UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2024~~2025 or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission file number of the issuing entity: 333-260277-04

Central Index Key Number of the issuing entity: 0001966002

Benchmark 2023-B38 Mortgage Trust

(exact name of the issuing entity as specified in its charter)

Central Index Key Number of the depositor: 0001013454

Deutsche Mortgage & Asset Receiving Corporation

(exact name of the depositor as specified in its charter)

Central Index Key Number of the sponsor: 0001541294

German American Capital Corporation

(exact name of the sponsor as specified in its charter)

Central Index Key Number of the sponsor: 0001541502

Goldman Sachs Mortgage Company

(exact name of the sponsor as specified in its charter)

Central Index Key Number of the sponsor: 0000835271

JPMorgan Chase Bank, National Association

(exact name of the sponsor as specified in its charter)

Central Index Key Number of the sponsor: 0001701238

Citi Real Estate Funding Inc.

(exact name of the sponsor as specified in its charter)

New York
(State or other jurisdiction of
incorporation or organization of

the issuing entity)

38-4258144

38-4258145

38-4258146

38-7292481

(I.R.S. Employer

Identification Numbers)

c/o Computershare Trust Company, National Association

as Certificate Administrator

9062 Old Annapolis Road

Columbia, MD

(Address of principal executive offices of the issuing entity)

21045

(Zip Code)

Registrant’s telephone number, including area code:

(212) 250-2500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None

Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. o Yes ⌧ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. o Yes ⌧ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ⌧ Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Not applicable.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer o

Non-accelerated filer ⌧ Smaller reporting company o

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. o

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). o Yes ⌧ No

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

Not applicable.

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. o Yes o No

Not applicable.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Not applicable.

DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

Not applicable.

EXPLANATORY NOTES

The Pacific Design Center Mortgage Loan, the Great Lakes Crossing Outlets Mortgage Loan and the Riverport Tower Mortgage Loan, which constituted approximately 9.99%, 7.6% and 2.3%, respectively, of the asset pool of the issuing entity as of its cut-off date, are each an asset of the issuing entity and are each part of a loan combination that includes (a) with respect to the Pacific Design Center Mortgage Loan, eight other pari passu loans, which are not assets of the issuing entity, (b) with respect to the Great Lakes Crossing Outlets Mortgage Loan, eight other pari passu loans, which are not assets of the issuing entity and (c) with respect to the Riverport Tower Mortgage Loan, one other pari passu loan, which is not an asset of the issuing entity. These loan combinations, including the Pacific Design Center Mortgage Loan, the Great Lakes Crossing Outlets Mortgage Loan and the Riverport Tower Mortgage Loan, are being serviced and administered pursuant to the Pooling and Servicing Agreement, which is incorporated by reference as Exhibit 4.1 to this Annual Report on Form 10-K.

The Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect to the One Campus Martius Mortgage Loan, which constituted approximately 4.2% of the asset pool of the issuing entity as of its cut-off date. The One Campus Martius Mortgage Loan is an asset of the issuing entity and is part of a loan combination that includes the One Campus Martius Mortgage Loan and seven other pari passu loans, which are not assets of the issuing entity. A pari passu portion of the loan combination was securitized in the Benchmark 2022-B36 Mortgage Trust transaction, Commission File Number 333-258342-02 (the “Benchmark 2022-B36 Transaction”). This loan combination, including the One Campus Martius Mortgage Loan, is being serviced and administered pursuant to the pooling and servicing agreement for the Benchmark 2022-B36 Transaction, which is incorporated by reference as Exhibit 4.2 to this Annual Report on Form 10-K.

The Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect to the Sentinel Square II Mortgage Loan and the Centers of High Point Mortgage Loan, which constituted approximately 1.5% and 1.5%, respectively, of the asset pool of the issuing entity as of its cut-off date. The Sentinel Square II Mortgage Loan and the Centers of High Point Mortgage Loan are each an asset of the issuing entity and are each part of a loan combination that includes (a) with respect to the Sentinel Square II Mortgage Loan, four other pari passu loans, which are not assets of the issuing entity and (b) with respect to the Centers of High Point Mortgage Loan, one other pari passu loan, which is not an asset of the issuing entity. A pari passu portion of each loan combination was securitized in the FIVE 2023-V1 Mortgage Trust transaction, Commission File Number 333-260277-02 (the “FIVE 2023-V1 Transaction”). These loan combinations, including the Sentinel Square II Mortgage Loan and the Centers of High Point Mortgage Loan, are being serviced and administered pursuant to the pooling and servicing agreement for the FIVE 2023-V1 Transaction, which is incorporated by reference as Exhibit 4.3 to this Annual Report on Form 10-K.

The Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect to the Scottsdale Fashion Square Mortgage Loan, which constituted approximately 7.5% of the asset pool of the issuing entity as of its cut-off date. The Scottsdale Fashion Square Mortgage Loan is an asset of the issuing entity and is part of a loan combination that includes the Scottsdale Fashion Square Mortgage Loan and eight other pari passu loans, which are not assets of the issuing entity. A pari passu portion of the loan combination was securitized in the Scott Trust 2023-SFS transaction (the “SCOTT 2023-SFS Transaction”). This loan combination, including the Scottsdale Fashion Square Mortgage Loan, is being serviced and administered pursuant to the trust and servicing agreement for the SCOTT 2023-SFS Transaction, which is incorporated by reference as Exhibit 4.4 to this Annual Report on Form 10-K.

The Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect to the National Warehouse & Distribution Portfolio Mortgage Loan, which constituted approximately 5.3% of the asset pool of the issuing entity as of its cut-off date. The National Warehouse & Distribution Portfolio Mortgage Loan is an asset of the issuing entity and is part of a loan combination that includes the National Warehouse & Distribution Portfolio Mortgage Loan and four other pari passu loans, which are not assets of the issuing entity. A pari passu portion of the loan combination was securitized in the BANK5 2023-5YR1 transaction, Commission File Number 333-257991-06 (the “BANK5 2023-5YR1 Transaction”). This loan combination, including the National Warehouse & Distribution Portfolio Mortgage Loan, is being serviced and administered pursuant to the pooling and servicing agreement for the BANK5 2023-5YR1 Transaction, which is incorporated by reference as Exhibit 4.5 to this Annual Report on Form 10-K.

The Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect to the Green Acres Mortgage Loan, which constituted approximately 7.6% of the asset pool of the issuing entity as of its cut-off date. The Green Acres Mortgage Loan is an asset of the issuing entity and is part of a loan combination that includes the Green Acres Mortgage Loan and sixteen other pari passu loans, which are not assets of the issuing entity. This loan combination, including the Green Acres Mortgage Loan, was serviced under the pooling and servicing agreement for the BMO 2023-C4 transaction prior to the closing of the securitization of a pari passu portion of the Green Acres loan combination in the Benchmark 2023-V2 Mortgage Trust transaction, Commission File Number 333-262701-03 (the “Benchmark 2023-V2 Transaction”). After the closing of the Benchmark 2023-V2 Transaction on May 25, 2023, this loan combination, including the Green Acres Mortgage Loan was, and will continue to be, serviced and administered pursuant to the pooling and servicing agreement with respect to the Benchmark 2023-V2 Transaction, which is incorporated by reference as Exhibit 4.6 to this Annual Report on Form 10-K.

The Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect to the 100 Jefferson Road Mortgage Loan, which constituted approximately 4.6% of the asset pool of the issuing entity as of its cut-off date. The 100 Jefferson Road Mortgage Loan is an asset of the issuing entity and is part of a loan combination that includes the 100 Jefferson Road Mortgage Loan and three other pari passu loans, which are not assets of the issuing entity. This loan combination, including the 100 Jefferson Road Mortgage Loan, was serviced under the Pooling and Servicing Agreement for the issuing entity prior to the closing of the securitization of a pari passu portion of the 100 Jefferson Road loan combination in the MSWF Commercial Mortgage Trust 2023-1 transaction, Commission File Number 333-259741-05 (the “MSWF 2023-1 Transaction”). After the closing of the MSWF 2023-1 Transaction on May 25, 2023, this loan combination, including the 100 Jefferson Road Mortgage Loan was, and will continue to be, serviced and administered pursuant to the pooling and servicing agreement with respect to the MSWF 2023-1 Transaction, which is incorporated by reference as Exhibit 4.7 to this Annual Report on Form 10-K.

The Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect to the 1201 Third Avenue Mortgage Loan, which constituted approximately 9.1% of the asset pool of the issuing entity as of its cut-off date. The 1201 Third Avenue Mortgage Loan is an asset of the issuing entity and is part of a loan combination that includes the 1201 Third Avenue Mortgage Loan and five other pari passu loans, which are not assets of the issuing entity. This loan combination, including the 1201 Third Avenue Mortgage Loan, was serviced under the pooling and servicing agreement for the BANK5 2023-5YR1 Transaction prior to the closing of the securitization of a pari passu portion of the 1201 Third Avenue loan combination in the BANK 2023-BNK46 transaction, Commission File Number 333-257991-07 (the “BANK 2023-BNK46 Transaction”). After the closing of the BANK 2023-BNK46 Transaction on August 10, 2023, this loan combination, including the 1201 Third Avenue Mortgage Loan was, and will continue to be, serviced and administered pursuant to the pooling and servicing agreement with respect to the BANK 2023-BNK46 Transaction, which is incorporated by reference as Exhibit 4.8 to this Annual Report on Form 10-K.

The Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect to the CX - 250 Water Street Mortgage Loan, which constituted approximately 8.1% of the asset pool of the issuing entity as of its cut-off date. The CX - 250 Water Street Mortgage Loan is an asset of the issuing entity and is part of a loan combination that includes the CX - 250 Water Street Mortgage Loan and eighteen other pari passu loans, which are not assets of the issuing entity. This loan combination, including the CX - 250 Water Street Mortgage Loan, was serviced under the pooling and servicing agreement for the BANK 2023-BNK45 transaction prior to the closing of the securitization of a pari passu portion of the CX - 250 Water Street loan combination in the MSWF Commercial Mortgage Trust 2023-2 transaction, Commission File Number 333-257991-09 (the “MSWF 2023-2 Transaction”). After the closing of the MSWF 2023-2 Transaction on December 21, 2023, this loan combination, including the CX - 250 Water Street Mortgage Loan was, and will continue to be, serviced and administered pursuant to the pooling and servicing agreement with respect to the MSWF 2023-2 Transaction, which is incorporated by reference as Exhibit 4.9 to this Annual Report on Form 10-K.

