Press Release|CMBS
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KBRA Upgrades Five Ratings and Affirms One Rating for BX 2022-IND

9 Apr 2026   |   New York

Contacts

KBRA upgrades the ratings of five classes of certificates and affirms one outstanding rating for BX Trust 2022-IND, a CMBS single-borrower transaction. The ratings actions follow a surveillance review of the transaction, which has exhibited a significant improvement in KLTV and KBRA debt yield since last review and securitization.

At securitization, the transaction was secured by a $1.76 billion first-lien whole mortgage loan backed by a portfolio of 116 properties (115 industrial and one office) totaling 19.2 million sf. Since closing, 46 property releases (18 since last review) have decreased the portfolio to 70 properties and reduced the outstanding balance to $1.01 billion as of the March 2026 remittance period. The portfolio now totals 11.4 million sf that is leased to approximately 100 tenants. The properties are located across 13 states. The floating-rate, interest-only loan has an initial term of two years and allows three one-year extension options. The initial maturity was in April 2024, and the servicer reported that the borrower has requested to exercise its third 12-month extension option, which would extend the loan to April 2027. The sponsors of the borrowers are affiliates of Blackstone Real Estate Partners, which is managed by The Blackstone Group (NYSE: BX).

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $77.5 million and a KBRA value of $1.00 billion ($88 per sf). The resulting in-trust KLTV is 100.6%, compared to 108.9% at last review and 130.2% at securitization. KBRA maintains a KPO of Perform for the loan.Details concerning the class with a rating change is as follows:

  • Class B to AAA (sf) from AA- (sf)
  • Class C to AA+ (sf) from A- (sf)
  • Class D to AA- (sf) from BBB (sf)
  • Class E to A- (sf) from BB- (sf)
  • Class F to BB (sf) from B- (sf)

Details concerning the class with rating affirmation is as follows:

  • Class A at AAA (sf)

To access ratings and relevant documents, click here.

Click here to view the report.

Related Publication

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1014358