Press Release|CMBS
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KBRA Affirms All Ratings for Benchmark 2023-V3

16 Jul 2026   |   New York

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KBRA affirms all of its outstanding ratings for Benchmark 2023-V3, a $963.9 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization, due primarily to an increase in the number of specially serviced loans and K-LOCs. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the June 2026 remittance period, there are three specially serviced loans (11.6% of the pool balance), of which one (3.5%) is in foreclosure and one (3.6%) is 90+ days delinquent. KBRA identified five K-LOCs (14.1%), including the specially serviced assets. Of the K-LOCs, two (4.1%) have estimated losses. The K-LOCs are depicted below:

Loss Given Default (000s) Loss Severity 8 500 Charles Ewing Boulevard OF $42,700 4.4% Y C N Specially Serviced 01/13/2026 - - 10A2 Austin Multifamily Portfolio MF $35,000 3.6% Y 90+ N Specially Serviced 04/22/2025 $12,249 35.0% 12A2 Select Parking NYC Portfolio OT $34,000 3.5% Y FCL N Specially Serviced 02/11/2025 - - 22A3 Queens Crossing MU $20,000 2.1% N C N Recent Deliquency 05/28/2026 - - 37 Cityline Carlisle Storage SS $4,380 0.5% N C N Occupancy 06/04/2025 $1,180 26.9% Total K-LOCs $136,080 14.1% $13,429 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 88.5%, compared to 88.6% at last review and 88.8% at securitization. The WA KDSC is 1.49x, compared to 1.47x at last review and 1.49x at securitization.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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