Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1: loan annex

Data as of loan data through September 2026; ratings as held in the dataset at 2026-10-13

← Morgan Stanley Bank of America Merrill Lynch Trust 2025-5C1 · CMBS market

Detail sections for the 27 loans of this deal that do not have a page of their own. Loans with a surveillance history, loans at or above the section's size threshold of $25.0M, and the largest loans in the deal have their own pages, linked from the loan table on the deal page. Every loan in the deal appears either here or on its own page.

Empire Shopping Center

Property	Empire Shopping Center
Address	5865-5897 Lone Tree Way; Antioch, CA 94531
Property type	Retail
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	2004
Year last renovated	not yet reported
Original balance	$23.8M
Current balance	$23.8M (September 2026)
Share of deal balance	2.5%
Interest rate at origination	6.22%
Current interest rate	6.22%
Origination date	01-30-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-02-01
Prepayment lockout end	03-31-2027
Yield maintenance end	07-31-2029
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	BANA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$37.7M	12-18-2024	MAI
Most recent reported	$37.7M	2024-12-18	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
PetSmart #0060	19,181	02-29-2040
Office Deport #2367	18,388	06-30-2035
Old Navy #3775	14,200	03-31-2030

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

Lakes at West Covina

Property	Lakes at West Covina
Address	1000 and 1050 Lakes Drive South; West Covina, CA 91790
Property type	Office
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	1989
Year last renovated	2019
Original balance	$23.7M
Current balance	$23.7M (September 2026)
Share of deal balance	2.5%
Interest rate at origination	7.31%
Current interest rate	7.31%
Origination date	02-21-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-01
Prepayment lockout end	08-31-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	BANA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$36.8M	12-10-2024	MAI
Most recent reported	$36.8M	2024-12-10	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
GSA -United States of America	22,034	09-14-2026
RGN-West Covina I, LLC	14,820	10-31-2030
Wells Fargo Bank (220)	13,444	08-31-2028

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$5.9M
Operating expenses	$2.9M
Net operating income	$3.0M
Net cash flow	$2.7M
DSCR (net cash flow)	1.55
DSCR (net operating income)	1.72
Occupancy	93%
Servicer advances outstanding	$0

Aspenwood

Property	Aspenwood
Address	2121 Pech Road; Houston, TX 77055
Property type	Multifamily
Units, beds or keys	211
Net rentable square feet	not yet reported
Year built	1971
Year last renovated	2021
Original balance	$22.2M
Current balance	$22.2M (September 2026)
Share of deal balance	2.4%
Interest rate at origination	6.58%
Current interest rate	6.58%
Origination date	01-23-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-02-06
Prepayment lockout end	11-05-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	AREF2
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$39.2M	11-07-2024	MAI
Most recent reported	$39.2M	2024-11-07	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

Crossroads Centre (and 9 more properties)

Property	Crossroads Centre (and 9 more properties)
Address	3201-3231, 3233 Southwestern Boulevard 3236, 3245, 3275 Southwestern Boulevard; 1601,1621,1635,1645 Penfield Road 715, 745 and 749 Panorama Trail South; 3825 - 3875 Union Road; 3015, 3035, 3055 Niagara Falls Boulevard 3065, 3190 Niagara Falls Boulevard; 869 - 887 North Bridge Street; 910 Athens Highway; 6254 - 6272 Furnace Road; 1800, 1900 and 2000 Washington Street; 128 West Main Street; 2382 - 2410 Route 19 North; Orchard Park, NY (and 9 more) 14127
Property type	Retail
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	["1991", "2002", "2003"]
Original balance	$22.0M
Current balance	$22.0M (September 2026)
Share of deal balance	2.4%
Interest rate at origination	6.40%
Current interest rate	6.40%
Origination date	11-20-2024
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2029-12-01
Prepayment lockout end	03-31-2027
Yield maintenance end	05-31-2029
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	BANA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$161.8M	not yet reported	not yet reported
Most recent reported	not yet reported	not yet reported	["MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI"]

