Benchmark 2025-V17 Mortgage Trust

Tranches, pool and monthly delinquency indicator for Benchmark 2025-V17 Mortgage Trust.

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

Current pool balance: $629.0M (September 2026)
Original pool balance: $629.0M
Loans at issuance: 32
Closing date: 2025-09-29
Weighted average coupon at issuance: 6.44%
Weighted average LTV at issuance: 41.7%
30+ delinquent (latest): 0.00%
Realized stress score: 17.3
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-2	$100.0M	84.10%	4.357% fixed	081934AQ4	AAA	not yet reported	not yet reported	Aaa	AAA (sf)
A-3	$340.3M	30.00%	5.075% fixed	081934AR2	AAA	not yet reported	not yet reported	Aaa	AAA (sf)
A-M	$48.7M	22.25%	5.425% floating (WAC)	081934AU5	AAA	not yet reported	not yet reported	not yet reported	AAA (sf)
B	$33.8M	16.88%	5.788% floating (WAC)	081934AV3	AA-	not yet reported	not yet reported	not yet reported	AAA (sf)
C	$25.9M	12.75%	5.873% floating (WAC)	081934AW1	A-	not yet reported	not yet reported	not yet reported	AA (sf)
D	$15.7M	10.25%	4.500% fixed	081934AC5	BBB	not yet reported	not yet reported	not yet reported	A (high) (sf)
E	$6.3M	9.25%	6.474% floating (WAC)	081934AE1	BBB-	not yet reported	not yet reported	not yet reported	A (sf)
F-RR	$18.1M	6.38%	6.474% floating (WAC)	081934AG6	BB-	not yet reported	not yet reported	not yet reported	BBB (sf)
G-RR	$11.0M	4.63%	6.474% floating (WAC)	081934AJ0	B-	not yet reported	not yet reported	not yet reported	BB (high) (sf)
J-RR	$29.1M	0.00%	6.474% floating (WAC)	081934AL5	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	081934AN1	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$489.0M	Interest only	1.511% floating	081934AS0	AAA	not yet reported	not yet reported	not yet reported	AAA (sf)
X-B	$59.8M	Interest only	0.649% floating	081934AT8	A-	not yet reported	not yet reported	not yet reported	AA (high) (sf)
X-D	$15.7M	Interest only	1.974% floating	081934AA9	BBB	not yet reported	not yet reported	not yet reported	AA (low) (sf)

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	32
Original loan balance	$691.3M
Weighted average coupon	6.44%
Weighted average LTV	41.7%
Median loan LTV	57.7%
Full-term interest only (share of balance)	100.0%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	8.7%
Five largest loans (share of balance)	40.6%
Occupancy at issuance (weighted average)	90.3%

Realized outcomes

Months reported	13
Peak 30+ delinquency	0.00% (June 2026)
Ever severe (share of original balance)	0.00%
Ever modified (share of original balance)	0.00%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	24.14%
Maximum servicer advances (share of balance)	0.05%
Median DSCR, first year	1.44
Median DSCR, latest	1.36
Realized stress score	17.3

Property types

Property type	Original balance	Share of pool
Multifamily	$194.4M	28.1%
Lodging	$125.5M	18.2%
Office	$102.0M	14.8%
Retail	$66.5M	9.6%
Industrial	$58.9M	8.5%
Mixed use	$44.6M	6.5%

Property type is reported for 85.6% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
WARREN CORPORATE CENTER	Warren, NJ	$60.0M	8.7%	7.76%	2025
Pacifica Hotel Portfolio (4-Pack)	CA	$60.0M	8.7%	7.22%	2025
180 WATER	New York, NY	$60.0M	8.7%	5.33%	2025
Providence at Heights & Legacy at Westchase	Houston, TX	$50.5M	7.3%	6.36%	2025
SPRINGFIELD TOWN CENTER	Springfield, VA	$50.0M	7.2%	7.12%	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	14 of 14
Classes with a current rating in the dataset	12 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.