UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

~~FORM 8-K~~________________

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): ~~October~~July 8, ~~2025~~2026

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)

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))

1 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).

~~Item~~Emerging ~~1.01. Entry into a Material Definitive Agreement.~~growth company 

OnIf ~~September~~an ~~29,~~emerging ~~2025~~growth company, ~~Deutsche~~indicate ~~Mortgage~~by &check ~~Asset~~mark ~~Receiving~~if ~~Corporation (~~the ~~“Registrant”)~~registrant ~~caused~~has ~~the~~elected ~~issuance~~not ofto use the extended ~~Benchmark~~transition ~~2025-V17~~period ~~Mortgage~~for ~~Trust~~complying ~~(“Issuing~~with ~~Entity”)~~any ~~Commercial~~new ~~Mortgage~~or ~~Pass-Through~~revised ~~Certificates,~~financial accounting ~~Series~~standards ~~2025-V17~~provided ~~(the “Certificates”),~~ pursuant to ~~the~~Section ~~Pooling and Servicing Agreement, dated as of September 1, 2025~~ 13(~~the “Pooling and Servicing Agreement”~~a)~~, between~~ ~~the~~of Registrant, as depositor, Trimont LLC, as master servicer, Greystone Servicing Company LLC, as special servicer, Computershare Trust Company, N.A., as trustee, certificate administrator, paying 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~~Exchange ~~assigned to them in the Pooling and Servicing Agreement~~Act. 

One mortgage loan, secured by the portfolio of mortgaged properties identified as “Soudry NYC Multifamily Portfolio” on Exhibit B to the Pooling and Servicing Agreement (the “Soudry NYC Multifamily Portfolio Mortgage Loan”), is an asset of the Issuing Entity and part of a whole loan (the “Soudry NYC Multifamily Portfolio Whole Loan”) that includes the SoudrySection ~~NYC~~6 ~~Multifamily~~– ~~Portfolio~~Asset-Backed Mortgage Loan and one pari passu promissory note (the “Soudry NYC Multifamily Portfolio Pari Passu Companion Loan”) that is not an asset of the Issuing Entity. The Pooling and Servicing Agreement provides that the Soudry NYC Multifamily Portfolio Whole Loan will be serviced and administered (i) until the securitization of the controlling Soudry NYC Multifamily Portfolio Pari Passu Companion Loan, under the Pooling and Servicing Agreement and (ii) from and after the securitization of the controlling Soudry NYC Multifamily Portfolio Pari Passu Companion Loan, under the pooling and servicing agreement entered into in connection with that securitization.Securities

~~The~~Item controlling Soudry NYC Multifamily Portfolio Companion Loan was securitized on October 8, 2025 in connection with the issuance of a series of mortgage pass-through certificates entitled Wells Fargo Commercial Mortgage Trust 2025-5C6, Commercial Mortgage Pass-Through Certificates, Series 2025-5C66.02 ~~Consequently,~~– ~~the~~Change ~~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 “WFCM 2025-5C6 PSA”), between Wells Fargo Commercial Mortgage Securities, Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (in such capacity, the “Non-Serviced Master Servicer~~”),~~ ~~Rialto~~or Capital Advisors, LLC, as special servicer (in such capacity, the “Non-Serviced Special Servicer”), Computershare Trust Company, N.A., as certificate administrator (in such capacity, the “Non-Serviced Certificate Administrator”) and as trustee (in such capacity, the “Non-Serviced Trustee”), and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Non-Serviced Operating Advisor”) and asset representations reviewer (in such capacity, the “Non-Serviced Asset Representations Reviewer”). The WFCM 2025-5C6 PSA is attached hereto as Exhibit 99.1.