Largest tenants

Tenant	Square feet	Lease expiration
Tops1080PC Tops - Orchard Park	not yet reported	["03-31-2032", "05-31-2029", "12-31-2028", "02-28-2027", "11-30-2026", "01-31-2031", "07-31-2029", "09-30-2030", "05-31-2029", "06-30-2035"]
Bob's Bob's Discount Furniture, LLC	not yet reported	["07-31-2034", "06-30-2028", "08-31-2028", "09-30-2031", "01-31-2028", "05-31-2028", "03-31-2027", "09-30-2028", "07-31-2029", "01-31-2034"]
ColonialWi Colonial Wine - Orchard Park	not yet reported	["11-30-2027", "03-31-2031", "12-31-2028", "05-31-2028", "10-31-2029", "05-31-2029", "01-31-2028", "08-31-2027", "04-30-2027", "01-31-2029"]

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	03-31-2026
Revenue	$4.5M
Operating expenses	$1.7M
Net operating income	$2.8M
Net cash flow	$2.8M
DSCR (net cash flow)	1.70
DSCR (net operating income)	1.72
Occupancy	95%
Servicer advances outstanding	$0

Palmdale Gateway Center

Property	Palmdale Gateway Center
Address	1803 East Palmdale Boulevard; Palmdale, CA 93550
Property type	Retail
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	1986
Year last renovated	not yet reported
Original balance	$18.5M
Current balance	$18.5M (September 2026)
Share of deal balance	2.0%
Interest rate at origination	7.39%
Current interest rate	7.39%
Origination date	01-03-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-01-06
Prepayment lockout end	02-05-2027
Yield maintenance end	07-05-2029
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	AREF2
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$28.5M	11-15-2024	MAI
Most recent reported	$28.5M	2024-11-15	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
Vallarta	33,963	08-15-2029
Dollar House	12,320	04-30-2035
WSS	7,600	01-31-2028

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

2525 State Street

Property	2525 State Street
Address	2525 State Street; Columbus, IN 47201
Property type	Industrial
Units, beds or keys	not yet reported
Net rentable square feet	968,446
Year built	1955
Year last renovated	2004
Original balance	$18.2M
Current balance	$18.2M (September 2026)
Share of deal balance	2.0%
Interest rate at origination	7.13%
Current interest rate	7.13%
Origination date	02-20-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-06
Prepayment lockout end	11-05-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	AREF2
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$31.5M	01-15-2025	MAI
Most recent reported	$31.5M	2025-01-15	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
Dorel Industries	968,446	02-28-2035

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

Home2 Suites By Hilton El Paso Airport

Property	Home2 Suites By Hilton El Paso Airport
Address	6308 Montana Avenue; El Paso, TX 79925
Property type	Lodging
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	2017
Year last renovated	not yet reported
Original balance	$14.3M
Current balance	$14.3M (September 2026)
Share of deal balance	1.5%
Interest rate at origination	7.48%
Current interest rate	7.48%
Origination date	02-07-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-01
Prepayment lockout end	10-31-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$19.3M	12-23-2024	MAI
Most recent reported	$19.3M	2024-12-23	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

Mi Place at Vineyard II

Property	Mi Place at Vineyard II
Address	12001 Old Vine Boulevard; Lewes, DE 19958
Property type	Mixed use
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	2021
Year last renovated	not yet reported
Original balance	$14.0M
Current balance	$14.0M (September 2026)
Share of deal balance	1.5%
Interest rate at origination	6.80%
Current interest rate	6.80%
Origination date	12-23-2024
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-01-01
Prepayment lockout end	08-31-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$23.3M	09-09-2024	MAI
Most recent reported	$23.3M	2024-09-09	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
DEL-ONE	2,935	09-08-2034
Tea Aki	1,904	06-12-2029
Anderson Financial	1,775	04-12-2029

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$2.1M
Operating expenses	$864,283
Net operating income	$1.2M
Net cash flow	$1.1M
DSCR (net cash flow)	1.19
DSCR (net operating income)	1.25
Occupancy	100%
Servicer advances outstanding	$0

