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: ~~January~~February 2212, 2026 (Date of earliest event reported)

BBCMS Mortgage Trust 2026-5C40
(Central Index Key Number 0002104401)

(Exact name of issuing entity)

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

(Exact name of sponsor as specified in its charter)

Argentic Real Estate Finance 2 LLC

(Central Index Key Number 0001968416)

(Exact name of sponsor as specified in its charter)

German American Capital Corporation

(Central Index Key Number 0001541294)
(Exact name of sponsor as specified in its charter)

KeyBank National Association

(Central Index Key Number 0001089877)
(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)

UBS AG New York Branch

(Central Index Key Number 0001685185)

(Exact name of sponsor as specified in its charter)

LMF Commercial, LLC

(Central Index Key Number 0001592182)

(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)

Societe Generale Financial Corporation

(Central Index Key Number 0001755531)

(Exact name of sponsor as specified in its charter)

Natixis Real Estate Capital LLC

(Central Index Key Number 0001542256)

(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	333-286968-06	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.)

(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~~ 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~~ communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

~~[_]~~ ☐ Pre-commencement ~~communications~~ 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 8.01.

Other Events.

On ~~January~~February 2212, 2026, Barclays ~~Capital~~Commercial ~~Inc.~~Mortgage Securities LLC (the “~~Barclays~~Registrant”), ~~Citigroup~~caused ~~Global~~the ~~Markets~~issuance, ~~Inc.~~pursuant ~~(“CGMI”),~~to ~~UBS~~a ~~Securities~~pooling ~~LLC~~and ~~(“UBS Securities”)~~servicing agreement, dated ~~KeyBanc~~and ~~Capital~~effective ~~Markets~~as ~~Inc.~~of ~~(“KeyBanc”)~~February 1, ~~Deutsche~~2026 ~~Bank~~(the ~~Securities~~“Pooling ~~Inc.~~and ~~(“DBSI~~Servicing Agreement”), SG ~~Americas~~among ~~Securities~~the Registrant, ~~LLC~~as ~~(“SGAS”)~~depositor, Midland ~~Goldman~~Loan ~~Sachs~~Services, &a ~~Co.~~Division ~~LLC~~of ~~(“GS&Co.”)~~PNC Bank, ~~Natixis~~National ~~Securities Americas~~Association, ~~LLC~~as ~~(“Natixis~~master ~~Securities”)~~servicer, ~~Drexel~~Argentic ~~Hamilton,~~Services ~~LLC~~Company ~~(“Drexel”)~~LP, ~~and~~as ~~Bancroft~~special ~~Capital~~servicer, Computershare ~~LLC~~Trust ~~(“Bancroft” and~~Company, ~~together~~National inAssociation, ~~such~~as ~~capacity~~certificate ~~with~~administrator ~~Barclays,~~and ~~CGMI,~~as ~~UBS Securities~~trustee, ~~KeyBanc,~~and ~~DBSI,~~Pentalpha ~~SGAS,~~Surveillance ~~GS&Co.~~LLC, ~~Natixis~~as ~~Securities~~operating advisor and ~~Drexel,~~as ~~the “Underwriters”)~~asset ~~entered~~representations ~~into~~reviewer, anof ~~agreement~~BBCMS ~~with~~Mortgage ~~Barclays~~Trust 2026-5C40, Commercial Mortgage ~~Securities~~Pass-Through ~~LLC~~Certificates, Series 2026-5C40 (the “~~Registrant~~Certificates”) ~~and~~. ~~Barclays~~The ~~Capital~~Certificates ~~Holdings~~will ~~Inc.~~consist of the classes (each, a “~~BCHI~~Class”), ~~dated~~ designated as of(i) ~~January~~Class 22A-1, ~~2026~~Class ~~(the~~A-2, ~~“Underwriting~~Class ~~Agreement”)~~A-3, an ~~executed~~Class ~~version~~X-A, ofClass ~~which~~A-S, isClass ~~attached~~B ~~hereto~~and asClass ~~Exhibit 1.1,~~C ~~with~~Certificates ~~respect~~(collectively, to the ~~sale of the~~ “Public Certificates”) and (~~as defined below~~ii) ~~scheduled~~Class toX-B, ~~occur~~Class onX-D, ~~February~~Class 12X-E, ~~2026~~Class ~~(the~~D, ~~“Closing~~Class ~~Date”).~~E, ~~The~~Class ~~Public~~F-RR, ~~Certificates~~Class ~~will~~G-RR ~~have~~and anClass ~~aggregate initial~~R ~~principal~~Certificates ~~amount~~(the of“Private ~~$757,200,000~~Certificates”).

