BBCMS Mortgage Trust 2025-C35

Tranches, pool and monthly delinquency indicator for BBCMS Mortgage Trust 2025-C35.

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

Current pool balance: $793.7M (September 2026)
Original pool balance: $795.3M
Loans at issuance: 33
Closing date: 2025-07-24
Weighted average coupon at issuance: 6.18%
Weighted average LTV at issuance: 31.8%
30+ delinquent (latest): 3.00%
Realized stress score: 48.0
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	$9.2M	98.84%	4.669% fixed	07337DAA8	AAA	AAA	not yet reported	Aaa	not yet reported
A-4	$100.0M	86.27%	5.289% fixed	07337DAB6	AAA	AAA	not yet reported	Aaa	not yet reported
A-5	$417.0M	33.84%	5.586% floating (WAC)	07337DAC4	AAA	AAA	not yet reported	Aaa	not yet reported
A-S	$82.6M	23.45%	5.843% floating (WAC)	07337DAE0	AAA	AAA	not yet reported	Aa1	not yet reported
A-SB	$11.9M	21.96%	5.461% fixed	07337DAD2	AAA	AAA	not yet reported	Aaa	not yet reported
B	$41.3M	16.76%	6.124% floating (WAC)	07337DAF7	AA-	AA	not yet reported	not yet reported	not yet reported
C	$29.8M	13.02%	6.319% floating (WAC + -5 bp)	07337DAG5	A-	A-	not yet reported	not yet reported	not yet reported
D	$24.0M	9.99%	4.500% fixed	07337DAQ3	BBB-	BBB	not yet reported	not yet reported	not yet reported
E	$17.3M	7.82%	3.500% fixed	07337DAS9	BB-	BB	not yet reported	not yet reported	not yet reported
J-RR	$11.5M	6.37%	6.371% floating (WAC)	07337DAU4	B-	B	not yet reported	not yet reported	not yet reported
K-RR	$24.0M	3.35%	6.371% floating (WAC)	07337DAW0	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	07337DAY6	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
VRR	$26.6M	0.00%	not yet reported	07337DBA7	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$538.1M	Interest only	0.858% floating	07337DAH3	AAA	AAA	not yet reported	Aaa	not yet reported
X-B	$153.7M	Interest only	0.360% floating	07337DAJ9	A-	AAA	not yet reported	not yet reported	not yet reported
X-D	$24.0M	Interest only	1.871% floating	07337DAL4	BBB-	BBB	not yet reported	not yet reported	not yet reported
X-E	$17.3M	Interest only	2.871% floating	07337DAN0	BB-	BB	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	33
Original loan balance	$795.7M
Weighted average coupon	6.18%
Weighted average LTV	31.8%
Median loan LTV	48.8%
Full-term interest only (share of balance)	79.2%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	9.9%
Five largest loans (share of balance)	47.0%
Occupancy at issuance (weighted average)	94.1%

Realized outcomes

Months reported	15
Peak 30+ delinquency	13.33% (September 2025)
Ever severe (share of original balance)	0.00%
Ever modified (share of original balance)	0.00%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	58.98%
Maximum servicer advances (share of balance)	0.15%
Median DSCR, first year	1.83
Median DSCR, latest	1.57
Realized stress score	48.0

Property types

Property type	Original balance	Share of pool
Mixed use	$258.7M	32.5%
Retail	$215.8M	27.1%
Office	$105.1M	13.2%
Multifamily	$95.6M	12.0%
Other (code 98)	$36.0M	4.5%
Multiple property types	$23.9M	3.0%
Industrial	$20.0M	2.5%
Lodging	$16.0M	2.0%
Self storage	$14.0M	1.8%
Warehouse	$10.6M	1.3%

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
Rentar Plaza	Queens, NY	$79.0M	9.9%	5.58%	2025
["45 - 75 Sidney", "40 Landsdowne", "35 Landsdowne", "65 Landsdowne", "88 Sidney", "64 Sidney", "38 Sidney", "26 Landsdowne"]	["Cambridge", "Cambridge", "Cambridge", "Cambridge", "Cambridge", "Cambridge", "Cambridge", "Cambridge"], ["MA", "MA", "MA", "MA", "MA", "MA", "MA", "MA"]	$75.0M	9.4%	5.89%	2025
29-33 9th Ave (Soho House)	New York, NY	$75.0M	9.4%	6.44%	2025
Marriott HQ	Bethesda, MD	$75.0M	9.4%	5.49%	2025
Washington Square	Portland, OR	$70.0M	8.8%	5.58%	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	17 of 17
Classes with a current rating in the dataset	14 of 17
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.