The master servicer of a pooling and servicing agreement or trust and servicing agreement also functions as the primary servicer of the related mortgage loans serviced and administered pursuant to such agreement unless a separate primary servicer is identified herein. If this report does not identify a separate primary servicer, the servicer compliance statement provided by the master servicer under any such agreement also encompasses its responsibilities as primary servicer of the related mortgage loan or mortgage loans.

Midland Loan Services, a Division of PNC Bank, National Association is the master servicer of the mortgage loans serviced under the Pooling and Servicing Agreement and the primary servicer of the Green Acres Mortgage Loan, the Sentinel Square II Mortgage Loan, the Centers of High Point Mortgage Loan and the One Campus Martius Mortgage Loan. As a result, Midland Loan Services, a Division of PNC Bank, National Association is a “servicer” as defined in Item 1108(a)(2)(iii) of Regulation AB, in the capacities described above, because it is servicing mortgage loans that constituted 10% or more of the assets of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing criteria, accountants’ attestation reports and servicer compliance statements delivered by Midland Loan Services, a Division of PNC Bank, National Association in the capacities described above are listed in the Exhibit Index.

LNR Partners, LLC is the special servicer of the mortgage loans serviced under the Pooling and Servicing Agreement and the 1201 Third Avenue Mortgage Loan. As a result, LNR Partners, LLC is a “servicer” as defined in Item 1108(a)(2)(iii) of Regulation AB, in the capacities described above, because it is servicing mortgage loans that constituted 10% or more of the assets of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing criteria, accountants’ attestation reports and servicer compliance statements delivered by LNR Partners, LLC in the capacities described above are listed in the Exhibit Index.

Computershare Trust Company, National Association is the custodian of the mortgage loans serviced under the Pooling and Servicing Agreement, the 1201 Third Avenue Mortgage Loan, the CX - 250 Water Street Mortgage Loan, the Green Acres Mortgage Loan, the Scottsdale Fashion Square Mortgage Loan, the National Warehouse & Distribution Portfolio Mortgage Loan, the 100 Jefferson Road Mortgage Loan, the One Campus Martius Mortgage Loan, the Centers of High Point Mortgage Loan and the Sentinel Square II Mortgage Loan. As a result, Computershare Trust Company, National Association is a servicing function participant in the capacities described above, because it is servicing mortgage loans that constituted 5% or more of the assets of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing criteria and accountants’ attestation reports delivered by Computershare Trust Company, National Association in the capacities described above are listed in the Exhibit Index.

Park Bridge Lender Services LLC is the operating advisor of the mortgage loans serviced under the Pooling and Servicing Agreement, the 1201 Third Avenue Mortgage Loan, the Scottsdale Fashion Square Mortgage Loan, the One Campus Martius Mortgage Loan, the Sentinel Square II Mortgage Loan and the Centers of High Point Mortgage Loan. As a result, Park Bridge Lender Services LLC is a servicing function participant in the capacities described above, because it is servicing mortgage loans that constituted 5% or more of the assets of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing criteria and accountants’ attestation reports delivered by Park Bridge Lender Services LLC in the capacities described above are listed in the Exhibit Index.

Wells Fargo Bank, National Association is the primary servicer of the 1201 Third Avenue Mortgage Loan, the CX - 250 Water Street Mortgage Loan, the National Warehouse & Distribution Portfolio Mortgage Loan and the 100 Jefferson Road Mortgage Loan., Aswhich aconstituted approximately ~~result~~9.1%, ~~Wells~~ ~~Fargo Bank~~8.1%, ~~National~~5.3% ~~Association~~and is4.6%, arespectively, ~~“servicer”~~of asthe ~~defined~~asset inpool ~~Item~~of the ~~1108(a)(2)(iii)~~issuing entity as of ~~Regulation~~its ~~AB,~~cut-off indate. ~~the~~In ~~capacities~~accordance ~~described~~with ~~above,~~the ~~because~~Compliance itand isDisclosure ~~servicing~~Interpretations, ~~mortgage~~Section ~~loans~~200.03 ~~that~~(Rules ~~constituted~~13a-18 ~~10%~~and or15d-18, ~~more~~Servicer’s Assessment of ~~the~~Compliance), ~~assets~~this ofpercentage ~~the~~must be reduced pro rata ~~issuing~~because ~~entity~~it was only acting as primary servicer of ~~its~~the ~~cut-off~~1201 ~~date.~~Third ~~The~~Avenue Mortgage ~~assessments~~Loan, ofthe ~~compliance~~CX ~~with applicable~~- ~~servicing~~250 ~~criteria~~Water Street Mortgage Loan, ~~accountants’~~the ~~attestation~~National ~~reports~~Warehouse & Distribution Portfolio Mortgage Loan and ~~servicer~~the 100 Jefferson Road Mortgage ~~compliance~~Loan ~~statements~~from ~~delivered~~January by1, ~~Wells~~2025 ~~Fargo~~to ~~Bank~~February 28, ~~National~~2025. ~~Association~~As ~~in the~~a ~~capacities~~result, ~~described~~it ~~above~~falls ~~are~~below ~~listed~~the de minimis requirements in ~~the~~Item ~~Exhibit~~1122 ~~Index~~of Regulation AB and no such assessment or attestation is required.

Trimont LLC is the primary servicer of the 1201 Third Avenue Mortgage Loan, the CX - 250 Water Street Mortgage Loan, the National Warehouse & Distribution Portfolio Mortgage Loan and the 100 Jefferson Road Mortgage Loan on and after March 1, 2025. As a result, Trimont LLC is a “servicer” as defined in Item 1108(a)(2)(iii) of Regulation AB, in the capacities described above, because it is servicing mortgage loans that constituted 10% or more of the assets of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing criteria, accountants’ attestation reports and servicer compliance statements delivered by Trimont in the capacities described above are listed in the Exhibit Index.

Pentalpha Surveillance LLC is the operating advisor of the National Warehouse & Distribution Portfolio Mortgage Loan and the 100 Jefferson Road Mortgage Loan. As a result, Pentalpha Surveillance LLC is a servicing function participant in the capacities described above, because it is servicing mortgage loans that constituted 5% or more of the assets of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing criteria and accountants’ attestation reports delivered by Pentalpha Surveillance LLC in the capacities described above are listed in the Exhibit Index.

Argentic Services Company LP is the special servicer of the Pacific Design Center Mortgage Loan, the CX - 250 Water Street Mortgage Loan and the 100 Jefferson Road Mortgage Loan. As a result, Argentic Services Company LP is a “servicer” as defined in Item 1108(a)(2)(iii) of Regulation AB, in the capacities described above, because it is servicing mortgage loans that constituted 10% or more of the assets of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing criteria, accountants’ attestation reports and servicer compliance statements delivered by Argentic Services Company LP in the capacities described above are listed in the Exhibit Index.

Computershare Trust Company, National Association acts as trustee of the Pacific Design Center Mortgage Loan, the Great Lakes Crossing Outlets Mortgage Loan, the Riverport Tower Mortgage Loan, the Sentinel Square II Mortgage Loan, the Centers of High Point Mortgage Loan, the National Warehouse & Distribution Portfolio Mortgage Loan, the Green Acres Mortgage Loan, the 100 Jefferson Road Mortgage Loan and the CX - 250 Water Street Mortgage Loan. Pursuant to the Pooling and Servicing Agreement, the pooling and servicing agreement for the FIVE 2023-V1 Transaction, the pooling and servicing agreement for the BANK5 2023-5YR1 Transaction, the pooling and servicing agreement for the Benchmark 2023-V2 Transaction, the pooling and servicing agreement for the MSWF 2023-1 Transaction and the pooling and servicing agreement for the MSWF 2023-2 Transaction, the trustee is required to provide an assessment of compliance with applicable servicing criteria solely with respect to Item 1122(d)(2)(iii) of Regulation AB (regarding advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements). However, during the reporting period, the trustee did not perform any servicing function with respect to the servicing criteria specified in Item 1122(d)(2)(iii) of Regulation AB. The master servicer or the special servicer, to the extent required, performed the servicing function identified with respect to Item 1122(d)(2)(iii) of Regulation AB, and each such party included Item 1122(d)(2)(iii) of Regulation AB in the assessment of compliance with applicable servicing criteria and accountant’s attestation report for the subject transaction. As a result, this Annual Report on Form 10-K does not include an assessment of compliance with applicable servicing criteria of the trustee. One or more other servicers of the Pacific Design Center Mortgage Loan, the Great Lakes Crossing Outlets Mortgage Loan, the Riverport Tower Mortgage Loan, the Sentinel Square II Mortgage Loan, the Centers of High Point Mortgage Loan, the National Warehouse & Distribution Portfolio Mortgage Loan, the Green Acres Mortgage Loan, the 100 Jefferson Road Mortgage Loan and the CX - 250 Water Street Mortgage Loan have delivered one or more assessments of compliance with respect to Item 1122(d)(2)(iii) of Regulation AB.

Wilmington Trust, National Association acts as trustee of the One Campus Martius Mortgage Loan, the Scottsdale Fashion Square Mortgage Loan and the 1201 Third Avenue Mortgage Loan. Pursuant to the pooling and servicing agreement for the Benchmark 2022-B36 Transaction, the trust and servicing agreement for the SCOTT 2023-SFS Transaction and the pooling and servicing agreement for the BANK 2023-BNK46 Transaction, the trustee is required to provide an assessment of compliance with applicable servicing criteria solely with respect to Item 1122(d)(2)(iii) of Regulation AB (regarding advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements). However, during the reporting period, the trustee did not perform any servicing function with respect to the servicing criteria specified in Item 1122(d)(2)(iii) of Regulation AB. The master servicer or the special servicer, to the extent required, performed the servicing function identified with respect to Item 1122(d)(2)(iii) of Regulation AB, and each such party included Item 1122(d)(2)(iii) of Regulation AB in the assessment of compliance with applicable servicing criteria and accountant’s attestation report for the subject transaction. As a result, this Annual Report on Form 10-K does not include an assessment of compliance with applicable servicing criteria of the trustee. One or more other servicers of the One Campus Martius Mortgage Loan, the Scottsdale Fashion Square Mortgage Loan and the 1201 Third Avenue Mortgage Loan have delivered one or more assessments of compliance with respect to Item 1122(d)(2)(iii) of Regulation AB.

