UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549

FORM 10-D

ASSET BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from: ~~February~~March 1918, 2026 to ~~March~~April 17, 2026

Commission File Number of issuing entity: 333-260277-04*

Central Index Key Number of issuing entity: 0001966002

Benchmark 2023-B38 Mortgage Trust
(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-260277

Central Index Key Number of depositor: 0001013454

Deutsche Mortgage & Asset Receiving Corporation
(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001541294

German American Capital Corporation
(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001541502

Goldman Sachs Mortgage Company
(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0000835271

JPMorgan Chase Bank, National Association
(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001701238

Citi Real Estate Funding Inc.
(Exact name of sponsor as specified in its charter)

Lainie Kaye (212) 250-2500
(Name and telephone number, including area code, of the person to contact in connection with this filing)

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 No.)

*Certain Exchange Act filings of the Issuing Entity are also available under SEC File No. 333-260277-03. The Issuing Entity intends to file all future reports required to be made pursuant to the Exchange Act under SEC File No. 333-260277-04.

c/o Computershare Trust Company, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices of the issuing entity) (Zip Code)

(667) 786-1992
(Telephone number, including area code)

Not Applicable
(Former name, former address, if changed since last report)

Registered/reporting pursuant to (check one)

Title of Class	Section 12(b)	Section 12(g)	Section 15(d)	Name of Exchange (If Section 12(b))
A-1			X
A-2			X
A-3			X
A-SB			X
A-4			X
X-A			X
A-M			X
B			X
C			X

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 X No

Part I - DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

On ~~March~~April 17, 2026 a distribution was made to holders of the certificates issued by Benchmark 2023-B38 Mortgage Trust.

The distribution report is attached as an Exhibit to this Form 10-D, please see Item 10(b), Exhibit 99.1 for the related information.

NoThe ~~assets~~following ~~securitized~~table bypresents ~~Deutsche~~the ~~Mortgage~~loss &information ~~Asset~~for ~~Receiving Corporation (~~the ~~"Depositor")~~trust ~~and~~assets ~~held~~for bythe Benchmark 2023-B38 Mortgage Trust ~~were~~in ~~the~~accordance ~~subject~~with ofItem a1100(b) ~~demand~~as torequired ~~repurchase~~by ~~for~~Item ~~breach~~1121(a)(9) of ~~the~~Regulation ~~representations~~AB: ~~and warranties contained in the underlying transaction documents during the distribution period from February 19, 2026 to March 17, 2026.~~

TheLoss DepositorInformation filedas itsreported most recent Form ABS-15G in accordance with Rule 15Ga-1 under the Securities Exchange Act of 1934 (a "Rule 15Ga-1 Form ABS-15G") on FebruaryApril 1317, 2026. The CIK number for the Depositor is 0001013454.

German American Capital Corporation ("GACC"), one of the sponsors, has filed a Form ABS-15G pursuant to Rule 15Ga-1 under the Securities Exchange Act of 1934 on February 13, 2026. The CIK number of GACC is 0001541294.

Number of Delinquencies 30+ days	% of Delinquencies 30+ days by Pool Balance	Number of Loans/REOs with Losses	Average Net Loss
2	4.81%	0	N/A

~~Goldman~~No ~~Sachs~~assets securitized by Deutsche Mortgage ~~Company~~& Asset Receiving Corporation (the "~~GSMC~~Depositor"), ~~one~~and ofheld ~~the~~by ~~sponsors,~~Benchmark ~~has~~2023-B38 ~~filed~~Mortgage aTrust were ~~Form~~the ~~ABS-15G~~subject ~~pursuant~~of a demand to ~~Rule~~repurchase ~~15Ga-1~~for ~~under~~breach of the ~~Securities~~representations ~~Exchange~~and ~~Act~~warranties ofcontained ~~1934~~in onthe ~~February~~underlying ~~13,~~transaction ~~2026.~~documents ~~The~~during ~~CIK~~the ~~number~~distribution ofperiod from March 18, 2026 ~~GSMC~~to isApril ~~0001541502~~17, 2026.

~~JPMorgan~~The ~~Chase~~Depositor ~~Bank,~~filed ~~National~~its ~~Association ("JPM"),~~most ~~one~~recent ~~of the sponsors, has filed a~~ Form ABS-15G ~~pursuant~~in toaccordance with Rule 15Ga-1 under the Securities Exchange Act of 1934 (a "Rule 15Ga-1 Form ABS-15G") on February 1213, 2026. The CIK number ~~of JPM~~ for the Depositor is ~~0000835271~~0001013454.

~~Citi~~German ~~Real~~American ~~Estate~~Capital ~~Funding Inc.~~Corporation ("~~CREF~~GACC"), one of the sponsors, has filed a Form ABS-15G pursuant to Rule 15Ga-1 under the Securities Exchange Act of 1934 on February 1013, 2026. The CIK number of ~~CREF~~GACC is ~~0001701238~~0001541294.

~~Item~~Goldman ~~1A.~~Sachs ~~Asset~~Mortgage Company ("GSMC"), one of the sponsors, has filed a Form ABS-~~Level~~15G ~~Information~~pursuant to Rule 15Ga-1 under the Securities Exchange Act of 1934 on February 13, 2026. The CIK number of GSMC is 0001541502.

