<?xml version="1.0" encoding="utf-8"?>
<assetData xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://www.sec.gov/edgar/document/absee/cmbs/assetdata">
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>1</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>JPMorgan Chase Bank, National Association, Deutsche Bank AG, acting through its New York Branch, Goldman Sachs Bank USA</originatorName>
		<originationDate>06-05-2025</originationDate>
		<originalLoanAmount>77500000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>06-09-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.05892830</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.05892830</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>07-09-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>A1</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>380578.60000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>77500000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>8</NumberPropertiesSecuritization>
		<NumberProperties>8</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>12-08-2034</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>45 - 75 Sidney</propertyName>
			<propertyAddress>45-75 Sidney Street</propertyAddress>
			<propertyCity>Cambridge</propertyCity>
			<propertyState>MA</propertyState>
			<propertyZip>02139</propertyZip>
			<propertyCounty>Middlesex</propertyCounty>
			<propertyTypeCode>MU</propertyTypeCode>
			<netRentableSquareFeetNumber>277174</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>277174</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1999</yearBuiltNumber>
			<yearLastRenovated>2018</yearLastRenovated>
			<valuationSecuritizationAmount>501300000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>03-05-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>501300000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>03-05-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-09-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Blueprint Medicines</largestTenant>
			<squareFeetLargestTenantNumber>139216</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>11-30-2029</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Takeda</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>78655</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>01-31-2032</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>BioNTech</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>59303</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>03-22-2026</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>02-28-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>42926153.93000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>11652404.94000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>31273748.99000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>30954998.89000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>40 Landsdowne</propertyName>
			<propertyAddress>40 Landsdowne Street</propertyAddress>
			<propertyCity>Cambridge</propertyCity>
			<propertyState>MA</propertyState>
			<propertyZip>02139</propertyZip>
			<propertyCounty>Middlesex</propertyCounty>
			<propertyTypeCode>MU</propertyTypeCode>
			<netRentableSquareFeetNumber>214638</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>214638</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>2002</yearBuiltNumber>
			<valuationSecuritizationAmount>378100000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>03-05-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>378100000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>03-05-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-09-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Takeda</largestTenant>
			<squareFeetLargestTenantNumber>214638</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>06-30-2030</leaseExpirationLargestTenantDate>
			<financialsSecuritizationDate>02-28-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>27577180.09000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>5530396.64000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>22046783.45000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>21799949.75000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>35 Landsdowne</propertyName>
			<propertyAddress>35 Landsdowne Street</propertyAddress>
			<propertyCity>Cambridge</propertyCity>
			<propertyState>MA</propertyState>
			<propertyZip>02139</propertyZip>
			<propertyCounty>Middlesex</propertyCounty>
			<propertyTypeCode>MU</propertyTypeCode>
			<netRentableSquareFeetNumber>202423</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>202423</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>2002</yearBuiltNumber>
			<yearLastRenovated>2016</yearLastRenovated>
			<valuationSecuritizationAmount>356900000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>03-05-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>356900000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>03-05-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-09-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Takeda</largestTenant>
			<squareFeetLargestTenantNumber>202423</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>06-30-2030</leaseExpirationLargestTenantDate>
			<financialsSecuritizationDate>02-28-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>26214627.31000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>5404895.44000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>20809731.87000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>20576945.42000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>65 Landsdowne</propertyName>
			<propertyAddress>65 Landsdowne Street</propertyAddress>
			<propertyCity>Cambridge</propertyCity>
			<propertyState>MA</propertyState>
			<propertyZip>02139</propertyZip>
			<propertyCounty>Middlesex</propertyCounty>
			<propertyTypeCode>MU</propertyTypeCode>
			<netRentableSquareFeetNumber>122410</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>122410</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>2001</yearBuiltNumber>
			<valuationSecuritizationAmount>358400000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>03-05-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>358400000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>03-05-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-09-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Brigham &amp; Women's Hospital</largestTenant>
			<squareFeetLargestTenantNumber>122410</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>08-31-2026</leaseExpirationLargestTenantDate>
			<financialsSecuritizationDate>02-28-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>28027439.07000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>4819786.80000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>23207652.27000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>23066880.77000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>88 Sidney</propertyName>
			<propertyAddress>88 Sidney Street</propertyAddress>
			<propertyCity>Cambridge</propertyCity>
			<propertyState>MA</propertyState>
			<propertyZip>02139</propertyZip>
			<propertyCounty>Middlesex</propertyCounty>
			<propertyTypeCode>MU</propertyTypeCode>
			<netRentableSquareFeetNumber>146034</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>146034</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>2002</yearBuiltNumber>
			<yearLastRenovated>2016</yearLastRenovated>
			<valuationSecuritizationAmount>224900000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>03-05-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>224900000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>03-05-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-09-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Agios Pharmaceuticals</largestTenant>
			<squareFeetLargestTenantNumber>146034</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>02-29-2028</leaseExpirationLargestTenantDate>
			<financialsSecuritizationDate>02-28-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>18448942.36000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>3663173.48000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>14785768.88000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>14617829.78000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>64 Sidney</propertyName>
			<propertyAddress>64 Sidney Street</propertyAddress>
			<propertyCity>Cambridge</propertyCity>
			<propertyState>MA</propertyState>
			<propertyZip>02139</propertyZip>
			<propertyCounty>Middlesex</propertyCounty>
			<propertyTypeCode>MU</propertyTypeCode>
			<netRentableSquareFeetNumber>126371</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>126371</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1989</yearBuiltNumber>
			<yearLastRenovated>2019</yearLastRenovated>
			<valuationSecuritizationAmount>183700000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>03-05-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>183700000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>03-05-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.99600000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-09-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Vericel Corporation</largestTenant>
			<squareFeetLargestTenantNumber>57159</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>02-29-2032</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Agios Pharmaceuticals</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>42564</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>02-29-2028</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Voyager Therapeutics</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>26148</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>11-30-2026</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>02-28-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>16656166.96000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>3529886.93000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>13126280.02000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>12980953.37000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>38 Sidney</propertyName>
			<propertyAddress>38 Sidney Street</propertyAddress>
			<propertyCity>Cambridge</propertyCity>
			<propertyState>MA</propertyState>
			<propertyZip>02139</propertyZip>
			<propertyCounty>Middlesex</propertyCounty>
			<propertyTypeCode>MU</propertyTypeCode>
			<netRentableSquareFeetNumber>122554</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>122554</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1989</yearBuiltNumber>
			<yearLastRenovated>2019</yearLastRenovated>
			<valuationSecuritizationAmount>170600000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>03-05-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>170600000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>03-05-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.56400000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-09-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Blueprint Medicines</largestTenant>
			<squareFeetLargestTenantNumber>39114</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>11-30-2029</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Agios Pharmaceuticals</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>12995</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>02-29-2028</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>General Hospital Corp</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>11054</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>08-31-2026</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>02-28-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>9630595.50000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>3661065.51000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>5969529.99000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>5828592.89000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>26 Landsdowne</propertyName>
			<propertyAddress>26 Landsdowne Street</propertyAddress>
			<propertyCity>Cambridge</propertyCity>
			<propertyState>MA</propertyState>
			<propertyZip>02139</propertyZip>
			<propertyCounty>Middlesex</propertyCounty>
			<propertyTypeCode>MU</propertyTypeCode>
			<netRentableSquareFeetNumber>102877</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>102877</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1997</yearBuiltNumber>
			<yearLastRenovated>2019</yearLastRenovated>
			<valuationSecuritizationAmount>156400000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>03-05-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>156400000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>03-05-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-09-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Beam Therapeutics</largestTenant>
			<squareFeetLargestTenantNumber>38203</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>09-30-2028</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Repertoire Immune Medicine</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>35943</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>09-30-2028</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Fulcrum Therapeutics</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>28731</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>06-30-2028</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>02-28-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>13470886.51000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>3897152.26000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>9573734.24000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>9455425.69000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>77500000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>393264.55000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.05892830</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00013260</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>393264.55000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>77500000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>77500000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-09-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>2</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>German American Capital Corporation, Goldman Sachs Bank USA</originatorName>
		<originationDate>09-11-2025</originationDate>
		<originalLoanAmount>77000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.05896000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.05896000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>PP</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>77000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>07-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>UOVO Evergreen</propertyName>
			<propertyAddress>105 Evergreen Avenue</propertyAddress>
			<propertyCity>Brooklyn</propertyCity>
			<propertyState>NY</propertyState>
			<propertyZip>11206</propertyZip>
			<propertyCounty>Kings</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>112086</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>112086</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>126</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1955</yearBuiltNumber>
			<yearLastRenovated>2019</yearLastRenovated>
			<valuationSecuritizationAmount>191200000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-13-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>191200000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-13-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.94200000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>12289646.17000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>1872338.96000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>10417307.22000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>10400494.32000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.66000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.66000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>77000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>390937.55000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.05896000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>390937.55000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>77000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>77000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>3</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>JPMorgan Chase Bank, National Association, Citi Real Estate Funding Inc.</originatorName>
		<originationDate>08-14-2025</originationDate>
		<originalLoanAmount>65000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-05-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06641000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06641000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-05-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>PP</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>359720.83000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>65000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>03-04-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>512 West 22nd Street</propertyName>
			<propertyAddress>510-516 West 22nd Street</propertyAddress>
			<propertyCity>New York</propertyCity>
			<propertyState>NY</propertyState>
			<propertyZip>10011</propertyZip>
			<propertyCounty>New York</propertyCounty>
			<propertyTypeCode>OF</propertyTypeCode>
			<netRentableSquareFeetNumber>172576</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>172576</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>2019</yearBuiltNumber>
			<valuationSecuritizationAmount>208500000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-25-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>208500000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-25-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-05-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Next Jump, Inc.</largestTenant>
			<squareFeetLargestTenantNumber>41300</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>02-28-2031</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Genius Sports Media Inc.</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>28454</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>01-31-2033</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Kenneth Cole</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>20459</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>03-31-2036</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>19769814.33000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>5190937.62000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>14578876.71000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>13764049.16000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.67000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.57000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentAnnualLeaseRolloverReviewDate>08-07-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>65000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>371711.53000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06641000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>371711.53000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>65000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>65000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-05-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>4</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>German American Capital Corporation</originatorName>
		<originationDate>08-28-2025</originationDate>
		<originalLoanAmount>47000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06300000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06300000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>246750.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>47000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>06-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Robertsons Creek Shopping Center</propertyName>
			<propertyAddress>5801 Long Prairie Road</propertyAddress>
			<propertyCity>Flower Mound</propertyCity>
			<propertyState>TX</propertyState>
			<propertyZip>75028</propertyZip>
			<propertyCounty>Denton</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>329585</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>329585</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>2007</yearBuiltNumber>
			<valuationSecuritizationAmount>69600000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-01-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>69600000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-01-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.98300000</physicalOccupancySecuritizationPercentage>
			<mostRecentPhysicalOccupancyPercentage>.95490000</mostRecentPhysicalOccupancyPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Hobby lobby Store #152</largestTenant>
			<squareFeetLargestTenantNumber>55207</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>10-31-2027</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Dicks Sporting Goods INC</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>45000</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>01-31-2028</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Gap Inc WA Old Navy</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>15000</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>10-31-2028</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<mostRecentFinancialsStartDate>01-01-2025</mostRecentFinancialsStartDate>
			<mostRecentFinancialsEndDate>09-30-2025</mostRecentFinancialsEndDate>
			<revenueSecuritizationAmount>6453745.17000000</revenueSecuritizationAmount>
			<mostRecentRevenueAmount>6595873.73320000</mostRecentRevenueAmount>
			<operatingExpensesSecuritizationAmount>1721593.65000000</operatingExpensesSecuritizationAmount>
			<operatingExpensesAmount>1802979.81330000</operatingExpensesAmount>
			<netOperatingIncomeSecuritizationAmount>4732151.52000000</netOperatingIncomeSecuritizationAmount>
			<mostRecentNetOperatingIncomeAmount>4792893.91990000</mostRecentNetOperatingIncomeAmount>
			<netCashFlowFlowSecuritizationAmount>4613804.52000000</netCashFlowFlowSecuritizationAmount>
			<mostRecentNetCashFlowAmount>4674546.91990000</mostRecentNetCashFlowAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentDebtServiceAmount>3002125.00000000</mostRecentDebtServiceAmount>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.58000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<mostRecentDebtServiceCoverageNetOperatingIncomePercentage>1.59650000</mostRecentDebtServiceCoverageNetOperatingIncomePercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.54000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<mostRecentDebtServiceCoverageNetCashFlowpercentage>1.55710000</mostRecentDebtServiceCoverageNetCashFlowpercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentAnnualLeaseRolloverReviewDate>12-31-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>47000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>254975.00000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06300000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>254975.00000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>47000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>47000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>5</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>BSPRT CMBS Finance, LLC</originatorName>
		<originationDate>09-09-2025</originationDate>
		<originalLoanAmount>41500000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06580000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06580000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>PP</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>41500000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>2</NumberPropertiesSecuritization>
