UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549

FORM 10-D

ASSET BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from: ~~January~~February 1719, 2026 to ~~February~~March 1817, 2026

Commission File Number of issuing entity: 333-286968-05

Central Index Key Number of issuing entity: 0002097938

BBCMS Mortgage Trust 2025-C39
(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-286968

Central Index Key Number of depositor: 0001541480

Barclays Commercial Mortgage Securities LLC
(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001549574

Barclays Capital Real Estate Inc.
(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001701238

Citi Real Estate Funding Inc.
(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001548405

Starwood Mortgage Capital LLC
(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001541294

German American Capital Corporation
(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0000740906

Wells Fargo Bank, National Association
(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001541502

Goldman Sachs Mortgage Company
(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001722518

BSPRT CMBS Finance, LLC
(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001685185

UBS AG New York Branch
(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0000109380

Zions Bancorporation, N.A.
(Exact name of sponsor as specified in its charter)

Daniel Schmidt (212) 526-7000
(Name and telephone number, including area code, of the person to contact in connection with this filing)

New York
(State or other jurisdiction of incorporation or organization of the issuing entity)

38-4375193
38-4375194
38-7370514
(I.R.S. Employer Identification No.)

c/o Computershare Trust Company, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices of the issuing entity) (Zip Code)

(667) 786-1992
(Telephone number, including area code)

Not Applicable
(Former name, former address, if changed since last report)

Registered/reporting pursuant to (check one)

Title of Class	Section 12(b)	Section 12(g)	Section 15(d)	Name of Exchange (If Section 12(b))
A-1			X
A-4			X
A-5			X
A-SB			X
X-A			X
A-S			X
B			X
C			X

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No

Part I - DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

On ~~February~~March 1817, 2026 a distribution was made to holders of the certificates issued by BBCMS Mortgage Trust 2025-C39.

The distribution report is attached as an Exhibit to this Form 10-D, please see Item 10(b), Exhibit 99.1 for the related information.

The following table presents the loss information for the trust assets for the BBCMS Mortgage Trust 2025-C39 in accordance with Item 1100(b) as required by Item 1121(a)(9) of Regulation AB:

Loss Information as reported on FebruaryMarch 1817, 2026

Number of Delinquencies 30+ days	% of Delinquencies 30+ days by Pool Balance	Number of Loans/REOs with Losses	Average Net Loss
4	8.37%	0	N/A

No assets securitized by Barclays Commercial Mortgage Securities LLC (the "Depositor") and held by BBCMS Mortgage Trust 2025-C39 were the subject of a demand to repurchase or replace for breach of the representations and warranties contained in the underlying transaction documents during the monthly distribution period from ~~January~~February 1719, 2026 to ~~February~~March 1817, 2026.

The Depositor filed its most recent Form ABS-15G in accordance with Rule 15Ga-1 under the Exchange Act (a "Rule 15Ga-1 Form ABS-15G") on ~~February~~March 13, 2026. The CIK number for the Depositor is 0001541480.

Barclays Capital Real Estate Inc. filed its most recent Rule 15Ga-1 Form ABS-15G on February 13, 2026. The CIK number for Barclays Capital Real Estate Inc. is 0001549574.

Citi Real Estate Funding Inc. filed its most recent Rule 15Ga-1 Form ABS-15G on February 10, 2026. The CIK number for Citi Real Estate Funding Inc. is 0001701238.

Starwood Mortgage Capital LLC filed its most recent Rule 15Ga-1 Form ABS-15G on February 12, 2026. The CIK number for Starwood Mortgage Capital LLC is 0001548405.

German American Capital Corporation filed its most recent Rule 15Ga-1 Form ABS-15G on February 13, 2026. The CIK number for German American Capital Corporation is 0001541294.

Wells Fargo Bank, National Association filed its most recent Rule 15Ga-1 Form ABS-15G on February 5, 2026. The CIK number for Wells Fargo Bank, National Association is 0000740906.

Goldman Sachs Mortgage Company filed its most recent Rule 15Ga-1 Form ABS-15G on February 13, 2026. The CIK number for Goldman Sachs Mortgage Company is 0001541502.

BSPRT CMBS Finance, LLC filed its most recent Rule 15Ga-1 Form ABS-15G on February 13, 2026. The CIK number for BSPRT CMBS Finance, LLC is 0001722518.

