Benchmark 2023-V2 Mortgage Trust Details Servicer Shifts, Loan Exposures

TL;DR

**This CMBS trust is a black box of omitted financial data, but watch the servicer changes for potential loan performance shifts.**

AI Summary

Benchmark 2023-V2 Mortgage Trust, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no significant obligors or external credit enhancements. The filing highlights several mortgage loans that are part of larger whole loans, including the Scottsdale Fashion Square mortgage loan (4.1% of initial pool balance), Heritage Plaza mortgage loan (4.7%), PetSmart HQ mortgage loan (2.6%), Patewood Corporate Center mortgage loan (2.4%), National Warehouse & Distribution Portfolio mortgage loan (2.6%), Meadowood Mall mortgage loan (1.4%), and 1201 Third Avenue mortgage loan (0.9%). A key operational change involved Trimont LLC succeeding Wells Fargo Bank, National Association as master servicer for the National Warehouse & Distribution Portfolio and 1201 Third Avenue mortgage loans, effective March 1, 2025. Similarly, Trimont LLC also took over as master servicer for the Heritage Plaza mortgage loan from Wells Fargo Bank, National Association on March 1, 2025. The trust confirmed it has filed all required reports and is not a well-known seasoned issuer or a shell company.

Why It Matters

This 10-K provides crucial transparency for investors in the Benchmark 2023-V2 Mortgage Trust, detailing the composition of its commercial mortgage-backed securities (CMBS) pool and recent servicing changes. The identified mortgage loans, such as Heritage Plaza at 4.7% and Scottsdale Fashion Square at 4.1% of the initial pool balance, represent significant exposures that could impact certificate holders if performance deteriorates. The shift in master servicer from Wells Fargo to Trimont LLC for several key loans, effective March 1, 2025, signals a change in operational oversight that investors should monitor for potential impacts on loan administration and default management. This competitive landscape in CMBS servicing underscores the importance of diligent oversight for these complex financial instruments.

Risk Assessment

Risk Level: medium — The risk level is medium due to the significant portion of the initial pool balance tied to individual mortgage loans, such as Heritage Plaza at 4.7% and Scottsdale Fashion Square at 4.1%. While the filing states no significant obligors, these large individual loan exposures could pose concentration risks if any of these properties face distress. The numerous 'Omitted' sections for critical financial data and risk factors also increase uncertainty for investors.

Analyst Insight

Investors should scrutinize the performance of the specific mortgage loans highlighted, particularly Heritage Plaza (4.7%) and Scottsdale Fashion Square (4.1%), and monitor the new master servicer, Trimont LLC, for any changes in loan management practices. Given the lack of detailed financial data in this filing, investors should seek additional information on the underlying collateral performance and servicer reports to assess the health of the trust's assets.

Financial Highlights

debt To Equity

0.0

revenue

$0

operating Margin

N/A

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

N/A

cash Position

$0

revenue Growth

N/A

Key Numbers

• 4.1% — Scottsdale Fashion Square mortgage loan (percentage of initial pool balance)
• 4.7% — Heritage Plaza mortgage loan (percentage of initial pool balance)
• 2.6% — PetSmart HQ mortgage loan (percentage of initial pool balance)
• 2.4% — Patewood Corporate Center mortgage loan (percentage of initial pool balance)
• 2.6% — National Warehouse & Distribution Portfolio mortgage loan (percentage of initial pool balance)
• 1.4% — Meadowood Mall mortgage loan (percentage of initial pool balance)
• 0.9% — 1201 Third Avenue mortgage loan (percentage of initial pool balance)
• March 1, 2025 — Effective date of servicer changes (Trimont LLC succeeded Wells Fargo Bank, National Association)

Key Players & Entities

• Benchmark 2023-V2 Mortgage Trust (company) — issuing entity
• Trimont LLC (company) — successor master servicer effective March 1, 2025
• Wells Fargo Bank, National Association (company) — former master servicer
• Scottsdale Fashion Square mortgage loan (dollar_amount) — 4.1% of initial pool balance
• Heritage Plaza mortgage loan (dollar_amount) — 4.7% of initial pool balance
• PetSmart HQ mortgage loan (dollar_amount) — 2.6% of initial pool balance
• Patewood Corporate Center mortgage loan (dollar_amount) — 2.4% of initial pool balance
• National Warehouse & Distribution Portfolio mortgage loan (dollar_amount) — 2.6% of initial pool balance
• Meadowood Mall mortgage loan (dollar_amount) — 1.4% of initial pool balance
• 1201 Third Avenue mortgage loan (dollar_amount) — 0.9% of initial pool balance

