UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: September 2529, 2025 (Date of earliest event reported)

BBCMS Mortgage Trust 2025-5C37
(Central Index Key Number 0002077702)

(Exact name of issuing entity)

Barclays Capital Real Estate Inc.
(Central Index Key Number 0001549574)

(Exact name of sponsor as specified in its charter)

3650 Capital SCF LOE I(A), LLC
(Central Index Key Number 0002058685)
(Exact name of sponsor as specified in its charter)

Citi Real Estate Funding Inc.

(Central Index Key Number 0001701238)

(Exact name of sponsor as specified in its charter)

Goldman Sachs Mortgage Company

(Central Index Key Number 0001541502)
(Exact name of sponsor as specified in its charter)

Bank of Montreal
(Central Index Key Number 0000927971)
(Exact name of sponsor as specified in its charter)

Societe Generale Financial Corporation
(Central Index Key Number 0001755531)
(Exact name of sponsor as specified in its charter)

BSPRT CMBS Finance, LLC
(Central Index Key Number 0001722518)
(Exact name of sponsor as specified in its charter)

UBS AG
(Central Index Key Number 0001685185)
(Exact name of sponsor as specified in its charter)

Barclays Commercial Mortgage Securities LLC
(Central Index Key Number 0001541480)

(Exact name of registrant as specified in its charter)

Delaware	333-286968-03	27-010880
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

745 Seventh Avenue New York, New York	10019
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code

(212) 412-4000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [_]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [_]

Item 81.01. ~~Other~~Entry ~~Events~~into a Material Definitive Agreement.

On September 25, 2025, Barclays Commercial Mortgage Securities LLC (the “~~Registrant~~Depositor”) caused the issuance of the BBCMS Mortgage Trust 2025-5C37, Commercial Mortgage Pass-Through Certificates, Series 2025-5C37 (the “Certificates”), pursuant to a pooling and servicing agreement, dated and effective as of September 1, 2025 (the “Pooling and Servicing Agreement”), among the ~~Registrant~~Depositor, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, 3650 REIT Loan Servicing LLC, as special servicer, Computershare Trust Company, National Association, as certificate administrator and as trustee, and Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer~~, of BBCMS Mortgage Trust 2025-5C37, Commercial Mortgage Pass-Through Certificates, Series 2025-5C37 (the “Certificates”)~~.

The Certificates ~~will~~represent, ~~consist~~in ofthe aggregate, the ~~classes~~entire ~~(each~~beneficial aownership ~~“Class”)~~in ~~designated~~BBCMS asMortgage Trust 2025-5C37 (i)the ~~Class~~“Issuing ~~A-1~~Entity”), ~~Class~~a ~~A-2,~~common ~~Class~~law ~~A-3,~~trust ~~Class~~formed ~~X-A,~~on ~~Class~~September ~~X-B~~25, ~~Class~~2025 ~~A-S,~~under ~~Class~~the Blaws ~~and~~of ~~Class~~the CState ~~Certificates~~of ~~(collectively,~~New ~~the~~York ~~“Public~~pursuant ~~Certificates”)~~to the Pooling and ~~(ii)~~Servicing ~~Class~~Agreement. ~~X-D,~~The ~~Class~~assets D,of ~~Class~~the ~~E-RR,~~Issuing ~~Class~~Entity ~~F-RR,~~consist ~~Class~~primarily ~~G-RR,~~of ~~Class~~30 ~~J-RR~~commercial and/or ~~Class~~multifamily Rmortgage ~~Certificates~~ loans (the “~~Private~~Mortgage ~~Certificates~~Loans”).

