UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 (Mark One)

 x ANNUAL REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2023

or

 o TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from _____ to _____

Commission file number of the issuing entity: 333-260277-04

 Central Index Key Number of the issuing entity:
0001966002

 Benchmark 2023-B38 Mortgage Trust

 (exact name of the issuing entity as specified in its
charter)

 Central Index Key Number of the depositor: 0001013454

 Deutsche Mortgage & Asset
Receiving Corporation

 (exact name of the depositor as specified in its
charter)

 Central Index Key Number of the sponsor: 0001541294

 German American Capital Corporation

 (exact name of the sponsor as specified in its charter)

 Central Index Key Number of the sponsor: 0001541502

 Goldman Sachs Mortgage Company

 (exact name of the sponsor as specified in its charter)

 Central Index Key Number of the sponsor: 0000835271

 JPMorgan Chase Bank, National
Association

 (exact name of the sponsor as specified in its charter)

 Central Index Key Number of the sponsor: 0001701238

 Citi Real Estate Funding Inc.

 (exact name of the sponsor as specified in its charter)

 New York

 (State or other jurisdiction of

 incorporation or organization of

 the issuing entity)

 38-4258144

 38-4258145

 38-4258146

 38-7292481

 (I.R.S. Employer

 Identification Numbers)

c/o Computershare Trust Company, National Association

 as Certificate Administrator

 9062 Old Annapolis Road

 Columbia, MD

 (Address of principal
executive offices of the issuing entity)

 21045

 (Zip Code)

 Registrant's telephone number,
including area code:

 (212) 250-2500

 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 None

 Securities registered pursuant to Section 12(g) of the
Act: None.

 Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act. o Yes
No

 Indicate by check mark if the registrant is not required to
file reports pursuant to Section 13 or Section 15(d) of the Act. o Yes
No

 Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes o No

 Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was
required to submit such files).

 Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company, or an emerging growth company. See the definitions of "large
accelerated filer," "accelerated filer," "smaller reporting company," and
"emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated
filer o
Accelerated filer
o

 Non-accelerated
filer
 Smaller
reporting company
o

Emerging growth
company
o

 If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. o

 Indicate by check mark whether the registrant has filed a
report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the
Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm
that prepared or issued its audit report. o

 If securities are registered pursuant to Section 12(b) of the
Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued
financial statements. o

 Indicate by check mark whether any of those error corrections
are restatements that required a recovery analysis of incentive-based
compensation received by any of the registrant's executive officers during the
relevant recovery period pursuant to §240.10D-1(b). o

 Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Act). o Yes No

 State the aggregate market value of the voting and non-voting
common equity held by non-affiliates computed by reference to the price at
which the common equity was last sold, or the average bid and asked price of
such common equity, as of the last business day of the registrant's most
recently completed second fiscal quarter.

 Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities
under a plan confirmed by a court. o
Yes o
No

 Indicate the number of shares outstanding of each of the
registrant's classes of common stock, as of the latest practicable date.

 DOCUMENTS INCORPORATED BY REFERENCE

 List hereunder the following documents if incorporated by
reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into
which the document is incorporated: (1) Any annual report to security holders;
(2) Any proxy or information statement; and (3) Any prospectus filed pursuant
to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents
should be clearly described for identification purposes (e.g., annual report to
security holders for fiscal year ended December 24, 1980).

 EXPLANATORY NOTES

 The Pacific Design Center Mortgage Loan, the
Great Lakes Crossing Outlets Mortgage Loan and the Riverport Tower Mortgage
Loan, which constituted approximately 9.99%, 7.6% and 2.3%, respectively, of
the asset pool of the issuing entity as of its cut-off date, are each an asset
of the issuing entity and are each part of a loan combination that includes (a)
with respect to the Pacific Design Center Mortgage Loan, eight other pari
passu loans, which are not assets of the issuing entity, (b) with respect
to the Great Lakes Crossing Outlets Mortgage Loan, eight other pari passu
loans, which are not assets of the issuing entity and (c) with respect to the
Riverport Tower Mortgage Loan, one other pari passu loan, which is not
an asset of the issuing entity. These loan combinations, including the Pacific
Design Center Mortgage Loan, the Great Lakes Crossing Outlets Mortgage Loan and
the Riverport Tower Mortgage Loan, are being serviced and administered pursuant
to the Pooling and Servicing Agreement, which is incorporated by reference as
Exhibit 4.1 to this Annual Report on Form 10-K.

exhibits provided by certain parties (in their capacities indicated on the Exhibit
Index) with respect to the One Campus Martius Mortgage Loan, which constituted
approximately 4.2% of the asset pool of the issuing entity as of its cut-off
date. The One Campus Martius Mortgage Loan is an asset of the issuing
entity and is part of a loan combination that includes the One Campus Martius
Mortgage Loan and seven other pari passu loans, which are not assets of
the issuing entity. A pari passu portion of the loan combination was
securitized in the Benchmark 2022-B36 Mortgage Trust transaction, Commission
File Number 333-258342-02 (the " Benchmark 2022-B36 Transaction "). This
loan combination, including the One Campus Martius Mortgage Loan, is being
serviced and administered pursuant to the pooling and servicing agreement for
the Benchmark 2022-B36 Transaction, which is incorporated by reference as
Exhibit 4.2 to this Annual Report on Form 10-K.

Exhibit Index) with respect to the Sentinel Square II Mortgage Loan and the
Centers of High Point Mortgage Loan, which constituted approximately 1.5% and
1.5%, respectively, of the asset pool of the issuing entity as of its cut-off
date. The Sentinel Square II Mortgage Loan and the Centers of High Point
Mortgage Loan are each an asset of the issuing entity and are each part of a
loan combination that includes (a) with respect to the Sentinel Square II
Mortgage Loan, four other pari passu loans, which are not assets of the
issuing entity and (b) with respect to the Centers of High Point Mortgage Loan,
one other pari passu loan, which is not an asset of the issuing entity.
A pari passu portion of each loan combination was securitized in the
FIVE 2023-V1 Mortgage Trust transaction, Commission File Number 333-260277-02
(the " FIVE 2023-V1 Transaction "). These loan combinations, including the
Sentinel Square II Mortgage Loan and the Centers of High Point Mortgage Loan,
are being serviced and administered pursuant to the pooling and servicing
agreement for the FIVE 2023-V1 Transaction, which is incorporated by reference
as Exhibit 4.3 to this Annual Report on Form 10-K.

Exhibit Index) with respect to the Scottsdale Fashion Square Mortgage Loan,
which constituted approximately 7.5% of the asset pool of the issuing entity as
of its cut-off date. The Scottsdale Fashion Square Mortgage Loan is an
asset of the issuing entity and is part of a loan combination that includes the
Scottsdale Fashion Square Mortgage Loan and eight other pari passu
loans, which are not assets of the issuing entity. A pari passu portion
of the loan combination was securitized in the Scott Trust 2023-SFS transaction
(the " SCOTT 2023-SFS Transaction "). This loan combination, including the
Scottsdale Fashion Square Mortgage Loan, is being serviced and administered
pursuant to the trust and servicing agreement for the SCOTT 2023-SFS
Transaction, which is incorporated by reference as Exhibit 4.4 to this Annual
Report on Form 10-K.

Exhibit Index) with respect to the National Warehouse & Distribution
Portfolio Mortgage Loan, which constituted approximately 5.3% of the asset pool
of the issuing entity as of its cut-off date. The National Warehouse
& Distribution Portfolio Mortgage Loan is an asset of the issuing entity
and is part of a loan combination that includes the National Warehouse &
Distribution Portfolio Mortgage Loan and four other pari passu loans,
which are not assets of the issuing entity. A pari passu portion of the
loan combination was securitized in the BANK5 2023-5YR1 transaction, Commission
File Number 333-257991-06 (the " BANK5 2023-5YR1 Transaction "). This loan
combination, including the National Warehouse & Distribution Portfolio
Mortgage Loan, is being serviced and administered pursuant to the pooling and
servicing agreement for the BANK5 2023-5YR1 Transaction, which is incorporated
by reference as Exhibit 4.5 to this Annual Report on Form 10-K.

