BBCMS Mortgage Trust 2024-C24: loan annex

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

← BBCMS Mortgage Trust 2024-C24 · CMBS market

Detail sections for the 47 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.

AutoNation

Property	AutoNation
Address	200 Southwest 1st Avenue; Fort Lauderdale, FL 33301
Property type	Office
Units, beds or keys	0
Net rentable square feet	205,956
Year built	2007
Year last renovated	not yet reported
Original balance	$22.9M
Current balance	$22.9M (September 2026)
Share of deal balance	3.3%
Interest rate at origination	8.25%
Current interest rate	8.25%
Origination date	12-01-2023
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2028-12-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Barclays
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$102.5M	11-15-2023	not yet reported
Most recent reported	$102.5M	2023-11-15	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
AutoNation Corporate Management LLC	50,245	12-31-2029
Auto Nation	26,402	12-31-2029
AutoNation Corporate Management LLC	22,428	12-31-2029

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$6.2M
Operating expenses	$2.6M
Net operating income	$3.7M
Net cash flow	$3.5M
DSCR (net cash flow)	1.53
DSCR (net operating income)	1.61
Occupancy	95%
Servicer advances outstanding	$0

Woodfield Mall

Property	Woodfield Mall
Address	5 Woodfield Mall; Schaumburg, IL 60173
Property type	Retail
Units, beds or keys	0
Net rentable square feet	1,064,590
Year built	1971
Year last renovated	2018
Original balance	$20.0M
Current balance	$20.0M (September 2026)
Share of deal balance	2.9%
Interest rate at origination	6.34%
Current interest rate	6.34%
Origination date	11-22-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-12-01
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	BMO
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$694.0M	10-27-2023	not yet reported
Most recent reported	$694.0M	2023-10-27	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Lord & Taylo	118,659	12-31-2050
H&M	27,366	01-31-2029
Peppa Pig World of Play	22,963	12-31-2036

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$75.4M
Operating expenses	$35.0M
Net operating income	$40.3M
Net cash flow	$39.3M
DSCR (net cash flow)	2.00
DSCR (net operating income)	2.05
Occupancy	81%
Servicer advances outstanding	$0

Laurel Canyon

Property	Laurel Canyon
Address	7361 Laurel Canyon Boulevard; North Hollywood, CA 91605
Property type	Industrial
Units, beds or keys	0
Net rentable square feet	2,641,914
Year built	1985
Year last renovated	not yet reported
Original balance	$20.0M
Current balance	$20.0M (September 2026)
Share of deal balance	2.9%
Interest rate at origination	7.53%
Current interest rate	7.53%
Origination date	12-28-2023
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2029-01-06
Prepayment lockout end	09-05-2028
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	$116.5M	11-03-2023	MAI
Most recent reported	$116.5M	2023-11-03	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Insurance Auto Auctions Inc.	2,146,766	06-30-2035
All Valley Dealers Auto Auctio	502,118	12-31-2035

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$3.7M
Operating expenses	$434,151
Net operating income	$3.3M
Net cash flow	$3.1M
DSCR (net cash flow)	4.11
DSCR (net operating income)	4.28
Occupancy	100%
Servicer advances outstanding	$0

AutoNation

Property	AutoNation
Address	200 Southwest 1st Avenue; Fort Lauderdale, FL 33301
Property type	Office
Units, beds or keys	0
Net rentable square feet	205,956
Year built	2007
Year last renovated	not yet reported
Original balance	$19.1M
Current balance	$19.1M (September 2026)
Share of deal balance	2.8%
Interest rate at origination	8.25%
Current interest rate	8.25%
Origination date	12-01-2023
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2028-12-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Barclays
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$102.5M	11-15-2023	not yet reported
Most recent reported	$102.5M	2023-11-15	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
AutoNation Corporate Management LLC	50,245	12-31-2029
Auto Nation	26,402	12-31-2029
AutoNation Corporate Management LLC	22,428	12-31-2029

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$6.2M
Operating expenses	$2.6M
Net operating income	$3.7M
Net cash flow	$3.5M
DSCR (net cash flow)	1.53
DSCR (net operating income)	1.61
Occupancy	95%
Servicer advances outstanding	$0

Northwoods Marketplace (and 28 more properties)

Property	Northwoods Marketplace (and 28 more properties)
Address	7612 and 7620 Rivers Avenue; 10200 10400 10404 10408 10412 Centrum Parkway &; 1726 1732 1806 1824 1832 1906 1912 1920 Northwest &; 202 214 230-238 248-266 299 Westminster Drive; 8000-8230 South Gessner Road; 1701-1751 Stringtown Road; 1779 1781 1783 and 1785 Martin Luther King Jr. Bouleva; 1122 1134 1146 1150 1154 1160 Dawsonville Highway; 5601 5701-5709 President George Bush Highway; 5099 5101 5115 5135 5241 Frederica Street; 4125 4140 4144 Harbor Town Lane 4411 4421 Dewey St &; 2637 2639 2641 2649 2653 2657 North Salisbury Boule; 1453 Terrell Mill Road Southeast; 6169 6173 and 6175 US Highway 98; 1702 North Dale Mabry Highway; 8810 8850 8900 Holly Avenue Northeast; 2201 and 2135 West Memorial Road; 1311 1317 1321 1325 1333 1345 1349 1371 and 1395; 1020 and 1040 Veterans Parkway; 9140 9142 9144 South Western Avenue; 1712 1800 1812 North Rock Road; 707 731 735 739 Stoneridge Parkway; 4302-4320 Coldwater Road; 609 Settlers Trace Boulevard; 101 Cheeyo Way; 10635 10645 10655 Dorchester Road; 2389-2409 Taylor Park Drive; 750 760 794 Sutter's Creek Boulevard; 38295-38305 Chestnut Ridge Road; North Charleston, SC (and 28 more) 29406
Property type	Retail
Units, beds or keys	["0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0"]
Net rentable square feet	not yet reported
Year built	1998
Year last renovated	["2020", "2023", "2010", "2012", "2004", "2008", "2014"]
Original balance	$18.8M
Current balance	$18.5M (September 2026)
Share of deal balance	2.7%
Interest rate at origination	6.45%
Current interest rate	6.45%
Origination date	08-30-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-09-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	SGFC
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$508.2M	07-31-2023	not yet reported
Most recent reported	$41.2M	2023-07-10	MAI

Change from securitization to the most recent reported valuation: -91.9%.

