BBCMS Mortgage Trust 2023-C19: loan annex

Data as of loan data through September 2026; ratings as held in the dataset at 2026-10-01

← BBCMS Mortgage Trust 2023-C19 · CMBS market

Detail sections for the 20 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.

The Showboat Hotel

Property	The Showboat Hotel
Address	801 Boardwalk; Atlantic City, NJ 08401
Property type	Lodging
Units, beds or keys	475
Net rentable square feet	not yet reported
Year built	1988
Year last renovated	2022
Original balance	$23.8M
Current balance	$23.7M (April 2023)
Share of deal balance	not yet reported
Interest rate at origination	7.80%
Current interest rate	7.80%
Origination date	10-31-2022
Original term	120 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2032-11-06
Prepayment lockout end	08-05-2032
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	Barclays Capital Real Estate Inc.
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$140.0M	08-03-2022	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

401-405 Colorado

Property	401-405 Colorado
Address	401-405 Colorado Street; Austin, TX 78701
Property type	Office
Units, beds or keys	0
Net rentable square feet	205,803
Year built	2021
Year last renovated	not yet reported
Original balance	$23.0M
Current balance	$23.0M (September 2025)
Share of deal balance	not yet reported
Interest rate at origination	5.88%
Current interest rate	5.88%
Origination date	01-19-2023
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2028-02-06
Prepayment lockout end	04-05-2025
Yield maintenance end	08-05-2027
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	BCREI BANA WFBNA CREFI
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$138.0M	11-03-2022	MAI
Most recent reported	$138.0M	2022-11-03	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
JPMorgan Chase Bank	53,240	12-31-2032
Bain & Company Inc.	50,423	11-30-2034
Snap Inc.	18,739	05-31-2033

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

Latest financials

Financial period end (latest)	12-31-2024
Revenue	$15.7M
Operating expenses	$6.5M
Net operating income	$9.2M
Net cash flow	$8.7M
DSCR (net cash flow)	2.34
DSCR (net operating income)	2.46
Occupancy	100%
Servicer advances outstanding	$0

Gateway One

Property	Gateway One
Address	11400 Southeast 8th Street; Bellevue, WA 98004
Property type	Office
Units, beds or keys	0
Net rentable square feet	114,396
Year built	1986
Year last renovated	2021
Original balance	$22.8M
Current balance	$22.8M (September 2026)
Share of deal balance	3.1%
Interest rate at origination	5.74%
Current interest rate	5.74%
Origination date	02-13-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-03-06
Prepayment lockout end	12-05-2032
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Barclays Capital Real Estate Inc.
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$42.0M	12-28-2022	MAI
Most recent reported	$42.0M	2022-12-28	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
The Odom Corporation	20,693	06-30-2032
THE TRAVELERS INDEMNITY CO.	9,426	06-30-2030
Hugh G. Goldsmith & Associates	8,967	12-31-2027

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$2.7M
Operating expenses	$837,844
Net operating income	$1.9M
Net cash flow	$1.7M
DSCR (net cash flow)	2.60
DSCR (net operating income)	2.82
Occupancy	92%
Servicer advances outstanding	$0

Green Acres

Property	Green Acres
Address	2034 Green Acres Road; Valley Stream, NY 11581
Property type	Retail
Units, beds or keys	0
Net rentable square feet	2,081,286
Year built	1956
Year last renovated	2007
Original balance	$21.5M
Current balance	$21.5M (August 2026)
Share of deal balance	not yet reported
Interest rate at origination	5.90%
Current interest rate	5.90%
Origination date	01-03-2023
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2028-01-06
Prepayment lockout end	05-05-2025
Yield maintenance end	09-05-2027
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	GSBI MSBNA BMO DBRI
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$679.0M	10-30-2022	MAI
Most recent reported	$679.0M	2022-10-30	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Macy's Men's & Home	266,676	03-31-2035
Wal-Mart Stores Inc.	144,310	08-31-2028
Macy's Men's & Home	123,827	03-31-2035

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$79.9M
Operating expenses	$32.2M
Net operating income	$47.7M
Net cash flow	$46.2M
DSCR (net cash flow)	2.09
DSCR (net operating income)	2.16
Occupancy	78%
Servicer advances outstanding	$0

