# EDGAR Filing Document

**Accession Number:** 0002093117
**File Stem:** 0001539497-25-003338
**Filing Date:** 2025-12
**Character Count:** 24033
**Document Hash:** 081971dc1716ea534e32d45a0e95af4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-003338.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001539497-25-003338

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251223

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Benchmark 2025-V19 Mortgage Trust
- **CENTRAL INDEX KEY:** 0002093117
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-286596-02
- **FILM NUMBER:** 251600649

**BUSINESS ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 2128165343

**MAIL ADDRESS:**
- **STREET 1:** 390 GREENWICH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT<br> Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) <u> December 23, 2025</u>

<u>Benchmark 2025-V19 Mortgage Trust</u> 

(Exact name of issuing entity)

(Central Index Key number of issuing entity: 0002093117)

<u>Citigroup Commercial Mortgage Securities Inc.</u>

(Exact name of the depositor as specified in its charter)

(Central Index Key number of depositor: 0001258361)

<u>Citi Real Estate Funding Inc.</u>

(Central Index Key number: 0001701238)

<u>German American Capital Corporation</u>

(Central Index Key number: 0001541294)

<u>Goldman Sachs Mortgage Company</u>

(Central Index Key number 0001541502)

<u>Barclays Capital Real Estate Inc.</u>

(Central Index Key Number 0001549574)

(Exact name of sponsors as specified in their charters)

<u>Delaware</u> <u>333-286596-02</u> <u>86-1073506</u> <br> (State or other jurisdiction <br> of incorporation of depositor) (Commission File Number <br> of issuing entity) (IRS Employer Identification <br> No. of depositor)

<u>388 Greenwich Street <br> New York, New York</u> <u>10013</u> <br> (Address of principal executive offices of depositor) (Zip Code of depositor)

Depositor's telephone number, including area code <u> (212) 816-5343</u>

<u>Not Applicable</u> <br> (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))

Securities registered pursuant to Section 12(b) of the Act:

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| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange on which registered** |

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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. <u>Other Events</u>.

On December 23, 2025 (the "<u>Closing Date</u>"), Citigroup Commercial Mortgage Securities Inc. (the "<u>Depositor</u>") caused the issuance, pursuant to a Pooling and Servicing Agreement, dated as of December 1, 2025 (the "<u>Pooling and Servicing Agreement</u>"), between the Depositor, 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, of the Benchmark 2025-V19 Mortgage Trust (the "<u>Issuing Entity</u>"), Commercial Mortgage Pass-Through Certificates, Series 2025-V19 (the "<u>Certificates</u>"), and an uncertificated risk retention interest in the Issuing Entity (the "<u>Uncertificated VRR Interest</u>"). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement was attached as Exhibit 4.1 to the Depositor's Current Report on Form 8-K/A, filed with the Securities and Exchange Commission (the "<u>Commission</u>") on December 23, 2025 under Commission File No. 333-286596-02 (the "<u>Form 8-K/A</u>").

The Certificates consist of the following classes, designated as (i) the Class A-2, Class A-3, Class X-A, Class X-B, Class A-S, Class B and Class C Certificates (collectively, the "<u>Public Certificates</u>"), (ii) the Class X-D, Class D, Class XERR, Class XFRR, Class XGRR, Class E-RR, Class F-RR, Class G-RR and Class R Certificates (collectively, the "<u>Private Offered Certificates</u>" and, collectively with the Public Certificates, the "<u>Offered Certificates</u>"), and (iii) the Class VRR Certificates.

On December 9, 2025, Citigroup Global Markets Inc. ("<u>CGMI</u>"), Deutsche Bank Securities Inc. ("<u>DBSI</u>"), Goldman Sachs & Co. LLC ("<u>GS&Co.</u>"), Barclays Capital Inc. ("<u>BCI</u>"), Drexel Hamilton, LLC ("<u>Drexel</u>") and Mischler Financial Group, Inc. ("<u>Mischler</u>" and, collectively with CGMI, DBSI, GS&Co., BCI and Drexel, in such capacity, the "<u>Underwriters</u>"), had entered into an agreement with the Depositor, dated as of December 9, 2025 (the "<u>Underwriting Agreement</u>"), with respect to the sale of the Public Certificates, which have an aggregate initial principal amount of $512,967,000.