TownePlace Suites Titusville

Property	TownePlace Suites Titusville
Address	4815 Helen Hauser Boulevard; Titusville, FL 32780
Property type	Lodging
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	2018
Year last renovated	not yet reported
Original balance	$13.3M
Current balance	$13.3M (September 2026)
Share of deal balance	1.4%
Interest rate at origination	7.46%
Current interest rate	7.46%
Origination date	02-05-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-01
Prepayment lockout end	08-31-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	BANA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$21.7M	01-01-2026	MAI
Most recent reported	$21.7M	2026-01-01	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

Twin Rivers RV (and 2 more properties)

Property	Twin Rivers RV (and 2 more properties)
Address	7770 SE Federal Highway; 2528 and 2540 N John Young Parkway; 1071 and 1119 Questor Street; Hobe Sound, FL (and 2 more) 33455
Property type	Manufactured housing
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	not yet reported
Original balance	$10.8M
Current balance	$10.8M (September 2026)
Share of deal balance	1.2%
Interest rate at origination	6.28%
Current interest rate	6.28%
Origination date	12-17-2024
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-01-01
Prepayment lockout end	12-31-2026
Yield maintenance end	06-30-2029
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$16.1M	not yet reported	not yet reported
Most recent reported	not yet reported	not yet reported	["MAI", "MAI", "MAI"]

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

Woodgate Village MHC

Property	Woodgate Village MHC
Address	2331 Frick Road; Houston, TX 77038
Property type	Manufactured housing
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	1982
Year last renovated	not yet reported
Original balance	$9.5M
Current balance	$9.5M (September 2026)
Share of deal balance	1.0%
Interest rate at origination	6.04%
Current interest rate	6.04%
Origination date	01-31-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-02-01
Prepayment lockout end	01-31-2026
Yield maintenance end	07-31-2029
Servicer	Berkadia
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$14.8M	12-31-2024	MAI
Most recent reported	$14.8M	2024-12-31	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$1.2M
Operating expenses	$322,584
Net operating income	$857,001
Net cash flow	$849,901
DSCR (net cash flow)	1.46
DSCR (net operating income)	1.48
Occupancy	95%
Servicer advances outstanding	$0

Courtyard By Marriott Cleveland Airport South

Property	Courtyard By Marriott Cleveland Airport South
Address	7345 Engle Road; Middleburg Heights, OH 44130
Property type	Lodging
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	1999
Year last renovated	2024
Original balance	$9.0M
Current balance	$8.8M (September 2026)
Share of deal balance	0.9%
Interest rate at origination	6.84%
Current interest rate	6.84%
Origination date	06-18-2024
Original term	60 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2029-07-01
Prepayment lockout end	12-31-2028
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	BANA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$16.0M	05-06-2024	MAI
Most recent reported	$16.0M	2024-05-06	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

High Plains Ranch

Property	High Plains Ranch
Address	6666 Pavillard Drive; Amarillo, TX 79108
Property type	Manufactured housing
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	1965
Year last renovated	not yet reported
Original balance	$8.8M
Current balance	$8.8M (September 2026)
Share of deal balance	0.9%
Interest rate at origination	6.43%
Current interest rate	6.43%
Origination date	12-20-2024
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-01-01
Prepayment lockout end	12-31-2026
Yield maintenance end	08-31-2029
Servicer	Berkadia
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$13.3M	10-09-2024	MAI
Most recent reported	$13.3M	2024-10-09	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$1.2M
Operating expenses	$504,802
Net operating income	$714,996
Net cash flow	$703,346
DSCR (net cash flow)	1.23
DSCR (net operating income)	1.25
Occupancy	100%
Servicer advances outstanding	$0