Rialto Industrial

Property	Rialto Industrial
Address	1110 West Merrill Avenue; Rialto, CA 92376
Property type	Industrial
Units, beds or keys	0
Net rentable square feet	1,106,124
Year built	1989
Year last renovated	2020
Original balance	$20.0M
Current balance	$20.0M (September 2026)
Share of deal balance	2.7%
Interest rate at origination	7.61%
Current interest rate	7.61%
Origination date	11-10-2022
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2032-12-06
Prepayment lockout end	09-05-2032
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	AREF
Current status	Matured balloon, non-performing
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$350.0M	10-12-2022	MAI
Most recent reported	$350.0M	2022-10-12	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Rialto Distribution LLC	1,106,124	10-31-2042

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$19.9M
Operating expenses	$591,841
Net operating income	$19.4M
Net cash flow	$18.9M
DSCR (net cash flow)	1.35
DSCR (net operating income)	1.39
Occupancy	100%
Servicer advances outstanding	$131,018

Valley View Shopping Center

Property	Valley View Shopping Center
Address	17474-17568 Yorba Linda Boulevard; Yorba Linda, CA 92886
Property type	Retail
Units, beds or keys	0
Net rentable square feet	105,106
Year built	1963
Year last renovated	2022
Original balance	$18.2M
Current balance	$18.2M (September 2026)
Share of deal balance	2.5%
Interest rate at origination	6.43%
Current interest rate	6.43%
Origination date	03-08-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-04-06
Prepayment lockout end	11-05-2032
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Argentic Real Estate Finance 2 LLC
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$37.4M	01-30-2023	MAI
Most recent reported	$37.4M	2023-01-30	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Target Corporation	39,346	01-31-2034
Sprouts Farmers Market	27,116	12-31-2030
DENNY'S RESTURANT	5,000	01-31-2033

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$1.7M
Operating expenses	$555,173
Net operating income	$1.1M
Net cash flow	$1.1M
DSCR (net cash flow)	1.83
DSCR (net operating income)	1.93
Occupancy	100%
Servicer advances outstanding	$0

401-405 Colorado (and 6 more properties)

Property	401-405 Colorado (and 6 more properties)
Address	401-405 Colorado Street; 1900 Market Street; 3025 Market Street; 11120 Four Points Drive; 500 North Gulph Road; 4000 Chemical Road; 933 First Avenue; Austin, TX (and 6 more) 78701
Property type	Office
Units, beds or keys	["0", "0", "0", "0", "0", "0", "0"]
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	["2015", "2020", "2019"]
Original balance	$15.8M
Current balance	$15.8M (September 2025)
Share of deal balance	not yet reported
Interest rate at origination	5.88%
Current interest rate	5.88%
Origination date	01-19-2023
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2028-02-06
Prepayment lockout end	04-05-2025
Yield maintenance end	08-05-2027
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	BCREI BANA WFBNA CREFI
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
Most recent reported	not yet reported	not yet reported	["MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI"]

Largest tenants

Tenant	Square feet	Lease expiration
JPMorgan Chase Bank	not yet reported	["12-31-2032", "04-16-2034", "12-31-2033", "04-30-2029", "04-30-2038", "01-31-2031", "05-31-2029"]
Bain & Company Inc.	not yet reported	["11-30-2034", "04-16-2034", "10-31-2027", "06-14-2009", "06-30-2026"]
Snap Inc.	not yet reported	["05-31-2033", "11-30-2038", "12-31-2033", "06-16-2025", "05-31-2036"]

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

Latest financials

Financial period end (latest)	["12-31-2024", "12-31-2024", "12-31-2024", "12-31-2024", "12-31-2024", "12-31-2024", "12-31-2024"]
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

Stoney Creek Hotel St. Joseph (and 7 more properties)

Property	Stoney Creek Hotel St. Joseph (and 7 more properties)
Address	1201 North Woodbine Road; 300 3rd Street; 2601 South Providence Road; 5291 Stoney Creek Court; 940 Galena Square Drive; 101 18th Street; 101 Mariners Way; 3809 Broadway Street; Saint Joseph, MO (and 7 more) 64506
Property type	Lodging
Units, beds or keys	["129", "161", "180", "164", "75", "140", "164", "72"]
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	not yet reported
Original balance	$13.9M
Current balance	$13.8M (September 2026)
Share of deal balance	1.9%
Interest rate at origination	6.44%
Current interest rate	6.44%
Origination date	12-20-2022
Original term	120 months
Amortization term	360 months
Interest-only period	36 months
Scheduled maturity	2033-01-06
Prepayment lockout end	09-05-2032
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Bank of Montreal
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$68.5M	not yet reported	MAI
Most recent reported	not yet reported	not yet reported	["MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI"]