UBS AG New York Branch filed its most recent Rule 15Ga-1 Form ABS-15G on February 12, 2026. The CIK number for UBS AG New York Branch is 0001685185.

Zions Bancorporation, N.A. filed its most recent Rule 15Ga-1 Form ABS-15G on January 5, 2026. The CIK number for Zions Bancorporation, N.A. is 0000109380.

Item 1A. Asset-Level Information.

ABS Asset Data File (filed as Exhibit 102 to the registrant's Form ABS-EE filed on March 327, 2026 under Commission File No. 333-286968-05 and incorporated by reference herein).

ABS Asset Related Document (filed as Exhibit 103 to the registrant's Form ABS-EE filed on March 327, 2026 under Commission File No. 333-286968-05 and incorporated by reference herein).

Part II - OTHER INFORMATION

Item 29. ~~Legal~~Other ~~Proceedings~~Information.

~~Disclosure~~Midland ~~from~~Loan ~~CWCapital~~Services, ~~Asset~~A ~~Management~~Division ~~LLC~~of PNC Bank, National Association, in its capacity as ~~special~~Master ~~servicer~~Servicer for BBCMS Mortgage Trust 2025-C39, affirms the following amounts in the respective accounts:

From time to time, CWCapital Asset Management LLC, a Delaware limited liability company (“CWCAM”), is a party to lawsuits and other legal proceedings as part of its duties as a special servicer (e.g., enforcement of loan obligations) and/or arising in the ordinary course of business. Other than as set forth in the following paragraphs, there are currently no legal proceedings pending, and no legal proceedings known to be contemplated by governmental authorities, against CWCAM or of which any of its property is the subject, that are material to the certificateholders.

Collection Account
Prior Distribution Date	02/18/2026	$0.00
Current Distribution Date	03/17/2026	$6,373.34