		<NumberProperties>2</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>07-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>The Willard</propertyName>
			<propertyAddress>5000 Waverly Lane</propertyAddress>
			<propertyCity>Owings Mills</propertyCity>
			<propertyState>MD</propertyState>
			<propertyZip>21117</propertyZip>
			<propertyCounty>Baltimore</propertyCounty>
			<propertyTypeCode>MF</propertyTypeCode>
			<unitsBedsRoomsNumber>227</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>227</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2022</yearBuiltNumber>
			<valuationSecuritizationAmount>70000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>70000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.93000000</physicalOccupancySecuritizationPercentage>
			<mostRecentPhysicalOccupancyPercentage>.91630000</mostRecentPhysicalOccupancyPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<mostRecentFinancialsStartDate>01-01-2025</mostRecentFinancialsStartDate>
			<mostRecentFinancialsEndDate>12-31-2025</mostRecentFinancialsEndDate>
			<revenueSecuritizationAmount>5758232.60000000</revenueSecuritizationAmount>
			<mostRecentRevenueAmount>5733757.99000000</mostRecentRevenueAmount>
			<operatingExpensesSecuritizationAmount>1971384.41000000</operatingExpensesSecuritizationAmount>
			<operatingExpensesAmount>3051200.45000000</operatingExpensesAmount>
			<netOperatingIncomeSecuritizationAmount>3786848.19000000</netOperatingIncomeSecuritizationAmount>
			<mostRecentNetOperatingIncomeAmount>2682557.54000000</mostRecentNetOperatingIncomeAmount>
			<netCashFlowFlowSecuritizationAmount>3730098.19000000</netCashFlowFlowSecuritizationAmount>
			<mostRecentNetCashFlowAmount>2625807.54000000</mostRecentNetCashFlowAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentDebtServiceAmount>1794553.41000000</mostRecentDebtServiceAmount>
			<mostRecentDebtServiceCoverageNetOperatingIncomePercentage>1.49480000</mostRecentDebtServiceCoverageNetOperatingIncomePercentage>
			<mostRecentDebtServiceCoverageNetCashFlowpercentage>1.46320000</mostRecentDebtServiceCoverageNetCashFlowpercentage>
			<mostRecentDebtServiceCoverageCode>F</mostRecentDebtServiceCoverageCode>
		</property>
		<property>
			<propertyName>The Met</propertyName>
			<propertyAddress>10500 Grand Central Avenue</propertyAddress>
			<propertyCity>Owings Mills</propertyCity>
			<propertyState>MD</propertyState>
			<propertyZip>21117</propertyZip>
			<propertyCounty>Baltimore</propertyCounty>
			<propertyTypeCode>MF</propertyTypeCode>
			<unitsBedsRoomsNumber>114</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>114</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2020</yearBuiltNumber>
			<valuationSecuritizationAmount>34100000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>34100000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.97400000</physicalOccupancySecuritizationPercentage>
			<mostRecentPhysicalOccupancyPercentage>.88600000</mostRecentPhysicalOccupancyPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<mostRecentFinancialsStartDate>01-01-2025</mostRecentFinancialsStartDate>
			<mostRecentFinancialsEndDate>12-31-2025</mostRecentFinancialsEndDate>
			<revenueSecuritizationAmount>3050928.00000000</revenueSecuritizationAmount>
			<mostRecentRevenueAmount>3013455.85000000</mostRecentRevenueAmount>
			<operatingExpensesSecuritizationAmount>1206994.08000000</operatingExpensesSecuritizationAmount>
			<operatingExpensesAmount>1764111.20000000</operatingExpensesAmount>
			<netOperatingIncomeSecuritizationAmount>1843933.92000000</netOperatingIncomeSecuritizationAmount>
			<mostRecentNetOperatingIncomeAmount>1249344.65000000</mostRecentNetOperatingIncomeAmount>
			<netCashFlowFlowSecuritizationAmount>1815433.92000000</netCashFlowFlowSecuritizationAmount>
			<mostRecentNetCashFlowAmount>1220844.65000000</mostRecentNetCashFlowAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentDebtServiceAmount>874002.10000000</mostRecentDebtServiceAmount>
			<mostRecentDebtServiceCoverageNetOperatingIncomePercentage>1.42950000</mostRecentDebtServiceCoverageNetOperatingIncomePercentage>
			<mostRecentDebtServiceCoverageNetCashFlowpercentage>1.39680000</mostRecentDebtServiceCoverageNetCashFlowpercentage>
			<mostRecentDebtServiceCoverageCode>F</mostRecentDebtServiceCoverageCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>41500000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>235143.61000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06580000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00018910</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>235143.61000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>41500000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>41500000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>6</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Bank of Montreal</originatorName>
		<originationDate>03-27-2025</originationDate>
		<originalLoanAmount>41000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>04-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.05577000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.05577000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>05-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>PP</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>190547.50000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>41000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>5</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>true</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>11-05-2027</prepaymentLockOutEndDate>
		<yieldMaintenanceEndDate>10-05-2034</yieldMaintenanceEndDate>
		<prepaymentPremiumsEndDate>10-05-2034</prepaymentPremiumsEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Washington Square</propertyName>
			<propertyAddress>9585 Southwest Washington Square Road</propertyAddress>
			<propertyCity>Portland</propertyCity>
			<propertyState>OR</propertyState>
			<propertyZip>97223</propertyZip>
			<propertyCounty>Washington</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>994568</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>994568</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1974</yearBuiltNumber>
			<yearLastRenovated>2019</yearLastRenovated>
			<valuationSecuritizationAmount>655000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>03-01-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>655000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>03-01-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.85600000</physicalOccupancySecuritizationPercentage>
			<mostRecentPhysicalOccupancyPercentage>1.00000000</mostRecentPhysicalOccupancyPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Macy's</largestTenant>
			<squareFeetLargestTenantNumber>242505</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>01-31-2028</leaseExpirationLargestTenantDate>
			<secondLargestTenant>JCPenney</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>210585</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>08-31-2030</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>MS Portfolio, LLC</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>195137</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>12-31-2099</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>12-31-2024</financialsSecuritizationDate>
			<mostRecentFinancialsStartDate>01-01-2025</mostRecentFinancialsStartDate>
			<mostRecentFinancialsEndDate>09-30-2025</mostRecentFinancialsEndDate>
			<revenueSecuritizationAmount>52293714.99000000</revenueSecuritizationAmount>
			<mostRecentRevenueAmount>53976553.33330000</mostRecentRevenueAmount>
			<operatingExpensesSecuritizationAmount>11301353.24000000</operatingExpensesSecuritizationAmount>
			<operatingExpensesAmount>10476516.17330000</operatingExpensesAmount>
			<netOperatingIncomeSecuritizationAmount>40992361.75000000</netOperatingIncomeSecuritizationAmount>
			<mostRecentNetOperatingIncomeAmount>43500037.16000000</mostRecentNetOperatingIncomeAmount>
			<netCashFlowFlowSecuritizationAmount>39798880.15000000</netCashFlowFlowSecuritizationAmount>
			<mostRecentNetCashFlowAmount>42306555.16000000</mostRecentNetCashFlowAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentDebtServiceAmount>19520727.24000000</mostRecentDebtServiceAmount>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>2.13000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<mostRecentDebtServiceCoverageNetOperatingIncomePercentage>2.22840000</mostRecentDebtServiceCoverageNetOperatingIncomePercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>2.07000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<mostRecentDebtServiceCoverageNetCashFlowpercentage>2.16730000</mostRecentDebtServiceCoverageNetCashFlowpercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentAnnualLeaseRolloverReviewDate>09-30-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>41000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>196899.08000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.05577000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>196899.08000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>41000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>41000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Trimont LLC</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>7</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Bank of Montreal</originatorName>
		<originationDate>09-16-2025</originationDate>
		<originalLoanAmount>40000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-06-2035</maturityDate>
		<originalAmortizationTermNumber>360</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.07125000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.07125000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>60</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>PP</loanStructureCode>
		<paymentTypeCode>5</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>40000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>5</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>true</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>11-05-2027</prepaymentLockOutEndDate>
		<yieldMaintenanceEndDate>04-05-2035</yieldMaintenanceEndDate>
		<prepaymentPremiumsEndDate>04-05-2035</prepaymentPremiumsEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Dartmouth Mall</propertyName>
			<propertyAddress>200 North Dartmouth Mall</propertyAddress>
			<propertyCity>Dartmouth</propertyCity>
			<propertyState>MA</propertyState>
			<propertyZip>02747</propertyZip>
			<propertyCounty>Bristol</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>519827</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>519827</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1971</yearBuiltNumber>
			<yearLastRenovated>2000</yearLastRenovated>
			<valuationSecuritizationAmount>95000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-29-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>95000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-29-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.97100000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>JCPenney</largestTenant>
			<squareFeetLargestTenantNumber>100020</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>05-31-2030</leaseExpirationLargestTenantDate>
			<secondLargestTenant>AMC</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>44988</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>12-31-2026</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Burlington</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>43835</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>02-28-2031</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>12675145.13000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>4311531.78000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>8363613.35000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>7604017.02000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.85000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.68000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentAnnualLeaseRolloverReviewDate>08-31-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>40000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>245416.67000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.07125000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>245416.67000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>40000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>40000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>8</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Goldman Sachs Bank USA</originatorName>
		<originationDate>09-17-2025</originationDate>
		<originalLoanAmount>28000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.05952000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.05952000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>28000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>TownePlace Suites Anchorage</propertyName>
			<propertyAddress>600 E 32nd Avenue</propertyAddress>
			<propertyCity>Anchorage</propertyCity>
			<propertyState>AK</propertyState>
			<propertyZip>99503</propertyZip>
			<propertyCounty>Anchorage</propertyCounty>
			<propertyTypeCode>LO</propertyTypeCode>
			<unitsBedsRoomsNumber>114</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>114</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2014</yearBuiltNumber>
			<yearLastRenovated>2025</yearLastRenovated>
			<valuationSecuritizationAmount>46000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-16-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>46000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-16-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.82300000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>10085793.01000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>4193531.47000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>5892261.54000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>5488829.82000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>3.49000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>3.25000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>28000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>143509.33000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.05952000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>143509.33000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>28000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>28000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>9</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>German American Capital Corporation</originatorName>
		<originationDate>09-02-2025</originationDate>
		<originalLoanAmount>24800000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>360</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.05988585</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.05988585</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>12</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>5</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>123764.09000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>24800000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>5</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>true</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>10-05-2026</prepaymentLockOutEndDate>
		<yieldMaintenanceEndDate>03-05-2035</yieldMaintenanceEndDate>
		<prepaymentPremiumsEndDate>03-05-2035</prepaymentPremiumsEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Security Public Storage Bethesda</propertyName>
			<propertyAddress>5221 River Road</propertyAddress>
			<propertyCity>Bethesda</propertyCity>
			<propertyState>MD</propertyState>
			<propertyZip>20816</propertyZip>
			<propertyCounty>Montgomery</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>86012</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>86012</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>803</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1961</yearBuiltNumber>
			<yearLastRenovated>2009</yearLastRenovated>
			<valuationSecuritizationAmount>44500000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-30-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>44500000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-30-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.95800000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>6787494.81000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>4156120.79000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>2631374.02000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>2622772.82000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.48000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.47000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>24800000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>127889.56000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.05988585</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>127889.56000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>24800000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>24800000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>10</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Bank of Montreal</originatorName>
		<originationDate>09-17-2025</originationDate>
		<originalLoanAmount>24000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06200000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06200000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>24000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>true</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>11-05-2027</prepaymentLockOutEndDate>
		<yieldMaintenanceEndDate>04-05-2035</yieldMaintenanceEndDate>
		<prepaymentPremiumsEndDate>04-05-2035</prepaymentPremiumsEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Sweetwater Business Center</propertyName>
			<propertyAddress>5455-5557 West Waters Avenue</propertyAddress>
			<propertyCity>Tampa</propertyCity>
			<propertyState>FL</propertyState>
			<propertyZip>33634</propertyZip>
			<propertyCounty>Hillsborough</propertyCounty>
			<propertyTypeCode>IN</propertyTypeCode>
			<netRentableSquareFeetNumber>225789</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>225789</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1987</yearBuiltNumber>
			<valuationSecuritizationAmount>38300000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>08-11-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>38300000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>08-11-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.84300000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Children's Network of Hillsborough, LLC</largestTenant>
			<squareFeetLargestTenantNumber>23570</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>10-31-2027</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Unified Women's Healthcare, LP</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>22021</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>03-31-2035</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Home Depot U.S.A. Inc.</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>19945</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>05-31-2029</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>3978194.22000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>1537289.95000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>2440904.27000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>2440904.27000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.62000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.62000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentAnnualLeaseRolloverReviewDate>09-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>24000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>128133.33000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06200000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>128133.33000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>24000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>24000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>11</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Zions Bancorporation, N.A.</originatorName>
		<originationDate>09-04-2025</originationDate>
		<originalLoanAmount>22000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>360</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06410000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06410000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>36</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>5</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>117516.67000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>22000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>05-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Twin Creeks</propertyName>
			<propertyAddress>8640 North Madison Avenue</propertyAddress>
			<propertyCity>Kansas City</propertyCity>
			<propertyState>MO</propertyState>
			<propertyZip>64155</propertyZip>
			<propertyCounty>Clay</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>257550</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>257550</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1999</yearBuiltNumber>
			<yearLastRenovated>2022</yearLastRenovated>
			<valuationSecuritizationAmount>33850000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-21-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>33850000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-21-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.98700000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Kohl's</largestTenant>
			<squareFeetLargestTenantNumber>80684</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>01-31-2032</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Furniture Deals</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>48731</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>09-30-2030</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Ollie's Bargain Outlet</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>30651</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>11-30-2029</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>4109114.55000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>1469595.89000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>2639518.65000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>2369211.47000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.60000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.43000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentAnnualLeaseRolloverReviewDate>08-18-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>22000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>121433.89000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06410000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>121433.89000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>22000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>22000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>12</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Bank of Montreal</originatorName>
		<originationDate>08-15-2025</originationDate>
		<originalLoanAmount>19500000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06175000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06175000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>100343.75000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>19500000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>05-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Hearthstone Village</propertyName>