Exhibit Index) with respect to the Green Acres Mortgage Loan, which constituted
approximately 7.6% of the asset pool of the issuing entity as of its cut-off
date. The Green Acres Mortgage Loan is an asset of the issuing entity and
is part of a loan combination that includes the Green Acres Mortgage Loan and
sixteen other pari passu loans, which are not assets of the issuing
entity. This loan combination, including the Green Acres Mortgage Loan, was
serviced under the pooling and servicing agreement for the BMO 2023-C4
transaction prior to the closing of the securitization of a pari passu portion
of the Green Acres loan combination in the Benchmark 2023-V2 Mortgage Trust
transaction, Commission File Number 333-262701-03 (the " Benchmark 2023-V2
Transaction "). After the closing of the Benchmark 2023-V2 Transaction
on May 25, 2023, this loan combination, including the Green Acres Mortgage Loan
was, and will continue to be, serviced and administered pursuant to the pooling
and servicing agreement with respect to the Benchmark 2023-V2 Transaction,
which is incorporated by reference as Exhibit 4.6 to this Annual Report on Form
10-K.

exhibits provided by certain parties (in their capacities indicated on the Exhibit
Index) with respect to the 100 Jefferson Road Mortgage Loan, which constituted
approximately 4.6% of the asset pool of the issuing entity as of its cut-off
date. The 100 Jefferson Road Mortgage Loan is an asset of the issuing
entity and is part of a loan combination that includes the 100 Jefferson Road
Mortgage Loan and three other pari passu loans, which are not assets of
the issuing entity. This loan combination, including the 100 Jefferson Road
Mortgage Loan, was serviced under the Pooling and Servicing Agreement for the
issuing entity prior to the closing of the securitization of a pari passu
portion of the 100 Jefferson Road loan combination in the MSWF Commercial
Mortgage Trust 2023-1 transaction, Commission File Number 333-259741-05 (the " MSWF
2023-1 Transaction "). After the closing of the MSWF 2023-1
Transaction on May 25, 2023, this loan combination, including the 100 Jefferson
Road Mortgage Loan was, and will continue to be, serviced and administered
pursuant to the pooling and servicing agreement with respect to the MSWF 2023-1
Transaction, which is incorporated by reference as Exhibit 4.7 to this Annual
Report on Form 10-K.

Exhibit Index) with respect to the 1201 Third Avenue Mortgage Loan, which
constituted approximately 9.1% of the asset pool of the issuing entity as of
its cut-off date. The 1201 Third Avenue Mortgage Loan is an asset of the
issuing entity and is part of a loan combination that includes the 1201 Third
Avenue Mortgage Loan and five other pari passu loans, which are not
assets of the issuing entity. This loan combination, including the 1201 Third
Avenue Mortgage Loan, was serviced under the pooling and servicing agreement
for the BANK5 2023-5YR1 Transaction prior to the closing of the securitization
of a pari passu portion of the 1201 Third Avenue loan combination in the
BANK 2023-BNK46 transaction, Commission File Number 333-257991-07 (the " BANK
2023-BNK46 Transaction "). After the closing of the BANK 2023-BNK46
Transaction on August 10, 2023, this loan combination, including the 1201 Third
Avenue Mortgage Loan was, and will continue to be, serviced and administered
pursuant to the pooling and servicing agreement with respect to the BANK
2023-BNK46 Transaction, which is incorporated by reference as Exhibit 4.8 to
this Annual Report on Form 10-K.

Exhibit Index) with respect to the CX - 250 Water Street Mortgage Loan, which
constituted approximately 8.1% of the asset pool of the issuing entity as of
its cut-off date. The CX - 250 Water Street Mortgage Loan is an asset of
the issuing entity and is part of a loan combination that includes the CX - 250
Water Street Mortgage Loan and eighteen other pari passu loans, which
are not assets of the issuing entity. This loan combination, including the CX -
250 Water Street Mortgage Loan, was serviced under the pooling and servicing
agreement for the BANK 2023-BNK45 transaction prior to the closing of the
securitization of a pari passu portion of the CX - 250 Water Street loan
combination in the MSWF Commercial Mortgage Trust 2023-2 transaction,
Commission File Number 333-257991-09 (the " MSWF 2023-2 Transaction ").
After the closing of the MSWF 2023-2 Transaction on December 21, 2023, this
loan combination, including the CX - 250 Water Street Mortgage Loan was, and
will continue to be, serviced and administered pursuant to the pooling and
servicing agreement with respect to the MSWF 2023-2 Transaction, which is
incorporated by reference as Exhibit 4.9 to this Annual Report on Form 10-K.

 The master servicer of a pooling
and servicing agreement or trust and servicing agreement also functions as the
primary servicer of the related mortgage loans serviced and administered
pursuant to such agreement unless a separate primary servicer is identified
herein. If this report does not identify a separate primary servicer, the
servicer compliance statement provided by the master servicer under any such
agreement also encompasses its responsibilities as primary servicer of the
related mortgage loan or mortgage loans.

 Midland Loan Services, a Division
of PNC Bank, National Association is the master servicer of the mortgage loans
serviced under the Pooling and Servicing Agreement and the primary servicer of
the Green Acres Mortgage Loan, the Sentinel Square II Mortgage Loan, the
Centers of High Point Mortgage Loan and the One Campus Martius Mortgage Loan and
the special servicer of the One Campus Martius Mortgage Loan prior to May 2,
2023. As a result, Midland Loan Services, a Division of PNC Bank, National
Association is a "servicer" as defined in Item 1108(a)(2)(iii) of Regulation
AB, in the capacities described above, because it is servicing mortgage loans
that constituted 10% or more of the assets of the issuing entity as of its
cut-off date. The assessments of compliance with applicable servicing criteria,
accountants' attestation reports and servicer compliance statements delivered
by Midland Loan Services, a Division of PNC Bank, National Association in the
capacities described above are listed in the Exhibit Index.

 LNR Partners, LLC is the special
servicer of the mortgage loans serviced under the Pooling and Servicing
Agreement and the 1201 Third Avenue Mortgage Loan. As a result, LNR Partners,
LLC is a "servicer" as defined in Item 1108(a)(2)(iii) of Regulation AB, in the
capacities described above, because it is servicing mortgage loans that constituted
10% or more of the assets of the issuing entity as of its cut-off date. The
assessments of compliance with applicable servicing criteria, accountants'
attestation reports and servicer compliance statements delivered by LNR
Partners, LLC in the capacities described above are listed in the Exhibit
Index.

 Computershare Trust Company,
National Association is the custodian of the mortgage loans serviced under the
Pooling and Servicing Agreement, the 1201 Third Avenue Mortgage Loan, the CX -
250 Water Street Mortgage Loan, the Green Acres Mortgage Loan, the Scottsdale
Fashion Square Mortgage Loan, the National Warehouse & Distribution
Portfolio Mortgage Loan, the 100 Jefferson Road Mortgage Loan, the One Campus
Martius Mortgage Loan, the Centers of High Point Mortgage Loan and the Sentinel
Square II Mortgage Loan. As a result, Computershare Trust Company,
National Association is a servicing function participant in the capacities
described above, because it is servicing mortgage loans that constituted 5% or
more of the assets of the issuing entity as of its cut-off date. The
assessments of compliance with applicable servicing criteria and accountants'
attestation reports delivered by Computershare Trust Company, National
Association in the capacities described above are listed in the Exhibit Index.

 Park Bridge Lender Services LLC is
the operating advisor of the mortgage loans serviced under the Pooling and
Servicing Agreement, the 1201 Third Avenue Mortgage Loan, the Scottsdale
Fashion Square Mortgage Loan, the One Campus Martius Mortgage Loan, the
Sentinel Square II Mortgage Loan and the Centers of High Point Mortgage
Loan. As a result, Park Bridge Lender Services LLC is a servicing
function participant in the capacities described above, because it is servicing
mortgage loans that constituted 5% or more of the assets of the issuing entity
as of its cut-off date. The assessments of compliance with applicable servicing
criteria and accountants' attestation reports delivered by Park Bridge Lender
Services LLC in the capacities described above are listed in the Exhibit Index.

 Wells Fargo Bank, National
Association is the primary servicer of the 1201 Third Avenue Mortgage Loan, the
CX - 250 Water Street Mortgage Loan, the National Warehouse & Distribution
Portfolio Mortgage Loan and the 100 Jefferson Road Mortgage Loan. As a result,
Wells Fargo Bank, National Association is a "servicer" as defined in Item
1108(a)(2)(iii) of Regulation AB, in the capacities described above, because it
is servicing mortgage loans that constituted 10% or more of the assets of the
issuing entity as of its cut-off date. The assessments of compliance with
applicable servicing criteria, accountants' attestation reports and servicer
compliance statements delivered by Wells Fargo Bank, National Association in
the capacities described above are listed in the Exhibit Index.