Latest financials

Financial period end (latest)	["12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025"]
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

Gloucester Premium Outlets

Property	Gloucester Premium Outlets
Address	100 200 300 400 and 600 Premium Outlets Drive; Blackwood, NJ 8012
Property type	Retail
Units, beds or keys	0
Net rentable square feet	378,515
Year built	2015
Year last renovated	not yet reported
Original balance	$13.3M
Current balance	$13.3M (September 2026)
Share of deal balance	1.8%
Interest rate at origination	6.12%
Current interest rate	6.12%
Origination date	02-03-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-03-01
Prepayment lockout end	09-30-2032
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Barclays SGFC
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$145.9M	12-17-2022	MAI
Most recent reported	$145.9M	2022-12-17	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Nike Retail Services	16,716	01-31-2031
Old Navy Clothing Co.	14,004	01-31-2031
Polo Ralph Lauren	12,176	01-31-2036

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$20.7M
Operating expenses	$8.3M
Net operating income	$12.4M
Net cash flow	$11.7M
DSCR (net cash flow)	2.52
DSCR (net operating income)	2.66
Occupancy	80%
Servicer advances outstanding	$0

Fairfield Inn & Suites Wake Forest

Property	Fairfield Inn & Suites Wake Forest
Address	12051 Retail Drive; Wake Forest, NC 27587
Property type	Lodging
Units, beds or keys	90
Net rentable square feet	not yet reported
Year built	2019
Year last renovated	not yet reported
Original balance	$10.4M
Current balance	$10.0M (September 2026)
Share of deal balance	1.4%
Interest rate at origination	6.92%
Current interest rate	6.92%
Origination date	03-07-2023
Original term	120 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2033-04-01
Prepayment lockout end	12-31-2032
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Société Générale Financial Corporation
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$16.6M	09-08-2022	MAI
Most recent reported	$16.6M	2022-09-08	MAI

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$1.6M
Operating expenses	$822,177
Net operating income	$753,675
Net cash flow	$690,156
DSCR (net cash flow)	1.68
DSCR (net operating income)	1.83
Occupancy	72%
Servicer advances outstanding	$0

Home2 Suites by Hilton Mechanicsburg

Property	Home2 Suites by Hilton Mechanicsburg
Address	300 Bent Creek Boulevard; Mechanicsburg, PA 17050
Property type	Lodging
Units, beds or keys	89
Net rentable square feet	not yet reported
Year built	2018
Year last renovated	not yet reported
Original balance	$10.0M
Current balance	$10.0M (September 2026)
Share of deal balance	1.4%
Interest rate at origination	6.84%
Current interest rate	6.84%
Origination date	01-13-2023
Original term	120 months
Amortization term	360 months
Interest-only period	60 months
Scheduled maturity	2033-02-06
Prepayment lockout end	10-05-2032
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	LMF Commercial, LLC
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$16.2M	12-06-2022	MAI
Most recent reported	$16.2M	2022-12-06	MAI

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

Latest financials

Financial period end (latest)	03-31-2026
Revenue	$3.4M
Operating expenses	$2.1M
Net operating income	$1.3M
Net cash flow	$1.2M
DSCR (net cash flow)	1.67
DSCR (net operating income)	1.86
Occupancy	71%
Servicer advances outstanding	$0

Pomona Industrial

Property	Pomona Industrial
Address	2707 North Garey Avenue; Pomona, CA 91767
Property type	Industrial
Units, beds or keys	0
Net rentable square feet	88,444
Year built	1950
Year last renovated	2010
Original balance	$9.8M
Current balance	$9.8M (September 2026)
Share of deal balance	1.3%
Interest rate at origination	6.57%
Current interest rate	6.57%
Origination date	01-18-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-02-01
Prepayment lockout end	01-31-2028
Yield maintenance end	10-31-2032
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Société Générale Financial Corporation
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$24.0M	09-29-2022	MAI
Most recent reported	$24.0M	2022-09-29	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Blue Dot Safes Inc.	43,705	04-01-2035
Reseda Nguyen Inc.	23,439	05-01-2025
Reseda Nguyen Inc.	18,000	05-01-2025

