Barclays Commercial Mortgage Securities LLC issued a new commercial mortgage-backed security (CMBS) trust on October 29, 2026. The trust, known as BBCMS Mortgage Trust 2026-5C43, issued Commercial Mortgage Pass-Through Certificates, Series 2026-5C43. The transaction was executed pursuant to a pooling and servicing agreement dated October 1, 2026.
The Certificates represent the beneficial ownership in the Issuing Entity, a common law trust fund formed under New York law. The assets of the trust consist of 43 commercial, multifamily, and manufactured housing community mortgage loans. The loans were purchased by the Registrant from a group of sponsors, including Barclays Capital Real Estate Inc., Wells Fargo Bank, National Association, and UBS AG New York Branch.
The Certificates were sold in two tranches: Public Certificates and Private Certificates. The Public Certificates, totaling an aggregate principal amount of $883,116,000, were sold to eight underwriters. These underwriters include Barclays Capital Inc., Deutsche Bank Securities Inc., Citigroup Global Markets Inc., UBS Securities LLC, Wells Fargo Securities, LLC, Natixis Securities Americas LLC, Bancroft Capital, LLC, and Academy Securities, Inc.
The Private Certificates were sold to the same group of Initial Purchasers. This portion of the issuance was exempt from registration under the Securities Act of 1933, Section 4(a)(2). The net proceeds from the sale of the Public Certificates, after deducting expenses of approximately $8,699,365.72, were approximately $897,082,010.54.
In accordance with federal credit risk retention rules, RREF V - D Direct Lending Investments, LLC, acting as retaining sponsor, purchased eligible interests in the Certificates. These purchases included an eligible vertical interest representing approximately 1.0556% of the initial certificate balance and an eligible horizontal residual interest in the Class F-RR, Class G-RR, and Class J-RR certificates for $39,461,383.