This Annual Report on Form 10-K includes assessments of compliance with applicable servicing criteria and accountants’ attestation reports from CoreLogic Solutions, LLC. This entity was engaged by Trimont LLC as the primary servicer of the National Warehouse & Distribution Portfolio Mortgage Loan, the 100 Jefferson Road Mortgage Loan, the 1201 Third Avenue Mortgage Loan and the CX - 250 Water Street Mortgage Loan to remit tax payments received from the escrow accounts of borrowers to local taxing authorities, to report tax amounts due, to verify tax ~~parcel~~ parcel information, and to verify non-escrow tax payments. These servicing ~~functions~~ functions are included within the servicing criteria set forth in Item 1122(d)(4)(xi) of Regulation AB. Therefore, under the principles-based definition of “servicer” set forth in Item 1101(j) of Regulation AB that looks to the functions that an entity performs, this vendor is a “servicer” for the ~~purposes~~ purposes of Item 1122 of Regulation AB. See Compliance and ~~Disclosure~~ Disclosure Interpretations, Section 301.01 (Item 1101(j)).

The assessments of compliance with applicable servicing criteria, accountants’ attestation reports and servicer compliance statements of the certificate administrator of the One Campus Martius Mortgage Loan, the Sentinel Square II Mortgage Loan, the Centers of High Point Mortgage Loan, the Scottsdale Fashion Square Mortgage Loan, the National Warehouse & Distribution Portfolio Mortgage Loan, the Green Acres Mortgage Loan, the 100 Jefferson Road Mortgage Loan, the 1201 Third Avenue Mortgage Loan and the CX - 250 Water Street Mortgage Loan are omitted from this Annual Report on Form 10-K as the certificate administrator pursuant to the related pooling and servicing agreement or trust and servicing agreement does not perform any activities that address servicing criteria with respect to the issuing entity and because they are each not a “servicer” that meets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB.

With respect to the pari passu loan combinations that include the One Campus Martius Mortgage Loan, the Sentinel Square II Mortgage Loan, the Centers of High Point Mortgage Loan, the Scottsdale Fashion Square Mortgage Loan, the 1201 Third Avenue Mortgage Loan, the CX - 250 Water Street Mortgage Loan, the National Warehouse & Distribution Portfolio Mortgage Loan, ~~and~~the 100 Jefferson Road Mortgage Loan and the Green Acres Mortgage Loan, (i) the reports on assessment of compliance with servicing criteria and attestation reports on assessment of compliance with servicing criteria of K-Star Asset Management LLC as special servicer of the One Campus Martius Mortgage Loan, ~~and~~ Greystone Servicing Company LLC as special servicer of the Sentinel Square II Mortgage Loan and the Centers of High Point Mortgage Loan and Wells Fargo Bank, National Association as primary servicer of the 1201 Third Avenue Mortgage Loan, the CX - 250 Water Street Mortgage Loan, the National Warehouse & Distribution Portfolio Mortgage Loan and the 100 Jefferson Road Mortgage Loan prior to March 1, 2025, listed on the ~~Exhibit~~ Exhibit Index are omitted from this Annual Report on Form 10-K as they are not ~~required~~ required to be included on this Annual Report on Form 10-K per Instruction 3 to ~~Item~~ Item 1122 of Regulation AB because they are parties performing activities that address servicing criteria relating to 5% or less of the assets of the issuing entity; and (ii) the servicer compliance statements of K-Star Asset Management LLC as special servicer of the One Campus Martius Mortgage Loan, Greystone Servicing Company LLC as special servicer of the Sentinel Square II Mortgage Loan and the Centers of High Point Mortgage Loan, Berkadia Commercial Mortgage LLC as primary servicer of the Scottsdale Fashion Square Mortgage Loan, KeyBank National Association as special servicer of the Scottsdale Fashion Square Mortgage Loan, CWCapital Asset Management LLC as special servicer of the National Warehouse & Distribution Portfolio Mortgage Loan, ~~and~~ 3650 REIT ~~Loan~~ Loan Servicing LLC as special servicer of the Green Acres Mortgage Loan and Wells Fargo Bank, ~~listed~~National Association as primary servicer of the 1201 Third Avenue Mortgage Loan, the CX - 250 Water Street Mortgage Loan, the National Warehouse & Distribution Portfolio Mortgage Loan and the 100 Jefferson Road Mortgage Loan prior to March 1, 2025, listed on the Exhibit Index are omitted from this Annual Report on Form 10-K as they are not required by Item 1123 of Regulation AB to be included on this Annual Report on Form 10-K because they are each an unaffiliated party that is not a “servicer” that meets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB.

PART I

Item 1. Business.

Omitted.

Item 1A. Risk Factors.

Omitted.

Item 1B. Unresolved Staff Comments.

None.

Item 1C. Cybersecurity.

Omitted.

Item 2. Properties.

Omitted.

Item 3. Legal Proceedings.

Omitted.

Item 4. Mine Safety Disclosures.

Not applicable.

PART II

Omitted.

Item 6. [Reserved]

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 Supplementary Data.

Omitted.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

Omitted.

Item 9A. Controls and Procedures.

Omitted.

Item 9B. Other Information.

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

Omitted.

Item 11. Executive Compensation.

Omitted.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Omitted.

Item 14. Principal Accountant Fees and Services.

Omitted.

ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB

Item 1112(b) of Regulation AB, Significant Obligor Financial Information.

No single obligor represents 10% or more of the pool assets held by the issuing entity.

Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider Financial Information.

No entity or group of affiliated entities provides any external credit enhancement or other support for the certificates within this transaction as described under Item 1114(a) of Regulation AB.

Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial Information).

No entity or group of affiliated entities provides any derivative instruments or other support for the certificates within this transaction as described under Item 1115 of Regulation AB.

Item 1117 of Regulation AB, Legal Proceedings.

The registrant knows of no material pending legal proceeding involving the trust or any party related to the trust, other than routine litigation incidental to the duties of those respective parties, and the following, with respect to CWCapital Asset Management LLC, as ~~Special~~special ~~Servicer~~servicer.

OnFrom ~~December~~time ~~17,~~to ~~2015~~time, ~~U.S.~~CWCapital ~~Bank~~Asset ~~National~~Management ~~Association~~LLC, the trustee under five pooling and servicing agreements for (i) Wachovia Bank Commercial Mortgage Trust 2007-C30, (ii) COBALT CMBS Commercial Trust 2007-C2, (iii) Wachovia Bank Commercial Mortgage Trust 2007-C31, (iv) ML-CFC Commercial Mortgage Trust 2007-5 and (v) ML-CFC Commercial Mortgage Trust 2007-6 commenced a ~~proceeding~~Delaware ~~with~~limited ~~the~~liability ~~Second~~company ~~Judicial District Court of Ramsey County, Minnesota~~ (~~the~~ “~~State Court~~CWCAM”) for a declaratory judgment as to the proper allocation of certain proceeds (“Disputed Proceeds”) received by CWCAM in connection with the sale of the Peter Cooper Village and Stuyvesant Town property in New York, ~~New~~is ~~York~~a ~~securing loans~~party ~~held by those trusts. CWCAM was the special servicer of such property. The petition requests the State Court~~ to ~~instruct~~lawsuits ~~the trustee, the trust beneficiaries,~~ and ~~any~~ other ~~interested~~legal ~~parties~~proceedings as topart ~~the amount~~ of ~~the~~its ~~Disputed~~duties ~~Proceeds,~~as ~~if any, that constitute penalty interest and/or the amount of the Disputed Proceeds, if any, that constitute gain-on-sale proceeds, with respect to each trust. On February 24, 2016, CWCAM made~~ a ~~limited~~special ~~appearance with~~servicer ~~the State Court to file a motion to dismiss this proceeding based on lack of jurisdiction, mootness, standing and forum non conveniens~~(e. ~~On July 19, 2016, the State Court denied CWCAM’s motion to dismiss~~g. ~~On July 22~~, ~~2016,~~enforcement the action was removed to federal court in Minnesota (“Federal Court”). On October 21, 2016, the Federal Court held a hearing on the motion to transfer the action to the United States District Court for the Southern District of ~~New~~loan ~~York (“SDNY Court”~~obligations), ~~a motion to remand to state court~~ and ~~a motion to hear CWCAM’s~~/or ~~request~~arising for reconsideration of the motion to dismiss. On March 14, 2017, the Federal Court reserved the determination on the motion to hear CWCAM’s request for reconsideration of the motion to dismiss, denied the motion to remand the matter to state court and granted the motion to transfer the proceeding to the SDNY Court. Cross motions for judgment on the pleadings were filed but the SDNY Court was unable to decide the case based on the pleadings and the SDNY Court ordered discovery. All fact discovery was completed in ~~December, 2018 and expert discovery was completed on March 15, 2019. The parties submitted cross motions for summary judgment, and on March 19, 2020,~~ the ~~SDNY~~ordinary ~~Court~~course ~~entered an opinion and order in which it granted summary judgment in CWCAM’s favor and held that CWCAM was entitled to the entire amount~~ of ~~penalty interest and that CWCAM’s determination of Yield Maintenance was correct~~business. InOther ~~the~~than ~~127-page opinion,~~as ~~the~~set ~~SDNY~~forth ~~Court found for CWCAM on every issue presented by the trustee’s petition, namely, that the funds~~ in ~~dispute constitute penalty interest and yield maintenance, not gain-on-sale proceeds, and that~~ the ~~amount~~ offollowing ~~penalty interest and yield maintenance was correctly calculated. An appeal of the SDNY Court’s decision was taken on April 29~~paragraphs, ~~2020.~~there Oral argument on the appeal occurred on June 21, 2021. On July 14, 2022, the Second Circuit entered a decision affirming in part and reversing in part the SDNY Court’s decision and remanding to the SDNY Court for further proceedings. The Second Circuit affirmed the SDNY’s Court holding that Penalty Interest and Yield Maintenance are ~~paid~~currently ~~before~~no ~~Gain-On-Sale~~legal ~~Proceeds. The Second Circuit reversed and remanded for further~~ proceedings ~~that portion of the SDNY Court’s decision related to approximately $67.2 million in interest on advances. On January 13~~pending, 2023, the parties entered into a settlement agreement, in which (among other things) they agreed to stipulate that the amount of Interest on advances that accrued on or before June 3, 2014 is $27.5 million, and ~~that CWCAM would pay that amount into~~no ~~escrow~~legal ~~for~~proceedings ~~distribution~~known to ~~certificateholders~~be ~~upon~~contemplated ~~the entry of an order~~ by ~~the Court~~governmental ~~approving the settlement. U.S. Bank National Association~~authorities, ~~as Trustee for~~against ~~the~~CWCAM ~~trusts,~~or ~~provided notice~~ of ~~the~~which ~~settlement~~any to all parties in interest via a notice program approved by the Court. A hearing on the settlement was scheduled for March 16, 2023 and was continued to May 5, 2023. The court approved the settlement in a decision dated April 8, 2024. An appeal of ~~the~~its ~~Court’s~~property ~~decision was filed by one party, Cobalt LLC, which~~ is ~~believed to be focused solely on~~ the ~~timing~~subject, ofthat ~~the~~are ~~distribution~~material ~~of the $27.5 million and not with respect~~ to ~~CWCAM’s~~ ~~liability or~~ the ~~amount paid. The appeal brief is due on September 1,~~ ~~2024~~certificateholders. ~~The matter was subsequently resolved by the parties and approved by the Court and no further proceedings are required. The matter is closed.~~

