BBCMS Mortgage Trust 2023-5C23

Tranches, pool and monthly delinquency indicator for BBCMS Mortgage Trust 2023-5C23.

Data as of loan data through September 2026; ratings as held in the dataset at build

Current pool balance: $653.9M (September 2026)
Original pool balance: $721.3M
Loans at issuance: 31
Closing date: 2023-12-07
Weighted average coupon at issuance: 7.47%
Weighted average LTV at issuance: 37.4%
30+ delinquent (latest): 9.41%
Realized stress score: 64.2
Net rating change since issuance: +0.06 notches

Tranches

Class	Original balance	Credit support (computed)	Coupon	CUSIP	Fitch	KBRA	S&P	Moody's	DBRS
A-2	$107.0M	85.16%	6.198% fixed	05493QAA3	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-3	$397.9M	30.00%	6.675% floating (WAC)	05493QAB1	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-S	$71.2M	20.13%	7.703% floating (WAC)	05493QAD7	AAA	AAA	A+ (sf)	not yet reported	not yet reported
B	$38.8M	14.75%	7.703% floating (WAC)	05493QAE5	AA-	AA	NR	not yet reported	not yet reported
C	$28.9M	10.75%	7.703% floating (WAC)	05493QAF2	A-	A	NR	not yet reported	not yet reported
D	$12.6M	9.00%	7.703% floating (WAC)	05493QAQ8	BBB	A-	NRprelim	not yet reported	not yet reported
E	$12.6M	7.25%	7.703% floating (WAC)	05493QAS4	BBB-	BBB	NR	not yet reported	not yet reported
F	$9.0M	6.00%	5.000% floating (WAC)	05493QAU9	BB-	BBB-	NRprelim	not yet reported	not yet reported
G	$7.2M	5.00%	5.000% floating (WAC)	05493QAW5	B	BB+	NRprelim	not yet reported	not yet reported
H	$11.7M	3.38%	5.000% floating (WAC)	05493QAY1	CCC	B	NRprelim	not yet reported	not yet reported
J-RR	$24.3M	0.00%	7.703% floating (WAC)	05493QBA2	not yet reported	not yet reported	NR	not yet reported	not yet reported
R	not yet reported	not yet reported	not yet reported	05493QBC8	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$504.9M	Interest only	1.129% floating	05493QAC9	AAA	AAA	AAA (sf)	not yet reported	not yet reported
X-F	$9.0M	Interest only	2.703% floating	05493QAJ4	BB-	BBB-	NR	not yet reported	not yet reported
X-G	$7.2M	Interest only	2.703% floating	05493QAL9	B	BB+	NR	not yet reported	not yet reported
X-H	$11.7M	Interest only	2.703% floating	05493QAN5	CCC	B	NRprelim	not yet reported	not yet reported

Credit support is computed from the class stack order in the prospectus: the share of the deal's principal balance in classes junior to the class. Interest-only classes carry a notional balance and no principal support figure. Ratings are the latest held in the dataset for each class and agency; NR means the agency shows the class as not rated, WR that the rating was withdrawn, PIF that the class has been paid in full. Any other status value is shown exactly as the agency reports it. A + after a CUSIP marks a class with companion CUSIPs in the dataset.

Pool at issuance

Loans	31
Original loan balance	$721.3M
Weighted average coupon	7.47%
Weighted average LTV	37.4%
Median loan LTV	56.8%
Full-term interest only (share of balance)	100.0%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	9.1%
Five largest loans (share of balance)	42.5%
Occupancy at issuance (weighted average)	87.1%

Realized outcomes

Months reported	34
Peak 30+ delinquency	19.34% (August 2025)
Ever severe (share of original balance)	10.33%
Ever modified (share of original balance)	0.00%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	60.01%
Maximum servicer advances (share of balance)	0.69%
Median DSCR, first year	1.24
Median DSCR, latest	1.19
Realized stress score	64.2

Property types

Property type	Original balance	Share of pool
Multifamily	$231.9M	32.1%
Office	$128.7M	17.8%
Lodging	$121.5M	16.8%
Retail	$98.5M	13.7%
Mixed use	$83.0M	11.5%
SE	$32.5M	4.5%
Industrial	$9.2M	1.3%
Self storage	$8.3M	1.2%
Warehouse	$7.6M	1.1%

Property type is reported for 100.0% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
Piazza Alta	Philadelphia, PA	$65.9M	9.1%	4.68%	2023
Philadelphia Marriott Downtown	Philadelphia, PA	$65.0M	9.0%	8.71%	2023
323 West 96th Street	New York, NY	$65.0M	9.0%	6.07%	2023
Westfarms	West Hartford, CT	$56.0M	7.8%	7.80%	2023
Sugar Land Town Square	Sugar Land, TX	$55.0M	7.6%	7.97%	2023

Delinquency and stress indicator

▬ 30+ days delinquent · ▬ Distressed (90+, foreclosure, REO, non-performing matured)

Monthly shares of the deal's reported balance, from the deal indicator series in the dataset. Months in which fewer than half of the reported loans carry a delinquency status code are not plotted.

Ratings

Classes with a CUSIP	16 of 16
Classes with a current rating in the dataset	15 of 16
Net rating change since issuance	+0.06 notches (balance-weighted)
Delinquency threshold crossed	August 2024
First downgrade	May 2025

Sources: SEC Form ABS-EE asset-level reports, Form 10-D distribution reports and the deal prospectus; rating histories published under SEC Rule 17g-7(b) and agency releases. Definitions are in the methods note on the market page.