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: ~~May~~June 1618, 2026 to ~~June~~July 17, 2026

Commission File Number of issuing entity: 333-286968-04

Central Index Key Number of issuing entity: 0002091664

BBCMS Mortgage Trust 2025-5C38
(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): 0001541502

Goldman Sachs Mortgage Company
(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): 0001592182

LMF Commercial, LLC
(Exact name of sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0002086033

RREF V – D Direct Lending Investments, 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): 0001548405

Starwood Mortgage Capital LLC
(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)

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)

38-4375132
38-4375133
(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-2			X
A-3			X
X-A			X
A-S			X
B			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 ~~June~~July 17, 2026 a distribution was made to holders of the certificates issued by BBCMS Mortgage Trust 2025-5C38.

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.

NoThe ~~assets~~following ~~securitized~~table bypresents ~~Barclays~~the ~~Commercial~~loss ~~Mortgage~~information ~~Securities~~for ~~LLC (~~the ~~"Depositor")~~trust ~~and~~assets ~~held~~for bythe BBCMS Mortgage Trust 2025-5C38 ~~were~~in ~~the~~accordance ~~subject~~with ofItem a1100(b) ~~demand~~as torequired ~~repurchase~~by orItem ~~replace~~1121(a)(9) ~~for breach~~ of ~~the~~Regulation ~~representations~~AB: ~~and warranties contained in the underlying transaction documents during the monthly distribution period from May 16, 2026 to June 17, 2026.~~

TheLoss DepositorInformation filedas itsreported most recent Form ABS-15G in accordance with Rule 15Ga-1 under the Exchange Act (a "Rule 15Ga-1 Form ABS-15G") on MayJuly 1317, 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.

Number of Delinquencies 30+ days	% of Delinquencies 30+ days by Pool Balance	Number of Loans/REOs with Losses	Average Net Loss
1	0.31%	0	N/A

~~Goldman~~No ~~Sachs~~assets securitized by Barclays Commercial Mortgage ~~Company~~Securities LLC ~~filed~~(the ~~its~~"Depositor") ~~most~~and ~~recent~~held ~~Rule~~by ~~15Ga-1~~BBCMS ~~Form~~Mortgage ~~ABS~~Trust 2025-~~15G~~5C38 were onthe ~~May~~subject ~~12,~~of ~~2026.~~a ~~The~~demand ~~CIK~~to ~~number~~repurchase or replace for ~~Goldman~~breach ~~Sachs~~of ~~Mortgage~~the ~~Company~~representations and warranties contained in the underlying transaction documents during the monthly distribution period from June 18, 2026 isto July ~~0001541502~~17, 2026.

~~Citi~~The ~~Real~~Depositor ~~Estate Funding Inc.~~ 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~~May 1013, 2026. The CIK number for ~~Citi~~the ~~Real~~Depositor ~~Estate Funding Inc.~~ is ~~0001701238~~0001541480.

~~LMF~~Barclays ~~Commercial,~~Capital ~~LLC~~Real Estate Inc. filed its most recent Rule 15Ga-1 Form ABS-15G on ~~May~~February 713, 2026. The CIK number for ~~LMF~~Barclays ~~Commercial,~~Capital ~~LLC~~Real Estate Inc. is ~~0001592182~~0001549574.

~~RREF~~Goldman VSachs -Mortgage ~~D Direct Lending Investments, LLC ("RREF V-D")~~Company filed its most recent Rule 15Ga-1 Form ABS-15G on ~~February~~May 512, 2026. The CIK number for ~~RREF~~Goldman ~~V-D~~Sachs Mortgage Company is ~~0002086033~~0001541502.

~~German~~Citi ~~American~~Real ~~Capital~~Estate ~~Corporation~~Funding Inc. filed its most recent Rule 15Ga-1 Form ABS-15G on February 1310, 2026. The CIK number for ~~German~~Citi ~~American~~Real ~~Capital~~Estate ~~Corporation~~Funding Inc. is ~~0001541294~~0001701238.