On December 1, 2017, a complaint against CWCAM and others was filed in the United States District Court for the Southern District of New York styled as CWCapital Cobalt Vr Ltd. v. CWCapital Investments LLC, et al., No. 17-cv-9463 (the “Original Complaint”). The gravamen of the Original Complaint alleged breaches of a contract and fiduciary duties by CWCAM’s affiliate, CWCapital Investments ~~LLC~~ LLC in its capacity as collateral manager for the collateralized debt ~~obligation~~ obligation transaction involving CWCapital Cobalt Vr, Ltd. In total, there are 14 counts pled in the Original Complaint. Of those 14, 5 claims were asserted ~~against~~ against CWCAM for aiding and abetting breach of fiduciary duty, conversion and ~~unjust~~ unjust enrichment. On May 23, 2018, the Original Complaint was dismissed for lack of subject matter jurisdiction. On June 28, 2018, CWCapital Cobalt Vr Ltd. filed a substantially similar complaint in the Supreme Court of the State of New York, County of New York styled as CWCapital Cobalt Vr Ltd. v. CWCapital ~~Investments~~ Investments LLC, et al., Index No. 653277/2018 (the “New Complaint”). The ~~gravamen~~ gravamen of the New Complaint is the same as the previous complaint filed in the United State District Court for the Southern District of New York. In total there are 16 counts pled in the New Complaint. Of those 16 counts, 5 claims were asserted against CWCAM for aiding and abetting breach of fiduciary duty, conversion and unjust enrichment, 1 count seeks a declaratory judgement that the plaintiff has the right to enforce the contracts in question and 1 count seeks an injunction requiring the defendants to recognize the plaintiff as the directing holder for the trusts in question. On January 11, 2019, the plaintiff dismissed with prejudice the declaratory judgment and injunction counts. The New Complaint and related summons was not served on the defendants until July 13, 2018 and July 16, 2018. The plaintiff’s motion for a preliminary injunction was denied by the court on July 31, 2018. On August 3, 2018, the defendants, including CWCAM, filed a motion to dismiss the New Complaint in its entirety. On August 20, 2019, the court entered an order granting defendants’ motion almost in its entirety, dismissing 11 of the 16 counts and partially dismissing 2 additional counts. Of the remaining counts, 2 are asserted against CWCAM for aiding and abetting breach of fiduciary duty and unjust enrichment. On September 19, 2019, CWCapital Cobalt Vr Ltd. filed a notice of appeal relating to the August 20, 2019 dismissal order and on September 26, 2019, filed an amended ~~complaint~~ complaint against CWCI and CWCAM attempting to address deficiencies relating to ~~certain~~ certain of the claims dismissed by the August, 20, 2019 order. CWCI and CWCAM filed its Motion to Dismiss the amended complaint on October 28, 2019. The court heard argument on the Motion to Dismiss the amended complaint on January 22, 2020 and on October 23, 2020, the court granted the motion dismissing the ~~amended~~ amended claims. On November 30, 2020, CWCapital Cobalt Vr Ltd filed a notice of ~~appeal~~ appeal relating to the October 23, 2020 dismissal order. On April 27, 2021, the ~~First~~ First Department affirmed the dismissal as to claims against CWCAM that were part of the August 20, 2019 dismissal, but reversed the dismissal of two counts ~~for~~ for breach of the Collateral Management Agreement against CWCI. CWCI sought ~~leave~~ leave to file an appeal of the decision. The plaintiff also sought leave to ~~appeal~~ appeal the dismissal of the claims against CWCAM. Both requests for leave were ~~denied~~ denied by the First Department. On May 15, 2020, CWCI and CWCAM filed a motion to to renew its motion to dismiss as to 4 of the remaining counts (including the remaining two counts against CWCAM for aiding and abetting breach of fiduciary duty and unjust enrichment), based on a decision entered by Judge Failla in a trust instruction proceeding in the US District Court for the Southern District of New York awarding summary judgment in favor of CWCAM. On September 7, 2021, the court denied the motion to renew. CWCI and CWCAM filed a notice of appeal, which they perfected by the filing of their opening brief on July 1, 2022. On November 15, 2022, the First Department affirmed the court’s denial of the motion to renew. On October 1, 2021, CWCI and CWCAM moved to reargue the denial of the motion to renew (or alternatively, the motion to dismiss) with respect to certain of Cobalt’s claims, including the remaining 2 claims against CWCAM, based on the First Department’s April 27, 2021 decision. On March 24, 2022, the court denied the relief sought in the motion to reargue. CWCI and CWCAM appealed the court’s decision on the motion to reargue and filed their opening brief on July 11, 2022. The appeal was dismissed as being non-appealable on August 30, 2022. Discovery (both fact and expert) concluded on March 1, 2024. CWCAM and CWCI filed a motion for summary judgment on March 29, 2024, seeking dismissal of all the claims in their entirety. On that same date, the plaintiff cross moved for summary judgment on one of the claims asserted against only CWCI. ~~Summary~~Oral ~~judgment~~argument ~~briefing~~on isthe ~~scheduled~~parties’ tosummary ~~conclude~~judgment onmotions ~~June~~were 18heard on October 22, 2024. ~~Oral~~. On January 13, 2026, the court denied plaintiff’s motion for ~~argument~~summary ~~was~~judgment ~~heard~~and ongranted, ~~October~~in 22part, ~~2024~~and denied, in part, the motion filed by CWCI and CWCAM. Specifically, the court ~~has~~dismissed ~~taken~~the remaining two counts against CWCAM for aiding and abetting breach of fiduciary duty and unjust enrichment. With respect to CWCI, the ~~arguments~~court dismissed two counts against CWCI ~~under~~in ~~consideration~~their entirety and dismissed portions of one count against CWCI. The ~~timing~~only three ofcounts athat ~~decision~~survived isand ~~unknown~~remain in the case are against CWCI. The court severed the dismissed claims from the surviving claims. On January 22, 2026, CWCI and CWCAM ~~believes~~submitted an order to the court, requesting that it ~~has~~direct ~~performed~~the clerk’s ~~its~~office ~~obligations~~to ~~under~~enter judgment on the ~~related~~dismissed ~~pooling~~claims and ~~servicing~~that ~~agreements~~CWCAM be indismissed ~~good~~as ~~faith~~a ~~and~~defendant from the ~~remaining~~action. ~~allegations~~CWCAM inbelieves that it has performed its obligations under the ~~New~~related ~~Complaint~~pooling ~~are~~and ~~without~~servicing agreements in good ~~merit~~faith.

On January 13, 2025, in the Supreme Court of the State of New York, ROC Debt Strategies II Bond Investments LLC (“Bridge Investment Group or “Bridge”), as Directing Certificateholder (“DCH”) filed suit against CWCapital Asset Management LLC (“CWCAM”), alleging breach of the subject Pooling and Servicing Agreement (“PSA”) and violation of the Servicing Standard while acting as special servicer for the FREMF 2016-KS06 pool. It is alleged that CWCAM was negligent in the servicing of a portfolio of 9 loans (the “Ranger Portfolio”) that were in special servicing starting in 2022. The suit demands unspecified compensatory damages and a Declaratory Judgment that CWCAM is not entitled to indemnification or payment for expenses from the Trust under the PSA. CWCAM disagrees vehemently with these allegations and a Motion to Dismiss was filed by CWCAM on March 14, 2025. The motion has been fully briefed and a hearing was held on August 25, 2025 While that motion was pending, the parties reached a business resolution and by stipulation the lawsuit was dismissed with prejudice on January 22, 2026.

Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions.

The information regarding this Item has been previously provided in the prospectus of the Registrant relating to the issuing entity filed on April 21, 2023 pursuant to Rule 424(b)(2).

Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria.

The reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on such assessments of compliance with respect to the mortgage loans are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Schedule II to the Pooling and Servicing Agreement incorporated by reference as Exhibit 4.1 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing function for the transaction responsible for each applicable servicing criteria set forth in Item 1122(d).

The reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on such assessments of compliance with respect to the One Campus Martius Mortgage Loan, which is being serviced and administered pursuant to the pooling and servicing agreement for the Benchmark 2022-B36 Transaction, are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit AA to the pooling and servicing agreement for the Benchmark 2022-B36 Transaction incorporated by reference as Exhibit 4.2 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing function for the Benchmark 2022-B36 Transaction responsible for each applicable servicing criteria set forth in Item 1122(d).

The reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on such assessments of compliance with respect to the Sentinel Square II Mortgage Loan and the Centers of High Point Mortgage Loan, which are being serviced and administered pursuant to the pooling and servicing agreement for the FIVE 2023-V1 Transaction, are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Schedule II to the pooling and servicing agreement for the FIVE 2023-V1 Transaction incorporated by reference as Exhibit 4.3 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing function for the FIVE 2023-V1 Transaction responsible for each applicable servicing criteria set forth in Item 1122(d).

The reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on such assessments of compliance with respect to the Scottsdale Fashion Square Mortgage Loan, which is being serviced and administered pursuant to the trust and servicing agreement for the SCOTT 2023-SFS Transaction, are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit L to the trust and servicing agreement for the SCOTT 2023-SFS Transaction incorporated by reference as Exhibit 4.4 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing function for the SCOTT 2023-SFS Transaction responsible for each applicable servicing criteria set forth in Item 1122(d).

The reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on such assessments of compliance with respect to the National Warehouse & Distribution Portfolio Mortgage Loan, which is being serviced and administered pursuant to the pooling and servicing agreement for the BANK5 2023-5YR1 Transaction, are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit AA to the pooling and servicing agreement for the BANK5 2023-5YR1 Transaction incorporated by reference as Exhibit 4.5 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing function for the BANK5 2023-5YR1 Transaction responsible for each applicable servicing criteria set forth in Item 1122(d).

The reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on such assessments of compliance with respect to the Green Acres Mortgage Loan, which is being serviced and administered pursuant to the pooling and servicing agreement for the Benchmark 2023-V2 Transaction, are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit O to the pooling and servicing agreement for the Benchmark 2023-V2 Transaction incorporated by reference as Exhibit 4.6 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing function for the Benchmark 2023-V2 Transaction responsible for each applicable servicing criteria set forth in Item 1122(d).

The reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on such assessments of compliance with respect to the 100 Jefferson Road Mortgage Loan, which is being serviced and administered pursuant to the pooling and servicing agreement for the MSWF 2023-1 Transaction, are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit Z to the pooling and servicing agreement for the MSWF 2023-1 Transaction incorporated by reference as Exhibit 4.7 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing function for the MSWF 2023-1 Transaction responsible for each applicable servicing criteria set forth in Item 1122(d).

The reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on such assessments of compliance with respect to the 1201 Third Avenue Mortgage Loan, which is being serviced and administered pursuant to the pooling and servicing agreement for the BANK 2023-BNK46 Transaction, are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit AA to the pooling and servicing agreement for the BANK 2023-BNK46 Transaction incorporated by reference as Exhibit 4.8 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing function for the BANK 2023-BNK46 Transaction responsible for each applicable servicing criteria set forth in Item 1122(d).

The reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on such assessments of compliance with respect to the CX - 250 Water Street Mortgage Loan, which is being serviced and administered pursuant to the pooling and servicing agreement for the MSWF 2023-2 Transaction, are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit Z to the pooling and servicing agreement for the MSWF 2023-2 Transaction incorporated by reference as Exhibit 4.9 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing function for the MSWF 2023-2 Transaction responsible for each applicable servicing criteria set forth in Item 1122(d).

Item 1123 of Regulation AB, Servicer Compliance Statement.

The servicer compliance statements are attached as Exhibits to this Annual Report on Form 10-K.

PART IV

Item 15. Exhibits, and Financial Statement Schedules

(a) The following is a list of documents filed as part of this Annual Report on Form 10-K:

(1) Not applicable

(2) Not applicable

(3) See below

4.1 Pooling and Servicing Agreement, dated as of April 1, 2023, between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, LNR Partners, LLC, as General Special Servicer, Argentic Services Company LP, as Pacific Design Center Special Servicer, Computershare Trust Company, N.A., as Trustee, Certificate Administrator, Paying Agent and Custodian, and Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer (filed as Exhibit 4.1 to the registrant’s Current Report on Form 8-K/A filed on September 8, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.2 Pooling and Servicing Agreement, dated as of August 1, 2022, between J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Computershare Trust Company, National Association, as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations ~~Reviewer~~ Reviewer (filed as Exhibit 99.9 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.3 Pooling and Servicing Agreement, dated as of February 1, 2023, between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, Greystone Servicing Company LLC, as Special Servicer, Computershare Trust Company, N.A, as Trustee, Computershare Trust Company, N.A, as Certificate Administrator, Paying Agent and Custodian, and Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer (filed as Exhibit 99.10 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.4 Trust and Servicing Agreement, dated as of March 17, 2023, between GS Mortgage Securities Corporation II, as Depositor, Berkadia Commercial Mortgage LLC, as Servicer, KeyBank National Association, as Special Servicer, Computershare Trust Company, N.A., as Certificate Administrator and Custodian, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor (filed as Exhibit 99.8 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.5 Pooling and Servicing Agreement, dated as of April 1, 2023, among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, CWCapital Asset Management LLC, as Special Servicer, Computershare Trust Company, N.A., as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer (filed as Exhibit 99.5 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.6 Pooling and Servicing Agreement, dated as of May 1, 2023, 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 a Special Servicer, BellOak, LLC, as Operating Advisor and Asset Representations Reviewer, and Computershare Trust Company, National Association, as Certificate Administrator and Trustee (filed as Exhibit 99.1 to the registrant’s Current Report on Form 8-K filed on May 31, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.7 Pooling and Servicing Agreement, dated as of May 1, 2023, between Morgan Stanley Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Argentic Services Company LP, as Special Servicer, Computershare Trust Company, National Association, as Certificate Administrator and as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer (filed as Exhibit 99.1 to the registrant’s Current Report on Form 8-K filed on May 31, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.8 Pooling and Servicing Agreement, dated as of August 1, 2023, among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as General Master Servicer, LNR Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as Co-op Master Servicer and as Co-op Special Servicer, Computershare Trust Company, N.A., as Certificate Administrator, Wilmington Trust, National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and as Asset Representations Reviewer (filed as Exhibit 99.1 to the registrant’s Current Report on Form 8-K filed on August 14, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.9 Pooling and Servicing Agreement, dated as of December 1, 2023, among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Argentic Services Company LP, as Special Servicer, Computershare Trust Company, National Association, as Certificate Administrator and as Trustee, and BellOak, LLC, as Operating Advisor and as Asset Representations Reviewer (filed as Exhibit 99.1 to the registrant’s Current Report on Form 8-K filed on December 27, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.11 Agreement Between Note Holders, dated as of April 19, 2023 by and between Morgan Stanley Bank, N.A., as Initial Note A-1-1 Holder, Morgan Stanley Bank, N.A., as Initial Note A-1-2 Holder, Morgan Stanley Bank, N.A., as Initial Note A-1-3 Holder, Morgan Stanley Bank, N.A., as Initial Note A-2 Holder, JPMorgan Chase Bank, National Association, as Initial Note A-3 Holder, and JPMorgan Chase Bank, National Association, as Initial Note A-4 Holder (filed as Exhibit 99.12 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.14 Co-Lender Agreement, dated as of January 5, 2023, by and among Goldman Sachs Bank USA, as Initial Note A-1 Holder, DBR Investments Co. Limited, as Initial Note A-2 Holder, and Bank of Montreal, as Initial Note A-3 Holder (filed as Exhibit 99.15 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.15 Co-Lender Agreement, dated as of March 3, 2023, by and among Goldman Sachs Bank USA, as Initial Note A-1-S1 Holder, Goldman Sachs Bank USA, as Initial Note A-1-C1 Holder, Goldman Sachs Bank USA, as Initial Note A-1-C2 Holder, Goldman Sachs Bank USA, as Initial Note A-1-C3 Holder, Goldman Sachs Bank USA, as Initial Note A-1-C4 Holder, Deutsche Bank AG, New York Branch, as Initial Note A-2-S1 Holder, Deutsche Bank AG, New York Branch, as Initial Note A-2-C1 Holder, Deutsche Bank AG, New York Branch, as Initial Note A-2-C2 Holder, and Deutsche Bank AG, New York Branch, as Initial Note A-2-C3 Holder (filed as Exhibit 99.16 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.16 Co-Lender Agreement, dated as of March 13, 2023, by and between Citi Real Estate Funding Inc., as Initial Note A-1 Holder, Citi Real Estate Funding Inc., as Initial Note A-2 Holder, Citi Real Estate Funding Inc., as Initial Note A-3 Holder, Citi Real Estate Funding Inc., as Initial Note A-4-1 Holder, Citi Real Estate Funding Inc., as Initial Note A-4-2 Holder, and Citi Real Estate Funding Inc., as Initial Note A-5 Holder (filed as Exhibit 99.17 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.17 Co-Lender Agreement, dated as of March 10, 2023, by and between JPMorgan Chase Bank, National Association, as Initial Note A-1 Holder, Argentic Real Estate Finance 2 LLC, as Initial Note A-2 Holder, Argentic Real Estate Finance 2 LLC, as Initial Note A-3 Holder, and Argentic Real Estate Finance 2 LLC, as Initial Note A-4 Holder (filed as Exhibit 99.18 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.18 Co-Lender Agreement, dated as of June 28, 2022, by and between JPMorgan Chase Bank, National Association, as Initial Note A-1 Holder, JPMorgan Chase Bank, National Association, as Initial Note A-2 Holder, JPMorgan Chase Bank, National Association, as Initial Note A-3 Holder, JPMorgan Chase Bank, National Association, as Initial Note A-4 Holder, JPMorgan Chase Bank, National Association, as Initial Note A-5 Holder, Morgan Stanley Bank, N.A., as Initial Note A-6 Holder, Morgan Stanley Bank, N.A., as Initial Note A-7 Holder, and Morgan Stanley Bank, N.A., as Initial Note A-8 Holder (filed as Exhibit 99.19 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.19 Agreement Between Noteholders, dated as of November 3, 2022 by and among Goldman Sachs Bank USA, as Initial Note A-1 Holder, and Goldman Sachs Bank USA, as Initial Note A-2 Holder (filed as Exhibit 99.20 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.20 Amended and Restated Co-Lender Agreement, dated as of April 5, 2023, between German American Capital Corporation, as Note A-1-1 Holder, German American Capital Corporation, as Note A-1-2 Holder, Computershare Trust Company, N.A., as Trustee for the benefit of the Registered Holders of FIVE 2023-V1 Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2023-V1, as Note A-2 Holder, Computershare Trust Company, N.A., as Trustee for the benefit of the Registered Holders of FIVE 2023-V1 Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2023-V1, as Note A-3 Holder, and Computershare Trust Company, N.A., as Trustee for the benefit of the Registered Holders of FIVE 2023-V1 Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2023-V1, as Note A-4 Holder (filed as Exhibit 99.21 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

4.21 Co-Lender Agreement, dated as of February 28, 2023, between DBR Investments Co. Limited, as Note A-1 Holder, and DBR Investments Co. Limited, as Note A-2 Holder (filed as Exhibit 99.22 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

31 Rule 13a-14(d)/15d-14(d) Certifications.

33 Reports on assessment of compliance with servicing criteria for asset-backed securities.

33.1 Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer

33.2 LNR Partners, LLC, as Special Servicer

33.3 Computershare Trust Company, National Association, as Trustee and Certificate Administrator

33.4 Computershare Trust Company, National Association, as Custodian

33.5 Park Bridge Lender Services LLC, as Operating Advisor

33.6 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Pacific Design Center Mortgage Loan (see Exhibit 33.1)

33.7 Argentic Services Company LP, as Special Servicer of the Pacific Design Center Mortgage Loan

33.8 Computershare Trust Company, National Association, as Trustee of the Pacific Design Center Mortgage Loan (Omitted. See Explanatory Notes.)

33.9 Computershare Trust Company, National Association, as Custodian of the Pacific Design Center Mortgage Loan (see Exhibit 33.4)

33.10 Park Bridge Lender Services LLC, as Operating Advisor of the Pacific Design Center Mortgage Loan (see Exhibit 33.5)

33.11 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit 33.1)

33.12 LNR Partners, LLC, as Special Servicer of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit 33.2)

33.13 Computershare Trust Company, National Association, as Trustee of the Great Lakes Crossing Outlets Mortgage Loan (Omitted. See Explanatory Notes.)