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$1.4M
Operating expenses	$520,886
Net operating income	$837,114
Net cash flow	$795,545
DSCR (net cash flow)	1.22
DSCR (net operating income)	1.28
Occupancy	100%
Servicer advances outstanding	$0

100 Jefferson Road

Property	100 Jefferson Road
Address	100 Jefferson Road; Parsippany, NJ 7054
Property type	Industrial
Units, beds or keys	0
Net rentable square feet	558,930
Year built	1957
Year last renovated	2023
Original balance	$8.5M
Current balance	$8.5M (September 2026)
Share of deal balance	1.2%
Interest rate at origination	7.26%
Current interest rate	7.26%
Origination date	03-10-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-04-06
Prepayment lockout end	01-05-2033
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	AREF2 JPMCB
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$173.0M	08-01-2023	MAI
Most recent reported	$173.0M	2023-08-01	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
J&J Farms Creamery Inc.	204,217	03-31-2038
Vitaquest International LLC	198,489	02-28-2030
PNY Technologies Inc.	156,224	10-04-2028

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$16.2M
Operating expenses	$4.5M
Net operating income	$11.7M
Net cash flow	$11.5M
DSCR (net cash flow)	1.60
DSCR (net operating income)	1.63
Occupancy	100%
Servicer advances outstanding	$0

Downtown Frederick

Property	Downtown Frederick
Address	10 S Market Street 17-19 37-39 213-215 N Market St; Frederick, MD 21701
Property type	Mixed use
Units, beds or keys	0
Net rentable square feet	52
Year built	1850
Year last renovated	2014
Original balance	$7.9M
Current balance	$7.9M (September 2026)
Share of deal balance	1.1%
Interest rate at origination	6.72%
Current interest rate	6.72%
Origination date	03-02-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-04-01
Prepayment lockout end	12-31-2032
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Société Générale Financial Corporation
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$14.6M	02-13-2023	MAI
Most recent reported	$14.6M	2023-02-13	MAI

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$792,404
Operating expenses	$316,678
Net operating income	$475,726
Net cash flow	$458,146
DSCR (net cash flow)	1.70
DSCR (net operating income)	1.77
Occupancy	98%
Servicer advances outstanding	$0

Holiday Inn Express Smithfield

Property	Holiday Inn Express Smithfield
Address	190 South Equity Drive; Smithfield, NC 27577
Property type	Lodging
Units, beds or keys	80
Net rentable square feet	not yet reported
Year built	2012
Year last renovated	2018
Original balance	$7.6M
Current balance	$7.3M (September 2026)
Share of deal balance	1.0%
Interest rate at origination	7.03%
Current interest rate	7.03%
Origination date	03-07-2023
Original term	120 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2033-04-01
Prepayment lockout end	12-31-2032
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Société Générale Financial Corporation
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$12.0M	10-01-2023	MAI
Most recent reported	$12.0M	2023-10-01	MAI

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

Latest financials

Financial period end (latest)	03-31-2026
Revenue	$2.2M
Operating expenses	$1.4M
Net operating income	$820,796
Net cash flow	$733,549
DSCR (net cash flow)	1.21
DSCR (net operating income)	1.35
Occupancy	54%
Servicer advances outstanding	$0

1290 Fulton Street

Property	1290 Fulton Street
Address	1290 Fulton Street; Brooklyn, NY 11216
Property type	Mixed use
Units, beds or keys	0
Net rentable square feet	10,449
Year built	1910
Year last renovated	1989
Original balance	$6.5M
Current balance	$6.5M (September 2026)
Share of deal balance	0.9%
Interest rate at origination	5.47%
Current interest rate	5.47%
Origination date	03-10-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-04-06
Prepayment lockout end	11-05-2032
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Starwood Mortgage Capital LLC
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$10.3M	01-04-2023	MAI
Most recent reported	$10.3M	2023-01-04	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Buka Derm Management	4,437	10-31-2032
YK Power Inc	2,139	08-31-2034
Payomatic	775	05-31-2028