~~Starwood~~LMF ~~Mortgage~~Commercial, ~~Capital~~ LLC filed its most recent Rule 15Ga-1 Form ABS-15G on May 117, 2026. The CIK number for ~~Starwood~~LMF ~~Mortgage~~Commercial, ~~Capital~~ LLC is ~~0001548405~~0001592182.

~~BSPRT~~RREF ~~CMBS~~V ~~Finance~~- D Direct Lending Investments, LLC ("RREF V-D") filed its most recent Rule 15Ga-1 Form ABS-15G on February 135, 2026. The CIK number for ~~BSPRT CMBS Finance, LLC~~ RREF V-D is ~~0001722518~~ 0002086033.

~~UBS~~German AGAmerican ~~New~~Capital ~~York Branch~~Corporation filed its most recent Rule 15Ga-1 Form ABS-15G on February 1213, 2026. The CIK number for ~~UBS~~German AGAmerican ~~New~~Capital ~~York Branch~~Corporation is ~~0001685185~~0001541294.

~~Item~~Starwood ~~1A.~~Mortgage ~~Asset~~Capital LLC filed its most recent Rule 15Ga-~~Level~~1 ~~Information~~Form ABS-15G on May 11, 2026. The CIK number for Starwood Mortgage Capital LLC is 0001548405.

~~ABS~~BSPRT ~~Asset~~CMBS ~~Data~~Finance, ~~File (~~LLC filed asits ~~Exhibit~~most ~~102~~recent toRule ~~the~~15Ga-1 ~~registrant's~~ Form ABS-EE15G ~~filed~~ on ~~June~~February 3013, 2026 ~~under~~. ~~Commission~~The ~~File~~CIK ~~No.~~number ~~333-286968-04~~for ~~and~~BSPRT ~~incorporated~~CMBS byFinance, ~~reference~~LLC is ~~herein)~~0001722518.

~~ABS~~UBS ~~Asset~~AG ~~Related~~New ~~Document~~York (Branch filed asits ~~Exhibit~~most ~~103~~recent toRule ~~the~~15Ga-1 ~~registrant's~~ Form ABS-EE15G ~~filed~~ on ~~June~~February 3012, 2026 ~~under~~. ~~Commission~~The ~~File~~CIK ~~No.~~number ~~333-286968-04~~for ~~and~~UBS ~~incorporated~~AG byNew ~~reference~~York ~~herein)~~Branch is 0001685185.

~~Part~~Item II1A. Asset-Level ~~OTHER~~Information. ~~INFORMATION~~

~~Item~~ABS 9Asset Data File (filed as Exhibit 102 to the registrant's Form ABS-EE filed on July 28, 2026 under Commission File No. ~~Other~~333-286968-04 ~~Information~~and incorporated by reference herein).

~~Trimont~~ABS ~~LLC,~~Asset inRelated ~~its~~Document ~~capacity~~(filed as ~~Master~~Exhibit ~~Servicer~~103 ~~for~~to ~~BBCMS~~the ~~Mortgage~~registrant's ~~Trust~~Form ~~2025~~ABS-~~5C38~~EE filed on July 28, ~~affirms~~2026 under ~~the~~Commission ~~following~~File ~~amounts~~No. in333-286968-04 ~~the~~and ~~respective~~incorporated ~~accounts:~~by reference herein).

Collection Account
Prior Distribution Date	05/15/2026	$0.00
Current Distribution Date	06/17/2026	$0.00

Part II - OTHER INFORMATION

REO Account
Prior Distribution Date	05/15/2026	$0.00
Current Distribution Date	06/17/2026	$0.00

Item 9. Other Information.

