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Report of Independent Accountants on Applying Agreed-Upon Procedures

Federal Home Loan Mortgage Corporation (“Freddie Mac”)

J.P. Morgan Securities LLC

(collectively, the “Specified Parties”)

FREMF 2026-K765 Mortgage Trust (the “Issuing Entity”)

Multifamily Mortgage Pass-Through Certificates, Series 2026-K765

     (together with the SPCs, the "Certificates")

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to a portfolio of mortgage loans (the “Mortgage Loans”) contained on the Data Files (as defined herein) (the “Subject Matter”) relating to the Issuing Entity’s Certificates securitization transaction (the “Transaction”) as of 30 March 2026. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

The procedures performed and our associated findings are included in Attachment A.

Page 2 of 3

For the purpose of the procedures described in this report, Freddie Mac provided us with:

The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. Freddie Mac is responsible for the Subject Matter, Data Files, Source Documents, Compared Characteristics, Recalculated Characteristics, Provided Characteristics, Draft Preliminary Information Circular and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A with respect to the Data Files. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Documents, Provided Characteristics, Draft Preliminary Information Circular or any other information provided to us by Freddie Mac upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loans, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by Freddie Mac that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the “AICPA”). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

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The agreed-upon procedures described in this report were not performed for the purpose of:

We are required to be independent of Freddie Mac and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedures engagements are less restrictive than independence requirements for audit and other attestation services.

This report is intended solely for the information and use of the Specified Parties and is not intended to be, and should not be, used by anyone other than the Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties, but who may have access to this report as required by law or regulation.

/s/ Ernst & Young LLP

30 March 2026

Attachment A Page 1 of 9

Procedures performed and our associated findings

We performed certain procedures on earlier versions of the Data Files and communicated any differences prior to being provided the Data Files which were subjected to the procedures as described herein.

For each Mortgage Loan on the Preliminary Data File, we compared the Compared Characteristics listed on Exhibit 1 to Attachment A, as shown on the Preliminary Data File, to the corresponding information in copies of the Source Document(s) indicated on Exhibit 1 to Attachment A, subject only to the instructions, assumptions and methodologies described in the notes on Exhibit 1 to Attachment A and the succeeding paragraph(s) of this Item.

The Source Document(s) that we were instructed by Freddie Mac to use for each Compared Characteristic are indicated on Exhibit 1 to Attachment A. Where more than one Source Document is listed for a Compared Characteristic, Freddie Mac instructed us to note agreement if the value on the Preliminary Data File for the Compared Characteristic agreed with the corresponding information in at least one of the Source Documents listed for such Compared Characteristic on Exhibit 1 to Attachment A (except as described in the notes on Exhibit 1 to Attachment A). We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the Compared Characteristics listed on Exhibit 1 to Attachment A.

Additionally, for any Mortgage Loan(s) listed in the table below, Freddie Mac provided us with the related draft Source Document(s) listed in the “Draft Source Document(s)” column of the table below.

For the purpose of the procedures described in this report, Freddie Mac instructed us to treat any “Draft Source Document(s)” listed in the table above as fully executed Source Document(s).

Attachment A Page 2 of 9

Using information on the:

we compared each Compared Characteristic listed on Exhibit 1 to Attachment A, as shown on the Final Data File, to the corresponding information on the Updated Data File and found such information to be in agreement.

as shown on the Final Data File, we recalculated the “Loan Term (Original)” of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

we recalculated the “IO Period” of each Mortgage Loan (except for any Interest Only Loan(s) or Amortizing Loan(s) (both as defined herein), which are described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For any Interest Only Loan, Freddie Mac instructed us to use the “Loan Term (Original)” value on the Final Data File for the “IO Period” characteristic.

For any Amortizing Loan, Freddie Mac instructed us to use “0” for the “IO Period” characteristic.

Attachment A Page 3 of 9

as shown on the Final Data File, and assuming each Mortgage Loan has a fixed level monthly payment, we recalculated the “Amortization Term (Original)” of each Mortgage Loan (except for any Interest Only Loan(s), which are described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For any Interest Only Loan, Freddie Mac instructed us to use “0” for the “Amortization Term (Original)” characteristic.

as shown on the Final Data File, we recalculated the “Amortization Term (Remaining)” of each Mortgage Loan (except for any Interest Only Loan(s), which are described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For any Interest Only Loan, Freddie Mac instructed us to use “0” for the “Amortization Term (Remaining)” characteristic.

as shown on the Final Data File, we recalculated the “Loan Term (Remaining)” of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

Attachment A Page 4 of 9

as shown on the Final Data File, we recalculated the principal balance as of the Cut-Off Date (the “Cut-Off Date Loan Amount”) and as of the “Maturity Date” (the “Maturity Balance”) of each Mortgage Loan, assuming all scheduled payments of principal and/or interest on the Mortgage Loans are made and that there are no prepayments or other unscheduled collections. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

For the purpose of this procedure, Freddie Mac instructed us to:

as shown on the Final Data File, we recalculated the “Administration Fee Rate” of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

Attachment A Page 5 of 9

as shown on the Final Data File, we recalculated the “Net Mortgage Interest Rate” of each Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

as applicable, as shown on the Final Data File, the additional instruction(s) provided by Freddie Mac with respect to any Split Mortgage Loan (as defined herein) described in the succeeding paragraph(s) of this Item and the applicable calculation methodologies and assumptions that are described in the Draft Preliminary Information Circular, we recalculated the:

of each Mortgage Loan (except for any Mortgage Loan in a Crossed Loan Group (as defined herein), which are described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement. For the purpose of this procedure, we were instructed by Freddie Mac to round each characteristic listed in i. through iii. above to two decimal places.

