Benchmark 2020-B16 Mortgage Trust

Tranches, pool and monthly delinquency indicator for Benchmark 2020-B16 Mortgage Trust.

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

Current pool balance: $865.0M (September 2026)
Original pool balance: $899.1M
Loans at issuance: 96
Closing date: 2020-02-12
Weighted average coupon at issuance: 3.64%
Weighted average LTV at issuance: 48.6%
30+ delinquent (latest): 0.00%
Realized stress score: 45.6
Net rating change since issuance: +0.13 notches

Tranches

Class	Original balance	Credit support (computed)	Coupon	CUSIP	Fitch	KBRA	S&P	Moody's	DBRS
A-1	$4.6M	99.46%	1.927% fixed	08161NAA5	PIF	WR	not yet reported	WR	not yet reported
A-2	$10.1M	98.28%	2.878% fixed	08161NAB3	PIF	WR	not yet reported	WR	not yet reported
A-3	$40.8M	93.50%	2.475% fixed	08161NAC1	AAA	AAA	not yet reported	Aaa	not yet reported
A-4	$221.0M	67.62%	2.483% fixed	08161NAE7	AAA	AAA	not yet reported	Aaa	not yet reported
A-5	$311.6M	31.15%	2.732% fixed	08161NAF4	AAA	AAA	not yet reported	Aaa	not yet reported
A-M	$94.0M	20.15%	2.944% floating (WAC)	08161NAH0	AAA	AAA	not yet reported	Aa2	not yet reported
A-SB	$9.8M	19.00%	2.700% fixed	08161NAD9	AAA	AAA	not yet reported	Aaa	not yet reported
B	$36.3M	14.75%	3.176% floating (WAC)	08161NAJ6	AA-	AA	not yet reported	not yet reported	not yet reported
C	$34.2M	10.75%	3.535% floating (WAC)	08161NAK3	A-	A-	not yet reported	not yet reported	not yet reported
D	$23.5M	8.00%	2.500% fixed	08161NAW7	BB	BBB+	not yet reported	not yet reported	not yet reported
E	$17.1M	6.00%	2.500% fixed	08161NAY3	BB-	BBB-	not yet reported	not yet reported	not yet reported
F	$16.0M	4.13%	2.090% floating (WAC)	08161NBA4	CCC	B-	not yet reported	not yet reported	not yet reported
G	$8.5M	3.13%	2.090% floating (WAC)	08161NBC0	CC	CCC	not yet reported	not yet reported	not yet reported
H	$26.7M	0.00%	2.090% floating (WAC)	08161NBE6	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	08161NBG1	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$691.9M	Interest only	0.928% floating	08161NAG2	AAA	AAA	not yet reported	Aa1	not yet reported
X-B	$70.5M	Interest only	0.240% floating	08161NAL1	A-	AAA	not yet reported	not yet reported	not yet reported
X-D	$40.6M	Interest only	1.090% floating	08161NAN7	BB-	BBB-	not yet reported	not yet reported	not yet reported
X-F	$16.0M	Interest only	1.500% floating	08161NAQ0	CCC	B-	not yet reported	not yet reported	not yet reported
X-G	$8.5M	Interest only	1.500% floating	08161NAS6	CC	CCC	not yet reported	not yet reported	not yet reported
X-H	$26.7M	Interest only	1.500% floating	08161NAU1	not yet reported	not yet reported	not yet reported	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	96
Original loan balance	$1.23B
Weighted average coupon	3.64%
Weighted average LTV	48.6%
Median loan LTV	14.1%
Full-term interest only (share of balance)	86.7%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	5.3%
Five largest loans (share of balance)	22.0%
Occupancy at issuance (weighted average)	95.1%

Realized outcomes

Months reported	81
Peak 30+ delinquency	9.52% (September 2025)
Ever severe (share of original balance)	2.73%
Ever modified (share of original balance)	4.07%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	32.33%
Maximum servicer advances (share of balance)	0.12%
Median DSCR, first year	2.48
Median DSCR, latest	2.37
Realized stress score	45.6

Property types

Property type	Original balance	Share of pool
Retail	$354.5M	28.9%
Office	$239.5M	19.5%
Multifamily	$184.1M	15.0%
Industrial	$135.0M	11.0%
Lodging	$90.6M	7.4%
Mixed use	$78.5M	6.4%
SE	$51.7M	4.2%
Warehouse	$45.1M	3.7%
Self storage	$38.1M	3.1%

Property type is reported for 99.1% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
The Harrison Condominium	New York, NY	$65.0M	5.3%	3.53%	2019
Bellagio Hotel and Casino	Las Vegas, NV	$60.0M	4.9%	3.17%	2019
Kings Plaza	Brooklyn, NY	$50.0M	4.1%	3.36%	2019
3500 Lacey Road	Downers Grove, IL	$50.0M	4.1%	4.35%	2019
FedEx Redmond	Redmond, WA	$45.1M	3.7%	3.87%	2019

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	21 of 21
Classes with a current rating in the dataset	18 of 21
Net rating change since issuance	+0.13 notches (balance-weighted)
Delinquency threshold crossed	March 2025
First downgrade	July 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.