On December 1, 2017, a complaint against CWCAM and others was filed in the United States District Court for the Southern District of New York styled as CWCapital Cobalt Vr Ltd. v. CWCapital Investments LLC, et al., No. 17-cv-9463 (the “Original Complaint”). The gravamen of the Original Complaint alleged breaches of a contract and fiduciary duties by CWCAM’s affiliate, CWCapital Investments LLC in its capacity as collateral manager for the collateralized debt obligation transaction involving CWCapital Cobalt Vr, Ltd. In total, there are 14 counts pled in the Original Complaint. Of those 14, 5 claims were asserted against CWCAM for aiding and abetting breach of fiduciary duty, conversion and unjust enrichment. On May 23, 2018, the Original Complaint was dismissed for lack of subject matter jurisdiction. On June 28, 2018, CWCapital Cobalt Vr Ltd. filed a substantially similar complaint in the Supreme Court of the State of New York, County of New York styled as CWCapital Cobalt Vr Ltd. v. CWCapital Investments LLC, et al., Index No. 653277/2018 (the “New Complaint”). The gravamen of the New Complaint is the same as the previous complaint filed in the United State District Court for the Southern District of New York. In total there are 16 counts pled in the New Complaint. Of those 16 counts, 5 claims were asserted against CWCAM for aiding and abetting breach of fiduciary duty, conversion and unjust enrichment, 1 count seeks a declaratory judgement that the plaintiff has the right to enforce the contracts in question and 1 count seeks an injunction requiring the defendants to recognize the plaintiff as the directing holder for the trusts in question. On January 11, 2019, the plaintiff dismissed with prejudice the declaratory judgment and injunction counts. The New Complaint and related summons was not served on the defendants until July 13, 2018 and July 16, 2018. The plaintiff’s motion for a preliminary injunction was denied by the court on July 31, 2018. On August 3, 2018, the defendants, including CWCAM, filed a motion to dismiss the New Complaint in its entirety. On August 20, 2019, the court entered an order granting defendants’ motion almost in its entirety, dismissing 11 of the 16 counts and partially dismissing 2 additional counts. Of the remaining counts, 2 are asserted against CWCAM for aiding and abetting breach of fiduciary duty and unjust enrichment. On September 19, 2019, CWCapital Cobalt Vr Ltd. filed a notice of appeal relating to the August 20, 2019 dismissal order and on September 26, 2019, filed an amended complaint against CWCI and CWCAM attempting to address deficiencies relating to certain of the claims dismissed by the August, 20, 2019 order. CWCI and CWCAM filed its Motion to Dismiss the amended complaint on October 28, 2019. The court heard argument on the Motion to Dismiss the amended complaint on January 22, 2020 and on October 23, 2020, the court granted the motion dismissing the amended claims. On November 30, 2020, CWCapital Cobalt Vr Ltd filed a notice of appeal relating to the October 23, 2020 dismissal order. On April 27, 2021, the First Department affirmed the dismissal as to claims against CWCAM that were part of the August 20, 2019 dismissal, but reversed the dismissal of two counts for breach of the Collateral Management Agreement against CWCI. CWCI sought leave to file an appeal of the decision. The plaintiff also sought leave to appeal the dismissal of the claims against CWCAM. Both requests for leave were denied by the First Department. On May 15, 2020, CWCI and CWCAM filed a motion to renew its motion to dismiss as to 4 of the remaining counts (including the remaining two counts against CWCAM for aiding and abetting breach of fiduciary duty and unjust enrichment), based on a decision entered by Judge Failla in a trust instruction proceeding in the US District Court for the Southern District of New York awarding summary judgment in favor of CWCAM. On September 7, 2021, the court denied the motion to renew. CWCI and CWCAM filed a notice of appeal, which they perfected by the filing of their opening brief on July 1, 2022. On November 15, 2022, the First Department affirmed the court’s denial of the motion to renew. On October 1, 2021, CWCI and CWCAM moved to reargue the denial of the motion to renew (or alternatively, the motion to dismiss) with respect to certain of Cobalt’s claims, including the remaining 2 claims against CWCAM, based on the First Department’s April 27, 2021 decision. On March 24, 2022, the court denied the relief sought in the motion to reargue. CWCI and CWCAM appealed the court’s decision on the motion to reargue and filed their opening brief on July 11, 2022. The appeal was dismissed as being non-appealable on August 30, 2022. Discovery (both fact and expert) concluded on March 1, 2024. CWCAM and CWCI filed a motion for summary judgment on March 29, 2024, seeking dismissal of all the claims in their entirety. On that same date, the plaintiff cross moved for summary judgment on one of the claims asserted against only CWCI. Oral argument on the parties’ summary judgment motions were heard on October 22, 2024. . On January 13, 2026, the court denied plaintiff’s motion for summary judgment and granted, in part, and denied, in part, the motion filed by CWCI and CWCAM. Specifically, the court dismissed the remaining two counts against CWCAM for aiding and abetting breach of fiduciary duty and unjust enrichment. With respect to CWCI, the court dismissed two counts against CWCI in their entirety and dismissed portions of one count against CWCI. The only three counts that survived and remain in the case are against CWCI. The court severed the dismissed claims from the surviving claims. On January 22, 2026, CWCI and CWCAM submitted an order to the court, requesting that it direct the clerk’s office to enter judgment on the dismissed claims and that CWCAM be dismissed as a defendant from the action. CWCAM believes that it has performed its obligations under the related pooling and servicing agreements in good faith.

REO Account
Prior Distribution Date	02/18/2026	$0.00
Current Distribution Date	03/17/2026	$0.00

OnComputershare ~~January~~Trust 13Company, ~~2025~~N.A., in ~~the~~its ~~Supreme~~capacity ~~Court of the State of New York, ROC Debt Strategies II Bond Investments LLC (“Bridge Investment Group or “Bridge”),~~ as ~~Directing~~Certificate ~~Certificateholder~~Administrator (“DCH”) filed suit against CWCapital Asset Management LLC (“CWCAM”), alleging breach of the subject Pooling and Servicing Agreement (“PSA”) and violation of the Servicing Standard while acting as special servicer for ~~the~~BBCMS ~~FREMF~~Mortgage 2016-KS06 pool. It is alleged that CWCAM was negligent in the servicing of a portfolio of 9 loans (the “Ranger Portfolio”) that were in special servicing starting in 2022. The suit demands unspecified compensatory damages and a Declaratory Judgment that CWCAM is not entitled to indemnification or payment for expenses from the Trust ~~under the PSA. CWCAM disagrees vehemently with these allegations and a Motion to Dismiss was filed by CWCAM on March 14,~~ 2025~~. The motion has been fully briefed and a hearing was held on August 25~~-C39, ~~2025~~affirms ~~While that motion was pending,~~ the ~~parties~~following ~~reached~~amounts ain ~~business resolution and by stipulation~~ the ~~lawsuit~~respective ~~was dismissed with prejudice on January 22, 2026.~~accounts:

Item 9. Other Information.