The ~~Registrant~~Public ~~also~~Certificates ~~entered~~were ~~into~~sold ~~an agreement~~ to ~~sell~~Barclays ~~the~~Capital ~~Private~~Inc. ~~Certificates~~(“Barclays”), ~~having~~Citigroup anGlobal ~~aggregate~~Markets ~~initial~~Inc. ~~principal~~(“CGMI”), ~~amount~~UBS ofSecurities LLC ~~$77~~(“UBS Securities”),~~180,977,~~ toKeyBanc ~~Barclays,~~Capital Markets Inc. (“KeyBanc”), ~~UBS~~ Deutsche Bank Securities, Inc. (“DBSI”), ~~CGMI~~SG Americas Securities, LLC (“SGAS”), Goldman Sachs & Co. LLC (“GS&Co.”), Natixis ~~SGAS,~~Securities Americas LLC (“Natixis Securities”), Drexel ~~and~~Hamilton, ~~Bancroft~~LLC (~~collectively~~“Drexel”) inand ~~such capacity~~Bancroft Capital, ~~the~~LLC (“~~Initial Purchasers~~Bancroft”) and, ~~pursuant~~together toin asuch ~~certificate~~capacity ~~purchase~~with ~~agreement~~Barclays, ~~dated~~CGMI, asUBS ofSecurities, ~~January~~KeyBanc, 22DBSI, ~~2026 (the “Certificate Purchase Agreement”)~~SGAS, ~~among the Registrant~~GS&Co., Natixis ~~BCHI~~Securities and Drexel, the ~~Initial~~“Underwriters”), ~~Purchasers.~~pursuant ~~The~~to ~~Private~~an ~~Certificates~~Underwriting ~~will~~Agreement, bedated ~~sold~~as inof aJanuary ~~transaction exempt~~22, ~~from~~2026, ~~registration~~among ~~under~~ the ~~Securities Act of 1933~~Registrant, asBarclays ~~amended,~~Capital ~~pursuant~~Holdings toInc. ~~Section 4~~(a“BCHI”)~~(2)~~ ofand the ~~Act~~Underwriters.

OnThe ~~the~~Private ~~Closing~~Certificates were ~~Date,~~sold to Barclays ~~Commercial~~, ~~Mortgage~~KeyBanc, UBS Securities, ~~LLC~~DBSI, ~~(the~~CGMI, ~~“Depositor”)~~GS&Co., ~~will~~SGAS, ~~cause~~Natixis ~~the~~Securities, ~~issuance~~Drexel ofand ~~the~~Bancroft ~~BBCMS~~(collectively ~~Mortgage Trust 2026-5C40,~~in ~~Commercial~~such ~~Mortgage Pass-Through Certificates~~capacity, ~~Series 2026-5C40 (~~the “~~Certificates~~Initial Purchasers”), pursuant to a ~~pooling~~Certificate ~~and~~Purchase ~~servicing agreement~~Agreement, dated ~~and effective~~ as of ~~February~~January 122, 2026, ~~an executed version of which is attached hereto as Exhibit 4.1 (the “Pooling~~ ~~and Servicing Agreement”),~~ among the Registrant, ~~Midland~~BCHI ~~Loan~~and ~~Services,~~the aInitial ~~Division~~Purchasers. ofThe ~~PNC~~Private ~~Bank,~~Certificates ~~National~~will ~~Association,~~be assold ~~master servicer,~~in ~~Argentic~~a ~~Services~~transaction ~~Company~~exempt ~~LP,~~from asregistration under ~~special~~the ~~servicer,~~Securities ~~Computershare~~Act ~~Trust~~of ~~Company~~1933, ~~National Association,~~ as ~~certificate administrator and as trustee~~amended, ~~and~~pursuant ~~Pentalpha~~to ~~Surveillance~~Section ~~LLC,~~4(a)(2) asof ~~operating~~the ~~advisor and as asset representations reviewer~~Act.