Largest tenants

Tenant	Square feet	Lease expiration
Best Buy	not yet reported	["11-25-2028", "05-31-2042", "01-31-2030", "05-31-2026", "04-30-2026", "11-30-2026", "08-21-2031", "10-31-2030", "01-31-2031", "03-31-2031", "01-31-2029", "01-31-2031", "07-31-2030", "01-31-2035", "10-31-2030", "01-31-2032", "09-30-2028", "01-31-2029", "01-31-2029", "01-31-2032", "09-30-2030", "03-31-2039", "10-31-2029", "01-31-2029", "12-16-2028", "08-04-2035", "10-31-2027", "08-31-2031", "01-31-2027"]
ALDI	not yet reported	["08-31-2030", "01-31-2036", "08-21-2028", "06-30-2026", "01-31-2031", "02-28-2037", "11-19-2025", "02-29-2032", "01-31-2029", "01-31-2027", "05-31-2028", "08-31-2028", "07-31-2027", "08-31-2026", "03-31-2031", "06-30-2035", "03-31-2030", "02-29-2028", "02-28-2031", "06-30-2030", "01-31-2027", "01-31-2032", "01-31-2028", "01-31-2027", "02-14-2025", "01-31-2026", "09-30-2032", "11-30-2026", "03-31-2029"]
Michael's #9813	not yet reported	["02-28-2031", "04-30-2028", "02-28-2034", "12-31-2027", "01-31-2028", "01-31-2035", "05-01-2033", "06-30-2026", "08-31-2028", "08-31-2033", "12-31-2027", "01-31-2035", "04-30-2026", "01-31-2027", "08-31-2029", "01-31-2029", "11-30-2028", "12-31-2030", "03-31-2031", "01-31-2031", "02-28-2026", "08-31-2033", "03-31-2026", "09-30-2030", "09-30-2026"]

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

Latest financials

Financial period end (latest)	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

Wisconsin Avenue Portfolio

Property	Wisconsin Avenue Portfolio
Address	2224 2518 2919 and 3035 West Wisconsin Avenue; Milwaukee, WI 53233
Property type	Multifamily
Units, beds or keys	244
Net rentable square feet	not yet reported
Year built	1925
Year last renovated	2023
Original balance	$19.4M
Current balance	$18.2M (September 2026)
Share of deal balance	2.6%
Interest rate at origination	7.19%
Current interest rate	7.19%
Origination date	12-20-2023
Original term	120 months
Amortization term	240 months
Interest-only period	not yet reported
Scheduled maturity	2034-01-01
Prepayment lockout end	12-31-2026
Yield maintenance end	09-30-2033
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	$36.0M	11-28-2023	MAI
Most recent reported	$36.0M	2023-11-28	MAI

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$1.5M
Operating expenses	$414,239
Net operating income	$1.1M
Net cash flow	$1.1M
DSCR (net cash flow)	1.15
DSCR (net operating income)	1.17
Occupancy	100%
Servicer advances outstanding	$0

Axis Apartments

Property	Axis Apartments
Address	441 East Erie Street; Chicago, IL 60611
Property type	Multifamily
Units, beds or keys	716
Net rentable square feet	not yet reported
Year built	1986
Year last renovated	2015
Original balance	$18.0M
Current balance	$18.0M (September 2026)
Share of deal balance	2.6%
Interest rate at origination	6.88%
Current interest rate	6.88%
Origination date	11-27-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-12-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	CREFI
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$256.8M	05-31-2024	not yet reported
Most recent reported	$256.8M	2024-05-31	MAI

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$9.2M
Operating expenses	$5.5M
Net operating income	$3.8M
Net cash flow	$3.7M
DSCR (net cash flow)	0.78
DSCR (net operating income)	0.80
Occupancy	92%
Servicer advances outstanding	$0

Centre Pointe Portfolio

Property	Centre Pointe Portfolio
Address	9100, 9050, 9075, 9025 & 9277 Centre Pointe Drive; West Chester, OH 45069
Property type	Office
Units, beds or keys	not yet reported
Net rentable square feet	640,177
Year built	2000
Year last renovated	not yet reported
Original balance	$17.6M
Current balance	$17.6M (February 2024)
Share of deal balance	not yet reported
Interest rate at origination	7.02%
Current interest rate	7.02%
Origination date	06-22-2023
Original term	120 months
Amortization term	360 months
Interest-only period	90 months
Scheduled maturity	2033-07-06
Prepayment lockout end	04-05-2033
Yield maintenance end	not yet reported
Servicer	Wells Fargo, N.A.
Loan servicer	not yet reported
Originator	Argentic Real Estate Finance 2 LLC
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$70.2M	04-17-2023	MAI

Largest tenants

Tenant	Square feet	Lease expiration
Synchrony	53,194	10-31-2027
Contech Construction Products	44,814	07-31-2031
Pilot Chemical Company of Ohio	37,533	05-31-2029

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

Centre Pointe Portfolio

Property	Centre Pointe Portfolio
Address	9100 9050 9075 9025 & 9277 Centre Pointe Drive; West Chester, OH 45069
Property type	Office
Units, beds or keys	0
Net rentable square feet	640,177
Year built	2000
Year last renovated	2007
Original balance	$17.6M
Current balance	$17.6M (September 2026)
Share of deal balance	2.6%
Interest rate at origination	7.02%
Current interest rate	7.02%
Origination date	06-22-2023
Original term	120 months
Amortization term	360 months
Interest-only period	90 months
Scheduled maturity	2033-07-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	AREF2
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$70.2M	04-17-2023	not yet reported
Most recent reported	$70.2M	2023-04-17	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
3dB Labs Inc.	46,273	11-30-2028
Contech Construction Products	44,814	07-31-2031
Pilot Chemical Corp.	37,533	11-30-2036

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$6.3M
Operating expenses	$3.1M
Net operating income	$3.2M
Net cash flow	$2.5M
DSCR (net cash flow)	1.47
DSCR (net operating income)	1.89
Occupancy	87%
Servicer advances outstanding	$0

Rillito Crossing Marketplace

Property	Rillito Crossing Marketplace
Address	4206-4282 North 1st Avenue; Tucson, AZ 85719
Property type	Retail
Units, beds or keys	0
Net rentable square feet	96,424
Year built	2008
Year last renovated	not yet reported
Original balance	$16.8M
Current balance	$16.8M (September 2026)
Share of deal balance	2.4%
Interest rate at origination	7.30%
Current interest rate	7.30%
Origination date	12-22-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2034-01-06
Prepayment lockout end	09-05-2033
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	German American Capital Corporation
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$27.4M	10-30-2023	MAI
Most recent reported	$27.4M	2023-10-30	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
LA FITNESS	49,920	12-31-2028
Sprouts	25,650	01-31-2029
Sola Salon	5,549	11-30-2027

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

Latest financials

Financial period end (latest)	09-30-2025
Revenue	$1.1M
Operating expenses	$236,682
Net operating income	$894,380
Net cash flow	$836,525
DSCR (net cash flow)	1.34
DSCR (net operating income)	1.43
Occupancy	95%
Servicer advances outstanding	$0

CAVU Irvine

Property	CAVU Irvine
Address	18872 18912 and 18952 MacArthur Boulevard; Irvine, CA 92612
Property type	Office
Units, beds or keys	0
Net rentable square feet	97,628
Year built	1975
Year last renovated	2022
Original balance	$16.5M
Current balance	$16.5M (September 2026)
Share of deal balance	2.4%
Interest rate at origination	7.30%
Current interest rate	7.30%
Origination date	01-12-2024
Original term	120 months
Amortization term	360 months
Interest-only period	60 months
Scheduled maturity	2034-02-06
Prepayment lockout end	08-05-2033
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	$32.1M	10-18-2023	MAI
Most recent reported	$32.1M	2023-10-18	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Colab Space LLC	10,980	08-31-2029
Twinsteps Architecture	6,000	05-31-2027
The Legacy Lawyers	5,889	06-30-2028

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

Latest financials

Financial period end (latest)	03-31-2026
Revenue	$3.7M
Operating expenses	$1.4M
Net operating income	$2.4M
Net cash flow	$2.2M
DSCR (net cash flow)	1.84
DSCR (net operating income)	1.94
Occupancy	94%
Servicer advances outstanding	$0

