Benchmark 2024-V5 Mortgage Trust Annual Report - Your Investment Snapshot for the Year Ended December 31, 2024

Unlock the performance of your Benchmark 2024-V5 Mortgage Trust investment for the fiscal year ended December 31, 2024. This isn't your typical company report; instead, we're examining a specialized investment vehicle – a "trust" – that holds a diversified portfolio of commercial mortgage loans. Think of it as a pool of funds that lent money to various businesses for their properties, now collecting payments from those loans. Our goal is to give you a clear picture of its health and potential.

Business Overview

Leading financial institutions, known as "sponsors," structured and launched this trust. These sponsors include German American Capital Corporation, Citi Real Estate Funding Inc., Barclays Capital Real Estate Inc., Goldman Sachs Mortgage Company, and Bank of Montreal. They assembled the initial pool of loans.

Once established, specialized "servicers" manage these loans day-to-day. Midland Loan Services serves as master servicer for a significant portion of the loans, ensuring timely collections and reporting. Berkadia Commercial Mortgage LLC also services other parts of the portfolio. Computershare Trust Company safeguards all essential loan documentation as the custodian. These teams are vital for the trust's smooth operation and financial integrity.

The trust's core assets are its commercial mortgage loans. As of December 31, 2024, the trust's portfolio included an outstanding principal balance across its commercial mortgage loans. The loans diversify across various property types—including retail, office, multifamily, and hotel—and spread geographically across multiple states. This diversification aims to reduce concentration risk.

When the trust launched, several notable loans made up a significant portion of its initial assets:

• Tysons Corner Center Mortgage Loan: Represented about 8.4% of the trust's initial assets.
• Acquisition America Portfolio Mortgage Loan and DoubleTree by Hilton Hotel Orlando at SeaWorld Mortgage Loan: Each contributed approximately 6.8% of the initial assets.
• 333 South Spruce Street Mortgage Loan: Accounted for about 5.7% of the initial assets.
• Garden State Plaza Mortgage Loan: Made up about 5.1% of the initial assets.
• Galleria at Tyler Mortgage Loan: Represented about 4.0% of the initial assets.

Many of these loans are part of larger "loan combinations," meaning the trust owns a specific piece of a bigger loan. A key strength for investors: no single borrower accounts for 10% or more of the total assets, which helps spread risk. The portfolio also boasts a Weighted Average Coupon (WAC) and a Weighted Average Maturity (WAM), providing insights into the loans' income generation and remaining life. The report also details crucial credit quality indicators like Loan-to-Value (LTV) ratios and Debt Service Coverage Ratios (DSCR) for the underlying properties.

Financial Performance

Unlike a traditional operating company, this trust doesn't report sales revenue or profit margins in the conventional sense. Instead, the 10-K filing provides comprehensive financial data on its operations and underlying loan performance, typically including a Statement of Cash Flows, a Statement of Net Investment Income, and a Balance Sheet.

• Income Generation: The trust's primary "revenue" is the interest income collected from its commercial mortgage loans. Net investment income results after deducting trust expenses, such as servicer fees and administrative costs.
• Loan Performance: The report details current delinquency rates, showing the percentage of loans 30, 60, or 90+ days past due. It also identifies loans entering special servicing, which indicates potential distress or modification.
• Cash Flow and Distributions: This section breaks down cash flows from loan payments, interest income, and prepayments, along with the total distributions to investors for the year.
• Realized Losses: The trust clearly discloses any losses from defaulted or foreclosed loans, giving investors a realistic view of asset performance.
• Year-over-Year Changes: For a static pool of assets like this trust, direct year-over-year comparisons of "revenue" or "profit" are less meaningful. Instead, we focus on year-over-year trends in key loan performance metrics: delinquency rates, special servicing volume, and cash distributed to certificate holders. These trends reflect the evolving credit quality and cash generation of the underlying collateral.

These metrics are crucial for understanding the trust's financial health and its ability to generate consistent returns for investors.