The Certificates ~~will consist~~represent, ofin the ~~following classes~~aggregate, ~~designated~~the asentire ~~(i)~~beneficial ~~Class~~ownership ~~A-1,~~in ~~Class~~BBCMS ~~A-2,~~Mortgage ~~Class~~Trust A2026-3,5C40 ~~Class~~(the ~~X-A~~“Issuing Entity”), ~~Class~~a ~~A-S~~common law trust fund to be formed on February 12, ~~Class~~2026 Bunder the laws of the State of New York pursuant to the Pooling and ~~Class~~Servicing CAgreement. The ~~Certificates~~assets ~~(collectively~~of the Issuing Entity consist primarily of 44 commercial, multifamily and/or manufactured housing community mortgage loans (the “~~Public~~Mortgage ~~Certificates~~Loans”). ~~and~~The ~~(ii)~~net ~~Class~~proceeds ~~X-B~~of the sale of the Certificates were applied to the purchase of the Mortgage Loans by the Registrant from Barclays Capital Real Estate Inc., ~~Class~~Argentic ~~X-D~~Real Estate Finance 2 LLC, ~~Class~~German ~~X-E~~American Capital Corporation, KeyBank ~~Class~~National DAssociation, ~~Class~~Goldman ESachs Mortgage Company, ~~Class~~UBS ~~F-RR~~AG New York Branch, ~~Class~~LMF ~~G-RR~~Commercial, ~~and~~LLC, ~~Class~~Citi Real Estate Funding Inc., RSociete ~~Certificates~~Generale ~~(the~~Financial ~~“Private~~Corporation ~~Certificates”)~~and Natixis Real Estate Capital LLC.

~~Several~~On ~~Mortgage~~February ~~Loans that~~12, ~~are~~2026, ~~among~~ the Registrant ~~assets~~sold all of the ~~Issuing~~Public ~~Entity~~Certificates, ~~are~~having ~~part~~an ofaggregate acertificate ~~Whole~~principal ~~Loan.~~amount ~~Each~~of ~~Whole Loan is governed by a co-lender~~$757,200,000.00. ~~intercreditor~~The ornet proceeds ~~similar~~of ~~agreement~~the ~~(each,~~offering anto ~~“Intercreditor~~the ~~Agreement”)~~Registrant ~~between~~of the ~~holders~~issuance of the ~~promissory~~Certificates, ~~notes~~after ~~comprising~~deducting ~~such Whole~~expenses ~~Loan,~~payable by the ~~terms~~Registrant of ~~which~~$9,744,035.29, were ~~are~~approximately ~~described~~$767,156,252.91. ~~under~~Of ~~“Description of~~ the ~~Mortgage~~expenses ~~Pool—The~~paid ~~Whole~~by ~~Loans” in~~ the ~~Prospectus~~ ~~described~~Registrant, ~~below~~approximately $104,569.32 ~~Each~~were ~~Intercreditor~~paid ~~Agreement~~directly isto ~~attached~~affiliates of asthe anRegistrant, ~~exhibit~~$45,374.96 ~~hereto as described~~ in the ~~following~~form ~~table. Moreover, certain~~ of ~~such~~fees ~~Whole~~were ~~Loans~~paid ~~will not be serviced pursuant~~ to the ~~Pooling~~Underwriters, ~~and~~$113,437.39 ~~Servicing~~were ~~Agreement~~paid ~~but will instead be serviced pursuant~~ to aor ~~different~~for ~~servicing~~the ~~agreement~~Underwriters ~~(each~~and $9, ~~a “Non-Serviced PSA”)~~480,653.62 ~~Each~~were ~~such~~other ~~Non-Serviced PSA is attached as an exhibit hereto as described in the following table~~expenses. ~~For~~All ~~a description~~ of the ~~servicing~~foregoing ofexpense ~~the~~amounts ~~affected~~are ~~Whole~~the ~~Loans~~Depositor’s ~~under~~reasonable ~~such~~estimates ~~Non-Serviced PSAs, see “Pooling and Servicing Agreement—Servicing~~ of ~~the~~such ~~Non-Serviced Mortgage Loans” in the Prospectus described below~~expenses.

