.09x 1.16x 1.27x 1.36x
NOI Debt Yield 7.0% 7.5% 8.2% 8.9%
(1) 2023 Net Operating Income is unavailable due to the owner acquiring the last 16 of 190 units of the former condominium in September 2023, and later consolidating them into a single parcel.
(2) Real Estate Taxes are underwritten based on the appraisal's stabilized tax estimate, which reflects the assessment of the single tax parcel created when the former condominium units were consolidated, with the 2025 equalization factor and the 2024 tax rate applied. Historical Real Estate Taxes reflect taxes assessed on the individual condominium unit parcels before consolidation.
(3) Based on the underwritten rent roll dated August 14, 2026.
(4) Represents economic occupancy.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
42
Multifamily - High Rise
4180 North Marine Drive
Chicago, IL 60613

Collateral Asset Summary - Loan No. 4
Marine Terrace

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,307,000
62.5%
1.36x
8.9%

Appraisal. According to the appraisal, the Marine Terrace Property had an "as-is" appraised value of $53,300,000 as of July 31, 2026, as shown in the table below.

Marine Terrace Appraised Value(1)
Property Value Capitalization Rate
Marine Terrace $53,300,000 6.00%
(1) Source: Appraisal.

Environmental Matters. According to the Phase I environmental assessment dated July 31, 2026, there was no evidence of any recognized environmental conditions at the Marine Terrace Property.

The Market. The Marine Terrace Property is located at 4180 North Marine Drive in Chicago, Illinois, within the Chicago-Naperville-Elgin metropolitan statistical area (the "Chicago MSA"). The Marine Terrace Property is located in the Uptown neighborhood in the northern portion of Chicago. Top employers in Cook County include Amazon.com, Inc., Advocate Health, Northwestern Memorial Healthcare, Endeavor Health, the University of Chicago, United Airlines Holdings, Inc., Walmart, Inc., Rush University System for Health and J.P. Morgan Chase. Primary access to the Marine Terrace Property is provided by North Marine Drive with nearby access to U.S. Route 41 and Interstate 90, which provide linkage to the surrounding area.

According to a third-party market research report, the Marine Terrace Property is located in the Lincoln Park/Lakeview multifamily submarket of the Chicago MSA. As of the second quarter of 2026, the Lincoln Park/Lakeview multifamily submarket had a total inventory of 47,138 units, a vacancy rate of 2.5%, and asking rent of $2,860 per unit.

According to the appraisal, the 2025 population within a one-, three- and five-mile radius of the Marine Terrace Property was 66,256, 376,750 and 940,284, respectively. The 2025 average household income within the same radii was $127,700, $162,510 and $159,992, respectively.

The following table presents certain information relating to comparable multifamily properties to the Marine Terrace Property:

Comparable Multifamily Properties(1)
Property Name / Address Distance from Subject Year Built / Renovated Number of Units Occupancy Unit Type Average Unit Size Average Rent Per Unit(2)
Marine Terrace(2)
4180 North Marine Drive
Chicago, IL

-

1950 / 2025

190

91.6% Studio / 1 Bath 500 SF $1,593
1 Bed / 1 Bath 700 SF $1,793
2 Bed / 1 Bath 1,200 SF $2,876
3 Bed / 2 Bath 1,400 SF $3,733
445 W Barry Ave
445 W Barry Avenue
Chicago, IL 		1.4 mi 1974 / NAP 126 96.0%

Studio / 1 BA

1 BR / 1 BA

2 BR / 1 BA

3 BR / 2 BA

600 SF

750 SF

900 SF

1,100 SF

$1,845

$2,489

$2,818

$3,689

Maynard at Elaine Place
3419 North Elaine Place
Chicago, IL 		0.9 mi 1925 / NAP 182 98.3%

Studio / 1 BA

1 BR / 1 BA

2 BR / 1 BA

2 BR / 2 BA

483 SF

767 - 1,150 SF

811 - 1,421 SF

887 SF

$1,774

$1,602 - $2,311

$2,220 - $2,863

$2,746

Lawrence House Apartments
1020 West Lawrence Avenue
Chicago, IL 		0.9 mi 1935 / 2017 343 96.5% Studio / 1 Bath 236 - 303 SF $1,271 - $1,561
4100 N Marine Dr
4100 North Marine Drive
Chicago, IL 		0.1 mi 1964 / 2002 190 99.5%

Studio / 1 BA

1 BR / 1 BA

2 BR / 1 BA

3 BR / 2 BA

500 SF

700 SF

850 - 900 SF

1,100 SF

$1,373

$2,090

$2,365 - $2,891

$3,287

Wave Lakeview
420 West Belmont Avenue
Chicago, IL 		1.2 mi 1967 / 2018 207 93.2%

Studio / 1 BA

1 BR / 1 BA

565 SF

488 - 795 SF

$1,919

$1,936 - $2,641

The Covington
4600 North Clarendon Avenue
Chicago, IL 		0.6 mi 1965 / NAP 165 98.8%

Studio / 1 BA

1 BR / 1 BA

2 BR / 1 BA

400 - 464 SF

550 - 750 SF

1,100 SF

$1,572 - $1,778

$1,853 - $1,976

$2,718

(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated August 14, 2026. Average Rent per Unit reflects the average base rent for occupied units.

The Borrower and the Borrower Sponsors. The borrower is 4180 Holdings II, LLC, a Delaware limited liability company and single purpose entity, with one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Marine Terrace Mortgage Loan. The borrower sponsors and non-recourse carveout guarantors are Nicholas Yassan and Nicholas Yassan, as Trustee of Nicholas Yassan Trust. Mr. Yassan resides in Chicago, Illinois, with 23 years of real estate experience, and is president and managing partner of Rany Management, a vertically integrated owner-operator with in-house construction and management teams and 18 employees, headquartered less than two miles from the Marine Terrace Property. Mr. Yassan's schedule of real estate owned lists 43 properties, all in Chicago (15 multifamily, 23 mixed-use, 2 industrial, 1 single-family, 1 parking lot, and his primary residence), comprising 730 multifamily and mixed-use units.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
43
Multifamily - High Rise
4180 North Marine Drive
Chicago, IL 60613

Collateral Asset Summary - Loan No. 4
Marine Terrace

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,307,000
62.5%
1.36x
8.9%

Property Management. The Marine Terrace Property is managed by Rany Management, LLC, a borrower-affiliated management company. 

Initial and Ongoing Reserves. At origination of the Marine Terrace Mortgage Loan, the borrower deposited approximately (i) $44,962 into a reserve account for real estate taxes, (ii) $89,126 into a reserve account for insurance premiums and (iii) $5,000 into a reserve account for priority repairs.

Tax Reserve - The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $44,962).

Insurance Reserve - The borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the annual insurance premiums that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $9,903).

Replacement Reserve - The capital replacement and repair reserve monthly deposit, initially approximately $4,307, is deferred; however, may be reinstated by the lender following (i) a default under the Marine Terrace Mortgage Loan documents, (ii) a transfer requiring lender approval, (iii) the placement of a subordinate loan or (iv) the lender's assessment of the physical condition of the Marine Terrace Property.

Lockbox / Cash Management. The Marine Terrace Mortgage Loan is structured with a springing lockbox and springing cash management. On the first occurrence of a Lockbox Trigger Event (as defined below), the borrower is required to establish a lender-controlled clearing account, and is thereafter required to deposit, or cause the property manager to deposit, within one business day of receipt, all revenue derived from the Marine Terrace Property into such lender-controlled clearing account. Following a Lockbox Trigger Event, all funds deposited into the clearing account are required to be transferred on each business day to the borrower's operating account unless a Trigger Period (as defined below) exists, in which case all funds in the clearing account are required to be swept on each business day to a lender-controlled deposit account to be applied and disbursed in accordance with the Marine Terrace Mortgage Loan documents, and all available cash remaining in the deposit account after the application of such funds in accordance with the Marine Terrace Mortgage Loan documents is required to be held by the lender in a cash collateral account as additional collateral for the Marine Terrace Mortgage Loan. Upon the cure of the applicable Trigger Period, so long as no other Trigger Period exists, the lender is required to return any amounts remaining on deposit in the cash collateral account to the borrower. Upon an event of default under the Marine Terrace Mortgage Loan documents, the lender may apply funds to the debt in such priority as it may determine.

"Lockbox Trigger Event" means the earlier of (i) the commencement of a Trigger Period and (ii) the debt service coverage ratio being less than 1.20x.

"Trigger Period" means a period (A) commencing upon (i) the occurrence of an event of default, (ii) the commencement of a Low DSCR Period (as defined below), (iii) the insolvency or bankruptcy of an affiliated property manager, or (iv) the insolvency or bankruptcy of the borrower or guarantor; and (B) expiring, provided no other Trigger Period is then continuing, upon (1) with regard to clause (i) above, the cure of such event of default and acceptance of such cure by the lender, (2) with regard to clause (ii) above, the date that the debt service coverage ratio is equal to or greater than 1.15x for two consecutive calendar quarters, (3) with regard to clause (iii) above, the replacement of the affiliated property manager with a non-affiliated property manager approved by the lender in accordance with the Marine Terrace Mortgage Loan documents, and (4) with regard to clause (iv) above, if such Trigger Period results solely from a qualifying involuntary petition against the borrower, the discharge or dismissal of such petition within 30 days of filing.

A "Low DSCR Period" commences if, from and after the November 1, 2026 payment date, the debt service coverage ratio is less than 1.15x as of the last day of any calendar quarter and ends when the debt service coverage ratio is at least 1.15x for two consecutive calendar quarters, in each case as determined by the lender.

Current Mezzanine or Secured Subordinate Indebtedness. None.

Permitted Future Mezzanine or Secured Subordinate Indebtedness. Not permitted.

Release of Collateral. Not permitted.

Ground Lease. None.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
44

Multifamily - Garden

Various

Howell, MI 48843

Collateral Asset Summary - Loan No. 5

Chestnut Woods & Chestnut
Crossing

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,000,000

67.1%

1.54x

9.0%

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
45

Multifamily - Garden

Various

Howell, MI 48843

Collateral Asset Summary - Loan No. 5

Chestnut Woods & Chestnut
Crossing

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,000,000

67.1%

1.54x

9.0%

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
46

Multifamily - Garden

Various

Howell, MI 48843

Collateral Asset Summary - Loan No. 5

Chestnut Woods & Chestnut
Crossing

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,000,000

67.1%

1.54x

9.0%

Mortgage Loan Information Property Information
Loan Seller: Axonic Single Asset / Portfolio: Portfolio
Loan Purpose: Acquisition Property Type - Subtype: Multifamily - Garden
Borrower Sponsor(s): Jason K. Wisotsky Collateral: Fee
Borrower(s): FC Woods, LLC and FC Crossing, LLC Location: Howell, MI
Original Balance: $33,000,000 Year Built / Renovated(2): Various / NAP
Cut-off Date Balance: $33,000,000 Property Management: Oakland Management Corp.
% by Initial UPB: 6.0% Size: 180 Units
Interest Rate: 5.66000% Appraised Value / Per Unit: $49,200,000 / $273,333
Note Date: July 13, 2026 Appraisal Date: April 8, 2026
Original Term: 60 months Occupancy: 98.3% (as of June 22, 2026)
Amortization: Interest Only Underwritten NOI(3): $2,954,931
Original Amortization: NAP Underwritten NCF: $2,909,931
Interest Only Period: 60 months
First Payment Date: September 1, 2026
Maturity Date: August 1, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI(3): $2,623,645 (TTM May 31, 2026)
Additional Debt Balance: NAP 2025 NOI: $2,502,451
Call Protection: YM1(56),O(4) 2024 NOI: $2,503,610
Lockbox / Cash Management: Springing / Springing 2023 NOI: $2,393,417
Reserves(1) Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $183,333
Taxes: $43,084 $43,084 NAP Maturity Date Loan / Unit: $183,333
Insurance: $20,844 $6,948 NAP Cut-off Date LTV: 67.1%
Replacement Reserves: $200,000 Springing NAP Maturity Date LTV: 67.1%
UW NOI DY: 9.0%
UW NCF DSCR: 1.54x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $33,000,000 69.8 % Purchase Price $44,000,000 93.1 %
Borrower Equity 14,267,793 30.2 Closing Costs(4) 3,003,865 6.4
Upfront Reserves 263,928 0.6
Total Sources $47,267,793 100.0 % Total Uses $47,267,793 100.0 %
(1) See "Initial and Ongoing Reserves" below.
(2) See the chart titled "Portfolio Summary" under "The Properties" below.
(3) The increase from Most Recent NOI to Underwritten NOI is primarily due to the exclusion of capital expenditures completed by the seller.
(4) Closing Costs include (i) an origination fee of $330,000 and (ii) a rate buydown of $660,000.

The Loan. The fifth largest mortgage loan (the "Chestnut Woods & Chestnut Crossing Mortgage Loan") is secured by the borrowers' fee simple interests in a 180-unit, two property multifamily portfolio located in Howell, Michigan (the "Chestnut Woods & Chestnut Crossing Properties"). The Chestnut Woods & Chestnut Crossing Mortgage Loan is evidenced by a single promissory note with an outstanding principal balance as of the Cut-off Date of $33,000,000. The Chestnut Woods & Chestnut Crossing Mortgage Loan was originated on July 13, 2026 by Axonic, and accrues interest at a fixed rate of 5.66000% per annum. The Chestnut Woods & Chestnut Crossing Mortgage Loan has an initial term of five years and is interest-only for the full term. The scheduled maturity date of the Chestnut Woods & Chestnut Crossing Mortgage Loan is August 1, 2031.

The Properties. The Chestnut Woods & Chestnut Crossing Properties are comprised of two multifamily properties totaling 180 units, located in Howell, Michigan. As of June 22, 2026, the Chestnut Woods & Chestnut Crossing Properties were 98.3% leased.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
47

Multifamily - Garden

Various

Howell, MI 48843

Collateral Asset Summary - Loan No. 5

Chestnut Woods & Chestnut
Crossing

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,000,000

67.1%

1.54x

9.0%

The following table presents certain information relating to the Chestnut Woods & Chestnut Crossing Properties:

Portfolio Summary

Property Name

Location(1)

Year Built / Renovated(1)

# of Units(2)

Occupancy(2)

Allocated Cut-off Date Balance

% of Allocated Cut-off Date Balance

UW NOI

% of UW NOI

Appraised Value(1)

Chestnut Woods Howell, MI 2021, 2024 / NAP 96 96.9% $18,109,756 54.9% NAV NAV $27,000,000
Chestnut Crossing Howell, MI 2019 / NAP 84 100.0% $14,890,244 45.1% NAV NAV $22,200,000
Total/ Wtd. Avg 180 98.3% $33,000,000 100.0% $2,954,931 100.0% $49,200,000
(1) Source: Appraisals.
(2) Based on the underwritten rent rolls dated June 22, 2026.

Chestnut Woods. The Chestnut Woods property consists of 17, single-story, garden-style buildings situated on a 34.41-acre site located in Howell, Michigan, totaling 96 units (the "Chestnut Woods Property"). The Chestnut Woods Property was constructed in phases in 2021 and 2024. The Chestnut Woods Property includes 409 parking spaces, resulting in a parking ratio of approximately 4.3 spaces per unit. The average unit size at the Chestnut Woods Property is 1,409 SF, with unit types of 2 bedroom / 2 bathroom and 3 bedroom / 2 bathroom. See the Portfolio Unit Mix table below for additional information. Unit amenities at the Chestnut Woods Property include air conditioning, dishwashers, covered parking, ranges/stoves, refrigerators, balconies/patios, washer/dryer in unit and a parking garage. As of June 22, 2026, the Chestnut Woods Property is 96.9% occupied.

Chestnut Crossing. The Chestnut Crossing property consists of 13 single-story, garden-style apartment buildings totaling 84 units, located in Howell, Michigan (the "Chestnut Crossing Property"). The Chestnut Crossing Property was constructed in 2019. The Chestnut Crossing Property has 375 parking spaces which results in approximately 4.5 parking spaces per unit. The average unit size at the Chestnut Crossing Property is 1,304 SF with only 2 Bedroom / 2 Bathroom floor plans. See the Portfolio Unit Mix table below for additional information. Unit amenities at the Chestnut Crossing Property include air conditioning, dishwashers, covered parking, ranges/stoves, refrigerators, balconies/patios, garbage disposals, washer/dryer in unit and a parking garage. As of June 22, 2026, the Chestnut Crossing Property is 100.0% occupied.

The following table presents certain information relating to the unit mix at the Chestnut Woods & Chestnut Crossing Properties:

Portfolio Unit Mix(1)
Unit Type # of Units % of Total Units Vacant Units Occupancy(2) Average Unit Size (SF) Average Monthly Rent Per Unit(3) Average Monthly Market Rent Per Unit
Chestnut Woods
2 Bedroom / 2 Bathroom 85 88.5% 2 97.6% 1,365 $2,164 $2,163
3 Bedroom / 2 Bathroom 11 11.5% 0 100.0% 1,753 $2,421 $2,410
Property Total / Wtd Avg. 96 100.0% 2 96.9% 1,409 $2,194 $2,192(4)
Chestnut Crossing
2 Bedroom / 2 Bathroom 84 100.0% 0 100.0% 1,304 $1,979 $2,036
Property Total / Wtd Avg. 84 100.0% 0 100.0% 1,304 $1,979 $2,036
Portfolio Total / Wtd Avg. 180 100.0% 2 98.3% 1,360 $2,092 $2,118
(1) Based on the underwritten rent rolls dated June 22, 2026.
(2) Occupancy at the Chestnut Woods Property excludes one non-revenue unit.
(3) Average Monthly Rent Per Unit excludes vacant and non-revenue units.
(4) Excludes one non-revenue unit and two vacant units.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
48

Multifamily - Garden

Various

Howell, MI 48843

Collateral Asset Summary - Loan No. 5

Chestnut Woods & Chestnut
Crossing

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,000,000

67.1%

1.54x

9.0%

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Chestnut Woods & Chestnut Crossing Properties:

Cash Flow Analysis
2023 2024 2025 TTM 5/31/2026 U/W U/W Per Unit
Base Rent $3,682,169 $3,881,505 $4,126,304 $4,281,655 $4,521,228 $25,118
Gross Potential Rent $3,682,169 $3,881,505 $4,126,304 $4,281,655 $4,521,228 $25,118
Other Income(1) 304,339 279,354 277,536 264,054 264,054 $1,467
Net Rental Income $3,986,508 $4,160,858 $4,403,840 $4,545,708 $4,785,282 $26,585
(Vacancy / Concessions / Bad Debt) (66,404) (35,373) (22,497) (6,402) (271,274) ($1,507)
Total Effective Gross Income $3,920,104 $4,125,485 $4,381,343 $4,539,306 $4,514,008 $25,078
Real Estate Taxes 396,028 444,902 474,499 477,147 575,937 $3,200
Insurance 75,032 104,625 127,378 136,053 72,501 $403
Management Fee 83,380 90,657 85,760 90,603 112,850 $627
Other Expenses(2) 972,248 981,692 1,191,255 1,211,858 797,789 $4,432
Total Expenses $1,526,687 $1,621,875 $1,878,892 $1,915,661 $1,559,077 $8,662
Net Operating Income $2,393,417 $2,503,610 $2,502,451 $2,623,645(3) $2,954,931(3) $16,416
Replacement Reserves 0 0 0 0 45,000 $250
Net Cash Flow $2,393,417 $2,503,610 $2,502,451 $2,623,645 $2,909,931 $16,166
Occupancy NAV NAV NAV 98.3%(4) 94.0%(5)
NCF DSCR 1.26x 1.32x 1.32x 1.39x 1.54x
NOI Debt Yield 7.3% 7.6% 7.6% 8.0% 9.0%
(1) Other Income includes utility reimbursements, damage/late/deposit fees, pet fees and general other income.
(2) Other Expenses include payroll and benefits, repairs and maintenance, utilities, advertising, professional fees, admin costs and employee units.
(3) The increase from TTM 5/31/2026 Net Operating Income to U/W Net Operating Income is primarily due to the exclusion of capital expenditures completed by the seller.
(4) Based on the underwritten rent rolls dated June 22, 2026.
(5) Represents economic occupancy.

Appraisals. The Chestnut Woods & Chestnut Crossing Properties had an aggregate appraised value of $49,200,000 as of April 8, 2026, as shown in the table below.

