FREE WRITING PROSPECTUS

FILED PURSUANT TO RULE 433

REGISTRATION FILE NO.: 333-260277-03

From: Db Cmbs Deutsche Bank (DEUTSCHE BANK SECURI) <ddeutscheb33@bloomberg.net>
Sent: Tuesday, March 28, 2023 9:42 AM
Subject: BMARK 2023-B38 **INITIAL PRICE TALK** PUBLIC

BMARK 2023-B38 **INITIAL PRICE TALK** PUBLIC

***PUBLIC OFFERED CERTIFICATES***

		APPROX.
CLASS	RATING(M/F/K)	SIZE(MM)	C/E	WAL	IPT	$PX
A-1	Aaa/AAA/AAA	6.484	30.000%	2.52	P+185a	~100
A-2	Aaa/AAA/AAA	201.433	30.000%	4.86	P+200a	~103
A-3	Aaa/AAA/AAA	50.784	30.000%	6.75	P+215a	~101
A-SB	Aaa/AAA/AAA	4.164	30.000%	6.92	LCF-3	~103
A-4	Aaa/AAA/AAA	173.967	30.000%	9.64	P+215a	~103
A-M	Aa1/AAA/AAA	70.205	18.750%	9.82	P+275a	~103 (WAC-SPRD)
B	Aa3/AA-/AA-	31.202	13.750%	9.86	P+355a	~97 (WAC)
C	A3/A-/A-	24.182	9.875%	9.97	P+465a	~90 (WAC)

DEUTSCHE BANK TRADING DESK CONTACTS:
SHAISHAV AGARWAL	212-250-5149
RYAN HORVATH	212-250-5149
DAN PENN	212-250-5149
AFTON ENGLAND	212-250-5149
JPM CMBS TRADING DESK CONTACT:
AVINASH SHARMA	212-834-3111
BRIAN CAREY	212-834-3111
DERRICK FETZER	212-834-3111
SCOTT DARBY	212-834-3111
JPM SPG SYNDICATE CONTACTS:
JENNIFER KORNBLAU	212-834-4154
MORGAN ROACH	212-834-4154
JACQUELINE LARET	212-834-4154
KRISTEN ROSSI	212-834-4154
MICHAEL CASH	212-834-4154
JPM CMBS BANKING CONTACTS:
KUNAL SINGH	212-834-5467
HARRIS RENDELSTEIN	212-834-5467
RANDY GOLDSTEIN	212-834-5467
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
MONIQUE HARMON	212-357-9012

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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<http://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.

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