Benchmark 2019-B11 Mortgage Trust Annual Report Summary (Fiscal Year Ended December 31, 2023)

This summary provides an essential overview of the Benchmark 2019-B11 Mortgage Trust's operations, financial condition, and key considerations for the fiscal year ended December 31, 2023.

1. Business Overview

The Benchmark 2019-B11 Mortgage Trust operates as a Commercial Mortgage-Backed Securities (CMBS) trust, structured as a special purpose vehicle. Its core function is to hold a pool of commercial mortgage loans, secured by diverse commercial properties such as office buildings, shopping centers, and hotels. The trust issues various classes of certificates to investors, backed by the cash flow from these underlying mortgage loans. The trust collects principal and interest payments from borrowers and distributes these funds to certificate holders, after accounting for trust expenses.

When the trust launched in 2019, its portfolio featured several significant loans:

• 3 Columbus Circle Mortgage Loan: representing approximately 9.1% of the trust's initial assets.
• ILPT Hawaii Portfolio Mortgage Loan: representing approximately 7.1% of the initial assets.
• 59 Maiden Lane Mortgage Loan: representing around 6.8% of the initial assets.
• Green Hills Corporate Center Mortgage Loan: representing about 4.5% of the initial assets.
• 101 California Mortgage Loan: also representing about 4.5% of the initial assets.
• SWVP Portfolio Mortgage Loan: representing another 4.5% of the initial assets.

Midland Loan Services acts as the Master Servicer, responsible for routine loan administration, payment collection, and managing performing loans. Rialto Capital Advisors serves as the Special Servicer, managing delinquent or defaulted loans to maximize recovery for the trust.

During the fiscal year, operational adjustments occurred. Effective March 1, 2024, Trimont LLC assumed primary servicing for the Newport Corporate Center Mortgage Loan and the Central Tower Office Mortgage Loan from Wells Fargo Bank.

2. Risk Factors

The value of certificates issued by the Benchmark 2019-B11 Mortgage Trust directly depends on the performance of its underlying mortgage loans. Investors face several key risks, including:

• Credit Risk / Borrower Default: The primary risk is that borrowers on the underlying commercial mortgage loans may fail to make payments due to economic downturns, property-specific issues (e.g., tenant vacancies, declining property values), or business failures. Current conditions raise particular concerns for commercial property types like office and retail.
• Concentration Risk: Although diversified, the trust's portfolio retains significant exposure to a few large loans (e.g., 3 Columbus Circle, ILPT Hawaii Portfolio). Underperformance or default of even one of these could disproportionately impact the trust's overall cash flow and certificate values.
• Commercial Real Estate Market Downturn: Broader market trends, such as rising interest rates hindering refinancing, increasing property vacancies, and declining property valuations, could severely impact borrowers' ability to repay or refinance their loans.
• Prepayment Risk: If interest rates fall, borrowers may refinance their loans early, leading to prepayments. While this returns principal, it reduces the trust's future interest income.
• Servicer Performance Risk: Midland Loan Services certified its compliance for 2023, but effective management of problem loans by all servicers (Master and Special) remains critical. Ineffective special servicing can lead to higher losses on defaulted loans.
• Loan Combination Complexity: The "loan combination" structure means the trust's portion of a loan is tied to the entire loan's performance. This can complicate decision-making and resolution, especially when other noteholders have different objectives.
• Interest Rate Risk: While many CMBS loans are fixed-rate, rising interest rates can impact property values and make it harder for borrowers to refinance maturing loans, increasing default risk.

3. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)

Key Highlights and Operational Developments for Fiscal Year 2023:

• Servicer Compliance: Midland Loan Services formally certified its full compliance with all relevant SEC servicing criteria for calendar year 2023. This positive development indicates diligent handling of operational aspects like payment collection and loan administration for a significant portion of the trust's loans, adhering to regulatory standards. PricewaterhouseCoopers LLP, an independent accounting firm, confirmed this compliance.
• Loan Portfolio Changes: The trust removed the Heartland Dental Medical Office Portfolio Mortgage Loan and the Arbor Hotel Portfolio Mortgage Loan from its assets.
• Servicer Transition: An administrative change in servicing occurred for the Newport Corporate Center Mortgage Loan and the Central Tower Office Mortgage Loan. Effective March 1, 2024, Trimont LLC took over from Wells Fargo Bank. This represents a common operational adjustment in CMBS structures.

4. Competitive Position

As a passive investment vehicle designed to hold and manage a specific, static portfolio of commercial mortgage loans, the Benchmark 2019-B11 Mortgage Trust does not compete in a traditional market. Its "performance" depends solely on the quality and management of its specific loan portfolio by appointed servicers and trustee, rather than on competitive market dynamics.