For the purpose of this procedure, Freddie Mac instructed us to recalculate the characteristics listed in i. through iii. above for any group of Mortgage Loans with the same value (except for “N/A”) for the “Crossed Loans” characteristic (each such group of Mortgage Loans is a “Crossed Loan Group”), as shown on the Final Data File, by:

For the purpose of recalculating the characteristics listed in i. through iii. above for any Split Mortgage Loan, Freddie Mac instructed us to use the sum of:

in place of the “Monthly Debt Service Amount (Amortizing)” characteristic used in these recalculations.

Attachment A Page 6 of 9

we recalculated the:

of each Mortgage Loan (except for any Mortgage Loan in a Crossed Loan Group, which are described in the succeeding paragraph(s) of this Item). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement. For the purpose of this procedure, we were instructed by Freddie Mac to round the characteristics listed in i. through ii. above to two decimal places and the characteristics listed in iii. through iv. above to the nearest 1/10^th of one percent.

For the purpose of this procedure, Freddie Mac instructed us to recalculate the characteristics listed in i. through iv. above for any Crossed Loan Group by:

Attachment A Page 7 of 9

16. (continued)

For the purpose of this procedure, Freddie Mac instructed us to recalculate the characteristic listed in v. above for any Crossed Loan Group by dividing the aggregate “Cut-Off Date Loan Amount” of the Mortgage Loans in the Crossed Loan Group by the aggregate “Total Units” of the Mortgage Loans in the Crossed Loan Group.

For the purpose of recalculating the characteristic listed in i. above for any Split Mortgage Loan, Freddie Mac instructed us to use the sum of:

for the applicable debt service used in this recalculation.

For the purpose of recalculating the characteristic listed in ii. above for any Split Mortgage Loan, Freddie Mac instructed us to use the sum of:

for the applicable debt service used in this recalculation.

For the purpose of recalculating the characteristics listed in iii. and v. above for any Split Mortgage Loan, Freddie Mac instructed us to use the sum of the:

as shown on the Final Data File, for the applicable principal balances used in these recalculations.

For the purpose of recalculating the characteristic listed in iv. above for any Split Mortgage Loan, Freddie Mac instructed us to use the sum of the:

for the applicable principal balances used in this recalculation.

For any Amortizing Loan, Freddie Mac instructed us to use “N/A” for the “UW NCF DSCR (IO)” characteristic.

Attachment A Page 8 of 9

as applicable, as shown on the Final Data File, the applicable subordinate or supplemental financing information as shown in the applicable Source Document(s) and the applicable calculation methodologies and assumptions provided by Freddie Mac described in the succeeding paragraph(s) of this Item, we recalculated the:

of any Mortgage Loan with “Yes” for the “Additional Financing In Place (existing) (Y/N)” characteristic on the Final Data File and the applicable Source Document(s) require hard payments of debt service (each, a “Mortgage Loan with Additional Hard Pay Financing”). We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement. For the purpose of this procedure, we were instructed by Freddie Mac to round the characteristic listed in i. above to two decimal places and the characteristic listed in ii. above to the nearest 1/10^th of one percent.

For any Mortgage Loan with Additional Hard Pay Financing, Freddie Mac instructed us to recalculate the “CDCR (Combined DCR)” by dividing the “UW NCF” by the sum of:

Attachment A Page 9 of 9

17. (continued)

For any Mortgage Loan with Additional Hard Pay Financing, Freddie Mac instructed us to recalculate the “CLTV (Combined LTV)” by dividing:

For any Mortgage Loan that is not a Mortgage Loan with Additional Hard Pay Financing, Freddie Mac instructed us to use “N/A” for the characteristics listed in i. and ii. in the first paragraph of this Item.

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions provided by Freddie Mac that are described above.

Compared Characteristics and Source Documents

Property Information:

Third Party Information:

Third Party Information: (continued)

Multifamily Information:

Regulatory Agreement Information:

Commercial Tenant Information:

Insurance Information:

Underwriting Information:

Borrower/Principal Information:

Mortgage Loan Information:

Mortgage Loan Information: (continued)

Reserve/Escrow Information:

Reserve/Escrow Information: (continued)

Notes:

For the purpose of comparing the “Environmental Cost to Cure (Phase I plus Phase II)” characteristic, Freddie Mac instructed us to use “$0” for the “Environmental Cost to Cure (Phase I plus Phase II)” characteristic if a phase I environmental report, phase II environmental report, physical risk report and/or preliminary environmental screening site report Source Document was available and the sum of the value(s) shown in the phase I environmental report, phase II environmental report, physical risk report and/or preliminary environmental screening site report Source Document(s) was less than $5,000.

all as shown in the rent roll Source Document, and to ignore differences of +/- $5 or less.

