Press Release: Fitch Assigns Expected Ratings to BBCMS Mortgage Trust 2026-5C43

The following is a press release from Fitch Ratings Fitch Ratings-New York-06 October 2026 Fitch has assigned expected ratings and Rating Outlooks to BBCMS Mortgage Trust 2026-5C43 commercial mortgage pass-through certificates, series 2026-5C43, as follows BBCMS 2026-5C43 ---A-1; Long Term Rating; Expected Rating; AAA(EXP)sf; Rating Outlook Stable ---A-2; Long Term Rating; Expected Rating; AAA(EXP)sf; Rating Outlook Stable ---A-3; Long Term Rating; Expected Rating; AAA(EXP)sf; Rating Outlook Stable ---A-S; Long Term Rating; Expected Rating; AAA(EXP)sf; Rating Outlook Stable ---B; Long Term Rating; Expected Rating; AA-(EXP)sf; Rating Outlook Stable ---C; Long Term Rating; Expected Rating; A-(EXP)sf; Rating Outlook Stable ---D; Long Term Rating; Expected Rating; BBB(EXP)sf; Rating Outlook Stable ---E; Long Term Rating; Expected Rating; BBB-(EXP)sf; Rating Outlook Stable ---F-RR; Long Term Rating; Expected Rating; BB-(EXP)sf; Rating Outlook Stable ---G-RR; Long Term Rating; Expected Rating; B(EXP)sf; Rating Outlook Stable ---J-RR; Long Term Rating; Expected Rating; NR(EXP)sf ---X-A; Long Term Rating; Expected Rating; AAA(EXP)sf; Rating Outlook Stable ---X-B; Long Term Rating; Expected Rating; A-(EXP)sf; Rating Outlook Stable ---X-D; Long Term Rating; Expected Rating; BBB-(EXP)sf; Rating Outlook Stable -$9,055,000 Class A-1 'AAA(EXP)sf'; Outlook Stable; -$125,000,000a Class A-2 'AAA(EXP)sf'; Outlook Stable; -$558,585,000a Class A-3 'AAA(EXP)sf'; Outlook Stable; -$692,640,000b Class X-A 'AAA(EXP)sf'; Outlook Stable; -$103,896,000 Class A-S 'AAA(EXP)sf'; Outlook Stable; -$47,001,000 Class B 'AA-(EXP)sf'; Outlook Stable; -$39,579,000 Class C 'A-(EXP)sf'; Outlook Stable; -$190,476,000bc Class X-B 'A-(EXP)sf'; Outlook Stable; -$21,027,000c Class D 'BBB(EXP)sf'; Outlook Stable; -$30,922,000bc Class X-D 'BBB-(EXP)sf'; Outlook Stable; -$9,895,000c Class E 'BBB-(EXP)sf'; Outlook Stable; -$19,789,000cd Class F-RR 'BB-(EXP)sf'; Outlook Stable; -$9,895,000cd Class G-RR 'B(EXP)sf'.

Fitch does not expect to rate the following class -$45,764,532cd Class J-RR 'NR(EXP)sf'. (a) The exact initial certificate balances of the class A-2 and class A-3 certificates are unknown but will be $683,585,000 in aggregate, subject to a variance of plus or minus 5%. The certificate balances will be determined based on the final pricing of these classes of certificates. The expected class A-2 balance range is $0-$250,000,000, and the expected class A-3 balance range is $433,585,000-$683,585,000.

Fitch's certificate balances for classes A-2 and A-3 reflect the midpoints of each respective range. (b) Notional amount and interest only. (c) Privately placed and pursuant to Rule 144A. (d) Horizontal risk retention.

Transaction Summary The certificates represent the beneficial ownership interest in the trust, the primary assets of which are 43 loans secured by 98 commercial properties with an aggregate principal balance of $989,486,533 as of the cutoff date. ; Natixis Real Estate Capital LLC; German American Capital Corporation; Starwood Mortgage Capital LLC; UBS AG New York Branch; and BSPRT CMBS Finance, LLC, which will act as mortgage loan sellers. The master servicer is expected to be Trimont LLC and the special servicer is expected to be Rialto Capital Advisors, LLC.

Midland Loan Services, a Division of PNC Bank, National Association is expected to be the primary servicer with respect to the Clackamas Town Center whole loan. Computershare Trust Company, National Association will act as the trustee and certificate administrator. The operating advisor and asset representations reviewer will be Park Bridge Lender Services LLC. The certificates are expected to follow a sequential paydown structure.

6% of the pool by balance, including all of the largest 20 loans in the pool. 1% decline from the issuer's underwritten NCF of $121,979,683 million. S. private label multiborrower transactions rated by Fitch.

0%, respectively. 7%. Lower Loan Concentration: The pool is less concentrated than in transactions recently rated by Fitch. 5%, respectively.

8, respectively. 7. Despite this higher count, the pool exhibits elevated concentration in retail and office properties. 3%, respectively.

3% of the pool. 9%. 7% of the pool. Pools with greater property-type concentration face a greater risk of losses, all else equal.

Shorter Duration Loans: The pool is 100% comprised of loans with five-year terms, whereas standard conduit transactions have historically included mostly loans with 10-year terms. Fitch's historical loan performance analysis shows that five-year loans have a modestly lower probability of default (PD) than 10-year loans, all else equal. This is mainly attributable to the shorter window of exposure to potential adverse economic conditions. Fitch considered its loan performance regression in its analysis of the pool.

RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Declining cash flow decreases property value and capacity to meet debt service obligations. The table below indicates the model-implied rating sensitivity to changes in one variable, Fitch NCF -Original Rating: 'AAAsf'/AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBB-sf'; -10% NCF Decline: 'AAAsf'/AAsf'/'Asf'/'BBBsf'/'BB+sf'/'BB-sf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Improvement in cash flow increases property value and capacity to meet debt service obligations.

The table below indicates the model-implied rating sensitivity to changes to in one variable, Fitch NCF -Original Rating: 'AAAsf'/AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBB-sf'; -10% NCF Increase: 'AAAsf'/AAAsf'/'AA+sf'/'Asf'/'BBB+sf'/'BBBsf'. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by Ernst & Young LLP. The third-party due diligence described in Form 15E focused on a comparison and re-computation of certain characteristics with respect to each of the mortgage loans. Fitch considered this information in its analysis, and it did not have an effect on Fitch's analysis or conclusions.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS A description of the transaction's representations, warranties and enforcement mechanisms (RW&Es) that are disclosed in the offering document and which relate to the underlying asset pool is available by clicking the link to the Appendix.

The appendix also contains a comparison of these RW&Es to those Fitch considers typical for the asset class as detailed in the Special Report titled 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions'. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity.

Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. com Fitch Ratings, Inc. Hearst Tower 300 W. com Fitch Ratings, Inc.

Hearst Tower 300 W. 57th Street New York, NY 10019 (MORE TO FOLLOW) Dow Jones Newswires October 06, 2026 19:17 ET (23:17 GMT) The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.