Benchmark 2025-V14 Mortgage Trust

Tranches, pool and monthly delinquency indicator for Benchmark 2025-V14 Mortgage Trust.

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

Current pool balance: $938.7M (September 2026)
Original pool balance: $939.2M
Loans at issuance: 35
Closing date: 2025-04-15
Weighted average coupon at issuance: 6.41%
Weighted average LTV at issuance: 44.1%
30+ delinquent (latest): 4.93%
Realized stress score: 58.0
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	$2.0M	99.79%	4.837% fixed	08164BAA8	AAA	AAA	not yet reported	Aaa	not yet reported
A-2	$18.5M	97.82%	5.222% fixed	08164BAB6	AAA	AAA	not yet reported	Aaa	not yet reported
A-3	$130.0M	83.97%	5.176% fixed	08164BAC4	AAA	AAA	not yet reported	Aaa	not yet reported
A-4	$507.0M	30.00%	5.660% fixed	08164BAD2	AAA	AAA	not yet reported	Aaa	not yet reported
A-M	$102.1M	19.13%	6.090% floating (WAC)	08164BAG5	AAA	AAA	not yet reported	not yet reported	not yet reported
B	$45.8M	14.25%	6.390% floating (WAC)	08164BAH3	AA-	AA-	not yet reported	not yet reported	not yet reported
C	$37.6M	10.25%	6.390% floating (WAC)	08164BAJ9	A-	A-	not yet reported	not yet reported	not yet reported
D	$11.6M	9.02%	4.500% fixed	08164BAM2	BBB+	BBB+	not yet reported	not yet reported	not yet reported
E-RR	$20.1M	6.88%	6.390% floating (WAC)	08164BAP5	BBB-	BBB-	not yet reported	not yet reported	not yet reported
F-RR	$14.1M	5.38%	6.390% floating (WAC)	08164BAR1	BB	BB	not yet reported	not yet reported	not yet reported
G-RR	$15.3M	3.75%	6.390% floating (WAC)	08164BAT7	B-	B	not yet reported	not yet reported	not yet reported
J-RR	$35.2M	0.00%	6.390% floating (WAC)	08164BAV2	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	08164BAZ3	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	08164BAX8	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$759.6M	Interest only	0.768% floating	08164BAE0	AAA	AAA	not yet reported	not yet reported	not yet reported
X-D	$11.6M	Interest only	1.890% floating	08164BAK6	BBB+	BBB+	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	35
Original loan balance	$939.3M
Weighted average coupon	6.41%
Weighted average LTV	44.1%
Median loan LTV	60.6%
Full-term interest only (share of balance)	96.7%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	7.5%
Five largest loans (share of balance)	36.1%
Occupancy at issuance (weighted average)	93.2%

Realized outcomes

Months reported	18
Peak 30+ delinquency	4.93% (September 2026)
Ever severe (share of original balance)	3.78%
Ever modified (share of original balance)	0.00%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	13.54%
Maximum servicer advances (share of balance)	0.12%
Median DSCR, first year	1.63
Median DSCR, latest	1.42
Realized stress score	58.0

Property types

Property type	Original balance	Share of pool
Multifamily	$399.0M	42.5%
Office	$249.1M	26.5%
Retail	$86.7M	9.2%
Multiple property types	$70.0M	7.5%
Mixed use	$46.6M	5.0%
Self storage	$41.4M	4.4%
Lodging	$33.7M	3.6%
Manufactured housing	$7.5M	0.8%
Industrial	$5.2M	0.6%

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
Las Olas City Centre	Fort Lauderdale, FL	$70.0M	7.5%	6.66%	2025
["500 Kendall Street", "i3", "Science Center at Oyster Point", "500 Fairview Avenue", "MODA Sorrento", "Road to the Cure", "450 Kendall Street", "10240 Science Center Drive"]	["Cambridge", "San Diego", "South San Francisco", "Seattle", "San Diego", "San Diego", "Cambridge", "San Diego"], ["MA", "CA", "CA", "WA", "CA", "CA", "MA", "CA"]	$70.0M	7.5%	5.91%	2025
Redmond Town Center	Redmond, WA	$70.0M	7.5%	6.70%	2025
The Link	Stamford, CT	$70.0M	7.5%	7.38%	2025
Local Boise	Boise, ID	$59.0M	6.3%	5.92%	2025

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	16 of 16
Classes with a current rating in the dataset	13 of 16
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.