Press Release|CMBS
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KBRA Affirms All Ratings for BANK5 2023-5YR1

16 Apr 2026   |   New York

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KBRA affirms all of its outstanding ratings for BANK5 2023-5YR1, a $916.6 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the March 2026 remittance period, there is one specially serviced asset (10.1% of the pool balance). KBRA identified five K-LOCs (27.7%), including the specially serviced asset. Of the K-LOCs, one (2.1%) has an estimated loss. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 1 National Warehouse & Distribution Portfolio IN 92,347 10.1% Y C N Bankruptcy 02/04/2026 - - 2 Oak Street NLP Fund Portfolio MU 79,322 8.7% N C N Prior SS 05/01/2025 - - 14 575 Broadway MU 33,372 3.6% N C N Lease Rollover 01/28/2025 - - 15 1201 Third Avenue OF 30,000 3.3% N C N Occupancy 01/30/2025 - - 20 Heritage Shops at Millennium Park RT 18,800 2.1% N C N DSCR 08/05/2025 $5,364 28.5% Total K-LOCs $253,841 27.7% $5,364 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-LOC with an estimated loss, the transaction's WA KLTV is 97.3%, compared to 89.9% at last review and 89.1% at securitization. The KDSC is 1.56x, compared to 1.69x at last review and securitization.

To access ratings and relevant documents, click here.

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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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