Name of Mortgage Loan	Intercreditor Agreement	Non-Serviced PSA (if any)
CityCenter (Aria & Vdara)	4.6	4.2
ActivSpace Portfolio	4.7	N/A
535 & 545 5th Avenue	4.8	N/A(1)
Northshore Mall	4.9	N/A(1)
9911 Belward	4.10	4.3
Amazon LAX	4.11	4.4
The MC	4.12	4.5

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: January 26, 2026) and in the Prospectus, dated January 22, 2026 and as filed with the Securities and Exchange

~~(1)~~Commission ~~The~~on ~~subject~~January ~~Whole Loan will be serviced under the Pooling and Servicing Agreement until the securitization of the applicable controlling pari passu companion loan~~26, ~~after~~2026. ~~which~~The ~~the~~related registration ~~subject~~statement ~~Whole~~(file ~~Loan will be serviced pursuant to the pooling and servicing agreement for such securitization~~no. ~~That~~333-286968) ~~pooling~~was ~~and~~originally ~~servicing~~declared ~~agreement~~effective ~~will be identified and filed~~ on aMay ~~Form~~23, ~~8-K following such securitization~~2025.

~~KeyBank~~In ~~National~~connection ~~Association will be appointed as a primary~~ with ~~respect to three (3) Mortgage Loans, representing approximately 4.2% of~~ the ~~initial pool balance,~~issuance ~~pursuant~~and sale to ~~that~~the ~~certain~~Underwriters ~~Primary Servicing Agreement, dated as~~ of ~~February~~the 1,Public ~~2026 and attached hereto as Exhibit 4.13~~Certificates, ~~by and between Midland Loan Services,~~ a ~~Division~~legal ofopinion ~~PNC~~was ~~Bank,~~rendered ~~National~~related ~~Association,~~to asthe ~~master~~validity ~~servicer~~of, and ~~KeyBank~~certain ~~National Association, as~~federal ~~primary~~income ~~servicer,~~tax ~~the~~considerations ~~terms~~relating ~~of which agreement are described in the Depositor’s Prospectus dated January 22~~to, ~~2026 and as filed with~~ the ~~Securities~~Public ~~and Exchange Commission on January 26~~Certificates, ~~2026~~which ~~(the~~legal ~~“Prospectus”)~~opinion ~~under~~is ~~“Transaction~~attached ~~Parties—The Primary~~as ~~Servicer—Summary~~an ofexhibit ~~the~~to ~~KeyBank~~this ~~Primary Servicing Agreement”~~report.

~~KeyBank~~Credit ~~has~~Risk also been appointed as a primary with respect to one (1) Mortgage Loan, representing approximately 2.3% of the initial pool balance, pursuant to that certain Primary Servicing Agreement, dated as of November 1, 2025 and attached hereto as Exhibit 4.14, by and between Trimont LLC, as master servicer, and KeyBank National Association, as primary servicer, the terms of which agreement are described in the Depositor's Prospectus dated January 22, 2026 and as filed with the Securities and Exchange Commission on January 26, 2026 (the “Prospectus”) under “Transaction Parties—The Primary Servicer—The MSBAM 2025-5C2 Primary Servicing Agreement”.Retention

