Benchmark 2023-V2 Mortgage Trust

Tranches, pool and monthly delinquency indicator for Benchmark 2023-V2 Mortgage Trust.

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

Current pool balance: $804.3M (September 2026)
Original pool balance: $859.7M
Loans at issuance: 27
Closing date: 2023-05-01
Weighted average coupon at issuance: 6.80%
Weighted average LTV at issuance: 34.9%
30+ delinquent (latest): 16.52%
Realized stress score: 71.2
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	$4.8M	99.45%	5.850% fixed	08163TAA0	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-2	$200.0M	76.18%	5.358% fixed	08163TAB8	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-3	$397.0M	30.00%	5.812% floating (WAC)	08163TAC6	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-S	$90.3M	19.50%	6.537% floating (WAC)	08163TAD4	AAA	AAA	AA- (sf)	not yet reported	not yet reported
B	$43.0M	14.50%	6.995% floating (WAC)	08163TAE2	AA-	AA-	NR	not yet reported	not yet reported
C	$32.2M	10.75%	6.995% floating (WAC)	08163TAF9	A-	A-	NRprelim	not yet reported	not yet reported
D	$19.3M	8.50%	4.000% fixed	08163TAR3	BBB	BBB+	NRprelim	not yet reported	not yet reported
E-RR	$8.6M	7.50%	6.995% floating (WAC)	08163TAJ1	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
F-RR	$18.3M	5.38%	6.995% floating (WAC)	08163TAL6	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
G-RR	$12.9M	3.88%	6.995% floating (WAC)	08163TAN2	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
J-RR	$33.3M	0.00%	6.995% floating (WAC)	08163TAQ5	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	08163TAX0	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$692.0M	Interest only	1.219% floating	08163TAG7	AAA	AAA	AA- (sf)	not yet reported	not yet reported
X-D	$19.3M	Interest only	2.995% floating	08163TAV4	BBB	BBB+	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	27
Original loan balance	$860.1M
Weighted average coupon	6.80%
Weighted average LTV	34.9%
Median loan LTV	47.2%
Full-term interest only (share of balance)	84.2%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	8.7%
Five largest loans (share of balance)	39.9%
Occupancy at issuance (weighted average)	92.8%

Realized outcomes

Months reported	41
Peak 30+ delinquency	16.52% (September 2026)
Ever severe (share of original balance)	15.64%
Ever modified (share of original balance)	9.94%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	78.58%
Maximum servicer advances (share of balance)	1.14%
Median DSCR, first year	1.65
Median DSCR, latest	1.89
Realized stress score	71.2

Property types

Property type	Original balance	Share of pool
Office	$215.8M	25.1%
Retail	$213.4M	24.8%
Multifamily	$134.2M	15.6%
Multiple property types	$130.1M	15.1%
Mixed use	$75.0M	8.7%
Lodging	$53.7M	6.2%
SE	$22.8M	2.6%
Other (code 98)	$10.7M	1.2%
Industrial	$4.5M	0.5%

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
["Starburst Apartments", "Orbit Apartments"]	["Austin", "Austin"], ["TX", "TX"]	$75.0M	8.7%	7.37%	2023
["Romulus - Huron", "541 Perkins Jones Road", "Cleveland American Industrial", "Cleveland American Office", "Miles North Randall", "1200 Taylor Street & 1 Invacara Way", "Stop Eight Vandalia"]	["Romulus", "Warren", "Brooklyn", "Brooklyn", "Warrensville Heights", "Elyria", "Vandalia"], ["MI", "OH", "OH", "OH", "OH", "OH", "OH"]	$75.0M	8.7%	7.35%	2023
Cumberland Mall	Atlanta, GA	$65.0M	7.6%	7.87%	2023
Harborside 2-3	Jersey City, NJ	$65.0M	7.6%	5.84%	2023
Soho Warehouse DTLA	Los Angeles, CA	$63.0M	7.3%	7.83%	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	14 of 14
Classes with a current rating in the dataset	9 of 14
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.