UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): ~~September 29~~October 8, 2025

Central Index Key Number of the issuing entity: 0002063065

Benchmark 2025-V17 Mortgage Trust

(Exact name of Issuing Entity)

Central Index Key Number of the depositor: 0001013454

Deutsche Mortgage & Asset Receiving Corporation

(Exact Name of Registrant as Specified in its Charter)

Central Index Key Number of the sponsor: 0001541294

German American Capital Corporation

Central Index Key Number of the sponsor: 0001701238

Citi Real Estate Funding Inc.

Central Index Key Number of the sponsor: 0001541502

Goldman Sachs Mortgage Company

Central Index Key Number of the sponsor: 0000927971

Bank of Montreal

Central Index Key Number of the sponsor: 0001549574

Barclays Capital Real Estate Inc.

(Exact Names of the Sponsors as Specified in their Charters)

Delaware	333-283864-02	04-3310019
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1 Columbus Circle, New York, New York	10019
(Address of Principal Executive Offices)	(ZIP Code)

Registrant’s telephone number, including area code (212) 250-2500

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))

~~Item 8.01. Other Events.~~1

OnItem September 29, 2025, Deutsche Mortgage & Asset Receiving Corporation (the “Registrant”) caused the issuance of the Benchmark 2025-V17 Mortgage Trust (“Issuing Entity”) Commercial Mortgage Pass-Through Certificates, Series 2025-V17 (the “Certificates”), pursuant to the Pooling and Servicing Agreement, dated as of September 1, 2025 (the “Pooling and Servicing Agreement”), between the Registrant, as depositor, Trimont LLC, as master servicer, Greystone Servicing Company LLC, as special servicer, Computershare Trust Company, N.A01., asEntry ~~trustee,~~into ~~certificate~~a ~~administrator,~~Material ~~paying~~Definitive agent and custodian, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Pooling and Servicing Agreement.

~~The~~On ~~Certificates~~September ~~consist of~~29, ~~the~~2025, ~~following~~Deutsche ~~classes~~Mortgage ~~(each,~~& aAsset Receiving Corporation (the “~~Class~~Registrant”), ~~designated~~caused asthe ~~(i)~~ issuance of the ~~Class~~Benchmark A2025-2,V17 ~~Class~~Mortgage ~~A-3,~~Trust ~~Class~~(“Issuing ~~X-A,~~Entity”) ~~Class~~Commercial XMortgage Pass-BThrough Certificates, ~~Class~~ ASeries 2025-MV17 (the “Certificates”), ~~Class~~pursuant Bto the Pooling and ~~Class~~Servicing CAgreement, ~~Certificates~~dated ~~(collectively~~as of September 1, 2025 (the “~~Publicly~~Pooling ~~Offered~~and ~~Certificates~~Servicing Agreement”), between ~~and~~the ~~(ii)~~Registrant, ~~the~~as ~~Class X-D~~depositor, ~~Class~~Trimont DLLC, ~~Class~~as Emaster servicer, ~~Class~~Greystone ~~F-RR~~Servicing Company LLC, ~~Class~~as ~~G-RR~~special servicer, ~~Class~~Computershare ~~J-RR~~Trust Company, N.A., as trustee, certificate administrator, paying agent and ~~Class~~custodian, Rand ~~Certificates~~Park ~~(collectively~~Bridge Lender Services LLC, as operating advisor and as asset representations reviewer. Capitalized terms used but not defined herein shall have the ~~“Privately~~meanings ~~Offered~~assigned ~~Certificates”)~~to them in the Pooling and Servicing Agreement.

