# EDGAR Filing Document

**Accession Number:** 0002091664
**File Stem:** 0001888524-26-007724
**Filing Date:** 2026-4
**Character Count:** 19906
**Document Hash:** d817010da2f3d3147c596ef518caf071
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001888524-26-007724.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001888524-26-007724

**CONFORMED SUBMISSION TYPE**: ABS-EE

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260417

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**PERIOD START**: 20260312

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BBCMS Mortgage Trust 2025-5C38
- **CENTRAL INDEX KEY:** 0002091664
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance

**FILING VALUES:**
- **FORM TYPE:** ABS-EE
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-286968-04
- **FILM NUMBER:** 26905188

**BUSINESS ADDRESS:**
- **STREET 1:** 745 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-412-4000

**MAIL ADDRESS:**
- **STREET 1:** 745 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

# **UNITED STATES <br>SECURITIES AND EXCHANGE COMMISSION <br> Washington D.C. 20549** 

# **FORM FOR SUBMISSION OF ELECTRONIC EXHIBITS FOR <br>ASSET-BACKED SECURITIES** 
Commission File Number of issuing entity: 333-286968-04 <br>

Central Index Key Number of Issuing entity: 0002091664

BBCMS Mortgage Trust 2025-5C38<br>(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<br>(Exact name of depositor as specified in its charter)

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

Barclays Capital Real Estate Inc.<br>(Exact name of Sponsor as specified in its charter)

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

Goldman Sachs Mortgage Company<br>(Exact name of Sponsor as specified in its charter)

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

Citi Real Estate Funding Inc.<br>(Exact name of Sponsor as specified in its charter)

Central Index Key Number of sponsor (if applicable): 0001592182

LMF Commercial, LLC<br>(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<br>(Exact name of Sponsor as specified in its charter)

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

German American Capital Corporation<br>(Exact name of Sponsor as specified in its charter)

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

Starwood Mortgage Capital LLC<br>(Exact name of Sponsor as specified in its charter)

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

BSPRT CMBS Finance, LLC<br>(Exact name of Sponsor as specified in its charter)

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

UBS AG New York Branch<br>(Exact name of Sponsor as specified in its charter)

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

INFORMATION TO BE INCLUDED IN THIS FORM

Item 1. File an Asset Data File in accordance with Exhibit 601(b)(102) (17 CFR 229.601(b)(102)).

Item 2. File an Asset Related Document in accordance with Exhibit 601(b)(103) (17 CFR 229.601(b)(103)).

SIGNATURES

The depositor has duly caused this Form to be signed on its behalf by the undersigned hereunto duly authorized.

Barclays Commercial Mortgage Securities LLC<br>(Depositor) <br>

/s/ Daniel Schmidt<br>Daniel Schmidt, Authorized Signatory

Dated : April 28, 2026 <br>

EXHIBIT INDEX

Exhibit Number Description <br> EX 102 Asset Data File <br> EX 103 Asset Related Document