Risk Factors

While the trust avoids complex financial instruments like derivatives and does not currently face major litigation, investors should be aware of specific risks inherent to commercial mortgage-backed securities:

• No External Guarantees: The trust's performance depends directly on the repayment of its underlying mortgage loans, with no external insurance or guarantees to fall back on.
• Market and Economic Risks: Fluctuations in the broader economy, regional economic downturns, or changes in property values (especially in sectors like office or retail facing structural shifts) can impact borrowers' ability to repay.
• Interest Rate Risk: While many loans are fixed-rate, changes in market interest rates can affect the value of the trust's certificates and borrowers' ability to refinance maturing loans.
• Property Type and Geographic Concentration: Despite diversification, significant exposure to a particular property type or region could pose a risk if that segment experiences a downturn.
• Borrower Credit Risk: The financial health of individual borrowers and their tenants directly influences loan performance.
• Special Servicing Impact: Loans transferred to special servicing may undergo modifications that alter payment terms or lead to losses.
• Liquidity Risk: While the trust's certificates are publicly traded, their liquidity can vary, especially during periods of market stress.

Management Discussion (MD&A Highlights)

For a Commercial Mortgage-Backed Securities (CMBS) trust, the Management's Discussion and Analysis (MD&A) section focuses on the performance and characteristics of the underlying loan pool, not the strategic operations of an active company. Key highlights include:

• Collateral Performance Review: A detailed discussion of mortgage loan performance, including trends in delinquencies, defaults, and prepayments.
• Special Servicing Activity: Analysis of loans transferred to special servicing, including reasons for transfer, workout strategy status (e.g., modifications, foreclosures), and impact on the trust's cash flow and potential losses.
• Significant Credit Events: Discussion of material events affecting specific large loans or property types within the portfolio, such as major tenant bankruptcies, property value declines, or market condition changes impacting borrower repayment.
• Cash Flow and Distributions: Explanation of the trust's cash flow generation, including sources (loan payments, prepayments) and uses (distributions to certificate holders, servicer advances, trust expenses).
• Servicer Compliance and Performance: Confirmation that servicers meet contractual obligations and a discussion of their effectiveness in managing the loan portfolio.
• Changes in Portfolio Characteristics: Notable shifts in the weighted average coupon, weighted average maturity, loan-to-value ratios, or debt service coverage ratios of the remaining loans.

Financial Health

The Benchmark 2024-V5 Mortgage Trust's financial health primarily reflects its ability to generate consistent cash flow from its mortgage loan portfolio and distribute it to certificate holders.

• Assets: The trust's primary assets are its commercial mortgage loans, recorded at their outstanding principal balance, adjusted for realized losses or prepayments. Other assets typically include cash and cash equivalents, interest receivables, and servicer advances.
• Liabilities: The trust's liabilities are generally limited to distributions payable to certificate holders, accrued expenses, and servicer advances requiring reimbursement. The certificates themselves represent the beneficial ownership interests in the trust's assets and are not traditional "debt" of the trust, unlike a corporation's bank loans.
• Cash and Liquidity: The trust's liquidity is driven by the cash flow from loan payments. It maintains cash balances for operational needs and distributions. Servicer advances play a crucial role in maintaining liquidity. They cover shortfalls in principal and interest payments or property protection expenses, and future loan collections or liquidation proceeds then reimburse them. The trust may also hold reserve accounts for specific purposes, as outlined in the pooling and servicing agreement.

Future Outlook

As a passive holder of mortgage loans, the trust's "future outlook" is primarily driven by its portfolio's ongoing performance and the broader economic landscape. Key considerations include:

• Loan Maturity Schedule: Monitoring upcoming loan maturities is critical, as borrowers must refinance or repay these obligations. Borrowers' ability to refinance depends on prevailing interest rates, property values, and credit availability.
• Economic Conditions: Continued vigilance on interest rate trends, commercial real estate market dynamics, and general economic stability will influence future loan performance and property values, affecting borrower repayment capacity.
• Servicer Oversight: Ongoing diligent servicer work—managing and collecting payments, and effectively resolving distressed loans—remains paramount to the trust's performance.
• Prepayment and Default Rates: The future outlook also considers projections for prepayment rates (affecting certificate average life) and default rates (impacting potential losses).

Competitive Position

This section is Not Applicable for the Benchmark 2024-V5 Mortgage Trust. As a securitization trust, it is a passive investment vehicle. It holds a static pool of mortgage loans and does not engage in competitive business activities, develop products, or compete for market share in the traditional sense. Its performance depends solely on its underlying assets' performance and its servicers' efficiency.

This report provides the essential framework and performance data to assess the Benchmark 2024-V5 Mortgage Trust. For a complete picture, investors should always review the full 10-K filing, including all exhibits and detailed loan schedules.