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CMBS dealSpecial servicing active

BMARK 2023-B38

As of 10/1/2026Source: SEC EDGAR, CIK 1966002
Latest answer
Collateral metrics, filing comparisons, transaction parties, and fund holdings for BMARK 2023-B38.

Material changes

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Coverage: 96%Freshness: 24 days
Context brief

Quick Answer

What is BMARK 2023-B38? A US commercial mortgage-backed security issued March 2023 ($658.2M; 25 loans; 42 properties).

Identifiers: Shelf BMARK; Series bmark2023-b38; CIK 1966002.

On Dealcharts: Pool metrics, performance over time, and comparisons across deals, calculated from SEC EDGAR filings.

Sources: SEC EDGAR CIK 1966002.

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Part of:2023 VintageBMARK ShelfLNR Partners (Special Servicer)Argentic Services Company LP (Special Servicer)
Machine-readable data: https://dealcharts.org/llm/facts/bmark2023-b38.json · API docs
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Deal exhibit

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The deal page is the exhibit. Source filings, facts endpoints, per-deal datasets, holder maps, charts, and receipt routes appear here only when the underlying source exists for this deal.
On this page:Entities10Metrics34Charts12Macro Context1Fund Holdings4Documents6Analysis & Commentary2

Who's Involved#

Rating AgenciesMoodys, Fitch, KBRA
Controlling ClassEIGHTFOLD REAL ESTATE CAPITAL FUND V, L.P.
TrusteeComputershare Trust Company, N.A.
Controlling ClassPacific Design Center
Master ServicerMidland Loan Services
Special ServicerLNR Partners
DepositorDeutsche Mortgage & Asset Receiving Corporation
Certificate AdministratorComputershare Trust Company, N.A.
Operating AdvisorPark Bridge Lender Services

Deal Metrics

Key performance indicators and statistics tracking the deal's current status and history.

Deal Overview

Aggregate Original Loan Amount
Current Trust Amount
Number of Loans
Number of Properties
Average Loan Size

Portfolio Characteristics

Weighted Average Interest Rate
Weighted Average Term
WA DSCR (NCF) at Issuance
WA DSCR (NCF) Current
Original Valuation
Current Valuation

Key Dates

Origination Date
Latest Valuation
Latest Transfer
Latest Return
Latest Modification

Special Servicing Status

Loans in Special Servicing
Special Servicing Balance
Loans Returned to Master
Balance Returned
Avg Time in Special Servicing
Avg Time to Return

Valuation Changes

Updated Valuations
Total Updated Value
Value Change Amount
Value Change Percentage

Modifications

Number of Modifications
Modified Balance

Deal Charts

Charts showing deal performance over time.

Fund Exposure#

Source: NPORT-P & related disclosures • 2026-06-26
Fund NameFiling DateFIGILEITranchesTotal ValueReporting Period
Capital Income Builder2026-06-26Search FIGILookup LEIA-4$6,573,1152026-10-31
iShares Core Universal USD Bond ETF2026-09-25Search FIGILookup LEIA-4$1,231,4222026-10-31
RiverNorth/DoubleLine Strategic Income Fund2025-08-28Search FIGILookup LEIA-2$240,6062025-09-30
Virtus Tactical Allocation Fund2025-02-27Search FIGILookup LEIA-2$155,1322025-09-30
Fund NameTranchesIds
Capital Income Builder
$6,573,115
2026-10-31
A-4Search FIGI
Lookup LEI
iShares Core Universal USD Bond ETF
$1,231,422
2026-10-31
A-4Search FIGI
Lookup LEI
RiverNorth/DoubleLine Strategic Income Fund
$240,606
2025-09-30
A-2Search FIGI
Lookup LEI
Virtus Tactical Allocation Fund
$155,132
2025-09-30
A-2Search FIGI
Lookup LEI
4 of 4 funds* Use toggle buttons to sort
* This table is not yet exhaustive. It is a new feature and contains only the funds we have found so far based on the tranche identifiers we know about. We are still working on it!
* The FIGI Search url provided for each fund will link you to the OpenFIGI search page to lookup FIGI identifiers.
* Reporting Period represents the reporting period end date from the NPORT-P filing.
* For full disclosures, please visit our disclosures page.
Filings are mapped to tranches/deals with normalized identifiers.Quality & lineageFund not listed or misattributed? Contact us at support@cmdrvl.com to ensure accurate exposure mapping.