## Exhibit 102: Asset Data File

| Asset Number   | Originator                                 | Origination Date   | Original Loan Amount   | Maturity Date   | Interest Rate (%)   | Property Name                             | Property Type   | City           | State   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 1              | BSPRT CMBS Finance, LLC                    | 10-01-2025         | $50000000.00           | 10-06-2030      | 0.0725              | CITY SQUARE WHITE PLAINS                  | MU              | White Plains   | NY      |
| 1C             | BSPRT, Rialto                              | 10-01-2025         | $1000000.00            | 10-06-2030      | 0.0725              | NA                                        |  |  | NA      |
| 1A             | BSPRT, Rialto                              | 10-01-2025         | $20000000.00           | 10-06-2030      | 0.0725              | NA                                        |  |  | NA      |
| 1B             | BSPRT, Rialto                              | 10-01-2025         | $5000000.00            | 10-06-2030      | 0.0725              | NA                                        |  |  | NA      |
| 2              | Goldman Sachs Bank USA                     | 10-01-2025         | $60160000.00           | 10-06-2030      | 0.06736             | ESA Portfolio                             | LO              |  |  |
| 2-001          |  |  |  |  |  | FORT WAYNE SOUTH                          | LO              | Fort Wayne     | IN      |
| 2-002          |  |  |  |  |  | WACO - WOODWAY                            | LO              | Waco           | TX      |
| 2-003          |  |  |  |  |  | CINCINNATI BLUE ASH KENWOOD RD            | LO              | Cincinnati     | OH      |
| 2-004          |  |  |  |  |  | DAYTON - NORTH                            | LO              | Dayton         | OH      |
| 2-005          |  |  |  |  |  | INDIANAPOLIS NORTHWEST I-465              | LO              | Indianapolis   | IN      |
| 2-006          |  |  |  |  |  | CINCINNATI BLUE ASH REED HARTMAN          | LO              | Cincinnati     | OH      |
| 2-007          |  |  |  |  |  | EL PASO - AIRPORT                         | LO              | El Paso        | TX      |
| 2-008          |  |  |  |  |  | DALLAS - GREENVILLE AVE                   | LO              | Dallas         | TX      |
| 2-009          |  |  |  |  |  | INDIANAPOLIS - AIRPORT - W SOUTHERN AVE   | LO              | Indianapolis   | IN      |
| 2-010          |  |  |  |  |  | EL PASO - WEST                            | LO              | El Paso        | TX      |
| 2-011          |  |  |  |  |  | FORT WORTH - FOSSIL CREEK                 | LO              | Fort Worth     | TX      |
| 2-012          |  |  |  |  |  | DALLAS - PLANO PARKWAY                    | LO              | Plano          | TX      |
| 2-013          |  |  |  |  |  | FORT WORTH - CITY VIEW                    | LO              | Fort Worth     | TX      |
| 2-014          |  |  |  |  |  | FORT WAYNE NORTH                          | LO              | Fort Wayne     | IN      |
| 2-015          |  |  |  |  |  | DAYTON - FAIRBORN                         | LO              | Fairborn       | OH      |
| 2-016          |  |  |  |  |  | FORT WORTH - SOUTHWEST                    | LO              | Fort Worth     | TX      |
| 2-017          |  |  |  |  |  | DAYTON - SOUTH                            | LO              | Dayton         | OH      |
| 3              | Barclays Capital Real Estate Inc.          | 10-24-2025         | $59000000.00           | 11-06-2030      | 0.07325             | Hyatt Place Portfolio                     | LO              |  |  |
| 3-001          |  |  |  |  |  | HP GREENVILLE                             | LO              | Greenville     | SC      |
| 3-002          |  |  |  |  |  | HP CHARLOTTE                              | LO              | Charlotte      | NC      |
| 3-003          |  |  |  |  |  | HP ROANOKE                                | LO              | Roanoke        | VA      |
| 3-004          |  |  |  |  |  | HYATT PLACE ALPHARETTA/NORTH POINT MALL   | LO              | Alpharetta     | GA      |
| 3-005          |  |  |  |  |  | HYATT PLACE DALLAS/PARK CENTRAL           | LO              | Dallas         | TX      |
| 3-006          |  |  |  |  |  | HP TOPEKA                                 | LO              | Topeka         | KS      |
| 4              | German American Capital Corporation        | 10-06-2025         | $55100000.00           | 10-06-2030      | 0.06027             | NETFLIX HQ                                | OF              | Los Gatos      | CA      |
| 5              | LMF Commercial, LLC                        | 10-08-2025         | $49000000.00           | 10-06-2030      | 0.0629              | Red Rock Portfolio                        |  | New York       | NY      |
| 5-001          |  |  |  |  |  | 200 EAST 26TH STREET                      | MU              | New York       | NY      |
| 5-002          |  |  |  |  |  | 210 EAST 38TH STREET                      | MF              | New York       | NY      |
| 5-003          |  |  |  |  |  | 210-216 WEST 79TH STREET                  | MU              | New York       | NY      |
| 5-004          |  |  |  |  |  | 401 WEST 48TH STREET/701-703 9TH AVENUE   | MU              | New York       | NY      |
