Benchmark 2018-B5 Mortgage Trust

Tranches, pool and monthly delinquency indicator for Benchmark 2018-B5 Mortgage Trust.

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

Current pool balance: $925.1M (September 2026)
Original pool balance: $1.04B
Loans at issuance: 56
Closing date: 2018-08-21
Weighted average coupon at issuance: 4.61%
Weighted average LTV at issuance: 45.9%
30+ delinquent (latest): 2.74%
Realized stress score: 68.8
Net rating change since issuance: +0.33 notches

Tranches

Class	Original balance	Credit support (computed)	Coupon	CUSIP	Fitch	KBRA	S&P	Moody's	DBRS
A-1	$22.3M	97.85%	3.258% fixed	08160BAA2	PIF	not yet reported	NR	not yet reported	Discontinued
A-2	$195.7M	79.02%	4.077% fixed	08160BAB0	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-3	$195.0M	60.25%	3.944% fixed	08160BAC8	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-4	$280.1M	33.29%	4.208% fixed	08160BAD6	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
A-S	$106.5M	23.04%	4.419% fixed	08160BAH7	AA-	not yet reported	NRprelim	not yet reported	AAA (sf)
A-SB	$34.2M	19.75%	4.158% fixed	08160BAE4	AAA	not yet reported	AAA (sf)	not yet reported	AAA (sf)
B	$44.2M	15.50%	4.570% fixed	08160BAJ3	A-	not yet reported	NRprelim	not yet reported	A (high) (sf)
C	$42.9M	11.37%	4.766% floating (WAC)	08160BAK0	BBB-	not yet reported	NRprelim	not yet reported	BBB (sf)
D	$19.0M	9.55%	3.266% floating (WAC)	08160BAL8	BB	not yet reported	NR	not yet reported	BB (high) (sf)
E-RR	$31.7M	6.50%	4.766% floating (WAC)	08160BAR5	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
F-RR	$19.5M	4.63%	4.766% floating (WAC)	08160BAT1	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
G-RR	$10.4M	3.62%	4.766% floating (WAC)	08160BAV6	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
NR-RR	$37.7M	0.00%	4.766% floating (WAC)	08160BAX2	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	08160BBA1	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	08160BAZ7	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$833.9M	Interest only	0.651% floating	08160BAF1	AA-	not yet reported	NRprelim	not yet reported	AAA (sf)
X-B	$44.2M	Interest only	0.196% floating	08160BAG9	A-	not yet reported	NR	not yet reported	AA (low) (sf)
X-D	$19.0M	Interest only	1.500% fixed	08160BAN4	BB	not yet reported	NRprelim	not yet reported	BBB (low) (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	56
Original loan balance	$1.08B
Weighted average coupon	4.61%
Weighted average LTV	45.9%
Median loan LTV	64.6%
Full-term interest only (share of balance)	64.2%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	9.6%
Five largest loans (share of balance)	28.4%
Occupancy at issuance (weighted average)	91.7%

Realized outcomes

Months reported	98
Peak 30+ delinquency	8.10% (June 2025)
Ever severe (share of original balance)	23.77%
Ever modified (share of original balance)	2.97%
Past scheduled maturity (share of original balance)	13.37%
Non-performing matured (share of original balance)	46.91%
Maximum servicer advances (share of balance)	0.59%
Median DSCR, first year	1.96
Median DSCR, latest	1.69
Realized stress score	68.8

Property types

Property type	Original balance	Share of pool
Retail	$332.7M	30.9%
Office	$257.0M	23.9%
Multifamily	$127.4M	11.8%
Lodging	$121.2M	11.2%
Self storage	$41.3M	3.8%
Industrial	$13.4M	1.2%

Property type is reported for 82.9% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
AVENTURA MALL	Aventura, FL	$103.0M	9.6%	4.12%	2018
NY & CT NNN Portfolio	not yet reported	$57.4M	5.3%	4.98%	2018
EBAY NORTH FIRST COMMONS	San Jose, CA	$51.0M	4.7%	2.64%	2018
Workspace	not yet reported	$50.0M	4.6%	5.37%	2018
RENAISSANCE TAMPA INTERNATIONAL PLAZA HOTEL	not yet reported	$44.2M	4.1%	4.56%	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	18 of 18
Classes with a current rating in the dataset	12 of 18
Net rating change since issuance	+0.33 notches (balance-weighted)
Delinquency threshold crossed	February 2020
First downgrade	August 2024

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.