 Portfolio Appraised Value(1)
Property Value Capitalization Rate
Chestnut Woods $27,000,000 6.00%
Chestnut Crossing $22,200,000 6.00%
Portfolio Total / Avg. $49,200,000 6.00%
(1) Source: Appraisals.

Environmental Matters. The Phase I environmental site assessments, dated April 16, 2026 and April 17, 2026, did not identify any recognized environmental conditions at either of the Chestnut Woods & Chestnut Crossing Properties.

The Market. According to the appraisals, the Chestnut Woods & Chestnut Crossing Properties are located within the Detroit-Warren-Dearborn, MI metropolitan statistical area (the "Detroit MSA"). As of 2024, the Detroit MSA had a population of approximately 4,364,290, ranking 14th nationally out of 366 U.S. metropolitan areas. Major employers within the Detroit MSA include Ally, BorgWarner, DTE Energy, Ford, General Motors, Kaufman and Ilitch Companies. According to the appraisals, the Detroit MSA has a multifamily occupancy of 96.3%, a total inventory of 284,603 units, and an average asking monthly rent per unit of $1,393 as of the fourth quarter of 2025.

According to the appraisals, the Chestnut Woods & Chestnut Crossing Properties are in the Novi/Livingston County submarket. As of the fourth quarter of 2025, the occupancy within the Novi/Livingston County submarket was 96.7%, slightly above that of the Detroit MSA. Within the same time period, the Novi/Livingston County submarket registered a total inventory of 21,095 units, 139 completions, and an average monthly asking rent per unit of $1,537.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
49

Multifamily - Garden

Various

Howell, MI 48843

Collateral Asset Summary - Loan No. 5

Chestnut Woods & Chestnut
Crossing

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,000,000

67.1%

1.54x

9.0%

The following table presents certain information relating to comparable multifamily properties to the Chestnut Woods & Chestnut Crossing Properties:

Multifamily Rent Comparables(1)
Property Name / Address Year Built / Renovated Number of Units Occupancy Average Unit Size Average Rent Per Unit

Chestnut Woods & Chestnut Crossing(2)
 Various

Howell, MI

Various / NAP 180 98.3% 1,360 SF $2,092

Redwood White Lake

130 Abbey Boulevard

White Lake Charter Township, MI

2018 / NAP 143 98.0% 1,386 SF $2,066

Redwood Howell

1744 Ella Lane

Howell, MI

2014 / NAP 144 95.8% 1,314 SF $1,924

Glens at Rolling Ridge

3675 Audrey Rae Lane

Howell, MI

2001 / NAP 200 90.0% 958 SF $1,708

The Preserve at Mallard Pond

1530 Blackbird Lane

Howell, MI

2002 / NAP 204 100.0% 1,305 SF $1,655

Oakbrooke Apartments

1950 Oak Brooke Drive

Howell, MI

2003 / NAP 277 96.4% 1,025 SF $1,567
(1) Source: Appraisals, unless otherwise indicated.
(2) Based on underwritten rent rolls as of June 22, 2026.

The Borrowers and the Borrower Sponsor. The borrowers are FC Woods, LLC and FC Crossing, LLC each a Delaware limited liability company and single purpose entity having at least one independent director in its organizational structure. The borrowers' counsel delivered a non-consolidation opinion upon closing of the Chestnut Woods & Chestnut Crossing Mortgage Loan. The borrower sponsor and non-recourse carveout guarantor is Jason K. Wisotsky founder and chief executive officer of Four Corners Development Group, a New York-based multifamily firm formed in 2013 that acquires, repositions and manages apartments across the Northeast, Midwest and Southeast. Mr. Wisotsky has more than 20 years of multifamily experience and is a repeat agency borrower. Mr. Wisotsky, a repeat agency borrower, has more than 20 years of multifamily investment and asset management experience. Mr. Wisotsky currently oversees a portfolio of approximately 25 multifamily communities totaling approximately 2,200 units, including several developments similar to the Chestnut Woods & Chestnut Crossing Properties.

Property Management. The Chestnut Woods & Chestnut Crossing Properties are managed by Oakland Management Corp., a third-party property management company.

Initial and Ongoing Reserves. At origination of the Chestnut Woods & Chestnut Crossing Mortgage Loan, the borrowers deposited approximately (i) $200,000 for replacement reserves, (ii) $43,084 into a reserve account for real estate taxes, and (iii) $20,844 into a reserve account for insurance premiums.

Tax Reserve - The borrowers are required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the real estate taxes that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated to be approximately $43,084).

Insurance Reserve - The borrowers are required to deposit into an insurance reserve, on a monthly basis, 1/12th of the amount which will be sufficient to pay the insurance premiums due for the renewal of coverage afforded by such policies (initially estimated to be approximately $6,948).

Replacement Reserve - The capital replacement and repair reserve monthly deposit, initially approximately $3,750, is deferred; however, may be reinstated by the lender following (i) a default under the Chestnut Woods & Chestnut Crossing Mortgage Loan documents, (ii) a transfer requiring lender approval, (iii) the placement of a subordinate loan or (iv) the lender's assessment of the physical condition of the Chestnut Woods & Chestnut Crossing Properties.

Lockbox / Cash Management. The Chestnut Woods & Chestnut Crossing Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the first occurrence of a Lockbox Trigger Event (as defined below), the borrower is required to establish a lender-controlled clearing account, and is thereafter required to deposit, or cause the property manager to deposit, within one business day of receipt, all revenue derived from the Chestnut Woods & Chestnut Crossing Properties into such lender-controlled clearing account. Following a Lockbox Trigger Event, all funds deposited into the clearing account are required to be transferred on a daily basis to the borrowers' operating account unless a Trigger Period (as defined below) exists, in which case all funds in the clearing account are required to be swept on a daily basis to a lender-controlled deposit account to be applied and disbursed in accordance with the Chestnut Woods & Chestnut Crossing Mortgage Loan documents, and all available cash remaining in the deposit account after the application of such funds in accordance with the Chestnut Woods & Chestnut Crossing Mortgage Loan documents is required to be held by the lender

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
50

Multifamily - Garden

Various

Howell, MI 48843

Collateral Asset Summary - Loan No. 5

Chestnut Woods & Chestnut
Crossing

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$33,000,000

67.1%

1.54x

9.0%

in a cash collateral account as additional collateral for the Chestnut Woods & Chestnut Crossing Mortgage Loan. Upon the cure of the applicable Trigger Period, so long as no other Trigger Period exists, the lender is required to return any amounts remaining on deposit in the cash collateral account to the borrower. Upon an event of default under the Chestnut Woods & Chestnut Crossing Mortgage Loan documents, the lender may apply funds to the debt in such priority as it may determine.

"Lockbox Trigger Event" means the earlier of (i) the commencement of a Trigger Period and (ii) the debt service coverage ratio being less than 1.15x.

"Trigger Period" means a period (A) commencing upon (i) the occurrence of an event of default, (ii) the commencement of a Low DSCR Period (as defined below), (iii) the insolvency or bankruptcy of an affiliated property manager, or (iv) the insolvency or bankruptcy of the borrower or guarantor; and (B) expiring, provided no other Trigger Period is then continuing, upon (1) with regard to clause (i) above, the cure of such event of default and acceptance of such cure by the lender, (2) with regard to clause (ii) above, the cure of such Low DSCR period, (3) with regard to clause (iii) above, the replacement of the affiliated property manager with a non-affiliated property manager approved by the lender in accordance with the Chestnut Woods & Chestnut Crossing Mortgage Loan documents, and (4) with regard to clause (iv) above, if such Trigger Period results solely from a qualifying involuntary petition against the borrower, the discharge or dismissal of such petition within 30 days of filing.

A "Low DSCR Period" commences if, from and after the September 1, 2026 payment date, the debt service coverage ratio is less than 1.10x as of the last day of any calendar quarter and ends when the debt service coverage ratio is at least 1.20x for two consecutive calendar quarters, in each case as determined by the lender.

Current Mezzanine or Secured Subordinate Indebtedness. None.

Permitted Future Mezzanine or Secured Subordinate Indebtedness. Not permitted.

Release of Collateral. None permitted.

Ground Lease. None.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
51
Multifamily - Garden
1030 Douglas Avenue
Altamonte Springs, FL 32714 		Collateral Asset Summary - Loan No. 6
Douglaston Villas & Townhomes

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,289,000
69.6%
1.35x
9.0%
52
Multifamily - Garden
1030 Douglas Avenue
Altamonte Springs, FL 32714 		Collateral Asset Summary - Loan No. 6
Douglaston Villas & Townhomes

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,289,000
69.6%
1.35x
9.0%
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
53
Multifamily - Garden
1030 Douglas Avenue
Altamonte Springs, FL 32714 		Collateral Asset Summary - Loan No. 6
Douglaston Villas & Townhomes

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,289,000
69.6%
1.35x
9.0%
Mortgage Loan Information Property Information
Loan Seller: Axonic Single Asset / Portfolio: Single Asset
Loan Purpose: Recapitalization Property Type - Subtype: Multifamily - Garden
Borrower Sponsor(s): Roderick R. Hubbard and Roderick J. Hubbard Collateral: Fee
Borrower(s): Goldelm at Altamonte Springs LLC Location: Altamonte Springs, FL
Original Balance: $29,289,000 Year Built / Renovated: 1980, 1982 / NAP
Cut-off Date Balance: $29,289,000 Property Management: Self-Managed
% by Initial UPB: 5.3% Size: 234 Units
Interest Rate: 6.42000% Appraised Value / Per Unit: $42,100,000 / $179,915
Note Date: September 30, 2026 Appraisal Date: August 31, 2026
Original Term: 60 months Occupancy: 89.3% (as of September 10, 2026)
Amortization: Interest Only Underwritten NOI: $2,637,175
Original Amortization: NAP Underwritten NCF: $2,578,675
Interest Only Period: 60 months
First Payment Date: November 1, 2026
Maturity Date: October 1, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI: $2,547,261 (TTM June 30, 2026)
Additional Debt Balance: NAP 2025 NOI: $2,508,671
Call Protection: YM1(56),O(4) 2024 NOI: $2,754,375
Lockbox / Cash Management: Springing / Springing 2023 NOI: $2,637,420
Reserves(1) Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $125,167
Taxes: $588,303 $51,477 NAP Maturity Date Loan / Unit: $125,167
Insurance: $162,029 $27,005 NAP Cut-off Date LTV: 69.6%
Replacement Reserves: $0 Springing NAP Maturity Date LTV: 69.6%
Deferred Maintenance: $732,125 $0 NAP UW NOI DY: 9.0%
UW NCF DSCR: 1.35x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $29,289,000 100.0% Return of Equity(2) $26,720,911 91.2 %
Upfront Reserves 1,482,457 5.1
Closing Costs(3) 1,085,632 3.7
Total Sources $29,289,000 100.0% Total Uses $29,289,000 100.0 %
(1) See "Initial and Ongoing Reserves" below for further discussion of reserve information.
(2) The Douglaston Villas & Townhomes Property (as defined below) was unencumbered prior to origination of the Douglaston Villas & Townhomes Mortgage Loan (as defined below).
(3) Closing Costs include (i) an origination fee of approximately $183,056 and (ii) a rate buydown fee of $585,780.

The Loan. The sixth largest mortgage loan (the "Douglaston Villas & Townhomes Mortgage Loan") is secured by the borrower's fee simple interest in a 234-unit, garden-style apartment community located in Altamonte Springs, Florida (the "Douglaston Villas & Townhomes Property"). The Douglaston Villas & Townhomes Mortgage Loan has an outstanding principal balance as of the Cut-off Date of $29,289,000. The Douglaston Villas & Townhomes Mortgage Loan was originated on September 30, 2026 by Axonic, and accrues interest at a fixed rate of 6.42000% per annum. The Douglaston Villas & Townhomes Mortgage Loan has an initial term of five years and is interest-only for the full term. The scheduled maturity date of the Douglaston Villas & Townhomes Mortgage Loan is October 1, 2031.

The Property. The Douglaston Villas & Townhomes Property is a 234-unit, garden-style apartment community located at 1030 Douglas Avenue in Altamonte Springs, Florida. The property was constructed in 1980 and 1982 and comprises 55 residential apartment buildings and three ancillary buildings situated on approximately 20.76 acres. Current ownership acquired the Douglaston Villas & Townhomes Property in October 2015 for approximately $26.25 million and has since completed approximately $4.75 million in capital expenditures, approximately $2.2 million of which has been completed since 2024.

Amenities at the Douglaston Villas & Townhomes Property include a clubhouse and leasing office, fitness center, two swimming pools, dog park and tennis court. The property also features 508 surface and covered parking spaces, resulting in a parking ratio of approximately 2.17 spaces per unit. The unit mix consists of 58 one-bedroom units, 128 two-bedroom units and 48 three-bedroom units. As of September 10, 2026, based on the underwritten rent roll, the Douglaston Villas & Townhomes Property was approximately 89.3% occupied, with 209 occupied units.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
54
Multifamily - Garden
1030 Douglas Avenue
Altamonte Springs, FL 32714 		Collateral Asset Summary - Loan No. 6
Douglaston Villas & Townhomes

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,289,000
69.6%
1.35x
9.0%

The following table presents certain information relating to the unit mix at the Douglaston Villas & Townhomes Property:

Unit Mix(1)
Unit Type # of Units % of Total Occupied Units(2) Occupancy(2) Average Unit Size (SF) Average Monthly Rental Rate(2) Average Monthly Market Rent Per Unit(3)
1 Bed / 1 Bath - A1 48 20.5% 45 93.8% 826 $1,346 $1,325
1 Bed / 1 Bath - A2 10 4.3% 9 90.0% 835 $1,393 $1,404
2 Bed / 1.5 Bath - B1 24 10.3% 18 75.0% 1,034 $1,538 $1,513
2 Bed / 2 Bath - B2 72 30.8% 65 90.3% 1,126 $1,622 $1,623
2 Bed / 2 Bath - B3 12 5.1% 11 91.7% 1,152 $1,686 $1,669
2 Bed / 2 Bath - B4 20 8.5% 16 80.0% 1,212 $1,747 $1,787
3 Bed / 2 Bath - C1 48 20.5% 45 93.8% 1,294 $1,796 $1,825
Total/Wtd. Avg. 234 100.0% 209 89.3% 1,086 $1,596 $1,599
(1) Based on the underwritten rent roll dated September 10, 2026. Average Monthly Rental Rate is based on occupied units.
(2) Occupancy and Average Monthly Rental Rate are based on 209 occupied units out of 234 total units.
(3) Source: Appraisal.

The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Douglaston Villas & Townhomes Property:

Cash Flow Analysis(1)
2023 2024 2025 TTM 6/30/2026 U/W U/W Per Unit
Gross Potential Rent $4,157,069 $4,164,128 $3,946,651 $3,948,554 $4,483,303 $19,159
Vacancy 0 0 0 0 (478,985) ($2,047)
Concessions (5,760) (38,171) (95,353) (62,995) (22,417) ($96)
Bad Debt (80,641) (61,359) 0 (131,823) (89,217) ($381)
Additional Adjustments (23,352) (39,246) (23,664) 0 0 $0
Net Rental Income $4,047,316 $4,025,353 $3,827,633 $3,753,736 $3,892,683 $16,635
Utility Reimbursement 222,363 231,268 207,326 227,881 230,542 $985
Other Income 287,411 352,642 150,280 294,650 320,304 $1,369
Effective Gross Income $4,557,090 $4,609,263 $4,185,239 $4,276,267 $4,443,529 $18,989
Real Estate Taxes 463,902 474,845 565,765 560,289 539,828 $2,307
Insurance 618,225 345,711 207,732 257,689 281,790 $1,204
Management Fee 0 0 0 0 132,978 $568
Utilities 271,371 349,590 343,362 287,090 227,821 $974
Repairs & Maintenance 253,269 400,489 226,843 246,268 246,268 $1,052
Payroll 256,185 247,943 266,046 281,394 281,394 $1,203
Advertising 20,803 20,498 30,333 17,709 17,709 $76
General & Administrative 35,915 15,813 36,488 57,768 57,768 $247
Employee Units 0 0 0 20,799 20,799 $89
Total Expenses $1,919,670 $1,854,888 $1,676,569 $1,729,006 $1,806,354 $7,719
Net Operating Income $2,637,420 $2,754,375 $2,508,671 $2,547,261 $2,637,175 $11,270
Replacement Reserves 0 0 0 0 58,500 $250
Net Cash Flow $2,637,420 $2,754,375 $2,508,671 $2,547,261 $2,578,675 $11,020
Occupancy NAV NAV NAV 89.3%(1) 86.8%(2)
NCF DSCR 1.38x 1.44x 1.32x 1.34x 1.35x
NOI Debt Yield 9.0% 9.4% 8.6% 8.7% 9.0%
(1) Based on the underwriting model and underwritten rent roll dated September 10, 2026.
(2) Represents economic occupancy.

Appraisal. According to the appraisal, the Douglaston Villas & Townhomes Property had an "as-is" appraised value of $42,100,000 as of August 31, 2026, as shown in the table below.

Douglaston Villas & Townhomes Appraised Value(1)
Property Value Capitalization Rate
Douglaston Villas & Townhomes $42,100,000 6.00%
(1) Source: Appraisal.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
55
Multifamily - Garden
1030 Douglas Avenue
Altamonte Springs, FL 32714 		Collateral Asset Summary - Loan No. 6
Douglaston Villas & Townhomes

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,289,000
69.6%
1.35x
9.0%

Environmental Matters. According to the Phase I environmental assessment dated September 10, 2026, there was no evidence of any recognized environmental conditions at the Douglaston Villas & Townhomes Property.

The Market. The Douglaston Villas & Townhomes Property is located at 1030 Douglas Avenue in Altamonte Springs, Florida, within the Orlando-Kissimmee-Sanford metropolitan statistical area (the "Orlando MSA"). The property is approximately 10 miles northwest of the Orlando central business district and approximately 15 miles northwest of Orlando International Airport. Major employers in the Orlando MSA include AdventHealth, Orlando Health, Publix and Lockheed Martin. Primary regional access is provided by Interstate 4, with nearby access at State Roads 434 and 436 and Maitland Boulevard.

According to the appraisal, the Douglaston Villas & Townhomes Property is located in the Altamonte Springs/Apopka apartment submarket of the Orlando MSA. As of the second quarter of 2026, the submarket had a total inventory of 21,260 units, an occupancy rate of 94.1%, and effective rent of $1,666 per unit.

According to the appraisal, the 2025 population within a one-, three- and five-mile radius of the Douglaston Villas & Townhomes Property was 8,048, 84,596 and 217,019, respectively. The 2025 average household income within the same radii was $113,124, $109,981 and $117,361, respectively.

The following table presents certain information relating to comparable multifamily properties to the Douglaston Villas & Townhomes Property:

Comparable Multifamily Properties(1)
Property Name / Address Distance from Subject Year Built / Renovated Number of Units Occupancy Unit Type Average Unit Size Average Rent Per Unit
Douglaston Villas & Townhomes(2)
1030 Douglas Avenue
Altamonte Springs, FL 		- 1980, 1982 / NAP 234 89.3% Various 1,086 SF(2) $1,596(2)
Sabal Club
 525 Sabal Lake Drive
Longwood, FL 		NAV 1986 / NAP 436 97.0% Various 1,077 SF $1,505
Sabal Park
 302 Sabal Park Place
Longwood, FL 		NAV 1986 / NAP 162 93.0% Various 1,500 SF $2,241
Timberlake
 675 Jamestown Boulevard
Altamonte Springs, FL 		NAV 1984 / 1985 716 94.0% Various 818 SF $1,449
Crest at Altamonte
 599 Calibre Crest Parkway
Altamonte Springs, FL 		NAV 1986 / NAP 340 96.0% Various 1,062 SF $1,748
Los Altos at Altamonte Springs
 311 Los Altos Way
Altamonte Springs, FL 		NAV 1990 / NAP 328 93.0% Various 969 SF $1,425
Promenade at Uptown
 375 Palm Springs Drive
Altamonte Springs, FL 		NAV 1972 / NAP 185 93.0% Various 832 SF $1,399
Springs Colony by ARIUM
 264 Springs Colony Circle
Altamonte Springs, FL 		NAV 1986 / NAP 188 94.0% Various 917 SF $1,483
Wymore 360
 360 South Wymore Road
Altamonte Springs, FL 		NAV 1973 / NAP 200 90.0% Various 822 SF $1,275
(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated September, 2026. Average Rent per Unit reflects the average base rent for occupied units.