 Pentalpha Surveillance LLC is the
operating advisor of the National Warehouse & Distribution Portfolio
Mortgage Loan and the 100 Jefferson Road Mortgage Loan. As a result, Pentalpha
Surveillance LLC is a servicing function participant in the capacities
described above, because it is servicing mortgage loans that constituted 5% or
more of the assets of the issuing entity as of its cut-off date. The
assessments of compliance with applicable servicing criteria and accountants'
attestation reports delivered by Pentalpha Surveillance LLC in the capacities
described above are listed in the Exhibit Index.

 Argentic Services Company LP is
the special servicer of the Pacific Design Center Mortgage Loan, the CX - 250
Water Street Mortgage Loan and the 100 Jefferson Road Mortgage Loan. As a
result, Argentic Services Company LP is a "servicer" as defined in Item
1108(a)(2)(iii) of Regulation AB, in the capacities described above, because it
is servicing mortgage loans that constituted 10% or more of the assets of the
issuing entity as of its cut-off date. The assessments of compliance with
applicable servicing criteria, accountants' attestation reports and servicer
compliance statements delivered by Argentic Services Company LP in the
capacities described above are listed in the Exhibit Index.

 Computershare Trust Company,
National Association acts as trustee of the Pacific Design Center Mortgage
Loan, the Great Lakes Crossing Outlets Mortgage Loan, the Riverport Tower
Mortgage Loan, the Sentinel Square II Mortgage Loan, the Centers of High Point
Mortgage Loan, the National Warehouse & Distribution Portfolio Mortgage
Loan, the Green Acres Mortgage Loan, the 100 Jefferson Road Mortgage Loan and
the CX - 250 Water Street Mortgage Loan. Pursuant to the Pooling and
Servicing Agreement, the pooling and servicing agreement for the FIVE 2023-V1
Transaction, the pooling and servicing agreement for the BANK5 2023-5YR1
Transaction, the pooling and servicing agreement for the Benchmark 2023-V2
Transaction, the pooling and servicing agreement for the MSWF 2023-1
Transaction and the pooling and servicing agreement for the MSWF 2023-2
Transaction, the trustee is required to provide an assessment of compliance with
applicable servicing criteria solely with respect to Item 1122(d)(2)(iii) of
Regulation AB (regarding advances of funds or guarantees regarding collections,
cash flows or distributions, and any interest or other fees charged for such
advances, are made, reviewed and approved as specified in the transaction
agreements). However, during the reporting period, the trustee did not perform
any servicing function with respect to the servicing criteria specified in Item
1122(d)(2)(iii) of Regulation AB. The master servicer or the special
servicer, to the extent required, performed the servicing function identified
with respect to Item 1122(d)(2)(iii) of Regulation AB, and each such party
included Item 1122(d)(2)(iii) of Regulation AB in the assessment of compliance
with applicable servicing criteria and accountant's attestation report for the
subject transaction. As a result, this Annual Report on Form 10-K does
not include an assessment of compliance with applicable servicing criteria of
the trustee. One or more other servicers of the Pacific Design Center Mortgage
Loan, the Great Lakes Crossing Outlets Mortgage Loan, the Riverport Tower
Mortgage Loan, the Sentinel Square II Mortgage Loan, the Centers of High Point
Mortgage Loan, the National Warehouse & Distribution Portfolio Mortgage
Loan, the Green Acres Mortgage Loan, the 100 Jefferson Road Mortgage Loan and
the CX - 250 Water Street Mortgage Loan have delivered one or more assessments
of compliance with respect to Item 1122(d)(2)(iii) of Regulation AB.

 Wilmington Trust, National
Association acts as trustee of the One Campus Martius Mortgage Loan, the
Scottsdale Fashion Square Mortgage Loan and the 1201 Third Avenue Mortgage
Loan. Pursuant to the pooling and servicing agreement for the Benchmark
2022-B36 Transaction, the trust and servicing agreement for the SCOTT 2023-SFS
Transaction and the pooling and servicing agreement for the BANK 2023-BNK46
Transaction, the trustee is required to provide an assessment of compliance
with applicable servicing criteria solely with respect to Item 1122(d)(2)(iii)
of Regulation AB (regarding advances of funds or guarantees regarding
collections, cash flows or distributions, and any interest or other fees
charged for such advances, are made, reviewed and approved as specified in the
transaction agreements). However, during the reporting period, the trustee did
not perform any servicing function with respect to the servicing criteria
specified in Item 1122(d)(2)(iii) of Regulation AB. The master servicer
or the special servicer, to the extent required, performed the servicing
function identified with respect to Item 1122(d)(2)(iii) of Regulation AB, and
each such party included Item 1122(d)(2)(iii) of Regulation AB in the
assessment of compliance with applicable servicing criteria and accountant's
attestation report for the subject transaction. As a result, this Annual
Report on Form 10-K does not include an assessment of compliance with
applicable servicing criteria of the trustee. One or more other servicers of
the One Campus Martius Mortgage Loan, the Scottsdale Fashion Square Mortgage
Loan and the 1201 Third Avenue Mortgage Loan have delivered one or more
assessments of compliance with respect to Item 1122(d)(2)(iii) of Regulation
AB.

 This Annual Report on Form 10-K
includes assessments of compliance with applicable servicing criteria and
accountants' attestation reports from CoreLogic Solutions, LLC. This
entity was engaged by the primary servicer of the National Warehouse &
Distribution Portfolio Mortgage Loan, the 100 Jefferson Road Mortgage Loan, the
1201 Third Avenue Mortgage Loan and the CX - 250 Water Street Mortgage Loan to
remit tax payments received from the escrow accounts of borrowers to local
taxing authorities, to report tax amounts due, to verify tax parcel information,
and to verify non-escrow tax payments. These servicing functions are included
within the servicing criteria set forth in Items 1122(d)(4)(xi) and
1122(d)(4)(xii) of Regulation AB. Therefore, under the principles-based
definition of "servicer" set forth in Item 1101(j) of Regulation AB that looks
to the functions that an entity performs, this vendor is a "servicer" for the
purposes of Item 1122 of Regulation AB. See Compliance and
Disclosure Interpretations, Section 301.01 (Item 1101(j)).

 The assessments
of compliance with applicable servicing criteria, accountants' attestation
reports and servicer compliance statements of the certificate administrator of
the One Campus Martius Mortgage Loan, the Sentinel Square II Mortgage Loan, the
Centers of High Point Mortgage Loan, the Scottsdale Fashion Square Mortgage
Loan, the National Warehouse & Distribution Portfolio Mortgage Loan, the
Green Acres Mortgage Loan, the 100 Jefferson Road Mortgage Loan, the 1201 Third
Avenue Mortgage Loan and the CX - 250 Water Street Mortgage Loan are omitted
from this Annual Report on Form 10-K as the certificate administrator pursuant
to the related pooling and servicing agreement or trust and servicing agreement
does not perform any activities that address servicing criteria with respect to
the issuing entity and because they are each not a "servicer" that meets the
criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB.

 With respect to the pari passu
loan combinations that include the One Campus Martius Mortgage Loan, the
Sentinel Square II Mortgage Loan, the Centers of High Point Mortgage Loan, the
Scottsdale Fashion Square Mortgage Loan, the National Warehouse &
Distribution Portfolio Mortgage Loan and the Green Acres Mortgage Loan, (i) the
reports on assessment of compliance with servicing criteria and attestation
reports on assessment of compliance with servicing criteria of K-Star Asset
Management LLC as special servicer of the One Campus Martius Mortgage Loan on
and after May 2, 2023 and Greystone Servicing Company LLC as special servicer
of the Sentinel Square II Mortgage Loan and the Centers of High Point Mortgage
Loan, listed on the Exhibit Index are omitted from this Annual Report on Form
10-K as they are not required to be included on this Annual Report on Form 10-K
per Instruction 3 to Item 1122 of Regulation AB because they are parties
performing activities that address servicing criteria relating to 5% or less of
the assets of the issuing entity; and (ii) the servicer compliance statements
of K-Star Asset Management LLC as special servicer of the One Campus Martius
Mortgage Loan on and after May 2, 2023, Greystone Servicing Company LLC as
special servicer of the Sentinel Square II Mortgage Loan and the Centers of
High Point Mortgage Loan, Berkadia Commercial Mortgage LLC as primary servicer
of the Scottsdale Fashion Square Mortgage Loan, KeyBank National Association as
special servicer of the Scottsdale Fashion Square Mortgage Loan, CWCapital
Asset Management LLC as special servicer of the National Warehouse &
Distribution Portfolio Mortgage Loan and 3650 REIT Loan Servicing LLC as
special servicer of the Green Acres Mortgage Loan, listed on the Exhibit Index
are omitted from this Annual Report on Form 10-K as they are not required by
Item 1123 of Regulation AB to be included on this Annual Report on Form 10-K
because they are each an unaffiliated party that is not a "servicer" that meets
the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB.