| 5-005          |  |  |  |  |  | 328-330 EAST 52ND STREET                  | MF              | New York       | NY      |
| 5-006          |  |  |  |  |  | 115 EAST 72ND STREET                      | MU              | New York       | NY      |
| 6              | Citi Real Estate Funding Inc.              | 10-23-2025         | $43500000.00           | 11-06-2030      | 0.0699              | THE GARDEN CITY HOTEL                     | LO              | Garden City    | NY      |
| 7              | Citi Real Estate Funding Inc.              | 10-01-2025         | $40000000.00           | 10-06-2030      | 0.0699              | 80-02 KEW GARDENS                         | OF              | Kew Gardens    | NY      |
| 8              | Barclays Capital Real Estate Inc.          | 09-29-2025         | $40000000.00           | 10-06-2030      | 0.063               | OLYMPIC PLAZA                             | OF              | Los Angeles    | CA      |
| 9              | Barclays Capital Real Estate Inc.          | 09-30-2025         | $38000000.00           | 10-06-2030      | 0.0665              | Gateway Retail Portfolio                  | RT              | Fairfield      | CA      |
| 9-001          |  |  |  |  |  | GATEWAY PLAZA                             | RT              | Fairfield      | CA      |
| 9-002          |  |  |  |  |  | GATEWAY COURTYARD                         | RT              | Fairfield      | CA      |
| 10             | Goldman Sachs Bank USA                     | 10-23-2025         | $33000000.00           | 11-06-2030      | 0.0673              | CENTRAL ARTS PLAZA                        | OF              | Phoenix        | AZ      |
| 11             | Goldman Sachs Bank USA                     | 09-04-2025         | $31520000.00           | 09-06-2030      | 0.06302             | 161 WASHINGTON STREET                     | OF              | Conshohocken   | PA      |
| 12             | LMF Commercial, LLC                        | 09-08-2025         | $26000000.00           | 09-06-2030      | 0.0635              | ASCENT TOWNHOMES                          | MF              | Fresno         | CA      |
| 13             | Goldman Sachs Bank USA                     | 10-09-2025         | $12500000.00           | 11-01-2030      | 0.0491333           | INTERNATIONAL PLAZA                       | RT              | Tampa          | FL      |
| 13A            | GSMC                                       | 10-09-2025         | $12500000.00           | 11-01-2030      | 0.0491333           | NA                                        |  |  | NA      |
| 14             | Barclays Capital Real Estate Inc.          | 09-03-2025         | $18500000.00           | 09-06-2030      | 0.0635              | PARKVIEW TULLAHOMA                        | MF              | Tullahoma      | TN      |
| 15             | Citi Real Estate Funding Inc.              | 09-29-2025         | $17000000.00           | 10-06-2030      | 0.0627              | 285 LAFAYETTE                             | RT              | New York       | NY      |
| 16             | RREF V - D Direct Lending Investments, LLC | 07-29-2025         | $16000000.00           | 08-06-2030      | 0.05657             | 125TH & LENOX                             | RT              | New York       | NY      |
| 17             | Citi Real Estate Funding Inc.              | 10-01-2025         | $15400000.00           | 10-06-2030      | 0.062               | 1035 THIRD AVENUE                         | MU              | New York       | NY      |
| 18             | Starwood Mortgage Capital LLC              | 09-23-2025         | $15000000.00           | 10-06-2030      | 0.069               | BAY POINTE APARTMENTS                     | MF              | Baytown        | TX      |
| 19             | Starwood Mortgage Capital LLC              | 09-26-2025         | $14500000.00           | 10-06-2030      | 0.06435             | GRANDVIEW APARTMENTS                      | MF              | Peoria         | IL      |
| 20             | RREF V - D Direct Lending Investments, LLC | 09-19-2025         | $14240000.00           | 10-06-2030      | 0.05923             | 79 WALKER                                 | MU              | New York       | NY      |
| 21             | German American Capital Corporation        | 09-30-2025         | $12500000.00           | 10-06-2030      | 0.0614              | CAUSEWAY SHOPPING CENTER                  | RT              | Melbourne      | FL      |
| 22             | Barclays Capital Real Estate Inc.          | 10-10-2025         | $11340000.00           | 10-06-2030      | 0.062               | Michigan MHC Portfolio                    | MH              |  | MI      |
| 22-001         |  |  |  |  |  | PONTALUNA SHORES                          | MH              | Norton Shores  | MI      |
| 22-002         |  |  |  |  |  | UNIVERSITY MOBILE ESTATES                 | MH              | Whitmore Lake  | MI      |
| 22-003         |  |  |  |  |  | BROADWAY ACRES                            | MH              | Mount Pleasant | MI      |
| 22-004         |  |  |  |  |  | BROOKHAVEN                                | MH              | Comstock Park  | MI      |
| 23             | Barclays Capital Real Estate Inc.          | 10-16-2025         | $11000000.00           | 11-06-2030      | 0.0689              | HAMPTON INN BUFFALO SOUTH / I-90          | LO              | West Seneca    | NY      |