~~The~~Argentic ~~Certificates~~Real ~~represent,~~Estate Finance in2 ~~the aggregate~~LLC, ~~the entire beneficial ownership~~ in ~~BBCMS~~its ~~Mortgage~~capacity ~~Trust~~as ~~2026-5C40~~retaining ~~(the “Issuing Entity”)~~sponsor, ais ~~common law~~satisfying ~~trust~~its ~~fund~~credit torisk beretention ~~formed~~obligations ~~on February 12, 2026~~ under ~~the~~Section ~~laws~~15G of the ~~State~~Securities ~~of New York pursuant to the Pooling and Servicing Agreement.~~Exchange ~~The~~Act ~~assets~~ of ~~the~~1934, ~~Issuing~~as ~~Entity consist primarily of forty-four commercial~~amended, ~~multifamily~~in ~~and/or~~connection ~~manufactured~~with ~~housing~~the ~~community~~securitization ~~mortgage loans~~of (the “Mortgage Loans~~”).~~ ~~The~~referred ~~Mortgage~~to ~~Loans~~above ~~will~~through bethe ~~acquired~~purchase by ~~the Registrant from~~ (i) ~~Barclays Capital Real~~Argentic ~~Estate~~Securities ~~Inc.~~Holdings ~~(“BCRE”)~~2 ~~pursuant~~Cayman toLimited, a ~~Mortgage~~majority-owned ~~Loan~~affiliate ~~Purchase Agreement, attached hereto as Exhibit 99.1 and dated and effective as~~ of ~~February 12, 2026, between the Registrant and BCRE (the “Barclays Mortgage Loan Purchase Agreement”), (ii)~~ Argentic Real Estate Finance 2 LLC ~~(“AREF2”) pursuant to a Mortgage Loan Purchase Agreement~~, ~~attached~~from ~~hereto as Exhibit 99.2 and dated and effective as of February 12, 2026, between~~ the ~~Registrant~~underwriters ~~and~~on ~~AREF2 (~~the ~~“AREF2 Mortgage Loan~~closing ~~Purchase Agreement”)~~date, of (~~iii~~i) ~~German~~an ~~American~~“eligible ~~Capital~~vertical ~~Corporation (“GACC~~interest”), ~~pursuant~~in tothe aform ~~Mortgage~~of ~~Loan~~certificates ~~Purchase Agreement,~~representing ~~attached~~approximately ~~hereto as Exhibit 99~~2.39100% ~~and dated and effective as~~ of ~~February 12, 2026, between~~ the ~~Registrant and GACC (the~~initial ~~“GACC~~certificate ~~Mortgage~~balance ~~Loan~~or ~~Purchase~~notional ~~Agreement”),~~amount ~~(iv)~~or ~~KeyBank~~percentage ~~National Association (“KeyBank”) pursuant to a Mortgage Loan Purchase Agreement~~interest, ~~attached hereto~~ as ~~Exhibit~~applicable, ~~99.4~~of ~~and~~each ~~dated~~class ~~and effective as~~ of ~~February~~certificates ~~12,~~(other ~~2026,~~than ~~between~~ the ~~Registrant~~Class R certificates) and ~~KeyBank~~ (~~the~~ii) an “~~KeyBank~~eligible ~~Mortgage~~horizontal ~~Loan~~residual ~~Purchase Agreement~~interest”), ~~(v)~~consisting ~~Goldman~~of ~~Sachs~~the ~~Mortgage~~Class ~~Company~~F-RR ~~(“GSMC”) pursuant~~and toClass aG-RR ~~Mortgage~~certificates ~~Loan~~(excluding ~~Purchase~~the portion ~~Agreement,~~of ~~attached~~such ~~hereto~~classes asthat ~~Exhibit~~are ~~99.5~~part ~~and~~of ~~dated~~the ~~and~~eligible ~~effective~~vertical asinterest) offor ~~February 12~~$18, ~~2026~~608, ~~between~~378 ~~the~~representing ~~Registrant~~approximately ~~and~~2.1522% ~~GSMC~~of (the ~~“GSMC~~fair market ~~Mortgage~~value ~~Loan~~of ~~Purchase~~all ~~Agreement”),~~classes ~~(vi)~~of ~~UBS~~certificates ~~AG New York Branch~~ (~~“UBS”) pursuant~~other tothan athe ~~Mortgage~~Class ~~Loan~~R ~~Purchase~~certificates).