33.14 Computershare Trust Company, National Association, as Custodian of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit 33.4)

33.15 Park Bridge Lender Services LLC, as Operating Advisor of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit 33.5)

33.16 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Riverport Tower Mortgage Loan (see Exhibit 33.1)

33.17 LNR Partners, LLC, as Special Servicer of the Riverport Tower Mortgage Loan (see Exhibit 33.2)

33.18 Computershare Trust Company, National Association, as Trustee of the Riverport Tower Mortgage Loan (Omitted. See Explanatory Notes.)

33.19 Computershare Trust Company, National Association, as Custodian of the Riverport Tower Mortgage Loan (see Exhibit 33.4)

33.20 Park Bridge Lender Services LLC, as Operating Advisor of the Riverport Tower Mortgage Loan (see Exhibit 33.5)

33.21 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the One Campus Martius Mortgage Loan (see Exhibit 33.1)

33.22 K-Star Asset Management LLC, as Special Servicer of the One Campus Martius Mortgage Loan (Omitted. See Explanatory Notes.)

33.23 Wilmington Trust, National Association, as Trustee of the One Campus Martius Mortgage Loan (Omitted. See Explanatory Notes.)

33.24 Computershare Trust Company, National Association, as Custodian of the One Campus Martius Mortgage Loan (see Exhibit 33.4)

33.25 Park Bridge Lender Services LLC, as Operating Advisor of the One Campus Martius Mortgage Loan (see Exhibit 33.5)

33.26 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Sentinel Square II Mortgage Loan (see Exhibit 33.1)

33.27 Greystone Servicing Company LLC, as Special Servicer of the Sentinel Square II Mortgage Loan (Omitted. See Explanatory Notes.)

33.28 Computershare Trust Company, National Association, as Trustee of the Sentinel Square II Mortgage Loan (Omitted. See Explanatory Notes.)

33.29 Computershare Trust Company, National Association, as Custodian of the Sentinel Square II Mortgage Loan (see Exhibit 33.4)

33.30 Park Bridge Lender Services LLC, as Operating Advisor of the Sentinel Square II Mortgage Loan (see Exhibit 33.5)

33.31 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Centers of High Point Mortgage Loan (see Exhibit 33.1)

33.32 Greystone Servicing Company LLC, as Special Servicer of the Centers of High Point Mortgage Loan (Omitted. See Explanatory Notes.)

33.33 Computershare Trust Company, National Association, as Trustee of the Centers of High Point Mortgage Loan (Omitted. See Explanatory Notes.)

33.34 Computershare Trust Company, National Association, as Custodian of the Centers of High Point Mortgage Loan (see Exhibit 33.4)

33.35 Park Bridge Lender Services LLC, as Operating Advisor of the Centers of High Point Mortgage Loan (see Exhibit 33.5)

33.36 Berkadia Commercial Mortgage LLC, as Primary Servicer of the Scottsdale Fashion Square Mortgage Loan

33.37 KeyBank National Association, as Special Servicer of the Scottsdale Fashion Square Mortgage Loan

33.38 Wilmington Trust, National Association, as Trustee of the Scottsdale Fashion Square Mortgage Loan (Omitted. See Explanatory Notes.)

33.39 Computershare Trust Company, National Association, as Custodian of the Scottsdale Fashion Square Mortgage Loan (see Exhibit 33.4)

33.40 Park Bridge Lender Services LLC, as Operating Advisor of the Scottsdale Fashion Square Mortgage Loan (see Exhibit 33.5)

33.41 Wells Fargo Bank, National Association, as Primary Servicer of the National Warehouse & Distribution Portfolio Mortgage Loan prior to March 1, 2025 (Omitted. See Explanatory Notes.)

33.42 ~~CWCapital~~Trimont ~~Asset Management~~ LLC, as ~~Special~~ Primary Servicer of the National Warehouse & Distribution Portfolio Mortgage Loan on and after March 1, 2025

33.43 ~~Computershare~~CWCapital ~~Trust~~Asset ~~Company,~~Management ~~National Association~~LLC, as ~~Trustee~~Special Servicer of the National Warehouse & Distribution Portfolio Mortgage Loan ~~(Omitted. See Explanatory Notes.)~~

33.44 Computershare Trust Company, National Association, as ~~Custodian~~Trustee of the National Warehouse & Distribution Portfolio Mortgage Loan (~~see~~Omitted. ~~Exhibit~~See 33Explanatory Notes.4)

33.45 ~~Pentalpha~~Computershare ~~Surveillance~~Trust ~~LLC~~Company, National Association, as ~~Operating~~Custodian ~~Advisor~~ of the National Warehouse & Distribution Portfolio Mortgage Loan (see Exhibit 33.4)

33.46 ~~CoreLogic~~Pentalpha ~~Solutions,~~Surveillance LLC, as ~~Servicing~~Operating ~~Function~~Advisor ~~Participant~~ of the National Warehouse & Distribution Portfolio Mortgage Loan

33.47 ~~Midland~~CoreLogic ~~Loan Services~~Solutions, ~~a Division of PNC Bank~~LLC, ~~National~~ ~~Association,~~ as ~~Primary~~Servicing ~~Servicer~~Function Participant of the ~~Green~~National ~~Acres~~Warehouse ~~Mortgage~~& ~~Loan~~Distribution ~~(see Exhibit~~Portfolio ~~33.1)~~Mortgage Loan

33.48 ~~3650~~Midland ~~REIT~~ Loan ~~Servicing~~Services, ~~LLC~~a Division of PNC Bank, National Association, as ~~Special~~Primary Servicer of the Green Acres Mortgage Loan (see Exhibit 33.1)

33.49 ~~Computershare~~3650 ~~Trust~~REIT ~~Company,~~Loan ~~National~~Servicing ~~Association~~LLC, as ~~Trustee~~Special Servicer of the Green Acres Mortgage Loan ~~(Omitted. See Explanatory Notes.)~~

33.50 Computershare Trust Company, National Association, as ~~Custodian~~Trustee of the Green Acres Mortgage Loan (~~see~~Omitted. ~~Exhibit~~See 33Explanatory Notes.4)

33.51 ~~BellOak,~~Computershare ~~LLC~~Trust Company, National Association, as ~~Operating~~Custodian ~~Advisor~~ of the Green Acres Mortgage Loan (see Exhibit 33.4)

33.52 ~~Wells Fargo Bank~~BellOak, ~~National Association~~LLC, as ~~Primary Servicer~~Operating Advisor of the ~~100~~Green Acres ~~Jefferson Road~~ Mortgage Loan ~~(see Exhibit 33.41)~~

33.53 ~~Argentic~~Wells ~~Services~~Fargo ~~Company~~Bank, LPNational Association, as ~~Special~~Primary Servicer of the 100 Jefferson Road Mortgage Loan prior to March 1, 2025 (~~see~~Omitted. ~~Exhibit~~See Explanatory 33Notes.7)

33.54 ~~Computershare~~Trimont ~~Trust Company~~LLC, ~~National Association,~~ as ~~Trustee~~Primary Servicer of the 100 Jefferson Road Mortgage Loan ~~(Omitted.~~on ~~See~~and ~~Explanatory~~after ~~Notes~~March 1, 2025 (see Exhibit 33.42)

33.55 ~~Computershare~~Argentic ~~Trust~~Services Company, ~~National Association~~LP, as ~~Custodian~~Special Servicer of the 100 Jefferson Road Mortgage Loan (see Exhibit 33.47)

33.56 ~~Pentalpha~~Computershare ~~Surveillance~~Trust ~~LLC~~Company, National Association, as ~~Operating~~Trustee ~~Advisor~~ of the 100 Jefferson Road Mortgage Loan (~~see~~Omitted. ~~Exhibit~~See 33Explanatory Notes.45)

33.57 ~~CoreLogic~~Computershare ~~Solutions,~~Trust ~~LLC~~Company, asNational ~~Servicing Function~~Association, ~~Participant~~as Custodian of the 100 Jefferson Road Mortgage Loan (see Exhibit 33.464)

33.58 ~~Wells~~Pentalpha ~~Fargo~~Surveillance ~~Bank~~LLC, ~~National Association,~~ as ~~Primary Servicer~~Operating Advisor of the ~~1201~~100 ~~Third~~Jefferson ~~Avenue~~Road Mortgage Loan (see Exhibit 33.4146)

33.59 ~~LNR~~CoreLogic ~~Partners~~Solutions, LLC, as ~~Special~~Servicing ~~Servicer~~Function Participant of the ~~1201 Third~~100 ~~Avenue~~Jefferson Road Mortgage Loan (see Exhibit 33.247)

33.60 ~~Wilmington~~Wells ~~Trust~~Fargo Bank, National Association, as ~~Trustee~~Primary Servicer of the 1201 Third ~~Avenue~~ Avenue Mortgage Loan prior to March 1, 2025 (Omitted. See Explanatory Notes.)

33.61 ~~Computershare~~Trimont ~~Trust Company~~LLC, ~~National Association,~~ as ~~Custodian~~Primary Servicer of the 1201 Third Avenue Mortgage Loan on and after March 1, 2025 (see Exhibit 33.442)

33.62 ~~Park~~LNR ~~Bridge~~Partners, ~~Lender Services~~ LLC, as ~~Operating Advisor~~Special Servicer of the 1201 Third Avenue Mortgage Loan (see Exhibit 33.52)

33.63 ~~CoreLogic~~Wilmington ~~Solutions~~Trust, ~~LLC~~National Association, as ~~Servicing~~Trustee ~~Function Participant~~ of the 1201 Third Avenue Mortgage Loan (~~see~~Omitted. ~~Exhibit~~See 33Explanatory Notes.46)

33.64 ~~Wells~~Computershare ~~Fargo~~Trust ~~Bank~~Company, National Association, as ~~Primary Servicer~~Custodian of the CX1201 -Third ~~250~~Avenue ~~Water Street~~ Mortgage Loan (see Exhibit 33.414)

33.65 ~~Argentic~~Park ~~Services~~Bridge ~~Company~~Lender LPServices LLC, as ~~Special Servicer~~Operating Advisor of the CX1201 -Third ~~250~~Avenue ~~Water Street~~ Mortgage Loan (see Exhibit 33.75)

33.66 ~~Computershare~~CoreLogic ~~Trust Company~~Solutions, ~~National Association~~LLC, as ~~Trustee~~Servicing Function Participant of the CX1201 -Third ~~250 Water~~Avenue ~~Street~~ Mortgage Loan (~~Omitted.~~see ~~See~~Exhibit ~~Explanatory Notes~~33.47)

33.67 ~~Computershare~~Wells ~~Trust~~Fargo ~~Company~~Bank, National Association, as ~~Custodian~~Primary Servicer of the CX - 250 Water Street Mortgage Loan prior to March 1, 2025 (~~see~~Omitted. ~~Exhibit~~See 33Explanatory Notes.4)

33.68 ~~BellOak,~~Trimont LLC, as ~~Operating~~Primary ~~Advisor~~Servicer of the CX - 250 Water Street Mortgage Loan on and after March 1, 2025 (see Exhibit 33.5142)

33.69 ~~CoreLogic~~Argentic ~~Solutions,~~Services ~~LLC~~Company LP, as ~~Servicing~~Special ~~Function~~Servicer ~~Participant~~ of the CX - 250 Water Street Mortgage Loan (see Exhibit 33.467)

33.70 Computershare Trust Company, National Association, as Trustee of the CX - 250 Water Street Mortgage Loan (Omitted. See Explanatory Notes.)