The Borrower and the Borrower Sponsors. The borrower is Goldelm at Altamonte Springs LLC, a Florida limited liability company and single purpose entity, with one independent director in its organizational structure. Goldelm at Altamonte Springs Properties, LLC, a Delaware limited liability company, serves as the required SPE Equity Owner. The borrower sponsors and non-recourse carveout guarantors are Roderick J. Hubbard and Roderick R. Hubbard. The borrower is 100% owned by members of the Hubbard family. Roderick R. Hubbard founded Eklund Development in 1971 and has over five decades of real estate experience.

Roderick J. Hubbard has managed Goldelm Capital since 2013. The borrower sponsors own approximately 32 properties totaling approximately 8,500 units across Florida, Colorado, Nevada, North Carolina, Tennessee and Virginia, and self-manage the Douglaston Villas & Townhomes Properties from their headquarters in Orlando, Florida. The borrower sponsors have owned the Douglaston Villas & Townhomes Properties for approximately 11 years and are repeat agency sponsors.

Property Management. The Douglaston Villas & Townhomes Property is self-managed by the borrower. 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
56
Multifamily - Garden
1030 Douglas Avenue
Altamonte Springs, FL 32714 		Collateral Asset Summary - Loan No. 6
Douglaston Villas & Townhomes

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,289,000
69.6%
1.35x
9.0%

Initial and Ongoing Reserves. At origination of the Douglaston Villas & Townhomes Mortgage Loan, the borrower deposited approximately (i) $588,303 into a reserve account for real estate taxes, (ii) $162,029 into a reserve account for insurance premiums and (iii) $732,125 into a deferred maintenance reserve.

Tax Reserve - The borrower is required to deposit into a real estate tax reserve, on a monthly basis, an amount sufficient to accumulate the full amount of taxes required to be paid when due (initially estimated to be approximately $51,477).

Insurance Reserve - The borrower is required to deposit into an insurance reserve, on a monthly basis, an amount sufficient to accumulate the full amount of insurance premiums required to be paid when due (initially estimated to be approximately $27,005).

Replacement Reserve - The borrower is required to deposit approximately $6,006 per month into the replacement reserve; provided that collection of such monthly deposits is initially deferred. The lender may reinstate collection following a default, a transfer requiring lender approval, the placement of subordinate debt or based on the lender's assessment of the physical condition of the Douglaston Villas & Townhomes Property.

Lockbox / Cash Management. The Douglaston Villas & Townhomes Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Lockbox Trigger Event (as defined below), the borrower is required to establish a lender-approved clearing account. If the borrower or property manager receives gross revenue, such amounts are required to be deposited into the clearing account within one business day of receipt. During a Trigger Period (as defined below), funds in the clearing account are swept daily into a lender-controlled deposit account and applied in accordance with the Douglaston Villas & Townhomes Mortgage Loan documents, with all available cash remaining after the required waterfall deposited into a cash collateral account. If no Trigger Period is continuing, funds in the clearing account are swept daily to the borrower's operating account. Upon termination of the applicable Trigger Period, so long as no other Trigger Period is continuing, cash collateral funds not previously disbursed or applied are released to the borrower. Upon an event of default, the lender may apply cash management and reserve funds in such order and priority as the lender determines.

"Lockbox Trigger Event" means the earliest to occur of (i) the commencement of a Trigger Period and (ii) the date on which the debt service coverage ratio is less than 1.10x.

"Trigger Period" means a period (A) commencing upon the occurrence of (i) an event of default, (ii) a Low DSCR Period (as defined below), (iii) the insolvency or bankruptcy of an affiliated property manager, if applicable, or (iv) the insolvency or bankruptcy of the borrower or any guarantor; and (B) expiring, provided no other Trigger Period is then continuing, upon (1) with regard to clause (i) above, the cure of such event of default and acceptance of such cure by the lender, (2) with regard to clause (ii) above, the cure of such Low DSCR Period, (3) with regard to clause (iii) above, the replacement of the affiliated property manager with a non-affiliated property manager approved by the lender in accordance with the Douglaston Villas & Townhomes Mortgage Loan documents and (4) with regard to clause (iv) above, if such Trigger Period results solely from a qualifying involuntary petition against the borrower, the discharge or dismissal of such petition within 30 days of filing.

A "Low DSCR Period" commences if, from and after the payment date occurring on November 1, 2026, the debt service coverage ratio is less than 1.05x as of any calendar quarter, and ends when the property achieves a debt service coverage ratio of at least 1.10x for two consecutive calendar quarters.

Current Mezzanine or Secured Subordinate Indebtedness. None.

Permitted Future Mezzanine or Secured Subordinate Indebtedness. Not permitted.

Release of Collateral. Not permitted.

Ground Lease. None.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
57

Multifamily - Low Rise

1700 Yorktowne Drive

York, PA 17408

Collateral Asset Summary - Loan No. 7

Yorktowne Pointe Apartments

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,850,000

73.0%

1.20x

7.4%

58

Multifamily - Low Rise

1700 Yorktowne Drive

York, PA 17408

Collateral Asset Summary - Loan No. 7

Yorktowne Pointe Apartments

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,850,000

73.0%

1.20x

7.4%

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
59

Multifamily - Low Rise

1700 Yorktowne Drive

York, PA 17408

Collateral Asset Summary - Loan No. 7

Yorktowne Pointe Apartments

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,850,000

73.0%

1.20x

7.4%

Mortgage Loan Information Property Information
Loan Seller: GACC Single Asset / Portfolio: Single Asset
Loan Purpose: Refinance Property Type - Subtype: Multifamily - Low Rise
Borrower Sponsor(s): Hillel Hertz and Moishe Hirsch Collateral: Fee
Borrower(s): Yorktowne Pointe Apts LLC Location: York, PA
Original Balance: $22,850,000 Year Built / Renovated: 1982 / NAP
Cut-off Date Balance: $22,850,000 Property Management: Goldcrest Properties LLC (borrower affiliated)
% by Initial UPB: 4.2% Size: 144 Units
Interest Rate: 5.96900% Appraised Value / Per Unit: $31,300,000 / $217,361
Note Date: July 1, 2026 Appraisal Date: June 2, 2026
Original Term: 60 months Occupancy: 97.9% (as of June 24, 2026)
Amortization: Interest Only Underwritten NOI: $1,688,571
Original Amortization: NAP Underwritten NCF: $1,652,571
Interest Only Period: 60 months
First Payment Date: August 6, 2026
Maturity Date: July 6, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI: $1,681,146 (TTM April 30, 2026)
Additional Debt Balance: NAP 2025 NOI: $1,609,314
Call Protection: L(12),YM1(44),O(4) 2024 NOI: $1,471,723
Lockbox / Cash Management: Springing / Springing 2023 NOI: $1,465,979
Reserves(1) Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $158,681
Taxes: $169,627 $23,839 NAP Maturity Date Loan / Unit: $158,681
Insurance: $0 $10,667 NAP Cut-off Date LTV: 73.0%
Replacement Reserves: $0 $3,000 NAP Maturity Date LTV: 73.0%
Deferred Maintenance: $34,188   $0 NAP UW NOI DY: 7.4%
UW NCF DSCR: 1.20x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $22,850,000 99.7 % Loan Payoff $21,917,730 95.7 %
Borrower Sponsor Equity 61,088 0.3 Closing Costs(2) 789,543 3.4
Upfront Reserves 203,815 0.9
Total Sources $22,911,088 100.0 % Total Uses $22,911,088 100.0 %
(1) See "Initial and Ongoing Reserves" below.
(2) Closing Costs include $457,000 of buydown fees.

The Loan. The seventh largest mortgage loan (the "Yorktowne Pointe Apartments Mortgage Loan") is secured by a first priority fee interest in a 144-unit, multifamily property located in York, Pennsylvania (the "Yorktowne Pointe Apartments Property"). The Yorktowne Pointe Apartments Mortgage Loan is evidenced by a single promissory note with an outstanding principal balance as of the Cut-off Date of $22,850,000. The Yorktowne Pointe Apartments Mortgage Loan was originated on July 1, 2026 by GACC and accrues interest at a fixed rate of 5.96900% per annum on an Actual/360 basis. The Yorktowne Pointe Apartments Mortgage Loan has an initial term of 5 years with interest only payments throughout the term.

The Property. The Yorktowne Pointe Apartments Property is a 144-unit multifamily community located at 1700 Yorktowne Drive in York, Pennsylvania. The Yorktowne Pointe Apartments Property consists of 21 two-story, garden-style residential buildings situated on a 14.08-acre site. The Yorktowne Pointe Apartments Property was built in 1982 and periodically renovated, and consists of exclusively 2 Bedroom / 1 Bathroom units. The borrower sponsor acquired the Yorktowne Pointe Apartments Property in 2022 for approximately $26.8 million, and since acquisition the borrower sponsor has invested a total of approximately $1.4 million in renovations to the units, plumbing, electrical, security cameras, HVAC, roofing, windows, and paving improvements. The borrower sponsor has completed renovation on 27 units and partially renovated 40 units at the Yorktowne Pointe Apartments Property. Fully renovated units at the Yorktowne Pointe Apartments Property feature appliances with stainless steel finishes, new vinyl flooring, fresh paint, new rugs in the bedrooms, and new tubs, tiling, vanities, and lighting in the bathrooms. The partially renovated units feature resurfaced black cabinetry, new lighting, new appliances, fresh paint, a new vanity, and a re-glazed tub. Community amenities at the Yorktowne Pointe Apartments Property include a clubhouse, swimming pool, and a tennis court.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
60

Multifamily - Low Rise

1700 Yorktowne Drive

York, PA 17408

Collateral Asset Summary - Loan No. 7

Yorktowne Pointe Apartments

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,850,000

73.0%

1.20x

7.4%

As of June 24, 2026, the Yorktowne Pointe Apartments Property is 97.9% occupied with average in-place rents of $1,474 per unit per month. As of June 24, 2026 four units were leased by tenants which receive Section 8 rental assistance.

The following table presents certain information relating to the unit mix at the Yorktowne Pointe Apartments Property:

Unit Mix(1)
Unit Type # of Units % of Total Occupied Units Occupancy Average Monthly Rental Rate(2) Average Monthly Market Rent(3)
2 BR / 1 BA 144 100.0% 141 97.9% $1,474 $1,434
Total/Wtd. Avg. 144 100.0% 141 97.9% $1,474 $1,434
(1) Based on the underwritten rent roll dated June 24, 2026.
(2) Average Monthly Rental Rate is based on Occupied Units.
(3) Source: Appraisal

The following table presents certain information relating to the historical and underwritten net cash flow at the Yorktowne Pointe Apartments Property:

Cash Flow Analysis(1)
2023 2024 2025 TTM 4/30/2026 U/W U/W Per Unit
Gross Potential Rent  $2,147,934  $2,202,184  $2,330,646  $2,374,291  $2,547,498  $17,691
Vacancy 0 0 0 0 (127,375) (885)
Concessions                 (2,650) (27,000) (4,408) 0 0 0
Other Income(2)

183,479

213,842

213,680

234,314

212,825

1,478

Effective Gross Income  $2,328,762 $2,389,026 $2,539,917 $2,608,605 $2,632,948 $18,284
Real Estate Taxes               226,506 229,427 235,803 239,599 248,711 1,727
Insurance 40,154 66,719 70,253 69,538 72,495 503
Other Operating Expenses(3)

596,123

621,157

624,547

618,322

623,170

4,328

Total Expenses $862,784 $917,303 $930,603 $927,459 $944,377 $6,558
Net Operating Income  $1,465,979 $1,471,723 $1,609,314 $1,681,146 $1,688,571 $11,726
Replacement Reserves

0

0

0

0

36,000

250

Net Cash Flow  $1,465,979 $1,471,723 $1,609,314 $1,681,146 $1,652,571 $11,476
Occupancy %(4) 93.3% 91.4% 90.9% 97.9%(5) 95.0%(6)
UW NCF DSCR 1.06x 1.06x 1.16x 1.22x 1.20x
NOI Debt Yield 6.4% 6.4% 7.0% 7.4% 7.4%
(1) Based on the underwritten rent roll dated June 24, 2026.
(2) Other Income includes utility reimbursements and general other income.
(3) Other Operating Expenses represent utilities, repairs and maintenance, management fees, payroll and benefits, marketing, and general and administrative expenses.
(4) Historical occupancies represent year-end annual physical occupancies.
(5) Represents occupancy as of the underwritten rent roll dated June 24, 2026.
(6) The U/W Occupancy % represents the economic occupancy.

Appraisal. According to the appraisal, the Yorktowne Pointe Apartments Property had an "as-is" appraised value of $31,300,000 as of June 2, 2026. The table below shows the appraisal's "as-is" conclusions.

Yorktowne Pointe Apartments Appraised Value(1)
Property Appraised Value Capitalization Rate
Yorktowne Pointe Apartments $31,300,000 5.25%
(1) Source: Appraisal.

Environmental Matters. According to the Phase I environmental site assessment dated May 20, 2026, there was no evidence of any recognized environmental conditions at the Yorktowne Pointe Apartments Property.

The Market. The Yorktowne Pointe Apartments Property is located at 1700 Yorktowne Drive in York, York County, Pennsylvania. The Yorktowne Pointe Apartments Property is situated within the West York/Shiloh submarket of the York multifamily market. The surrounding area is characterized primarily by suburban commercial development, including office buildings, hotels, restaurants, retail centers, and service-oriented businesses, together with multifamily residential communities, healthcare-related facilities, and supporting commercial amenities. The broader area benefits from proximity to major retail concentrations and employment centers serving the York market area.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
61

Multifamily - Low Rise

1700 Yorktowne Drive

York, PA 17408

Collateral Asset Summary - Loan No. 7

Yorktowne Pointe Apartments

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,850,000

73.0%

1.20x

7.4%

Regional access is provided by Interstate 83 and U.S. Route 30, which offer north-south and east-west connectivity throughout the greater York and south-central Pennsylvania region. Public transportation is available through Rabbit Transit, which operates local bus routes and commuter services throughout York and the surrounding suburbs. Lancaster, located approximately 25 miles east of York, provides Amtrak service to Philadelphia. Air transportation is provided by Harrisburg International Airport, located approximately 30 miles north of York, while Baltimore/Washington International Airport is also accessible to area residents.

According to the appraisal, York County benefits from a diversified economic base anchored by trade, transportation and utilities, education and health services, and manufacturing. Major employers in the area include WellSpan Health, York Hospital, Dentsply Sirona, York College of Pennsylvania, York County School of Technology, and Amazon. Within the surrounding area, the Yorktowne Pointe Apartments Property is proximate to employment centers, retail services, schools, healthcare facilities, and recreational amenities. Nearby recreational and cultural amenities include Heritage Rail Trail County Park, Rocky Ridge County Park, John Rudy County Park, and historic downtown York, which contains civic buildings, museums, and historically significant commercial architecture.

The Yorktowne Pointe Apartments Property is located within the York multifamily market and the West York/Shiloh submarket. As of the first quarter of 2026, the West York/Shiloh submarket contained approximately 3,155 multifamily units with average effective rents of approximately $1,453 per month and a vacancy rate of 5.1%. Approximately 159 units, representing approximately 5.0% of existing inventory, were under construction. The broader York multifamily market contained approximately 13,922 units with average effective rents of approximately $1,510 per month and a vacancy rate of 7.3%.

According to the appraisal, the population of York increased from approximately 43,718 in 2010 to 44,800 in 2020, while the population of York County increased from approximately 434,972 to 456,438 over the same period. Median household income was approximately $33,906 in York and $66,457 in York County as of 2020.

The following table presents information regarding certain competitive properties to the Yorktowne Pointe Apartments Property:

Multifamily Rent Comparables(1)
Property Name / Address Year Built / Renovated Occupancy Number of Units Unit Type Average Unit Size (SF) Average Rent Per Unit

Yorktowne Pointe Apartments(2)

1700 Yorktowne Drive

York, PA 17408

1982 / NAP(1) 97.9% 144 2 Bed / 1 Bath 912 $1,474

38 North Scott Street

West Manchester Township, PA

1920 / NAP NAV NAV 2 Bed / 1 Bath 924 $1,780

450 Madison Avenue

York, PA

1930 / NAP NAV NAV 2 Bed / 1 Bath 939 $1,250

20 Sigsbee Avenue

York, PA

1915 / 2019 NAV NAV 2 Bed / 1 Bath 993 $1,375

160 Hamilton Avenue

York, PA

1920 / NAP NAV NAV 2 Bed / 1 Bath 850 $1,175

711 Hardwick Place

York, PA

1972 / NAP NAV NAV 2 Bed / 1 Bath 1,024 $1,400

1203 Hudson Court

York, PA

2019 / NAP NAV NAV 2 Bed / 2 Bath 1,130 $1,625
(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated June 24, 2026, unless indicated otherwise.

The Borrower and the Borrower Sponsor. The borrower is Yorktowne Pointe Apts LLC, a Pennsylvania limited liability company and single purpose entity with one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Yorktowne Pointe Apartments Mortgage Loan.

The borrower sponsors and non-recourse carveout guarantors are Hillel Hertz and Moishe Hirsch. Mr. Hertz and Mr. Hirsch are the principals of Goldcrest Properties, a privately held real estate investment, ownership, and management company headquartered in the Northeast and focused on the acquisition, renovation, management, and operation of multifamily assets. Mr. Hertz began his real estate career purchasing and managing smaller residential properties, while both Mr. Hertz and Mr. Hirsch had been active limited partners in multifamily and commercial real estate investments beginning in 2012. In 2017, Mr. Hertz founded Goldcrest Properties, and in 2018 Mr.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
62

Multifamily - Low Rise

1700 Yorktowne Drive

York, PA 17408

Collateral Asset Summary - Loan No. 7

Yorktowne Pointe Apartments

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,850,000

73.0%

1.20x

7.4%

Hirsch joined the platform as the company expanded into larger multifamily investments. Goldcrest Properties currently owns and manages approximately 5,000 apartment units across New Jersey and Pennsylvania. 

Property Management. The property manager is Goldcrest Properties LLC, an affiliate of the borrower sponsors.

Initial and Ongoing Reserves. At origination, the borrower was required to deposit into escrow approximately (i) $169,627 for tax reserves and (ii) $34,188 for deferred maintenance reserves (including $13,750 for installation of a radon mitigation system).

Tax Escrows - On a monthly basis, the borrower is required to deposit 1/12th of the annual estimated tax payments, which currently equates to approximately $23,839.

Insurance Escrows - If there is no approved blanket policy in place, the borrower is required to escrow 1/12th of the annual estimated insurance payments on a monthly basis, which currently equates to approximately $10,667. The Yorktowne Pointe Apartments Property is currently not insured under a blanket insurance policy.

Replacement Reserve - On a monthly basis, the borrower is required to deposit $3,000 for replacement reserves.

Lockbox and Cash Management. The Yorktowne Pointe Apartments Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the first occurrence of a Lockbox Trigger Event (as defined below), the borrower is required to establish and maintain a lender-controlled lockbox account. Upon the first occurrence of a Lockbox Trigger Event and at all times thereafter, the borrower and the property manager are required to deposit all gross revenue from the Yorktowne Pointe Apartments Property received by them into the lender-controlled lockbox account within three business day after receipt. In addition, any gross revenue in the nature of sums payable by issuers of credit cards accepted by the Yorktown Pointe Apartments Property is required to be deposited directly in to the lockbox account. So long as no Trigger Period (as defined below) is continuing, the amounts on deposit in the lockbox account will be swept on a daily basis to the borrower's operating account. During the continuance of a Trigger Period, sums on deposit in the lockbox account are required to be transferred on a daily basis to a cash management account controlled by the lender. Funds swept to the cash management account are required to be applied to payment of all monthly amounts due under the Yorktowne Pointe Apartments Mortgage Loan documents (including, without limitation, tax and insurance reserves, debt service and other required reserves) and budgeted property operating expenses and approved extraordinary expenses, with any excess funds required to be deposited into an excess cash flow reserve account to be held as additional collateral for the Yorktowne Pointe Apartments Mortgage Loan until the Trigger Period is cured.