The ~~Public~~Mortgage ~~Certificates~~Loan ~~were~~secured ~~sold~~by tothe ~~Barclays~~mortgaged ~~Capital~~property ~~Inc.~~identified (as “~~Barclays~~1000 Portside Drive”), ~~UBS~~on ~~Securities~~Exhibit ~~LLC~~B ~~(“UBS~~to ~~Securities”),~~the SGPooling ~~Americas~~and ~~Securities,~~Servicing ~~LLC~~Agreement (the “~~SGAS”),~~1000 ~~Goldman~~Portside ~~Sachs~~Drive &Mortgage ~~Co. LLC. (“GS&Co.~~Loan”), ~~Citigroup~~which ~~Global~~is ~~Markets~~an ~~Inc.~~asset ~~(“CGMI”),~~of ~~BMO~~the ~~Capital~~Issuing ~~Markets~~Entity, ~~Corp.~~is ~~(“BMO~~part ~~Capital~~of ~~Markets”), Drexel~~a ~~Hamilton,~~whole ~~LLC~~loan (the “~~Drexel”)~~1000 ~~and~~Portside ~~Bancroft~~Drive ~~Capital,~~Whole ~~LLC (“Bancroft~~Loan”) ~~and,~~that ~~together~~also ~~with~~includes ~~Barclays,~~two ~~UBS~~(2) ~~Securities,~~additional ~~SGAS,~~pari ~~GS&Co.,~~passu promissory ~~CGMI,~~notes ~~BMO~~which ~~Capital~~are ~~Markets~~not ~~and~~assets ~~Drexel,~~of the ~~“Underwriters”),~~Issuing ~~pursuant~~Entity. Prior to anSeptember ~~Underwriting~~29, ~~Agreement~~2025, ~~dated~~the as1000 ofPortside ~~September~~Drive 5,Whole ~~2025,~~Loan ~~among~~was ~~the~~being ~~Registrant,~~serviced ~~Barclays~~and ~~Capital~~administered ~~Holdings~~pursuant ~~Inc.~~to ~~(“BCHI”)~~the Pooling and ~~the~~Servicing ~~Underwriters~~Agreement.

~~The~~As ~~Private~~of ~~Certificates~~September ~~were~~29, ~~sold~~2025, tothe ~~Barclays,~~1000 ~~UBS~~Portside ~~Securities,~~Drive ~~SGAS,~~Whole ~~GS&Co.,~~Loan ~~CGMI,~~is ~~BMO~~being ~~Capital~~serviced ~~Markets,~~and ~~Drexel~~administered pursuant to a pooling and ~~Bancroft~~servicing ~~(collectively~~agreement, indated ~~such~~as ~~capacity~~of September 1, 2025 (the “~~Initial~~Benchmark ~~Purchasers~~2025-V17 Pooling and Servicing Agreement”), ~~pursuant~~among toDeutsche aMortgage & ~~Certificate~~Asset ~~Purchase~~Receiving ~~Agreement~~Corporation, ~~dated~~ as ofdepositor, ~~September~~Trimont 5LLC, ~~2025,~~as ~~among~~master ~~the Registrant~~servicer, ~~BCHI~~Greystone ~~and~~Servicing ~~the~~Company ~~Initial~~LLC, as ~~Purchasers.~~special ~~The~~servicer, ~~Private~~Park ~~Certificates~~Bridge ~~will~~Lender beServices ~~sold~~LLC, inas aoperating ~~transaction exempt~~advisor ~~from~~and ~~registration~~as ~~under~~asset ~~the~~representations ~~Securities~~reviewer, ~~Act~~Computershare ofTrust ~~1933~~Company, National Association, as ~~amended~~certificate administrator, ~~pursuant~~and toComputershare ~~Section~~Trust ~~4(a)(2)~~Company, ofNational ~~the~~Association, ~~Act~~as trustee.

The ~~Certificates~~servicing ~~represent,~~terms inof the ~~aggregate,~~Benchmark ~~the~~2025-V17 ~~entire~~Pooling ~~beneficial~~and ~~ownership~~Servicing inAgreement ~~BBCMS~~applicable ~~Mortgage~~to ~~Trust 2025-5C37 (~~the ~~“Issuing~~servicing ~~Entity”),~~of athe ~~common~~1000 ~~law~~Portside ~~trust~~Drive ~~fund~~Mortgage toLoan beare ~~formed~~substantially onsimilar ~~September~~to ~~25, 2025 under~~ the ~~laws~~terms ofand ~~the~~conditions ~~State~~ of ~~New York pursuant to~~ the Pooling and Servicing Agreement. ~~The~~applicable ~~assets~~to of the ~~Issuing~~servicing ~~Entity consist primarily~~ of ~~30 commercial and/or multifamily mortgage loans (~~the “other Mortgage Loans~~”).~~, ~~The~~but ~~net~~will ~~proceeds~~differ ofin ~~the~~certain ~~sale~~respects, ofas ~~the~~described ~~Certificates~~under ~~were~~“Pooling ~~applied~~and toServicing ~~the purchase~~ Agreement—Servicing of the Non-Serviced Mortgage Loans” byin the ~~Registrant~~Prospectus ~~from~~filed ~~Barclays~~by ~~Capital~~the ~~Real~~Issuing ~~Estate~~Entity ~~Inc.,~~pursuant ~~3650~~to ~~Capital~~Rule ~~SCF LOE I~~424(Ab),(2) ~~LLC,~~with ~~Citi~~respect ~~Real~~to ~~Estate~~the ~~Funding~~Certificates ~~Inc.,~~on ~~Goldman~~September ~~Sachs Mortgage Company~~9, ~~Bank~~2025 of(the ~~Montreal,~~“Prospectus”). ~~Societe~~The ~~Generale~~Benchmark ~~Financial~~2025-V17 ~~Corporation,~~Pooling ~~BSPRT~~and ~~CMBS~~Servicing ~~Finance,~~Agreement ~~LLC~~is ~~and~~attached ~~UBS~~hereto AGas ~~New~~Exhibit ~~York Branch~~4.1.

