Fannie Mae Connecticut Avenue Securities Trust 2023-R02 (CAS 2023-R02) is structured as a real estate mortgage investment conduit (REMIC), which helps protect investors from potential future counterparty risk exposure to Fannie Mae. The notes are issued from a trust with assets that primarily consist of the note proceeds (held in the cash collateral account [CCA]), investments on those proceeds, and the designated Q-REMIC interests.