{"url_path":"/sec/cik-0002063065/8-k/2026-07-08/item-6-02","section_key":"item-6-02","section_title":"Item 6.02 Change of Servicer or Trustee**","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-07-08","source_url":"https://www.sec.gov/Archives/edgar/data/2063065/0001888524-26-012450-index.html","accession_number":"0001888524-26-012450","cik":"0002063065","ticker":null,"issuer_name":"Benchmark 2025-V17 Mortgage Trust","edgar_url":"https://www.sec.gov/Archives/edgar/data/2063065/0001888524-26-012450-index.html","primary_entity_key":"0002063065","primary_entity_name":"Benchmark 2025-V17 Mortgage Trust"},"word_count":1220,"has_tables":true,"body_markdown":"**Item\n6.02 – Change of Servicer or Trustee**\n\nEffective as of July 8, 2026, Torchlight Loan\nServices, LLC, a Delaware limited liability company (“Torchlight”), will\nact as special servicer for the BMARK 2025-V17 securitization, replacing\nGreystone Servicing Company LLC. Torchlight was appointed at the\ndirection of 400 Capital Management LLC, the Directing Holder under the pooling\nand servicing agreement for the BMARK 2025-V17 securitization (the “PSA”).\nIn such capacity, Torchlight will be responsible for the servicing and\nadministration of specially serviced mortgage loans serviced under the PSA (and\nthe servicing and administration of any related REO property) and processing\nand performing certain reviews of material actions with respect to the mortgage\nloan serviced under the PSA when such mortgage loans are not specially\nserviced. Capitalized terms used but not defined herein shall have the meanings\nassigned to them in the PSA.\n\nTorchlight’s\nexecutive office and principal special servicing office are located at 90 Park\nAvenue, 20th Floor, New York, New York 10016. Torchlight is wholly owned\nby Torchlight Investors, LLC, which invests across a broad array of commercial\nreal estate investments, including senior and mezzanine loans, preferred\nequity, equity and investment grade and non-investment grade CMBS on behalf of\ninstitutional investors.\n\nTorchlight\nhas substantial experience in working out loans and has been engaged in\nservicing CMBS assets since December 2007. Torchlight’s then affiliated\npredecessor had been engaged in servicing CMBS assets since 1998. In the past\ntwenty-seven years, Torchlight has resolved over $12.2 billion of U.S.\ncommercial and multifamily loans.\n\nThe table\nbelow sets forth information about Torchlight’s portfolio of specially serviced\ncommercial and multifamily mortgage loans as of the dates indicated:\n\n**CMBS\nPools**\n\n**As of\n12/31/2023**\n\n**As of\n12/31/2024**\n\n**As of\n12/31/2025**\n\n**As of\n3/31/2026**\n\nBy Approximate\nNumber..............................\n\n19\n\n18\n\n36\n\n42\n\nNamed Specially Serviced Portfolio By\nApproximate Aggregate Unpaid Principal Balance(1).......................................................\n\n$8,187,369,702\n\n$9,980,161,249\n\n$18,362,085,212\n\n24,157,139,861\n\nActively Specially Serviced Portfolio By\nApproximate Number of Loans(2)..................\n\n41\n\n42\n\n54\n\n55\n\nActively Specially Serviced Portfolio By\nApproximate Aggregate Unpaid Principal Balance(2).......................................................\n\n$2,555,583,096\n\n$2,756,939,609\n\n$3,080,015,916\n\n$3,486,219,132\n\n(1)\nIncludes all loans in Torchlight’s portfolio for which Torchlight is the named\nspecial servicer, regardless of whether such loans are, as of the specified\ndate, specially serviced loans.\n\n(2) Includes\nonly those loans in the portfolio that, as of the specified date, are specially\nserviced loans, including REO loans.\n\nAs of\nDecember 31, 2025, 21 personnel were involved in the special servicing of\ncommercial real estate assets for Torchlight, of which 4 were dedicated to the\nspecial servicing business unit. As of December 31, 2025, Torchlight specially\nserviced a portfolio that included approximately 54 loans secured by properties\nthroughout the United States, the District of Columbia and Puerto Rico with a\nthen-current face value in excess of $3.0 billion, all of which are commercial\nor multifamily real estate assets. The portfolio includes commercial real\nestate mortgage loans secured by the same types of income producing properties\nas those securing the Mortgage Loans backing the Certificates. Accordingly, the\nassets that Torchlight services as well as assets owned by its affiliates may,\ndepending upon the particular circumstances, including the nature and location\nof such assets, compete with the Mortgaged Properties securing the Mortgage\nLoans for tenants, purchasers, financing and so forth. Torchlight does not service\nor manage any assets other than commercial and multifamily real estate assets.