33.71 Computershare Trust Company, National Association, as Custodian of the CX - 250 Water Street Mortgage Loan (see Exhibit 33.4)

33.72 BellOak, LLC, as Operating Advisor of the CX - 250 Water Street Mortgage Loan (see Exhibit 33.52)

33.73 CoreLogic Solutions, LLC, as Servicing Function Participant of the CX - 250 Water Street Mortgage Loan (see Exhibit 33.47)

34 Attestation reports on assessment of compliance with servicing criteria for asset-backed securities.

34.1 Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer

34.2 LNR Partners, LLC, as Special Servicer

34.3 Computershare Trust Company, National Association, as Trustee and Certificate Administrator

34.4 Computershare Trust Company, National Association, as Custodian

34.5 Park Bridge Lender Services LLC, as Operating Advisor

34.6 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Pacific Design Center Mortgage Loan (see Exhibit 34.1)

34.7 Argentic Services Company LP, as Special Servicer of the Pacific Design Center Mortgage Loan

34.8 Computershare Trust Company, National Association, as Trustee of the Pacific Design Center Mortgage Loan (Omitted. See Explanatory Notes.)

34.9 Computershare Trust Company, National Association, as Custodian of the Pacific Design Center Mortgage Loan (see Exhibit 34.4)

34.10 Park Bridge Lender Services LLC, as Operating Advisor of the Pacific Design Center Mortgage Loan (see Exhibit 34.5)

34.11 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit 34.1)

34.12 LNR Partners, LLC, as Special Servicer of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit 34.2)

34.13 Computershare Trust Company, National Association, as Trustee of the Great Lakes Crossing Outlets Mortgage Loan (Omitted. See Explanatory Notes.)

34.14 Computershare Trust Company, National Association, as Custodian of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit 34.4)

34.15 Park Bridge Lender Services LLC, as Operating Advisor of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit 34.5)

34.16 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Riverport Tower Mortgage Loan (see Exhibit 34.1)

34.17 LNR Partners, LLC, as Special Servicer of the Riverport Tower Mortgage Loan (see Exhibit 34.2)

34.18 Computershare Trust Company, National Association, as Trustee of the Riverport Tower Mortgage Loan (Omitted. See Explanatory Notes.)

34.19 Computershare Trust Company, National Association, as Custodian of the Riverport Tower Mortgage Loan (see Exhibit 34.4)

34.20 Park Bridge Lender Services LLC, as Operating Advisor of the Riverport Tower Mortgage Loan (see Exhibit 34.5)

34.21 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the One Campus Martius Mortgage Loan (see Exhibit 34.1)

34.22 K-Star Asset Management LLC, as Special Servicer of the One Campus Martius Mortgage Loan (Omitted. See Explanatory Notes.)

34.23 Wilmington Trust, National Association, as Trustee of the One Campus Martius Mortgage Loan (Omitted. See Explanatory Notes.)

34.24 Computershare Trust Company, National Association, as Custodian of the One Campus Martius Mortgage Loan (see Exhibit 34.4)

34.25 Park Bridge Lender Services LLC, as Operating Advisor of the One Campus Martius Mortgage Loan (see Exhibit 34.5)

34.26 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Sentinel Square II Mortgage Loan (see Exhibit 34.1)

34.27 Greystone Servicing Company LLC, as Special Servicer of the Sentinel Square II Mortgage Loan (Omitted. See Explanatory Notes.)

34.28 Computershare Trust Company, National Association, as Trustee of the Sentinel Square II Mortgage Loan (Omitted. See Explanatory Notes.)

34.29 Computershare Trust Company, National Association, as Custodian of the Sentinel Square II Mortgage Loan (see Exhibit 34.4)

34.30 Park Bridge Lender Services LLC, as Operating Advisor of the Sentinel Square II Mortgage Loan (see Exhibit 34.5)

34.31 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Centers of High Point Mortgage Loan (see Exhibit 34.1)

34.32 Greystone Servicing Company LLC, as Special Servicer of the Centers of High Point Mortgage Loan (Omitted. See Explanatory Notes.)

34.33 Computershare Trust Company, National Association, as Trustee of the Centers of High Point Mortgage Loan (Omitted. See Explanatory Notes.)

34.34 Computershare Trust Company, National Association, as Custodian of the Centers of High Point Mortgage Loan (see Exhibit 34.4)

34.35 Park Bridge Lender Services LLC, as Operating Advisor of the Centers of High Point Mortgage Loan (see Exhibit 34.5)

34.36 Berkadia Commercial Mortgage LLC, as Primary Servicer of the Scottsdale Fashion Square Mortgage Loan

34.37 KeyBank National Association, as Special Servicer of the Scottsdale Fashion Square Mortgage Loan

34.38 Wilmington Trust, National Association, as Trustee of the Scottsdale Fashion Square Mortgage Loan (Omitted. See Explanatory Notes.)

34.39 Computershare Trust Company, National Association, as Custodian of the Scottsdale Fashion Square Mortgage Loan (see Exhibit 34.4)

34.40 Park Bridge Lender Services LLC, as Operating Advisor of the Scottsdale Fashion Square Mortgage Loan (see Exhibit 34.5)

34.41 Wells Fargo Bank, National Association, as Primary Servicer of the National Warehouse & Distribution Portfolio Mortgage Loan prior to March 1, 2025 (Omitted. See Explanatory Notes.)

34.42 ~~CWCapital~~Trimont ~~Asset Management~~ LLC, as ~~Special~~ Primary Servicer of the National Warehouse & Distribution Portfolio Mortgage Loan on and after March 1, 2025

34.43 ~~Computershare~~CWCapital ~~Trust~~Asset ~~Company,~~Management ~~National Association~~LLC, as ~~Trustee~~Special Servicer of the National Warehouse & Distribution Portfolio Mortgage Loan ~~(Omitted. See Explanatory Notes.)~~

34.44 Computershare Trust Company, National Association, as ~~Custodian~~Trustee of the National Warehouse & Distribution Portfolio Mortgage Loan (~~see~~Omitted. ~~Exhibit~~See 34Explanatory Notes.4)

34.45 ~~Pentalpha~~Computershare ~~Surveillance~~Trust ~~LLC~~Company, National Association, as ~~Operating~~Custodian ~~Advisor~~ of the National Warehouse & Distribution Portfolio Mortgage Loan (see Exhibit 34.4)

34.46 ~~CoreLogic~~Pentalpha ~~Solutions,~~Surveillance LLC, as ~~Servicing~~Operating ~~Function~~Advisor ~~Participant~~ of the National Warehouse & Distribution Portfolio Mortgage Loan

34.47 ~~Midland~~CoreLogic ~~Loan Services~~Solutions, ~~a Division of PNC Bank~~LLC, ~~National~~ ~~Association,~~ as ~~Primary~~Servicing ~~Servicer~~Function Participant of the ~~Green~~National ~~Acres~~Warehouse ~~Mortgage~~& ~~Loan~~Distribution ~~(see Exhibit~~Portfolio ~~34.1)~~Mortgage Loan

34.48 ~~3650~~Midland ~~REIT~~ Loan ~~Servicing~~Services, ~~LLC~~a Division of PNC Bank, National Association, as ~~Special~~Primary Servicer of the Green Acres Mortgage Loan (see Exhibit 34.1)

34.49 ~~Computershare~~3650 ~~Trust~~REIT ~~Company,~~Loan ~~National~~Servicing ~~Association~~LLC, as ~~Trustee~~Special Servicer of the Green Acres Mortgage Loan ~~(Omitted. See Explanatory Notes.)~~

34.50 Computershare Trust Company, National Association, as ~~Custodian~~Trustee of the Green Acres Mortgage Loan (~~see~~Omitted. ~~Exhibit~~See 34Explanatory Notes.4)

34.51 ~~BellOak,~~Computershare ~~LLC~~Trust Company, National Association, as ~~Operating~~Custodian ~~Advisor~~ of the Green Acres Mortgage Loan (see Exhibit 34.4)

34.52 ~~Wells Fargo Bank~~BellOak, ~~National Association~~LLC, as ~~Primary Servicer~~Operating Advisor of the ~~100~~Green Acres ~~Jefferson Road~~ Mortgage Loan ~~(see Exhibit 34.41)~~

34.53 ~~Argentic~~Wells ~~Services~~Fargo ~~Company~~Bank, LPNational Association, as ~~Special~~Primary Servicer of the 100 Jefferson Road Mortgage Loan prior to March 1, 2025 (~~see~~Omitted. ~~Exhibit~~See 34Explanatory Notes.7)

34.54 ~~Computershare~~Trimont ~~Trust Company~~LLC, ~~National Association,~~ as ~~Trustee~~Primary Servicer of the 100 Jefferson Road Mortgage Loan ~~(Omitted.~~on ~~See~~and ~~Explanatory~~after ~~Notes~~March 1, 2025 (see Exhibit 34.42)

34.55 ~~Computershare~~Argentic ~~Trust~~Services Company, ~~National Association~~LP, as ~~Custodian~~Special Servicer of the 100 Jefferson Road Mortgage Loan (see Exhibit 34.47)

34.56 ~~Pentalpha~~Computershare ~~Surveillance~~Trust ~~LLC~~Company, National Association, as ~~Operating~~Trustee ~~Advisor~~ of the 100 Jefferson Road Mortgage Loan (~~see~~Omitted. ~~Exhibit~~See 34Explanatory Notes.45)

34.57 ~~CoreLogic~~Computershare ~~Solutions,~~Trust ~~LLC~~Company, asNational ~~Servicing Function~~Association, ~~Participant~~as Custodian of the 100 Jefferson Road Mortgage Loan (see Exhibit 34.464)

34.58 ~~Wells~~Pentalpha ~~Fargo~~Surveillance ~~Bank~~LLC, ~~National Association,~~ as ~~Primary Servicer~~Operating Advisor of the ~~1201~~100 ~~Third~~Jefferson ~~Avenue~~Road Mortgage Loan (see Exhibit 34.4146)

34.59 ~~LNR~~CoreLogic ~~Partners~~Solutions, LLC, as ~~Special~~Servicing ~~Servicer~~Function Participant of the ~~1201 Third~~100 ~~Avenue~~Jefferson Road Mortgage Loan (see Exhibit 34.247)

34.60 ~~Wilmington~~Wells ~~Trust~~Fargo Bank, National Association, as ~~Trustee~~Primary Servicer of the 1201 Third ~~Avenue~~ Avenue Mortgage Loan prior to March 1, 2025 (Omitted. See Explanatory Notes.)