25 West 36th Street

Property	25 West 36th Street
Address	25 West 36th Street; New York, NY 10018
Property type	Mixed use
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	1925
Year last renovated	not yet reported
Original balance	$8.2M
Current balance	$8.2M (September 2026)
Share of deal balance	0.9%
Interest rate at origination	7.73%
Current interest rate	7.73%
Origination date	02-03-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-01
Prepayment lockout end	10-31-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$16.0M	12-05-2024	MAI
Most recent reported	$16.0M	2024-12-05	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
Triluxe Apparel Group Inc.	7,536	07-31-2028
ILL Clothing, LLC	4,677	12-31-2035
THE WYT SPACE LLC	3,995	06-30-2028

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$2.0M
Operating expenses	$1.1M
Net operating income	$906,328
Net cash flow	$785,194
DSCR (net cash flow)	1.21
DSCR (net operating income)	1.40
Occupancy	100%
Servicer advances outstanding	$0

754 Grand Street

Property	754 Grand Street
Address	754 Grand Street; Brooklyn, NY 11211
Property type	Mixed use
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	1920
Year last renovated	2023
Original balance	$7.0M
Current balance	$7.0M (September 2026)
Share of deal balance	0.8%
Interest rate at origination	6.50%
Current interest rate	6.50%
Origination date	02-13-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-06
Prepayment lockout end	12-05-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	SMC
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$11.4M	01-13-2025	MAI
Most recent reported	$11.4M	2025-01-13	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
Shaullu Rani	not yet reported	not yet reported

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$722,476
Operating expenses	$107,230
Net operating income	$615,246
Net cash flow	$612,396
DSCR (net cash flow)	1.33
DSCR (net operating income)	1.33
Occupancy	not yet reported
Servicer advances outstanding	$0

Taylor Heights

Property	Taylor Heights
Address	549 and 645 South Taylor Drive; Sheboygan, WI 53081
Property type	Retail
Units, beds or keys	15
Net rentable square feet	not yet reported
Year built	1989
Year last renovated	2024
Original balance	$6.5M
Current balance	$6.5M (September 2026)
Share of deal balance	0.7%
Interest rate at origination	6.98%
Current interest rate	6.98%
Origination date	12-13-2024
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-01-05
Prepayment lockout end	10-04-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$11.4M	11-04-2024	MAI
Most recent reported	$11.4M	2024-11-04	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
PF of Sheboygan LLC	35,540	02-29-2032
Dollar Tree Stores	10,818	06-30-2035
Caliber Holdings LLC	10,000	01-31-2038

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$1.4M
Operating expenses	$299,745
Net operating income	$1.1M
Net cash flow	$979,250
DSCR (net cash flow)	2.13
DSCR (net operating income)	2.31
Occupancy	100%
Servicer advances outstanding	$0

1670 Townsend Avenue

Property	1670 Townsend Avenue
Address	1670 Townsend Avenue; Bronx, NY 10453
Property type	Multifamily
Units, beds or keys	25
Net rentable square feet	not yet reported
Year built	1920
Year last renovated	2023
Original balance	$6.4M
Current balance	$6.4M (September 2026)
Share of deal balance	0.7%
Interest rate at origination	6.73%
Current interest rate	6.73%
Origination date	02-07-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-01
Prepayment lockout end	11-30-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$11.6M	12-08-2024	MAI
Most recent reported	$11.6M	2024-12-08	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

King Street MHC

Property	King Street MHC
Address	1435 West King Street; Cocoa, FL 32922
Property type	Manufactured housing
Units, beds or keys	75
Net rentable square feet	not yet reported
Year built	1957
Year last renovated	not yet reported
Original balance	$5.1M
Current balance	$5.1M (September 2026)
Share of deal balance	0.5%
Interest rate at origination	6.01%
Current interest rate	6.01%
Origination date	02-12-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-01
Prepayment lockout end	02-28-2027
Yield maintenance end	10-31-2029
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$8.7M	11-05-2024	MAI
Most recent reported	$8.7M	2024-11-05	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$698,962
Operating expenses	$236,650
Net operating income	$462,312
Net cash flow	$458,262
DSCR (net cash flow)	1.49
DSCR (net operating income)	1.50
Occupancy	100%
Servicer advances outstanding	$0