"Lockbox Trigger Event" means the earlier of (i) the commencement of a Trigger Period and (ii) the date upon which the debt service coverage ratio is less than 1.15x.

A "Trigger Period" means a period: (A) commencing upon (i) the occurrence of an event of default, (ii) the debt service coverage ratio falling below 1.10x for any calendar quarter (a "Low DSCR Period"), (iii) certain bankruptcy or insolvency events of the property manager if the property manager is an affiliate of the borrower or guarantor, and (iv) certain bankruptcy or insolvency events of the borrower or the guarantor and (B) expiring upon, with regard to any Trigger Period commenced in connection with (1) clause (i) above, the cure (if applicable) of such event of default has been accepted by the lender, (2) a Low DSCR Period, the Yorktowne Pointe Apartments Mortgage Loan achieving a debt service coverage ratio of 1.15x or greater for two consecutive calendar quarters, (3) clause (iii) above, the affiliated property manager being replaced by an unaffiliated property manager approved by the lender under a property management agreement approved by the lender, and (4) clause (iv) above, if the bankruptcy or insolvency event was involuntary, upon the same being discharged or dismissed within 30 days of filing. 

Current Mezzanine or Secured Subordinate Indebtedness. None. 

Permitted Future Mezzanine or Secured Subordinate Indebtedness. Not permitted.

Release of Collateral. Not permitted.

Ground Lease. None.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
63

Multifamily - Garden

1075 North Hairston Road

Stone Mountain, GA 30083

Collateral Asset Summary - Loan No. 8

Nissan Golden Gate

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,600,000

64.8%

1.30x

9.4%

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
64

Multifamily - Garden

1075 North Hairston Road

Stone Mountain, GA 30083

Collateral Asset Summary - Loan No. 8

Nissan Golden Gate

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,600,000

64.8%

1.30x

9.4%

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
65

Multifamily - Garden

1075 North Hairston Road

Stone Mountain, GA 30083

Collateral Asset Summary - Loan No. 8

Nissan Golden Gate

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,600,000

64.8%

1.30x

9.4%

Mortgage Loan Information Property Information
Loan Seller: GACC Single Asset / Portfolio: Single Asset
Loan Purpose: Refinance Property Type - Subtype: Multifamily - Garden
Borrower Sponsor(s): Eran Israel Collateral: Fee
Borrower(s): Nissan Golden Gate, LLC Location: Stone Mountain, GA
Original Balance: $22,600,000 Year Built / Renovated: 1970 / 2025
Cut-off Date Balance: $22,600,000 Property Management: Golden Gate Property Management, LLC (borrower affiliated)
% by Initial UPB: 4.1% Size: 280 Units
Interest Rate: 6.89100% Appraised Value / Per Unit: $34,900,000 / $124,643
Note Date: September 8, 2026 Appraisal Date: April 29, 2026
Original Term: 60 months Occupancy(1): 89.3% (as of August 3, 2026)
Amortization: Interest Only Underwritten NOI: $2,125,086
Original Amortization: NAP Underwritten NCF: $2,055,086
Interest Only Period: 60 months
First Payment Date: November 6, 2026
Maturity Date: October 6, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI: $2,433,885 (TTM July 31, 2026)
Additional Debt Balance: NAP 2025 NOI: $2,435,698
Call Protection: YM1(56),O(4) 2024 NOI: $1,290,744
Lockbox / Cash Management: Springing / Springing 2023 NOI: $106,008
Reserves(2) Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $80,714
Taxes: $42,731 $28,112 NAP Maturity Date Loan / Unit: $80,714
Insurance: $57,808 $19,269 NAP Cut-off Date LTV: 64.8%
Replacement Reserves: $0 $5,833 NAP Maturity Date LTV: 64.8%
Deferred Maintenance: $75,500 $0 NAP UW NOI DY: 9.4%
Other Reserves(3): $644,750 $0 NAP UW NCF DSCR: 1.30x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $22,600,000 100.0% Loan Payoff $15,913,929 70.4 %
Return of Equity 4,332,783 19.2
Closing Costs(4) 1,532,499 6.8
Upfront Reserves 820,789 3.6
Total Sources $22,600,000 100.0% Total Uses $22,600,000 100.0 %
(1) Occupancy includes 10 units which are non-operational and pending renovation following an oven fire. Occupancy with those units excluded is 92.6%.
(2) See "Initial and Ongoing Reserves" below.
(3) Other Reserves include a $382,250 Down Unit Renovation Reserve and a $262,500 Roof Repair Reserve.
(4) Closing Costs include a $508,500 buydown fee.

The Loan. The eighth largest mortgage loan (the "Nissan Golden Gate Mortgage Loan") is secured by a first priority fee interest in a 280-unit, multifamily rental community located in Stone Mountain, Georgia (the "Nissan Golden Gate Property"). The Nissan Golden Gate Mortgage Loan is evidenced by a single promissory note with an outstanding principal balance as of the Cut-off Date of $22,600,000. The Nissan Golden Gate Mortgage Loan was originated on September 8, 2026 by GACC and accrues interest at a fixed rate of 6.89100% per annum on an Actual/360 basis. The Nissan Golden Gate Mortgage Loan has an initial term of 5 years with interest only payments throughout the term.

The Property. The Nissan Golden Gate Property is a 280-unit, affordable multifamily community located at 1075 North Hairston Road in Stone Mountain, Georgia. The Nissan Golden Gate Property consists of 34 two- and three-story garden-style residential buildings situated on a 27.45-acre site. Built in 1970 and renovated in 2025, the Nissan Golden Gate Property is subject to a Land Use Restriction Agreement ("LURA") administered by the Georgia Housing Finance Authority. Pursuant to the LURA, 40% of the units (112 units) are restricted to 60% of the Area Media Income levels under the Low-Income Housing Tax Credit program ("AMI"), with the Nissan Golden Gate Property currently in its extended use period through 2036, and rents for such units are restricted to 30% of 60% of AMI. Approximately 49 of the units at the Nissan Golden Gate Property are leased to tenants which receive voucher assistance to pay their rents, 46 through programs administered by DeKalb County, and three through the Georgia Housing Voucher Program. Unit features include washer/dryer hookups, dishwashers, stainless steel appliances, refrigerators, stoves and ovens, wood flooring, air conditioning, and walk-in closets in select units. Community amenities include a clubhouse/recreational building, swimming pool, playground, laundry facility, BBQ/picnic area, and

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
66

Multifamily - Garden

1075 North Hairston Road

Stone Mountain, GA 30083

Collateral Asset Summary - Loan No. 8

Nissan Golden Gate

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,600,000

64.8%

1.30x

9.4%

approximately 408 surface parking spaces. Building 14, which contains ten 2BR/1BA units, was damaged by an oven fire and, as of origination of the Nissan Golden Gate Mortgage Loan, is vacant pending renovation. No income from Building 14 is included in the lender's underwriting. While the Nissan Golden Gate Mortgage Loan includes a $382,250 reserve for renovation of Building 14, which is 125% of the borrower sponsor's estimated cost, we cannot assure you that the renovation of Building 14 will be completed in a timely manner if at all.

In 2023, the borrower sponsor acquired the Nissan Golden Gate Property for approximately $19.6 million. At acquisition, the Nissan Golden Gate Property was approximately 69.9% occupied and had experienced significant deferred maintenance challenges under prior ownership. Since acquisition, the borrower sponsor has invested approximately $2.6 million in capital expenditures in the Nissan Golden Gate Property. The borrower sponsor's cost basis in the Nissan Golden Gate Property is approximately $23.2 million. Improvements included renovations to approximately 186 units, interior upgrades such as flooring, appliances, HVAC, plumbing and electrical improvements, as well as exterior enhancements including fencing and gates, exterior painting, landscaping, roof and gutter repairs, pool improvements, security investments, and clubhouse upgrades. In part due to the above-mentioned investments, the borrower was able to grow the net cash flow of the Nissan Golden Gate Property from approximately $1.3 million as of year-end 2024 to $2.4 million as of July 2026. As of August 3, 2026, the Nissan Golden Gate Property is 89.3% occupied with average in-place rents of $1,293 per unit per month.

The following table presents certain information relating to the unit mix at the Nissan Golden Gate Property:

Unit Mix(1)
Unit Type # of Units % of Total Occupied Units Occupancy Average Monthly Rental Rate(2)
1 BR/1 BA 14 5.0% 14 100.0% $1,023
1 BR/1 BA - Renovated 34 12.1% 33 97.1% $1,091
2 BR/1 BA 28 10.0% 27 96.4% $1,151
2 BR/1 BA - Renovated 54 19.3% 35 64.8% $1,206
2 BR/1.5 BA 26 9.3% 23 88.5% $1,280
2 BR/1.5 BA - Renovated 38 13.6% 35 92.1% $1,316
3 BR/2 BA 9 3.2% 9 100.0% $1,457
3 BR/2 BA - Renovated 23 8.2% 20 87.0% $1,466
3 BR/2.5 BA 16 5.7% 16 100.0% $1,485
3 BR/2.5 BA - Renovated 38 13.6% 38 100.0% $1,524
Total/Wtd. Avg. 280 100.0% 250 89.3% $1,293
(1) Based on the underwritten rent roll dated August 3, 2026.
(2) Average Monthly Rental Rate is based on Occupied Units.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
67

Multifamily - Garden

1075 North Hairston Road

Stone Mountain, GA 30083

Collateral Asset Summary - Loan No. 8

Nissan Golden Gate

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,600,000

64.8%

1.30x

9.4%

The following table presents certain information relating to the historical and underwritten net cash flow at the Nissan Golden Gate Property:

Cash Flow Analysis(1)
2023(2) 2024 2025 TTM 7/31/2026 U/W U/W Per Unit
Gross Potential Rent $191,013 $3,006,754 $4,457,979 $4,400,836 $4,326,451 $15,452
Vacancy 0              (190,014)            (600,335)            (482,065)             (448,183)                   (1,601)
Concessions 0                  (8,516)                (58,014)               (62,828) 0 0
Other Income(3)

34,684

192,302

273,026

255,668

255,668

913

Effective Gross Income $225,697 $3,000,527 $4,072,657 $4,111,610 $4,133,936 $14,764
Real Estate Taxes(4) 0 338,780 321,474 340,176 634,446 2,266
Insurance 41,430 247,292 236,701 259,821 224,498 802
Other Operating Expenses(5)

78,259

1,123,711

1,078,784

1,077,728

1,149,906

4,107

Total Expenses $119,689 $1,709,783 $1,636,959 $1,677,725 $2,008,849 $7,174
Net Operating Income $106,008 $1,290,744 $2,435,698 $2,433,885 $2,125,086 $7,590
Replacement Reserves

0

0

0

0

70,000

250

Net Cash Flow $106,008 $1,290,744 $2,435,698 $2,433,885 $2,055,086 $7,340
Occupancy %(6) 69.9% 78.9% 89.6% 89.3%(7) 89.6%(8)
UW NCF DSCR 0.07x 0.82x 1.54x 1.54x 1.30x
NOI Debt Yield 0.47% 5.71% 10.78% 10.77% 9.40%
(1) Based on the underwritten rent roll dated August 3, 2026.
(2) 2023 financials cash flows are only available for the period after the borrower sponsor's acquisition of the Nissan Golden Gate Property in November 2023.
(3) Other Income includes utility reimbursements and general other income.
(4) The increase from historical to U/W Real Estate Taxes is primarily attributable to an anticipated tax reassessment.
(5) Other Operating Expenses represent utilities, repairs and maintenance, management fees, payroll and benefits, marketing, professional fees, and general and administrative expenses.
(6) Historical occupancies represent year-end annual physical occupancies.
(7) Represents occupancy as of the underwritten rent roll dated August 3, 2026.
(8) The U/W Occupancy % represents the economic occupancy.

Appraisal. According to the appraisal, the Nissan Golden Gate Property had an "as-is" appraised value of $34,900,000 as of April 29, 2026. The table below shows the appraisal's "as-is" conclusions.

Nissan Golden Gate Appraised Value(1)
Property Appraised Value Capitalization Rate
Nissan Golden Gate $34,900,000 6.25%
(1) Source: Appraisal.

Environmental Matters. According to the Phase I environmental site assessment dated May 21, 2026, there was no evidence of any recognized environmental conditions at the Nissan Golden Gate Property. 

The Market. The Nissan Golden Gate Property is located at 1075 North Hairston Road in Stone Mountain, DeKalb County, Georgia, approximately 10 miles east of downtown Atlanta. The Nissan Golden Gate Property is situated within the Southeast DeKalb submarket of the Atlanta Metropolitan Statistical Area. The surrounding area is characterized by a mix of established multifamily communities, single-family residential neighborhoods, neighborhood-serving retail centers, educational institutions, and employment nodes. The Nissan Golden Gate Property benefits from its location along North Hairston Road, a primary arterial roadway carrying approximately 29,000 vehicles per day.

Regional access is provided by Interstate 285 and U.S. Route 78 (Stone Mountain Freeway), which offer direct connectivity to downtown Atlanta, employment centers throughout the metropolitan area, and Hartsfield-Jackson Atlanta International Airport. Public transportation is available via MARTA bus routes operating along North Hairston Road, while the Indian Creek and Kensington MARTA rail stations provide broader regional transit connectivity. Air transportation is provided by Hartsfield-Jackson Atlanta International Airport, located approximately 15 miles southwest of the Nissan Golden Gate Property.

According to the appraisal, the Atlanta MSA benefits from a highly diversified economic base anchored by transportation and logistics, healthcare, education, technology, professional services, and consumer products. Major employers include Delta Air Lines, UPS, Emory University, Piedmont Healthcare, Northside Hospital, Publix, Children's Healthcare of Atlanta, and several large county public school systems. The Atlanta MSA also benefits from a strong educational infrastructure, including Georgia Institute of Technology, Georgia State

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
68

Multifamily - Garden

1075 North Hairston Road

Stone Mountain, GA 30083

Collateral Asset Summary - Loan No. 8

Nissan Golden Gate

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,600,000

64.8%

1.30x

9.4%

University, Emory University, and the Atlanta University Center. Within the immediate trade area, the Nissan Golden Gate Property is proximate to numerous employment generators, healthcare facilities, retail centers, and educational institutions that support housing demand. Stone Mountain Park, one of Georgia's most visited recreational destinations, is located nearby.

The Nissan Golden Gate Property is located within the Atlanta multifamily market and the Southeast DeKalb submarket. As of 2025, the population within a 1-, 3-, and 5-mile radius of the Nissan Golden Gate Property was approximately 16,322, 85,302, and 224,318, respectively. Median household income within the same radii was approximately $46,988, $60,823, and $70,826. According to the appraisal, the Southeast DeKalb submarket contained approximately 31,133 multifamily units with average asking rents of approximately $1,277 per month and an occupancy rate of 82.3% as of early 2026. No units are currently under construction according to the appraisal.

The following table presents information regarding certain competitive properties to the Nissan Golden Gate Property:

Multifamily Rent Comparables(1)
Property Name / Address Year Built / Renovated Occupancy Number of Units Unit Type Average Unit Size (SF) Average Rent Per Unit

Nissan Golden Gate(2)

1075 North Hairston Road

Stone Mountain, GA 30083

1970 / 2025(1) 89.3% 280 1 Bed / 1 Bath 709 $1,023
1 Bed / 1 Bath Renovated 709 $1,091
2 Bed / 1 Bath 1,050 $1,151
2 Bed / 1.5 Bath 1,175 $1,280
2 Bed / 1 Bath Renovated 1,050 $1,206
2 Bed / 1.5 Bath Renovated 1,175 $1,316
3 Bed / 2 Bath 1,275 $1,457
3 Bed / 2.5 Bath 1,300 $1,485
3 Bed / 2 Bath Renovated 1,275 $1,466
3 Bed / 2.5 Bath Renovated 1,300 $1,524

Willow Lake Apartments

Stone Mountain, GA

1972 / 2015 95.7% 280

1 Bed / 1 Bath

2 Bed / 2 Bath

3 Bed / 2 Bath

3 Bed / 2.5 Bath

850

1,250

1,450

1,550

$1,020

$1,067

$1,444

$1,294

Peachtree Creek on Ponce

Stone Mountain, GA

2022 / NAP 99.5% 188

1 Bed / 1 Bath

2 Bed / 2 Bath

3 Bed / 2 Bath

784

1,080

1,238

$1,050

$1,230

$1,400

Spring Chase Apartments

Stone Mountain, GA

1972 / NAP 94.2% 380

1 Bed / 1 Bath

1 Bed / 1 Bath

2 Bed / 1 Bath

2 Bed / 2 Bath

3 Bed / 2 Bath

722

737

909

998

1,222

$960

$1,180

$1,080

$1,240

$1,390

Clarkson Station

Clarkson, GA

1972 / NAP 99.2% 356

1 Bed / 1 Bath

2 Bed / 2 Bath

3 Bed / 2 Bath

665

1,007

1,258

$978

$1,184

$1,287

Sunrise View Apartments

Decatur, GA

2021 / NAP 93.3% 240

1 Bed / 1 Bath

2 Bed / 2 Bath

3 Bed / 2 Bath

850

1,070

1,150

$1,143

$1,369

$1,562

(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated August 3, 2026, unless indicated otherwise.

The Borrower and the Borrower Sponsor. The borrower is Nissan Golden Gate, LLC, a Georgia limited liability company and single purpose entity with one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Nissan Golden Gate Mortgage Loan. 

The borrower sponsor and non-recourse carveout guarantor is Eran Israel. Mr. Israel is the founder and managing principal of Golden Gate Property Management, LLC, a real estate operating company headquartered in Hollywood, Florida and focused on the acquisition, renovation, and operating of multifamily assets primarily in metropolitan Atlanta, Georgia. Mr. Israel began his real estate career in 2012 with the acquisition and renovation of Golden Gate Townhomes, a 316-unit multifamily property in Stone Mountain, GA. Mr. Israel's portfolio includes approximately 800 units primarily concentrated in Georgia and Florida, including Golden Gate Townhomes and Adar at Golden Gate, both of which are located within 0.3 miles of the Nissan Golden Gate Property and compete with the Nissan Golden Gate Property.

Property Management. The property manager is Golden Gate Property Management, LLC, an affiliate of the borrower sponsor.

Initial and Ongoing Reserves. At origination, the borrower was required to deposit into escrow approximately (i) $42,731 for tax reserves, (ii) $57,808 for insurance reserves, (iii) $75,500 for deferred maintenance reserves, (iv) $382,250 for down unit renovation reserves, and (v) $262,500 for roof repair reserves.

Tax Escrows - On a monthly basis, the borrower is required to deposit 1/12th of the annual estimated tax payments, which currently equates to approximately $28,112.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
69

Multifamily - Garden

1075 North Hairston Road

Stone Mountain, GA 30083

Collateral Asset Summary - Loan No. 8

Nissan Golden Gate

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,600,000

64.8%

1.30x

9.4%

Insurance Escrows - If there is no approved blanket policy in place, the borrower is required to escrow 1/12th of the annual estimated insurance payments on a monthly basis, which currently equates to approximately $19,269. The Nissan Golden Gate Property is currently not insured under a blanket insurance policy.

Replacement Reserve - On a monthly basis, the borrower is required to deposit $5,833 for replacement reserves.

Lockbox and Cash Management. The Nissan Golden Gate Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the first occurrence of a Lockbox Trigger Event (as defined below), the borrower is required to establish and maintain a lender-controlled lockbox account. Upon the first occurrence of a Lockbox Trigger Event and at all times thereafter, the borrower and the property manager are required to deposit all gross revenue from the Nissan Golden Gate Property received by them into the lender-controlled lockbox account within three business day after receipt. So long as no Trigger Period (as defined below) is continuing, the amounts on deposit in the lockbox account will be swept on a daily basis to the borrower's operating account. During the continuance of a Trigger Period, sums on deposit in the lockbox account are required to be transferred on a daily basis to a cash management account controlled by the lender. Funds swept to the cash management account are required to be applied to payment of all monthly amounts due under the Nissan Golden Gate Mortgage Loan documents (including, without limitation, tax and insurance reserves, debt service and other required reserves) and budgeted property operating expenses and approved extraordinary expenses, with any excess funds required to be deposited into an excess cash flow reserve account to be held as additional collateral for the Nissan Golden Gate Mortgage Loan until the Trigger Period is cured.

