Benchmark 2025-V16 Mortgage Trust

Tranches, pool and monthly delinquency indicator for Benchmark 2025-V16 Mortgage Trust.

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

Current pool balance: $815.1M (July 2026)
Original pool balance: $624.7M
Loans at issuance: 64
Closing date: 2025-08-01
Weighted average coupon at issuance: 4.56%
Weighted average LTV at issuance: 45.6%
30+ delinquent (latest): 0.00%
Realized stress score: 20.6
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	$559,000	99.91%	4.653% fixed	08164RAA3	AAA	AAA	not yet reported	Aaa	not yet reported
A-2	$115.0M	81.15%	4.957% fixed	08164RAB1	AAA	AAA	not yet reported	Aaa	not yet reported
A-3	$313.7M	30.00%	5.439% floating (WAC)	08164RAC9	AAA	AAA	not yet reported	Aaa	not yet reported
A-S	$70.5M	18.50%	5.859% floating (WAC)	08164RAV7	AAA	AAA	not yet reported	not yet reported	not yet reported
B	$27.6M	14.00%	6.339% floating (WAC)	08164RAF2	AA-	AA-	not yet reported	not yet reported	not yet reported
C	$23.8M	10.13%	5.952% floating (WAC)	08164RAG0	A-	A-	not yet reported	not yet reported	not yet reported
D	$19.9M	6.88%	4.500% fixed	08164RAK1 +	BBB-	BBB-	not yet reported	not yet reported	not yet reported
E-RR	$11.5M	5.00%	6.474% floating (WAC)	08164RAN5	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
F-RR	$7.7M	3.75%	6.474% floating (WAC)	08164RAQ8	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
G-RR	$23.0M	0.00%	6.474% floating (WAC)	08164RAS4	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	08164RAT2	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$429.2M	Interest only	1.165% floating	08164RAD7	AAA	AAA	not yet reported	Aaa	not yet reported
X-B	$121.9M	Interest only	0.488% floating	08164RAE5	A-	AAA	not yet reported	not yet reported	not yet reported
X-D	$19.9M	Interest only	1.974% floating	08164RAH8 +	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	64
Original loan balance	$977.8M
Weighted average coupon	4.56%
Weighted average LTV	45.6%
Median loan LTV	63.8%
Full-term interest only (share of balance)	72.3%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	7.5%
Five largest loans (share of balance)	29.3%
Occupancy at issuance (weighted average)	94.4%

Realized outcomes

Months reported	2
Peak 30+ delinquency	0.00% (March 2026)
Ever severe (share of original balance)	0.00%
Ever modified (share of original balance)	3.78%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	0.00%
Maximum servicer advances (share of balance)	0.00%
Median DSCR, first year	1.95
Median DSCR, latest	1.93
Realized stress score	20.6

Property types

Property type	Original balance	Share of pool
Retail	$249.8M	25.5%
Office	$144.6M	14.8%
Mixed use	$130.4M	13.3%
Self storage	$107.7M	11.0%
Industrial	$61.2M	6.3%
Lodging	$52.0M	5.3%
Manufactured housing	$15.1M	1.5%
Multifamily	$3.2M	0.3%

Property type is reported for 78.1% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
THE SUMMIT BIRMINGHAM	Birmingham, AL	$73.3M	7.5%	4.76%	2016
KOMO PLAZA	Seattle, WA	$69.5M	7.1%	4.30%	2016
JW MARRIOTT DESERT SPRINGS	not yet reported	$60.0M	6.1%	5.15%	2017
Defeased	not yet reported	$42.5M	4.3%	4.16%	2016
STORBOX SELF STORAGE	Pasadena, CA	$41.5M	4.2%	4.81%	2017

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	10 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.