			<propertyAddress>4000 Florence Dr.</propertyAddress>
			<propertyCity>Latham</propertyCity>
			<propertyState>NY</propertyState>
			<propertyZip>12110</propertyZip>
			<propertyCounty>Albany</propertyCounty>
			<propertyTypeCode>MF</propertyTypeCode>
			<unitsBedsRoomsNumber>144</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>144</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2005</yearBuiltNumber>
			<valuationSecuritizationAmount>31200000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-24-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>31200000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-24-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.94400000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>3662025.61000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>1484870.36000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>2177155.25000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>2177155.25000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.78000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.78000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>19500000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>103688.54000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06175000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>103688.54000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>19500000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>19500000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>13</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Citi Real Estate Funding Inc.</originatorName>
		<originationDate>09-12-2025</originationDate>
		<originalLoanAmount>19250000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06200000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06200000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>19250000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>4</NumberPropertiesSecuritization>
		<NumberProperties>4</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>true</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>02-05-2026</prepaymentLockOutEndDate>
		<yieldMaintenanceEndDate>04-05-2035</yieldMaintenanceEndDate>
		<prepaymentPremiumsEndDate>04-05-2035</prepaymentPremiumsEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Securlock at Allen Property</propertyName>
			<propertyAddress>2060 Hedgcoxe Road</propertyAddress>
			<propertyCity>Allen</propertyCity>
			<propertyState>TX</propertyState>
			<propertyZip>75013</propertyZip>
			<propertyCounty>Collin</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>73100</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>73100</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>555</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2003</yearBuiltNumber>
			<valuationSecuritizationAmount>9690000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>08-07-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>9690000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>08-07-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.94600000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>984364.74000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>371486.06000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>612878.68000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>604837.68000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
		</property>
		<property>
			<propertyName>Securlock at Ft. Worth Property</propertyName>
			<propertyAddress>3420 &amp; 3500 River Bend Blvd.</propertyAddress>
			<propertyCity>Ft. Worth</propertyCity>
			<propertyState>TX</propertyState>
			<propertyZip>76116</propertyZip>
			<propertyCounty>Tarrant</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>59950</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>59950</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>430</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2005</yearBuiltNumber>
			<valuationSecuritizationAmount>6630000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>08-07-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>6630000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>08-07-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.89300000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>808826.20000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>364384.06000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>444442.14000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>432452.12000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
		</property>
		<property>
			<propertyName>Securlock at Plano Property</propertyName>
			<propertyAddress>2201 E. President George Bush Highway</propertyAddress>
			<propertyCity>Plano</propertyCity>
			<propertyState>TX</propertyState>
			<propertyZip>75074</propertyZip>
			<propertyCounty>Collin</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>56554</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>56554</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>533</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2005</yearBuiltNumber>
			<valuationSecuritizationAmount>7610000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>08-07-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>7610000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>08-07-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.89800000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>812120.68000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>372859.10000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>439261.58000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>429081.85000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
		</property>
		<property>
			<propertyName>Securlock Storage Portfolio I</propertyName>
			<propertyAddress>320 State Highway 121</propertyAddress>
			<propertyCity>Coppell</propertyCity>
			<propertyState>TX</propertyState>
			<propertyZip>75019</propertyZip>
			<propertyCounty>Dallas</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>48145</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>48145</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>368</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2004</yearBuiltNumber>
			<valuationSecuritizationAmount>5740000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>08-07-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>5740000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>08-07-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.86800000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>665022.16000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>289141.17000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>375880.99000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>364326.19000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>19250000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>102773.61000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06200000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>102773.61000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>19250000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>19250000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>14</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Bank of Montreal</originatorName>
		<originationDate>08-22-2025</originationDate>
		<originalLoanAmount>18100000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.07250000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.07250000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>109354.17000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>18100000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>4</NumberPropertiesSecuritization>
		<NumberProperties>4</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>65 LaSalle Road</propertyName>
			<propertyAddress>53-65 LaSalle Road</propertyAddress>
			<propertyCity>West Hartford</propertyCity>
			<propertyState>CT</propertyState>
			<propertyZip>06107</propertyZip>
			<propertyCounty>Hartford</propertyCounty>
			<propertyTypeCode>OF</propertyTypeCode>
			<netRentableSquareFeetNumber>50593</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>50593</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1978</yearBuiltNumber>
			<valuationSecuritizationAmount>17300000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>05-15-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>17300000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>05-15-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Massachusetts Mutual Life Ins Co</largestTenant>
			<squareFeetLargestTenantNumber>7879</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>04-30-2029</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Webster Bank</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>7000</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>03-31-2037</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Accel Law Group</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>6568</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>03-31-2030</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>03-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>2027373.91000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>594122.45000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1433251.47000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1426674.38000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>07-30-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>West Hartford Office and Retail Portfolio</propertyName>
			<propertyAddress>41 North Main Street</propertyAddress>
			<propertyCity>West Hartford</propertyCity>
			<propertyState>CT</propertyState>
			<propertyZip>06107</propertyZip>
			<propertyCounty>Hartford</propertyCounty>
			<propertyTypeCode>OF</propertyTypeCode>
			<netRentableSquareFeetNumber>20983</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>20983</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1970</yearBuiltNumber>
			<valuationSecuritizationAmount>3900000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>05-15-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>3900000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>05-15-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.95800000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Collins Med.</largestTenant>
			<squareFeetLargestTenantNumber>3227</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>04-30-2029</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Hiscox Inc.</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>3011</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>10-30-2027</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Sandi B. Girolamo and Pamela M. Magnano (Flaherty Group)</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>2717</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>07-31-2028</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>03-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>636544.22000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>308055.45000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>328488.77000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>322403.70000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>07-30-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>61 South Main Street</propertyName>
			<propertyAddress>61 South Main Street</propertyAddress>
			<propertyCity>West Hartford</propertyCity>
			<propertyState>CT</propertyState>
			<propertyZip>06107</propertyZip>
			<propertyCounty>Hartford</propertyCounty>
			<propertyTypeCode>OF</propertyTypeCode>
			<netRentableSquareFeetNumber>20827</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>20827</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1968</yearBuiltNumber>
			<valuationSecuritizationAmount>4000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>05-15-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>4000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>05-15-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.86300000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Spruce Brook Enterprises, Inc. dba Fyzical Therapy and Balance Centers</largestTenant>
			<squareFeetLargestTenantNumber>3000</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>03-31-2035</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Prime Healthcare Pulmonary &amp; Sleep Medicine, LLC</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>2497</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>04-30-2028</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Peak Care Group LLC</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>2380</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>02-29-2028</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>03-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>538053.00000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>275198.80000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>262854.20000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>257230.91000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>07-30-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>18 North Main Street</propertyName>
			<propertyAddress>18 North Main Street</propertyAddress>
			<propertyCity>West Hartford</propertyCity>
			<propertyState>CT</propertyState>
			<propertyZip>06107</propertyZip>
			<propertyCounty>Hartford</propertyCounty>
			<propertyTypeCode>OF</propertyTypeCode>
			<netRentableSquareFeetNumber>20351</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>20351</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1973</yearBuiltNumber>
			<valuationSecuritizationAmount>3800000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>05-15-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>3800000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>05-15-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.82000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Lodestar Energy LLC</largestTenant>
			<squareFeetLargestTenantNumber>2325</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>02-29-2028</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Bradbury &amp; Amato</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>2250</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>09-30-2027</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Donaghue Foundation</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>1880</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>06-30-2027</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>03-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>529590.20000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>276494.11000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>253096.09000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>243124.10000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>07-30-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>18100000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>112999.31000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.07250000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>112999.31000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>18100000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>18100000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>15</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>LMF Commercial, LLC</originatorName>
		<originationDate>07-16-2025</originationDate>
		<originalLoanAmount>17850000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>08-06-2035</maturityDate>
		<originalAmortizationTermNumber>360</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.07610000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.07610000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>36</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>09-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>5</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>113198.75000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>17850000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>02-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Staypineapple Hotel Five</propertyName>
			<propertyAddress>2200 5th Avenue</propertyAddress>
			<propertyCity>Seattle</propertyCity>
			<propertyState>WA</propertyState>
			<propertyZip>98105</propertyZip>
			<propertyCounty>King</propertyCounty>
			<propertyTypeCode>LO</propertyTypeCode>
			<unitsBedsRoomsNumber>116</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>116</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1978</yearBuiltNumber>
			<yearLastRenovated>2023</yearLastRenovated>
			<valuationSecuritizationAmount>25600000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>05-23-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>25600000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>05-23-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.70400000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>04-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>6383895.48000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>3746838.09000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>2637057.39000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>2381701.57000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.74000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.57000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>17850000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>116972.04000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.07610000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>116972.04000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>17850000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>17850000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>16</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>09-05-2025</originationDate>
		<originalLoanAmount>15218000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06460000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06460000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>15218000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-30-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Infinite Self Storage - Nora</propertyName>
			<propertyAddress>8802 Evergreen Avenue</propertyAddress>
			<propertyCity>Indianapolis</propertyCity>
			<propertyState>IN</propertyState>
			<propertyZip>46240</propertyZip>
			<propertyCounty>Marion</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>138718</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>138718</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>1000</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2001</yearBuiltNumber>
			<valuationSecuritizationAmount>21740000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>21740000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.85700000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1811498.92000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>470983.83000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1340515.09000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1325304.09000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.34000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.33000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>15218000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>84654.35000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06460000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>84654.35000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>15218000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>15218000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>17</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>09-05-2025</originationDate>
		<originalLoanAmount>13014540.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06460000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06460000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>13014540.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>2</NumberPropertiesSecuritization>
		<NumberProperties>2</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-30-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Infinite Self Storage - Broad Ripple</propertyName>
			<propertyAddress>1102 East 52nd Street</propertyAddress>
			<propertyCity>Indianapolis</propertyCity>
			<propertyState>IN</propertyState>
			<propertyZip>46205</propertyZip>
			<propertyCounty>Marion</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>71850</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>71850</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>608</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1998</yearBuiltNumber>
			<valuationSecuritizationAmount>12280000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>12280000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.95100000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1042924.78000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>308258.45000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>734666.33000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>724853.83000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
		</property>
		<property>
			<propertyName>Infinite Self Storage - Loveland</propertyName>
			<propertyAddress>10686 Loveland Madeira Road</propertyAddress>
			<propertyCity>Loveland</propertyCity>
			<propertyState>OH</propertyState>
			<propertyZip>45140</propertyZip>
			<propertyCounty>Hamilton</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>64935</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>64935</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>546</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2000</yearBuiltNumber>
			<valuationSecuritizationAmount>6500000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-25-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>6500000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-25-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.77700000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>727018.62000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>333305.30000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>393713.32000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>386022.49000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>13014540.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>72396.99000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06460000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>72396.99000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>13014540.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>13014540.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>18</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Zions Bancorporation, N.A.</originatorName>
		<originationDate>06-05-2025</originationDate>
		<originalLoanAmount>12935000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>06-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06865000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06865000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>07-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>73998.98000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>12935000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>02-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Arapahoe Village</propertyName>
			<propertyAddress>5030-5170, 5210-5290 East Arapahoe Road</propertyAddress>
			<propertyCity>Centennial</propertyCity>
			<propertyState>CO</propertyState>
			<propertyZip>80122</propertyZip>
			<propertyCounty>Arapahoe</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>87742</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>87742</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1975</yearBuiltNumber>