~~The~~One ~~Registrant~~mortgage ~~sold~~loan, ~~all of~~secured by the ~~Publicly~~portfolio ~~Offered~~of ~~Certificates,~~mortgaged ~~having~~properties anidentified ~~aggregate~~as ~~certificate~~“Soudry ~~balance~~NYC ofMultifamily ~~$548,800,000,~~Portfolio” on Exhibit B to ~~Deutsche~~the ~~Bank~~Pooling ~~Securities~~and ~~Inc.~~Servicing Agreement (the “~~DBSI”), Citigroup~~Soudry ~~Global~~NYC ~~Markets~~Multifamily ~~Inc.~~Portfolio ~~(“CGMI~~Mortgage Loan”), ~~Goldman~~is ~~Sachs~~an &asset ~~Co.~~of ~~LLC~~the ~~(“GS&Co.”),~~Issuing ~~BMO~~Entity ~~Capital Markets~~and ~~Corp.~~part of a whole loan (the “~~BMO~~Soudry ~~Capital”),~~NYC ~~Barclays~~Multifamily ~~Capital~~Portfolio ~~Inc.~~Whole ~~(“BCI~~Loan”), ~~AmeriVet~~that ~~Securities,~~includes ~~Inc.~~the ~~(“AmeriVet”)~~Soudry ~~and~~NYC ~~Drexel~~Multifamily ~~Hamilton,~~Portfolio ~~LLC~~Mortgage ~~(“Drexel”~~Loan and, ~~together~~one ~~with~~pari ~~DBSI,~~passu ~~CGMI,~~promissory ~~GS&Co.,~~note ~~BMO~~(the ~~Capital,~~“Soudry ~~BCI~~NYC ~~and~~Multifamily ~~AmeriVet,~~Portfolio ~~the~~Pari ~~“Underwriters~~Passu Companion Loan”)~~, pursuant~~ tothat anis ~~Underwriting~~not ~~Agreement,~~an ~~dated~~asset as of ~~September~~the ~~11,~~Issuing ~~2025~~Entity. ~~(the~~The ~~“Underwriting~~Pooling and Servicing Agreement~~”),~~ ~~between~~provides that the ~~Registrant, German~~Soudry ~~American~~NYC ~~Capital~~Multifamily ~~Corporation~~Portfolio ~~(“GACC”)~~Whole ~~and~~Loan ~~the~~will ~~Underwriters.~~be ~~The~~serviced ~~Publicly~~and ~~Offered~~administered ~~Certificates~~(i) ~~were~~until ~~offered by~~ the ~~Underwriters~~securitization ~~for~~of ~~sale~~the tocontrolling ~~the~~Soudry ~~public,~~NYC ~~pursuant~~Multifamily toPortfolio ~~the~~Pari ~~Registrant’s~~Passu ~~Preliminary~~Companion ~~Prospectus~~Loan, ~~dated~~under ~~September~~the 8,Pooling ~~2025~~and ~~(the~~Servicing ~~“Preliminary Prospectus”~~Agreement and (ii), from and byafter the securitization of the ~~Prospectus,~~controlling ~~dated~~Soudry ~~September~~NYC ~~12,~~Multifamily ~~2025~~Portfolio ~~(the~~Pari ~~“Prospectus”)~~Passu Companion Loan, inunder ~~negotiated~~the ~~transactions or~~pooling ~~otherwise,~~and atservicing ~~varying~~agreement ~~prices~~entered ~~determined~~into atin ~~the~~connection ~~time~~with ofthat ~~sale~~securitization.

InThe controlling Soudry NYC Multifamily Portfolio Companion Loan was securitized on October 8, 2025 in connection with the issuance ~~and~~of ~~sale~~a toseries of mortgage pass-through certificates entitled Wells Fargo Commercial Mortgage Trust 2025-5C6, Commercial Mortgage Pass-Through Certificates, Series 2025-5C6. Consequently, the ~~Underwriters~~Soudry NYC Multifamily Portfolio Mortgage Loan is being serviced and administered under the pooling and servicing agreement entered into in connection with such securitization, dated as of October 1, 2025 (the ~~Publicly~~“WFCM ~~Offered~~2025-5C6 ~~Certificates~~PSA”), between Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Midland Loan Services, a ~~legal~~Division ~~opinion~~of ~~was~~PNC ~~rendered~~Bank, ~~related~~National toAssociation, as master servicer (in such capacity, the ~~validity~~“Non-Serviced ofMaster Servicer”), ~~and~~Rialto Capital Advisors, LLC, as special servicer (in such capacity, the “Non-Serviced Special Servicer”), ~~certain~~Computershare ~~federal~~Trust ~~income~~Company, ~~tax~~N.A., ~~considerations~~as ~~relating~~certificate toadministrator (in such capacity, the ~~Publicly~~“Non-Serviced ~~Offered~~Certificate ~~Certificates~~Administrator”) and as trustee (in such capacity, ~~which~~the ~~legal~~“Non-Serviced ~~opinion~~Trustee”), isand ~~attached~~Park ~~hereto~~Bridge Lender Services LLC, as ~~Exhibits 5.1~~operating advisor (in such capacity, ~~8.1~~the “Non-Serviced Operating Advisor”) and 23asset representations reviewer (in such capacity, the “Non-Serviced Asset Representations Reviewer”). The WFCM 2025-5C6 PSA is attached hereto as Exhibit 99.1.