~~The~~Effective ~~servicing~~as ~~terms~~ of ~~the~~July ~~WFCM~~8, ~~2025-5C6~~2026, ~~PSA~~Torchlight ~~are~~Loan Services, ~~substantially~~LLC, ~~similar~~a toDelaware ~~the~~limited ~~servicing~~liability ~~terms~~company of(“Torchlight”), will act as special servicer for the ~~Pooling~~BMARK ~~and~~2025-V17 securitization, replacing Greystone Servicing ~~Agreement~~Company ~~applicable~~LLC. Torchlight towas appointed at the direction ~~Serviced~~of ~~Mortgage~~400 ~~Loans;~~Capital ~~however~~Management LLC, the ~~servicing~~Directing ~~arrangements~~Holder under ~~such~~the ~~agreements~~pooling and ~~differ~~servicing inagreement ~~certain~~for ~~respects~~the BMARK 2025-V17 securitization (the “PSA”). In such capacity, ~~including~~Torchlight will be responsible for the ~~items~~servicing ~~set~~and administration ~~forth~~of specially serviced mortgage loans serviced under ~~“Pooling~~the PSA (and the ~~Servicing~~servicing ~~Agreement—Servicing~~and administration of ~~the~~any ~~Non-Serviced~~related ~~Mortgage~~REO ~~Loans—General”~~property) and processing inand ~~the~~performing ~~prospectus~~certain ~~relating~~reviews of material actions with respect to the ~~Certificates,~~mortgage loan ~~dated~~serviced ~~September~~under ~~12,~~the ~~2025~~PSA (when such mortgage loans are not specially serviced. Capitalized terms used but not defined herein shall have the ~~“Prospectus”),~~meanings assigned ~~and~~to them in the ~~following:~~PSA.

·Torchlight’s executive ~~The~~office ~~Non-Serviced~~and ~~Master~~principal ~~Servicer~~special ~~will~~servicing ~~earn~~office aare ~~primary~~located ~~servicing~~at ~~fee~~90 ~~with~~Park Avenue, ~~respect~~20th toFloor, ~~the~~New ~~Soudry~~York, ~~NYC~~New ~~Multifamily~~York ~~Portfolio~~10016. Torchlight ~~Mortgage~~is ~~Loan~~wholly ~~that~~owned by isTorchlight toInvestors, beLLC, ~~calculated~~which atinvests ~~0.00125%~~across ~~per~~a ~~annum~~broad ~~(which~~array ~~rate~~of ~~includes~~commercial real ~~any~~estate ~~applicable~~investments, ~~sub~~including senior and mezzanine loans, preferred equity, equity and investment grade and non-~~servicing~~investment ~~fee~~grade ~~rate)~~CMBS on behalf of institutional investors.

·Torchlight has ~~Upon~~substantial ~~the~~experience ~~Soudry~~in ~~NYC~~working ~~Multifamily~~out ~~Portfolio~~loans ~~Mortgage~~and ~~Loan~~has ~~becoming~~been aengaged ~~specially~~in servicing ~~serviced~~CMBS ~~loan~~assets ~~under~~since ~~the~~December ~~WFCM~~2007. Torchlight’s ~~2025-5C6~~then ~~PSA,~~affiliated predecessor ~~the~~had ~~Non-Serviced~~been ~~Special~~engaged ~~Servicer~~in ~~will earn a special~~ servicing ~~fee~~CMBS ~~payable~~assets ~~monthly~~since ~~with~~1998. ~~respect~~In tothe ~~such~~past twenty-seven ~~mortgage~~years, ~~loan~~Torchlight ~~accruing~~has atresolved aover ~~rate equal to 0~~$12.~~25%~~2 ~~per~~billion ~~annum (subject to a minimum monthly fee~~ of ~~$5,000),~~U.S. commercial ~~until~~and ~~such~~multifamily ~~time as such mortgage loan is no longer specially serviced~~loans.

· The ~~Non-Serviced~~table below ~~Special~~sets ~~Servicer~~forth ~~will~~information beabout ~~entitled~~Torchlight’s toportfolio ~~a workout fee equal to 1.0%~~ of ~~each~~specially ~~payment~~serviced commercial ~~(other than penalty charges) of principal~~ and ~~interest~~multifamily ~~(other~~mortgage ~~than~~loans ~~any~~as ~~amount for which a liquidation fee would be paid) in respect~~ of the ~~Soudry~~dates ~~NYC Multifamily Portfolio Whole Loan made by the related borrower after a workout of the~~indicated:

CMBS Pools	As of 12/31/2023	As of 12/31/2024	As of 12/31/2025	As of 3/31/2026
By Approximate Number..............................	19	18	36	42
Named Specially Serviced Portfolio By Approximate Aggregate Unpaid Principal Balance⁽¹⁾.......................................................	$8,187,369,702	$9,980,161,249	$18,362,085,212	24,157,139,861
Actively Specially Serviced Portfolio By Approximate Number of Loans⁽²⁾..................	41	42	54	55
Actively Specially Serviced Portfolio By Approximate Aggregate Unpaid Principal Balance⁽²⁾.......................................................	$2,555,583,096	$2,756,939,609	$3,080,015,916	$3,486,219,132

~~Soudry~~(1) Includes ~~NYC~~all ~~Multifamily~~loans ~~Portfolio~~in ~~Whole~~Torchlight’s ~~Loan.~~portfolio ~~The~~for ~~workout~~which ~~fee~~Torchlight is ~~subject~~the tonamed special aservicer, ~~minimum~~regardless ~~fee~~of whether such loans are, as of ~~$25~~the specified date,~~000~~ specially serviced loans.

·(2) Includes only ~~The~~those ~~Non-Serviced~~loans ~~Special Servicer will be entitled to a liquidation fee equal to 1.0% of net liquidation proceeds received~~ in ~~connection~~the ~~with~~portfolio athat, ~~liquidation~~as of the ~~Soudry~~specified ~~NYC Multifamily Portfolio Whole Loan~~date, orare ifspecially serviced ~~such rate would result in a liquidation fee less than $25~~loans,~~000,~~ ~~then~~including ~~the~~REO ~~liquidation fee will be the lesser of 3~~loans.~~0% and such rate as would result in a liquidation fee of $25,000.~~

As of December 31, 2025, 21 personnel were involved in the special servicing of commercial real estate assets for Torchlight, of which 4 were dedicated to the special servicing business unit. As of December 31, 2025, Torchlight specially serviced a portfolio that included approximately 54 loans secured by properties throughout the United States, the District of Columbia and Puerto Rico with a then-current face value in excess of $3 .0 billion, all of which are commercial or multifamily real estate assets. The portfolio includes commercial real estate mortgage loans secured by the same types of income producing properties as those securing the Mortgage Loans backing the Certificates. Accordingly, the assets that Torchlight services as well as assets owned by its affiliates may, depending upon the particular circumstances, including the nature and location of such assets, compete with the Mortgaged Properties securing the Mortgage Loans for tenants, purchasers, financing and so forth. Torchlight does not service or manage any assets other than commercial and multifamily real estate assets.

Torchlight has developed policies and procedures for the performance of its special servicing obligations in compliance with applicable servicing criteria set forth in Item 91122 of Regulation AB, including managing delinquent loans and loans subject to the bankruptcy of the borrower.01 Torchlight has recognized that technology can greatly improve its performance as a special servicer, and Torchlight’s intranet-based infrastructure provides improved controls for compliance with trust/pooling and servicing agreements, loan administration and procedures in workout/resolution. ~~Financial~~Standardization ~~Statements~~and automation have been pursued, and ~~Exhibits~~continue to be pursued, wherever practicable to provide for improved accuracy, efficiency, transparency, monitoring and controls.

~~(d)~~Torchlight utilizes ~~Exhibits:~~the services of certain contractors to augment its personnel. Torchlight does not have any material primary advancing obligations with respect to the CMBS pools as to which it acts as special servicer and accordingly Torchlight does not believe that its financial condition will have any adverse effect on the performance of its duties under the PSA nor any material impact on the mortgage pool performance or the performance of the Certificates.