Tri-State Tracy Acres MHC

Property	Tri-State Tracy Acres MHC
Address	2971 West 12th Street; Millcreek, PA 16505
Property type	Manufactured housing
Units, beds or keys	123
Net rentable square feet	not yet reported
Year built	1968
Year last renovated	not yet reported
Original balance	$5.0M
Current balance	$5.0M (September 2026)
Share of deal balance	0.5%
Interest rate at origination	6.28%
Current interest rate	6.28%
Origination date	01-24-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-02-01
Prepayment lockout end	01-31-2027
Yield maintenance end	09-30-2029
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$8.4M	10-22-2024	MAI
Most recent reported	$8.4M	2024-10-22	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

210 Bedford Avenue

Property	210 Bedford Avenue
Address	210 Bedford Avenue; Brooklyn, NY 11249
Property type	Mixed use
Units, beds or keys	not yet reported
Net rentable square feet	2,623
Year built	1899
Year last renovated	2014
Original balance	$5.0M
Current balance	$5.0M (September 2026)
Share of deal balance	0.5%
Interest rate at origination	6.01%
Current interest rate	6.01%
Origination date	01-30-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-02-01
Prepayment lockout end	07-31-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$7.2M	11-20-2024	Non-MAI
Most recent reported	$7.2M	2024-11-20	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
Juice Generatation lnc.	1,337	09-30-2030
Daniel & Michael Elghazi	1,216	07-31-2027

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	03-31-2026
Revenue	$110,640
Operating expenses	$14,824
Net operating income	$95,816
Net cash flow	$94,511
DSCR (net cash flow)	1.24
DSCR (net operating income)	1.26
Occupancy	97%
Servicer advances outstanding	$0

2316 Grand Avenue

Property	2316 Grand Avenue
Address	2316 Grand Avenue; Bronx, NY 10468
Property type	Multifamily
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	1901
Year last renovated	2024
Original balance	$4.5M
Current balance	$4.5M (September 2026)
Share of deal balance	0.5%
Interest rate at origination	6.91%
Current interest rate	6.91%
Origination date	02-20-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-06
Prepayment lockout end	12-05-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	SMC
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$7.1M	01-02-2025	MAI
Most recent reported	$7.1M	2025-01-02	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$571,986
Operating expenses	$109,434
Net operating income	$462,552
Net cash flow	$458,802
DSCR (net cash flow)	1.46
DSCR (net operating income)	1.47
Occupancy	93%
Servicer advances outstanding	$0

Blue Mound Business Park

Property	Blue Mound Business Park
Address	2617 Blue Mound Road West; Haslet, TX 76052
Property type	Industrial
Units, beds or keys	not yet reported
Net rentable square feet	48,125
Year built	2002
Year last renovated	not yet reported
Original balance	$4.4M
Current balance	$4.4M (September 2026)
Share of deal balance	0.5%
Interest rate at origination	6.34%
Current interest rate	6.34%
Origination date	01-30-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-02-01
Prepayment lockout end	09-30-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$6.4M	12-27-2024	MAI
Most recent reported	$6.4M	2024-12-27	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
The Dry Guy Restoration	5,000	06-30-2031
Paradise Creations, LLC	3,750	08-31-2028
Southern Fire Protection, LLC	3,000	01-31-2027

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0

8414 4th Avenue

Property	8414 4th Avenue
Address	8414 4th Avenue; Brooklyn, NY 11209
Property type	Multifamily
Units, beds or keys	39
Net rentable square feet	not yet reported
Year built	1923
Year last renovated	not yet reported
Original balance	$4.0M
Current balance	$4.0M (September 2026)
Share of deal balance	0.4%
Interest rate at origination	6.89%
Current interest rate	6.89%
Origination date	02-10-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-01
Prepayment lockout end	02-28-2027
Yield maintenance end	08-31-2029
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$7.0M	12-02-2024	MAI
Most recent reported	$7.0M	2024-12-02	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	03-31-2026
Revenue	$298,351
Operating expenses	$194,357
Net operating income	$103,993
Net cash flow	$101,556
DSCR (net cash flow)	1.45
DSCR (net operating income)	1.49
Occupancy	97%
Servicer advances outstanding	$0