\n\nTorchlight\nhas developed policies and procedures for the performance of its special\nservicing obligations in compliance with applicable servicing criteria set\nforth in Item 1122 of Regulation AB, including managing delinquent loans and\nloans subject to the bankruptcy of the borrower. Torchlight has recognized that\ntechnology can greatly improve its performance as a special servicer, and\nTorchlight’s intranet-based infrastructure provides improved controls for\ncompliance with trust/pooling and servicing agreements, loan administration and\nprocedures in workout/resolution. Standardization and automation have been\npursued, and continue to be pursued, wherever practicable to provide for\nimproved accuracy, efficiency, transparency, monitoring and controls.\n\nTorchlight\nutilizes the services of certain contractors to augment its personnel.\nTorchlight does not have any material primary advancing obligations with\nrespect to the CMBS pools as to which it acts as special servicer and\naccordingly Torchlight does not believe that its financial condition will have\nany adverse effect on the performance of its duties under the PSA nor any\nmaterial impact on the mortgage pool performance or the performance of the\nCertificates.\n\nTorchlight\nwill not have primary responsibility for custody services of original documents\nevidencing the Mortgage Loans. On occasion, Torchlight may have custody of\ncertain of such documents as necessary for enforcement actions involving the\nMortgage Loans or otherwise. To the extent that Torchlight has custody of any\nsuch documents, such documents will be maintained in a manner consistent with\nthe servicing standard. There are currently no legal proceedings pending\nagainst Torchlight, nor are any known to be contemplated by governmental\nauthorities, that are material to the Certificateholders.\n\nNo\nsecuritization transaction involving commercial or multifamily mortgage loans\nin which Torchlight was acting as special servicer has experienced an event of\ndefault as a result of any action or inaction performed by Torchlight as\nspecial servicer. In addition, there has been no previous disclosure of\nmaterial non-compliance with servicing criteria by Torchlight with respect to\nany other securitization transaction involving commercial or multifamily\nmortgage loans in which Torchlight was acting as special servicer.\n\nFrom time to\ntime, Torchlight and its affiliates are parties to lawsuits and other legal\nproceedings arising in the ordinary course of business. Torchlight does not\nbelieve that any such lawsuits or legal proceedings would, individually or in\nthe aggregate, have a material adverse effect on its business or its ability to\nserve as special servicer.\n\nTorchlight\nis not an affiliate of the Depositor, the Mortgage Loan Sellers, the issuing\nentity, the Master Servicer, the Trustee, the Certificate Administrator, the\nOperating Advisor, the Asset Representations Reviewer or any originators of the\nMortgage Loans. There are no specific relationships involving or relating to\nthis transaction or the securitized Mortgage Loans between Torchlight or any of\nits affiliates, on the one hand, and the Depositor or the issuing entity, on\nthe other hand, that currently exist or that existed during the past two years.\n\nFrom\ntime to time, Torchlight or its affiliates may acquire Certificates in the\nsecondary market and will be able to dispose of those Certificates at any time.\n\nTorchlight\nmay enter into one or more arrangements with the Controlling Class\nCertificateholder or any person with the right to appoint or remove and replace\nthe special servicer to provide for a discount and/or revenue sharing with\nrespect to certain of the special servicer compensation in consideration of,\namong other things, Torchlight’s appointment as Special Servicer under the PSA\nand any related intercreditor agreement and limitations on such person’s right\nto replace the special servicer.\n\nThe\nDepositor, the Mortgage Loan Sellers, the Master Servicer, the Trustee, the\nCertificate Administrator, the Operating Advisor and the Asset Representations\nReviewer may maintain banking and other commercial relationships with\nTorchlight and its affiliates.\n\nSIGNATURES\n\nPursuant to the requirements of the Securities\nExchange Act of 1934, the registrant has duly caused this report to be signed\non its behalf by the undersigned hereunto duly authorized.\n\nDEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION\n\nBy: /s/ Robert-Christopher Jones\n\nName: Robert-Christopher Jones\n\nTitle: Managing Director\n\nBy:  /s/ Matt Smith\n\nName: Matt Smith\n\nTitle: Director\n\nDated: July 8, 2026"}