Provenance & Documents

Issuance → amendments → reports. Tap to view on SEC.
2026-10-01
Latest
Monthly Remittance Report
Document filing with updated information.
View on SEC →
2023-09-08
Pooling and Servicing Agreement (PSA)
Document filing with updated information.
View on SEC →
2023-04-21
Final Prospectus
Document filing with updated information.
View on SEC →
2023-03-28
Annex A
Document filing with updated information.
View on SEC →
2023-03-28
Final Termsheet
Document filing with updated information.
View on SEC →
2023-03-28
Preliminary Prospectus
Document filing with updated information.
View on SEC →

Context & Commentary#

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Entity Statements

💬 Servicer Commentary

2026-06-30
Prospectus ID: 7A3
6/11/2026 - The loan transferred into special servicing effective 2/20/2026. The collateral consists of five industrial properties in California, Utah, South Carolina, Ohio, and North Carolina. The loan transferred to special servicing after borrower not ified the special servicer that they had pledged one of the SPE entities to another company that had scheduled a UCC foreclosure sale. The sale was eventually cancelled. The collateral is 100% occupied by CVB, a Borrower affiliated company; however, CVB i s dark and has subleased out many of the facilities based on the 2026 site inspections. The Borrower signed a PNA, and discussions between borrower and special servicer have commenced. The special servicer is evaluating rights and remedies as outlined in the loan documents while also continuing discussions with the Borrower.
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💬 Servicer Commentary

2026-06-30
Prospectus ID: 7A4-1
6/11/2026 - The loan transferred into special servicing effective 2/20/2026. The collateral consists of five industrial properties in California, Utah, South Carolina, Ohio, and North Carolina. The loan transferred to special servicing after borrower not ified the special servicer that they had pledged one of the SPE entities to another company that had scheduled a UCC foreclosure sale. The sale was eventually cancelled. The collateral is 100% occupied by CVB, a Borrower affiliated company; however, CVB i s dark and has subleased out many of the facilities based on the 2026 site inspections. The Borrower signed a PNA, and discussions between borrower and special servicer have commenced. The special servicer is evaluating rights and remedies as outlined int he loan documents while also continuing discussions with the Borrower.
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External Analysis

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Monitoring
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Datasets & API#

GET https://dealcharts.org/llm/facts/bmark2023-b38.json
{
  "deal_id": "bmark2023-b38",
  "issuer": "",
  "shelf": "BMARK",
  "issue_date": "",
  "linked_entities": [
  {
    "role": "Rating Agencies",
    "name": "Moodys, Fitch, KBRA"
  },
  {
    "role": "Controlling Class",
    "name": "EIGHTFOLD REAL ESTATE CAPITAL FUND V, L.P."
  },
  {
    "role": "Trustee",
    "name": "Computershare Trust Company, N.A."
  },
  {
    "role": "Controlling Class",
    "name": "Pacific Design Center"
  },
  {
    "role": "Master Servicer",
    "name": "Midland Loan Services"
  },
  {
    "role": "Special Servicer",
    "name": "LNR Partners"
  },
  {
    "role": "Depositor",
    "name": "Deutsche Mortgage & Asset Receiving Corporation"
  },
  {
    "role": "Certificate Administrator",
    "name": "Computershare Trust Company, N.A."
  },
  {
    "role": "Special Servicer",
    "name": "Argentic Services Company LP"
  },
  {
    "role": "Operating Advisor",
    "name": "Park Bridge Lender Services"
  }
]
}


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