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

Latest financials

Financial period end (latest)	03-31-2026
Revenue	$658,269
Operating expenses	$115,031
Net operating income	$543,238
Net cash flow	$533,729
DSCR (net cash flow)	1.49
DSCR (net operating income)	1.52
Occupancy	73%
Servicer advances outstanding	$0

Esporta Fitness aka LA Fitness

Property	Esporta Fitness aka LA Fitness
Address	1745 Illinois Rte 59; Plainfield, IL 60586
Property type	Retail
Units, beds or keys	0
Net rentable square feet	43,227
Year built	2009
Year last renovated	not yet reported
Original balance	$4.8M
Current balance	$4.8M (September 2026)
Share of deal balance	0.7%
Interest rate at origination	6.37%
Current interest rate	6.37%
Origination date	03-06-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-04-01
Prepayment lockout end	01-31-2033
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	KeyBank National Association
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$11.2M	02-03-2023	MAI
Most recent reported	$11.2M	2023-02-03	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
LA Fitness International LLC	43,227	04-30-2034

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$493,954
Operating expenses	$85,160
Net operating income	$408,794
Net cash flow	$357,931
DSCR (net cash flow)	2.32
DSCR (net operating income)	2.64
Occupancy	100%
Servicer advances outstanding	$0

Sherrill MHC (and 10 more properties)

Property	Sherrill MHC (and 10 more properties)
Address	15 Higdon Loop; 1657 Joe Lawrence Road; 254 East Clifton Avenue; 15928 Dean Drive; 3605 County Road 47; 20355 Alabama Highway 22; 501 Green Street; 1201 Secession Avenue; 1 Ohio Avenue; 115 Rip Wiley Road; 5125 County Road 24; Andrews, NC (and 10 more) 28901
Property type	Manufactured housing
Units, beds or keys	["53", "40", "46", "29", "32", "23", "20", "27", "14", "22", "19"]
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	not yet reported
Original balance	$4.7M
Current balance	$4.5M (September 2026)
Share of deal balance	0.6%
Interest rate at origination	6.97%
Current interest rate	6.97%
Origination date	03-10-2023
Original term	120 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2033-03-06
Prepayment lockout end	04-05-2026
Yield maintenance end	09-05-2032
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	LMF Commercial, LLC
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$9.3M	not yet reported	MAI
Most recent reported	not yet reported	not yet reported	["MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI"]

Latest financials

Financial period end (latest)	["12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025", "12-31-2025"]
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

CVS - Fredericksburg (and 1 more properties)

Property	CVS - Fredericksburg (and 1 more properties)
Address	10805 Tidewater Trail; 998 US-80; Fredericksburg, VA (and 1 more) 22408
Property type	Retail
Units, beds or keys	["0", "0"]
Net rentable square feet	not yet reported
Year built	2007
Year last renovated	not yet reported
Original balance	$3.8M
Current balance	$3.7M (September 2026)
Share of deal balance	0.5%
Interest rate at origination	6.83%
Current interest rate	6.83%
Origination date	03-07-2023
Original term	120 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2033-04-01
Prepayment lockout end	01-31-2033
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	KeyBank National Association
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$7.7M	not yet reported	MAI
Most recent reported	not yet reported	not yet reported	["MAI", "MAI"]

Largest tenants

Tenant	Square feet	Lease expiration
CVS	not yet reported	["01-31-2033", "01-31-2033"]

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

Latest financials

Financial period end (latest)	["12-31-2025", "12-31-2025"]
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

Rialto Industrial

Property	Rialto Industrial
Address	1110 West Merrill Avenue; Rialto, CA 92376
Property type	Industrial
Units, beds or keys	0
Net rentable square feet	1,106,124
Year built	1989
Year last renovated	2020
Original balance	$3.0M
Current balance	$3.0M (September 2026)
Share of deal balance	0.4%
Interest rate at origination	7.61%
Current interest rate	7.61%
Origination date	11-10-2022
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2032-12-06
Prepayment lockout end	09-05-2032
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	AREF
Current status	Matured balloon, non-performing
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$350.0M	10-12-2022	MAI
Most recent reported	$350.0M	2022-10-12	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Rialto Distribution LLC	1,106,124	10-31-2042

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$19.9M
Operating expenses	$591,841
Net operating income	$19.4M
Net cash flow	$18.9M
DSCR (net cash flow)	1.35
DSCR (net operating income)	1.39
Occupancy	100%
Servicer advances outstanding	$19,653