Emerald Pointe Apartments

Property	Emerald Pointe Apartments
Address	920 Houston Avenue; Pasadena, TX 77502
Property type	Multifamily
Units, beds or keys	367
Net rentable square feet	not yet reported
Year built	1964
Year last renovated	2020
Original balance	$16.2M
Current balance	$16.2M (September 2026)
Share of deal balance	2.4%
Interest rate at origination	7.58%
Current interest rate	7.58%
Origination date	01-17-2024
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2034-02-06
Prepayment lockout end	03-05-2026
Yield maintenance end	11-05-2033
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	$25.2M	11-15-2023	MAI
Most recent reported	$25.2M	2023-11-15	MAI

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$3.5M
Operating expenses	$1.6M
Net operating income	$1.8M
Net cash flow	$1.8M
DSCR (net cash flow)	1.41
DSCR (net operating income)	1.48
Occupancy	93%
Servicer advances outstanding	$0

The Muse & Eden Pointe

Property	The Muse & Eden Pointe
Address	TX
Property type	Multifamily
Units, beds or keys	1001
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	not yet reported
Original balance	$15.6M
Current balance	$15.6M (February 2024)
Share of deal balance	not yet reported
Interest rate at origination	7.36%
Current interest rate	7.36%
Origination date	10-04-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-10-06
Prepayment lockout end	07-05-2033
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	Argentic Real Estate Finance 2 LLC
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$127.4M	10-01-2023	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

Colonial Pointe I

Property	Colonial Pointe I
Address	8831-8843 North 96th Street; Milwaukee, WI 53224
Property type	Multifamily
Units, beds or keys	168
Net rentable square feet	not yet reported
Year built	1971
Year last renovated	2014
Original balance	$16.5M
Current balance	$15.5M (September 2026)
Share of deal balance	2.2%
Interest rate at origination	7.22%
Current interest rate	7.22%
Origination date	12-29-2023
Original term	120 months
Amortization term	240 months
Interest-only period	not yet reported
Scheduled maturity	2034-01-01
Prepayment lockout end	12-31-2026
Yield maintenance end	09-30-2033
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	$30.4M	12-08-2023	MAI
Most recent reported	$30.4M	2023-12-08	MAI

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$1.3M
Operating expenses	$327,290
Net operating income	$1.0M
Net cash flow	$1.0M
DSCR (net cash flow)	1.28
DSCR (net operating income)	1.30
Occupancy	100%
Servicer advances outstanding	$0

Renton WA (and 3 more properties)

Property	Renton WA (and 3 more properties)
Address	1105 Sunset Boulevard Northeast; 420 Mercey Springs Road; 7048 North 43rd Avenue; 640 West Milgeo Avenue; Renton, WA (and 3 more) 98056
Property type	Self storage
Units, beds or keys	["60602", "56650", "50848", "39324"]
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	2022
Original balance	$15.2M
Current balance	$15.2M (September 2026)
Share of deal balance	2.2%
Interest rate at origination	6.70%
Current interest rate	6.70%
Origination date	11-15-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-12-06
Prepayment lockout end	01-05-2026
Yield maintenance end	06-05-2033
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	$41.9M	not yet reported	MAI
Most recent reported	not yet reported	not yet reported	["MAI", "MAI", "MAI", "MAI"]

Latest financials

Financial period end (latest)	["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

Sugar Land Town Square

Property	Sugar Land Town Square
Address	2150 Town Square Place; Sugar Land, TX 77479
Property type	Mixed use
Units, beds or keys	not yet reported
Net rentable square feet	803,247
Year built	2003
Year last renovated	2022
Original balance	$15.0M
Current balance	$15.0M (February 2024)
Share of deal balance	not yet reported
Interest rate at origination	7.97%
Current interest rate	7.97%
Origination date	11-03-2023
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2028-11-06
Prepayment lockout end	05-05-2028
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	Argentic Real Estate Finance 2 LLC
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$209.0M	09-22-2023	MAI

Largest tenants

Tenant	Square feet	Lease expiration
Coffeyville Resources	51,175	05-31-2035
Southwest Water	41,114	12-31-2038
Industrial Info Resources, Inc	25,298	08-31-2030

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

Sugar Land Town Square

Property	Sugar Land Town Square
Address	2150 Town Square Place; Sugar Land, TX 77479
Property type	Mixed use
Units, beds or keys	0
Net rentable square feet	803,247
Year built	2003
Year last renovated	2019
Original balance	$15.0M
Current balance	$15.0M (September 2026)
Share of deal balance	2.2%
Interest rate at origination	7.97%
Current interest rate	7.97%
Origination date	11-03-2023
Original term	60 months
Amortization term	not yet reported
Interest-only period	60 months
Scheduled maturity	2028-11-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	AREF2
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$209.0M	09-22-2023	not yet reported
Most recent reported	$209.0M	2023-09-22	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Coffeyville Resources LLC	51,175	05-31-2035
Southwest Water Company	41,114	12-31-2038
Industrial Info Resources Inc	25,298	08-31-2030

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$23.8M
Operating expenses	$12.6M
Net operating income	$11.2M
Net cash flow	$10.0M
DSCR (net cash flow)	1.18
DSCR (net operating income)	1.32
Occupancy	69%
Servicer advances outstanding	$0

Arundel Mills and Marketplace

Property	Arundel Mills and Marketplace
Address	7000 and 7600 Arundel Mills Circle; Hanover, MD 21076
Property type	Retail
Units, beds or keys	0
Net rentable square feet	1,938,983
Year built	2000
Year last renovated	not yet reported
Original balance	$15.0M
Current balance	$15.0M (September 2026)
Share of deal balance	2.2%
Interest rate at origination	7.70%
Current interest rate	7.70%
Origination date	10-05-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-11-01
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	WFBNA
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$870.6M	09-01-2023	not yet reported
Most recent reported	$870.6M	2023-09-01	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Live Casino Hotel Maryland	285,110	07-13-2115
Live Casino Hotel Maryland	260,749	07-13-2115
Bass Pro Shops Outdoor World	127,672	10-03-2031

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$77.0M
Operating expenses	$20.4M
Net operating income	$56.6M
Net cash flow	$54.3M
DSCR (net cash flow)	1.93
DSCR (net operating income)	2.02
Occupancy	98%
Servicer advances outstanding	$0

Arundel Mills and Marketplace

Property	Arundel Mills and Marketplace
Address	7000 and 7600 Arundel Mills Circle; Hanover, MD 21076
Property type	Retail
Units, beds or keys	0
Net rentable square feet	1,938,983
Year built	2000
Year last renovated	not yet reported
Original balance	$15.0M
Current balance	$15.0M (September 2026)
Share of deal balance	2.2%
Interest rate at origination	7.70%
Current interest rate	7.70%
Origination date	10-05-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-11-01
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	WFBNA
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$870.6M	09-01-2023	not yet reported
Most recent reported	$870.6M	2023-09-01	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Live Casino Hotel Maryland	285,110	07-13-2115
Live Casino Hotel Maryland	260,749	07-13-2115
Bass Pro Shops Outdoor World	127,672	10-03-2031

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$77.0M
Operating expenses	$20.4M
Net operating income	$56.6M
Net cash flow	$54.3M
DSCR (net cash flow)	1.93
DSCR (net operating income)	2.02
Occupancy	98%
Servicer advances outstanding	$0

