FIVE 2023-V1 Mortgage Trust Announces Change of Special Servicer to C‑IV AM

What Happened
FIVE 2023‑V1 Mortgage Trust filed an 8‑K (Sept. 1, 2026) announcing that C‑IV Asset Management LLC (C‑IV AM) will be the special servicer for the trust effective September 1, 2026. The change followed Greystone Servicing Company LLC’s sale and conveyance of substantially all assets of its special servicing division to C‑IV AM (the “Sale Transaction”), after which C‑IV AM assumed the special servicing duties, responsibilities and liabilities for this securitization. Substantially all key employees who performed Greystone’s special servicing duties moved to C‑IV AM and continue in similar roles.

Key Details

• Effective date: September 1, 2026 — Greystone sold its special servicing division to C‑IV AM and C‑IV AM assumed servicing obligations. Two CLOs were excluded from the transfer.
• Portfolio scope (Greystone as of 6/30/2026): named special servicer on ~60 transactions covering ~1,928 first‑lien loans with approx. $20.7 billion unpaid principal; ~108 assets (≈ $2.1 billion) were actively specially serviced.
• C‑IV AM credentials: special servicer ratings MOR CS2 (Morningstar DBRS) and CSS2 (Fitch); on S&P’s Select Servicer list and rated “Average; Ranking Watch Positive”; main special servicing office in Irving, Texas.
• Operations and legal: C‑IV AM says it has documented policies, a business continuity plan, no material pending litigation affecting certificateholders, limited advancing obligations, and no current plans to use sub‑servicers.

Why It Matters
A special servicer change affects who manages problem loans (defaults, workouts, REO) and can influence recovery strategies for investors in the trust. The filing shows continuity measures — asset transfer, employee retention, documented procedures and recognized third‑party ratings — intended to maintain servicing stability. Investors should note the effective transfer date (Sept. 1, 2026), the scope of the transferred portfolio, and that the information was provided by C‑IV AM (the depositor did not independently warrant its accuracy).