~~ABS~~JPMorgan ~~Asset~~Chase ~~Data~~Bank, ~~File~~National Association (~~filed~~"JPM"), asone ~~Exhibit~~of ~~102~~the tosponsors, ~~the~~has ~~registrant's~~filed a Form ABS-EE15G ~~filed~~pursuant onto ~~March~~Rule ~~27,~~15Ga-1 ~~2026~~ under ~~Commission~~the ~~File~~Securities ~~No.~~Exchange ~~333-260277-04~~Act ~~and~~of ~~incorporated~~1934 byon ~~reference~~February ~~herein)~~12, 2026. The CIK number of JPM is 0000835271.

~~ABS~~Citi ~~Asset~~Real ~~Related~~Estate ~~Document~~Funding Inc. (~~filed~~"CREF"), asone ~~Exhibit~~of ~~103~~the tosponsors, ~~the~~has ~~registrant's~~filed a Form ABS-EE15G ~~filed~~pursuant onto ~~March~~Rule ~~27,~~15Ga-1 ~~2026~~ under ~~Commission~~the ~~File~~Securities ~~No.~~Exchange ~~333-260277-04~~Act ~~and~~of ~~incorporated~~1934 byon ~~reference~~February ~~herein)~~10, 2026. The CIK number of CREF is 0001701238.

~~Part~~Item II1A. Asset-Level ~~OTHER~~Information. ~~INFORMATION~~

~~Item~~ABS 10Asset Data File (filed as Exhibit 102 to the registrant's Form ABS-EE filed on April 28, 2026 under Commission File No. ~~Exhibits~~333-260277-04 and incorporated by reference herein).

ABS Asset Related Document (a)filed ~~The~~as ~~following~~Exhibit is103 ato ~~list~~the ofregistrant's ~~documents~~Form ABS-EE filed ason ~~part~~April of28, ~~this~~2026 under ~~Report~~Commission onFile ~~Form~~No. 10333-D:260277-04 and incorporated by reference herein).

~~(99.1)~~Part ~~Monthly~~II ~~report distributed to holders of the certificates issued by Benchmark 2023~~-~~B38~~ ~~Mortgage~~OTHER ~~Trust,~~INFORMATION ~~relating to the March 17, 2026 distribution.~~

~~(102)~~Item ~~ABS Asset Data File (filed as Exhibit 102 to the registrant's Form ABS-EE filed on March 27, 2026 under Commission File No~~10. ~~333-260277-04 and incorporated by reference herein)~~Exhibits.

(~~103~~a) ~~ABS~~The ~~Asset~~following ~~Related~~is ~~Document~~a ~~(filed~~list asof ~~Exhibit~~documents ~~103~~filed toas ~~the~~part ~~registrant's~~of ~~Form~~this ~~ABS-EE~~Report ~~filed~~ on ~~March~~Form ~~27, 2026 under Commission File No. 333~~10-~~260277-04~~D: ~~and incorporated by reference herein).~~

(b99.1) ~~The~~ Monthly ~~exhibits~~report ~~required~~distributed to beholders ~~filed~~of the certificates issued by ~~the~~Benchmark ~~Registrant~~2023-B38 ~~pursuant~~Mortgage toTrust, ~~this~~relating ~~Form~~to ~~are~~the ~~listed~~April ~~above~~17, 2026 distribution.

~~SIGNATURES~~ (102) ABS Asset Data File (filed as Exhibit 102 to the registrant's Form ABS-EE filed on April 28, 2026 under Commission File No. 333-260277-04 and incorporated by reference herein).

~~Pursuant~~ (103) toABS ~~the~~Asset ~~requirements~~Related ofDocument ~~the~~(filed ~~Securities~~as ~~Exchange~~Exhibit ~~Act~~103 ofto ~~1934,~~ the registrant's ~~has~~Form ~~duly~~ABS-EE ~~caused~~filed ~~this~~on ~~report~~April to28, be2026 ~~signed~~under onCommission ~~its~~File ~~behalf~~No. by333-260277-04 ~~the~~and ~~undersigned~~incorporated ~~thereunto~~by ~~duly~~reference ~~authorized~~herein).

~~Deutsche~~(b) ~~Mortgage~~The &exhibits ~~Asset~~required ~~Receiving~~to ~~Corporation(Depositor)~~be filed by the Registrant pursuant to this Form are listed above.

~~/s/ Matt SmithMatt Smith, Director~~SIGNATURES

~~Date: March~~Pursuant 27to the requirements of the Securities Exchange Act of 1934, ~~2026~~the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

~~/s/~~Deutsche R.Mortgage ~~Chris~~& ~~JonesR.~~Asset ~~Chris~~Receiving ~~Jones,~~Corporation(Depositor) ~~Managing Director~~

~~Date: March~~/s/ ~~27,~~Matt ~~2026~~SmithMatt Smith, Director

Date: April 28, 2026

/s/ R. Chris Jones
R. Chris Jones, Managing Director

Filing Compare · Benchmark 2023-B38 Mortgage Trust