~~Computershare~~Trimont ~~Trust Company~~LLC, ~~N.A.,~~ in its capacity as ~~Certificate~~Master ~~Administrator~~Servicer for BBCMS Mortgage Trust 2025-5C38, affirms the following amounts in the respective accounts:

Distribution Account
Collection Account
Prior Distribution Date	0506/1517/2026	$~~9,036~~0.9200
Current Distribution Date	0607/17/2026	$~~9,338~~0.1300

Interest Reserve Account
REO Account
Prior Distribution Date	0506/1517/2026	$0.00
Current Distribution Date	0607/17/2026	$0.00

Gain-on-Sale Reserve Account
Prior Distribution Date	05/15/2026	$0.00
Current Distribution Date	06/17/2026	$0.00

Computershare Trust Company, N.A., in its capacity as Certificate Administrator for BBCMS Mortgage Trust 2025-5C38, affirms the following amounts in the respective accounts:

Item 10. Exhibits.

Distribution Account
Prior Distribution Date	06/17/2026	$9,338.13
Current Distribution Date	07/17/2026	$9,036.88

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

Interest Reserve Account
Prior Distribution Date	06/17/2026	$0.00
Current Distribution Date	07/17/2026	$0.00

(99.1) Monthly report distributed to holders of the certificates issued by BBCMS Mortgage Trust 2025-5C38, relating to the June 17, 2026 distribution.

Gain-on-Sale Reserve Account
Prior Distribution Date	06/17/2026	$0.00
Current Distribution Date	07/17/2026	$0.00

~~(102)~~Item ~~ABS Asset Data File (filed as Exhibit 102 to the registrant's Form ABS-EE filed on June 30, 2026 under Commission File No~~10. ~~333-286968-04 and incorporated by reference herein)~~Exhibits.

(~~103~~a) ~~ABS~~The ~~Asset~~following ~~Related~~is ~~Document~~a ~~(filed~~list asof ~~Exhibit~~documents ~~103~~filed toas ~~the~~part ~~registrant's~~of ~~Form~~this ~~ABS-EE~~Report ~~filed~~ on ~~June~~Form ~~30, 2026 under Commission File No. 333~~10-~~286968-04~~D: ~~and incorporated by reference herein).~~

(b99.1) ~~The~~ Monthly ~~exhibits~~report ~~required~~distributed to beholders ~~filed~~of the certificates issued by ~~the~~BBCMS ~~Registrant~~Mortgage ~~pursuant~~Trust to2025-5C38, ~~this~~relating ~~Form~~to ~~are~~the ~~listed~~July ~~above~~17, 2026 distribution.

~~SIGNATURES~~(102) ABS Asset Data File (filed as Exhibit 102 to the registrant's Form ABS-EE filed on July 28, 2026 under Commission File No. 333-286968-04 and incorporated by reference herein).

~~Pursuant~~(103) ABS toAsset ~~the~~Related ~~requirements~~Document of(filed ~~the~~as ~~Securities~~Exhibit ~~Exchange~~103 ~~Act~~to ~~of 1934,~~ the registrant's ~~has~~Form ~~duly~~ABS-EE ~~caused~~filed ~~this~~on ~~report~~July to28, be2026 ~~signed~~under onCommission ~~its~~File ~~behalf~~No. by333-286968-04 ~~the~~and ~~undersigned~~incorporated ~~thereunto~~by ~~duly~~reference ~~authorized~~herein).

~~Barclays~~(b) ~~Commercial~~The ~~Mortgage~~exhibits ~~Securities~~required ~~LLC(Depositor)~~to be filed by the Registrant pursuant to this Form are listed above.

~~/s/ Daniel SchmidtDaniel Schmidt, Authorized Signatory~~SIGNATURES

~~Date: June~~Pursuant 30to the requirements of the Securities Exchange Act of 1934, ~~2026~~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 Schmidt
Daniel Schmidt, Authorized Signatory

Date: July 28, 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)

TheLoss DepositorInformation filedas itsreported most recent Form ABS-15G in accordance with Rule 15Ga-1 under the Exchange Act (a "Rule 15Ga-1 Form ABS-15G") on MayJuly 1317, 2026. The CIK number for the Depositor is 0001541480.

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 2025-5C38