 Item 1. Business.

 Item 1A. Risk Factors.

 Item 1B. Unresolved Staff Comments.

 None.

 Item 1C. Cybersecurity.

 Item 2. Properties.

 Item 3. Legal Proceedings.

 Item 4. Mine Safety Disclosures.

 Item 5. Market for Registrant's Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities.

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations.

 Item 7A. Quantitative and Qualitative Disclosures
About Market Risk.

 Item 8. Financial Statements and Supplementary Data.

 Item 9. Changes in and Disagreements With
Accountants on Accounting and Financial Disclosure.

 Item 9A. Controls and Procedures.

 Item 9B. Other Information.

 None.

 Item 9C. Disclosure Regarding Foreign Jurisdictions
that Prevent Inspections.

 None.

 Item 10. Directors, Executive Officers and Corporate
Governance.

 Item 11. Executive Compensation.

 Item 12. Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters.

 Item 13. Certain Relationships and Related
Transactions, and Director Independence.

 Item 14. Principal Accountant Fees and Services.

 ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB

 Item 1112(b) of Regulation AB, Significant Obligor
Financial Information.

 No single obligor represents 10% or more of the pool assets
held by the issuing entity.

 Item 1114(b)(2) of Regulation AB, Significant Enhancement
Provider Financial Information.

 No entity or group of affiliated entities provides any external credit
enhancement or other support for the certificates within this transaction as
described under Item 1114(a) of Regulation AB.

 Item 1115(b) of Regulation AB, Certain Derivatives
Instruments (Financial Information).

 No entity or group of affiliated entities provides any
derivative instruments or other support for the certificates within this
transaction as described under Item 1115 of Regulation AB.

 Item 1117 of Regulation AB, Legal Proceedings.

 The registrant knows of no material pending legal proceeding
involving the trust or any party related to the trust, other than routine
litigation incidental to the duties of those respective parties.

 Item 1119 of Regulation AB, Affiliations and Certain
Relationships and Related Transactions.

 The information regarding this Item has been previously
provided in the prospectus of the Registrant relating to the issuing entity
filed on April 21, 2023 pursuant to Rule 424(b)(2).

 Item 1122 of Regulation AB, Compliance with Applicable
Servicing Criteria.

assessments of compliance with respect to the mortgage loans are attached
hereto under Item 15 to this Annual Report on Form 10-K. Attached as Schedule
II to the Pooling and Servicing Agreement incorporated by reference as Exhibit
4.1 to this Annual Report on Form 10-K is a chart identifying the entities
participating in a servicing function for the transaction responsible for each
applicable servicing criteria set forth in Item 1122(d).

assessments of compliance with respect to the One Campus Martius Mortgage Loan,
which is being serviced and administered pursuant to the pooling and servicing
agreement for the Benchmark 2022-B36 Transaction, are attached hereto under
Item 15 to this Annual Report on Form 10-K. Attached as Exhibit AA to the
pooling and servicing agreement for the Benchmark 2022-B36 Transaction
incorporated by reference as Exhibit 4.2 to this Annual Report on Form 10-K is
a chart identifying the entities participating in a servicing function for the
Benchmark 2022-B36 Transaction responsible for each applicable servicing
criteria set forth in Item 1122(d).

assessments of compliance with respect to the Sentinel Square II Mortgage Loan
and the Centers of High Point Mortgage Loan, which are being serviced and
administered pursuant to the pooling and servicing agreement for the FIVE
2023-V1 Transaction, are attached hereto under Item 15 to this Annual Report on
Form 10-K. Attached as Schedule II to the pooling and servicing agreement for
the FIVE 2023-V1 Transaction incorporated by reference as Exhibit 4.3 to this
Annual Report on Form 10-K is a chart identifying the entities participating in
a servicing function for the FIVE 2023-V1 Transaction responsible for each
applicable servicing criteria set forth in Item 1122(d).

assessments of compliance with respect to the Scottsdale Fashion Square
Mortgage Loan, which is being serviced and administered pursuant to the trust
and servicing agreement for the SCOTT 2023-SFS Transaction, are attached hereto
under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit L to the
trust and servicing agreement for the SCOTT 2023-SFS Transaction incorporated
by reference as Exhibit 4.4 to this Annual Report on Form 10-K is a chart
identifying the entities participating in a servicing function for the SCOTT
2023-SFS Transaction responsible for each applicable servicing criteria set
forth in Item 1122(d).

assessments of compliance with respect to the National Warehouse &
Distribution Portfolio Mortgage Loan, which is being serviced and administered
pursuant to the pooling and servicing agreement for the BANK5 2023-5YR1
Transaction, are attached hereto under Item 15 to this Annual Report on Form
10-K. Attached as Exhibit AA to the pooling and servicing agreement for the
BANK5 2023-5YR1 Transaction incorporated by reference as Exhibit 4.5 to this
Annual Report on Form 10-K is a chart identifying the entities participating in
a servicing function for the BANK5 2023-5YR1 Transaction responsible for each
applicable servicing criteria set forth in Item 1122(d).

assessments of compliance with respect to the Green Acres Mortgage Loan, which
is being serviced and administered pursuant to the pooling and servicing
agreement for the Benchmark 2023-V2 Transaction, are attached hereto under Item
15 to this Annual Report on Form 10-K. Attached as Exhibit O to the pooling and
servicing agreement for the Benchmark 2023-V2 Transaction incorporated by
reference as Exhibit 4.6 to this Annual Report on Form 10-K is a chart
identifying the entities participating in a servicing function for the
Benchmark 2023-V2 Transaction responsible for each applicable servicing
criteria set forth in Item 1122(d).

assessments of compliance with respect to the 100 Jefferson Road Mortgage Loan,
which is being serviced and administered pursuant to the pooling and servicing
agreement for the MSWF 2023-1 Transaction, are attached hereto under Item 15 to
this Annual Report on Form 10-K. Attached as Exhibit Z to the pooling and
servicing agreement for the MSWF 2023-1 Transaction incorporated by reference
as Exhibit 4.7 to this Annual Report on Form 10-K is a chart identifying the
entities participating in a servicing function for the MSWF 2023-1 Transaction
responsible for each applicable servicing criteria set forth in Item 1122(d).

assessments of compliance with respect to the 1201 Third Avenue Mortgage Loan,
which is being serviced and administered pursuant to the pooling and servicing
agreement for the BANK 2023-BNK46 Transaction, are attached hereto under Item
15 to this Annual Report on Form 10-K. Attached as Exhibit AA to the pooling
and servicing agreement for the BANK 2023-BNK46 Transaction incorporated by
reference as Exhibit 4.8 to this Annual Report on Form 10-K is a chart
identifying the entities participating in a servicing function for the BANK
2023-BNK46 Transaction responsible for each applicable servicing criteria set
forth in Item 1122(d).

assessments of compliance with respect to the CX - 250 Water Street Mortgage
Loan, which is being serviced and administered pursuant to the pooling and
servicing agreement for the MSWF 2023-2 Transaction, are attached hereto under
Item 15 to this Annual Report on Form 10-K. Attached as Exhibit Z to the
pooling and servicing agreement for the MSWF 2023-2 Transaction incorporated by
reference as Exhibit 4.9 to this Annual Report on Form 10-K is a chart
identifying the entities participating in a servicing function for the MSWF
2023-2 Transaction responsible for each applicable servicing criteria set forth
in Item 1122(d).

 Item 1123 of Regulation AB, Servicer Compliance Statement.

 The servicer compliance statements are attached as Exhibits
to this Annual Report on Form 10-K.

 Item 15. Exhibit, and Financial Statement Schedules

 (a) The following is a list of documents filed as part of
this Annual Report on Form 10-K:

 (1) Not applicable

 (2) Not applicable

 (3) See below

 4.1
and Servicing Agreement, dated as of April 1, 2023, between Deutsche
Mortgage & Asset Receiving Corporation, as Depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as Master Servicer, LNR
Partners, LLC, as General Special Servicer, Argentic Services Company LP, as
Pacific Design Center Special Servicer, Computershare Trust Company, N.A., as
Trustee, Certificate Administrator, Paying Agent and Custodian, and Park Bridge
Lender Services LLC, as Operating Advisor and Asset Representations Reviewer
(filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K/A filed on
September 8, 2023 under Commission File No. 333-260277-04 and incorporated by
reference herein).