On September 25, 2025, the Registrant sold all of the Public Certificates, having an aggregate certificate principal amount of $656,244,000. The net proceeds of the offering to the Registrant of the issuance of the Certificates, after deducting expenses payable by the Registrant of $4,789,396.92, were approximately $669,287,009.36. Of the expenses paid by the Registrant, approximately $100,470.96 were paid directly to affiliates of the Registrant, $44,250.00 in the form of fees were paid to the Underwriters, $110,625.00 were paid to or for the Underwriters and $4,534,050.96 were other expenses. All of the foregoing expense amounts are the Depositor’s reasonable estimates of such expenses.

Further information regarding such sales has been previously provided on the Registrant’s Current Report on Form 8-K, as filed with the Securities and Exchange Commission (Filing Date: September 9, 2025) and in the Prospectus, dated September 5, 2025 and as filed with the Securities and Exchange

Commission on September 9, 2025. The related registration statement (file no. 333-286968) was originally declared effective on May 23, 2025.

In connection with the issuance and sale to the Underwriters of the Public Certificates, a legal opinion was rendered related to the validity of, and certain federal income tax considerations relating to, the Public Certificates, which legal opinion is attached as an exhibit to this report.

Credit Risk Retention

3650 Capital SCF LOE I(A), LLC, in its capacity as retaining sponsor (in such capacity, the “Retaining Sponsor”), is satisfying its credit risk retention obligation under Regulation RR, 17 C.F.R. Part 246 (the “Risk Retention Rule”) in connection with the securitization of the Mortgage Loans referred to above by the purchase by 3650 Real Estate Investment Trust 2 LLC, a “majority-owned affiliate” (as defined in the Risk Retention Rule) of the Retaining Sponsor, on the Closing Date and holding of the Class E-RR, Class F-RR, Class G-RR and Class J-RR Certificates (collectively, the “HRR Certificates”).

The HRR Certificates constitute an “eligible horizontal residual interest” (as defined in the Risk Retention Rule) with a fair value of $38,587,680 that represents approximately 5.006% of the fair value of all Classes of Certificates (other than the Class R Certificates), based on actual sale prices and finalized tranche sizes pursuant to the Certificate Purchase Agreement. The Retaining Sponsor, in order to meet the credit risk retention requirements of the Risk Retention Rule with respect to this securitization transaction, is required to retain an eligible horizontal residual interest with an aggregate fair value dollar amount of approximately $38,542,896, representing 5.0% of the aggregate fair value, as of the Closing Date, of all Classes of Certificates (other than the Class R Certificates), excluding accrued interest.

There are no material differences between (a) the valuation methodology or any of the key inputs and assumptions that were used in calculating the fair value or range of fair values disclosed in the Preliminary Prospectus dated September 2, 2025 and as filed with the Securities and Exchange Commission on September 2, 2025 under the heading “Credit Risk Retention” prior to the pricing of the certificates and (b) the valuation methodology or the key inputs and assumptions that were used in calculating the fair value set forth above in this paragraph.

Item 9.01.

Financial Statements, Pro Forma Financial Information and Exhibits.

(d)	Exhibits
Exhibit No.	Description
Exhibit 5	Legality Opinion of Cadwalader, Wickersham & Taft LLP, dated September 25, 2025.
Exhibit 4.1	Pooling and Servicing Agreement, dated as of September 1, 2025, between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Trimont LLC, as master servicer, Greystone Servicing Company LLC, as special servicer, Computershare Trust Company, National Association, as trustee, certificate administrator, paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer.
Exhibit 8	Tax Opinion of Cadwalader, Wickersham & Taft LLP, dated September 25, 2025 (included as part of Exhibit 5).
Exhibit 23	Consent of Cadwalader, Wickersham & Taft LLP (included as part of Exhibit 5).

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: September 25, 2025	BARCLAYS COMMERCIAL MORTGAGE
Date: October 2, 2025	BARCLAYS COMMERCIAL MORTGAGE
	SECURITIES LLC
	(Registrant)
	By:	/s/ Daniel Schmidt
		Name:	Daniel Schmidt
		Title:	Chief Executive Officer

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