~~Agreement,~~If ~~attached~~the ~~hereto~~Retaining ~~as Exhibit 99.6~~Sponsor ~~and dated and effective~~ (as ofdefined ~~February~~in ~~12, 2026, between~~ the ~~Registrant~~Pooling and ~~UBS~~Servicing ~~(the “UBS Mortgage Loan Purchase~~ Agreement”)~~, (vii)~~ ~~LMF~~had ~~Commercial,~~relied ~~LLC~~solely ~~(“LMF”)~~on ~~pursuant~~retaining toan a“eligible ~~Mortgage~~horizontal ~~Loan~~residual ~~Purchase~~interest” in ~~Agreement,~~order ~~attached~~to ~~hereto~~meet asthe ~~Exhibit~~credit ~~99.7 and~~risk ~~dated~~retention ~~and~~requirements ~~effective as~~ of ~~February 12, 2026, between~~ the ~~Registrant~~Credit ~~and~~Risk ~~LMF~~Retention ~~(the~~Rules ~~“LMF~~with ~~Mortgage~~respect ~~Loan~~to ~~Purchase~~this ~~Agreement”)~~securitization transaction, ~~(viii)~~it ~~Citi~~would ~~Real~~have ~~Estate~~retained ~~Funding~~an ~~Inc.~~eligible ~~(“CREFI”)~~horizontal ~~pursuant~~residual tointerest awith ~~Mortgage~~an ~~Loan~~aggregate ~~Purchase~~fair ~~Agreement,~~value ~~attached~~dollar ~~hereto~~amount ~~as Exhibit 99.8 and dated and effective as~~ of ~~February~~approximately 12$43, ~~2026~~230, ~~among the Registrant and CREFI (the “CREFI Mortgage Loan Purchase Agreement”)~~484, ~~(ix)~~representing ~~Societe~~5.0% ~~Generale~~of ~~Financial~~the ~~Corporation~~aggregate ~~(“SGFC”)~~fair ~~pursuant to a Mortgage Loan Purchase Agreement~~value, ~~attached hereto~~ as ~~Exhibit 99.9 and dated and effective as~~ of ~~February 12, 2026, among~~ the ~~Registrant~~Closing ~~and SGFC (the “SGFC Mortgage Loan Purchase Agreement”) and (x) Natixis Real Estate Capital LLC (“NREC”) pursuant to a Mortgage Loan Purchase Agreement~~Date, ~~attached~~of ~~hereto~~all asClasses ~~Exhibit 99.10 and dated and effective as~~ of ~~February~~Certificates ~~12,~~(other ~~2026,~~than ~~between~~ the ~~Registrant~~Class ~~and~~R ~~NREC (the~~certificates), ~~“NREC~~excluding ~~Mortgage~~accrued ~~Loan Purchase Agreement”)~~interest.

~~The~~There ~~Public~~are ~~Certificates~~no material differences between (a) the valuation methodology or any of the key inputs and assumptions that were used in calculating the ~~Mortgage~~fair ~~Loans~~value ~~are~~or ~~more~~range ~~particularly~~of fair ~~described~~values disclosed in the ~~prospectus,~~Preliminary Prospectus dated January 2216, 2026 ~~(the “Prospectus”)~~ and as filed with the Securities and Exchange Commission on January 2616, 2026. Inunder ~~connection~~the ~~with~~heading ~~such~~“Credit ~~Prospectus,~~Risk ~~the~~Retention” ~~Chief~~prior ~~Executive Officer~~to the pricing of the ~~Registrant~~certificates ~~has~~and ~~provided~~(b) the ~~certification~~valuation methodology ~~attached~~or ~~hereto~~the askey ~~Exhibit~~inputs ~~36.1~~ and ~~dated~~assumptions asthat ofwere ~~January~~used ~~22,~~in ~~2026~~calculating the fair value set forth above in this paragraph.

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

Item 9.01.

Financial Statements, Pro Forma Financial Information and Exhibits.

