KBRA Affirms All Ratings for Benchmark 2023-V3
16 Jul 2025 | New York
KBRA affirms all of its outstanding ratings for Benchmark 2023-V3, a $964.5 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight worsening in pool performance since securitization, including the addition of K-LOCs with estimated losses. However, the magnitude of the changes does not warrant ratings adjustments at this time.
As of the June 2025 remittance period, there are two specially serviced loans (7.2% of the pool balance) that are 90+ days delinquent. KBRA identified four K-LOCs (10.8%), including the specially serviced assets. Of the K-LOCs, two (6.9%) have estimated losses.
Excluding the K-LOCs with estimated losses, the transaction's WA KLTV is 88.5%, compared to 89.2% at last review and 88.5% at securitization. The WA KDSC is 1.47x, compared to 1.49x at last review and securitization.
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