			<yearLastRenovated>2024</yearLastRenovated>
			<valuationSecuritizationAmount>22725000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>05-12-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>22725000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>05-12-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.91500000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Planet Fitness</largestTenant>
			<squareFeetLargestTenantNumber>21733</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>02-28-2034</leaseExpirationLargestTenantDate>
			<secondLargestTenant>My Salon Suite</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>7860</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>06-30-2034</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Easton Training Center/Martial Arts</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>7084</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>10-28-2026</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>2456191.96000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>933877.06000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1522314.90000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1433195.59000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.69000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.59000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentAnnualLeaseRolloverReviewDate>08-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>12935000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>76465.61000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06865000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>76465.61000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>12935000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>12935000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>19</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>JPMorgan Chase Bank, National Association</originatorName>
		<originationDate>09-17-2025</originationDate>
		<originalLoanAmount>12500000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06500000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06500000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>12500000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>true</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>12-05-2027</prepaymentLockOutEndDate>
		<yieldMaintenanceEndDate>08-05-2035</yieldMaintenanceEndDate>
		<prepaymentPremiumsEndDate>08-05-2035</prepaymentPremiumsEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Hampton Inn &amp; Suites Bluffton</propertyName>
			<propertyAddress>29 William Pope Dr</propertyAddress>
			<propertyCity>Bluffton</propertyCity>
			<propertyState>SC</propertyState>
			<propertyZip>29909</propertyZip>
			<propertyCounty>Beaufort</propertyCounty>
			<propertyTypeCode>LO</propertyTypeCode>
			<unitsBedsRoomsNumber>100</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>100</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2002</yearBuiltNumber>
			<yearLastRenovated>2015</yearLastRenovated>
			<valuationSecuritizationAmount>23500000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>09-15-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>23500000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>09-15-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.85600000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>4728230.00000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>2819754.11000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1908475.89000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1719346.68000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>2.32000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>2.09000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>12500000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>69965.28000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06500000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>69965.28000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>12500000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>12500000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>20</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Starwood Mortgage Capital LLC</originatorName>
		<originationDate>08-12-2025</originationDate>
		<originalLoanAmount>12000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.05755000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.05755000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>57550.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>12000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>06-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>1340 East 6th Street</propertyName>
			<propertyAddress>1340 East 6th Street</propertyAddress>
			<propertyCity>Los Angeles</propertyCity>
			<propertyState>CA</propertyState>
			<propertyZip>90021</propertyZip>
			<propertyCounty>Los Angeles</propertyCounty>
			<propertyTypeCode>IN</propertyTypeCode>
			<netRentableSquareFeetNumber>211550</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>211550</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1924</yearBuiltNumber>
			<yearLastRenovated>2024</yearLastRenovated>
			<valuationSecuritizationAmount>41900000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-10-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>41900000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-10-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.85800000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>ETO Doors</largestTenant>
			<squareFeetLargestTenantNumber>72500</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>08-11-2040</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Wenbin Zhao / Kohl M. Murdock</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>6000</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>11-14-2025</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Jun Woo Lee</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>3000</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>10-31-2025</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>3804153.00000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>1055099.00000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>2749054.00000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>2643279.00000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>3.93000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>3.78000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentAnnualLeaseRolloverReviewDate>08-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>12000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>59468.33000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.05755000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>59468.33000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>12000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>12000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>21</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Citi Real Estate Funding Inc.</originatorName>
		<originationDate>09-12-2025</originationDate>
		<originalLoanAmount>12000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06050000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06050000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>12000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>3</NumberPropertiesSecuritization>
		<NumberProperties>3</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>true</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>02-05-2026</prepaymentLockOutEndDate>
		<yieldMaintenanceEndDate>04-05-2035</yieldMaintenanceEndDate>
		<prepaymentPremiumsEndDate>04-05-2035</prepaymentPremiumsEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Securlock Storage Portfolio II</propertyName>
			<propertyAddress>2413 State Highway 121</propertyAddress>
			<propertyCity>Bedford</propertyCity>
			<propertyState>TX</propertyState>
			<propertyZip>76021</propertyZip>
			<propertyCounty>Tarrant</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>57900</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>57900</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>529</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1996</yearBuiltNumber>
			<valuationSecuritizationAmount>7330000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>08-07-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>7330000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>08-07-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.91700000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>755790.61000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>307480.80000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>448309.81000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>441940.81000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
		</property>
		<property>
			<propertyName>Securlock at Hurst Property</propertyName>
			<propertyAddress>904 Grapevine Highway</propertyAddress>
			<propertyCity>Hurst</propertyCity>
			<propertyState>TX</propertyState>
			<propertyZip>75019</propertyZip>
			<propertyCounty>Anderson</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>56175</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>56175</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>508</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1995</yearBuiltNumber>
			<valuationSecuritizationAmount>7250000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>08-07-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>7250000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>08-07-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.92200000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>729518.51000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>310551.22000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>418967.29000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>409979.29000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
		</property>
		<property>
			<propertyName>Securlock at Vista Ridge Property</propertyName>
			<propertyAddress>391 E. Round Grove Road Aka 391 E. FM 3040</propertyAddress>
			<propertyCity>Lewisville</propertyCity>
			<propertyState>TX</propertyState>
			<propertyZip>75067</propertyZip>
			<propertyCounty>Denton</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>49235</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>49235</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>463</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1995</yearBuiltNumber>
			<valuationSecuritizationAmount>5900000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>08-07-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>5900000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>08-07-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.95100000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>682092.84000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>304753.12000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>377339.72000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>369462.11000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>12000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>62516.67000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06050000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>62516.67000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>12000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>12000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>22</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>German American Capital Corporation</originatorName>
		<originationDate>08-06-2025</originationDate>
		<originalLoanAmount>11700000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>08-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06462000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06462000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>09-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>63004.50000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>11700000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Cannon West</propertyName>
			<propertyAddress>6800 West Gate Boulevard</propertyAddress>
			<propertyCity>Austin</propertyCity>
			<propertyState>TX</propertyState>
			<propertyZip>78745</propertyZip>
			<propertyCounty>Travis</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>129905</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>129905</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1981</yearBuiltNumber>
			<valuationSecuritizationAmount>25600000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-26-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>25600000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-26-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Albertsons</largestTenant>
			<squareFeetLargestTenantNumber>57830</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>04-09-2030</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Planet Fitness</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>17370</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>01-31-2030</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Dollar General</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>8160</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>03-31-2029</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>2707774.00000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>1084520.00000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1623253.00000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1532320.00000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>2.12000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>2.00000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentAnnualLeaseRolloverReviewDate>06-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>11700000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>65104.65000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06462000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>65104.65000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>11700000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>11700000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>23</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>JPMorgan Chase Bank, National Association</originatorName>
		<originationDate>04-30-2025</originationDate>
		<originalLoanAmount>11000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>05-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06350000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06350000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>06-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>PP</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>58208.33000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>11000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>25</NumberPropertiesSecuritization>
		<NumberProperties>25</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>true</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>06-30-2027</prepaymentLockOutEndDate>
		<yieldMaintenanceEndDate>11-30-2034</yieldMaintenanceEndDate>
		<prepaymentPremiumsEndDate>11-30-2034</prepaymentPremiumsEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Meyers</propertyName>
			<propertyAddress>18700 Meyers Road</propertyAddress>
			<propertyCity>Detroit</propertyCity>
			<propertyState>MI</propertyState>
			<propertyZip>48235</propertyZip>
			<propertyCounty>Wayne</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>139056</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>139056</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1998</yearBuiltNumber>
			<yearLastRenovated>2002</yearLastRenovated>
			<valuationSecuritizationAmount>22300000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-15-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>22300000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-15-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>The Home Depot</largestTenant>
			<squareFeetLargestTenantNumber>139056</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>11-30-2028</leaseExpirationLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1251715.44000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>78894.46000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1172820.98000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1096340.18000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Westown Square</propertyName>
			<propertyAddress>10604, 10612-10616 Lorain Avenue 10620,10622,10626,10630,10634,10642 Lorain Ave</propertyAddress>
			<propertyCity>Cleveland</propertyCity>
			<propertyState>OH</propertyState>
			<propertyZip>44111</propertyZip>
			<propertyCounty>Cuyahoga</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>176761</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>176761</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1988</yearBuiltNumber>
			<yearLastRenovated>2013</yearLastRenovated>
			<valuationSecuritizationAmount>15600000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>02-07-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>15600000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>02-07-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.96700000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Shoppers World</largestTenant>
			<squareFeetLargestTenantNumber>52000</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>02-29-2028</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Fashion Gallery, Inc.</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>23000</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>04-30-2028</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Cleveland Fresh Food</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>18000</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>02-28-2030</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>2396461.64000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>794326.39000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1602135.25000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1504916.70000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Rodney Village</propertyName>
			<propertyAddress>1606, 1616-1618,1622 South Governors Avenue 1626-1634,1646,1660,1672,1678-1680 S Governors Ave</propertyAddress>
			<propertyCity>Dover</propertyCity>
			<propertyState>DE</propertyState>
			<propertyZip>19904</propertyZip>
			<propertyCounty>Kent</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>213468</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>213468</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1960</yearBuiltNumber>
			<yearLastRenovated>2004</yearLastRenovated>
			<valuationSecuritizationAmount>14000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-09-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>14000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-09-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.95200000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Ollie's</largestTenant>
			<squareFeetLargestTenantNumber>39888</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>05-31-2028</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Goodwill</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>20055</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>12-31-2027</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Dollar Tree</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>19400</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>09-30-2031</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1799806.30000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>372977.47000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1426828.84000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1309421.44000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Mattatuck Plaza</propertyName>
			<propertyAddress>650 &amp; 670 Wolcott Street</propertyAddress>
			<propertyCity>Waterbury</propertyCity>
			<propertyState>CT</propertyState>
			<propertyZip>06705</propertyZip>
			<propertyCounty>New Haven</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>147010</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>147010</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1978</yearBuiltNumber>
			<yearLastRenovated>2009</yearLastRenovated>
			<valuationSecuritizationAmount>13700000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-14-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>13700000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-09-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.88200000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Red, White, &amp; Blue Thrift</largestTenant>
			<squareFeetLargestTenantNumber>28570</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>05-31-2034</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Deals on Wheels</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>24228</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>06-01-2030</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Harbor Freight Tools</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>16813</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>01-15-2028</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1921219.07000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>796602.62000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1124616.45000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1043760.95000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Athens Town Center</propertyName>
			<propertyAddress>547, 601-613 US Hwy 72 West 617-629, 635-645, 649-651, 655, 659-661 US Hwy 72W</propertyAddress>
			<propertyCity>Athens</propertyCity>
			<propertyState>AL</propertyState>
			<propertyZip>35611</propertyZip>
			<propertyCounty>Limestone</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>209124</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>209124</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1988</yearBuiltNumber>
			<valuationSecuritizationAmount>13600000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-16-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>13600000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-16-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.98800000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Tractor Supply</largestTenant>
			<squareFeetLargestTenantNumber>30730</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>03-31-2031</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Big Lots</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>29857</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>01-31-2034</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Burke's Outlet</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>25312</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>01-31-2030</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1533522.97000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>298391.80000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1235131.17000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1120112.97000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Northeast Plaza</propertyName>
			<propertyAddress>1000-1046 Summit Avenue 901 E Bessemer Avenue</propertyAddress>
			<propertyCity>Greensboro</propertyCity>
			<propertyState>NC</propertyState>
			<propertyZip>27405</propertyZip>
			<propertyCounty>Guilford</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>111296</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>111296</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1959</yearBuiltNumber>