 4.2
and Servicing Agreement, dated as of August 1, 2022, between J.P. Morgan Chase
Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services, a
Division of PNC Bank, National Association, as Master Servicer, Midland Loan
Services, a Division of PNC Bank, National Association, as Special Servicer,
Computershare Trust Company, National Association, as Certificate
Administrator, Wilmington Trust, National Association, as Trustee, and Park
Bridge Lender LLC, as Operating Advisor and as Asset Representations Reviewer
(filed as Exhibit 99.9 to the registrant's Current Report on Form 8-K filed on
April 21, 2023 under Commission File No. 333-260277-04 and incorporated by
reference herein).

 4.3
and Servicing Agreement, dated as of February 1, 2023, between Deutsche
Mortgage & Asset Receiving Corporation, as Depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as Master Servicer,
Greystone Servicing Company LLC, as Special Servicer, Computershare Trust
Company, N.A, as Trustee, Computershare Trust Company, N.A, as Certificate
Administrator, Paying Agent and Custodian, and Park Bridge Lender Services LLC,
as Operating Advisor and Asset Representations Reviewer (filed as Exhibit 99.10
to the registrant's Current Report on Form 8-K filed on April 21, 2023 under

 4.4
 Trust
and Servicing Agreement, dated as of March 17, 2023, between GS Mortgage
Securities Corporation II, as Depositor, Berkadia Commercial Mortgage LLC, as
Servicer, KeyBank National Association, as Special Servicer, Computershare
Trust Company, N.A., as Certificate Administrator and Custodian, Wilmington
Trust, National Association, as Trustee, and Park Bridge Lender Services LLC,
as Operating Advisor (filed as Exhibit 99.8 to the registrant's Current Report
on Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and
incorporated by reference herein).

 4.5
and Servicing Agreement, dated as of April 1, 2023, among Wells Fargo
Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, CWCapital Asset Management LLC, as Special
Servicer, Computershare Trust Company, N.A., as Certificate Administrator and
as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as Asset
Representations Reviewer (filed as Exhibit 99.5 to the registrant's Current
Report on Form 8-K filed on April 21, 2023 under Commission File No.

 4.6
and Servicing Agreement, dated as of May 1, 2023, among Citigroup Commercial
Mortgage Securities Inc., as Depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as Master Servicer, 3650 REIT Loan Servicing
LLC, as a Special Servicer, BellOak, LLC, as Operating Advisor and Asset
Representations Reviewer, and Computershare Trust Company, National
Association, as Certificate Administrator and Trustee (filed as Exhibit 99.1 to
the registrant's Current Report on Form 8-K filed on May 31, 2023 under

 4.7
and Servicing Agreement, dated as of May 1, 2023, between Morgan Stanley
Capital I Inc., as Depositor, Wells Fargo Bank, National Association, as Master
Servicer, Argentic Services Company LP, as Special Servicer, Computershare
Trust Company, National Association, as Certificate Administrator and as
Trustee, and Pentalpha Surveillance LLC, as Operating Advisor and as Asset
Representations Reviewer (filed as Exhibit 99.1 to the registrant's Current
Report on Form 8-K filed on May 31, 2023 under Commission File No.

 4.8
and Servicing Agreement, dated as of August 1, 2023, among Wells Fargo
Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as General Master Servicer, LNR Partners, LLC, as General Special
Servicer, National Cooperative Bank, N.A., as Co-op Master Servicer and as
Co-op Special Servicer, Computershare Trust Company, N.A., as Certificate
Administrator, Wilmington Trust, National Association, as Trustee, and Park
Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer (filed as Exhibit 99.1 to the registrant's Current Report on Form 8-K
filed on August 14, 2023 under Commission File No. 333-260277-04 and
incorporated by reference herein).

 4.9
and Servicing Agreement, dated as of December 1, 2023, among Wells Fargo
Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, Argentic Services Company LP, as Special
Servicer, Computershare Trust Company, National Association, as Certificate
Administrator and as Trustee, and BellOak, LLC, as Operating Advisor and as Asset
Representations Reviewer (filed as Exhibit 99.1 to the registrant's Current
Report on Form 8-K filed on December 27, 2023 under Commission File No.

 4.10
 Agreement
Between Noteholders, dated as of February 1, 2023, by and among Goldman Sachs
Bank USA, as Initial Note A-1 Holder, Goldman Sachs Bank USA, as Initial Note
A-2 Holder, Goldman Sachs Bank USA, as Initial Note A-3 Holder, Goldman Sachs
Bank USA, as Initial Note A-4 Holder, Goldman Sachs Bank USA, as Initial Note
A-5 Holder, Goldman Sachs Bank USA, as Initial Note A-6 Holder, Goldman Sachs Bank
USA, as Initial Note A-7 Holder, Bank of Montreal, as Initial Note A-8 Holder,
Bank of Montreal, as Initial Note A-9 Holder, and Goldman Sachs Bank USA, as
Initial Note B Holder (filed as Exhibit 99.11 to the registrant's Current
Report on Form 8-K filed on April 21, 2023 under Commission File No.

 4.11
 Agreement
Between Note Holders, dated as of April 19, 2023 by and between Morgan Stanley
Bank, N.A., as Initial Note A-1-1 Holder, Morgan Stanley Bank, N.A., as Initial
Note A-1-2 Holder, Morgan Stanley Bank, N.A., as Initial Note A-1-3 Holder,
Morgan Stanley Bank, N.A., as Initial Note A-2 Holder, JPMorgan Chase Bank,
National Association, as Initial Note A-3 Holder, and JPMorgan Chase Bank,
National Association, as Initial Note A-4 Holder (filed as Exhibit 99.12 to the
registrant's Current Report on Form 8-K filed on April 21, 2023 under

 4.12
 Agreement
Between Note Holders, dated as of January 27, 2023, by and between Bank of
America, National Association, as Initial Note A-1 Holder, Bank of America,
National Association, as Initial Note A-2 Holder, Bank of America, National
Association, as Initial Note A-3 Holder, Bank of America, National Association,
as Initial Note A-4 Holder, Bank of America, National Association, as Initial
Note A-5 Holder, Bank of America, National Association, as Initial Note A-6
Holder, Bank of America, National Association, as Initial Note A-7 Holder, Bank
of America, National Association, as Initial Note A-8 Holder, Wells Fargo Bank,
National Association, as Initial Note A-9 Holder, Wells Fargo Bank, National
Association, as Initial Note A-10 Holder, Wells Fargo Bank, National
Association, as Initial Note A-11 Holder, Wells Fargo Bank, National
Association, as Initial Note A-12 Holder, Wells Fargo Bank, National
Association, as Initial Note A-13 Holder, Wells Fargo Bank, National
Association, as Initial Note A-14 Holder, Wells Fargo Bank, National
Association, as Initial Note A-15 Holder, Wells Fargo Bank, National
Association, as Initial Note A-16 Holder, Goldman Sachs Bank USA, as Initial
Note A-17 Holder, Goldman Sachs Bank USA, as Initial Note A-18 Holder, 3650
Real Estate Investment Trust 2 LLC, as Initial Note A-19 Holder, and 3650 Real
Estate Investment Trust 2 LLC, as Initial Note A-20 Holder (filed as Exhibit
99.13 to the registrant's Current Report on Form 8-K filed on April 21, 2023
under Commission File No. 333-260277-04 and incorporated by reference herein).

 4.13
Agreement, dated as of February 13, 2023, by and among Goldman Sachs Bank USA,
as Initial Note A-1 Holder, Initial Note A-2 Holder and Initial Note A-3
Holder, Bank of Montreal, as Initial Note A-4 Holder, Initial Note A-5 Holder,
Initial Note A-6 Holder, Initial Note A-7 Holder and Initial Note A-8 Holder,
Morgan Stanley Bank, N.A., as Initial Note A-9 Holder, Initial Note A-10
Holder, Initial Note A-11 Holder and Initial Note A-12 Holder, and DBR
Investments Co. Limited, as Initial Note A-13 Holder, Initial Note A-14 Holder,
Initial Note A-15 Holder and Initial Note A-16 Holder (filed as Exhibit 99.14
to the registrant's Current Report on Form 8-K filed on April 21, 2023 under

 4.14
Agreement, dated as of January 5, 2023, by and among Goldman Sachs Bank USA, as
Initial Note A-1 Holder, DBR Investments Co. Limited, as Initial Note A-2
Holder, and Bank of Montreal, as Initial Note A-3 Holder (filed as Exhibit
99.15 to the registrant's Current Report on Form 8-K filed on April 21, 2023
under Commission File No. 333-260277-04 and incorporated by reference herein).