Spring Park & Good Tree

Property	Spring Park & Good Tree
Address	7401-7535 West Silver Spring Drive and; Milwaukee, WI 53218
Property type	Multifamily
Units, beds or keys	160
Net rentable square feet	not yet reported
Year built	1971
Year last renovated	2014
Original balance	$15.9M
Current balance	$14.9M (September 2026)
Share of deal balance	2.2%
Interest rate at origination	7.22%
Current interest rate	7.22%
Origination date	12-28-2023
Original term	120 months
Amortization term	240 months
Interest-only period	not yet reported
Scheduled maturity	2034-01-01
Prepayment lockout end	12-31-2026
Yield maintenance end	09-30-2033
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	$29.4M	12-08-2023	MAI
Most recent reported	$29.4M	2023-12-08	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	$316,463
Net operating income	$885,916
Net cash flow	$869,916
DSCR (net cash flow)	1.16
DSCR (net operating income)	1.18
Occupancy	100%
Servicer advances outstanding	$0

Live Oaks (and 2 more properties)

Property	Live Oaks (and 2 more properties)
Address	475 Landis Ln; 1302 Woodland Dr; 204 and 220 Mills St; Mount Washington, KY (and 2 more) 40047
Property type	Manufactured housing
Units, beds or keys	["142", "130", "74"]
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	2022
Original balance	$14.5M
Current balance	$14.5M (September 2026)
Share of deal balance	2.1%
Interest rate at origination	6.70%
Current interest rate	6.70%
Origination date	12-19-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2034-01-01
Prepayment lockout end	01-31-2026
Yield maintenance end	07-31-2033
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	$24.2M	not yet reported	MAI
Most recent reported	not yet reported	not yet reported	["MAI", "MAI", "MAI"]

Latest financials

Financial period end (latest)	["12-31-2025", "09-30-2025", "09-30-2025"]
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

Northwoods Marketplace (and 28 more properties)

Property	Northwoods Marketplace (and 28 more properties)
Address	7612 and 7620 Rivers Avenue; 10200 10400 10404 10408 10412 Centrum Parkway &; 1726 1732 1806 1824 1832 1906 1912 1920 Northwest &; 202 214 230-238 248-266 299 Westminster Drive; 8000-8230 South Gessner Road; 1701-1751 Stringtown Road; 1779 1781 1783 and 1785 Martin Luther King Jr. Bouleva; 1122 1134 1146 1150 1154 1160 Dawsonville Highway; 5601 5701-5709 President George Bush Highway; 5099 5101 5115 5135 5241 Frederica Street; 4125 4140 4144 Harbor Town Lane 4411 4421 Dewey St &; 2637 2639 2641 2649 2653 2657 North Salisbury Boule; 1453 Terrell Mill Road Southeast; 6169 6173 and 6175 US Highway 98; 1702 North Dale Mabry Highway; 8810 8850 8900 Holly Avenue Northeast; 2201 and 2135 West Memorial Road; 1311 1317 1321 1325 1333 1345 1349 1371 and 1395; 1020 and 1040 Veterans Parkway; 9140 9142 9144 South Western Avenue; 1712 1800 1812 North Rock Road; 707 731 735 739 Stoneridge Parkway; 4302-4320 Coldwater Road; 609 Settlers Trace Boulevard; 101 Cheeyo Way; 10635 10645 10655 Dorchester Road; 2389-2409 Taylor Park Drive; 750 760 794 Sutter's Creek Boulevard; 38295-38305 Chestnut Ridge Road; North Charleston, SC (and 28 more) 29406
Property type	Retail
Units, beds or keys	["0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0"]
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	["2020", "2023", "2010", "2012", "2004", "2008", "2014"]
Original balance	$14.0M
Current balance	$13.8M (September 2026)
Share of deal balance	2.0%
Interest rate at origination	6.45%
Current interest rate	6.45%
Origination date	08-30-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-09-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	SGFC
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", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI", "MAI"]

Largest tenants

Tenant	Square feet	Lease expiration
Best Buy	not yet reported	["11-25-2028", "05-31-2042", "01-31-2030", "05-31-2026", "04-30-2026", "11-30-2026", "08-21-2031", "10-31-2030", "01-31-2031", "03-31-2031", "01-31-2029", "01-31-2031", "07-31-2030", "01-31-2035", "10-31-2030", "01-31-2032", "09-30-2028", "01-31-2029", "01-31-2032", "01-31-2029", "09-30-2030", "03-31-2039", "10-31-2029", "01-31-2029", "12-16-2028", "08-04-2035", "10-31-2027", "08-31-2031", "01-31-2027"]
ALDI	not yet reported	["08-31-2030", "01-31-2036", "08-21-2028", "06-30-2026", "01-31-2031", "02-28-2037", "11-19-2025", "02-29-2032", "01-31-2029", "01-31-2027", "05-31-2028", "08-31-2028", "07-31-2027", "08-31-2026", "03-31-2031", "06-30-2035", "03-31-2030", "02-29-2028", "06-30-2030", "02-28-2031", "01-31-2027", "01-31-2032", "01-31-2028", "01-31-2027", "02-14-2025", "01-31-2026", "09-30-2032", "11-30-2026", "03-31-2029"]
Michael's #9813	not yet reported	["02-28-2031", "04-30-2028", "02-28-2034", "12-31-2027", "01-31-2028", "01-31-2035", "05-01-2033", "06-30-2026", "08-31-2028", "08-31-2033", "12-31-2027", "01-31-2035", "04-30-2026", "01-31-2027", "08-31-2029", "01-31-2029", "12-31-2030", "11-30-2028", "03-31-2031", "01-31-2031", "02-28-2026", "08-31-2033", "03-31-2026", "09-30-2030", "09-30-2026"]

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

Latest financials

Financial period end (latest)	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

La Primavera

Property	La Primavera
Address	10000 Hammerly Boulevard; Houston, TX 77080
Property type	Multifamily
Units, beds or keys	328
Net rentable square feet	not yet reported
Year built	1974
Year last renovated	2020
Original balance	$12.8M
Current balance	$12.8M (February 2024)
Share of deal balance	not yet reported
Interest rate at origination	7.53%
Current interest rate	7.53%
Origination date	10-23-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-11-06
Prepayment lockout end	08-05-2033
Yield maintenance end	not yet reported
Servicer	Wells Fargo, N.A.
Loan servicer	not yet reported
Originator	Argentic Real Estate Finance 2 LLC, Barclays Capital Real Estate Inc.
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$44.3M	10-01-2023	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

Creekside Village

Property	Creekside Village
Address	15111-15129 Main Street; Mill Creek, WA 98012
Property type	Retail
Units, beds or keys	0
Net rentable square feet	48,090
Year built	2007
Year last renovated	not yet reported
Original balance	$12.8M
Current balance	$12.8M (September 2026)
Share of deal balance	1.9%
Interest rate at origination	7.49%
Current interest rate	7.49%
Origination date	12-07-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2034-01-06
Prepayment lockout end	02-05-2026
Yield maintenance end	10-05-2033
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	German American Capital Corporation
Current status	Matured balloon, non-performing
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$20.7M	10-26-2023	MAI
Most recent reported	$20.7M	2023-10-26	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Banner Bank	3,123	11-30-2029
Forum Dental Meng	2,784	09-01-2028
ReMax	2,732	06-01-2029

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$1.9M
Operating expenses	$644,738
Net operating income	$1.3M
Net cash flow	$1.2M
DSCR (net cash flow)	1.24
DSCR (net operating income)	1.30
Occupancy	100%
Servicer advances outstanding	$81,583