			<yearLastRenovated>2000</yearLastRenovated>
			<valuationSecuritizationAmount>12625000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-16-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>12625000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-16-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.97700000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Compare Foods</largestTenant>
			<squareFeetLargestTenantNumber>24787</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>12-31-2033</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Dollar Tree</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>15920</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>05-31-2030</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Shoe Show</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>11435</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>09-30-2028</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1239132.58000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>255763.62000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>983368.96000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>922156.16000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Hungarybrook Shopping Center</propertyName>
			<propertyAddress>1200-1300 Concord Avenue</propertyAddress>
			<propertyCity>Henrico</propertyCity>
			<propertyState>VA</propertyState>
			<propertyZip>23228</propertyZip>
			<propertyCounty>Henrico</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>87190</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>87190</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1988</yearBuiltNumber>
			<valuationSecuritizationAmount>11700000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-25-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>11700000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-25-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Food Lion</largestTenant>
			<squareFeetLargestTenantNumber>35400</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>11-15-2029</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Dollar Tree</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>10548</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>05-31-2029</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Best Beauty, LLC</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>8470</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>04-30-2031</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1017842.48000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>177928.34000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>839914.13000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>791959.63000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Plaza North</propertyName>
			<propertyAddress>1452, 1800 and 1950 Fort Harrison Road</propertyAddress>
			<propertyCity>Terre Haute</propertyCity>
			<propertyState>IN</propertyState>
			<propertyZip>47804</propertyZip>
			<propertyCounty>Vigo</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>261418</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>261418</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1966</yearBuiltNumber>
			<yearLastRenovated>1997</yearLastRenovated>
			<valuationSecuritizationAmount>12100000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-17-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>12100000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-17-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.62000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Trader Bucks Flea Market Inc.</largestTenant>
			<squareFeetLargestTenantNumber>45000</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>12-31-2027</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Harbor Freight Tools</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>20000</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>01-31-2027</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Indiana FSAA</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>17830</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>12-31-2025</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1269981.20000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>490500.91000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>779480.30000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>635700.40000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Henderson Marketplace</propertyName>
			<propertyAddress>887-899 Beckford Drive 911, 915, 923, 935, 939, 951, 967, 981 Beckford Dr</propertyAddress>
			<propertyCity>Henderson</propertyCity>
			<propertyState>NC</propertyState>
			<propertyZip>27536</propertyZip>
			<propertyCounty>Vance</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>89100</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>89100</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1991</yearBuiltNumber>
			<yearLastRenovated>1994</yearLastRenovated>
			<valuationSecuritizationAmount>10025000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-16-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>10025000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-16-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Planet Fitness</largestTenant>
			<squareFeetLargestTenantNumber>21175</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>12-31-2029</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Dollar Tree</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>8450</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>12-31-2030</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Ichiban Restaurant</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>8000</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>04-30-2030</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1097242.57000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>222699.71000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>874542.87000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>825537.87000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Coastal Equities Portfolio</propertyName>
			<propertyAddress>1400-1532 East Memorial Drive</propertyAddress>
			<propertyCity>Ahoskie</propertyCity>
			<propertyState>NC</propertyState>
			<propertyZip>27910</propertyZip>
			<propertyCounty>Hertford</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>193653</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>193653</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1987</yearBuiltNumber>
			<valuationSecuritizationAmount>10000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>Non-MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-25-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>10000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-25-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.99200000</physicalOccupancySecuritizationPercentage>
			<mostRecentPhysicalOccupancyPercentage>.99230000</mostRecentPhysicalOccupancyPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Roses</largestTenant>
			<squareFeetLargestTenantNumber>43200</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>01-31-2032</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Food Lion</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>34000</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>03-22-2027</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Ollie's</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>32000</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>01-17-2026</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<mostRecentFinancialsStartDate>01-01-2025</mostRecentFinancialsStartDate>
			<mostRecentFinancialsEndDate>06-30-2025</mostRecentFinancialsEndDate>
			<revenueSecuritizationAmount>1202906.21000000</revenueSecuritizationAmount>
			<mostRecentRevenueAmount>27353362.40000000</mostRecentRevenueAmount>
			<operatingExpensesSecuritizationAmount>403411.60000000</operatingExpensesSecuritizationAmount>
			<operatingExpensesAmount>8362615.50000000</operatingExpensesAmount>
			<netOperatingIncomeSecuritizationAmount>799494.62000000</netOperatingIncomeSecuritizationAmount>
			<mostRecentNetOperatingIncomeAmount>18990746.90000000</mostRecentNetOperatingIncomeAmount>
			<netCashFlowFlowSecuritizationAmount>692985.47000000</netCashFlowFlowSecuritizationAmount>
			<mostRecentNetCashFlowAmount>18884237.90000000</mostRecentNetCashFlowAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentDebtServiceAmount>10301111.00000000</mostRecentDebtServiceAmount>
			<mostRecentDebtServiceCoverageNetOperatingIncomePercentage>1.84360000</mostRecentDebtServiceCoverageNetOperatingIncomePercentage>
			<mostRecentDebtServiceCoverageNetCashFlowpercentage>1.83320000</mostRecentDebtServiceCoverageNetCashFlowpercentage>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Cummings Park Plaza</propertyName>
			<propertyAddress>2208-2294 North Church Street</propertyAddress>
			<propertyCity>Burlington</propertyCity>
			<propertyState>NC</propertyState>
			<propertyZip>27217</propertyZip>
			<propertyCounty>Alamance</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>200253</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>200253</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1963</yearBuiltNumber>
			<valuationSecuritizationAmount>9450000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>Non-MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-16-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>9450000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-16-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.79700000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Roses</largestTenant>
			<squareFeetLargestTenantNumber>45000</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>08-05-2028</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Food Lion</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>31426</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>09-30-2025</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Schewel Furniture</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>25239</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>03-31-2026</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>915198.44000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>253892.22000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>661306.22000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>551167.07000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Glenwood Plaza</propertyName>
			<propertyAddress>127 Genesee Street 1050 Glenwood Ave, 2002-2194 Glenwood Shopping Plz</propertyAddress>
			<propertyCity>Oneida</propertyCity>
			<propertyState>NY</propertyState>
			<propertyZip>13421</propertyZip>
			<propertyCounty>Madison</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>218861</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>218861</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1989</yearBuiltNumber>
			<valuationSecuritizationAmount>9100000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>02-03-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>9100000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>02-03-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.77100000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Eclectic Chic, LLC</largestTenant>
			<squareFeetLargestTenantNumber>54000</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>12-31-2026</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Movieplex Cinemas</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>20230</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>07-31-2026</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>All Seasoning Ingredients, Inc.</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>19685</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>08-31-2031</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1569740.92000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>758336.62000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>811404.30000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>691030.75000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Boulevard Plaza</propertyName>
			<propertyAddress>1105, 1301 and 1313 Ward Boulevard 1405 Tarboro Street SW</propertyAddress>
			<propertyCity>Wilson</propertyCity>
			<propertyState>NC</propertyState>
			<propertyZip>27893</propertyZip>
			<propertyCounty>Wilson</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>108568</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>108568</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1988</yearBuiltNumber>
			<valuationSecuritizationAmount>8100000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-25-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>8100000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-25-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.87400000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Piggly Wiggly</largestTenant>
			<squareFeetLargestTenantNumber>25038</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>12-31-2028</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Farmers Home Furniture</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>16730</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>04-04-2029</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Dollar Tree</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>11200</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>01-31-2026</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>855332.75000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>227042.18000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>628290.57000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>568578.17000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Summer Commons</propertyName>
			<propertyAddress>5110-5130 Summer Avenue</propertyAddress>
			<propertyCity>Memphis</propertyCity>
			<propertyState>TN</propertyState>
			<propertyZip>38122</propertyZip>
			<propertyCounty>Shelby</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>139785</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>139785</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1974</yearBuiltNumber>
			<yearLastRenovated>2008</yearLastRenovated>
			<valuationSecuritizationAmount>8000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>8000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.68300000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Northern Tool</largestTenant>
			<squareFeetLargestTenantNumber>27125</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>06-30-2027</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Brooke Valley Thrift Stores, Inc.</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>26500</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>01-31-2027</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Rio Grande Fresh Market, Inc.</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>20126</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>04-30-2032</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1203750.71000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>556855.66000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>646895.04000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>570013.29000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Centre Plaza</propertyName>
			<propertyAddress>1115 North Charles G. Seivers Boulevard</propertyAddress>
			<propertyCity>Clinton</propertyCity>
			<propertyState>TN</propertyState>
			<propertyZip>37716</propertyZip>
			<propertyCounty>Anderson</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>101642</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>101642</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1989</yearBuiltNumber>
			<valuationSecuritizationAmount>7175000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-16-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>7175000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-16-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.91100000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>United Grocery Outlet</largestTenant>
			<squareFeetLargestTenantNumber>18225</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>05-31-2027</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Goodwill</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>17204</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>12-31-2027</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Faith Promise Church</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>14425</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>10-31-2029</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>862903.05000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>185339.55000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>677563.50000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>621660.40000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Market at Riverdale Bend</propertyName>
			<propertyAddress>7110-7136 Winchester Road</propertyAddress>
			<propertyCity>Memphis</propertyCity>
			<propertyState>TN</propertyState>
			<propertyZip>38125</propertyZip>
			<propertyCounty>Shelby</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>157695</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>157695</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1998</yearBuiltNumber>
			<valuationSecuritizationAmount>6000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>6000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Habitat For Humanity</largestTenant>
			<squareFeetLargestTenantNumber>61532</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>01-31-2031</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Crazy Deals</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>29935</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>12-31-2029</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Goodwill</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>28628</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>01-31-2026</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1051404.46000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>468601.00000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>582803.45000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>496071.20000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Cordele Corners</propertyName>
			<propertyAddress>1407, 1411-1415 East 16th Avenue</propertyAddress>
			<propertyCity>Cordele</propertyCity>
			<propertyState>GA</propertyState>
			<propertyZip>31015</propertyZip>
			<propertyCounty>Crisp</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>120868</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>120868</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1986</yearBuiltNumber>
			<valuationSecuritizationAmount>6300000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-17-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>6300000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-17-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.91100000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Tractor Supply</largestTenant>
			<squareFeetLargestTenantNumber>29772</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>03-31-2031</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Ollie's</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>26126</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>01-15-2029</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Brady's Best Buys</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>13292</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>03-31-2027</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>738252.64000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>178193.46000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>560059.18000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>493581.78000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Anniston Plaza</propertyName>
			<propertyAddress>3108, 3202-3210 McClellan Boulevard 3214-3220, 3124,3202,3226-3230,3300 McClellan Blvd</propertyAddress>
			<propertyCity>Anniston</propertyCity>
			<propertyState>AL</propertyState>
			<propertyZip>36201</propertyZip>
			<propertyCounty>Calhoun</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>129565</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>129565</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1965</yearBuiltNumber>
			<valuationSecuritizationAmount>6150000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-16-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>6150000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-16-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.88000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Xtreme Sales</largestTenant>
			<squareFeetLargestTenantNumber>28000</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>03-09-2030</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Harbor Freight Tools</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>17770</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>05-31-2027</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Bestway Rental</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>16858</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>01-31-2027</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>669089.90000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>144065.22000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>525024.69000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>453763.94000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Meeting Square</propertyName>
			<propertyAddress>113-129 West Broadway Boulevard</propertyAddress>
			<propertyCity>Jefferson City</propertyCity>
			<propertyState>TN</propertyState>
			<propertyZip>37760</propertyZip>
			<propertyCounty>Jefferson</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>94345</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>94345</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1984</yearBuiltNumber>
			<valuationSecuritizationAmount>5775000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-16-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>5775000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-16-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Tractor Supply</largestTenant>
			<squareFeetLargestTenantNumber>27301</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>03-31-2031</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Bealls</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>21100</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>01-31-2036</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Ashley HomeStore</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>16200</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>02-28-2031</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>746376.00000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>162266.85000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>584109.15000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>532219.40000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Northland Plaza</propertyName>
			<propertyAddress>120,130,140,154,158 West Northern Avenue 180, 240, 130, 155, 156, 175 East Northern Avenue</propertyAddress>
			<propertyCity>Lima</propertyCity>
			<propertyState>OH</propertyState>
			<propertyZip>45801</propertyZip>
			<propertyCounty>Allen</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>170037</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>170037</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1960</yearBuiltNumber>
			<yearLastRenovated>2003</yearLastRenovated>