In addition, the Depositor also entered into an agreement to sell the Private Offered Certificates, which have an aggregate initial principal amount of $71,611,299, to CGMI, DBSI, GS&Co., BCI, Drexel and Mischler (collectively in such capacity, the "<u>Initial Purchasers</u>"), pursuant to a purchase agreement, dated as of December 9, 2025 (the "<u>Certificate Purchase Agreement</u>"), among the Depositor and the Initial Purchasers. The Private Offered Certificates will be sold in a transaction exempt from registration under the Securities Act of 1933, as amended (the "<u>Act</u>"), pursuant to Section 4(a)(2) of the Act.

The Public Certificates were offered by the Underwriters for sale to the public, pursuant to the Depositor's Preliminary Prospectus, dated December 3, 2025 and amended and supplemented by a pre-pricing supplement thereto, dated December 5, 2025, and by the Depositor's Prospectus, dated December 9, 2025 (the "<u>Prospectus</u>"), in negotiated transactions or otherwise at varying prices determined at the time of sale. In connection with the issuance, and sale to the Underwriters, of the Public Certificates, a legal opinion was rendered related to the validity of, and certain federal income tax considerations relating to, the Public Certificates, which legal opinion is attached hereto as <u>Exhibit 5</u>.

The net proceeds of the sale of the Certificates and the Uncertificated VRR Interest were applied to the purchase by the Depositor from Citi Real Estate Funding Inc. ("<u>CREFI</u>"), Goldman Sachs Mortgage Company ("<u>GSMC</u>"), German American Capital Corporation and Barclays Capital Real Estate Inc. of the mortgage loans backing the Certificates (the "<u>Mortgage Loans</u>"). The net proceeds to the Depositor of the offering of the Certificates, after deducting expenses payable by the Depositor in connection with the issuance and distribution of the Certificates of $3,953,021, were approximately $597,770,512. Of the

expenses paid by the Depositor, approximately $287,041 were paid directly to affiliates of the Depositor, $50,000 in the form of fees were paid to the Underwriters and the Initial Purchasers, $0 were paid to or for the Underwriters and the Initial Purchasers, and $3,615,980 were other expenses. All of the foregoing expense amounts are the Depositor's reasonable estimates of such expenses. No underwriting discounts and commissions or finder's fees were paid by the Depositor.

Further information regarding sales of the Public Certificates is set forth in the Underwriting Agreement (including, as to the price per class of Public Certificates, on Schedule II thereto) and in the Depositor's Prospectus, dated December 9, 2025. The related registration statement (file no. 333-286596) was originally declared effective on June 20, 2025.