 4.15
Agreement, dated as of March 3, 2023, by and among Goldman Sachs Bank USA, as
Initial Note A-1-S1 Holder, Goldman Sachs Bank USA, as Initial Note A-1-C1
Holder, Goldman Sachs Bank USA, as Initial Note A-1-C2 Holder, Goldman Sachs
Bank USA, as Initial Note A-1-C3 Holder, Goldman Sachs Bank USA, as Initial
Note A-1-C4 Holder, Deutsche Bank AG, New York Branch, as Initial Note A-2-S1
Holder, Deutsche Bank AG, New York Branch, as Initial Note A-2-C1 Holder,
Deutsche Bank AG, New York Branch, as Initial Note A-2-C2 Holder, and Deutsche
Bank AG, New York Branch, as Initial Note A-2-C3 Holder (filed as Exhibit 99.16
to the registrant's Current Report on Form 8-K filed on April 21, 2023 under

 4.16
Agreement, dated as of March 13, 2023, by and between Citi Real Estate Funding
Inc., as Initial Note A-1 Holder, Citi Real Estate Funding Inc., as Initial
Note A-2 Holder, Citi Real Estate Funding Inc., as Initial Note A-3 Holder,
Citi Real Estate Funding Inc., as Initial Note A-4-1 Holder, Citi Real Estate
Funding Inc., as Initial Note A-4-2 Holder, and Citi Real Estate Funding Inc.,
as Initial Note A-5 Holder (filed as Exhibit 99.17 to the registrant's Current
Report on Form 8-K filed on April 21, 2023 under Commission File No.

 4.17
Agreement, dated as of March 10, 2023, by and between JPMorgan Chase Bank,
National Association, as Initial Note A-1 Holder, Argentic Real Estate Finance
2 LLC, as Initial Note A-2 Holder, Argentic Real Estate Finance 2 LLC, as
Initial Note A-3 Holder, and Argentic Real Estate Finance 2 LLC, as Initial
Note A-4 Holder (filed as Exhibit 99.18 to the registrant's Current Report on
Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and
incorporated by reference herein).

 4.18
Agreement, dated as of June 28, 2022, by and between JPMorgan Chase Bank,
National Association, as Initial Note A-1 Holder, JPMorgan Chase Bank, National
Association, as Initial Note A-2 Holder, JPMorgan Chase Bank, National
Association, as Initial Note A-3 Holder, JPMorgan Chase Bank, National
Association, as Initial Note A-4 Holder, JPMorgan Chase Bank, National Association,
as Initial Note A-5 Holder, Morgan Stanley Bank, N.A., as Initial Note A-6
Holder, Morgan Stanley Bank, N.A., as Initial Note A-7 Holder, and Morgan
Stanley Bank, N.A., as Initial Note A-8 Holder (filed as Exhibit 99.19 to the
registrant's Current Report on Form 8-K filed on April 21, 2023 under

 4.19
 Agreement
Between Noteholders, dated as of November 3, 2022 by and among Goldman Sachs
Bank USA, as Initial Note A-1 Holder, and Goldman Sachs Bank USA, as Initial
Note A-2 Holder (filed as Exhibit 99.20 to the registrant's Current Report on
Form 8-K filed on April 21, 2023 under Commission File No. 333-260277-04 and
incorporated by reference herein).

 4.20
 Amended
and Restated Co-Lender Agreement, dated as of April 5, 2023, between German
American Capital Corporation, as Note A-1-1 Holder, German American Capital
Corporation, as Note A-1-2 Holder, Computershare Trust Company, N.A., as
Trustee for the benefit of the Registered Holders of FIVE 2023-V1 Mortgage
Trust Commercial Mortgage Pass-Through Certificates Series 2023-V1, as Note A-2
Holder, Computershare Trust Company, N.A., as Trustee for the benefit of the
Registered Holders of FIVE 2023-V1 Mortgage Trust Commercial Mortgage
Pass-Through Certificates Series 2023-V1, as Note A-3 Holder, and Computershare
Trust Company, N.A., as Trustee for the benefit of the Registered Holders of
FIVE 2023-V1 Mortgage Trust Commercial Mortgage Pass-Through Certificates
Series 2023-V1, as Note A-4 Holder (filed as Exhibit 99.21 to the registrant's
Current Report on Form 8-K filed on April 21, 2023 under Commission File No.

 4.21
Agreement, dated as of February 28, 2023, between DBR Investments Co. Limited,
as Note A-1 Holder, and DBR Investments Co. Limited, as Note A-2 Holder (filed
as Exhibit 99.22 to the registrant's Current Report on Form 8-K filed on April
21, 2023 under Commission File No. 333-260277-04 and incorporated by reference
herein).

 Rule 13a-14(d)/15d-14(d) Certifications.

Reports on assessment of compliance with servicing criteria for asset-backed
securities.

 33.1
National Association, as Master Servicer

 33.2
 LNR Partners, LLC, as Special Servicer

 33.3
as Trustee and Certificate Administrator

 33.4
as Custodian

 33.5
Advisor

 33.6
National Association, as Primary Servicer of the Pacific Design Center Mortgage
Loan (see Exhibit 33.1)

 33.7
of the Pacific Design Center Mortgage Loan

 33.8
Computershare Trust Company, National Association, as Trustee of the Pacific
Design Center Mortgage Loan (Omitted. See Explanatory
Notes.)

 33.9
as Custodian of the Pacific Design Center Mortgage Loan (see Exhibit 33.4)

 33.10
 Park Bridge Lender Services LLC, as Operating Advisor
of the Pacific Design Center Mortgage Loan (see Exhibit 33.5)

 33.11
National Association, as Primary Servicer of the Great Lakes Crossing Outlets
Mortgage Loan (see Exhibit 33.1)

 33.12
 LNR Partners, LLC, as Special Servicer of the Great
Lakes Crossing Outlets Mortgage Loan (see Exhibit 33.2)

 33.13
Computershare Trust Company, National Association, as Trustee of the Great
Lakes Crossing Outlets Mortgage Loan (Omitted. See
Explanatory Notes.)

 33.14
as Custodian of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit
33.4)

 33.15
Advisor of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit 33.5)

 33.16
National Association, as Primary Servicer of the Riverport Tower Mortgage Loan
(see Exhibit 33.1)

 33.17
 LNR Partners, LLC, as Special Servicer of the
Riverport Tower Mortgage Loan (see Exhibit 33.2)

 33.18 Computershare
Trust Company, National Association, as Trustee of the Riverport Tower Mortgage
Loan (Omitted. See Explanatory Notes.)

 33.19
as Custodian of the Riverport Tower Mortgage Loan (see Exhibit 33.4)

 33.20
Advisor of the Riverport Tower Mortgage Loan (see Exhibit 33.5)

 33.21
National Association, as Primary Servicer of the One Campus Martius Mortgage
Loan (see Exhibit 33.1)

 33.22
National Association, as Special Servicer of the One Campus Martius Mortgage
Loan prior to May 2, 2023 (see Exhibit 33.1)

 33.23
K-Star Asset Management LLC, as Special Servicer of the One Campus Martius
Mortgage Loan on and after May 2, 2023 (Omitted. See Explanatory Notes.)

 33.24
Wilmington Trust, National Association, as Trustee of the One Campus Martius

 33.25
as Custodian of the One Campus Martius Mortgage Loan (see Exhibit 33.4)

 33.26
Advisor of the One Campus Martius Mortgage Loan (see Exhibit 33.5)

 33.27
National Association, as Primary Servicer of the Sentinel Square II Mortgage
Loan (see Exhibit 33.1)

 33.28
Greystone Servicing Company LLC, as Special Servicer of the Sentinel Square II

 33.29 Computershare
Trust Company, National Association, as Trustee of the Sentinel Square II

 33.30
as Custodian of the Sentinel Square II Mortgage Loan (see Exhibit 33.4)

 33.31
Advisor of the Sentinel Square II Mortgage Loan (see Exhibit 33.5)

 33.32
National Association, as Primary Servicer of the Centers of High Point Mortgage
Loan (see Exhibit 33.1)

 33.33
Greystone Servicing Company LLC, as Special Servicer of the Centers of High
Point Mortgage Loan (Omitted. See Explanatory Notes.)

 33.34
Computershare Trust Company, National Association, as Trustee of the Centers of
High Point Mortgage Loan (Omitted. See Explanatory Notes.)