			<valuationSecuritizationAmount>5650000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-28-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>5650000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-28-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.68100000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Chief Super Market, Inc.</largestTenant>
			<squareFeetLargestTenantNumber>35130</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>06-30-2029</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Ollie's</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>33500</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>02-28-2027</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Citi Trends</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>12000</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>03-31-2029</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>684828.93000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>256015.94000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>428813.00000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>335292.65000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Homosassa Square</propertyName>
			<propertyAddress>4500,4516, 4520-4524 South Suncoast Boulevard 4525,4530-4532,4538,4540,4546-4556 S Suncoast Blvd</propertyAddress>
			<propertyCity>Homosassa Springs</propertyCity>
			<propertyState>FL</propertyState>
			<propertyZip>34446</propertyZip>
			<propertyCounty>Citrus</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>84765</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>84765</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1981</yearBuiltNumber>
			<valuationSecuritizationAmount>5500000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-20-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>5500000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-20-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Ollie's</largestTenant>
			<squareFeetLargestTenantNumber>30000</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>07-28-2029</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Coastal Outdoor Sports</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>14377</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>07-31-2028</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Mini Steps Thrift Shop</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>11000</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>08-31-2029</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>696373.07000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>233223.75000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>463149.32000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>416528.57000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Laurens Plaza</propertyName>
			<propertyAddress>917 East Main St</propertyAddress>
			<propertyCity>Laurens</propertyCity>
			<propertyState>SC</propertyState>
			<propertyZip>29360</propertyZip>
			<propertyCounty>Laurens</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>97946</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>97946</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1989</yearBuiltNumber>
			<valuationSecuritizationAmount>5450000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-24-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>5450000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-24-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Ollie's</largestTenant>
			<squareFeetLargestTenantNumber>33827</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>12-01-2032</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Tractor Supply</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>26180</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>03-31-2031</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Goodwin Group Holdings, LLC</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>18018</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>11-30-2030</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>639676.89000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>152059.38000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>487617.51000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>433747.21000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Pelham Plaza</propertyName>
			<propertyAddress>802-808, 812-820 Pelham Road South</propertyAddress>
			<propertyCity>Jacksonville</propertyCity>
			<propertyState>AL</propertyState>
			<propertyZip>36265</propertyZip>
			<propertyCounty>Calhoun</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>72430</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>72430</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1974</yearBuiltNumber>
			<valuationSecuritizationAmount>5000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-16-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>5000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-16-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.85300000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>7 Springs Ministries</largestTenant>
			<squareFeetLargestTenantNumber>15000</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>05-31-2026</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Dollar Tree</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>14700</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>06-30-2027</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Northeast Orthopedic</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>8400</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>12-31-2032</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>464348.24000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>70614.35000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>393733.89000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>353897.39000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Plank Plaza</propertyName>
			<propertyAddress>5963 and 5969 Plank Road</propertyAddress>
			<propertyCity>Baton Rouge</propertyCity>
			<propertyState>LA</propertyState>
			<propertyZip>70811</propertyZip>
			<propertyCounty>E. Baton Rouge Parish</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>62280</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>62280</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1967</yearBuiltNumber>
			<valuationSecuritizationAmount>4750000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-17-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>4750000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-17-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Piggly Wiggly</largestTenant>
			<squareFeetLargestTenantNumber>35500</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>05-31-2026</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Rainbow Northeast Leasing</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>10140</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>01-31-2026</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Hair Galleria</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>8640</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>07-31-2028</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>397531.68000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>124209.39000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>273322.29000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>239068.29000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<property>
			<propertyName>Collins Park Commons (Plant City)</propertyName>
			<propertyAddress>1803 James L. Redman Parkway</propertyAddress>
			<propertyCity>Plant City</propertyCity>
			<propertyState>FL</propertyState>
			<propertyZip>33563</propertyZip>
			<propertyCounty>Hillsborough</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>37458</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>37458</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1989</yearBuiltNumber>
			<valuationSecuritizationAmount>3450000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>01-17-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>3450000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>01-17-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.92900000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Tractor Supply</largestTenant>
			<squareFeetLargestTenantNumber>29000</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>03-31-2031</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Modern Nails</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>2000</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>06-30-2033</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>David Carter - Tires Stores</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>1600</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>08-31-2025</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>344656.50000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>106564.93000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>238091.58000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>217489.68000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>11000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>60148.61000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06350000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>60148.61000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>11000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>11000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>24</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>DBR Investments Co. Limited</originatorName>
		<originationDate>06-26-2025</originationDate>
		<originalLoanAmount>10000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>07-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.05581000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.05581000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>08-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>PP</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>46508.33000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>10000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>03-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Rentar Plaza</propertyName>
			<propertyAddress>66-26 Metropolitan Avenue</propertyAddress>
			<propertyCity>Queens</propertyCity>
			<propertyState>NY</propertyState>
			<propertyZip>11379</propertyZip>
			<propertyCounty>Queens</propertyCounty>
			<propertyTypeCode>MU</propertyTypeCode>
			<netRentableSquareFeetNumber>1534964</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>1534964</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1973</yearBuiltNumber>
			<yearLastRenovated>2025</yearLastRenovated>
			<valuationSecuritizationAmount>495000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>04-21-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>495000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>04-21-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.96600000</physicalOccupancySecuritizationPercentage>
			<mostRecentPhysicalOccupancyPercentage>.97011109</mostRecentPhysicalOccupancyPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>City of New York</largestTenant>
			<squareFeetLargestTenantNumber>516115</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>02-09-2041</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Amazon.com Services LLC</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>298650</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>07-31-2030</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Rawnours Furniture Company, Inc.</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>174000</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>03-31-2034</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>03-31-2025</financialsSecuritizationDate>
			<mostRecentFinancialsStartDate>01-01-2025</mostRecentFinancialsStartDate>
			<mostRecentFinancialsEndDate>09-30-2025</mostRecentFinancialsEndDate>
			<revenueSecuritizationAmount>45477494.79000000</revenueSecuritizationAmount>
			<mostRecentRevenueAmount>43041982.66660000</mostRecentRevenueAmount>
			<operatingExpensesSecuritizationAmount>17070674.58000000</operatingExpensesSecuritizationAmount>
			<operatingExpensesAmount>18828404.65330000</operatingExpensesAmount>
			<netOperatingIncomeSecuritizationAmount>28406820.21000000</netOperatingIncomeSecuritizationAmount>
			<mostRecentNetOperatingIncomeAmount>24213578.01330000</mostRecentNetOperatingIncomeAmount>
			<netCashFlowFlowSecuritizationAmount>26411367.01000000</netCashFlowFlowSecuritizationAmount>
			<mostRecentNetCashFlowAmount>22218124.01330000</mostRecentNetCashFlowAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<mostRecentDebtServiceAmount>9053622.36020000</mostRecentDebtServiceAmount>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>3.14000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<mostRecentDebtServiceCoverageNetOperatingIncomePercentage>2.67450000</mostRecentDebtServiceCoverageNetOperatingIncomePercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>2.92000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<mostRecentDebtServiceCoverageNetCashFlowpercentage>2.45410000</mostRecentDebtServiceCoverageNetCashFlowpercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentDebtServiceCoverageCode>F</mostRecentDebtServiceCoverageCode>
			<mostRecentAnnualLeaseRolloverReviewDate>09-30-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>10000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>48058.61000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.05581000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>48058.61000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>10000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>10000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>25</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Bank of Montreal</originatorName>
		<originationDate>05-08-2025</originationDate>
		<originalLoanAmount>10000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>06-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06455000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06455000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>07-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>PP</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>53791.67000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>10000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>11-30-2034</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Cape Cod Mall</propertyName>
			<propertyAddress>769 Iyannough Road</propertyAddress>
			<propertyCity>Hyannis</propertyCity>
			<propertyState>MA</propertyState>
			<propertyZip>02601</propertyZip>
			<propertyCounty>Barnstable</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>506308</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>506308</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1970</yearBuiltNumber>
			<yearLastRenovated>1999</yearLastRenovated>
			<valuationSecuritizationAmount>108000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>04-09-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>108000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>04-09-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.90700000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Target</largestTenant>
			<squareFeetLargestTenantNumber>79615</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>01-31-2030</leaseExpirationLargestTenantDate>
			<secondLargestTenant>That's Entertainment</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>48299</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>01-31-2046</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>DICK'S Sporting Goods</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>45264</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>01-31-2031</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>02-28-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>17595311.63000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>7057809.00000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>10537502.63000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>9929933.03000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>2.98000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>2.81000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentAnnualLeaseRolloverReviewDate>04-17-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>10000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>55584.72000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06455000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>55584.72000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>10000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>10000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Trimont LLC</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>26</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>09-05-2025</originationDate>
		<originalLoanAmount>9030000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06460000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06460000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>9030000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-30-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Infinite Self Storage - Joliet</propertyName>
			<propertyAddress>1397 North Larkin Avenue</propertyAddress>
			<propertyCity>Joliet</propertyCity>
			<propertyState>IL</propertyState>
			<propertyZip>60435</propertyZip>
			<propertyCounty>Will</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>94600</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>94600</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>690</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2008</yearBuiltNumber>
			<valuationSecuritizationAmount>12900000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>12900000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.83600000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1181877.32000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>375811.66000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>806065.66000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>796576.49000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.36000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.35000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>9030000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>50231.88000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06460000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>50231.88000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>9030000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>9030000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>27</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Zions Bancorporation, N.A.</originatorName>
		<originationDate>08-11-2025</originationDate>
		<originalLoanAmount>9000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06210000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06210000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>46575.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>9000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>true</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>11-05-2027</prepaymentLockOutEndDate>
		<yieldMaintenanceEndDate>05-05-2035</yieldMaintenanceEndDate>
		<prepaymentPremiumsEndDate>05-05-2035</prepaymentPremiumsEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>1038-1042 Princeton</propertyName>
			<propertyAddress>1038-1042 Princeton Drive</propertyAddress>
			<propertyCity>Marina del Rey</propertyCity>
			<propertyState>CA</propertyState>
			<propertyZip>90292</propertyZip>
			<propertyCounty>Los Angeles</propertyCounty>
			<propertyTypeCode>IN</propertyTypeCode>
			<netRentableSquareFeetNumber>32446</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>32446</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>1960</yearBuiltNumber>
			<yearLastRenovated>2013</yearLastRenovated>
			<valuationSecuritizationAmount>17700000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>12-11-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>17700000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>12-11-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<largestTenant>Primal Moves</largestTenant>
			<squareFeetLargestTenantNumber>11368</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>11-30-2035</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Free Range Games</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>9911</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>03-31-2028</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Pole to Win America (dba Side)</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>7336</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>03-31-2027</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1799432.39000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>380809.13000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1418623.25000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1317444.99000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>2.50000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>2.32000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentAnnualLeaseRolloverReviewDate>08-06-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>9000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>48127.50000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06210000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>48127.50000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>9000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>9000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>28</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>LMF Commercial, LLC</originatorName>
		<originationDate>09-05-2025</originationDate>
		<originalLoanAmount>9000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06590000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06590000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>49425.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>9000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>03-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Empire 225</propertyName>
			<propertyAddress>225 Lordship Boulevard</propertyAddress>
			<propertyCity>Stratford</propertyCity>
			<propertyState>CT</propertyState>
			<propertyZip>06615</propertyZip>
			<propertyCounty>Fairfield</propertyCounty>
			<propertyTypeCode>MF</propertyTypeCode>
			<unitsBedsRoomsNumber>69</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>69</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1987</yearBuiltNumber>
			<yearLastRenovated>2020</yearLastRenovated>
			<valuationSecuritizationAmount>15100000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-23-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>15100000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-23-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.95700000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1440326.00000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>637577.24000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>802748.76000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>785498.76000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.33000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.31000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>9000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>51072.50000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06590000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>51072.50000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>9000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>9000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>01-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>51053.12000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>B</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>29</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Greystone Select Company II LLC</originatorName>