(d)	Exhibits
Exhibit No.	Description
Exhibit 1.1	Underwriting Agreement, dated as of January 22, 2026, among Barclays Commercial Mortgage Securities LLC, as depositor, Barclays Capital Holdings Inc., Barclays Capital Inc., Citigroup Global Markets Inc., UBS Securities LLC, KeyBanc Capital Markets Inc., Deutsche Bank Securities Inc., SG Americas Securities, LLC, Goldman Sachs & Co. LLC, Natixis Securities Americas LLC, Drexel Hamilton, LLC, and Bancroft Capital, LLC.
Exhibit 4.1	Pooling and Servicing Agreement, dated and effective as of February 1, 2026, among Barclays Commercial Mortgage Securities LLC, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Argentic Services Company LP, 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.
Exhibit 4.2	Trust and Servicing Agreement, dated as of December 30, 2025, among J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Trimont LLC, as servicer and special servicer, Computershare Trust Company, National Association, as certificate administrator and as trustee.
Exhibit 4.3	Pooling and Servicing Agreement, dated and effective as of October 1, 2025, among GS Mortgage Securities Corporation II, as depositor, Trimont LLC, as master servicer, Torchlight Loan Services, LLC, as special servicer, Computershare Trust Company, National Association, as certificate administrator and as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer.
Exhibit 4.4	Pooling and Servicing Agreement, dated as of December 1, 2025, among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer and as special servicer, Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, Citibank, N.A., as certificate administrator, and Wilmington Savings Fund Society, FSB, as trustee.
Exhibit 4.5	Pooling and Servicing Agreement, dated and effective as of November 1, 2025, between Morgan Stanley Capital I Inc., as depositor, Trimont LLC, as master servicer, LNR Partners, LLC, as special servicer, Computershare Trust Company, National Association, as certificate administrator, Deutsche Bank National Trust Company, as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer.
Exhibit 4.6	Co-Lender Agreement, dated as of December 9, 2025, by and between JPMorgan Chase Bank, National Association, as Initial Note A-1 Holder, Initial Note A-5 Holder, Initial Note A-6 Holder, Initial Note A-7 Holder, Initial Note A-8 Holder, Initial Note A-9 Holder, Initial Note B-1 Holder and Initial Agent, Citi Real Estate Funding Inc., as Initial Note A-2 Holder, Initial Note A-10 Holder, Initial Note A-11 Holder, Initial Note A-12 Holder, Initial Note A-13 Holder, Initial Note A-14 Holder and Initial Note B-2 Holder, German American Capital Corporation, as Initial Note A-3 Holder, Initial Note A-15 Holder, Initial Note A-16 Holder, Initial Note A-17 Holder, Initial Note A-18 Holder, Initial Note A-19 Holder and Initial Note B-3 Holder, and Goldman Sachs Bank USA, as Initial Note A-4 Holder, Initial Note A-20 Holder, Initial Note A-21 Holder, Initial Note A-22 Holder, Initial Note A-23 Holder, Initial Note A-24 Holder and Initial Note B-4 Holder.

(d)