Woodfield Mall

Property	Woodfield Mall
Address	5 Woodfield Mall; Schaumburg, IL 60173
Property type	Retail
Units, beds or keys	0
Net rentable square feet	1,064,590
Year built	1971
Year last renovated	2018
Original balance	$12.5M
Current balance	$12.5M (September 2026)
Share of deal balance	1.8%
Interest rate at origination	6.34%
Current interest rate	6.34%
Origination date	11-22-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-12-01
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	BMO
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$694.0M	10-27-2023	not yet reported
Most recent reported	$694.0M	2023-10-27	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Lord & Taylo	118,659	12-31-2050
H&M	27,366	01-31-2029
Peppa Pig World of Play	22,963	12-31-2036

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$75.4M
Operating expenses	$35.0M
Net operating income	$40.3M
Net cash flow	$39.3M
DSCR (net cash flow)	2.00
DSCR (net operating income)	2.05
Occupancy	81%
Servicer advances outstanding	$0

Northwoods Marketplace (and 28 more properties)

Property	Northwoods Marketplace (and 28 more properties)
Address	7612 and 7620 Rivers Avenue; 10200 10400 10404 10408 10412 Centrum Parkway &; 1726 1732 1806 1824 1832 1906 1912 1920 Northwest &; 202 214 230-238 248-266 299 Westminster Drive; 8000-8230 South Gessner Road; 1701-1751 Stringtown Road; 1779 1781 1783 and 1785 Martin Luther King Jr. Bouleva; 1122 1134 1146 1150 1154 1160 Dawsonville Highway; 5601 5701-5709 President George Bush Highway; 5099 5101 5115 5135 5241 Frederica Street; 4125 4140 4144 Harbor Town Lane 4411 4421 Dewey St &; 2637 2639 2641 2649 2653 2657 North Salisbury Boule; 1453 Terrell Mill Road Southeast; 6169 6173 and 6175 US Highway 98; 1702 North Dale Mabry Highway; 8810 8850 8900 Holly Avenue Northeast; 2201 and 2135 West Memorial Road; 1311 1317 1321 1325 1333 1345 1349 1371 and 1395; 1020 and 1040 Veterans Parkway; 9140 9142 9144 South Western Avenue; 1712 1800 1812 North Rock Road; 707 731 735 739 Stoneridge Parkway; 4302-4320 Coldwater Road; 609 Settlers Trace Boulevard; 101 Cheeyo Way; 10635 10645 10655 Dorchester Road; 2389-2409 Taylor Park Drive; 750 760 794 Sutter's Creek Boulevard; 38295-38305 Chestnut Ridge Road; North Charleston, SC (and 28 more) 29406
Property type	Retail
Units, beds or keys	["0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0"]
Net rentable square feet	not yet reported
Year built	1998
Year last renovated	["2020", "2023", "2010", "2012", "2004", "2008", "2014"]
Original balance	$12.5M
Current balance	$12.3M (September 2026)
Share of deal balance	1.8%
Interest rate at origination	6.45%
Current interest rate	6.45%
Origination date	08-30-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-09-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	SGFC
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$508.2M	07-31-2023	not yet reported
Most recent reported	$41.2M	2023-07-10	MAI

Change from securitization to the most recent reported valuation: -91.9%.

Largest tenants

Tenant	Square feet	Lease expiration
Best Buy	not yet reported	["11-25-2028", "05-31-2042", "01-31-2030", "05-31-2026", "04-30-2026", "11-30-2026", "08-21-2031", "10-31-2030", "01-31-2031", "03-31-2031", "01-31-2029", "01-31-2031", "07-31-2030", "01-31-2035", "10-31-2030", "01-31-2032", "09-30-2028", "01-31-2029", "01-31-2032", "01-31-2029", "09-30-2030", "03-31-2039", "10-31-2029", "01-31-2029", "12-16-2028", "08-04-2035", "10-31-2027", "08-31-2031", "01-31-2027"]
ALDI	not yet reported	["08-31-2030", "01-31-2036", "08-21-2028", "06-30-2026", "01-31-2031", "02-28-2037", "11-19-2025", "02-29-2032", "01-31-2029", "01-31-2027", "05-31-2028", "08-31-2028", "07-31-2027", "08-31-2026", "03-31-2031", "06-30-2035", "03-31-2030", "02-29-2028", "06-30-2030", "02-28-2031", "01-31-2027", "01-31-2032", "01-31-2028", "01-31-2027", "02-14-2025", "01-31-2026", "09-30-2032", "11-30-2026", "03-31-2029"]
Michael's #9813	not yet reported	["02-28-2031", "04-30-2028", "02-28-2034", "12-31-2027", "01-31-2028", "01-31-2035", "05-01-2033", "06-30-2026", "08-31-2028", "08-31-2033", "12-31-2027", "01-31-2035", "04-30-2026", "01-31-2027", "08-31-2029", "01-31-2029", "12-31-2030", "11-30-2028", "03-31-2031", "01-31-2031", "02-28-2026", "08-31-2033", "03-31-2026", "09-30-2030", "09-30-2026"]

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

Latest financials

Financial period end (latest)	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

Axis Apartments

Property	Axis Apartments
Address	441 East Erie Street; Chicago, IL 60611
Property type	Multifamily
Units, beds or keys	716
Net rentable square feet	not yet reported
Year built	1986
Year last renovated	2015
Original balance	$12.0M
Current balance	$12.0M (September 2026)
Share of deal balance	1.7%
Interest rate at origination	6.88%
Current interest rate	6.88%
Origination date	11-27-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-12-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	CREFI
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$256.8M	05-31-2024	not yet reported
Most recent reported	$256.8M	2024-05-31	MAI

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$9.2M
Operating expenses	$5.5M
Net operating income	$3.8M
Net cash flow	$3.7M
DSCR (net cash flow)	0.78
DSCR (net operating income)	0.80
Occupancy	92%
Servicer advances outstanding	$0

1525 Valley Center Parkway (and 4 more properties)

Property	1525 Valley Center Parkway (and 4 more properties)
Address	1525 Valley Center Parkway; 1480 Valley Center Parkway; 1455 Valley Center Parkway; 1510 Valley Center Parkway; 1495 Valley Center Parkway; Bethlehem, PA (and 4 more) 18017
Property type	Multiple property types
Units, beds or keys	["0", "0", "0", "0", "0"]
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	not yet reported
Original balance	$12.2M
Current balance	$12.0M (September 2026)
Share of deal balance	1.7%
Interest rate at origination	7.55%
Current interest rate	7.55%
Origination date	01-04-2024
Original term	60 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2029-01-06
Prepayment lockout end	07-05-2028
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	$31.2M	11-02-2023	MAI
Most recent reported	not yet reported	not yet reported	["MAI", "MAI", "MAI", "MAI", "MAI"]

Largest tenants

Tenant	Square feet	Lease expiration
CliftonLarsonAllen LLP	not yet reported	["10-31-2032", "12-31-2027", "01-31-2029", "12-31-2031", "04-30-2028"]
Service Access & Management I	not yet reported	["10-31-2029", "02-28-2029", "10-31-2027", "02-28-2030"]
Viner Finance Inc	not yet reported	["10-31-2028", "10-31-2028", "09-30-2027"]

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

Latest financials

Financial period end (latest)	06-30-2026
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

Creekside Town Center

Property	Creekside Town Center
Address	1180-1256 Galleria Boulevard; Roseville, CA 95678
Property type	Retail
Units, beds or keys	not yet reported
Net rentable square feet	360,891
Year built	1999
Year last renovated	not yet reported
Original balance	$11.0M
Current balance	$11.0M (February 2024)
Share of deal balance	not yet reported
Interest rate at origination	7.28%
Current interest rate	7.28%
Origination date	09-28-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-10-05
Prepayment lockout end	06-04-2033
Yield maintenance end	not yet reported
Servicer	Midland Loan Services
Loan servicer	not yet reported
Originator	3650 Real Estate Investment Trust 2 LLC
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$125.6M	08-25-2023	MAI