Bonita Springs MHP

Property	Bonita Springs MHP
Address	27881 New York Street; Bonita Springs, FL 34135
Property type	Manufactured housing
Units, beds or keys	47
Net rentable square feet	not yet reported
Year built	1957
Year last renovated	not yet reported
Original balance	$3.7M
Current balance	$3.7M (September 2026)
Share of deal balance	0.4%
Interest rate at origination	6.05%
Current interest rate	6.05%
Origination date	12-30-2024
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-01-01
Prepayment lockout end	12-31-2026
Yield maintenance end	08-31-2029
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$5.7M	10-22-2024	MAI
Most recent reported	$5.7M	2024-10-22	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	03-31-2026
Revenue	$500,681
Operating expenses	$223,446
Net operating income	$277,235
Net cash flow	$274,935
DSCR (net cash flow)	1.22
DSCR (net operating income)	1.23
Occupancy	100%
Servicer advances outstanding	$0

845 Crotona Park North

Property	845 Crotona Park North
Address	845 Crotona Park North; Bronx, NY 11219
Property type	Multifamily
Units, beds or keys	not yet reported
Net rentable square feet	not yet reported
Year built	1901
Year last renovated	2024
Original balance	$3.6M
Current balance	$3.6M (September 2026)
Share of deal balance	0.4%
Interest rate at origination	6.92%
Current interest rate	6.92%
Origination date	02-14-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-06
Prepayment lockout end	12-05-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	SMC
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$5.8M	01-02-2025	MAI
Most recent reported	$5.8M	2025-01-02	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$468,044
Operating expenses	$149,743
Net operating income	$318,301
Net cash flow	$315,301
DSCR (net cash flow)	1.25
DSCR (net operating income)	1.26
Occupancy	100%
Servicer advances outstanding	$0

206 East 116th Street

Property	206 East 116th Street
Address	206 East 116th Street; New York, NY 10029
Property type	Mixed use
Units, beds or keys	9
Net rentable square feet	not yet reported
Year built	1890
Year last renovated	2024
Original balance	$3.4M
Current balance	$3.4M (September 2026)
Share of deal balance	0.4%
Interest rate at origination	6.59%
Current interest rate	6.59%
Origination date	02-20-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-01
Prepayment lockout end	11-30-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Matured balloon, non-performing
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$4.9M	11-07-2024	MAI
Most recent reported	$4.9M	2024-11-07	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$19,053

Tri-State Commercial Park

Property	Tri-State Commercial Park
Address	4800-4824 West 129th Street; Alsip, IL 60803
Property type	Industrial
Units, beds or keys	not yet reported
Net rentable square feet	42,616
Year built	1974
Year last renovated	not yet reported
Original balance	$3.2M
Current balance	$3.2M (September 2026)
Share of deal balance	0.3%
Interest rate at origination	6.48%
Current interest rate	6.48%
Origination date	02-04-2025
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2030-03-01
Prepayment lockout end	10-31-2029
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	MSBNA
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$4.5M	12-27-2024	MAI
Most recent reported	$4.5M	2024-12-27	MAI

Change from securitization to the most recent reported valuation: 0.0%.

Largest tenants

Tenant	Square feet	Lease expiration
Physicians Immediate Care	6,330	09-30-2027
IC Custom Hardwood Flooring, Inc.	4,600	06-30-2029
KC Audio	4,550	08-31-2027

The three largest tenants as reported in the latest asset-level record.

Latest financials

Financial period end (latest)	not yet reported
Revenue	not yet reported
Operating expenses	not yet reported
Net operating income	not yet reported
Net cash flow	not yet reported
DSCR (net cash flow)	not yet reported
DSCR (net operating income)	not yet reported
Occupancy	not yet reported
Servicer advances outstanding	$0