FAQ

Risk Factors

• Master Servicer Transition [medium — operational]: Trimont LLC succeeded Wells Fargo Bank, National Association as master servicer for significant loan pools including the National Warehouse & Distribution Portfolio and 1201 Third Avenue mortgage loans, effective March 1, 2025. A similar transition occurred for the Heritage Plaza mortgage loan on the same date. These transitions introduce potential operational risks during the handover period.
• Concentration in Whole Loans [low — financial]: Several mortgage loans are part of larger whole loans, with the Scottsdale Fashion Square mortgage loan representing 4.1% and the Heritage Plaza mortgage loan representing 4.7% of the initial pool balance. While not individually exceeding 10%, the reliance on these larger components could amplify the impact of any adverse events affecting them.

Industry Context

The commercial mortgage-backed securities (CMBS) market, where Benchmark 2023-V2 Mortgage Trust operates, is characterized by complex financial structures and a reliance on skilled servicers to manage diverse loan portfolios. Industry trends include evolving servicer responsibilities, increasing regulatory scrutiny, and the impact of macroeconomic factors on property values and borrower performance.

Regulatory Implications

As a securitization entity, Benchmark 2023-V2 Mortgage Trust must comply with reporting requirements under the Securities Exchange Act of 1934. The operational changes involving master servicers necessitate careful oversight to ensure continued compliance with servicing standards and trust agreements.

What Investors Should Do

1. Monitor Servicer Performance
2. Assess Whole Loan Exposure
3. Review Loan-Level Data

Key Dates

• 2025-03-01: Master Servicer Change — Trimont LLC replaced Wells Fargo Bank, National Association as master servicer for multiple loan pools, including National Warehouse & Distribution Portfolio, 1201 Third Avenue, and Heritage Plaza mortgage loans. This operational change could impact servicing efficiency and loan administration.

Glossary

Securitization Entity

A legal entity created to pool assets, such as mortgage loans, and issue securities backed by those assets to investors. (Benchmark 2023-V2 Mortgage Trust is structured as a securitization entity, meaning its primary function is to hold mortgage loans and facilitate their financing through the issuance of trust certificates.)

Master Servicer

The primary entity responsible for the day-to-day administration of a pool of loans, including collecting payments, managing escrow accounts, and handling delinquencies and defaults. (The change in master servicer from Wells Fargo to Trimont LLC for several key loan pools signifies a material operational shift that could affect loan performance monitoring and resolution strategies.)

Whole Loan

A loan that is not part of a larger pool of loans being securitized, or in this context, a loan where the trust holds only a portion of the total loan amount, with another party holding the remainder. (The filing indicates that several mortgage loans are part of larger whole loans, meaning the trust's exposure is only a fraction of the total loan value, which can affect risk and recovery profiles.)

Year-Over-Year Comparison

The provided 10-K filing for Benchmark 2023-V2 Mortgage Trust does not contain comparative financial data or specific details from a prior year's filing. Key operational changes, such as the master servicer transition effective March 1, 2025, are noted, but a year-over-year comparison of financial metrics like revenue, net income, or margins cannot be performed with the information given.