Largest tenants

Tenant	Square feet	Lease expiration
Best Buy	46,005	01-31-2026
Burlington Coat Factory	37,212	01-31-2026
Bobs Discount Furniture	34,456	05-31-2032

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

Creekside Town Center

Property	Creekside Town Center
Address	1180-1256 Galleria Boulevard; Roseville, CA 95678
Property type	Retail
Units, beds or keys	0
Net rentable square feet	360,891
Year built	1999
Year last renovated	not yet reported
Original balance	$11.0M
Current balance	$11.0M (September 2026)
Share of deal balance	1.6%
Interest rate at origination	7.28%
Current interest rate	7.28%
Origination date	09-28-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-10-05
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	BMO
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$125.6M	08-25-2023	not yet reported
Most recent reported	$125.6M	2023-08-25	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Burlington Store	37,212	01-31-2026
Best Buy	34,979	01-31-2026
Bob's Discount Furniture	34,456	05-31-2032

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$11.6M
Operating expenses	$3.2M
Net operating income	$8.4M
Net cash flow	$8.3M
DSCR (net cash flow)	1.57
DSCR (net operating income)	1.58
Occupancy	97%
Servicer advances outstanding	$0

Woodfield Mall

Property	Woodfield Mall
Address	5 Woodfield Mall; Schaumburg, IL 60173
Property type	Retail
Units, beds or keys	0
Net rentable square feet	1,064,590
Year built	1971
Year last renovated	2018
Original balance	$10.0M
Current balance	$10.0M (September 2026)
Share of deal balance	1.5%
Interest rate at origination	6.34%
Current interest rate	6.34%
Origination date	11-22-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-12-01
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	BMO
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$694.0M	10-27-2023	not yet reported
Most recent reported	$694.0M	2023-10-27	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Lord & Taylo	118,659	12-31-2050
H&M	27,366	01-31-2029
Peppa Pig World of Play	22,963	12-31-2036

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$75.4M
Operating expenses	$35.0M
Net operating income	$40.3M
Net cash flow	$39.3M
DSCR (net cash flow)	2.00
DSCR (net operating income)	2.05
Occupancy	81%
Servicer advances outstanding	$0

The Summit

Property	The Summit
Address	13925 South Virginia Street; Reno, NV 89511
Property type	Retail
Units, beds or keys	0
Net rentable square feet	1,100,563
Year built	2005
Year last renovated	not yet reported
Original balance	$10.0M
Current balance	$10.0M (September 2026)
Share of deal balance	1.5%
Interest rate at origination	6.93%
Current interest rate	6.93%
Origination date	12-19-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2034-01-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Barclays
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$220.1M	10-05-2023	not yet reported
Most recent reported	$138.7M	2023-10-05	MAI

Change from securitization to the most recent reported valuation: -37.0%.

Latest financials

Financial period end (latest)	not yet reported
Revenue	$0
Operating expenses	$0
Net operating income	$0
Net cash flow	$0
DSCR (net cash flow)	0.00
DSCR (net operating income)	0.00
Occupancy	0%
Servicer advances outstanding	$0

The Summit

Property	The Summit
Address	13925 South Virginia Street; Reno, NV 89511
Property type	Retail
Units, beds or keys	0
Net rentable square feet	1,100,563
Year built	2005
Year last renovated	not yet reported
Original balance	$10.0M
Current balance	$10.0M (September 2026)
Share of deal balance	1.5%
Interest rate at origination	6.93%
Current interest rate	6.93%
Origination date	12-19-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2034-01-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Barclays
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$220.1M	10-05-2023	not yet reported
Most recent reported	$138.7M	2023-10-05	MAI

Change from securitization to the most recent reported valuation: -37.0%.

Latest financials

Financial period end (latest)	not yet reported
Revenue	$0
Operating expenses	$0
Net operating income	$0
Net cash flow	$0
DSCR (net cash flow)	0.00
DSCR (net operating income)	0.00
Occupancy	0%
Servicer advances outstanding	$0

5600 W. Adams Blvd.

Property	5600 W. Adams Blvd.
Address	5600 W. Adams Blvd.; Los Angeles, CA 90016
Property type	Office
Units, beds or keys	0
Net rentable square feet	31,535
Year built	2021
Year last renovated	not yet reported
Original balance	$10.0M
Current balance	$10.0M (September 2026)
Share of deal balance	1.5%
Interest rate at origination	7.49%
Current interest rate	7.49%
Origination date	11-08-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-12-06
Prepayment lockout end	06-05-2033
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	DBR Investments Co. Limited
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$20.3M	08-11-2023	MAI
Most recent reported	$508.2M	2023-07-31	MAI

Change from securitization to the most recent reported valuation: 2403.4%.

Largest tenants

Tenant	Square feet	Lease expiration
Signal Products Inc	21,911	02-28-2033
Donaldson Callif Perez LLP	9,624	02-28-2033
Signal Products Inc	not yet reported	12-31-2032

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$2.2M
Operating expenses	$594,498
Net operating income	$1.6M
Net cash flow	$1.6M
DSCR (net cash flow)	2.06
DSCR (net operating income)	2.11
Occupancy	100%
Servicer advances outstanding	$0

Northwoods Marketplace (and 27 more properties)

Property	Northwoods Marketplace (and 27 more properties)
Address	7612 and 7620 Rivers Avenue; 10200 10400 10404 10408 10412 Centrum Parkway &; 1726 1732 1806 1824 1832 1906 1912 1920 Northwest &; 202 214 230-238 248-266 299 Westminster Drive; 8000-8230 South Gessner Road; 1701-1751 Stringtown Road; 1779 1781 1783 and 1785 Martin Luther King Jr. Bouleva; 1122 1134 1146 1150 1154 1160 Dawsonville Highway; 5601 5701-5709 President George Bush Highway; 5099 5101 5115 5135 5241 Frederica Street; 4125 4140 4144 Harbor Town Lane 4411 4421 Dewey St &; 2637 2639 2641 2649 2653 2657 North Salisbury Boule; 1453 Terrell Mill Road Southeast; 6169 6173 and 6175 US Highway 98; 1702 North Dale Mabry Highway; 8810 8850 8900 Holly Avenue Northeast; 11832 PLAZA CIRCLE; 1311 1317 1321 1325 1333 1345 1349 1371 and 1395; 1020 and 1040 Veterans Parkway; 9140 9142 9144 South Western Avenue; 1712 1800 1812 North Rock Road; 707 731 735 739 Stoneridge Parkway; 4302-4320 Coldwater Road; 609 Settlers Trace Boulevard; 101 Cheeyo Way; 10635 10645 10655 Dorchester Road; 2389-2409 Taylor Park Drive; 750 760 794 Sutter's Creek Boulevard; 38295-38305 Chestnut Ridge Road; North Charleston, SC (and 28 more) 29406
Property type	Multiple property types
Units, beds or keys	["0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0", "0"]
Net rentable square feet	not yet reported
Year built	1998
Year last renovated	["2020", "2023", "2010", "2012", "1994", "2008", "2014"]
Original balance	$10.0M
Current balance	$9.9M (September 2026)
Share of deal balance	1.4%
Interest rate at origination	6.45%
Current interest rate	6.45%
Origination date	08-30-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-09-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	SGFC
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$508.2M	07-31-2023	not yet reported
Most recent reported	$41.2M	2023-07-10	MAI

Change from securitization to the most recent reported valuation: -91.9%.

