BBCMS Mortgage Trust 2025-5C37

Tranches, pool and monthly delinquency indicator for BBCMS Mortgage Trust 2025-5C37.

Data as of loan data through September 2026; ratings as held in the dataset at build

Current pool balance: $741.3M (September 2026)
Original pool balance: $741.5M
Loans at issuance: 30
Closing date: 2025-09-25
Weighted average coupon at issuance: 0.07%
Weighted average LTV at issuance: 45.6%
30+ delinquent (latest): 0.00%
Realized stress score: 41.6
Net rating change since issuance: +0.00 notches

Tranches

Class	Original balance	Credit support (computed)	Coupon	CUSIP	Fitch	KBRA	S&P	Moody's	DBRS
A-1	$1.9M	99.75%	4.168% fixed	05494NAA9	AAA	AAA	not yet reported	Aaa	not yet reported
A-2	$75.0M	89.63%	4.534% fixed	05494NAB7	AAA	AAA	not yet reported	Aaa	not yet reported
A-3	$442.2M	30.00%	5.015% fixed	05494NAC5	AAA	AAA	not yet reported	Aaa	not yet reported
A-S	$70.4M	20.50%	5.382% floating (WAC)	05494NAD3	AAA	AAA	not yet reported	not yet reported	not yet reported
B	$38.9M	15.25%	5.782% floating (WAC)	05494NAE1	AA-	AA	not yet reported	not yet reported	not yet reported
C	$27.8M	11.50%	6.002% floating (WAC)	05494NAH4	A-	A	not yet reported	not yet reported	not yet reported
D	$15.8M	9.38%	4.500% fixed	05494NAL5	BBB	A-	not yet reported	not yet reported	not yet reported
E-RR	$10.2M	8.00%	6.603% floating (WAC)	05494NAR2	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
F-RR	$15.8M	5.88%	6.603% floating (WAC)	05494NAT8	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
G-RR	$11.1M	4.38%	6.603% floating (WAC)	05494NAV3	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
J-RR	$32.4M	0.00%	6.603% floating (WAC)	05494NAX9	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
R	not yet reported	not yet reported	not yet reported	05494NAY7	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$519.1M	Interest only	1.660% floating	05494NAF8	AAA	AAA	not yet reported	Aaa	not yet reported
X-B	$137.2M	Interest only	0.981% floating	05494NAG6	A-	AAA	not yet reported	not yet reported	not yet reported
X-D	$15.8M	Interest only	2.103% floating	05494NAJ0	BBB	AAA	not yet reported	not yet reported	not yet reported

Credit support is computed from the class stack order in the prospectus: the share of the deal's principal balance in classes junior to the class. Interest-only classes carry a notional balance and no principal support figure. Ratings are the latest held in the dataset for each class and agency; NR means the agency shows the class as not rated, WR that the rating was withdrawn, PIF that the class has been paid in full. Any other status value is shown exactly as the agency reports it. A + after a CUSIP marks a class with companion CUSIPs in the dataset.

Pool at issuance

Loans	30
Original loan balance	$741.6M
Weighted average coupon	0.07%
Weighted average LTV	45.6%
Median loan LTV	59.9%
Full-term interest only (share of balance)	92.5%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	10.0%
Five largest loans (share of balance)	40.8%
Occupancy at issuance (weighted average)	89.8%

Realized outcomes

Months reported	13
Peak 30+ delinquency	1.35% (November 2025)
Ever severe (share of original balance)	0.00%
Ever modified (share of original balance)	6.20%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	36.52%
Maximum servicer advances (share of balance)	0.07%
Median DSCR, first year	1.49
Median DSCR, latest	1.29
Realized stress score	41.6

Property types

Property type	Original balance	Share of pool
Mixed use	$205.9M	27.8%
Lodging	$167.8M	22.6%
Multifamily	$131.7M	17.8%
Retail	$121.7M	16.4%
Office	$56.0M	7.6%
Self storage	$32.0M	4.3%
Industrial	$16.2M	2.2%
Multiple property types	$10.3M	1.4%

Property type is reported for 100.0% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
Dunbar Apartments	New York, NY	$74.0M	10.0%	0.07%	2025
Vertex Hq	Boston, MA	$70.0M	9.4%	0.05%	2025
["676, 790, 796 & 798 9th Avenue", "Mendlowits NYC Collection", "2500-2502 & 2504-2506 Adam Clayton Powell Jr. Boulevard", "706-708 Amsterdam Avenue", "1697-1705 & 1707-1717 Amsterdam Avenue"]	["New York", "New York", "New York", "New York", "New York"], ["NY", "NY", "NY", "NY", "NY"]	$62.2M	8.4%	0.06%	2025
The Draxton Hotel 2.0	Birmingham, MI	$50.0M	6.7%	0.07%	2025
Springfield Town Center	Springfield, VA	$46.0M	6.2%	0.07%	2025

Delinquency and stress indicator

▬ 30+ days delinquent · ▬ Distressed (90+, foreclosure, REO, non-performing matured)

Monthly shares of the deal's reported balance, from the deal indicator series in the dataset. Months in which fewer than half of the reported loans carry a delinquency status code are not plotted.

Ratings

Classes with a CUSIP	15 of 15
Classes with a current rating in the dataset	10 of 15
Net rating change since issuance	+0.00 notches (balance-weighted)
Delinquency threshold crossed	Not crossed in the dataset
First downgrade	None recorded

Sources: SEC Form ABS-EE asset-level reports, Form 10-D distribution reports and the deal prospectus; rating histories published under SEC Rule 17g-7(b) and agency releases. Definitions are in the methods note on the market page.