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CMBS dealSpecial servicing active

BMARK 2023-B38

As of 6/30/2026Source: SEC EDGAR, CIK 1966002
Latest answer
BMARK 2023-B38 is a CMBS reference page with collateral metrics, transaction parties, filings, fund exposure, and machine-readable facts tied back to source disclosure.
Coverage: 93%Freshness: 8 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.

Unique value: Dealcharts provides computed pool metrics, time-series performance analysis, and cross-deal comparisons not available in raw SEC EDGAR filings.

Sources: SEC EDGAR CIK 1966002.

What it means for you: This is the reported figure - the same for everyone, and it takes no one's side. For what it means from a specific position, email cairn+page@cmdrvl.com and name the CUSIP you hold (or a seat you're sizing up). Cairn tailors the read to your position, with the receipts.

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
Have a question this page didn't answer? Ask Cairn →
On this page:Entities10Metrics34Charts12Macro Context1Fund Holdings5Documents6Analysis & 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 • 2026-02-20
Fund NameFiling DateFIGILEITranchesTotal ValueReporting Period
American Funds Multi-Sector Income Fund2026-05-28Search FIGILookup LEIA-M$22,548,2142026-12-31
Capital Income Builder2026-03-30Search FIGILookup LEIA-4$6,655,0702026-10-31
DoubleLine Commercial Real Estate ETF2026-02-20Search FIGILookup LEIA-2$2,551,7112026-09-30
iShares Core Universal USD Bond ETF2026-06-26Search FIGILookup LEIA-4$1,254,4632026-10-31
Virtus Tactical Allocation Fund2025-02-27Search FIGILookup LEIA-2$155,1322025-09-30
Fund NameTranchesIds
American Funds Multi-Sector Income Fund
$22,548,214
2026-12-31
A-MSearch FIGI
Lookup LEI
Capital Income Builder
$6,655,070
2026-10-31
A-4Search FIGI
Lookup LEI
DoubleLine Commercial Real Estate ETF
$2,551,711
2026-09-30
A-2Search FIGI
Lookup LEI
iShares Core Universal USD Bond ETF
$1,254,463
2026-10-31
A-4Search FIGI
Lookup LEI
Virtus Tactical Allocation Fund
$155,132
2025-09-30
A-2Search FIGI
Lookup LEI
5 of 5 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.
2026-06-30
Latest
Monthly Remittance Report
Document filing with updated information.
View on SEC →
2023-12-27
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
Preliminary 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 →

Context & Commentary#

Curious about data-center or AI-tenant exposure across CMBS collateral? See AI & data-center exposure →

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.
Open Deal →

💬 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.
Open Deal →

External Analysis

No external analysis linked yet. Contact us to publish and link your research.
All items include provenance (author, timestamp, source).Have a source-backed clarification? Contact us.
Monitoring
This deal's collateral and ratings data changes over time. Who is watching it for you?
CMD+RVL runs monitors on the filings behind this page — new servicer reports, ratings actions, collateral shifts — and delivers each state change with full provenance.
Set up monitoring for this deal
Have a source-backed note on this deal? Contact us.

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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Marketplace dataset

CMBS Fund Holdings Dataset

Snowflake Marketplace

Filing data from sec.gov NPORT-P to produce the Fund Holdings table.

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