CREFI, in its capacity as "retaining sponsor" (as such term is defined in Regulation RR (12 C.F.R. Part 43) promulgated under Section 15G of the Securities Exchange Act of 1934, as amended ("<u>Regulation RR</u>")) (the "<u>Retaining Sponsor</u>"), is satisfying a portion of its credit risk retention obligation under Regulation RR in connection with the securitization of the Mortgage Loans referred to above by the acquisition by CREFI and Goldman Sachs Bank USA ("<u>GS Bank</u>") from the Depositor, on the Closing Date in transactions exempt from registration under the Act pursuant to Section 4(a)(2) of the Act, of their respective portions of a "single vertical security" (as defined in Regulation RR) that is an "eligible vertical interest" (as defined in Regulation RR) in the Issuing Entity, with an aggregate initial principal balance of approximately $4,120,895 as of the Closing Date, consisting of (i) the Class VRR Certificates acquired by CREFI as described below and (ii) the Uncertificated VRR Interest retained by GS Bank. The Class VRR Certificates and the Uncertificated VRR Interest are collectively referred to as the "<u>Combined VRR Interest</u>". The Combined VRR Interest represents at least 0.7000% of the sum of the initial aggregate certificate balance of all of the Certificates and the initial principal balance of the Uncertificated VRR Interest as of the Closing Date. The Combined VRR Interest will entitle the holders thereof to a specified percentage of the amounts paid on each other class of "ABS interests" (as defined in Regulation RR) in the Issuing Entity. On the Closing Date, pursuant to the Mortgage Loan Purchase Agreement, dated as of the Closing Date, between GSMC and the Depositor, GS Bank, an "originator" (within the meaning of Regulation RR) of all the Mortgage Loans and/or portions thereof being sold by it (through GSMC) to the Depositor, representing approximately 41.582356% of the aggregate Cut-off Date Balance of all the Mortgage Loans, acquired (through GSMC) from the Depositor, in a transaction exempt from registration under the Act pursuant to Section 4(a)(2) of the Act, a portion of the Combined VRR Interest in the form of the Uncertificated VRR Interest with an initial principal balance of $1,713,565, in exchange for a reduction in the price that GS Bank received for its sale (through GSMC) to the Depositor of the Mortgage Loans and/or portions thereof that it originated. On the Closing Date, pursuant to the Mortgage Loan Purchase Agreement, dated as of the Closing Date, between CREFI and the Depositor, CREFI received, in a transaction exempt from registration under the Act pursuant to Section 4(a)(2) of the Act, as partial consideration for the Mortgage Loans and/or portions thereof that CREFI transferred to the Depositor, a portion of the Combined VRR Interest in the form of the Class VRR Certificates with an initial certificate balance of $2,407,330.

CREFI, in its capacity as "retaining sponsor", is satisfying the remainder of its credit risk retention obligation under Regulation RR in connection with the securitization of the Mortgage Loans referred to above by the purchase on the Closing Date and holding by two third-party purchasers, which are Eightfold Real Estate Capital Fund VI, L.P. and Eightfold Real Estate Capital Fund VII, L.P., in each case directly or through one or more "majority-owned affiliates" (as such term is defined in Regulation RR), of their respective proportionate shares of an "eligible horizontal residual interest" (as such term is defined in Regulation RR), consisting of all of the Class XERR, Class XFRR, Class XGRR, Class E-RR, Class F-RR and Class G-RR Certificates (collectively, the "<u>HRR Certificates</u>"). The HRR Certificates have an aggregate initial certificate balance of approximately $49,689,299 as of the Closing Date and a fair value equal to approximately 4.3700% of the fair value, as of the Closing Date, of all of the "ABS interests" (as

defined in Regulation RR) issued by the Issuing Entity, determined in accordance with Generally Accepted Accounting Principles.

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|:---|:---|
| Item 9.01. | <u>Financial Statements and Exhibits</u>. |
| (d) *Exhibits* | (d) *Exhibits* |
| <u>Exhibit No.</u> | <u>Description</u> |
| [Exhibit 5](exh5.htm) | [Legality Opinion of Orrick, Herrington & Sutcliffe LLP, dated December 23, 2025](exh5.htm) |
| [Exhibit 8](exh5.htm) | [Tax Opinion of Orrick, Herrington & Sutcliffe LLP, dated December 23, 2025 (included as part of Exhibit 5)](exh5.htm) |
| [Exhibit 23](exh5.htm) | [Consent of Orrick, Herrington & Sutcliffe LLP, dated December 23, 2025 (included as part of Exhibit 5)](exh5.htm) |

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Pursuant to the requirements of the Securities Exchange Act of 1934, the depositor has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| Date: December 23, 2025 | CITIGROUP COMMERCIAL MORTGAGE | CITIGROUP COMMERCIAL MORTGAGE |
|  |  | SECURITIES INC. |
|  | By: | /s/ **Richard Simpson** |
|  |  | Name: Richard Simpson |
|  |  | Title: President |

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*Benchmark 2025-V19 – Form 8-K (Closing)*