		<originationDate>09-04-2025</originationDate>
		<originalLoanAmount>8500000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06510000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06510000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>46112.50000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>8500000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>06-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>MyPlace Storage - E. Cooke Road</propertyName>
			<propertyAddress>810 East Cooke Road</propertyAddress>
			<propertyCity>Columbus</propertyCity>
			<propertyState>OH</propertyState>
			<propertyZip>43214</propertyZip>
			<propertyCounty>Franklin</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>98500</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>98500</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsNumber>717</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>717</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1989</yearBuiltNumber>
			<valuationSecuritizationAmount>12700000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-23-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>12700000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-23-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.91400000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1159425.91000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>354971.00000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>804454.91000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>794604.91000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.43000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.42000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>8500000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>47649.58000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06510000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>47649.58000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>8500000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>8500000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>30</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>09-10-2025</originationDate>
		<originalLoanAmount>8000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.05400000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.05400000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>8000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-30-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Extra Space - Cockeysville</propertyName>
			<propertyAddress>11150 York Road</propertyAddress>
			<propertyCity>Cockeysville</propertyCity>
			<propertyState>MD</propertyState>
			<propertyZip>21030</propertyZip>
			<propertyCounty>Baltimore (city)</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>68334</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>68334</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>728</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2002</yearBuiltNumber>
			<valuationSecuritizationAmount>21400000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-29-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>21400000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-29-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.97000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1634469.64000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>447621.04000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1186848.60000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1175694.43000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>2.71000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>2.68000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>8000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>37200.00000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.05400000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>37200.00000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>8000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>8000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>31</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>07-31-2025</originationDate>
		<originalLoanAmount>8000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>08-01-2035</maturityDate>
		<originalAmortizationTermNumber>360</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.05900000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.05900000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>0</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>09-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>2</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>47450.92000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>7985042.47000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>5</graceDaysAllowedNumber>
		<interestOnlyIndicator>false</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>02-28-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Dollar Self Storage - Tucson</propertyName>
			<propertyAddress>2443 and 2505 North Dragoon Street</propertyAddress>
			<propertyCity>Tucson</propertyCity>
			<propertyState>AZ</propertyState>
			<propertyZip>85745</propertyZip>
			<propertyCounty>Pima</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>85810</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>85810</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>830</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1998</yearBuiltNumber>
			<yearLastRenovated>2005</yearLastRenovated>
			<valuationSecuritizationAmount>16800000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-10-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>16800000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-10-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.95400000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1604326.56000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>569307.03000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1035019.53000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1026438.53000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.82000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.80000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>7962975.81000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>47450.92000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.05900000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>40456.34000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>6994.58000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>7955981.23000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>7955981.23000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>32</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Starwood Mortgage Capital LLC</originatorName>
		<originationDate>08-29-2025</originationDate>
		<originalLoanAmount>7950000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06820000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06820000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>45182.50000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>7950000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>06-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Bloomfield Gardens Apartments</propertyName>
			<propertyAddress>400-606 East Bloomfield Street</propertyAddress>
			<propertyCity>Rome</propertyCity>
			<propertyState>NY</propertyState>
			<propertyZip>13440</propertyZip>
			<propertyCounty>Oneida</propertyCounty>
			<propertyTypeCode>MF</propertyTypeCode>
			<unitsBedsRoomsNumber>167</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>167</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1960</yearBuiltNumber>
			<valuationSecuritizationAmount>12600000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-08-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>12600000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-08-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.95200000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1448163.00000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>529684.00000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>918479.00000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>876729.00000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.67000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.59000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>7950000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>46688.58000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06820000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>46688.58000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>7950000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>7950000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>33</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Greystone Select Company II LLC</originatorName>
		<originationDate>09-04-2025</originationDate>
		<originalLoanAmount>7400000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06510000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06510000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>40145.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>7400000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>06-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>MyPlace Storage - Hawthorn Park</propertyName>
			<propertyAddress>6901 Hawthorn Park Drive</propertyAddress>
			<propertyCity>Indianapolis</propertyCity>
			<propertyState>IN</propertyState>
			<propertyZip>46220</propertyZip>
			<propertyCounty>Marion</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>70598</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>70598</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsNumber>626</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>626</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1976</yearBuiltNumber>
			<valuationSecuritizationAmount>11550000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-28-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>11550000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-28-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.86200000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>931929.16000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>262371.65000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>669557.51000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>662497.51000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.37000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.36000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>7400000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>41483.17000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06510000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>41483.17000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>7400000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>7400000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>34</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>07-01-2025</originationDate>
		<originalLoanAmount>6190000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>07-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06530000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06530000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>08-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>33683.92000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>6190000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>5</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-30-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Triangle RV Park North</propertyName>
			<propertyAddress>5871-5909 Wilkins Drive</propertyAddress>
			<propertyCity>Durham</propertyCity>
			<propertyState>NC</propertyState>
			<propertyZip>27705</propertyZip>
			<propertyCounty>Orange</propertyCounty>
			<propertyTypeCode>MH</propertyTypeCode>
			<unitsBedsRoomsNumber>149</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>149</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1967</yearBuiltNumber>
			<valuationSecuritizationAmount>10700000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>04-29-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>10700000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>04-29-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.96600000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1171030.20000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>477838.21000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>693191.99000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>682816.99000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.69000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.67000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>6190000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>34806.71000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06530000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>34806.71000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>6190000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>6190000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>35</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>09-05-2025</originationDate>
		<originalLoanAmount>6085800.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06460000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06460000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>6085800.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>2</NumberPropertiesSecuritization>
		<NumberProperties>2</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-30-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Infinite Self Storage - Greenfield I</propertyName>
			<propertyAddress>1794 Fields Boulevard</propertyAddress>
			<propertyCity>Greenfield</propertyCity>
			<propertyState>IN</propertyState>
			<propertyZip>46140</propertyZip>
			<propertyCounty>Hancock</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>40150</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>40150</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>274</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1999</yearBuiltNumber>
			<valuationSecuritizationAmount>5330000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>5330000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.95800000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>473799.00000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>152709.10000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>321089.90000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>317074.90000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
		</property>
		<property>
			<propertyName>Infinite Self Storage - Greenfield II</propertyName>
			<propertyAddress>1725 Fields Boulevard</propertyAddress>
			<propertyCity>Greenfield</propertyCity>
			<propertyState>IN</propertyState>
			<propertyZip>46140</propertyZip>
			<propertyCounty>Hancock</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>17525</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>17525</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>146</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2006</yearBuiltNumber>
			<valuationSecuritizationAmount>3490000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>3490000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.99100000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>307768.24000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>92903.33000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>214864.91000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>210434.91000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>6085800.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>33853.95000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06460000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>33853.95000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>6085800.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>6085800.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>36</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Zions Bancorporation, N.A.</originatorName>
		<originationDate>09-03-2025</originationDate>
		<originalLoanAmount>5700000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06690000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06690000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>31777.50000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>5700000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>05-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Bella Roe Plaza</propertyName>
			<propertyAddress>4950 and 4980 Roe Avenue</propertyAddress>
			<propertyCity>Roeland Park</propertyCity>
			<propertyState>KS</propertyState>
			<propertyZip>66205</propertyZip>
			<propertyCounty>Johnson</propertyCounty>
			<propertyTypeCode>RT</propertyTypeCode>
			<netRentableSquareFeetNumber>89226</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>89226</netRentableSquareFeetSecuritizationNumber>
			<yearBuiltNumber>2005</yearBuiltNumber>
			<valuationSecuritizationAmount>8500000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>08-12-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>8500000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>08-12-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<largestTenant>Price Chopper</largestTenant>
			<squareFeetLargestTenantNumber>79486</squareFeetLargestTenantNumber>
			<leaseExpirationLargestTenantDate>12-31-2030</leaseExpirationLargestTenantDate>
			<secondLargestTenant>Celebrate Dental and Braces</secondLargestTenant>
			<squareFeetSecondLargestTenantNumber>2800</squareFeetSecondLargestTenantNumber>
			<leaseExpirationSecondLargestTenantDate>12-31-2032</leaseExpirationSecondLargestTenantDate>
			<thirdLargestTenant>Innovate Business Consulting</thirdLargestTenant>
			<squareFeetThirdLargestTenantNumber>1640</squareFeetThirdLargestTenantNumber>
			<leaseExpirationThirdLargestTenantDate>03-31-2030</leaseExpirationThirdLargestTenantDate>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1212161.73000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>574822.01000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>637339.71000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>599581.86000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.65000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.55000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
			<mostRecentAnnualLeaseRolloverReviewDate>09-01-2025</mostRecentAnnualLeaseRolloverReviewDate>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>5700000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>32836.75000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06690000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>32836.75000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>5700000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>5700000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>37</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>07-01-2025</originationDate>
		<originalLoanAmount>5610000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>07-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06530000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06530000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>08-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>30527.75000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>5610000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>5</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-30-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Triangle RV Park South</propertyName>
			<propertyAddress>100 Buffalo Acres Lane</propertyAddress>
			<propertyCity>Garner</propertyCity>
			<propertyState>NC</propertyState>
			<propertyZip>27529</propertyZip>
			<propertyCounty>Wake</propertyCounty>
			<propertyTypeCode>MH</propertyTypeCode>
			<unitsBedsRoomsNumber>122</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>122</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1974</yearBuiltNumber>
			<valuationSecuritizationAmount>10150000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>04-29-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>10150000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>04-29-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.92600000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1019890.30000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>389160.12000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>630730.18000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>617130.18000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.70000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.66000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>5610000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>31545.34000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06530000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>31545.34000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>5610000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>5610000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>38</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>09-05-2025</originationDate>
		<originalLoanAmount>5490360.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06460000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06460000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>5490360.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-30-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Infinite Self Storage - Metropolis Parkway</propertyName>
			<propertyAddress>2176 Stout Heritage Parkway</propertyAddress>
			<propertyCity>Plainfield</propertyCity>
			<propertyState>IN</propertyState>
			<propertyZip>46168</propertyZip>
			<propertyCounty>Hendricks</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>62950</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>62950</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>496</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2008</yearBuiltNumber>
			<valuationSecuritizationAmount>9060000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>9060000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.84700000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>730363.00000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>248896.31000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>481466.69000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>471731.69000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.34000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.31000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>5490360.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>30541.65000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06460000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>30541.65000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>5490360.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>5490360.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>39</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>09-05-2025</originationDate>
		<originalLoanAmount>5460000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06460000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06460000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>5460000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-30-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Infinite Self Storage - New Lenox</propertyName>