Distribution Account
Prior Distribution Date	02/18/2026	$283,014.98
Current Distribution Date	03/17/2026	$7,330.79

Midland Loan Services, A Division of PNC Bank, National Association, in its capacity as Master Servicer for BBCMS Mortgage Trust 2025-C39, affirms the following amounts in the respective accounts:

Interest Reserve Account
Prior Distribution Date	02/18/2026	$274,896.93
Current Distribution Date	03/17/2026	$0.00

Collection Account
Excess Liquidation Proceeds Reserve Account
Prior Distribution Date	0102/1618/2026	$~~497,535~~0.9900
Current Distribution Date	0203/1817/2026	$0.00

REO Account
Prior Distribution Date	01/16/2026	$0.00
Current Distribution Date	02/18/2026	$0.00

Item 10. Exhibits.

~~Computershare~~(a) ~~Trust~~The ~~Company,~~following ~~N.A.,~~is ina ~~its~~list ~~capacity~~of asdocuments ~~Certificate~~filed ~~Administrator~~as ~~for~~part ~~BBCMS~~of ~~Mortgage~~this ~~Trust~~Report ~~2025-C39,~~on ~~affirms~~Form ~~the following amounts in the respective accounts~~10-D:

Distribution Account
Prior Distribution Date	01/16/2026	$145,584.40
Current Distribution Date	02/18/2026	$283,014.98

(99.1) Monthly report distributed to holders of the certificates issued by BBCMS Mortgage Trust 2025-C39, relating to the March 17, 2026 distribution.

Interest Reserve Account
Prior Distribution Date	01/16/2026	$137,464.58
Current Distribution Date	02/18/2026	$274,896.93

(102) ABS Asset Data File (filed as Exhibit 102 to the registrant's Form ABS-EE filed on March 27, 2026 under Commission File No. 333-286968-05 and incorporated by reference herein).

Excess Liquidation Proceeds Reserve Account
Prior Distribution Date	01/16/2026	$0.00
Current Distribution Date	02/18/2026	$0.00

(103) ABS Asset Related Document (filed as Exhibit 103 to the registrant's Form ABS-EE filed on March 27, 2026 under Commission File No. 333-286968-05 and incorporated by reference herein).

~~Item~~(b) ~~10.~~The ~~Exhibits~~exhibits required to be filed by the Registrant pursuant to this Form are listed above.

~~(a) The following is a list of documents filed as part of this Report on Form 10-D:~~ SIGNATURES

~~(99.1)~~Pursuant ~~Monthly~~to ~~report~~the ~~distributed~~requirements toof ~~holders~~the Securities Exchange Act of 1934, the ~~certificates~~registrant ~~issued~~has byduly ~~BBCMS~~caused ~~Mortgage~~this ~~Trust~~report ~~2025-C39,~~to ~~relating~~be tosigned on its behalf by the ~~February~~undersigned ~~18,~~thereunto ~~2026 distribution.~~duly authorized.

~~(102) ABS~~Barclays ~~Asset~~Commercial ~~Data~~Mortgage ~~File~~Securities LLC(~~filed as Exhibit 102 to the registrant's Form ABS-EE filed on March 3, 2026 under Commission File No. 333-286968-05 and incorporated by reference herein~~Depositor).

~~(103) ABS Asset Related Document (filed as Exhibit 103 to the registrant'~~/s/ ~~Form~~Daniel ~~ABS-EE~~SchmidtDaniel ~~filed on March 3~~Schmidt, ~~2026~~Authorized ~~under Commission File No. 333-286968-05 and incorporated by reference herein).~~ Signatory

~~(b)~~Date: March ~~The~~27, ~~exhibits~~2026 ~~required to be filed by the Registrant pursuant to this Form are listed above.~~

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 thereunto duly authorized.

Barclays Commercial Mortgage Securities LLC(Depositor)

/s/ Daniel SchmidtDaniel Schmidt, Authorized Signatory

Date: March 3, 2026

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549

FORM 10-D

ASSET BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Registered/reporting pursuant to (check one)

Loss Information as reported on FebruaryMarch 1817, 2026

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549

ASSET BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Filing Compare · BBCMS Mortgage Trust 2025-C39