# EDGAR Filing Document

**Accession Number:** 0002106400
**File Stem:** 0001539497-26-000154
**Filing Date:** 2026-1
**Character Count:** 5821
**Document Hash:** 3da496aeea562737c931e924570eba2d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-26-000154.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001539497-26-000154

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Benchmark 2026-V20 Mortgage Trust
- **CENTRAL INDEX KEY:** 0002106400
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-283864-03
- **FILM NUMBER:** 26560665

**BUSINESS ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** (212) 250-2500

**MAIL ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE MORTGAGE & ASSET RECEIVING CORP
- **CENTRAL INDEX KEY:** 0001013454
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 043310019
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** (212) 250-2500

**MAIL ADDRESS:**
- **STREET 1:** 60 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

---

| |
|:---|
| &nbsp;&nbsp;FREE WRITING PROSPECTUS |
| &nbsp;&nbsp;FILED PURSUANT TO RULE 433 |
| &nbsp;&nbsp;REGISTRATION FILE NO.: 333-283864-03 |

---

From: Db Cmbs Deutsche Bank (DEUTSCHE BANK SECURI) <br> Sent: Monday, January 26, 2026 2:49 PM<br> Subject: BMARK 2026-V20 \*\*INITIAL PRICE TALK\*\* PUBLIC

BMARK 2026-V20 \*\*INITIAL PRICE TALK\*\* PUBLIC

\*\*\*PUBLIC OFFERED CERTIFICATES\*\*\*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;CLASS | &nbsp;&nbsp;RATING <br> (M/F/K) | &nbsp;&nbsp;SIZE (MM) | &nbsp;&nbsp;C/E | &nbsp;&nbsp;WAL | &nbsp;&nbsp;IPT | &nbsp;&nbsp;TGT<br> $PX\*\* |
| &nbsp;&nbsp;A-1 | &nbsp;&nbsp;Aaa/AAA/AAA | &nbsp;&nbsp;4.488 | &nbsp;&nbsp;30.000% | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;J+70a | &nbsp;&nbsp;~100 (AUCTION) |
| &nbsp;&nbsp;A-2\* | &nbsp;&nbsp;Aaa/AAA/AAA | &nbsp;&nbsp;274.943 | &nbsp;&nbsp;30.000% | &nbsp;&nbsp;4.78 | &nbsp;&nbsp;LCF-2 | &nbsp;&nbsp;~101 |
| &nbsp;&nbsp;A-3\* | &nbsp;&nbsp;Aaa/AAA/AAA | &nbsp;&nbsp;328.087 | &nbsp;&nbsp;30.000% | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;J+73-75 | &nbsp;&nbsp;~103 |
| &nbsp;&nbsp;A-M | &nbsp;&nbsp;NR/AAA/AAA | &nbsp;&nbsp;85.704 | &nbsp;&nbsp;20.125% | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;J+105a | &nbsp;&nbsp;~103 |
| &nbsp;&nbsp;B | &nbsp;&nbsp;NR/AA-/AA | &nbsp;&nbsp;43.394 | &nbsp;&nbsp;15.125% | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;J+130a | &nbsp;&nbsp;~103 |
| &nbsp;&nbsp;C | &nbsp;&nbsp;NR/A-/A- | &nbsp;&nbsp;33.630 | &nbsp;&nbsp;11.250% | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;J+180a | &nbsp;&nbsp;~100 |

---

\*SIZES SUBJECT TO CHANGE AS DETAILED IN THE TERM SHEET. RANGE OF POSSIBLE SIZES BELOW:

CLASS EXPECTED RANGE OF BALANCE EXPECTED RANGE OF WAL <br> A-2 0.000 - 274.943 NA - 4.78 <br> A-3 328.087 - 603.030 4.91 – 4.85

\*\*ESTIMATE BASED ON CURRENT RATES - SUBJECT TO CHANGE

CLASS A-1 AUCTION WILL OCCUR AT 12:00PM ET ON JANUARY 27 (TUESDAY); BEST BID TAKES ALL

DEUTSCHE BANK TRADING DESK CONTACTS:

RYAN HORVATH 212-250-5149

DAN PENN 212-250-5149

JIM O'BRIEN 212-250-5149

ASHNA JAIN 212-250-5149

BARCLAYS DESK CONTACTS:

BRIAN WIELE 212-412-5780

SEAN FOLEY 212-412-5780

SAM WATERS 212-412-5780

JONAH RYAN 212-412-5780

RYAN BOWMAN 212-412-5780

BMO DESK CONTACTS:

ALEX SMITH-CONSTANTINE 212-702-1866

EMILY OSTER 212-702-1866

TRINIAN DONOHOE 212-702-1866

CITIGROUP SYNDICATE DESK CONTACTS:

RAUL OROZCO 212-723-1295

MATT PERRY 212-723-1295

GOLDMAN SACHS SYNDICATE DESK CONTACTS:

SCOTT WALTER 212-357-8910

LISA SCHEXNAYDER 212-902-2330

YESHA DALAL 212-357-2047

ELLIE RIEHLE 212-357-8659

The issuer has filed a registration statement (including a prospectus) with the SEC for the new offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling 1-800-503-4611. This communication does not contain all information that is required to be included in the prospectus. The information in this communication is preliminary, and is subject to completion or change. Any investment decision with respect to the securities should be made by you based upon the information contained in the prospectus relating to the securities. There can be no assurance that actual pricing will be completed at the indicated value(s). This communication is not an offer to sell or a solicitation of an offer to buy these securities in any state where such offer, solicitation or sale is not permitted.

The foregoing also applies to any information provided in any subsequent discussion with you about the contents of this communication, regardless of the means of such subsequent discussion.

ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW THIS SENTENCE ARE NOT

APPLICABLE TO THIS MESSAGE AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER

NOTICES HAVE BEEN AUTOMATICALLY GENERATED AS A RESULT OF THIS MESSAGE HAVING

BEEN SENT VIA BLOOMBERG OR ANOTHER SYSTEM.