 33.35
as Custodian of the Centers of High Point Mortgage Loan (see Exhibit 33.4)

 33.36
Advisor of the Centers of High Point Mortgage Loan (see Exhibit 33.5)

 33.37
 Berkadia Commercial Mortgage LLC, as Primary
Servicer of the Scottsdale Fashion Square Mortgage Loan

 33.38
 KeyBank National Association, as Special Servicer
of the Scottsdale Fashion Square Mortgage Loan

 33.39
Wilmington Trust, National Association, as Trustee of the Scottsdale Fashion
Square Mortgage Loan (Omitted. See Explanatory Notes.)

 33.40
as Custodian of the Scottsdale Fashion Square Mortgage Loan (see Exhibit 33.4)

 33.41
Advisor of the Scottsdale Fashion Square Mortgage Loan (see Exhibit 33.5)

 33.42

 33.43
 CWCapital Asset Management LLC, as Special

 33.44
Computershare Trust Company, National Association, as Trustee of the National
Warehouse & Distribution Portfolio Mortgage Loan (Omitted. See Explanatory
Notes.)

 33.45
as Custodian of the National Warehouse & Distribution Portfolio Mortgage
Loan (see Exhibit 33.4)

 33.46
 Pentalpha Surveillance LLC, as Operating Advisor
of the National Warehouse & Distribution Portfolio Mortgage Loan

 33.47
Participant of the National Warehouse & Distribution Portfolio Mortgage
Loan

 33.48
National Association, as Primary Servicer of the Green Acres Mortgage Loan (see
Exhibit 33.1)

 33.49
 3650 REIT Loan Servicing LLC, as Special Servicer
of the Green Acres Mortgage Loan

 33.50
Computershare Trust Company, National Association, as Trustee of the Green
Acres Mortgage Loan (Omitted. See Explanatory Notes.)

 33.51
as Custodian of the Green Acres Mortgage Loan (see Exhibit 33.4)

 33.52
 BellOak, LLC, as Operating Advisor of the Green
Acres Mortgage Loan

 33.53
Servicer of the 100 Jefferson Road Mortgage Loan (see Exhibit 33.42)

 33.54
of the 100 Jefferson Road Mortgage Loan (see Exhibit 33.7)

 33.55
Computershare Trust Company, National Association, as Trustee of the 100
Jefferson Road Mortgage Loan (Omitted. See Explanatory Notes.)

 33.56
as Custodian of the 100 Jefferson Road Mortgage Loan (see Exhibit 33.4)

 33.57
 Pentalpha Surveillance LLC, as Operating Advisor
of the 100 Jefferson Road Mortgage Loan (see Exhibit 33.46)

 33.58
Participant of the 100 Jefferson Road Mortgage Loan (see Exhibit 33.47)

 33.59
Servicer of the 1201 Third Avenue Mortgage Loan (see Exhibit 33.42)

 33.60
 LNR Partners, LLC, as Special Servicer of the 1201
Third Avenue Mortgage Loan (see Exhibit 33.2)

 33.61
Wilmington Trust, National Association, as Trustee of the 1201 Third Avenue

 33.62
as Custodian of the 1201 Third Avenue Mortgage Loan (see Exhibit 33.4)

 33.63
Advisor of the 1201 Third Avenue Mortgage Loan (see Exhibit 33.5)

 33.64
Participant of the 1201 Third Avenue Mortgage Loan (see Exhibit 33.47)

 33.65
Servicer of the CX - 250 Water Street Mortgage Loan (see Exhibit 33.42)

 33.66
of the CX - 250 Water Street Mortgage Loan (see Exhibit 33.7)

 33.67
Computershare Trust Company, National Association, as Trustee of the CX - 250
Water Street Mortgage Loan (Omitted. See Explanatory Notes.)

 33.68
as Custodian of the CX - 250 Water Street Mortgage Loan (see Exhibit 33.4)

 33.69
 BellOak, LLC, as Operating Advisor of the CX - 250
Water Street Mortgage Loan (see Exhibit 33.52)

 33.70
Participant of the CX - 250 Water Street Mortgage Loan (see Exhibit 33.47)

 Attestation
reports on assessment of compliance with servicing criteria for asset-backed
securities.

 34.1
National Association, as Master Servicer

 34.2
 LNR Partners, LLC, as Special Servicer

 34.3
as Trustee and Certificate Administrator

 34.4
as Custodian

 34.5
Advisor

 34.6
National Association, as Primary Servicer of the Pacific Design Center Mortgage
Loan (see Exhibit 34.1)

 34.7
of the Pacific Design Center Mortgage Loan

 34.8
Computershare Trust Company, National Association, as Trustee of the Pacific
Design Center Mortgage Loan (Omitted. See Explanatory Notes.)

 34.9
 Computershare Trust Company, National Association, as
Custodian of the Pacific Design Center Mortgage Loan (see Exhibit 34.4)

 34.10
Advisor of the Pacific Design Center Mortgage Loan (see Exhibit 34.5)

 34.11
National Association, as Primary Servicer of the Great Lakes Crossing Outlets
Mortgage Loan (see Exhibit 34.1)

 34.12
 LNR Partners, LLC, as Special Servicer of the Great
Lakes Crossing Outlets Mortgage Loan (see Exhibit 34.2)

 34.13
Computershare Trust Company, National Association, as Trustee of the Great
Lakes Crossing Outlets Mortgage Loan (Omitted. See Explanatory Notes.)

 34.14
as Custodian of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit
34.4)

 34.15
Advisor of the Great Lakes Crossing Outlets Mortgage Loan (see Exhibit 34.5)

 34.16
National Association, as Primary Servicer of the Riverport Tower Mortgage Loan
(see Exhibit 34.1)

 34.17
 LNR Partners, LLC, as Special Servicer of the
Riverport Tower Mortgage Loan (see Exhibit 34.2)

 34.18
Computershare Trust Company, National Association, as Trustee of the Riverport
Tower Mortgage Loan (Omitted. See Explanatory Notes.)

 34.19
as Custodian of the Riverport Tower Mortgage Loan (see Exhibit 34.4)

 34.20
Advisor of the Riverport Tower Mortgage Loan (see Exhibit 34.5)

 34.21
National Association, as Primary Servicer of the One Campus Martius Mortgage
Loan (see Exhibit 34.1)

 34.22
 Midland Loan Services, a Division of PNC Bank, National
Association, as Special Servicer of the One Campus Martius Mortgage Loan prior
to May 2, 2023 (see Exhibit 34.1)

 34.23
K-Star Asset Management LLC, as Special Servicer of the One Campus Martius
Mortgage Loan on and after May 2, 2023 (Omitted. See Explanatory Notes.)

 34.24
Wilmington Trust, National Association, as Trustee of the One Campus Martius

 34.25
as Custodian of the One Campus Martius Mortgage Loan (see Exhibit 34.4)

 34.26
Advisor of the One Campus Martius Mortgage Loan (see Exhibit 34.5)

 34.27
National Association, as Primary Servicer of the Sentinel Square II Mortgage
Loan (see Exhibit 34.1)

 34.28
Greystone Servicing Company LLC, as Special Servicer of the Sentinel Square II

 34.29
Computershare Trust Company, National Association, as Trustee of the Sentinel
Square II Mortgage Loan (Omitted. See Explanatory Notes.)

 34.30
as Custodian of the Sentinel Square II Mortgage Loan (see Exhibit 34.4)

 34.31
Advisor of the Sentinel Square II Mortgage Loan (see Exhibit 34.5)

 34.32
National Association, as Primary Servicer of the Centers of High Point Mortgage
Loan (see Exhibit 34.1)

 34.33
Greystone Servicing Company LLC, as Special Servicer of the Centers of High
Point Mortgage Loan (Omitted. See Explanatory Notes.)

 34.34
Computershare Trust Company, National Association, as Trustee of the Centers of
High Point Mortgage Loan (Omitted. See Explanatory Notes.)

 34.35
as Custodian of the Centers of High Point Mortgage Loan (see Exhibit 34.4)

 34.36
Advisor of the Centers of High Point Mortgage Loan (see Exhibit 34.5)

 34.37
 Berkadia Commercial Mortgage LLC, as Primary
Servicer of the Scottsdale Fashion Square Mortgage Loan

 34.38
 KeyBank National Association, as Special Servicer
of the Scottsdale Fashion Square Mortgage Loan

 34.39
Wilmington Trust, National Association, as Trustee of the Scottsdale Fashion
Square Mortgage Loan (Omitted. See Explanatory Notes.)