"Lockbox Trigger Event" means the earlier of (i) the commencement of a Trigger Period and (ii) the date upon which the debt service coverage ratio is less than 1.25x.

A "Trigger Period" means a period: (A) commencing upon the earliest of (i) the occurrence of an event of default, (ii) the debt service coverage ratio falling below 1.20x for any calendar quarter (a "Low DSCR Period"), (iii) certain bankruptcy or insolvency events of the property manager if the property manager is an affiliate of the borrower or guarantor, and (iv) certain bankruptcy or insolvency events of the borrower or the guarantor and (B) expiring upon, with regard to any Trigger Period commenced in connection with (1) clause (i) above, the cure (if applicable) of such event of default has been accepted by the lender, (2) a Low DSCR Period, the Nissan Golden Gate Mortgage Loan achieving a debt service coverage ratio of 1.30x or greater for two consecutive calendar quarters, (3) clause (iii) above, the affiliated property manager being replaced by an unaffiliated property manager approved by the lender under a property management agreement approved by the lender, and (4) clause (iv) above, if the bankruptcy or insolvency event was involuntary, upon the same being discharged or dismissed within 30 days of filing.

Current Mezzanine or Secured Subordinate Indebtedness. None.

Permitted Future Mezzanine or Secured Subordinate Indebtedness. Not permitted.

Release of Collateral. Not permitted.

Ground Lease. None.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
70

Multifamily - Mid Rise

501-515 West 7th Street

Plainfield, New Jersey 07060

Collateral Asset Summary - Loan No. 9

501 West 7th Street

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,000,000

64.7%

1.37x

8.8%

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
71

Multifamily - Mid Rise

501-515 West 7th Street

Plainfield, New Jersey 07060

Collateral Asset Summary - Loan No. 9

501 West 7th Street

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,000,000

64.7%

1.37x

8.8%

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
72

Multifamily - Mid Rise

501-515 West 7th Street

Plainfield, New Jersey 07060

Collateral Asset Summary - Loan No. 9

501 West 7th Street

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,000,000

64.7%

1.37x

8.8%

Mortgage Loan Information Property Information
Loan Seller: GACC Single Asset / Portfolio: Single Asset
Loan Purpose: Refinance Property Type - Subtype: Multifamily - Mid Rise
Borrower Sponsor(s): Louis Lefkowitz and Joseph Kohn Collateral: Fee
Borrower(s): West 7 St LLC Location: Plainfield, NJ
Original Balance: $22,000,000 Year Built / Renovated: 1925 / 2025
Cut-off Date Balance: $22,000,000 Property Management: Self-Managed
% by Initial UPB: 4.0% Size: 84 Units
Interest Rate: 6.28200% Appraised Value / Per Unit: $34,000,000 / $404,762
Note Date: August 26, 2026 Appraisal Date: July 6, 2026
Original Term: 60 months Occupancy: 100.0% (as of July 30, 2026)
Amortization: Interest Only Underwritten NOI(3): $1,945,856
Original Amortization: NAP Underwritten NCF: $1,924,856
Interest Only Period: 60 months
First Payment Date: October 6, 2026
Maturity Date: September 6, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI(3): $1,605,930 (TTM July 31, 2026)
Additional Debt Balance: NAP 2025 NOI(4): NAV
Call Protection(1): L(25),D(31),O(4) 2024 NOI(4): NAV
Lockbox / Cash Management: Springing / Springing 2023 NOI(4): NAV
Reserves(2) Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $261,905
Taxes: $18,110 $9,055 NAP Maturity Date Loan / Unit: $261,905
Insurance: $35,167 $4,912 NAP Cut-off Date LTV: 64.7%
Replacement Reserves: $0 $1,750 NAP Maturity Date LTV: 64.7%
Deferred Maintenance: $0 $0 NAP UW NOI DY: 8.8%
Other Reserves: $0 $0 NAP UW NCF DSCR: 1.37x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $22,000,000 97.9 % Loan Payoff(5) $21,721,830 96.6 %
Borrower Sponsor Equity 474,848 2.1 Closing Costs(6) 699,741 3.1
Upfront Reserves 53,277 0.2
Total Sources $22,474,848 100.0 % Total Uses $22,474,848 100.0 %
(1) The 501 West 7th Street Mortgage Loan (as defined below) provides for mandatory prepayment in such amount as is necessary to achieve a net cash flow debt yield of 8.5% if a tax reassessment occurs in excess of 15% of the prior year's valuation and the net cash flow debt yield after giving effect to the increased taxes is less than 8.5%. No yield maintenance premium or prepayment fee is required in connection with such a prepayment.
(2) See "Initial and Ongoing Reserves" below.
(3) The increase from Most Recent NOI to Underwritten NOI at the 501 West 7th Street Property (as defined below) is primarily attributable to the recent lease up following renovation in 2025.
(4) Historical financial information prior to the TTM July 31, 2026 is not available because the 501 West 7th Street Property was comprehensively renovated in 2025 following the borrower's acquisition of the 501 West 7th Street Property in distress (after a condemnation at one building and a fire at the other building in 2023) and leased up following such renovation.
(5) Prior debt on the 501 West 7th Street Property was in an extension period following a maturity default prior to the origination of the 501 West 7th Street Mortgage Loan. Such prior debt was paid off in full in connection with origination of the 501 West 7th Street Mortgage Loan, in addition to an extension fee of $27,000.
(6) Closing costs include $220,000 of buydown fees.

The Loan. The ninth largest mortgage loan (the "501 West 7th Street Mortgage Loan") is secured by a first priority fee interest in an 84-unit multifamily property located in Plainfield, New Jersey (the "501 West 7th Street Property"). The 501 West 7th Street Mortgage Loan is evidenced by a single promissory note with an outstanding principal balance as of the Cut-off Date of $22,000,000. The 501 West 7th Street Mortgage Loan was originated on August 26, 2026 by GACC and accrues interest at a fixed rate of 6.28200% per annum on an Actual/360 basis. The 501 West 7th Street Mortgage Loan has an initial term of 5 years with interest only payments throughout the term.

The Property. The 501 West 7th Street Property is an 84-unit, multifamily property located at 501-515 West 7th Street in Plainfield, New Jersey. The 501 West 7th Street Property consists of two identical, four-story, elevatored midrise residential buildings situated on a 1.49-acre, corner site at the intersection of West 7th Street and Liberty Street. Built in 1925 and renovated in 2025, the 501 West 7th Street Property consists of 14 one-bedroom, 52 two-bedroom, 7 three-bedroom, and 11 four-bedroom units. Community amenities at the 501 West 7th Street Property include a laundry-room in each building, and approximately 33 surface parking spaces. In 2025, the borrower

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
73

Multifamily - Mid Rise

501-515 West 7th Street

Plainfield, New Jersey 07060

Collateral Asset Summary - Loan No. 9

501 West 7th Street

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,000,000

64.7%

1.37x

8.8%

sponsor acquired the 501 West 7th Street Property for approximately $12.5 million in distressed condition, due to a condemnation of the 501 West 7th Street building and a fire at the 515 West 7th Street building, each in 2023, and subsequently invested approximately $16.8 million to complete a comprehensive renovation, including structural improvements, building systems, modernized unit interiors, exterior site upgrades, life safety and mechanical enhancements. Renovated unit interiors feature hardwood flooring, kitchens with stainless steel appliances and custom cabinetry, and updated bathrooms. Post-renovation the borrower sponsor's cost basis in the 501 West 7th Street Property is approximately $30.3 million. As of June 30, 2026, four units were leased by tenants which receive Section 8 rental assistance.

As of the underwritten rent roll dated July 30, 2026, the 501 West 7th Street Property is 100% occupied, with an average in-place of approximately $2,459 per unit.

The following table presents certain information relating to the unit mix at the 501 West 7th Street Property:

Unit Mix(1)
Unit Type # of Units % of Total Occupied Units Occupancy Average Monthly Rental Rate(2)
501 West 7th Street - 1 BR/1 BA 4 4.8% 4 100.0% $1,900
501 West 7th Street - 2 BR/1 BA 25 29.8% 25 100.0% $2,460
501 West 7th Street - 3 BR/2 BA 6 7.1% 6 100.0% $2,892
501 West 7th Street - 4 BR/2 BA 7 8.3% 7 100.0% $3,471
515 West 7th Street - 1 BR/1 BA 10 11.9% 10 100.0% $1,828
515 West 7th Street - 2 BR/1 BA(3) 27 32.1% 27 100.0% $2,290
515 West 7th Street - 3 BR/2 BA 1 1.2% 1 100.0% $2,900
515 West 7th Street - 4 BR/2 BA 4 4.8% 4 100.0% $3,200
Total/Wtd. Avg. 84 100.0% 84 100.0% $2,459
(1) Based on the underwritten rent roll dated July 30, 2026.
(2) Average Monthly Rental Rate is based on Occupied Units.
(3) Includes one employee unit which is regarded as occupied for the purposes of this table, but is not included in the Average Monthly Rental Rate calculation.

The following table presents certain information relating to the historical and underwritten net cash flow at the 501 West 7th Street Property:

Cash Flow Analysis(1)(2)
TTM 7/31/2026 U/W U/W Per Unit
Gross Potential Rent $1,910,169 $2,451,300 $29,182
Vacancy 0 (122,565) (1,459)
Other Income(3)

60,263

68,975

821

Effective Gross Income  $1,970,432 $2,397,710 $28,544
Real Estate Taxes 136,986 106,642 1,270
Insurance 60,000 57,226 681
Other Operating Expenses(4)

167,516

287,986

3,428

Total Expenses $364,502 $451,854 $5,379
Net Operating Income(5)  $1,605,930 $1,945,856 $23,165
Replacement Reserves

7,980

21,000

250

Net Cash Flow  $1,597,950 $1,924,856 $22,915
Occupancy %(6) 100.0%(6) 95.0%(7)
UW NCF DSCR 1.14x 1.37x
NOI Debt Yield 7.3% 8.8%
(1) Based on the underwritten rent roll dated July 30, 2026.
(2) Historical financial information prior to the TTM 7/31/2026 is not available as the 501 West 7th Street Property was comprehensively renovated in 2025 following the borrower's acquisition of the 501 West 7th Street Property in distress (after a condemnation at one building and a fire at the other building in 2023) and leased up following such renovation.
(3) Other Income includes parking income, laundry income, and general other income.
(4) Other Operating Expenses represent utilities, repairs and maintenance, management fees, payroll and benefits, and general and administrative expenses.
(5) The increase from Most Recent NOI to Underwritten NOI at the 501 West 7th Street Property is primarily attributable to the recent lease up following renovation in 2025.
(6) Represents occupancy as of the underwritten rent roll dated July 30, 2026.
(7) The U/W Occupancy % represents the economic occupancy.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
74

Multifamily - Mid Rise

501-515 West 7th Street

Plainfield, New Jersey 07060

Collateral Asset Summary - Loan No. 9

501 West 7th Street

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,000,000

64.7%

1.37x

8.8%

Appraisal. According to the appraisal, the 501 West 7th Street Property had an "as-is" appraised value of $34,000,000 as of July 6, 2026. The table below shows the appraisal's "as-is" conclusions.

501 West 7th Street Appraised Value(1)
Property Appraised Value Capitalization Rate
501 West 7th Street $34,000,000 5.75%
(1) Source: Appraisal.

Environmental Matters. According to the Phase I environmental site assessment dated February 12, 2026, there was no evidence of any recognized environmental conditions at the 501 West 7th Street Property.

The Market. The 501 West 7th Street Property is located at 501-515 West 7th Street in Plainfield, Union County, New Jersey, approximately 20 miles southwest of New York City. The 501 West 7th Street Property is situated within the Western Union County submarket of the Northern New Jersey multifamily market, a densely populated and well-established region within the broader New York metropolitan area. The surrounding area is characterized primarily by residential uses, including a mix of multifamily communities, apartment buildings, and single-family homes, along with neighborhood-serving retail, community facilities, and local businesses. The 501 West 7th Street Property benefits from its corner location at the intersection of West 7th Street and Liberty Street within a mature residential neighborhood of Plainfield. 

Regional access is provided by Interstate 78, Interstate 287, the Garden State Parkway, and U.S. Route 22, which offer connectivity throughout Northern and Central New Jersey, New York City, and surrounding employment centers. Public transportation is available via NJ Transit bus routes serving Plainfield as well as commuter rail service on the Raritan Valley Line. The Plainfield Station, located approximately 0.8 miles from the 501 West 7th Street Property, provides direct rail access to Newark and connectivity to New York Penn Station. Air transportation is provided by Newark Liberty International Airport, located approximately 20 miles northeast of the 501 West 7th Street Property.

According to the appraisal, Union County benefits from a diversified economy supported by healthcare, finance, retail, technology, professional services, transportation, and education-related employment. Union County is home to a population of more than 570,000 residents and benefits from extensive transportation infrastructure, including major highways, commuter rail lines, and regional bus service. Plainfield serves as an established residential community within Union County and offers a range of parks, recreational facilities, local businesses, and community amenities. Within the immediate area, the 501 West 7th Street Property is proximate to neighborhood retail, public transportation options, educational facilities, and employment centers throughout Union County and the broader Northern New Jersey region.

The 501 West 7th Street Property is located within the Northern New Jersey multifamily market and the Western Union County submarket. According to the appraisal, the Western Union County submarket contained approximately 14,839 multifamily units with average effective rents of approximately $2,663 per unit and a vacancy rate of 5.8% as of year-end 2025. The Western Union County submarket has experienced increased vacancy levels in recent years as new supply has been delivered, although demand remains active and vacancy compressed during the fourth quarter of 2025. The development pipeline remains elevated, with approximately 973 units under construction, which is expected to place some upward pressure on vacancy rates and moderate rent growth in the near term.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
75

Multifamily - Mid Rise

501-515 West 7th Street

Plainfield, New Jersey 07060

Collateral Asset Summary - Loan No. 9

501 West 7th Street

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,000,000

64.7%

1.37x

8.8%

The following table presents information regarding certain competitive properties to the 501 West 7th Street Property:

Multifamily Rent Comparables(1)
Property Name / Address Unit Type Average Unit Size (SF) Average Rent Per Unit

501 West 7th Street(2)

501-515 West 7th Street

Plainfield, NJ 07060

501 West 7th Street - 1 BR/1 BA 800 $1,900
501 West 7th Street - 2 BR/1 BA 952 $2,460
501 West 7th Street - 3 BR/2 BA 1,000 $2,892
501 West 7th Street - 4 BR/2 BA 1,943 $3,471
515 West 7th Street - 1 BR/1 BA 800 $1,828
515 West 7th Street - 2 BR/1 BA 1,074 $2,290
515 West 7th Street - 3 BR/2 BA 1,600 $2,900
515 West 7th Street - 4 BR/2 BA 2,000 $3,200

351 North Drive

North Plainfield, NJ

1 Bed / 1 Bath 675 $1,750

744 Watchung Avenue

Plainfield, NJ

1 Bed / 1 Bath 629 $1,775

802 East Front Street

Plainfield, NJ

1 Bed / 1 Bath 600 $1,875

375 North Drive

North Plainfield, NJ

1 Bed / 1 Bath 765 $1,935

1165 U.S. 22

North Plainfield, NJ

2 Bed / 1 Bath 1,075 $2,385

643-715 East Front Street

Plainfield, NJ

2 Bed / 1.5 Bath 1,050 $2,350

1330 Randolph Road

Plainfield, NJ

2 Bed / 2 Bath 900 $2,575

1300 U.S. 22

North Plainfield, NJ

2 Bed / 1 Bath 950 $1,840

307 West Front Street

Plainfield, NJ

3 Bed / 2 Bath 1,050 $3,000

20-22 Sandford Avenue

Plainfield, NJ

3 Bed / 1 Bath 1,000 $2,875

420 East Front Street

Plainfield, NJ

3 Bed / 1.5 Bath 1,146 $2,800

609 East 2nd Street

Plainfield, NJ

3 Bed / 1 Bath NAV $2,999

737 Kensington Avenue

Plainfield, NJ

4 Bed / 2 Bath 1,851 $3,200

30 Jefferson Avenue

Dunellen, NJ

4 Bed / 2 Bath 1,236 $3,300

933 West 3rd Street

Plainfield, NJ

4 Bed / 2 Bath NAV $3,400

218 Monroe Avenue

Plainfield, NJ

4 Bed / 1 Bath NAV $3,400
(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated July 30, 2026, unless indicated otherwise.

The Borrower and the Borrower Sponsors. The borrower is West 7 St LLC, a New Jersey limited liability company and single purpose entity with one independent director in its organizational structure. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 501 West 7th Street Mortgage Loan.

The borrower sponsors and non-recourse carveout guarantors are Louis Lefkowitz and Joseph Kohn. Mr. Lefkowitz and Mr. Kohn are private real estate investors who own and operate a self-managed multifamily portfolio concentrated throughout New Jersey, with additional holdings across the greater New York metropolitan area. Mr. Lefkowitz and Mr. Kohn focus on smaller-to-mid-size assets, with an emphasis on renovation-driven repositioning and stabilization.

Property Management. The property is self-managed.

Initial and Ongoing Reserves. At origination, the borrower was required to deposit into escrow approximately (i) $18,110 for tax reserves and (ii) $35,167 for insurance reserves. 

Tax Escrows - On a monthly basis, the borrower is required to deposit 1/12th of the annual estimated tax payments, which currently equates to approximately $9,055.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
76

Multifamily - Mid Rise

501-515 West 7th Street

Plainfield, New Jersey 07060

Collateral Asset Summary - Loan No. 9

501 West 7th Street

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$22,000,000

64.7%

1.37x

8.8%

Insurance Escrows - If there is no approved blanket policy in place, the borrower is required to escrow 1/12th of the annual estimated insurance payments on a monthly basis, which currently equates to approximately $4,912. The 501 West 7th Street Property is currently not insured under a blanket insurance policy.

Replacement Reserve - On a monthly basis, the borrower is required to deposit $1,750 for replacement reserves.

Lockbox and Cash Management. The 501 West 7th Street Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the occurrence of a Lockbox Trigger Event (as defined below), the borrower is required to establish and maintain a lender-controlled lockbox account. Upon the first occurrence of a Lockbox Trigger Event and at all times thereafter, the borrower and the property manager are required to deposit all gross revenue from the 501 West 7th Street Property received by them into the lender-controlled lockbox account within three business days after receipt. So long as no Trigger Period (as defined below) is continuing, the amounts on deposit in the lockbox account will be swept on a daily basis to the borrower's operating account. During the continuance of a Trigger Period, sums on deposit in the lockbox account are required to be transferred on a daily basis to a cash management account controlled by the lender. Funds swept to the cash management account are required to be applied to payment of all monthly amounts due under the 501 West 7th Street Mortgage Loan documents (including, without limitation, tax and insurance reserves, debt service and other required reserves) and budgeted property operating expenses and approved extraordinary expenses, with any excess funds required to be deposited into an excess cash flow reserve account to be held as additional collateral for the 501 West 7th Street Mortgage Loan until the Trigger Period is cured.

"Lockbox Trigger Event" means the earlier of (i) the commencement of a Trigger Period and (ii) the date upon which the debt service coverage ratio is less than 1.20x.

A "Trigger Period" means a period: (A) commencing upon the earliest of (i) the occurrence of an event of default, (ii) the debt service coverage ratio falling below 1.15x for any calendar quarter (a "Low DSCR Period"), (iii) certain bankruptcy or insolvency events of the property manager if the property manager is an affiliate of the borrower or guarantor, and (iv) certain bankruptcy or insolvency events of the borrower or the guarantor and (B) expiring upon, with regard to any Trigger Period commenced in connection with (1) clause (i) above, the cure (if applicable) of such event of default has been accepted by the lender, (2) a Low DSCR Period, either (x) the 501 West 7th Street Mortgage Loan achieving a debt service coverage ratio of 1.20x or greater for two consecutive calendar quarters or (y) the borrower depositing with the lender cash or a letter of credit in an amount which, if applied to reduce the outstanding principal balance of the 501 West 7th Street Mortgage Loan, would cause the debt service coverage ratio to be greater than or equal to 1.20x, (3) clause (iii) above, the affiliated property manager being replaced by an unaffiliated property manager approved by the lender under a property management agreement approved by the lender, and (4) clause (iv) above, if the bankruptcy or insolvency event was involuntary, upon the same being discharged or dismissed within 30 days of filing.