34.61 ~~Computershare~~Trimont ~~Trust Company~~LLC, ~~National Association,~~ as ~~Custodian~~Primary Servicer of the 1201 Third Avenue Mortgage Loan on and after March 1, 2025 (see Exhibit 34.442)

34.62 ~~Park~~LNR ~~Bridge~~Partners, ~~Lender Services~~ LLC, as ~~Operating Advisor~~Special Servicer of the 1201 Third Avenue Mortgage Loan (see Exhibit 34.52)

34.63 ~~CoreLogic~~Wilmington ~~Solutions~~Trust, ~~LLC~~National Association, as ~~Servicing~~Trustee ~~Function Participant~~ of the 1201 Third Avenue Mortgage Loan (~~see~~Omitted. ~~Exhibit~~See 34Explanatory Notes.46)

34.64 ~~Wells~~Computershare ~~Fargo~~Trust ~~Bank~~Company, National Association, as ~~Primary Servicer~~Custodian of the CX1201 -Third ~~250~~Avenue ~~Water Street~~ Mortgage Loan (see Exhibit 34.414)

34.65 ~~Argentic~~Park ~~Services~~Bridge ~~Company~~Lender LPServices LLC, as ~~Special Servicer~~Operating Advisor of the CX1201 -Third ~~250~~Avenue ~~Water Street~~ Mortgage Loan (see Exhibit 34.75)

34.66 ~~Computershare~~CoreLogic ~~Trust Company~~Solutions, ~~National Association~~LLC, as ~~Trustee~~Servicing Function Participant of the CX1201 -Third ~~250 Water~~Avenue ~~Street~~ Mortgage Loan (~~Omitted.~~see ~~See~~Exhibit ~~Explanatory Notes~~34.47)

34.67 ~~Computershare~~Wells ~~Trust~~Fargo ~~Company~~Bank, National Association, as ~~Custodian~~Primary Servicer of the CX - 250 Water Street Mortgage Loan prior to March 1, 2025 (~~see~~Omitted. ~~Exhibit~~See 34Explanatory Notes.4)

34.68 ~~BellOak,~~Trimont LLC, as ~~Operating~~Primary ~~Advisor~~Servicer of the CX - 250 Water Street Mortgage Loan on and after March 1, 2025 (see Exhibit 34.5142)

34.69 ~~CoreLogic~~Argentic ~~Solutions,~~Services ~~LLC~~Company LP, as ~~Servicing~~Special ~~Function~~Servicer ~~Participant~~ of the CX - 250 Water Street Mortgage Loan (see Exhibit 34.467)

34.70 Computershare Trust Company, National Association, as Trustee of the CX - 250 Water Street Mortgage Loan (Omitted. See Explanatory Notes.)

34.71 Computershare Trust Company, National Association, as Custodian of the CX - 250 Water Street Mortgage Loan (see Exhibit 34.4)

34.72 BellOak, LLC, as Operating Advisor of the CX - 250 Water Street Mortgage Loan (see Exhibit 34.52)

34.73 CoreLogic Solutions, LLC, as Servicing Function Participant of the CX - 250 Water Street Mortgage Loan (see Exhibit 34.47)

35 Servicer compliance statements.

35.1 Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer

35.2 LNR Partners, LLC, as Special Servicer

35.3 Computershare Trust Company, National Association, as Certificate Administrator

35.4 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Pacific Design Center Mortgage Loan (see Exhibit 35.1)

35.5 Argentic Services Company LP, as Special Servicer of the Pacific Design Center Mortgage Loan

35.6 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit 35.1)

35.7 LNR Partners, LLC, as Special Servicer of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit 35.2)

35.8 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Riverport Tower Mortgage Loan (see Exhibit 35.1)

35.9 LNR Partners, LLC, as Special Servicer of the Riverport Tower Mortgage Loan (see Exhibit 35.2)

35.10 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the One Campus Martius Mortgage Loan (see Exhibit 35.1)

35.11 K-Star Asset Management LLC, as Special Servicer of the One Campus Martius Mortgage Loan (Omitted. See Explanatory Notes.)

35.12 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Sentinel Square II Mortgage Loan (see Exhibit 35.1)

35.13 Greystone Servicing Company LLC, as Special Servicer of the Sentinel Square II Mortgage Loan (Omitted. See Explanatory Notes.)

35.14 Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Centers of High Point Mortgage Loan (see Exhibit 35.1)

35.15 Greystone Servicing Company LLC, as Special Servicer of the Centers of High Point Mortgage Loan (Omitted. See Explanatory Notes.)

35.16 Berkadia Commercial Mortgage LLC, as Primary Servicer of the Scottsdale Fashion Square Mortgage Loan (Omitted. See Explanatory Notes.)

35.17 KeyBank National Association, as Special Servicer of the Scottsdale Fashion Square Mortgage Loan (Omitted. See Explanatory Notes.)

35.18 Wells Fargo Bank, National Association, as Primary Servicer of the National Warehouse & Distribution Portfolio Mortgage Loan prior to March 1, 2025 (Omitted. See Explanatory Notes.)

35.19 ~~CWCapital~~Trimont ~~Asset Management~~ LLC, as ~~Special~~Primary Servicer of the National ~~Warehouse~~ Warehouse & Distribution Portfolio Mortgage Loan ~~(Omitted.~~on ~~See~~and ~~Explanatory~~after ~~Notes.)~~March 1, 2025

35.20 ~~Midland~~CWCapital ~~Loan~~Asset ~~Services,~~Management ~~a Division of PNC Bank~~LLC, ~~National~~ ~~Association,~~ as ~~Primary~~Special Servicer of the ~~Green~~National ~~Acres~~Warehouse & Distribution Portfolio Mortgage Loan (~~see Exhibit~~Omitted. 35See Explanatory Notes.1)

35.21 ~~3650~~Midland ~~REIT~~ Loan ~~Servicing~~Services, ~~LLC~~a Division of PNC Bank, National Association, as ~~Special~~Primary Servicer of the Green Acres Mortgage Loan (~~Omitted.~~see Exhibit ~~See Explanatory Notes~~35.1)

35.22 ~~Wells~~3650 ~~Fargo~~REIT ~~Bank,~~Loan ~~National~~Servicing ~~Association~~LLC, as ~~Primary~~ Special Servicer of the ~~100~~Green ~~Jefferson~~Acres ~~Road~~ Mortgage Loan (~~see~~Omitted. ~~Exhibit~~See 35Explanatory Notes.18)

35.23 ~~Argentic~~Wells ~~Services~~Fargo ~~Company~~Bank, LPNational Association, as ~~Special~~Primary Servicer of the 100 Jefferson Road Mortgage Loan prior to March 1, 2025 (~~see~~Omitted. ~~Exhibit~~See 35Explanatory Notes.5)

35.24 ~~Wells~~Trimont ~~Fargo Bank~~LLC, ~~National Association,~~ as Primary Servicer of the ~~1201~~100 Jefferson ~~Third~~Road ~~Avenue~~ Mortgage Loan on and after March 1, 2025 (see Exhibit 35.1819)

35.25 ~~LNR~~Argentic ~~Partners,~~Services ~~LLC~~Company LP, as Special Servicer of the ~~1201 Third~~100 ~~Avenue~~Jefferson Road Mortgage Loan (see Exhibit 35.25)

35.26 Wells Fargo Bank, National Association, as Primary Servicer of the CX1201 -Third Avenue ~~250~~Mortgage ~~Water~~Loan prior ~~Street~~to ~~Mortgage~~March ~~Loan~~1, 2025 (~~see~~Omitted. See ~~Exhibit~~Explanatory 35Notes.18)

35.27 ~~Argentic~~ Trimont ~~Services Company LP~~LLC, as ~~Special~~Primary Servicer of the CX1201 -Third Avenue ~~250~~Mortgage ~~Water~~Loan ~~Street~~on ~~Mortgage~~and ~~Loan~~after March 1, 2025 (see Exhibit 35.519)

35.28 LNR Partners, LLC, as Special Servicer of the 1201 Third Avenue Mortgage Loan (see Exhibit 35.2)

35.29 Wells Fargo Bank, National Association, as Primary Servicer of the CX - 250 Water Street Mortgage Loan prior to March 1, 2025 (Omitted. See Explanatory Notes.)

35.30 Trimont LLC, as Primary Servicer of the CX - 250 Water Street Mortgage Loan on and after March 1, 2025 (see Exhibit 35.19)

35.31 Argentic Services Company LP, as Special Servicer of the CX - 250 Water Street Mortgage Loan (see Exhibit 35.5)

99.1 Mortgage Loan Purchase Agreement, dated April 5, 2023, between German American Capital Corporation and Deutsche Mortgage & Asset Receiving Corporation (filed as Exhibit 99.1 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

99.2 Mortgage Loan Purchase Agreement, dated April 5, 2023, between Goldman Sachs Mortgage Company and Deutsche Mortgage & Asset Receiving Corporation (filed as Exhibit 99.2 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

99.3 Mortgage Loan Purchase Agreement, dated April 5, 2023, between JPMorgan Chase Bank, National Association, and Deutsche Mortgage & Asset Receiving Corporation (filed as Exhibit 99.3 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

99.4 Mortgage Loan Purchase Agreement, dated April 5, 2023, between Citi Real Estate Funding Inc. and Deutsche Mortgage & Asset Receiving Corporation (filed as Exhibit 99.4 to the registrant’s Current Report on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference herein).

(b) The exhibits required to be filed by the Registrant pursuant to Item 601 of Regulation S-K are listed above.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Deutsche Mortgage & Asset Receiving Corporation
(Depositor)

/s/ Helaine M. Kaplan

Helaine M. Kaplan, President

(senior officer in charge of securitization of the depositor)

Date: March 1219, ~~2025~~2026

/s/ Matt Smith

Matt Smith, Director

Date: March 1219, ~~2025~~2026

Filing Compare · Benchmark 2023-B38 Mortgage Trust