Benchmark 2023-B38 Mortgage Trust Appoints Special Servicer (C‑IV AM)

What Happened
Benchmark 2023-B38 Mortgage Trust filed a Form 8‑K (Item 8.01) reporting that, effective September 1, 2026, C‑IV Asset Management LLC (a Delaware LLC) will act as special servicer for the Sentinel Square II and Centers of High Point mortgage loans and each related pari passu and/or subordinate promissory note (together the “Applicable Non‑Serviced Loan Combinations”). These loans are serviced under the pooling and servicing agreement for the FIVE 2023‑V1 securitization (the “Applicable PSA”). As special servicer, C‑IV AM will handle servicing and administration if those loan combinations become specially serviced (including any related REO) and will perform certain reviews of material actions when they are not specially serviced.

Key Details

• Effective date: September 1, 2026.
• Special servicer appointed: C‑IV Asset Management LLC (Delaware LLC).
• Scope: Sentinel Square II and Centers of High Point mortgage loans and related pari passu and/or subordinate promissory notes under the FIVE 2023‑V1 PSA.
• Responsibilities: servicing/administration on special servicing (including REO) and processing/performing certain reviews when not specially serviced; servicing remains governed by the Applicable PSA.
• The filing does not disclose financial terms or changes to the PSA’s governance.

Why It Matters
A special servicer handles workout, enforcement and REO decisions for troubled loans. This appointment changes who will manage those actions for the specified loans in the FIVE 2023‑V1 pool, which can affect recovery processes for those assets. The filing does not state any immediate financial impact on the trust and confirms that servicing will continue to be governed by the existing pooling and servicing agreement. Investors should note the operational oversight change and monitor future disclosures for any material developments.