The ~~Registrant~~servicing ~~sold~~terms ~~all~~ of the ~~Privately~~WFCM ~~Offered~~2025-5C6 ~~Certificates,~~PSA ~~having~~are ansubstantially ~~aggregate~~similar ~~certificate~~to ~~balance~~the ofservicing ~~$80,198,000,~~terms toof ~~DBSI,~~the ~~CGMI,~~Pooling ~~GS&Co.,~~and ~~BMO~~Servicing ~~Capital, BCI,~~Agreement ~~AmeriVet~~applicable ~~and~~to ~~Drexel~~the ~~(collectively~~Serviced inMortgage ~~such~~Loans; ~~capacity~~however, the ~~“Initial~~servicing ~~Purchasers”)~~arrangements ~~pursuant~~under tosuch aagreements ~~Certificate~~differ ~~Purchase Agreement,~~in ~~dated~~certain asrespects, ofincluding ~~September~~the ~~11,~~items ~~2025,~~set ~~between~~forth ~~the~~under ~~Registrant,~~“Pooling ~~GACC~~ and ~~the~~Servicing ~~Initial~~Agreement—Servicing ~~Purchasers.~~of ~~The~~the ~~Privately~~Non-Serviced ~~Offered~~Mortgage ~~Certificates~~Loans—General” ~~were sold~~ in athe ~~transaction~~prospectus ~~exempt~~relating ~~from~~to ~~registration under~~ the ~~Securities~~Certificates, ~~Act~~dated ofSeptember ~~1933~~12, as2025 ~~amended, pursuant to Section 4~~(athe “Prospectus”)~~(2)~~, ofand the ~~Act.~~following:

· The ~~net~~Non-Serviced ~~proceeds~~Master ofServicer ~~the offering~~will toearn ~~the~~a ~~Registrant~~primary ofservicing ~~the~~fee ~~issuance~~with ofrespect the Publicly Offered Certificates, after deducting expenses payable by the Registrant of $5,000,000, were approximately $642,164,939. Of the expenses paid by the Registrant, approximately $0 was paid directly to ~~affiliates of~~ the ~~Registrant,~~Soudry ~~$50,000~~NYC inMultifamily ~~the~~Portfolio ~~form~~Mortgage ofLoan ~~fees~~that ~~were~~is ~~paid~~ to ~~the~~be ~~Underwriters,~~calculated $125,000 were paid to or for the Underwriters and $4,825,000 were other expenses. All of the foregoing expense amounts are the Registrant’s reasonable estimates of such expenses. No underwriting discounts and commissions or finder’s fees were paid by the Registrant; the Publicly Offered Certificates were offered by the Underwriters for sale to the public in negotiated transactions or otherwise at ~~varying prices determined at the time of sale~~0.00125% ~~The~~per ~~Registrant~~annum also sold to the Initial Purchasers on such date the Privately Offered Certificates, having an aggregate certificate balance of $80,198,000, in each case, in private placement transactions exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(2)which ofrate ~~the~~includes ~~Act.~~any ~~Further~~applicable ~~information regarding such sales (including, as to the price per class of Publicly Offered Certificates) is available in the Underwriting Agreement attached as Exhibit 1.1 to the Registrant’s Form 8~~sub-Kservicing ~~filed~~fee ~~on September 15, 2025 and in the Prospectus referred to above. The related registration statement (file no. 333-283864~~rate) ~~was originally declared effective on March 5, 2025~~.

~~Credit~~· ~~Risk~~Upon ~~Retention~~the Soudry NYC Multifamily Portfolio Mortgage Loan becoming a specially serviced loan under the WFCM 2025-5C6 PSA, the Non-Serviced Special Servicer will earn a special servicing fee payable monthly with respect to such mortgage loan accruing at a rate equal to 0.25% per annum (subject to a minimum monthly fee of $5,000), until such time as such mortgage loan is no longer specially serviced.