~~99.1~~Torchlight will ~~Pooling~~not ~~and~~have ~~Servicing~~primary ~~Agreement,~~responsibility ~~dated~~for ascustody services of ~~October~~original 1,documents evidencing ~~2025~~the Mortgage Loans. On occasion, ~~between~~Torchlight ~~Wells~~may ~~Fargo~~have ~~Commercial~~custody ~~Mortgage~~of certain ~~Securities,~~of ~~Inc.,~~such documents as ~~depositor,~~necessary ~~Midland~~for ~~Loan~~enforcement ~~Services,~~actions ainvolving ~~Division~~the Mortgage ofLoans ~~PNC~~or ~~Bank,~~otherwise. ~~National~~To ~~Association,~~the asextent ~~master~~that ~~servicer,~~Torchlight ~~Rialto~~has ~~Capital~~custody ~~Advisors,~~of ~~LLC~~any such documents, assuch ~~special~~documents ~~servicer,~~will ~~Computershare~~be ~~Trust~~maintained ~~Company,~~in Na manner consistent with the servicing standard.~~A.,~~ asThere ~~certificate~~are ~~administrator~~currently ~~and~~no aslegal ~~trustee~~proceedings pending against Torchlight, ~~and~~nor ~~Park~~are ~~Bridge~~any ~~Lender~~known ~~Services~~to ~~LLC,~~be ascontemplated ~~operating~~by ~~advisor~~governmental authorities, ~~and~~that asare ~~asset~~material ~~representations~~to ~~reviewer~~the Certificateholders.

4 No securitization transaction involving commercial or multifamily mortgage loans in which Torchlight was acting as special servicer has experienced an event of default as a result of any action or inaction performed by Torchlight as special servicer. In addition, there has been no previous disclosure of material non-compliance with servicing criteria by Torchlight with respect to any other securitization transaction involving commercial or multifamily mortgage loans in which Torchlight was acting as special servicer.

~~SIGNATURES~~From time to time, Torchlight and its affiliates are parties to lawsuits and other legal proceedings arising in the ordinary course of business. Torchlight does not believe that any such lawsuits or legal proceedings would, individually or in the aggregate, have a material adverse effect on its business or its ability to serve as special servicer.

~~Pursuant~~Torchlight is tonot ~~the~~an ~~requirements~~affiliate of the ~~Securities~~Depositor, ~~Exchange~~the ~~Act~~Mortgage ofLoan ~~1934~~Sellers, the ~~registrant~~issuing entity, ~~has~~the ~~duly~~Master ~~caused~~Servicer, ~~this~~the ~~report~~Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or any originators of the Mortgage Loans. There are no specific relationships involving or relating to this betransaction ~~signed~~or onthe securitized Mortgage Loans between Torchlight or any of its ~~behalf~~affiliates, byon the ~~undersigned~~one ~~hereunto~~hand, ~~duly~~and ~~authorized~~the Depositor or the issuing entity, on the other hand, that currently exist or that existed during the past two years.

~~DEUTSCHE~~From time ~~MORTGAGE~~to &time, ~~ASSET~~Torchlight ~~RECEIVING~~or ~~CORPORATION~~its ~~By:~~affiliates ~~/s/~~may ~~Robert-Christopher~~acquire ~~Jones~~Certificates ~~Name:~~in ~~Robert-Christopher~~the secondary ~~Jones~~market ~~Title:~~and ~~Managing~~will ~~Director~~be ~~By:~~able ~~/s/~~to ~~Matt~~dispose ~~Smith~~of ~~Name:~~those ~~Matt~~Certificates ~~Smith~~at ~~Title:~~any ~~Director~~time.

~~Dated:~~Torchlight may ~~October~~enter 14into one or more arrangements with the Controlling Class Certificateholder or any person with the right to appoint or remove and replace the special servicer to provide for a discount and/or revenue sharing with respect to certain of the special servicer compensation in consideration of, among ~~2025~~other things, Torchlight’s appointment as Special Servicer under the PSA and any related intercreditor agreement and limitations on such person’s right to replace the special servicer.

~~BMARK~~The Depositor, ~~2025-V17~~the –Mortgage ~~8-K~~Loan ~~(Soudry~~Sellers, ~~NYC~~the ~~Multifamily~~Master ~~Portfolio~~Servicer, ~~Servicing~~the ~~Shift~~ Trustee, the Certificate Administrator, the Operating Advisor and the Asset Representations Reviewer may maintain banking and other commercial relationships with Torchlight and its affiliates.

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: July 8, 2026

Filing Compare · Benchmark 2025-V17 Mortgage Trust