Benchmark 2021-B28 Mortgage Trust

Tranches, pool and monthly delinquency indicator for Benchmark 2021-B28 Mortgage Trust.

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

Current pool balance: $1.28B (September 2026)
Original pool balance: $1.38B
Loans at issuance: 71
Closing date: 2012-07-01
Weighted average coupon at issuance: 3.39%
Weighted average LTV at issuance: 47.7%
30+ delinquent (latest): 5.82%
Realized stress score: 54.1
Net rating change since issuance: +0.00 notches

Tranches

Class	Original balance	Credit support (computed)	Coupon	CUSIP	Fitch	KBRA	S&P	Moody's	DBRS
A-1	$34.2M	97.45%	0.597% fixed	08163GAQ3	PIF	WR	not yet reported	WR	not yet reported
A-2	$55.8M	93.28%	1.786% fixed	08163GAR1	AAA	AAA	not yet reported	Aaa	not yet reported
A-3	$162.4M	81.14%	2.073% fixed	08163GAS9	AAA	AAA	not yet reported	Aaa	not yet reported
A-4	$100.0M	73.66%	1.980% fixed	08163GAT7	AAA	AAA	not yet reported	Aaa	not yet reported
A-4A1	$100.0M	66.19%	1.980% fixed	08163GAA8	AAA	AAA	not yet reported	Aaa	not yet reported
A-5	$415.5M	35.14%	2.224% fixed	08163GAU4	AAA	AAA	not yet reported	Aaa	not yet reported
A-S	$102.9M	27.45%	2.429% fixed	08163GAW0	AAA	AAA	not yet reported	Aa1	not yet reported
A-SB	$46.7M	23.95%	1.980% fixed	08163GAV2	AAA	AAA	not yet reported	Aaa	not yet reported
B	$58.8M	19.56%	2.244% fixed	08163GAX8	AA-	AA+	not yet reported	not yet reported	not yet reported
C	$60.4M	15.04%	2.592% fixed	08163GAY6	A-	A	not yet reported	not yet reported	not yet reported
D	$39.2M	12.11%	2.000% fixed	08163GAB6	BBB	BBB+	not yet reported	not yet reported	not yet reported
E	$32.7M	9.67%	2.000% fixed	08163GAC4	BBB-	BBB-	not yet reported	not yet reported	not yet reported
F	$31.0M	7.35%	2.275% fixed	08163GAD2	BB-	BB	not yet reported	not yet reported	not yet reported
G	$13.1M	6.38%	2.275% fixed	08163GAE0	B-	B	not yet reported	not yet reported	not yet reported
NR	$53.9M	2.35%	2.275% fixed	08163GAF7	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
RR	$31.4M	0.00%	not yet reported	08163GBN9	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$1.02B	Interest only	1.406% floating	08163GAZ3	AAA	AAA	not yet reported	Aa1	not yet reported
X-B	$119.2M	Interest only	1.068% floating	08163GBA7	A-	AAA	not yet reported	not yet reported	not yet reported
X-D	$71.9M	Interest only	1.488% floating	08163GAG5	BBB-	BBB-	not yet reported	not yet reported	not yet reported
X-F	$31.0M	Interest only	1.213% floating	08163GAH3	BB-	BB	not yet reported	not yet reported	not yet reported
X-G	$13.1M	Interest only	1.213% floating	08163GAJ9	B-	B	not yet reported	not yet reported	not yet reported
X-NR	$53.9M	Interest only	1.213% floating	08163GAK6	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	71
Original loan balance	$1.38B
Weighted average coupon	3.39%
Weighted average LTV	47.7%
Median loan LTV	61.8%
Full-term interest only (share of balance)	65.8%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	9.8%
Five largest loans (share of balance)	24.4%
Occupancy at issuance (weighted average)	95.4%

Realized outcomes

Months reported	62
Peak 30+ delinquency	8.13% (July 2026)
Ever severe (share of original balance)	8.27%
Ever modified (share of original balance)	0.00%
Past scheduled maturity (share of original balance)	2.12%
Non-performing matured (share of original balance)	49.61%
Maximum servicer advances (share of balance)	0.11%
Median DSCR, first year	1.80
Median DSCR, latest	2.27
Realized stress score	54.1

Property types

Property type	Original balance	Share of pool
Office	$448.2M	32.6%
Retail	$277.6M	20.2%
Multifamily	$164.4M	11.9%
Self storage	$89.2M	6.5%
Industrial	$78.6M	5.7%
Other (code 98)	$72.5M	5.3%
Mixed use	$68.2M	5.0%
Warehouse	$54.8M	4.0%
SE	$40.4M	2.9%
Multiple property types	$38.8M	2.8%
Lodging	$24.4M	1.8%

Property type is reported for 98.7% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
One SoHo Square	New York, NY	$135.0M	9.8%	2.72%	2021
The Ziggurat	West Sacramento, CA	$59.1M	4.3%	3.13%	2021
Doral Concourse	Doral, FL	$56.0M	4.1%	3.31%	2021
909 Third Avenue	New York, NY	$45.0M	3.3%	3.19%	2021
College Point Shopping Center	College Point, NY	$40.0M	2.9%	3.57%	2021

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	22 of 22
Classes with a current rating in the dataset	19 of 22
Net rating change since issuance	+0.00 notches (balance-weighted)
Delinquency threshold crossed	Not crossed in the dataset
First downgrade	None recorded

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.