If the market rent or in-place rent, as applicable, for any unit was not shown in the rent roll Source Document, Freddie Mac instructed us to exclude the corresponding unit(s) for the purpose of comparing the “Monthly Rent Per Unit” characteristic.

For the purpose of comparing the “Occupancy %” characteristic, Freddie Mac instructed us to include occupied, model, leasing office and manager/employee units as occupied and to include vacant and “down” units as vacant, as shown in the rent roll Source Document.

If the number of units shown in the rent roll Source Document is less than the number of units shown in the appraisal report Source Document, Freddie Mac instructed us to treat the difference between the number of units shown in the appraisal report Source Document and the number of units shown in the rent roll Source Document as vacant units for the purpose of comparing the “Occupancy %” characteristic.

If flood insurance is not required, as shown in the form 1133 or multifamily insurance compliance report Source Document, Freddie Mac instructed us to use “No” for the “Flood Insurance (Y/N)” characteristic, even if the property insurance certificate or flood insurance policy Source Document indicates that flood insurance is in place.

If the “PML (%),” as shown on the Preliminary Data File, is less than 20% or is “N/A,” Freddie Mac instructed us to use “No” for the “Seismic Insurance if PML >=20% (Yes/No)” characteristic even if the property insurance certificate Source Document indicates that earthquake insurance is in place.

and which also has an “Accrual Basis” of “Actual/360,” as shown on the Preliminary Data File, Freddie Mac instructed us to recalculate the “Monthly Debt Service Amount (IO)” characteristic as 1/12^th of the product, rounded to two decimal places, of:

For the purpose of comparing the “Monthly Debt Service Amount (IO)” characteristic for any Interest Only Loan or Partial IO Loan which also has an “Accrual Basis” of “30/360,” as shown on the Preliminary Data File, Freddie Mac instructed us to recalculate the “Monthly Debt Service Amount (IO)” characteristic as 1/12^th of the product, rounded to two decimal places, of:

For any Interest Only Loan, Freddie Mac instructed us to use the “Monthly Debt Service Amount (IO),” as shown on the Preliminary Data File, for the “Monthly Debt Service Amount (Amortizing)” characteristic.

For any Mortgage Loan with “Balloon” or “Fully Amortizing” for the “Loan Amortization Type” characteristic on the Preliminary Data File (each, an “Amortizing Loan”), Freddie Mac instructed us to use “N/A” for the “Monthly Debt Service Amount (IO)” characteristic.

“If Lender has not received the full amount of any monthly payment by the 10^th day of any month or any amount due under any Loan Document by the 9^th day after its due date (unless applicable law requires a longer period of time before a late charge may be imposed), then Borrower must pay a late charge to Lender.”

For the purpose of comparing the “Late Charge Grace Period” characteristic for any Mortgage Loan which contains the language described above in the applicable Source Document(s), Freddie Mac instructed us to use “10” for the “Late Charge Grace Period” characteristic, which is inclusive of the related “Payment Date.”

For the purpose of comparing the “Prepayment Provision” characteristic, Freddie Mac instructed us to ignore any prepayment premiums or other conditions related to prepayments made in connection with a tax abatement, purchase agreement, release of funds from any reserve(s) or loan equalization payment, as described in the applicable Source Document(s).

For the purpose of comparing the “Prepayment Provision” characteristic, Freddie Mac instructed us to assume that the entire “Loan” (as described in the applicable Source Document(s)) has been securitized.

For each Whole Loan listed in the table below, the applicable Source Document(s) listed in the “Data Source(s)” column of the table below indicate that each Whole Loan was split into multiple components.

For the purpose of comparing the “Original Loan Amount” characteristic for any Split Mortgage Loan, Freddie Mac instructed us to use the information in the “Original Component Balances” column of the table above that is associated with the “Mortgage Loan” component(s) of each Whole Loan that is listed in the “Mortgage Loan and Companion Loan(s)” column of the table above.

For the purpose of comparing the “Additional Financing Amount (Existing)” characteristic for any Split Mortgage Loan, Freddie Mac instructed us to use the information in the “Original Component Balances” column of the table above that is associated with the “Companion Loan(s)” component(s) of each Whole Loan that is listed in the “Mortgage Loan and Companion Loan(s)” column of the table above.

For the purpose of comparing the “Additional Financing In Place (Existing) (Yes/No)” characteristic, Freddie Mac instructed us to “Yes” for any Split Mortgage Loan.

For the purpose of comparing the “Additional Financing Description (Existing)” characteristic for any Split Mortgage Loan listed in the table above, Freddie Mac instructed us to include the Companion Loan(s), as described in the applicable Source Document(s).

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the (a) information described in the table above, as shown on the Preliminary Data File, or (b) instruction(s) provided by Freddie Mac described in this Note.

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by Freddie Mac that are described in the notes above.

Provided Characteristics