Benchmark 2023-V3 Mortgage Trust

Tranches, pool and monthly delinquency indicator for Benchmark 2023-V3 Mortgage Trust.

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

Current pool balance: $936.8M (September 2026)
Original pool balance: $965.1M
Loans at issuance: 38
Closing date: 2023-08-03
Weighted average coupon at issuance: 7.19%
Weighted average LTV at issuance: 37.0%
30+ delinquent (latest): 7.37%
Realized stress score: 67.4
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	$2.1M	99.77%	5.957% fixed	08163VAA5	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-2	$200.0M	77.96%	5.896% fixed	08163VAB3	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-3	$439.7M	30.00%	6.363% fixed	08163VAC1	AAA	AAA	AAA (sf)	not yet reported	not yet reported
A-S	$123.8M	16.50%	7.097% fixed	08163VAF4	AAA	AAA	NR	not yet reported	not yet reported
B	$39.0M	12.25%	6.924% fixed	08163VAG2	AA-	AA-	NRprelim	not yet reported	not yet reported
C	$33.2M	8.63%	7.412% floating	08163VAH0	A-	A-	NRprelim	not yet reported	not yet reported
D	$11.5M	7.38%	4.000% fixed	08163VAL1	BBB	BBB	NRprelim	not yet reported	not yet reported
E	$9.2M	6.38%	4.000% fixed	08163VAN7	BBB-	BBB-	NR	not yet reported	not yet reported
F	$17.2M	4.50%	7.412% floating	08163VAQ0	BB-	BB	NR	not yet reported	not yet reported
G	$10.3M	3.38%	7.412% floating	08163VAS6	B-	B	NRprelim	not yet reported	not yet reported
H	$30.9M	0.00%	7.412% floating	08163VAU1	not yet reported	not yet reported	NR	not yet reported	not yet reported
R	not yet reported	not yet reported	not yet reported	08163VAW7	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$765.6M	Interest only	1.054% floating	08163VAD9	AAA	AAA	NR	not yet reported	not yet reported
X-B	$72.2M	Interest only	0.264% floating	08163VAE7	A-	AAA	NRprelim	not yet reported	not yet reported
X-D	$20.6M	Interest only	3.412% floating	08163VAJ6	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held in the dataset for each class and agency; NR means the agency shows the class as not rated, WR that the rating was withdrawn, PIF that the class has been paid in full.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	38
Original loan balance	$965.1M
Weighted average coupon	7.19%
Weighted average LTV	37.0%
Median loan LTV	47.7%
Full-term interest only (share of balance)	92.8%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	7.8%
Five largest loans (share of balance)	30.2%
Occupancy at issuance (weighted average)	90.7%

Realized outcomes

Months reported	39
Peak 30+ delinquency	9.23% (May 2026)
Ever severe (share of original balance)	7.15%
Ever modified (share of original balance)	6.40%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	67.14%
Maximum servicer advances (share of balance)	0.67%
Median DSCR, first year	1.47
Median DSCR, latest	1.59
Realized stress score	67.4

Property types

Property type	Original balance	Share of pool
Office	$336.5M	34.9%
Retail	$208.0M	21.6%
Other (code 98)	$109.0M	11.3%
Lodging	$76.8M	8.0%
Mixed use	$70.4M	7.3%
Multiple property types	$50.7M	5.3%
Multifamily	$43.2M	4.5%
SE	$36.3M	3.8%
Industrial	$13.0M	1.3%
Manufactured housing	$11.1M	1.2%
Self storage	$10.2M	1.1%

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
12800 Culver	Los Angeles, CA	$75.0M	7.8%	6.53%	2023
["Brasswater Warehouse Portfolio", "Little Mack Avenue"]	["Warren", "Roseville"], ["MI", "MI"]	$65.5M	6.8%	7.25%	2023
["FedEx Ground", "Tops Friendly Market", "Schnucks", "Tractor Supply", "BioLife Plasma Services", "Daybreak Market & Fuel", "Dollar Tree - Moore", "ExchangeRight Net-Leased Portfolio #63", "Dollar Tree - Ingleside", "Dollar General - Chester", "Dollar General - Johnston", "Dollar General Plus - Ashland", "Dollar General - Springfield", "Dollar General - Owensboro", "Dollar General - Flint"]	["Brookfield", "Niagara Falls", "Rockford", "Waretown", "Pearland", "Pace", "Moore", "Eloy", "Ingleside", "Chester", "Johnston", "Ashland", "Springfield", "Owensboro", "Flint"], ["MO", "NY", "IL", "NJ", "TX", "FL", "OK", "AZ", "TX", "WV", "PA", "OH", "IL", "KY", "MI"]	$50.7M	5.3%	5.67%	2023
963 Atlantic Ave	Brooklyn, NY	$50.4M	5.2%	6.97%	2023
Gateway Center South	Brooklyn, NY	$50.0M	5.2%	6.87%	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	15 of 15
Classes with a current rating in the dataset	14 of 15
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.