Largest tenants

Tenant	Square feet	Lease expiration
Best Buy	not yet reported	["11-25-2028", "05-31-2042", "01-31-2030", "05-31-2026", "04-30-2026", "11-30-2026", "08-21-2031", "10-31-2030", "01-31-2031", "03-31-2031", "01-31-2029", "01-31-2031", "07-31-2030", "01-31-2035", "10-31-2030", "01-31-2032", "09-30-2028", "01-31-2029", "01-31-2032", "01-31-2029", "09-30-2030", "03-31-2039", "10-31-2029", "01-31-2029", "12-16-2028", "08-04-2035", "10-31-2027", "08-31-2031", "01-31-2027"]
ALDI	not yet reported	["08-31-2030", "01-31-2036", "08-21-2028", "06-30-2026", "01-31-2031", "02-28-2037", "11-19-2025", "02-29-2032", "01-31-2029", "01-31-2027", "05-31-2028", "08-31-2028", "07-31-2027", "08-31-2026", "03-31-2031", "06-30-2035", "03-31-2030", "02-29-2028", "06-30-2030", "02-28-2031", "01-31-2027", "01-31-2032", "01-31-2028", "01-31-2027", "02-14-2025", "01-31-2026", "09-30-2032", "11-30-2026", "03-31-2029"]
Michael's #9813	not yet reported	["02-28-2031", "04-30-2028", "02-28-2034", "12-31-2027", "01-31-2028", "01-31-2035", "05-01-2033", "06-30-2026", "08-31-2028", "08-31-2033", "12-31-2027", "01-31-2035", "04-30-2026", "01-31-2027", "08-31-2029", "01-31-2029", "12-31-2030", "11-30-2028", "03-31-2031", "01-31-2031", "02-28-2026", "08-31-2033", "03-31-2026", "09-30-2030", "09-30-2026"]

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

Latest financials

Financial period end (latest)	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

Outlet Shoppes at Atlanta

Property	Outlet Shoppes at Atlanta
Address	915 Ridgewalk Parkway; Woodstock, GA 30188
Property type	Retail
Units, beds or keys	not yet reported
Net rentable square feet	405,146
Year built	2012
Year last renovated	not yet reported
Original balance	$9.3M
Current balance	$9.3M (February 2024)
Share of deal balance	not yet reported
Interest rate at origination	7.85%
Current interest rate	7.85%
Origination date	10-03-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-10-06
Prepayment lockout end	04-05-2033
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	$158.0M	08-27-2023	MAI

Largest tenants

Tenant	Square feet	Lease expiration
Saks Fifth Avenue Off Fifth	24,807	07-31-2028
Nike Factory Store	13,692	01-31-2029
Forever 21	10,644	01-31-2033

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

Outlet Shoppes at Atlanta

Property	Outlet Shoppes at Atlanta
Address	915 Ridgewalk Parkway; Woodstock, GA 30188
Property type	Retail
Units, beds or keys	0
Net rentable square feet	405,146
Year built	2012
Year last renovated	not yet reported
Original balance	$9.3M
Current balance	$9.3M (September 2026)
Share of deal balance	1.4%
Interest rate at origination	7.85%
Current interest rate	7.85%
Origination date	10-03-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-10-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Barclays
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$158.0M	08-27-2023	not yet reported
Most recent reported	$158.0M	2023-08-27	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Saks Fifth Ave.	24,807	07-31-2028
Nike Factory Store #343	13,692	01-31-2029
Adidas	9,054	01-31-2031

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$17.5M
Operating expenses	$4.9M
Net operating income	$12.6M
Net cash flow	$11.9M
DSCR (net cash flow)	1.88
DSCR (net operating income)	1.99
Occupancy	95%
Servicer advances outstanding	$0

Highland Avenue Portfolio

Property	Highland Avenue Portfolio
Address	3017 W Highland Boulevard; Milwaukee, WI 53208
Property type	Multifamily
Units, beds or keys	118
Net rentable square feet	not yet reported
Year built	1914
Year last renovated	2016
Original balance	$9.4M
Current balance	$8.8M (September 2026)
Share of deal balance	1.3%
Interest rate at origination	7.18%
Current interest rate	7.18%
Origination date	11-17-2023
Original term	120 months
Amortization term	240 months
Interest-only period	not yet reported
Scheduled maturity	2033-12-01
Prepayment lockout end	11-30-2026
Yield maintenance end	08-31-2033
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	$15.6M	10-26-2023	MAI
Most recent reported	$15.6M	2023-10-26	MAI

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$1.4M
Operating expenses	$404,129
Net operating income	$1.0M
Net cash flow	$1.0M
DSCR (net cash flow)	1.15
DSCR (net operating income)	1.15
Occupancy	100%
Servicer advances outstanding	$0

White Horse Plaza

Property	White Horse Plaza
Address	6119 White Horse Road; Greenville, SC 29611
Property type	Retail
Units, beds or keys	0
Net rentable square feet	159,114
Year built	1988
Year last renovated	2005
Original balance	$8.7M
Current balance	$8.5M (September 2026)
Share of deal balance	1.2%
Interest rate at origination	7.21%
Current interest rate	7.21%
Origination date	12-29-2023
Original term	120 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2034-01-06
Prepayment lockout end	10-05-2033
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	UBS AG
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$16.8M	10-05-2023	MAI
Most recent reported	$16.8M	2023-10-05	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
La Unica Licoria LLC	35,984	07-31-2053
DD's Discounts	20,693	01-31-2029
Citi Trends	15,942	08-31-2029

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$1.6M
Operating expenses	$579,868
Net operating income	$1.0M
Net cash flow	$892,936
DSCR (net cash flow)	1.26
DSCR (net operating income)	1.47
Occupancy	100%
Servicer advances outstanding	$0

INA & Bailey Buildings

Property	INA & Bailey Buildings
Address	14701-14725 Detroit Avenue; Lakewood, OH 44107
Property type	Mixed use
Units, beds or keys	0
Net rentable square feet	167,694
Year built	1920
Year last renovated	2012
Original balance	$8.3M
Current balance	$8.2M (September 2026)
Share of deal balance	1.2%
Interest rate at origination	7.43%
Current interest rate	7.43%
Origination date	11-30-2023
Original term	120 months
Amortization term	360 months
Interest-only period	12 months
Scheduled maturity	2033-12-06
Prepayment lockout end	09-05-2033
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	$16.4M	10-16-2023	MAI
Most recent reported	$16.4M	2023-10-16	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Signature Health Inc	31,722	02-28-2029
SSA	10,990	01-01-2036
Dimit	9,760	03-31-2027

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$2.6M
Operating expenses	$1.3M
Net operating income	$1.3M
Net cash flow	$1.2M
DSCR (net cash flow)	1.76
DSCR (net operating income)	1.91
Occupancy	86%
Servicer advances outstanding	$0

Claremont Packing House

Property	Claremont Packing House
Address	532 West 1st Street; Claremont, CA 91711
Property type	Mixed use
Units, beds or keys	0
Net rentable square feet	56,267
Year built	1922
Year last renovated	2007
Original balance	$8.0M
Current balance	$8.0M (September 2026)
Share of deal balance	1.2%
Interest rate at origination	6.65%
Current interest rate	6.65%
Origination date	12-06-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-12-06
Prepayment lockout end	08-05-2033
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	DBR Investments Co. Limited
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$21.4M	07-10-2023	MAI
Most recent reported	$21.4M	2023-07-10	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Whisper House LLC	4,266	09-30-2030
Packing House Corner LLC	3,682	02-28-2026
Gus's BBQ 2 Inc	3,500	10-31-2027