			<propertyAddress>21827 South Schoolhouse Road</propertyAddress>
			<propertyCity>New Lenox</propertyCity>
			<propertyState>IL</propertyState>
			<propertyZip>60451</propertyZip>
			<propertyCounty>Will</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>52575</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>52575</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>368</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2000</yearBuiltNumber>
			<valuationSecuritizationAmount>7800000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>7800000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.86600000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>738638.00000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>232716.51000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>505921.49000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>498928.49000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.41000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.40000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>5460000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>30372.77000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06460000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>30372.77000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>5460000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>5460000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>40</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>08-29-2025</originationDate>
		<originalLoanAmount>5000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-01-2035</maturityDate>
		<originalAmortizationTermNumber>180</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.05610000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.05610000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>0</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>2</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>41146.62000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>4982228.38000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>5</graceDaysAllowedNumber>
		<interestOnlyIndicator>false</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>true</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>10-31-2027</prepaymentLockOutEndDate>
		<yieldMaintenanceEndDate>06-30-2035</yieldMaintenanceEndDate>
		<prepaymentPremiumsEndDate>06-30-2035</prepaymentPremiumsEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Lighthouse Self Storage</propertyName>
			<propertyAddress>10230 Colima Road</propertyAddress>
			<propertyCity>Whittier</propertyCity>
			<propertyState>CA</propertyState>
			<propertyZip>90603</propertyZip>
			<propertyCounty>Los Angeles</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>63944</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>63944</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>638</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2007</yearBuiltNumber>
			<valuationSecuritizationAmount>15430000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-25-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>15430000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-25-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.94100000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<DefeasedStatusCode>X</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1868473.80000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>834424.24000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>1034049.56000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>1027655.16000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>2.09000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>2.08000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>4929968.08000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>41146.62000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.05610000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>23815.85000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>17330.77000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>4912637.31000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>4912637.31000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>41</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>07-31-2025</originationDate>
		<originalLoanAmount>4850000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>08-01-2035</maturityDate>
		<originalAmortizationTermNumber>360</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.05900000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.05900000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>0</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>09-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>2</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>28767.12000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>4840932.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>5</graceDaysAllowedNumber>
		<interestOnlyIndicator>false</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>02-28-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Midvale Park Self Storage</propertyName>
			<propertyAddress>6565 South Headley Road</propertyAddress>
			<propertyCity>Tucson</propertyCity>
			<propertyState>AZ</propertyState>
			<propertyZip>85746</propertyZip>
			<propertyCounty>Pima</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>57608</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>57608</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>570</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1996</yearBuiltNumber>
			<valuationSecuritizationAmount>10400000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-10-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>10400000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-10-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.92900000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>993727.49000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>363284.33000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>630443.16000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>624682.16000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.83000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.81000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>4827554.08000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>28767.12000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.05900000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>24526.66000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>4240.46000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>4823313.62000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>4823313.62000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>42</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Starwood Mortgage Capital LLC</originatorName>
		<originationDate>09-17-2025</originationDate>
		<originalLoanAmount>4300000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06405000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06405000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>4300000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>06-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>1499 &amp; 1499A Nostrand Avenue</propertyName>
			<propertyAddress>1499 &amp;1499A Nostrand Avenue</propertyAddress>
			<propertyCity>Brooklyn</propertyCity>
			<propertyState>NY</propertyState>
			<propertyZip>11226</propertyZip>
			<propertyCounty>Kings</propertyCounty>
			<propertyTypeCode>MF</propertyTypeCode>
			<unitsBedsRoomsNumber>16</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>16</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2020</yearBuiltNumber>
			<valuationSecuritizationAmount>7100000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>09-04-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>7100000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>09-04-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>1.00000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>07-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>499556.00000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>108134.00000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>391422.00000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>387422.00000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.40000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.39000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>4300000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>23716.29000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06405000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>23716.29000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>4300000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>4300000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>43</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Greystone Select Company II LLC</originatorName>
		<originationDate>09-04-2025</originationDate>
		<originalLoanAmount>4300000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06510000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06510000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>23327.50000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>4300000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>06-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>MyPlace Storage - W 10th Street</propertyName>
			<propertyAddress>7937 West 10th Street</propertyAddress>
			<propertyCity>Indianapolis</propertyCity>
			<propertyState>IN</propertyState>
			<propertyZip>46214</propertyZip>
			<propertyCounty>Marion</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>49005</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>49005</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>531</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1985</yearBuiltNumber>
			<valuationSecuritizationAmount>6770000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-28-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>6770000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-28-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.92000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>595147.82000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>198093.91000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>397053.91000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>392152.91000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.40000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.38000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>4300000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>24105.08000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06510000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>24105.08000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>4300000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>4300000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>44</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>09-05-2025</originationDate>
		<originalLoanAmount>3425430.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06460000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06460000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>3425430.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-30-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Infinite Self Storage - Hendricks County</propertyName>
			<propertyAddress>1670 South Green Street 320</propertyAddress>
			<propertyCity>Brownsburg</propertyCity>
			<propertyState>IN</propertyState>
			<propertyZip>46112</propertyZip>
			<propertyCounty>Hendricks</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>63800</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>63800</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>418</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1993</yearBuiltNumber>
			<valuationSecuritizationAmount>5030000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>5030000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.85000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>534519.98000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>231471.23000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>303048.75000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>295427.75000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.35000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.32000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>3425430.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>19054.91000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06460000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>19054.91000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>3425430.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>3425430.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>45</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>09-05-2025</originationDate>
		<originalLoanAmount>3000000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.05850000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.05850000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>3000000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>07-31-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Bayonne MHC</propertyName>
			<propertyAddress>184-194, 191-197 West 24th Street</propertyAddress>
			<propertyCity>Bayonne</propertyCity>
			<propertyState>NJ</propertyState>
			<propertyZip>07002</propertyZip>
			<propertyCounty>Hudson</propertyCounty>
			<propertyTypeCode>MH</propertyTypeCode>
			<unitsBedsRoomsNumber>108</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>108</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1960</yearBuiltNumber>
			<yearLastRenovated>1994</yearLastRenovated>
			<valuationSecuritizationAmount>11500000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>04-02-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>11500000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>04-02-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.98100000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>05-31-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>1050285.08000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>588611.29000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>461673.79000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>455273.79000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>2.59000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>2.56000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>3000000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>15112.50000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.05850000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>15112.50000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>3000000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>3000000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>46</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>KeyBank National Association</originatorName>
		<originationDate>09-05-2025</originationDate>
		<originalLoanAmount>2676000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>10-01-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06460000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06460000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>11-01-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>2676000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>04-30-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>Infinite Self Storage - S Chicago Heights</propertyName>
			<propertyAddress>434 East Sauk Trail</propertyAddress>
			<propertyCity>South Chicago Heights</propertyCity>
			<propertyState>IL</propertyState>
			<propertyZip>60411</propertyZip>
			<propertyCounty>Cook</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>48350</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>48350</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsSecuritizationNumber>320</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>2001</yearBuiltNumber>
			<valuationSecuritizationAmount>4000000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>06-27-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>4000000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>06-27-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.85500000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-01-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>590113.00000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>351658.43000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>238454.57000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>232773.57000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.36000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.33000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>2676000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>14885.99000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06460000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00023160</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>14885.99000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>2676000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>2676000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-01-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>KeyBank National Association</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
	<assets>
		<assetTypeNumber>Prospectus Loan ID</assetTypeNumber>
		<assetNumber>47</assetNumber>
		<GroupID>1</GroupID>
		<reportingPeriodBeginningDate>01-13-2026</reportingPeriodBeginningDate>
		<reportingPeriodEndDate>02-11-2026</reportingPeriodEndDate>
		<originatorName>Greystone Select Company II LLC</originatorName>
		<originationDate>09-04-2025</originationDate>
		<originalLoanAmount>2400000.00000000</originalLoanAmount>
		<originalTermLoanNumber>120</originalTermLoanNumber>
		<maturityDate>09-06-2035</maturityDate>
		<originalAmortizationTermNumber>0</originalAmortizationTermNumber>
		<originalInterestRatePercentage>.06510000</originalInterestRatePercentage>
		<interestRateSecuritizationPercentage>.06510000</interestRateSecuritizationPercentage>
		<interestAccrualMethodCode>3</interestAccrualMethodCode>
		<originalInterestRateTypeCode>1</originalInterestRateTypeCode>
		<originalInterestOnlyTermNumber>120</originalInterestOnlyTermNumber>
		<firstLoanPaymentDueDate>10-06-2025</firstLoanPaymentDueDate>
		<underwritingIndicator>true</underwritingIndicator>
		<lienPositionSecuritizationCode>1</lienPositionSecuritizationCode>
		<loanStructureCode>WL</loanStructureCode>
		<paymentTypeCode>3</paymentTypeCode>
		<periodicPrincipalAndInterestPaymentSecuritizationAmount>13020.00000000</periodicPrincipalAndInterestPaymentSecuritizationAmount>
		<scheduledPrincipalBalanceSecuritizationAmount>2400000.00000000</scheduledPrincipalBalanceSecuritizationAmount>
		<paymentFrequencyCode>1</paymentFrequencyCode>
		<NumberPropertiesSecuritization>1</NumberPropertiesSecuritization>
		<NumberProperties>1</NumberProperties>
		<graceDaysAllowedNumber>0</graceDaysAllowedNumber>
		<interestOnlyIndicator>true</interestOnlyIndicator>
		<balloonIndicator>true</balloonIndicator>
		<prepaymentPremiumIndicator>false</prepaymentPremiumIndicator>
		<negativeAmortizationIndicator>false</negativeAmortizationIndicator>
		<modifiedIndicator>false</modifiedIndicator>
		<prepaymentLockOutEndDate>06-05-2035</prepaymentLockOutEndDate>
		<deferredInterestCumulativeAmount>.00000000</deferredInterestCumulativeAmount>
		<deferredInterestCollectedAmount>.00000000</deferredInterestCollectedAmount>
		<property>
			<propertyName>MyPlace Storage - E. Voorhees Street</propertyName>
			<propertyAddress>1810 East Voorhees Street</propertyAddress>
			<propertyCity>Danville</propertyCity>
			<propertyState>IL</propertyState>
			<propertyZip>61832</propertyZip>
			<propertyCounty>Vermilion</propertyCounty>
			<propertyTypeCode>SS</propertyTypeCode>
			<netRentableSquareFeetNumber>41850</netRentableSquareFeetNumber>
			<netRentableSquareFeetSecuritizationNumber>41850</netRentableSquareFeetSecuritizationNumber>
			<unitsBedsRoomsNumber>295</unitsBedsRoomsNumber>
			<unitsBedsRoomsSecuritizationNumber>322</unitsBedsRoomsSecuritizationNumber>
			<yearBuiltNumber>1996</yearBuiltNumber>
			<valuationSecuritizationAmount>3830000.00000000</valuationSecuritizationAmount>
			<valuationSourceSecuritizationCode>MAI</valuationSourceSecuritizationCode>
			<valuationSecuritizationDate>07-28-2025</valuationSecuritizationDate>
			<mostRecentValuationAmount>3830000.00000000</mostRecentValuationAmount>
			<mostRecentValuationDate>07-28-2025</mostRecentValuationDate>
			<mostRecentValuationSourceCode>MAI</mostRecentValuationSourceCode>
			<physicalOccupancySecuritizationPercentage>.93000000</physicalOccupancySecuritizationPercentage>
			<propertyStatusCode>6</propertyStatusCode>
			<defeasanceOptionStartDate>11-06-2027</defeasanceOptionStartDate>
			<DefeasedStatusCode>N</DefeasedStatusCode>
			<financialsSecuritizationDate>06-30-2025</financialsSecuritizationDate>
			<revenueSecuritizationAmount>427494.71000000</revenueSecuritizationAmount>
			<operatingExpensesSecuritizationAmount>208769.83000000</operatingExpensesSecuritizationAmount>
			<netOperatingIncomeSecuritizationAmount>218724.88000000</netOperatingIncomeSecuritizationAmount>
			<netCashFlowFlowSecuritizationAmount>214539.88000000</netCashFlowFlowSecuritizationAmount>
			<netOperatingIncomeNetCashFlowSecuritizationCode>UW</netOperatingIncomeNetCashFlowSecuritizationCode>
			<netOperatingIncomeNetCashFlowCode>CREFC</netOperatingIncomeNetCashFlowCode>
			<debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>1.38000000</debtServiceCoverageNetOperatingIncomeSecuritizationPercentage>
			<debtServiceCoverageNetCashFlowSecuritizationPercentage>1.35000000</debtServiceCoverageNetCashFlowSecuritizationPercentage>
			<debtServiceCoverageSecuritizationCode>F</debtServiceCoverageSecuritizationCode>
		</property>
		<assetAddedIndicator>false</assetAddedIndicator>
		<reportPeriodModificationIndicator>false</reportPeriodModificationIndicator>
		<reportPeriodBeginningScheduleLoanBalanceAmount>2400000.00000000</reportPeriodBeginningScheduleLoanBalanceAmount>
		<totalScheduledPrincipalInterestDueAmount>13454.00000000</totalScheduledPrincipalInterestDueAmount>
		<reportPeriodInterestRatePercentage>.06510000</reportPeriodInterestRatePercentage>
		<servicerTrusteeFeeRatePercentage>.00014410</servicerTrusteeFeeRatePercentage>
		<scheduledInterestAmount>13454.00000000</scheduledInterestAmount>
		<scheduledPrincipalAmount>.00000000</scheduledPrincipalAmount>
		<otherPrincipalAdjustmentAmount>.00000000</otherPrincipalAdjustmentAmount>
		<reportPeriodEndActualBalanceAmount>2400000.00000000</reportPeriodEndActualBalanceAmount>
		<reportPeriodEndScheduledLoanBalanceAmount>2400000.00000000</reportPeriodEndScheduledLoanBalanceAmount>
		<paidThroughDate>02-06-2026</paidThroughDate>
		<servicingAdvanceMethodCode>1</servicingAdvanceMethodCode>
		<nonRecoverabilityIndicator>false</nonRecoverabilityIndicator>
		<totalPrincipalInterestAdvancedOutstandingAmount>.00000000</totalPrincipalInterestAdvancedOutstandingAmount>
		<totalTaxesInsuranceAdvancesOutstandingAmount>.00000000</totalTaxesInsuranceAdvancesOutstandingAmount>
		<otherExpensesAdvancedOutstandingAmount>.00000000</otherExpensesAdvancedOutstandingAmount>
		<paymentStatusLoanCode>0</paymentStatusLoanCode>
		<primaryServicerName>Midland Loan Services</primaryServicerName>
		<assetSubjectDemandIndicator>false</assetSubjectDemandIndicator>
		<prepaymentPremiumYieldMaintenanceReceivedAmount>.00000000</prepaymentPremiumYieldMaintenanceReceivedAmount>
	</assets>
</assetData>