 34.40
as Custodian of the Scottsdale Fashion Square Mortgage Loan (see Exhibit 34.4)

 34.41
Advisor of the Scottsdale Fashion Square Mortgage Loan (see Exhibit 34.5)

 34.42

 34.43
 CWCapital Asset Management LLC, as Special

 34.44
Computershare Trust Company, National Association, as Trustee of the National
Warehouse & Distribution Portfolio Mortgage Loan (Omitted. See Explanatory
Notes.)

 34.45
as Custodian of the National Warehouse & Distribution Portfolio Mortgage
Loan (see Exhibit 34.4)

 34.46
 Pentalpha Surveillance LLC, as Operating Advisor
of the National Warehouse & Distribution Portfolio Mortgage Loan

 34.47
Participant of the National Warehouse & Distribution Portfolio Mortgage
Loan

 34.48
National Association, as Primary Servicer of the Green Acres Mortgage Loan (see
Exhibit 34.1)

 34.49
 3650 REIT Loan Servicing LLC, as Special Servicer
of the Green Acres Mortgage Loan

 34.50
Computershare Trust Company, National Association, as Trustee of the Green
Acres Mortgage Loan (Omitted. See Explanatory Notes.)

 34.51
as Custodian of the Green Acres Mortgage Loan (see Exhibit 34.4)

 34.52
 BellOak, LLC, as Operating Advisor of the Green
Acres Mortgage Loan

 34.53
Servicer of the 100 Jefferson Road Mortgage Loan (see Exhibit 34.42)

 34.54
of the 100 Jefferson Road Mortgage Loan (see Exhibit 34.7)

 34.55
Computershare Trust Company, National Association, as Trustee of the 100
Jefferson Road Mortgage Loan (Omitted. See Explanatory Notes.)

 34.56
as Custodian of the 100 Jefferson Road Mortgage Loan (see Exhibit 34.4)

 34.57
 Pentalpha Surveillance LLC, as Operating Advisor
of the 100 Jefferson Road Mortgage Loan (see Exhibit 34.46)

 34.58
Participant of the 100 Jefferson Road Mortgage Loan (see Exhibit 34.47)

 34.59
Servicer of the 1201 Third Avenue Mortgage Loan (see Exhibit 34.42)

 34.60
 LNR Partners, LLC, as Special Servicer of the 1201
Third Avenue Mortgage Loan (see Exhibit 34.2)

 34.61
Wilmington Trust, National Association, as Trustee of the 1201 Third Avenue

 34.62
as Custodian of the 1201 Third Avenue Mortgage Loan (see Exhibit 34.4)

 34.63
Advisor of the 1201 Third Avenue Mortgage Loan (see Exhibit 34.5)

 34.64
Participant of the 1201 Third Avenue Mortgage Loan (see Exhibit 34.47)

 34.65
Servicer of the CX - 250 Water Street Mortgage Loan (see Exhibit 34.42)

 34.66
of the CX - 250 Water Street Mortgage Loan (see Exhibit 34.7)

 34.67
Computershare Trust Company, National Association, as Trustee of the CX - 250
Water Street Mortgage Loan (Omitted. See Explanatory Notes.)

 34.68
as Custodian of the CX - 250 Water Street Mortgage Loan (see Exhibit 34.4)

 34.69
 BellOak, LLC, as Operating Advisor of the CX - 250
Water Street Mortgage Loan (see Exhibit 34.52)

 34.70
Participant of the CX - 250 Water Street Mortgage Loan (see Exhibit 34.47)

Servicer compliance statements.

 35.1
National Association, as Master Servicer

 35.2
 LNR Partners, LLC, as Special Servicer

 35.3
as Certificate Administrator

 35.4
National Association, as Primary Servicer of the Pacific Design Center Mortgage
Loan (see Exhibit 35.1)

 35.5
of the Pacific Design Center Mortgage Loan

 35.6
National Association, as Primary Servicer of the Great Lakes Crossing Outlets
Mortgage Loan (see Exhibit 35.1)

 35.7
 LNR Partners, LLC, as Special Servicer of the Great
Lakes Crossing Outlets Mortgage Loan (see Exhibit 35.2)

 35.8
National Association, as Primary Servicer of the Riverport Tower Mortgage Loan
(see Exhibit 35.1)

 35.9
 LNR Partners, LLC, as Special Servicer of the
Riverport Tower Mortgage Loan (see Exhibit 35.2)

 35.10
National Association, as Primary Servicer of the One Campus Martius Mortgage
Loan (see Exhibit 35.1)

 35.11
National Association, as Special Servicer of the One Campus Martius Mortgage
Loan prior to May 2, 2023 (see Exhibit 35.1)

 35.12
K-Star Asset Management LLC, as Special Servicer of the One Campus Martius Mortgage
Loan on and after May 2, 2023 (Omitted. See Explanatory Notes.)

 35.13
National Association, as Primary Servicer of the Sentinel Square II Mortgage
Loan (see Exhibit 35.1)

 35.14
Greystone Servicing Company LLC, as Special Servicer of the Sentinel Square II

 35.15
National Association, as Primary Servicer of the Centers of High Point Mortgage
Loan (see Exhibit 35.1)

 35.16
Greystone Servicing Company LLC, as Special Servicer of the Centers of High
Point Mortgage Loan (Omitted. See Explanatory Notes.)

 35.17
Berkadia Commercial Mortgage LLC, as Primary Servicer of the Scottsdale Fashion
Square Mortgage Loan (Omitted. See Explanatory Notes.)

 35.18
KeyBank National Association, as Special Servicer of the Scottsdale Fashion
Square Mortgage Loan (Omitted. See Explanatory Notes.)

 35.19

 35.20
CWCapital Asset Management LLC, as Special Servicer of the National Warehouse
& Distribution Portfolio Mortgage Loan (Omitted. See Explanatory Notes.)

 35.21
National Association, as Primary Servicer of the Green Acres Mortgage Loan (see
Exhibit 35.1)

 35.22
3650 REIT Loan Servicing LLC, as Special Servicer of the Green Acres Mortgage
Loan (Omitted. See Explanatory Notes.)

 35.23
Servicer of the 100 Jefferson Road Mortgage Loan (see Exhibit 35.19)

 35.24
of the 100 Jefferson Road Mortgage Loan (see Exhibit 35.5)

 35.25
Servicer of the 1201 Third Avenue Mortgage Loan (see Exhibit 35.19)

 35.26
 LNR Partners, LLC, as Special Servicer of the 1201
Third Avenue Mortgage Loan (see Exhibit 35.2)

 35.27
Servicer of the CX - 250 Water Street Mortgage Loan (see Exhibit 35.19)

 35.28 Argentic Services Company LP, as Special Servicer of
the CX - 250 Water Street Mortgage Loan (see Exhibit 35.5)

 99.1
 Mortgage
Loan Purchase Agreement, dated April 5, 2023, between German American Capital
Corporation and Deutsche Mortgage & Asset Receiving Corporation (filed as
Exhibit 99.1 to the registrant's Current Report on Form 8-K filed on April 21,
2023 under Commission File No. 333-260277-04 and incorporated by reference
herein).

 99.2
 Mortgage
Loan Purchase Agreement, dated April 5, 2023, between Goldman Sachs Mortgage
Company and Deutsche Mortgage & Asset Receiving Corporation (filed as
Exhibit 99.2 to the registrant's Current Report on Form 8-K filed on April 21,
2023 under Commission File No. 333-260277-04 and incorporated by reference
herein).

 99.3
 Mortgage
Loan Purchase Agreement, dated April 5, 2023, between JPMorgan Chase Bank,
National Association, and Deutsche Mortgage & Asset Receiving Corporation
(filed as Exhibit 99.3 to the registrant's Current Report on Form 8-K filed on
April 21, 2023 under Commission File No. 333-260277-04 and incorporated by reference
herein).

 99.4
 Mortgage
Loan Purchase Agreement, dated April 5, 2023, between Citi Real Estate Funding
Inc. and Deutsche Mortgage & Asset Receiving Corporation (filed as Exhibit
99.4 to the registrant's Current Report on Form 8-K filed on April 21, 2023
under Commission File No. 333-260277-04 and incorporated by reference herein).

 (b) The exhibits required to be filed by the
Registrant pursuant to Item 601 of Regulation S-K are listed above.

 (c) Not Applicable.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

 Deutsche Mortgage & Asset
Receiving Corporation

(Depositor)

 /s/ Helaine
M. Kaplan

 Helaine M.
Kaplan, President

 (senior officer in charge of securitization
of the depositor)

 Date: March 14, 2024

 /s/ Matt
Smith

 Matt Smith, Director

 Date: March 14, 2024