| FREE WRITING PROSPECTUS | ||
| FILED PURSUANT TO RULE 433 | ||
| REGISTRATION FILE NO.: 333-282944-06 | ||
| NEW ISSUE CMBS: | $991.466MM BANK5 2026-5YR23 |
| CO-LEAD MANAGERS & BOOKRUNNERS: | Morgan Stanley, J.P. Morgan, Wells Fargo Securities, BofA Securities |
| Co-MANAGERS: | Academy Securities and Siebert Williams Shank |
PUBLICLY OFFERED CERTIFICATES
| CLASS |
EXPECTED RATINGS (FITCH/MOODY's/M*DBRS) |
AVAILABLE SIZE($MM) |
CE% |
WAL (YRS) |
PRIN WINDOW |
NOI DY% |
LTV% |
| A-1 | AAAsf/Aaa(sf)/AAA(sf) | $3.800 | 30.000% | 2.42 | 1 - 55 | 15.4% | 43.5% |
| A-2* | AAAsf/Aaa(sf)/AAA(sf) | $350.000 | 30.000% | 4.78 | 55 - 59 | 15.4% | 43.5% |
| A-3* | AAAsf/Aaa(sf)/AAA(sf) | $427.102 | 30.000% | 4.94 | 59 - 60 | 15.4% | 43.5% |
| A-S | AAAsf/A1(sf)/AAA(sf) | $108.768 | 20.250% | 5.00 | 60 - 60 | 13.5% | 49.5% |
| B | AA-sf/NR/AA(low)(sf) | $58.568 | 15.000% | 5.00 | 60 - 60 | 12.7% | 52.8% |
| C | A-sf/NR/A(low)(sf) | $43.228 | 11.125% | 5.00 | 60 - 60 | 12.2% | 55.2% |
*Sizes subject to change as detailed in the attached Term Sheet. Range
of possible available sizes below:
| A-2: | $0 - $350.000mm |
| A-3: | $427.102mm - $777.102mm |
| POOL BALANCE: | $1,174,288,991 |
| NUMBER OF LOANS/PROPERTIES: | 33 / 167 |
| WA MORTGAGE INT. RATE: | 6.508% |
| WA CUT-OFF LTV: | 62.1% |
| WA UW NCF DSCR: | 1.53x |
| WA UW NOI DEBT YLD: | 10.8% |
| WA ORIG TERM TO MATURITY: | 60 |
| WA ORIG AMORTIZING TERM: | 310 |
| TEN LARGEST LOANS: | 55.7% |
| LOAN SELLERS: | MSMCH (36.8%), WFB (28.0%), BANA (25.3%), JPMCB (9.9%) |
| TOP 5 STATES: | CA (25.4%), NY (18.8%), TX (12.2%), PA (7.4%), FL (7.2%) |
| TOP 5 PROPERTY TYPES: | OF (26.1%), MF (16.3%), MU (12.7%), RT (12.0%), IN (11.0%) |
| RISK RETENTION Eligible vertical interest | |
| MASTER SERVICER: | Midland Loan Services, a Division of PNC Bank, National Association |
| SPECIAL SERVICER: | Torchlight Loan Services, LLC |
| TRUSTEE: | Computershare Trust Company, National Association |
| CERT ADMIN: | Computershare Trust Company, National Association |
| Operating ADVISOR: | BellOak, LLC |
| INITIAL CONTROLLING CLASS REP: | Torchlight Debt Fund VIII Holdings (US), LLC or its affiliate |
| EXPECTED PRICING: | Week of June 22, 2026 |
| EXPECTED SETTLEMENT: | July 14, 2026 |
| ATTACHED: | Termsheet and Annex A |
The depositor has filed a registration statement (including a prospectus) with the SEC (File No. 333-282944) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the depositor or any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll free 1-866-718-1649 or by email to prospectus@ms.com.
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