Exhibits

Exhibit 4.7	Co-Lender Agreement, dated as of January 9, 2026, between German American Capital Corporation, as Note A-1 Holder, Note A-2 Holder and Note A-3 Holder.
Exhibit No.	Description
Exhibit 4.8	Co-Lender Agreement, dated as of January 9, 2026, between DBR Investments Co. Limited, as Note A-1 Holder, Note A-2 Holder, Note A-3 Holder, Note A-4 Holder, Note A-5 Holder, Note A-6 Holder and Note A-7 Holder, and Societe Generale Financial Corporation, as Note A-8 Holder, Note A-9 Holder, Note A-10 Holder, Note A-11 Holder and Note A-12 Holder.
Exhibit 5	Legality Opinion of Cadwalader, Wickersham & Taft LLP, dated February 12, 2026.
Exhibit 4.9	Co-Lender Agreement, dated as of December 18, 2025, between German American Capital Corporation, as Note A-1 Holder, Note A-2 Holder, Note A-3 Holder, Note A-4 Holder, Note A-5 Holder and Note A-6 Holder, JPMorgan Chase Bank, National Association, as Note A-7 Holder and Note A-8 Holder.
Exhibit 8	Tax Opinion of Cadwalader, Wickersham & Taft LLP, dated February 12, 2026 (included as part of Exhibit 5).
Exhibit 4.10	Co-Lender Agreement, dated as of September 30, 2025, between DBR Investments Co. Limited, as Note A-1 Holder, Note A-2 Holder and Note A-3 Holder, and Barclays Capital Real Estate Inc., as Note A-4 Holder, Note A-5 Holder and Note A-6 Holder.
Exhibit 23	Consent of Cadwalader, Wickersham & Taft LLP (included as part of Exhibit 5).
Exhibit 4.11	Agreement Between Note Holders, dated as of December 4, 2025, by and between Goldman Sachs Bank USA, as Initial Note A-1 Holder, Initial Note A-2 Holder Initial Note A-3 Holder and Initial Note A-4 Holder.
Exhibit 4.12	Agreement Between Note Holders, dated as of October 7, 2025, by and between KeyBank National Association, Initial Note A-1 Holder, Initial Note A-2 Holder and Initial Note A-3 Holder.
Exhibit 4.13	Primary Servicing Agreement, dated as of February 1, 2026, between Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, and KeyBank National Association, as primary servicer.
Exhibit 4.14	Primary Servicing Agreement, dated as of November 1, 2025, by and between KeyBank National Association, as primary servicer and Trimont LLC, as master servicer.
Exhibit 36.1	Depositor’s Certification for Shelf Offerings of Asset-Backed Securities in respect of that certain Prospectus dated January 22, 2026.
Exhibit 99.1	Mortgage Loan Purchase Agreement, dated and effective as of February 12, 2026, between Barclays Capital Real Estate Inc., as seller, and Barclays Commercial Mortgage Securities LLC, as purchaser.
Exhibit 99.2	Mortgage Loan Purchase Agreement, dated and effective as of February 12, 2026, between Argentic Real Estate Finance 2 LLC, as seller, and Barclays Commercial Mortgage Securities LLC, as purchaser.
Exhibit 99.3	Mortgage Loan Purchase Agreement, dated and effective as of February 12, 2026, between German American Capital Corporation as seller, and Barclays Commercial Mortgage Securities LLC, as purchaser.

Exhibit 99.4	Mortgage Loan Purchase Agreement, dated and effective as of February 12, 2026, between KeyBank National Association, as seller, and Barclays Commercial Mortgage Securities LLC, as purchaser.
Exhibit 99.5	Mortgage Loan Purchase Agreement, dated and effective as of February 12, 2026, between Goldman Sachs Mortgage Company, as seller, and Barclays Commercial Mortgage Securities LLC, as purchaser.
Exhibit 99.6	Mortgage Loan Purchase Agreement, dated and effective as of February 12, 2026, between UBS AG New York Branch, as seller, and Barclays Commercial Mortgage Securities LLC, as purchaser.
Exhibit 99.7	Mortgage Loan Purchase Agreement, dated and effective as of February 12, 2026, between LMF Commercial, LLC, as seller and Barclays Commercial Mortgage Securities LLC, as purchaser.
Exhibit 99.8	Mortgage Loan Purchase Agreement, dated and effective as of February 12, 2026, between Citi Real Estate Funding Inc., as seller, and Barclays Commercial Mortgage Securities LLC, as purchaser.
Exhibit 99.9	Mortgage Loan Purchase Agreement, dated and effective as of February 12, 2026, between Societe Generale Financial Corporation, as seller, and Barclays Commercial Mortgage Securities LLC, as purchaser.
Exhibit 99.10	Mortgage Loan Purchase Agreement, dated and effective as of February 12, 2026, between Natixis Real Estate Capital LLC, as seller, and Barclays Commercial Mortgage Securities LLC, as purchaser.

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 hereunto duly authorized.

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: February 12, 2026	BARCLAYS COMMERCIAL MORTGAGE
	SECURITIES LLC
	(Registrant)


	By:	/s/ Daniel Schmidt
		Name: Daniel Schmidt
		Title: Chief Executive Officer

Date: January 26, 2026	Barclays Commercial Mortgage Securities LLC
	(Registrant)
	By:	/s/ Daniel Schmidt
		Name:	Daniel Schmidt
		Title:	Chief Executive Officer

Filing Compare · BBCMS Mortgage Trust 2026-5C40