## Ex-5

**Exhibit 5**

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![](orrick_logo.jpg) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Orrick, Herrington & Sutcliffe LLP** <br> 51 West 52nd Street<br>New York, NY 10019-6142<br>+1 212 506 5000<br>**orrick.com** |

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December 23, 2025

Citigroup Commercial Mortgage Securities Inc.<br> 388 Greenwich Street<br> New York, New York 10013

Re: Benchmark 2025-V19 Mortgage Trust,<br> <u>Commercial Mortgage Pass-Through Certificates, Series 2025-V19</u>

Ladies and Gentlemen:

We have acted as special counsel to Citigroup Commercial Mortgage Securities Inc. (the "<u>Depositor</u>") in connection with the transactions contemplated by the following agreements (collectively, the "<u>Agreements</u>"): (i) that certain Pooling and Servicing Agreement, dated as of December 1, 2025 (the "<u>Pooling and Servicing Agreement</u>"), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer and special servicer, Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer, Citibank, N.A., as certificate administrator, and Wilmington Savings Fund Society, FSB, as trustee, pursuant to which the Benchmark 2025-V19 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2025-V19, Class A-2, Class A-3, Class X-A, Class X-B, Class A-S, Class B and Class C Certificates (the "<u>Certificates</u>") are being issued on the date hereof; and (ii) that certain Underwriting Agreement, dated as of December 9, 2025 (the "<u>Underwriting Agreement</u>"), between the Depositor, Citigroup Global Markets Inc. ("<u>CGMI</u>"), Goldman Sachs & Co. LLC ("<u>GS&Co.</u>"), Deutsche Bank Securities Inc. ("<u>DBSI</u>"), Barclays Capital Inc. ("<u>BCI</u>"), Drexel Hamilton, LLC ("<u>Drexel</u>") and Mischler Financial Group, Inc. ("<u>Mischler</u>"; and CGMI, GS&Co., DBSI, BCI, Drexel and Mischler, collectively, the "<u>Underwriters</u>"), pursuant to which the Underwriters have agreed to purchase, subject to the satisfaction of the conditions set forth therein, the Certificates. Capitalized terms used but not defined in this letter have the respective meanings assigned to such terms in the Pooling and Servicing Agreement.

The Certificates have been offered pursuant to the Depositor's prospectus, dated December 9, 2025 (including the annexes and exhibits attached thereto, but excluding any electronic media that may accompany the printed version thereof, the "<u>Prospectus</u>").

In rendering the opinions set forth below, we have examined and relied upon originals, copies or specimens, certified or otherwise identified to our satisfaction, of the Agreements and

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|  | ![](orrick_logo.jpg) |
| Benchmark 2025-V19 Mortgage Trust<br>December 23, 2025<br>Page 2<br>|  |

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such certificates, entity and public records, agreements and instruments and other documents, including, among other things, the documents delivered on the date hereof, as we have deemed appropriate as a basis for the opinions expressed below. Furthermore, except for the matters that are specifically addressed in any opinion expressed below, we have assumed, to the extent relevant to the opinions expressed below, (i) the authenticity of all documents submitted to us as originals or as copies or specimens thereof, the conformity to the originals of all documents submitted to us as copies or specimens, the genuineness of all signatures and the legal capacity of natural persons, (ii) the necessary entity formation and continuing existence in the jurisdiction of formation, and the necessary licensing and qualification in all jurisdictions, of all parties to all documents, (iii) the enforceability (as limited by bankruptcy and other insolvency laws) and, with respect thereto and to any other matter herein to which relevant, any necessary entity power and authority, authorization, execution, authentication, payment and delivery of, under and with respect to all documents to which this opinion letter relates, (iv) that the execution, delivery and performance of the documents to which this opinion relates do not contravene the organizational documents of any party, (v) the necessary ownership of and/or other rights and interests in assets, and the necessary adequacy and fairness of any consideration for such assets, (vi) the accuracy of the representations and warranties as to factual matters, and compliance by the parties thereto with the covenants, contained in any document referred to herein or otherwise reviewed by us in connection with rendering this opinion letter, (vii) the conformity of the underlying assets and related documents to the requirements of any agreement to which this opinion letter relates and (viii) that there is not any other agreement that modifies or supplements the agreements expressed in any document to which this opinion letter relates in a manner that affects the correctness of any opinion expressed below. Except as expressly set forth herein, we have not undertaken any independent investigation (including, without limitation, conducting any review, search or investigation of any public files, records or dockets) to determine the existence or absence of the facts that are material to our opinions, and no inference as to our knowledge concerning such facts should be drawn from our reliance on the representations of the Depositor and others in connection with the preparation and delivery of this opinion letter.

