FIVE 2023-V1 Mortgage Trust

Tranches, pool and monthly delinquency indicator for FIVE 2023-V1 Mortgage Trust.

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

Current pool balance: $544.9M (September 2026)
Original pool balance: $765.5M
Loans at issuance: 26
Closing date: 2023-02-28
Weighted average coupon at issuance: 6.42%
Weighted average LTV at issuance: 40.7%
30+ delinquent (latest): 3.03%
Realized stress score: 68.7
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	$7.4M	99.01%	5.560% fixed	337964AA8	PIF	WR	not yet reported	WR	not yet reported
A-2	$200.0M	72.03%	5.172% fixed	337964AB6	AAA	AAA	not yet reported	Aaa	not yet reported
A-3	$301.7M	31.32%	5.668% floating (WAC)	337964AC4	AAA	AAA	not yet reported	Aaa	not yet reported
A-4	$14.0M	29.43%	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
A-M	$80.0M	18.64%	6.244% floating (WAC)	337964AE0	AAA	AAA	not yet reported	not yet reported	not yet reported
B	$40.9M	13.12%	6.405% floating (WAC)	337964AF7	AA-	AA-	not yet reported	not yet reported	not yet reported
C	$27.3M	9.44%	6.405% floating (WAC)	337964AG5	A-	A-	not yet reported	not yet reported	not yet reported
D	$14.5M	7.48%	6.405% floating (WAC)	337964AP5	BBB	BBB	not yet reported	not yet reported	not yet reported
E	$7.3M	6.50%	6.405% floating (WAC)	337964AR1	BBB-	BBB-	not yet reported	not yet reported	not yet reported
F	$14.5M	4.54%	4.250% fixed	337964AT7	BB-	BB	not yet reported	not yet reported	not yet reported
G	$10.9M	3.07%	4.250% fixed	337964AV2	B-	B-	not yet reported	not yet reported	not yet reported
H	$22.7M	0.00%	4.250% fixed	337964AX8	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	337964AZ3	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$589.0M	Interest only	0.829% floating	337964AD2	AAA	AAA	not yet reported	not yet reported	not yet reported
X-F	$14.5M	Interest only	2.155% floating	337964AH3	BB-	BB	not yet reported	not yet reported	not yet reported
X-G	$10.9M	Interest only	2.155% floating	337964AK6	B-	B-	not yet reported	not yet reported	not yet reported
X-H	$22.7M	Interest only	2.155% floating	337964AM2	not yet reported	not yet reported	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	26
Original loan balance	$765.6M
Weighted average coupon	6.42%
Weighted average LTV	40.7%
Median loan LTV	50.0%
Full-term interest only (share of balance)	78.0%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	9.8%
Five largest loans (share of balance)	44.1%
Occupancy at issuance (weighted average)	90.6%

Realized outcomes

Months reported	43
Peak 30+ delinquency	3.30% (August 2025)
Ever severe (share of original balance)	2.16%
Ever modified (share of original balance)	8.36%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	41.44%
Maximum servicer advances (share of balance)	0.31%
Median DSCR, first year	1.69
Median DSCR, latest	1.66
Realized stress score	68.7

Property types

Property type	Original balance	Share of pool
Retail	$200.0M	26.1%
Office	$147.5M	19.3%
Multifamily	$96.0M	12.5%
Mixed use	$83.1M	10.8%
Lodging	$54.1M	7.1%
Industrial	$37.9M	5.0%
Self storage	$5.1M	0.7%

Property type is reported for 81.5% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
Green Acres	Valley Stream, NY	$75.0M	9.8%	5.90%	2023
["405 Colorado", "1900 Market Street", "The Bulletin Building", "Four Points Centre 3", "500 North Gulph Road", "Metroplex - PA", "933 First Avenue"]	not yet reported	$75.0M	9.8%	5.88%	2023
3PL Distribution Center	not yet reported	$67.0M	8.8%	7.54%	2022
Sentinel Square II	Washington, DC	$64.0M	8.4%	6.05%	2022
Blue Oaks Town Center	Rocklin, CA	$56.5M	7.4%	6.99%	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	16 of 17
Classes with a current rating in the dataset	13 of 17
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.