Benchmark 2018-B4 Mortgage Trust

Tranches, pool and monthly delinquency indicator for Benchmark 2018-B4 Mortgage Trust.

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

Current pool balance: $989.0M (September 2026)
Original pool balance: $1.16B
Loans at issuance: 80
Closing date: 2018-07-13
Weighted average coupon at issuance: 4.46%
Weighted average LTV at issuance: 37.8%
30+ delinquent (latest): 5.15%
Realized stress score: 75.2
Net rating change since issuance: +0.29 notches

Tranches

Class	Original balance	Credit support (computed)	Coupon	CUSIP	Fitch	KBRA	S&P	Moody's	DBRS
A-1	$22.6M	98.05%	3.125% fixed	08161HAA8	PIF	not yet reported	NR	not yet reported	Discontinued
A-2	$137.1M	86.22%	3.976% fixed	08161HAB6	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-3	$30.0M	83.63%	3.886% fixed	08161HAC4	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-4	$240.0M	62.91%	3.858% fixed	08161HAE0	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-5	$340.0M	33.57%	4.121% floating (WAC)	08161HAF7	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-M	$111.5M	23.94%	4.311% floating (WAC)	08161HAH3	AA-	not yet reported	NRprelim	not yet reported	AAA (sf)
A-SB	$41.3M	20.38%	4.059% floating (WAC)	08161HAD2	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
B	$55.0M	15.63%	4.430% floating (WAC)	08161HAJ9	A-	not yet reported	NR	not yet reported	AA (sf)
C	$49.2M	11.38%	4.716% floating (WAC)	08161HAK6	BBB-	not yet reported	NR	not yet reported	A (low) (sf)
D	$23.0M	9.39%	2.966% floating (WAC)	08161HAQ3	BB-	not yet reported	NRprelim	not yet reported	BBB (sf)
E-RR	$34.9M	6.38%	4.716% floating (WAC)	08161HAT7	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
F-RR	$21.7M	4.50%	4.716% floating (WAC)	08161HAV2	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
G-RR	$11.6M	3.50%	4.716% floating (WAC)	08161HAX8	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
H-RR	$40.5M	0.00%	4.716% floating (WAC)	08161HAZ3	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
R	not yet reported	not yet reported	not yet reported	08161HBB5	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
S	not yet reported	not yet reported	not yet reported	08161HBA7	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$922.4M	Interest only	0.697% floating	08161HAG5	AA-	not yet reported	NRprelim	not yet reported	AAA (sf)
X-B	$55.0M	Interest only	0.286% floating	08161HAL4	A-	not yet reported	NR	not yet reported	AA (high) (sf)
X-D	$23.0M	Interest only	1.750% floating	08161HAN0	BB-	not yet reported	NR	not yet reported	BBB (high) (sf)

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	80
Original loan balance	$1.50B
Weighted average coupon	4.46%
Weighted average LTV	37.8%
Median loan LTV	56.8%
Full-term interest only (share of balance)	55.8%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	7.7%
Five largest loans (share of balance)	24.2%
Occupancy at issuance (weighted average)	89.8%

Realized outcomes

Months reported	100
Peak 30+ delinquency	8.33% (March 2024)
Ever severe (share of original balance)	19.28%
Ever modified (share of original balance)	11.27%
Past scheduled maturity (share of original balance)	9.16%
Non-performing matured (share of original balance)	49.38%
Maximum servicer advances (share of balance)	0.86%
Median DSCR, first year	1.88
Median DSCR, latest	1.59
Realized stress score	75.2

Property types

Property type	Original balance	Share of pool
Office	$378.0M	25.2%
Retail	$231.3M	15.4%
Lodging	$143.5M	9.6%
Multifamily	$108.5M	7.2%
Industrial	$72.3M	4.8%
Mixed use	$53.0M	3.5%
Self storage	$21.6M	1.4%
Manufactured housing	$4.7M	0.3%

Property type is reported for 67.5% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
AVENTURA MALL	Aventura	$115.0M	7.7%	4.12%	2018
181 FREMONT STREET	San Francisco, CA	$80.0M	5.3%	3.71%	2018
MARINA HEIGHTS STATE FARM	Tempe, AZ	$60.0M	4.0%	3.56%	2017
Tri-State Distribution Portfolio	not yet reported	$58.8M	3.9%	4.90%	2018
THE GATEWAY	San Francisco, CA	$50.0M	3.3%	3.72%	2018

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	19 of 19
Classes with a current rating in the dataset	13 of 19
Net rating change since issuance	+0.29 notches (balance-weighted)
Delinquency threshold crossed	May 2020
First downgrade	March 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.