| 24             | UBS AG                                     | 10-01-2025         | $10250000.00           | 10-06-2030      | 0.062               | 885 PARK AVENUE                           | MF              | Brooklyn       | NY      |
| 25             | Barclays Capital Real Estate Inc.          | 10-16-2025         | $10000000.00           | 11-06-2030      | 0.0689              | STAYBRIDGE SUITES BUFFALO                 | LO              | West Seneca    | NY      |
| 26             | Barclays Capital Real Estate Inc.          | 09-25-2025         | $9715000.00            | 10-06-2030      | 0.0512              | FULTON INDUSTRIAL CENTER                  | IN              | Atlanta        | GA      |
| 27             | UBS AG                                     | 09-19-2025         | $9500000.00            | 10-06-2030      | 0.0605              | TOWNEPLACE SUITES REDDING                 | LO              | Redding        | CA      |
| 28             | LMF Commercial, LLC                        | 09-12-2025         | $9200000.00            | 10-06-2030      | 0.063               | Tampa MHC Portfolio                       | MH              |  | FL      |
| 28-001         |  |  |  |  |  | WHISPERING OAKS                           | MH              | Belleview      | FL      |
| 28-002         |  |  |  |  |  | WEST CHASE                                | MH              | Tampa          | FL      |
| 28-003         |  |  |  |  |  | ROBINS NEST                               | MH              | Silver Springs | FL      |
| 28-004         |  |  |  |  |  | SHADOW OAKS                               | MH              | Ocala          | FL      |
| 29             | Barclays Capital Real Estate Inc.          | 10-09-2025         | $8850000.00            | 11-06-2030      | 0.06005             | PUBLIC STORAGE SPRING HILL                | SS              | Spring Hill    | FL      |
| 30             | Barclays Capital Real Estate Inc.          | 09-05-2025         | $7400000.00            | 09-06-2030      | 0.0585              | 228 NE BROADWAY                           | SS              | Portland       | OR      |
| 31             | Citi Real Estate Funding Inc.              | 10-21-2025         | $6400000.00            | 11-06-2030      | 0.0646              | 5222 ROOSEVELT AVENUE                     | MU              | Woodside       | NY      |
| 32             | LMF Commercial, LLC                        | 09-19-2025         | $6060000.00            | 10-06-2030      | 0.0656              | The Storage Place Portfolio               | SS              |  | AL      |
| 32-001         |  |  |  |  |  | THE STORAGE PLACE - HELENA                | SS              | Helena         | AL      |
| 32-002         |  |  |  |  |  | THE STORAGE PLACE - PELHAM                | SS              | Pelham         | AL      |
| 33             | Barclays Capital Real Estate Inc.          | 10-16-2025         | $5610000.00            | 11-06-2030      | 0.0622              | PAK RAT MINI STORAGE                      | SS              | Missoula       | MT      |
| 34             | LMF Commercial, LLC                        | 10-09-2025         | $4800000.00            | 10-06-2030      | 0.0649              | HANOVER VILLAGE                           | MH              | Wrightstown    | NJ      |
| 35             | Barclays Capital Real Estate Inc.          | 09-25-2025         | $4200000.00            | 10-06-2030      | 0.064               | ALL AMERICAN CITY SELF STORAGE            | SS              | DeSoto         | TX      |
| 36             | Barclays Capital Real Estate Inc.          | 09-30-2025         | $4070000.00            | 10-06-2030      | 0.05625             | DRIVE UP STORAGE SPARTA                   | SS              | Sparta         | NJ      |
| 37             | UBS AG                                     | 08-19-2025         | $4050000.00            | 09-06-2030      | 0.06674             | Maple Hill Village and Lawrence Portfolio | MH              |  | MI      |
| 37-001         |  |  |  |  |  | MAPLE HILL VILLAGE                        | MH              | Hartford       | MI      |
| 37-002         |  |  |  |  |  | LAWRENCE                                  | MH              | Lawrence       | MI      |
| 38             | German American Capital Corporation        | 09-25-2025         | $3725000.00            | 10-06-2030      | 0.05757             | PORT ANGELES STUDENT HOUSING              | MF              | Port Angeles   | WA      |
| 39             | BSPRT CMBS Finance, LLC                    | 10-09-2025         | $3000000.00            | 11-06-2030      | 0.0635              | SUPER H-MART                              | RT              | Riverdale      | GA      |
| 40             | Barclays Capital Real Estate Inc.          | 10-16-2025         | $3000000.00            | 11-01-2030      | 0.066               | LOCKAWAY STORAGE - GARDEN RIDGE           | SS              | Garden Ridge   | TX      |
| 41             | BSPRT CMBS Finance, LLC                    | 10-01-2025         | $2600000.00            | 10-06-2030      | 0.074               | 1624 UNIVERSITY                           | MU              | Bronx          | NY      |

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