Current Mezzanine or Secured Subordinate Indebtedness. None.

Permitted Future Mezzanine or Secured Subordinate Indebtedness. Not permitted.

Release of Collateral. Not permitted.

Ground Lease. None.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
77

Multifamily - Garden

Various

Riverside, CA 92507

Collateral Asset Summary - Loan No. 10

Riverside Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$16,081,000

69.0%

1.20x

8.1%

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
78

Multifamily - Garden

Various

Riverside, CA 92507

Collateral Asset Summary - Loan No. 10

Riverside Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$16,081,000

69.0%

1.20x

8.1%

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
79

Multifamily - Garden

Various

Riverside, CA 92507

Collateral Asset Summary - Loan No. 10

Riverside Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$16,081,000

69.0%

1.20x

8.1%

Mortgage Loan Information Property Information
Loan Seller: Axonic Single Asset / Portfolio: Portfolio
Loan Purpose: Acquisition Property Type - Subtype: Multifamily - Garden
Borrower Sponsor(s): Yong Yuan and Yong Yuan, as Trustee of The Good Fortune Trust dated February 25, 2016 Collateral: Fee
Borrower(s): Black Copper Canyon One LLC Location(1): Riverside, CA
Original Balance: $16,081,000 Year Built / Renovated(1): Various / NAP
Cut-off Date Balance: $16,081,000 Property Management: Macae Fidelity Property Management
% by Initial UPB: 2.9% Size: 113 Units
Interest Rate: 6.54000% Appraised Value / Per Unit: $23,300,000 / $206,195
Note Date: August 11, 2026 Appraisal Date: July 2, 2026
Original Term: 60 months Occupancy: 97.3% (as of August 3, 2026)
Amortization: Interest Only Underwritten NOI: $1,305,005
Original Amortization: NAP Underwritten NCF: $1,276,755
Interest Only Period: 60 months
First Payment Date: October 1, 2026
Maturity Date: September 1, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI: $1,250,606 (TTM June 30, 2026)
Additional Debt Balance: NAP 2024 NOI: $987,087
Call Protection: YM1(56),O(4) 2023 NOI: $1,044,982
Lockbox / Cash Management: None / None 2022 NOI: $731,502
Reserves Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $142,310
Taxes: $117,258 $16,751 NAP Maturity Date Loan / Unit: $142,310
Insurance: $21,476 $7,159 NAP Cut-off Date LTV: 69.0%
Replacement Reserves: $0 $2,354 NAP Maturity Date LTV: 69.0%
Deferred Maintenance: $30,931 $0 NAP UW NOI DY: 8.1%
UW NCF DSCR: 1.20x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan: $16,081,000 71.8 % Purchase Price: $21,800,000 97.4 %
Borrower Sponsor Equity: 6,308,251 28.2 Closing Costs(2): 419,585 1.9
Upfront Reserves: 169,666 0.8
Total Sources $22,389,251 100.0 % Total Uses $22,389,251 100.0 %
(1) See the chart titled "Portfolio Summary" under "The Properties" below.
(2) Closing Costs include an origination fee of $160,810.

The Loan. The tenth largest mortgage loan (the "Riverside Portfolio Mortgage Loan") is secured by the borrower's fee simple interests in a 113-unit, two-property multifamily portfolio located in Riverside, California (the "Riverside Portfolio Properties"). The Riverside Portfolio Mortgage Loan is evidenced by a single promissory note with an outstanding principal balance as of the Cut-off Date of $16,081,000. The Riverside Portfolio Mortgage Loan was originated on August 11, 2026 by Axonic, and accrues interest at a fixed rate of 6.54000% per annum. The Riverside Portfolio Mortgage Loan has an initial term of 60 months and is interest-only for the full term. The scheduled maturity date of the Riverside Portfolio Mortgage Loan is September 1, 2031.

The Properties. The Riverside Portfolio Properties are comprised of two garden-style market-rate and sub-10% student concentration multifamily properties totaling 113 units, located in Riverside, California. As of August 3, 2026, the Riverside Portfolio Properties were 97.3% occupied.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
80

Multifamily - Garden

Various

Riverside, CA 92507

Collateral Asset Summary - Loan No. 10

Riverside Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$16,081,000

69.0%

1.20x

8.1%

The following table presents certain information relating to the Riverside Portfolio Properties:

Portfolio Summary

Property Name

Location(1)

Year Built / Renovated(1)

# of Units(2)

Occupancy(2)

Allocated Cut-off Date Balance

% of Allocated Cut-off Date Balance

UW NOI(2)

% of UW NOI(2)

Appraised Value(1)

University Gardens Riverside, CA 1966 / NAP 88 97.7% $12,216,039 76.0% NAV NAV $17,700,000
Normandy Apartments Riverside, CA 1971 / NAP 25 96.0% $3,864,961 24.0% NAV NAV $5,600,000
Total/ Wtd. Avg 113 97.3% $16,081,000 100.0% $1,305,005 100.0% $23,300,000
(1) Source: Appraisals.
(2) Based on the underwritten rent roll dated August 3, 2026.

University Gardens. The University Gardens property consists of two market-rate and sub-10% student concentration multifamily garden buildings of up to three stories situated on a 2.21-acre site at 3681 and 3725 Cranford Avenue in Riverside, California, totaling 88 units (the "University Gardens Property"). The University Gardens Property was constructed in 1966 and includes 127 covered and surface parking spaces, resulting in approximately 1.44 spaces per unit. The average unit size based on the underwritten rent roll is 762 SF. See the Portfolio Unit Mix table below for additional information. Property amenities include gated access, two swimming pools, a fitness center and two laundry facilities. Unit amenities include a range/oven, refrigerator, dishwasher, garbage disposal, built-in microwave oven and plank flooring. As of August 3, 2026, the University Gardens Property was 97.7% occupied. 

Normandy Apartments. The Normandy Apartments property consists of one two-story market-rate and sub-10% student concentration multifamily garden building situated on a 0.82-acre site at 1480 7th Street in Riverside, California, totaling 25 units (the "Normandy Apartments Property"). The Normandy Apartments Property was constructed in 1971 and includes 60 covered and surface parking spaces, resulting in approximately 2.40 spaces per unit. The average unit size based on the underwritten rent roll is 888 SF. See the Portfolio Unit Mix table below for additional information. Property amenities include a community swimming pool and laundry facility. Unit amenities include a range/oven, refrigerator, dishwasher, garbage disposal, built-in microwave oven and plank flooring. As of August 3, 2026, the Normandy Apartments Property was 96.0% occupied.

The following table presents certain information relating to the unit mix at the Riverside Portfolio Properties:

Portfolio Unit Mix(1)
Unit Type # of Units % of Total Units Vacant Units Occupancy Average Unit Size (SF) Average Monthly Rent Per Unit Average Monthly Market Rent Per Unit
Normandy Apartments
1 Bedroom / 1 Bathroom 2 8.0% 0 100.0% 650 $1,655 $1,800
2 Bedroom / 1 Bathroom 23 92.0% 1 95.7% 909 $1,926 $2,050
Property Total / Wtd Avg. 25 100.0% 1 96.0% 888 $1,903 $2,030
University Gardens
Studio / 1 Bathroom 8 9.1% 0 100.0% 580 $1,512 $1,650
1 Bedroom / 1 Bathroom 57 64.8% 1 98.2% 704 $1,637 $1,800
2 Bedroom / 2 Bathroom 23 26.1% 1 95.7% 970 $1,951 $2,050
Property Total / Wtd Avg. 88 100.0% 2 97.7% 762 $1,706 $1,852
Portfolio Total / Wtd Avg. 113 100.0% 3 97.3% 790 $1,749 $1,891
(1) Based on the underwritten rent roll dated August 3, 2026.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
81

Multifamily - Garden

Various

Riverside, CA 92507

Collateral Asset Summary - Loan No. 10

Riverside Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$16,081,000

69.0%

1.20x

8.1%

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Riverside Portfolio Properties:

Cash Flow Analysis
2023 2024 2025 TTM (6/30/2026) U/W U/W Per Unit
Base Rent $2,018,015 $2,148,534 $2,297,172 $2,358,720 $2,379,036 $21,053
Gross Potential Rent $2,018,015 $2,148,534 $2,297,172 $2,358,720 $2,379,036 $21,053
Other Income(1) 84,027 47,341 49,265 59,976 59,976 $531
Net Rental Income $2,102,042 $2,195,875 $2,346,437 $2,418,697 $2,439,012 $21,584
(Vacancy / Concessions / Credit Loss) (186,520) (99,161) (223,004) (169,422) (142,742) ($1,263)
Total Effective Gross Income $1,915,522 $2,096,714 $2,123,433 $2,249,275 $2,296,270 $20,321
Real Estate Taxes 201,425 202,931 223,014 113,961 246,927 $2,185
Insurance 52,946 62,365 164,845 168,848 85,905 $760
Management Fee 76,496 83,671 85,163 88,719 91,851 $813
Other Expenses(2) 853,153 702,766 663,323 627,140 566,582 $5,014
Total Expenses $1,184,021 $1,051,733 $1,136,345 $998,668 $991,265 $8,772
Net Operating Income $731,502 $1,044,982 $987,087 $1,250,606 $1,305,005 $11,549
Replacement Reserves 0 0 0 26,996 28,250 $250
Net Cash Flow $731,502 $1,044,982 $987,087 $1,223,610 $1,276,755 $11,299
Occupancy NAV NAV NAV 97.3%(3) 94.0%(4)
NCF DSCR 0.69x 0.98x 0.93x 1.15x 1.20x
NOI Debt Yield 4.5% 6.5% 6.1% 7.8% 8.1%
(1) Other Income includes miscellaneous other income, damage/late/deposit income, parking, pet and laundry income.
(2) Other Expenses include utilities, repairs and maintenance, payroll, advertising, general and administrative expenses, and employee units.
(3) Based on the underwritten rent roll dated August 3, 2026.
(4) U/W Occupancy represents underwritten economic occupancy.

Appraisals. The appraisals, each with a valuation date of July 2, 2026, concluded an "As Is" value of $17,700,000 for the University Gardens Property and $5,600,000 for the Normandy Apartments Property, for an aggregate appraised value of $23,300,000, as shown in the table below.

 Portfolio Appraised Value(1)
Property Value Capitalization Rate
University Gardens $17,700,000 5.25%
Normandy Apartments $5,600,000 5.50%
Portfolio Total / Wtd. Avg. $23,300,000 5.31%
(1) Source: Appraisals.

Environmental Matters. The Phase I environmental site assessments, each dated July 6, 2026, did not identify any recognized environmental conditions at either of the Riverside Portfolio Properties.

The Market. According to the appraisals, the Riverside Portfolio Properties are located within the Riverside-San Bernardino-Ontario, CA Metropolitan Statistical Area (the "Riverside MSA"). In 2025, the Riverside MSA had a population of approximately 4,760,104 and an average household income of approximately $122,195. According to the appraisals, as of the first quarter of 2026, the Riverside MSA apartment market had approximately 203,097 units, an occupancy rate of 95.5%, and an average asking monthly rent per unit of $2,320. 

According to the appraisals, both Riverside Portfolio Properties are located in the Riverside apartment submarket. As of the first quarter of 2026, the Riverside submarket had approximately 19,940 units, an occupancy rate of 94.5%, and an average asking monthly rent per unit of $2,348. The neighborhood benefits from proximity to the University of California, Riverside, the Canyon Crest Towne Centre commercial district and California Citrus State Historic Park, providing access to employment, retail, recreation and regional transportation.

According to the appraisal, the 2025 population within a one-, three- and five-mile radius of the University Gardens Property was 21,894, 101,247 and 224,719, respectively. The 2025 average household income within the same radii was $70,699, $113,480 and $120,151, respectively. 

According to the appraisal, the 2025 population within a one-, three- and five-mile radius of the Normandy Apartments Property was 28,028, 100,893 and 226,057, respectively. The 2025 average household income within the same radii was $69,840, $113,594 and $119,911, respectively.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
82

Multifamily - Garden

Various

Riverside, CA 92507

Collateral Asset Summary - Loan No. 10

Riverside Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$16,081,000

69.0%

1.20x

8.1%

The following table presents certain information relating to comparable multifamily properties to the Riverside Portfolio Properties:

Multifamily Rent Comparables(1)
Property Name / Address Year Built / Renovated Number of Units Occupancy Average Unit Size Average Rent Per Unit

Normandy Apartments(1)
1480 7th Street
Riverside, CA 92507

1971 / NAP

25(2)

96.0%(2)

888 SF(2)

$1,903(2)

University Gardens(1)
3681 and 3725 Cranford Avenue
Riverside, CA 92507

1966 / NAP

88(2)

97.7%(2)

762 SF(2)

$1,706(2)

Quail Creek
3131 Arlington Avenue
Riverside, CA 92506

1976 / NAP 156 95.0% 733 SF $1,875

3603-3623 Chicago Avenue
3603-3623 Chicago Avenue
Riverside, CA 92507

1964 / NAP

21

95.0%

710 SF

$1,753

Concord Square
2700 Iowa Avenue
Riverside, CA 92507

1985 / NAP

78

98.0%

776 SF

$1,923

Canyon Crest Village
5200 Chicago Avenue
Riverside, CA 92507 		1985 / NAP 192 98.0% 870 SF $1,963

Berkdale
1234 West Blaine Street
Riverside, CA 92507

1986 / NAP 296 95.0% 579 SF $1,923
Lindy East & West Apartments
1117-1177 West Linden Street
Riverside, CA 92507 		1963 / NAP 50 94.0% 900 SF $1,927

Granada Pueblo
5200 Canyon Crest Drive
Riverside, CA 92507

1971 / NAP 112 95.0% 964 SF $1,954
(1) Source: Appraisals, unless otherwise indicated.
(2) Based on the underwritten rent roll dated August 3, 2026.

The Borrower and the Borrower Sponsors. The borrower is Black Copper Canyon One LLC, a California limited liability company and single purpose entity. Hidden Pines Regulatory Mgmt. (WY), LLC owns 100% of the membership interests in the borrower, and The Good Fortune Trust dated February 25, 2016 owns 100% of Hidden Pines Regulatory Mgmt. (WY), LLC. The Good Fortune Trust is controlled by its co-trustees, Fen Lan and Yong Yuan. Yong Yuan is the manager of the borrower and Hidden Pines Regulatory Mgmt. (WY), LLC. The borrower sponsors and non-recourse carveout guarantors are Yong Yuan and Yong Yuan, as Trustee of The Good Fortune Trust dated February 25, 2016, through which Yong Yuan holds the Riverside Portfolio Properties with his wife. Mr. Yuan has approximately 10 years of real estate experience, beginning in single-family rentals from 2015 to 2020 and operating multifamily thereafter. Mr.Yuan currently owns 14 properties across Arizona, Texas and California. Mr. Yuan is a repeat agency borrower.

Property Management. The Riverside Portfolio Properties are managed by Macae Fidelity Property Management, a borrower-affiliated management company.

Initial and Ongoing Reserves. At origination of the Riverside Portfolio Mortgage Loan, the borrower deposited approximately (i) $117,258 into a reserve account for real estate taxes, (ii) $21,476 into a reserve account for insurance premiums, and (iii) $30,931 into the deferred maintenance reserve.

Tax Reserve - The borrower is required to deposit into a real estate tax reserve, on a monthly basis, 1/12th of the taxes that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated at approximately $16,751 per month).

Insurance Reserve - The borrower is required to deposit into an insurance reserve, on a monthly basis, 1/12th of the annual insurance premiums that the lender reasonably estimates will be payable over the next-ensuing 12-month period (initially estimated at approximately $7,159 per month).

Replacement Reserve - The borrower is required to deposit $2,354.17 per month into the capital replacement and repair reserve fund for capital replacements.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
83

Multifamily - Garden

Various

Riverside, CA 92507

Collateral Asset Summary - Loan No. 10

Riverside Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$16,081,000

69.0%

1.20x

8.1%

Lockbox / Cash Management. None.

Current Mezzanine or Secured Subordinate Indebtedness. None.

Permitted Future Mezzanine or Secured Subordinate Indebtedness. Not permitted.

Release of Collateral. Not permitted.

Ground Lease. None.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
84

Multifamily - Garden

Various

Hampton, VA Various

Collateral Asset Summary - Loan No. 11

Virginia Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$15,265,000

71.5%

1.33x

9.0%

Mortgage Loan Information Property Information
Loan Seller: GACC Single Asset / Portfolio: Portfolio
Loan Purpose: Refinance Property Type - Subtype: Multifamily - Garden
Borrower Sponsor(s): Rafael Guttman and Menachem Oelbaum Collateral: Fee
Borrower(s): Johns Creek Apts, LP and Church Creek Apts, LP Location: Hampton, VA
Original Balance: $15,265,000 Year Built / Renovated: Various / 2025-2026
Cut-off Date Balance: $15,265,000 Property Management: Harrison & Lear, Inc.
% by Initial UPB: 2.8% Size: 153 Units
Interest Rate: 6.46000% Appraised Value / Per Units: $21,350,000 / $139,542
Note Date: September 25, 2026 Appraisal Date: August 12, 2026
Original Term: 60 months Occupancy: 91.5% (as of September 10, 2026)
Amortization: Interest Only Underwritten NOI(1): $1,371,401
Original Amortization: NAP Underwritten NCF: $1,325,588
Interest Only Period: 60 months
First Payment Date: November 6, 2026
Maturity Date: October 6, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI(1): $1,125,573 (TTM August 31, 2026)
Additional Debt Balance: NAP 2025 NOI(2): NAV
Call Protection: L(12),YM1(44),O(4) 2024 NOI(2): NAV
Lockbox / Cash Management: Springing / Springing 2023 NOI(2): NAV
Reserves Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $99,771
Taxes: $0 $15,286 NAP Maturity Date Loan / Unit: $99,771
Insurance: $31,724 $7,931 NAP Cut-off Date LTV: 71.5%
Replacement Reserves: $0 $3,818 NAP Maturity Date LTV: 71.5%
Deferred Maintenance: $31,750 $0 NAP UW NOI DY: 9.0%
UW NCF DSCR: 1.33x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $15,265,000 100.0% Loan Payoff $11,116,469 72.8 %
Return of Equity 3,132,444 20.5
Closing Costs(3) 952,614 6.2
Upfront Reserves 63,474 0.4
Total Sources $15,265,000 100.0% Total Uses $15,265,000 100.0 %
(1) The increase from Most Recent NOI to Underwritten NOI at the Virginia Portfolio properties is primarily attributable to increased rents and occupancy following renovation in 2025.
(2) Historical financial information for the Virginia Portfolio properties prior to the August 31, 2026 TTM is not available as the borrower sponsor acquired the Virginia Portfolio properties on a rolling basis in early 2025.
(3) Closing Costs include a rate buydown of $381,625.

The following table presents certain information relating to the Virginia Portfolio properties:

Portfolio Summary

Property Name

Location(1)

Year Built / Renovated(1)

# of Units(2)

Occupancy(2)

Allocated Cut-off Date Balance

% of Allocated Cut-off Date Balance

UW NOI(2)

% of UW NOI(2)

Appraised Value(1)

Cove Harbor Hampton, VA 1972 / 2025-2026 99 94.9% $9,294,848 60.9% NAV NAV $13,000,000
Harbor Oak Hampton, VA 1971 / 2025-2026 54 85.2% $5,970,152 39.1% NAV NAV $8,350,000
Total/ Wtd. Avg 153 91.5% $15,265,000 100.0% $1,371,401 100.0% $21,350,000
(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated September 10, 2026.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
85

Multifamily - Garden

Various

Hampton, VA Various

Collateral Asset Summary - Loan No. 11

Virginia Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$15,265,000

71.5%

1.33x

9.0%

The following table presents certain information relating to the unit mix at the Virginia Portfolio properties. Six units at the Cove Harbor property and 16 units at the Harbor Oak property are leased to tenants which receive Section 8 rental assistance.

