BBCMS Mortgage Trust 2025-5C36: Special Servicer Change to C‑IV AM

What Happened
BBCMS Mortgage Trust 2025-5C36 filed an 8-K (Sept 1, 2026) announcing that C‑IV Asset Management LLC (C‑IV AM) will act as special servicer for The Link Mortgage Loan under the Benchmark 2025‑V14 pooling and servicing agreement. On Sept 1, 2026 Greystone Servicing Company LLC sold and conveyed substantially all assets of its special servicing division to C‑IV AM, and C‑IV AM assumed the related special servicing duties and liabilities following the sale.

Key Details

• C‑IV AM is a Delaware LLC and a wholly owned subsidiary of C‑IV Capital Partners LLC; substantially all key special servicing employees moved from Greystone to C‑IV AM and continue in the same roles.
• Ratings and recognition: Morningstar DBRS “MOR CS2”, Fitch “CSS2”, and listed on S&P’s Select Servicer list (U.S. Commercial Mortgage Special Servicer; “Average; Ranking Watch Positive”).
• Portfolio scale (as of 6/30/2026): Greystone was named special servicer on ~60 transactions (≈1,928 first‑lien loans) with aggregate stated principal ≈ $20.7 billion; C‑IV AM’s named CMBS portfolio unpaid principal ≈ $20,697.8M and actively specially serviced unpaid principal ≈ $2,106.5M.
• C‑IV AM history: since 2002 (including predecessors) has resolved/participated in resolution of 6,017 assets with aggregate principal ≈ $60.7 billion. C‑IV AM reports no servicer defaults or terminations in its prior special servicing roles.

Why It Matters
A change in special servicer can affect how problem loans are handled (workouts, liquidations, advances, recoveries) and therefore can influence recoveries for certificateholders. The filing shows the transfer was an internal sale of Greystone’s special servicing business to C‑IV AM, with most staff retained and C‑IV AM carrying industry ratings and a track record of large-scale special servicing activity. For investors in the trust, the filing contains no indication of ongoing legal issues, material financial weakness of C‑IV AM, or planned use of sub‑servicers—factors that suggest continuity in special servicing operations, though investors should monitor future performance and any servicer notices related to individual loans.