In addition, we assume, for purposes of this opinion letter, the conformity of the text of the Prospectus filed with the Securities and Exchange Commission (the "<u>Commission</u>") through the Commission's Electronic Data Gathering, Analysis and Retrieval System to the printed copies of such document reviewed by us.

In rendering this opinion letter, we do not express any opinion concerning any law other than the laws of the State of New York and the federal laws of the United States of America. In addition, we do not express any opinion herein with respect to any matter not specifically addressed in the opinions expressed below.

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|  | ![](orrick_logo.jpg) |
| Benchmark 2025-V19 Mortgage Trust<br>December 23, 2025<br>Page 3<br>|  |

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Based upon and subject to the foregoing, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. When the Certificates have been duly executed, authenticated or countersigned (as applicable) and delivered by the Certificate Administrator in the manner contemplated by the Pooling and Servicing Agreement, and paid for and sold to the Underwriters in accordance with the Underwriting Agreement, the Certificates will be validly issued and outstanding, fully paid and non-assessable and entitled to the benefits of the Pooling and Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The descriptions of federal income tax consequences appearing under the heading "MATERIAL FEDERAL INCOME TAX CONSEQUENCES" in the Prospectus, while not purporting to discuss all possible federal income tax consequences of an investment in the Certificates, accurately describe in all material respects the federal income tax consequences to holders of the Certificates which are discussed, under existing law and subject to the qualifications and assumptions stated therein. We also hereby confirm and adopt the opinions expressly set forth under such heading, under existing law and subject to the qualifications and assumptions stated therein.

This opinion letter is rendered for the sole benefit of the addressee hereof with respect to the matters specifically addressed herein, and no other person or entity is entitled to rely hereon. The procedures undertaken by us in connection with this opinion letter do not constitute "due diligence services" as defined in Rule 17g-10 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and this opinion letter does not constitute a "due diligence report" for purposes of Rule 15Ga-2 of the Exchange Act. No person is permitted to use, furnish or refer to this opinion letter in connection with such rules without our prior written approval. We assume no obligation to revise, supplement or withdraw this opinion letter, or otherwise inform the addressee hereof or other person or entity, with respect to any change occurring subsequent to the delivery hereof in any applicable fact or law or any judicial or administrative interpretation thereof, even though such change may affect a legal analysis or conclusion contained herein.

We hereby consent to the filing of this opinion letter as an exhibit to the Depositor's Registration Statement on Form SF-3 (File No. 333-286596) (the "<u>Registration Statement</u>"), and to the use of our name in the Prospectus under the headings "LEGAL MATTERS" and "MATERIAL FEDERAL INCOME TAX CONSEQUENCES." This consent is not to be construed as an admission that we are "persons" within the meaning of Section 7(a) or 11(a)(4) of the Securities Act of 1933, as amended, or "experts" within the meaning of Section 11 thereof, with respect to any portion of the Registration Statement.

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|  | ![](orrick_logo.jpg) |
| Benchmark 2025-V19 Mortgage Trust<br>December 23, 2025<br>Page 4<br>|  |

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In addition, we disclaim any obligation to update this letter for changes in fact or law, or otherwise.

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| Very truly yours, |
| /s/Orrick, Herrington & Sutcliffe LLP |
| ORRICK, HERRINGTON & SUTCLIFFE LLP |

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