Portfolio Unit Mix(1)
Unit Type # of Units % of Total Units Vacant Units Occupancy Average Unit Size (SF) Average Monthly Rent Per Unit Average Monthly Market Rent Per Unit(2)
Cove Harbor
1 Bedroom / 1 Bathroom 31 31.3% 2 93.5% 795 $962 $1,166
1 Bedroom / 1 Bathroom - Section 8 1 1.0% 0 100.0% 768 $900 $1,166
2 Bedroom / 1.5 Bathroom 59 59.6% 3 94.9% 1,306 $1,384 $1,594
2 Bedroom / 1.5 Bathroom - Section 8 4 4.0% 0 100.0% 1,306 $1,159 $1,594
3 Bedroom / 2.5 Bathroom 3 3.0% 0 100.0% 1,639 $1,558 $2,066
3 Bedroom / 2.5 Bathroom - Section 8 1 1.0% 0 100.0% 1,639 $1,455 $2,066
Property Total / Wtd Avg. 99 100.0% 5 94.9% 1,154 $1,246 $1,475
Harbor Oak
1 Bedroom / 1 Bathroom 11 20.4% 3 72.7% 850 $994 $1,166
1 Bedroom / 1 Bathroom - Section 8 1 1.9% 0 100.0% 850 $1,100 $1,166
2 Bedroom / 1.5 Bathroom 20 37.0% 1 95.0% 1,154 $1,511 $1,594
2 Bedroom / 1.5 Bathroom - Section 8 9 16.7% 0 100.0% 1,154 $1,350 $1,594
3 Bedroom / 1.5 Bathroom 4 7.4% 1 75.0% 1,301 $1,700 $1,700
3 Bedroom / 1.5 Bathroom - Section 8 3 5.6% 1 66.7% 1,301 $1,371 $1,700
3 Bedroom / 2.5 Bathroom 3 5.6% 2 33.3% 1,717 $1,600 $2,066
3 Bedroom / 2.5 Bathroom - Section 8 3 5.6% 0 100.0% 1,717 $1,683 $2,066
Property Total / Wtd Avg. 54 100.0% 8 85.2% 1,168 $1,400 $1,565
Portfolio Total / Wtd Avg. 153 100.0% 13 91.5% 1,159 $1,296 $1,507
(1) Based on the underwritten rent roll dated September 10, 2026.
(2) Source: Appraisal.

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Virginia Portfolio properties:

Cash Flow Analysis(1)
TTM 8/31/2026 Underwritten Underwritten / Unit
Gross Potential Rent $2,261,359 $2,379,781 $15,554
(Vacancy/Bad Debt) (221,174) (202,069) (1,321)
Other Income 250,744 254,895 1,666
Effective Gross Income $2,290,930 $2,432,607 $15,899
Real Estate Taxes 147,726 178,089 1,164
Insurance 129,771 92,399 604
Utilities 216,828 203,362 1,329
Repairs and Maintenance 284,008 254,709 1,665
Management Fee 73,376 72,978 477
Payroll and Benefits                   230,524                   177,216                      1,158
General and Administrative 83,123 82,453 539
Total Expenses $1,165,357 $1,061,206 $6,936
Net Operating Income(2) $1,125,573 $1,371,401 $8,963
Replacement Reserves 0 45,813 299
Net Cash Flow $1,125,573 $1,325,588 $8,664
Occupancy(3) 91.5% 91.5%
NCF DSCR 1.13x 1.33x
NOI Debt Yield 7.4% 9.0%
(1) Historical financial information for the Virginia Portfolio properties prior to the August 31, 2026 TTM is not available as the borrower acquired the Virginia Portfolio properties on a rolling basis in early 2025.
(2) The increase from TTM 8/31/2026 Net Operating Income to Underwritten Net Operating Income at the Virginia Portfolio properties is primarily attributable to increased rents and occupancy following renovation in 2025.
(3) Based on the underwritten rent roll dated September 10, 2026. The Underwritten Occupancy represents economic occupancy.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
86

Multifamily - Garden

Various

Hampton, VA Various

Collateral Asset Summary - Loan No. 11

Virginia Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$15,265,000

71.5%

1.33x

9.0%

The following table presents certain information relating to comparable multifamily properties to the Virginia Portfolio properties:

Multifamily Rent Comparables(1)
Property Unit Mix Average SF per Unit Average Annual Rent PSF Average Rent per Unit
Virginia Portfolio(2)
Hampton, VA

1 Bed / 1 Bath
2 Bed / 1.5 Bath

3 Bed / 1.5 Bath
3 Bed / 2.5 Bath

1 Bed / 1 Bath - Affordable
2 Bed / 1.5 Bath - Affordable

3 Bed / 1.5 Bath - Affordable
3 Bed / 2.5 Bath - Affordable

809

1,268

1,301

1,678

809

1,201

1,301

1,698

$14.41

$13.51

$15.68

$11.35

$14.80

$12.99

$12.64

$11.49

$969

$1,419

$1,700

$1,569

$1,000

$1,291

$1,371

$1,626

611 Michigan Drive

Hampton, VA

1 Bed / 1 Bath 650 $20.86 $1,130

5109 Goldsboro Drive

Hampton, VA

1 Bed / 1 Bath

2 Beds / 1 Bath

3 Beds / 2.5 Baths

700

850

1,500

$21.86

$20.12

$18.08

$1,275

$1,425

$2,260

3785 Kecoughtan Road

Hampton, VA

1 Bed / 1 Bath 550 $23.98 $1,099

1568 N King Street

Hampton, VA

1 Bed / 1 Bath 642 $21.48 $1,149

100 Spanish Trail

Hampton, VA

1 Bed / 1 Bath 500 $28.20 $1,175

2632 N Armistead Avenue

Hampton, VA

1 Bed / 1 Bath 595 $23.58 $1,169

600 Willow Oaks Boulevard

Hampton, VA

2 Beds / 2.5 Baths

3 Beds / 2.5 Baths

1,301

1,675

$14.30

$12.36

$1,550

$1,725

132 Tide Mill Lane

Hampton, VA

2 Beds / 1.5 Baths

2 Beds / 1.5 Baths

1,000

1,000

$21.00

$19.20

$1,750

$1,600

70 Lakeshore Drive

Hampton, VA

2 Beds / 2.5 Baths 1,126 $17.53 $1,645

2024 N Seldendale Drive

Hampton, VA

3 Beds / 1.5 Baths

3 Beds / 1.5 Baths

1,200

1,050

$17.03

$16.26

$1,703

$1,423

531 Bulkeley Place

Newport News, VA

3 Beds / 1 Bath 930 $24.45 $1,895

21 Sacramento Drive

Hampton, VA

3 Beds / 2 Baths 1,263 $16.89 $1,778

165 Kathann Drive

Hampton, VA

3 Beds / 2.5 Baths 1,080 $24.78 $2,230

59 Stapleford Way

Hampton, VA

3 Beds / 2.5 Baths 1,440 $17.07 $2,048
(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated September 10, 2026. Average Annual Rent PSF and Average Rent per Unit reflects the average in-place rent for occupied units.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
87

Multifamily - Garden

603 West Center Street
Duncanville, TX 75116

Collateral Asset Summary - Loan No. 12

Westwood Townhomes

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$15,257,000

74.4%

1.28x

8.5%

Mortgage Loan Information Property Information
Loan Seller: Axonic Single Asset / Portfolio: Single Asset
Loan Purpose: Refinance Property Type - Subtype: Multifamily - Garden
Borrower Sponsor(s): David Scammel, Clifford Scott Merkle and Joseph Santoro Collateral: Fee
Borrower: The Scammel Group IV Borrower DE LLC Location: Duncanville, TX
Original Balance: $15,257,000 Year Built / Renovated: 1970 / NAP
Cut-off Date Balance: $15,257,000 Property Management: Valiant Enterprises LLC
% by Initial UPB: 2.8% Size: 121 Units
Interest Rate: 6.38000% Appraised Value / Per Unit: $20,500,000 / $169,421
Note Date: July 9, 2026 Appraisal Date: May 28, 2026
Original Term: 60 months Occupancy: 95.9% (as of June 4, 2026)
Amortization: Interest Only Underwritten NOI(1): $1,296,233
Original Amortization: NAP Underwritten NCF: $1,265,983
Interest Only Period: 60 months
First Payment Date: September 1, 2026
Maturity Date: August 1, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI(1): $1,124,206 (TTM April 30, 2026)
Additional Debt Balance: NAP 2025 NOI: $925,618
Call Protection: YM1(56),O(4) 2024 NOI: $1,146,212
Lockbox / Cash Management: None / None 2023 NOI(2): NAV
Reserves Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $126,091
Taxes: $162,087 $27,322 NAP Maturity Date Loan / Unit: $126,091
Insurance: $33,738 $5,687 NAP Cut-off Date LTV: 74.4%
Replacement Reserves: $0 $2,521 NAP Maturity Date LTV: 74.4%
UW NOI DY: 8.5%
UW NCF DSCR: 1.28x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $15,257,000 99.3 % Loan Payoff $14,482,721 94.3 %
Borrower Sponsor Equity 103,748 0.7 Closing Costs(3) 682,202 4.4
Upfront Reserves 195,825 1.3
Total Sources: $15,360,748 100.0 % Total Uses: $15,360,748 100.0 %
(1) The increase in Underwritten NOI compared to Most Recent NOI is primarily attributable to increased current physical occupancy compared to the average over the TTM April 30, 2026 period.
(2) Historical information prior to 2024 was not provided by the borrower sponsors.
(3) Closing Costs include an origination fee of approximately $190,713.

The following table presents certain information relating to the unit mix at the Westwood Townhomes property:

Unit Mix(1)

Unit Type

# of Units

% of Total

Occupied Units

Occupancy

Average Unit Size (SF)

Average Monthly Rent per Unit(2)

Average Monthly Market Rent Per Unit(2)(3)

1 Bed / 1 Bath 13 10.7% 13 100.0% 780 $1,218 $1,220
2 Bed / 1 Bath 68 56.2% 64 94.1% 1,008 $1,480 $1,495
3 Bed / 2 Bath 40 33.1% 39 97.5% 1,180 $1,713 $1,695
Total/Wtd. Avg. 121 100.0% 116 95.9% 1,040 $1,529 $1,532
(1) Based on the underwritten rent roll dated June 4, 2026.
(2) Average Monthly Rent per Unit is based on occupied units. Average Monthly Market Rent per Unit is based on total units.
(3) Source: Appraisal.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
88

Multifamily - Garden

603 West Center Street
Duncanville, TX 75116

Collateral Asset Summary - Loan No. 12

Westwood Townhomes

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$15,257,000

74.4%

1.28x

8.5%

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Westwood Townhomes property:

Cash Flow Analysis(1)
2024 2025 TTM 4/30/2026 Underwritten Underwritten Per Unit
Gross Potential Rent $2,372,939 $2,288,494 $2,235,166 $2,220,207 $18,349
(Vacancy/Concessions) (529,881) (517,562) (323,106) (126,649) (1,047)
Other Income 324,305 304,491 270,021 203,914 1,685
Effective Gross Income $2,167,363 $2,075,422 $2,182,082 $2,297,472 $18,987
Real Estate Taxes 293,272 321,432 308,958 321,431 2,656
Insurance 98,445 95,568 90,493 64,994 537
Other Expenses(2) 629,434 732,805 658,425 614,814 5,081
Total Expenses $1,021,151 $1,149,804 $1,057,876 $1,001,239 $8,275
Net Operating Income(3) $1,146,212 $925,618 $1,124,206 $1,296,233 $10,713
Replacement Reserves 0 0 0 30,250 250
Net Cash Flow $1,146,212 $925,618 $1,124,206 $1,265,983 $10,463
Occupancy(4) NAV NAV 95.9% 94.3%
NCF DSCR 1.16x 0.94x 1.14x 1.28x
NOI Debt Yield 7.5% 6.1% 7.4% 8.5%
(1) Historical NOI prior to 2024 was not provided by the borrower sponsors.
(2) Other Expenses includes utilities, repairs and maintenance, payroll, general and administrative, advertising, management and other operating expenses.
(3) The increase in Underwritten Net Operating Income compared to TTM 4/30/2026 Net Operating Income is primarily attributable to increased current physical occupancy compared to the average over the TTM 4/30/2026 period.
(4) Based on the underwritten rent roll dated June 4, 2026. The Underwritten economic occupancy is 95.0%.

The following table presents certain information relating to comparable multifamily properties to the Westwood Townhomes property:

Multifamily Rent Comparables(1)
Property Unit Mix Average SF per Unit Average Rent PSF Average Rent per Unit
Westwood Townhomes(2)
Duncanville, TX 		1 Bed / 1 Bath
2 Bed / 1 Bath
3 Bed / 2 Bath 		780(2)
1,008(2)
1,180(2) 		$1.56(2)
$1.38(2)
$1.42(2) 		$1,218(2)
$1,480(2)
$1,713(2)
Mount Vernon
DeSoto, TX 		1 BR/1 BA - Pony
1 BR/1 BA - Filly
1 BR/1 BA - Colt
1 BR/1 BA - Mare
2 BR/2 BA - Mustang
2 BR/2 BA - Bronco
2 BR/1 BA - Palomino
2 BR/2 BA - Appaloosa 		597
674
758
762
870
997
1,008
1,122 		$2.09
$1.92
$1.80
$1.68
$1.79
$1.60
$1.71
$1.43 		$1,248
$1,295
$1,363
$1,280
$1,561
$1,591
$1,726
$1,608
Parkwood Plaza Townhomes
Duncanville, TX 		2 BR/1.5 BA - A-TH
2 BR/1.5 BA - B-TH 		980
1,038 		$1.57
$1.64 		$1,537
$1,700
Ridge Parc I & II
Dallas, TX 		1 BR/1 BA - A1
1 BR/1 BA - A1 - PH II
2 BR/2 BA - B2
2 BR/2 BA - B2 - PH II
2 BR/1 BA - B1
3 BR/2 BA - C1 		680
685
1,011
1,054
1,101
1,204 		$1.62
$1.60
$1.36
$1.35
$1.29
$1.45 		$1,099
$1,099
$1,380
$1,420
$1,420
$1,740
1303 Main
Duncanville, TX 		1 BR/1 BA - Bradbury
1 BR/1 BA - Bradbury Reno
1 BR/1 BA - Patego Reno
1 BR/1 BA - Patego
2 BR/2 BA - Newport 		757
757
901
901
1,056 		$1.45
$1.66
$1.48
$1.43
$1.47 		$1,095
$1,255
$1,332
$1,290
$1,550
Meadow Parc
Dallas, TX 		2 BR/2 BA - Lantana
3 BR/2 BA - Larkspur
4 BR/2 BA - Aster 		1,050
1,204
1,521 		$1.32
$1.42
$1.42 		$1,387
$1,707
$2,167
Wexford Townhomes
Duncanville, TX 		1 BR/1 BA - A1-Londonberry
2 BR/1.5 BA - B1-Waterford
2 BR/2.5 BA - B3-Gateway
2 BR/2.5 BA - B4-Lisburn
2 BR/2 BA - B2-Wicklow
2 BR/2.5 BA - B5-Monaghan 		821
1,110
1,115
1,146
1,202
1,262 		$1.70
$1.35
$1.43
$1.39
$1.33
$1.34 		$1,395
$1,495
$1,595
$1,595
$1,595
$1,695
(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated June 4, 2026. Average Rent per Unit reflects the average in-place rent for occupied units.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
89

Multifamily - Garden

13200 Northeast 7th Avenue
North Miami, FL 33161

Collateral Asset Summary - Loan No. 13

Prestige District

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$14,500,000

72.1%

1.37x

8.9%

Mortgage Loan Information Property Information
Loan Seller: GACC Single Asset / Portfolio: Single Asset
Loan Purpose: Refinance Property Type - Subtype: Multifamily - Garden
Borrower Sponsor(s): Elvis Dumervil Collateral: Fee
Borrower(s): Prestige District LLC Location: North Miami, FL
Original Balance: $14,500,000 Year Built / Renovated: 1968 / 2025
Cut-off Date Balance: $14,500,000 Property Management: Prestige Estates Property Management LLC (borrower affiliate)
% by Initial UPB: 2.6% Size: 62 Units
Interest Rate: 6.33400% Appraised Value / Per Unit: $20,100,000 / $324,194
Note Date: September 25, 2026 Appraisal Date: July 14, 2026
Original Term: 60 months Occupancy: 100.0% (as of September 1, 2026)
Amortization: Interest Only Underwritten NOI(1): $1,287,510
Original Amortization: NAP Underwritten NCF: $1,272,010
Interest Only Period: 60 months
First Payment Date: November 6, 2026
Maturity Date: October 6, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI(1): $938,661 (T-10 July 31, 2026)
Additional Debt Balance: NAP 2025 NOI(2): NAV
Call Protection: L(24),D(32),O(4) 2024 NOI(2): NAV
Lockbox / Cash Management: Soft / Springing 2023 NOI(2): NAV
Reserves Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $233,871
Taxes: $146,799 $18,350 NAP Maturity Date Loan / Unit: $233,871
Insurance: $42,418 $7,151 NAP Cut-off Date LTV: 72.1%
Replacement Reserves: $0 $1,292 NAP Maturity Date LTV: 72.1%
Deferred Maintenance: $27,500 $0 NAP UW NOI DY: 8.9%
TIF Reimbursement Reserve: $19,000 $0 NAP UW NCF DSCR: 1.37x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $14,500,000 100.0% Loan Payoff $7,976,245 55.0 %
Return of Equity 5,508,047 38.0
Closing Costs(3) 779,991 5.4
Upfront Reserves 235,717 1.6
Total Sources $14,500,000 100.0% Total Uses $14,500,000 100.0 %
(1) The increase in Underwritten NOI from Most Recent NOI is primarily attributable to the completion of a comprehensive renovation, subsequent lease-up, and stabilization of the Prestige District property.
(2) Historical financial information prior to the T-10 July 31, 2026 period is not available due to the renovation and lease-up described above.
(3) Closing Costs include a buydown fee of approximately $435,000.

The following table presents certain information relating to the unit mix at the Prestige District property. In connection with a tax increment financing reimbursement agreement with the North Miami Community Redevelopment Agency, 8 units are required to be reserved for households which earn no more than 80% of area median income.

Unit Mix(1)

Unit Type

# of Units

% of Total

Occupied Units

Occupancy

Average Unit Size (SF)

Average Monthly Rent per Unit(2)

Average Monthly Market Rent Per Unit(2)(3)

1 Bed / 1 Bath 33 53.2% 33 100.0% 718 $2,001 $2,121
2 Bed / 1 Bath 20 32.3% 20 100.0% 876 $2,410 $2,450
2 Bed / 2 Bath 9 14.5% 9 100.0% 910 $2,549 $2,601
Total/Wtd. Avg. 62 100.0% 62 100.0% 797 $2,212 $2,297
(1) Based on the underwritten rent roll dated September 1, 2026.
(2) Average Monthly Rent per Unit is based on occupied units. Average Monthly Market Rent per Unit is based on total units.
(3) Source: Appraisal.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
90

Multifamily - Garden

13200 Northeast 7th Avenue
North Miami, FL 33161

Collateral Asset Summary - Loan No. 13

Prestige District

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$14,500,000

72.1%

1.37x

8.9%

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Prestige District property:

Cash Flow Analysis(1)
T-10 7/31/2026 Underwritten Underwritten / Unit
Gross Potential Rent $1,093,398 $1,645,920 $26,547
(Vacancy/Bad Debt) (50,225) (82,296) (1,327)
Other Income 107,584 146,668 2,366
Effective Gross Income $1,150,757 $1,710,292 $27,585
Real Estate Taxes(2) 80,830 180,035 2,904
Insurance 44,160 83,315 1,344
Utilities 38,930 55,330 892
Repairs and Maintenance 20,840 44,792 722
Management Fee 27,336 51,309 828
General and Administrative 0 8,000 129
Total Expenses $212,096 $422,782 $6,819
Net Operating Income(3) $938,661 $1,287,510 $20,766
Replacement Reserves 0 15,500 250
Net Cash Flow $938,661 $1,272,010 $20,516
Occupancy(4) 100.0% 95.0%
NCF DSCR 1.01x 1.37x
NOI Debt Yield 6.5% 8.9%
(1) Historical financial information prior to the T-10 July 31, 2026 period is not available due to the completion of a comprehensive renovation, subsequent lease-up, and stabilization of the Prestige District property.
(2) Represents net taxes after giving effect to an estimated tax increment financing reimbursement payment of approximately $16,789.
(3) The increase in Underwritten Net Operating Income from T-10 7/31/2026 Net Operating Income is primarily attributable to the renovation and lease-up described above.
(4) Based on the underwritten rent roll dated September 1, 2026. The Underwritten Occupancy represents economic occupancy.