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

Latest financials

Financial period end (latest)	06-30-2026
Revenue	$1.0M
Operating expenses	$350,179
Net operating income	$656,857
Net cash flow	$632,069
DSCR (net cash flow)	2.35
DSCR (net operating income)	2.44
Occupancy	98%
Servicer advances outstanding	$0

La Primavera

Property	La Primavera
Address	10000 Hammerly Boulevard; Houston, TX 77080
Property type	Multifamily
Units, beds or keys	328
Net rentable square feet	not yet reported
Year built	1974
Year last renovated	2019
Original balance	$6.4M
Current balance	$6.4M (September 2026)
Share of deal balance	0.9%
Interest rate at origination	7.53%
Current interest rate	7.53%
Origination date	10-23-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2033-11-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	AREF2
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$44.3M	10-01-2023	not yet reported
Most recent reported	$44.3M	2023-10-01	MAI

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$4.1M
Operating expenses	$1.6M
Net operating income	$2.5M
Net cash flow	$2.4M
DSCR (net cash flow)	1.25
DSCR (net operating income)	1.31
Occupancy	88%
Servicer advances outstanding	$0

Blackbird Portfolio

Property	Blackbird Portfolio
Address	Ann Arbor, MI 48108
Property type	Other (code 98)
Units, beds or keys	not yet reported
Net rentable square feet	427,513
Year built	not yet reported
Year last renovated	not yet reported
Original balance	$5.8M
Current balance	$5.8M (February 2024)
Share of deal balance	not yet reported
Interest rate at origination	7.92%
Current interest rate	7.92%
Origination date	11-21-2023
Original term	120 months
Amortization term	360 months
Interest-only period	60 months
Scheduled maturity	2033-12-06
Prepayment lockout end	09-05-2033
Yield maintenance end	not yet reported
Servicer	Bernard Financial Corporation
Loan servicer	not yet reported
Originator	Argentic Real Estate Finance 2 LLC
Current status	Current
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$67.1M	09-30-2023	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

1100 1200 and 1300 Victors Way (and 9 more properties)

Property	1100 1200 and 1300 Victors Way (and 9 more properties)
Address	1100 1200 1300 Victors Way; 1200 Eisenhower Place; 3767-3891 Ranchero Drive; 1300 Eisenhower Place; 1500 Eisenhower Place; 1100 Eisenhower Place; 1194 Oak Valley Drive; 3940-3948 Ranchero Drive; 930 and 950 Victors Way; 825 Victors Way; Ann Arbor, MI (and 9 more) 48108
Property type	Multiple property types
Units, beds or keys	["0", "0", "0", "0", "0", "0", "0", "0", "0", "0"]
Net rentable square feet	not yet reported
Year built	not yet reported
Year last renovated	["2022", "2007", "2014", "2007", "2006", "2007", "2000", "2006", "2019"]
Original balance	$5.8M
Current balance	$5.8M (September 2026)
Share of deal balance	0.8%
Interest rate at origination	7.92%
Current interest rate	7.92%
Origination date	11-21-2023
Original term	120 months
Amortization term	360 months
Interest-only period	60 months
Scheduled maturity	2033-12-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	AREF2
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", "MAI", "MAI", "MAI"]

Largest tenants

Tenant	Square feet	Lease expiration
single tenant	not yet reported	["08-31-2027", "10-31-2028", "05-31-2032", "12-31-2028", "11-18-2025", "02-28-2031", "06-30-2033", "06-30-2029"]
Great Lakes Commission T000458	not yet reported	["06-30-2032", "10-31-2028", "11-30-2026", "04-30-2027", "01-31-2028", "07-31-2032", "11-30-2030"]
The Women's Center	not yet reported	["09-30-2030", "09-30-2030", "12-31-2030", "11-30-2028", "09-30-2028", "10-31-2030"]

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

Latest financials

Financial period end (latest)	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

Carhartt HQ

Property	Carhartt HQ
Address	5750 Mercury Dr; Dearborn, MI 48126
Property type	Office
Units, beds or keys	0
Net rentable square feet	58,722
Year built	2002
Year last renovated	2019
Original balance	$5.1M
Current balance	$5.1M (September 2026)
Share of deal balance	0.7%
Interest rate at origination	6.97%
Current interest rate	6.97%
Origination date	12-21-2023
Original term	120 months
Amortization term	360 months
Interest-only period	60 months
Scheduled maturity	2034-01-01
Prepayment lockout end	10-31-2033
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	$10.1M	11-09-2023	MAI
Most recent reported	$10.1M	2023-11-09	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Carhartt	58,722	11-30-2034

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$795,417
Operating expenses	$47,206
Net operating income	$748,211
Net cash flow	$653,835
DSCR (net cash flow)	1.81
DSCR (net operating income)	2.07
Occupancy	100%
Servicer advances outstanding	$0

The Summit

Property	The Summit
Address	13925 South Virginia Street; Reno, NV 89511
Property type	Retail
Units, beds or keys	0
Net rentable square feet	1,100,563
Year built	2005
Year last renovated	not yet reported
Original balance	$5.0M
Current balance	$5.0M (September 2026)
Share of deal balance	0.7%
Interest rate at origination	6.93%
Current interest rate	6.93%
Origination date	12-19-2023
Original term	120 months
Amortization term	not yet reported
Interest-only period	120 months
Scheduled maturity	2034-01-06
Prepayment lockout end	not yet reported
Yield maintenance end	not yet reported
Servicer	KeyBank Real Estate Capital
Loan servicer	not yet reported
Originator	Barclays
Current status	not yet reported
Specially serviced now	No
Defeased	No

Valuation

Basis	Amount	Date	Source (as filed)
At securitization	$220.1M	10-05-2023	not yet reported
Most recent reported	$138.7M	2023-10-05	MAI

Change from securitization to the most recent reported valuation: -37.0%.

Latest financials

Financial period end (latest)	not yet reported
Revenue	$0
Operating expenses	$0
Net operating income	$0
Net cash flow	$0
DSCR (net cash flow)	0.00
DSCR (net operating income)	0.00
Occupancy	0%
Servicer advances outstanding	$0

Pharmaloz Manufacturing

Property	Pharmaloz Manufacturing
Address	500 North 15th Avenue; Lebanon, PA 17046
Property type	Industrial
Units, beds or keys	0
Net rentable square feet	57,500
Year built	1990
Year last renovated	1994
Original balance	$3.3M
Current balance	$3.2M (September 2026)
Share of deal balance	0.5%
Interest rate at origination	8.25%
Current interest rate	8.25%
Origination date	12-20-2023
Original term	120 months
Amortization term	360 months
Interest-only period	not yet reported
Scheduled maturity	2034-01-06
Prepayment lockout end	10-05-2033
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	$8.6M	11-29-2023	MAI
Most recent reported	$8.6M	2023-11-29	MAI

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

Largest tenants

Tenant	Square feet	Lease expiration
Pharmaloz Manufacturing	57,500	12-31-2052

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

Latest financials

Financial period end (latest)	12-31-2025
Revenue	$542,407
Operating expenses	$169,028
Net operating income	$373,379
Net cash flow	$325,079
DSCR (net cash flow)	1.10
DSCR (net operating income)	1.27
Occupancy	100%
Servicer advances outstanding	$0