~~GACC,~~· inThe ~~its~~Non-Serviced ~~capacity~~Special ~~as “retaining~~Servicer ~~sponsor”~~will ~~(in~~be ~~such~~entitled ~~capacity,~~to ~~the~~a ~~“Retaining~~workout ~~Sponsor”)~~fee isequal ~~satisfying~~to ~~its~~1.0% ~~credit~~of ~~risk~~each ~~retention obligation~~payment ~~under~~(other ~~Regulation~~than ~~RR,~~penalty 12charges) ~~C.F.R.~~of ~~Part~~principal ~~244~~and interest (~~the~~other ~~“Risk~~than ~~Retention~~any ~~Rule”~~amount for which a liquidation fee would be paid) in ~~connection~~respect ~~with~~of the ~~securitization of~~Soudry ~~the~~NYC ~~Mortgage~~Multifamily ~~Loans~~Portfolio ~~referred~~Whole toLoan ~~above~~made by the ~~purchase~~related onborrower ~~the~~after ~~Closing~~a ~~Date~~workout byof ~~660 RR~~the

Holdings LLC, acting as third-party purchaser under the Risk Retention Rule, of the Class F-RR, Class G-RR and Class J-RR Certificates (together, the “HRR Certificates”). The HRR Certificates constitute an “eligible horizontal residual interest” (as defined in the Risk Retention Rule).2

~~The~~Soudry ~~fair~~NYC ~~value~~Multifamily ofPortfolio ~~the~~Whole ~~HRR Certificates is equal to approximately $32,776,788, representing approximately 5~~Loan.~~06%~~ ofThe ~~the~~workout ~~aggregate~~fee ~~fair~~is ~~value~~subject ofto ~~all~~a ~~the~~minimum ~~Certificates (other~~fee ~~than the Class R Certificates). The aggregate fair value~~ of ~~all Certificates (other than the Class R Certificates) is approximately~~ $~~647~~25,~~164,940~~000. The fair values referenced in the preceding two sentences are based on actual prices and final tranche sizes as of the Closing Date for all Certificates (other than the Class R Certificates) issued by the Issuing Entity.

· The ~~Retaining~~Non-Serviced ~~Sponsor~~Special ~~estimates that,~~Servicer ifwill itbe ~~had~~entitled ~~relied~~to ~~solely~~a onliquidation ~~retaining~~fee anequal ~~“eligible~~to ~~horizontal~~1.0% ~~residual~~of ~~interest”~~net inliquidation ~~order~~proceeds toreceived ~~meet~~in ~~the~~connection ~~credit~~with ~~risk~~a ~~retention requirements~~liquidation of the ~~Credit~~Soudry ~~Risk~~NYC ~~Retention~~Multifamily ~~Rules~~Portfolio ~~with~~Whole ~~respect~~Loan, toor ~~this~~if ~~securitization~~such ~~transaction,~~rate it would ~~have~~result ~~retained~~in ana ~~eligible~~liquidation ~~horizontal residual~~fee ~~interest~~less ~~with~~than an$25,000, ~~aggregate~~then ~~fair~~the ~~value~~liquidation ~~dollar~~fee ~~amount~~will ofbe ~~approximately~~the ~~$32,358,247,~~lesser ~~representing~~of 53.0% ofand ~~the~~such ~~aggregate~~rate ~~fair value,~~ as ofwould ~~the~~result ~~Closing~~in ~~Date,~~a ofliquidation ~~all~~fee ~~Certificates~~of ~~(other than the Class R Certificates)~~$25,000.

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 filed with the Securities and Exchange Commission on September 8, 2025 under the heading “Credit Risk Retention” and (b) the valuation methodology or the key inputs and assumptions that were used in calculating the fair values set forth above. The fair values disclosed in the Preliminary Prospectus under the heading “Credit Risk Retention” assumed (i) an initial Certificate Balance of the Class A-2 Certificates of $200,000,000, while the fair value set forth above assumes an initial Certificate Balance of the Class A-2 Certificates of $100,000,000, and (ii) an initial Certificate Balance of the Class A-3 ~~Certificates of $240,298,000, while the fair value set forth above assumes an initial Certificate Balance of the Class A-3 Certificates of $340,298,000.~~

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits:

	5.1	Legality Opinion of Sidley Austin LLP, dated September 29, 2025.
	8.1	Tax Opinion of Sidley Austin LLP, dated September 29, 2025 (included as part of Exhibit 5.1).
	23.1	Consent of Sidley Austin LLP (included as part of Exhibit 5.1).

99.1

Pooling and Servicing Agreement, dated as of October 1, 2025, between Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Computershare Trust Company, N.A., as certificate administrator and as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer.

SIGNATURES

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

DEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION


	By:	/s/ Robert-Christopher Jones
	Name:	Robert-Christopher Jones
	Title:	Managing Director


	By:	/s/ Matt Smith
	Name:	Matt Smith
	Title:	Director

Dated: ~~September~~October 2914, 2025

BMARK 2025-V17 – 8-K (Soudry NYC Multifamily Portfolio Servicing Shift

Filing Compare · Benchmark 2025-V17 Mortgage Trust