The following table presents certain information relating to comparable multifamily properties to the Prestige District property:

Multifamily Rent Comparables(1)
Property Unit Mix Average SF per Unit Average Rent PSF Average Rent per Unit

Prestige District(2)
13200 Northeast 7th Avenue

North Miami, FL

1 Bed / 1 Bath
2 Beds / 1 Bath
2 Beds / 2 Baths 		718
876
910 		$2.79
$2.75
$2.80 		$2,001
$2,410
$2,549

Fulford by the Sea Apartments

17150 NE 23rd Avenue

North Miami Beach, FL

1 Bed / 1 Bath

2 Beds / 1 Bath

750

819

$2.80

$3.58

$2,100

$2,934

Griffing Park Residences

475 NE 125th Street

Miami, FL

2 Beds / 2 Baths 840 $3.21 $2,700

Creek Club Apartments #8

7272 NE 6th Court

Miami, FL

1 Bed / 1 Bath

2 Beds / 1 Bath

540

900

$3.70

$2.78

$2,000

$2,500

215 Park

215 SE 5th Street

Hallandale Beach, FL

1 Bed / 1 Bath

1 Bed / 1 Bath

2 Beds / 2 Baths

2 Beds / 2 Baths

647

697

972-997

1,022

$3.51

$3.41

$2.96

$2.93

$2,274

$2,375

$2,853-$2,972

$2,995

Ram Station 21

102 East 21st Street

Hialeah, FL

1 Bed / 1 Bath

2 Beds / 2 Baths

790

800

$2.46

$3.07

$1,945

$2,453

Square Park 2174

2174 NE 170th Street

North Miami Beach, FL 33162

1 Bed / 1 Bath

2 Beds / 1 Bath

600

828

$2.42

$2.61

$1,450

$2,160

(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated September 1, 2026. Average Rent per Unit reflects the average in-place rent for occupied units.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
91
Multifamily - Garden
Various
Various, MA Various 		Collateral Asset Summary - Loan No. 14
Naviah 1738 Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$13,768,000
71.7%
1.34x
9.1%
Mortgage Loan Information Property Information
Loan Seller: Axonic Single Asset / Portfolio: Portfolio
Loan Purpose: Refinance Property Type - Subtype: Multifamily - Garden
Borrower Sponsor(s): Irshad M. Sideeka and Khadija Khan Collateral: Fee
Borrower(s)(1): Naviah 1738, LLC Location(2): Various, MA
Original Balance: $13,768,000 Year Built / Renovated(2): Various / NAP
Cut-off Date Balance: $13,768,000 Property Management: Rosewood Properties, LLC
% by Initial UPB: 2.5% Size: 125 Units
Interest Rate: 6.51000% Appraised Value / Per Unit: $19,200,000 / $153,600
Note Date: June 25, 2026 Appraisal Date: April 27, 2026
Original Term: 60 months Occupancy: 96.8% (as of June 5, 2026)
Amortization: Interest Only Underwritten NOI: $1,249,808
Original Amortization: NAP Underwritten NCF: $1,218,558
Interest Only Period: 60 months
First Payment Date: August 1, 2026
Maturity Date: July 1, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI: $1,300,377 (TTM December 31, 2025)
Additional Debt Balance: NAP 2024 NOI: $1,347,725
Call Protection: YM1(56),O(4) 2023 NOI(3): NAV
Lockbox / Cash Management: None / None 2022 NOI(3): NAV
Reserves Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $110,144
Taxes: $23,646 $17,745 NAP Maturity Date Loan / Unit: $110,144
Insurance: $9,662 $7,372 NAP Cut-off Date LTV: 71.7%
Replacement Reserves: $0 Springing NAP Maturity Date LTV: 71.7%
UW NOI DY: 9.1%
UW NCF DSCR: 1.34x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $13,768,000 100.0% Loan Payoff $11,902,546 86.5 %
Return of Equity 1,260,426 9.2
Closing Costs(4) 571,720 4.2
Upfront Reserves 33,308 0.2
Total Sources $13,768,000 100.0% Total Uses $13,768,000 100.0 %
(1) The borrower is an affiliate of the borrower under the SMS Portfolio mortgage loan which is also being contributed to the AXDB 2026-MULT1 securitization.
(2) See the chart titled "Portfolio Summary" below.
(3) 2023 NOI and 2022 NOI are unavailable due to the borrower acquiring the Naviah 1738 Portfolio properties in March 2023.
(4) Closing Costs include (i) an origination fee of $137,680 and (ii) a rate buydown fee of $206,520.

The following table presents certain information relating to the Naviah 1738 Portfolio properties:

Portfolio Summary

Property Name

Location(1)

Year Built / Renovated(1)

# of Units(2)

Occupancy(2)

Allocated Cut-off Date Balance

% of Allocated Cut-off Date Balance

UW NOI(2)

% of UW NOI(2)

Appraised Value(1)

Olympia Manor West Springfield, MA 1971 / NAP 63 96.8% $6,939,072 50.4% NAV NAV NAV
Carriage House West Springfield, MA 1964 / NAP 24 100.0% $2,643,456 19.2% NAV NAV NAV
Town West Apartments West Springfield, MA 1968 / NAP 22 95.5% $2,423,168 17.6% NAV NAV NAV
Briarwood Place Chicopee, MA 1968 / NAP 16 93.8% $1,762,304 12.8% NAV NAV NAV
Total/ Wtd. Avg 125 96.8% $13,768,000 100.0% $1,249,808 100.0% $19,200,000
(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated June 5, 2026.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
92
Multifamily - Garden
Various
Various, MA Various 		Collateral Asset Summary - Loan No. 14
Naviah 1738 Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$13,768,000
71.7%
1.34x
9.1%

The following table presents certain information relating to the unit mix at the Naviah 1738 Portfolio properties. 52.8% of leases have converted to month-to-month tenancies following expiration of their original terms, and collections have varied from month to month due in part to the timing of rental-assistance payments:

Portfolio Unit Mix(1)
Unit Type # of Units % of Total Units Vacant Units Occupancy Average Unit Size (SF) Average Monthly Rent Per Unit(2) Average Monthly Market Rent Per Unit(2)
Olympia Manor
2 Bedroom / 1 Bathroom 63 100.0% 2 96.8% 830 $1,442 $1,550
Property Total / Wtd Avg. 63 100.0% 2 96.8% 830 $1,442 $1,550
Carriage House
2 Bedroom / 1 Bathroom 24 100.0% 0 100.0% 800 $1,504 $1,650
Property Total / Wtd Avg. 24 100.0% 0 100.0% 800 $1,504 $1,650
Town West Apartments
1 Bedroom / 1 Bathroom 3 13.6% 0 100.0% 529 $1,225 $1,275
2 Bedroom / 1 Bathroom 19 86.4% 1 94.7% 893 $1,489 $1,700
Property Total / Wtd Avg. 22 100.0% 1 95.5% 843 $1,451 $1,642
Briarwood Place
1 Bedroom / 1 Bathroom 15 93.8% 1 93.3% 670 $1,243 $1,300
2 Bedroom / 1 Bathroom 1 6.3% 0 100.0% 850 $1,450 $1,550
Property Total / Wtd Avg. 16 100.0% 1 93.8% 681 $1,257 $1,316
Portfolio Total / Wtd Avg. 125 100.0% 4 96.8% 808 $1,433 $1,555
(1) Based on the underwritten rent roll dated June 5, 2026.
(2) Average Monthly Rent per Unit is based on occupied units. Average Monthly Market Rent per Unit is based on total units.

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Naviah 1738 Portfolio properties:

Cash Flow Analysis(1)
2024 2025 U/W U/W Per Unit
Base Rent $1,897,294 $2,027,968 $2,153,040 $17,224
Gross Potential Rent $1,897,294 $2,027,968 $2,153,040 $17,224
Other Income(2) $23,500 $25,276 $25,000 $200
Net Rental Income $1,920,794 $2,053,243 $2,178,040 $17,424
(Vacancy / Credit Loss) $0 $0 ($129,674) ($1,037)
Total Effective Gross Income $1,920,794 $2,053,243 $2,048,366 $16,387
Real Estate Taxes $198,393 $184,511 $206,741 $1,654
Insurance $56,256 $59,601 $84,253 $674
Management Fee $0 $60,839 $61,451 $492
Other Expenses(3) $318,419 $447,916 $446,113 $3,569
Total Expenses $573,068 $752,867 $798,558 $6,388
Net Operating Income $1,347,725 $1,300,377 $1,249,808 $9,998
Replacement Reserves $0 $0 $31,250 $250
Net Cash Flow $1,347,725 $1,300,377 $1,218,558 $9,748
Occupancy NAV 96.8%(4) 94.0%(5)
NCF DSCR 1.48x 1.43x 1.34x
NOI Debt Yield 9.8% 9.4% 9.1%
(1) Historical information prior to 2024 is not available due to the borrower acquiring the Naviah 1738 Portfolio properties in March 2023.
(2) Other Income includes miscellaneous income and laundry income.
(3) Other Expenses include utilities, repairs and maintenance, payroll, and general and administrative expenses.
(4) Based on the underwritten rent roll dated June 5, 2026.
(5) Represents economic occupancy.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
93
Multifamily - Garden
Various
Various, MA Various 		Collateral Asset Summary - Loan No. 14
Naviah 1738 Portfolio

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$13,768,000
71.7%
1.34x
9.1%

The following table presents certain information relating to comparable multifamily properties to the Naviah 1738 Portfolio properties:

Multifamily Rent Comparables(1)
Property Name / Address Year Built / Renovated Number
of Units 		Occupancy Average Unit Size Average Monthly Rent Per
Unit

Naviah 1738 Portfolio(2)
Various, MA

1964-1971 / NAP 125 96.8% 808 SF $1,433

The Arms Apartments
27-53 & 34-86 Mercury Court

West Springfield, MA

1952 / NAP 101 100.0% 621 SF $1,345

Van Deene Manor
61 Van Deene Avenue

West Springfield, MA

1970 / NAP

111

95.0%

737 SF

$1,550

Westwood Court Apartments
1583 Riverdale Street

West Springfield, MA

1974 / NAP

51

95.0%

825 SF

$1,891

Valley View Apartments
507 Whitney Avenue

Holyoke, MA

1974 / NAP

81

95.0%

628 SF

$1,337

The Apartments at Ames Privilege
1 Springfield Street

Chicopee, MA

1984 / NAP 94 98.0% 688 SF $1,404

Brook Edge Apartments
14-64 Simard Drive

Chicopee, MA

1970 / NAP 82 98.0% 515 SF $1,245
(1) Source: Appraisal, unless otherwise indicated.
(2) Based on the underwritten rent roll dated June 5, 2026. Average Monthly Rent Per Unit is based on occupied units.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
94

Multifamily - Garden

20711 Southeast Stark Street
Gresham, OR 97030

Collateral Asset Summary - Loan No. 15

Brookside Apartments

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$13,750,000

57.9%

1.32x

9.2%

Mortgage Loan Information Property Information
Loan Seller: GACC Single Asset / Portfolio: Single Asset
Loan Purpose: Refinance Property Type - Subtype: Multifamily - Garden
Borrower Sponsor(s): Anil Shah and Dhansukhlal Ratanjee Collateral: Fee
Borrower(s): Baseline Apartments, LLC Location: Gresham, OR
Original Balance: $13,750,000 Year Built / Renovated: 2021 / NAP
Cut-off Date Balance: $13,750,000 Property Management: Cascade Real Estate Services, LLC
% by Initial UPB: 2.5% Size: 104 Units
Interest Rate: 6.81227% Appraised Value / Per Units: $23,730,000 / $228,173
Note Date: October 2, 2026 Appraisal Date: August 7, 2026
Original Term: 60 months Occupancy: 97.1% (as of September 22, 2026)
Amortization: Interest Only Underwritten NOI(1): $1,265,117
Original Amortization: NAP Underwritten NCF: $1,254,717
Interest Only Period: 60 months
First Payment Date: November 6, 2026
Maturity Date: October 6, 2031 Historical NOI
Additional Debt Type: NAP Most Recent NOI(1): $917,954 (TTM August 31, 2026)
Additional Debt Balance: NAP 2025 NOI: $943,179
Call Protection: L(24),D(29),O(7) 2024 NOI(2): NAV
Lockbox / Cash Management: None / None 2023 NOI(2): NAV
Reserves Financial Information
Initial Monthly Cap Cut-off Date Loan / Unit: $132,212
Taxes: $306,330 $25,528 NAP Maturity Date Loan / Unit: $132,212
Insurance: $13,334 $3,333 NAP Cut-off Date LTV: 57.9%
Replacement Reserves: $0 $2,167 $52,000 Maturity Date LTV: 57.9%
UW NOI DY: 9.2%
UW NCF DSCR: 1.32x
Sources and Uses
Sources Proceeds % of Total Uses Proceeds % of Total
Mortgage Loan $13,750,000 90.3 % Loan Payoff(3) $14,518,268 95.4 %
Borrower Sponsor Equity 1,470,302 9.7 Closing Costs(4) 382,370 2.5
Upfront Reserves 319,664 2.1
Total Sources $15,220,302 100.0 % Total Uses $15,220,302 100.0 %
(1) The increase from Most Recent NOI to Underwritten NOI is primarily attributable to the Brookside Apartments property increasing occupancy and reaching stabilization.
(2) Historical financial information prior to 2025 is not available as the Brookside Apartments property was undergoing remediation work for construction defects.
(3) The Brookside Apartments mortgage loan refinanced a prior loan which was in maturity default and extension prior to the origination of the Brookside Apartments mortgage loan The prior loan was repaid in full, upon the origination of the Brookside Apartments mortgage loan.
(4) Closing Costs include a buydown fee of approximately $137,500.

The following table presents certain information relating to the unit mix at the Brookside Apartments property. 15 of the 104 units are leased to tenants who qualify for rental support and are on a subsidized rent program pursuant to which they receive individual vouchers. In addition, 36 of the units are leased to tenants on a month-to-month basis, which have rolled from longer leases.

Unit Mix(1)

Unit Type

# of Units

% of Total

Occupied Units

Occupancy

Average Unit Size (SF)

Average Monthly Rent per Unit(2)

Average Monthly Market Rent Per Unit(2)(3)

1 Bed / 1 Bath 56 53.8% 55 98.2% 569 $1,435 $1,547
2 Bed / 1 Bath 32 30.8% 30 93.8% 798 $1,720 $1,980
3 Bed / 2 Bath 16 15.4% 16 100.0% 1,216 $2,287 $2,380
Total/Wtd. Avg. 104 100.0% 101 97.1% 739 $1,655 $1,808
(1) Based on the underwritten rent roll dated September 22, 2026.
(2) Average Monthly Rent per Unit is based on occupied units. Average Monthly Market Rent per Unit is based on total units.
(3) Source: Appraisal.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
95

Multifamily - Garden

20711 Southeast Stark Street
Gresham, OR 97030

Collateral Asset Summary - Loan No. 15

Brookside Apartments

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$13,750,000

57.9%

1.32x

9.2%

The following table presents certain information relating to the historical operating performance and Underwritten Net Cash Flow at the Brookside Apartments property:

Cash Flow Analysis(1)
2025 TTM 8/31/2026 Underwritten Underwritten / Unit
Gross Potential Rent $2,083,549 $2,080,748 $2,064,444 $19,850
(Vacancy/Bad Debt) (249,122) (217,047) (113,544) (1,092)
Other Income 183,955 173,263 173,263 1,666
Effective Gross Income $2,018,382 $2,036,965 $2,124,163 $20,425
Real Estate Taxes 249,644 266,357 288,486 2,774
Insurance 259,076 194,200 38,836 373
Utilities 159,818 177,263 119,600 1,150
Repairs and Maintenance 151,868 235,572 124,800 1,200
Management Fee 58,568 60,741 63,725 613
Payroll and Benefits 157,809 137,809 156,000 1,500
Marketing 20,952 20,356 26,000 250
General and Administrative 17,468 26,714 41,600 400
Total Expenses $1,075,203 $1,119,010 $859,047 $8,260
Net Operating Income(2) $943,179 $917,954 $1,265,117 $12,165
Replacement Reserves 0 0 10,400 100
Net Cash Flow $943,179 $917,954 $1,254,717 $12,065
Occupancy(3) 91.4% 97.1% 94.5%
NCF DSCR 0.99x 0.97x 1.32x
NOI Debt Yield 6.9% 6.7% 9.2%
(1) Historical financial information prior to 2025 is not available as the Brookside Apartments property was undergoing remediation work for construction defects.
(2) The increase from TTM 8/31/2026 Net Operating Income to Underwritten Net Operating Income is primarily attributable to the Brookside Apartments property increasing occupancy and reaching stabilization.
(3) TTM 8/31/2026 Occupancy is based on the underwritten rent roll dated September 22, 2026. The Underwritten Occupancy represents economic occupancy.

The following table presents certain information relating to comparable multifamily properties to the Brookside Apartments property:

Multifamily Rent Comparables(1)
Property Unit Mix Average SF per Unit Average Rent PSF Average Rent per Unit

Brookside Apartments(2)
20711 Southeast Stark Street

Gresham, OR

1 Bed / 1 Bath
2 Beds / 1 Bath
3 Beds / 2 Baths

569

798

1,216

$2.52
$2.16
$1.88 		$1,435
$1,720
$2,287

Twelve Mile Crossing

588 SE 217th Avenue

Gresham, OR

1 Bed / 1 Bath

2 Beds / 2 Baths

3 Beds / 2 Baths

600

898

1,155

$2.54

$2.02

$1.95

$1,499-$1,545

$1,775-$1,845

$2,250

Alta Civic Station

1699 NW Civic Drive

Gresham, OR

1 Bed / 1 Bath

1 Bed / 2 Baths Live Work

1 Bed / 1 Bath Live Work

1 Bed / 1 Bath + Den

2 Beds / 2 Baths

3 Beds / 2 Baths

3 Beds / 2 Baths TH

580-908

958

844

855

880-1,303

1,184

1,837

$1.95

$1.82

$2.08

$2.11

$2.23

$1.86

$1.57

$1,319-$1,584

$1,746

$1,757

$1,801

$2,204-$2,656

$2,155-$2,260

$2,892

The Crossings at Gresham Station

773 NW 13th Street

Gresham, OR

1 Bed / 1 Bath

1 Bed / 2 Baths Live Work

2 Beds / 1 Bath

2 Beds / 2 Baths

2 Beds / 2 Baths

643

762

865

1,309

999

$2.22

$2.01

$1.97

$1.42

$1.98

$1,350-$1,499

$1,535

$1,707

$1,860

$1,973

Springwater Crossings Apartments

1132 NW Birdsdale Avenue

Gresham, OR

1 Bed / 1 Bath

2 Beds / 1 Bath

2 Beds / 1.5 Baths

2 Beds / 2.5 Baths

3 Beds / 2.5 Baths

756

785

1,589

1,249-1,265

1,537-1,567

$2.01

$2.40

$1.23

$1.69

$1.56

$1,517

$1,666-$2,095

$1,936-$1,979

$2,096-$2,142

$2,263-$2,584

The Lodges at Lake Salish

20699 NE Glisan Street

Fairview, OR

1 Bed / 1 Bath

2 Beds / 2 Baths

2 Beds / 2.5 Baths TH

719-746

978-1,121

1,334

$2.09

$1.71

$1.67

$1,490-$1,575

$1,740-$1,840

$2,180-$2,265

The Byway

23765 NE Halsey Street

Wood Village, OR

1 Bed / 1 Bath

2 Beds / 1 Bath

2 Beds / 2 Baths

2 Beds / 2 Baths TH

3 Beds / 2 Baths

602-695

780

826-1,010

1,318-1,382

1,265-1,318

$2.30

$2.22

$1.92

$1.61

$1.79

$1,422-$1,559

$1,728

$1,693-$1,825

$2,049-$2,301

$2,247-$2,385

(1) Source: Appraisal.
(2) Based on the underwritten rent roll dated September 22, 2026. Average Rent per Unit reflects the average in-place rent for occupied units.
THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.
96
Deutsche Mortgage & Asset Receiving Corp. published this content on October 15, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 15, 2026 at 21:23 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]