Filing Documents

• bmk23v02_10k-2025.htm (10-K) — 134KB
• bmk23v02_31.htm (EX-31) — 6KB
• bmk23v02_33-1.htm (EX-33.1) — 172KB
• bmk23v02_33-2.htm (EX-33.2) — 79KB
• bmk23v02_33-3.htm (EX-33.3) — 147KB
• bmk23v02_33-4.htm (EX-33.4) — 1420KB
• bmk23v02_33-5.htm (EX-33.5) — 3113KB
• bmk23v02_33-6.htm (EX-33.6) — 626KB
• bmk23v02_33-7.htm (EX-33.7) — 600KB
• bmk23v02_33-8.htm (EX-33.8) — 86KB
• bmk23v02_33-10.htm (EX-33.10) — 597KB
• bmk23v02_33-15.htm (EX-33.15) — 992KB
• bmk23v02_33-16.htm (EX-33.16) — 135KB
• bmk23v02_33-21.htm (EX-33.21) — 357KB
• bmk23v02_33-23.htm (EX-33.23) — 703KB
• bmk23v02_34-1.htm (EX-34.1) — 9KB
• bmk23v02_34-2.htm (EX-34.2) — 37KB
• bmk23v02_34-3.htm (EX-34.3) — 12KB
• bmk23v02_34-4.htm (EX-34.4) — 11KB
• bmk23v02_34-5.htm (EX-34.5) — 11KB
• bmk23v02_34-6.htm (EX-34.6) — 10KB
• bmk23v02_34-7.htm (EX-34.7) — 13KB
• bmk23v02_34-8.htm (EX-34.8) — 8KB
• bmk23v02_34-10.htm (EX-34.10) — 7KB
• bmk23v02_34-15.htm (EX-34.15) — 693KB
• bmk23v02_34-16.htm (EX-34.16) — 7KB
• bmk23v02_34-21.htm (EX-34.21) — 14KB
• bmk23v02_34-23.htm (EX-34.23) — 14KB
• bmk23v02_35-1.htm (EX-35.1) — 113KB
• bmk23v02_35-2.htm (EX-35.2) — 72KB
• bmk23v02_35-3.htm (EX-35.3) — 999KB
• 0001888524-26-006390.txt ( ) — 11197KB

Selected Financial Data

Selected Financial Data. Omitted. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Omitted. Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Omitted. Item 8.

Financial Statements and

Financial Statements and Supplementary Data. Omitted. Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Omitted. Item 9A.

Controls and Procedures

Controls and Procedures. Omitted. Item 9B. Other Information. None. Item 9C. Disclosure regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. PART III Item 10. Directors, Executive Officers and Corporate Governance. Omitted. Item 11.

Executive Compensation

Executive Compensation. Omitted. Item 12.

Security Ownership of

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Omitted. Item 13. Certain Relationships and Related Transactions, and Director Independence. Omitted. Item 14. Principal Accounting Fees and Services. Omitted. ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB Item 1112(b) of Regulation AB, Significant Obligor Financial Information. With respect to the pool assets for Benchmark 2023-V2 Mortgage Trust, there are no significant obligors within the meaning of Item 1101(k) of Regulation AB. Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider Financial Information. No entity or group of affiliated entities provides any external credit enhancement, uses any derivative instruments or other support for the certificates within this transaction. Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial Information). No entity or group of affiliated entities provides any external credit enhancement, uses any derivative instruments or other support for the certificates within this transaction. Item 1117 of Regulation AB, Legal Proceedings. The registrant knows of no legal proceeding pending against the sponsors, depositor, trustee, issuing entity, servicer contemplated by Item 1108(a)(3) of Regulation AB, originator contemplated by Item 1110(b) of Regulation AB, or other party contemplated by

(d)(1) of Regulation AB, or of which any property of the foregoing is

Item 1100(d)(1) of Regulation AB, or of which any property of the foregoing is the subject, that is material to security holders. Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions. Provided previously in the prospectus of the Registrant relating to the issuing entity and filed on May 25, 2023 pursuant to Rule 424(b)(2) of the Securities Act of 1933, as amended. Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria. The reports on assessment of compliance with the servicing criteria for asset-backed securities and the related attestation reports on such assessments of compliance are attached hereto under Item 15. Item 1123 of Regulation AB, Servicer Compliance Statement. The servicer compliance statements are attached hereto under Item 15. PART IV Item 15. Exhibits, Financial Statement Schedules. (a) List the following documents filed as part of the report: (1) Not Applicable (2) Not Applicable (3) Exhibits listed below are either included or incorporated by reference as indicated below: (4.1) Pooling and Servicing Agreement, dated as of May 1, 2022 ("Benchmark 2023-V2 PSA"), among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, 3650 REIT Loan Servicing LLC, as special servicer, BellOak, LLC, as operating advisor and as asset representations reviewer, Computershare Trust Company, National Association, as certificate administrator and as Trustee (filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K dated May 25, 2023, and filed on May 25, 2023 under Commission File No. 333-262701-03, and is incorporated by reference herein). (4.2) Trust and Servicing Agreement, dated as of March 17, 2023 ("SCOTT 2023-SFS TSA"), among GS Mortgage Securities Corporation II, as depositor, Berkadia Commercial Mortgage LLC, as servicer, KeyBank National Association, as special servicer,

View Full Filing

View this 10-K filing on SEC EDGAR