Press Release|CMBS
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KBRA Affirms All Outstanding Ratings for BAMLL 2025-ASHF

13 Feb 2026   |   New York

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KBRA affirms all outstanding ratings for BAMLL 2025-ASHF, a CMBS single-borrower transaction. The affirmations follow a surveillance review of the transaction, which has exhibited stable performance since securitization.

The transaction collateral is a non-recourse, first lien mortgage loan backed by the borrowers’ fee simple and (including operating lessees’) leasehold interests in 16 lodging properties totaling 4,145 keys located in 11 states. The portfolio consists of 14 full-service hotels totaling 3,627 keys (92.3% of loan balance), one extended-stay property totaling 350 keys (6.0%), and one select-service property totaling 168 keys (1.6%). All but one of the portfolio properties are affiliated with national hotel chains under Marriott International (nine hotels, 2,558 keys, 56.9%), Hilton Worldwide (five hotels, 1,165 keys, 22.9%), and Hyatt Hotels (one hotel, 254 keys, 14.5%), and the hotels are operated under eight national flags: Marriott (four hotels, 28.7%), Hilton (three hotels, 17.4%), Hyatt Regency (one hotel, 14.5%), Sheraton (two hotels, 12.8%), Westin (one hotel, 7.8%), Residence Inn (one hotel, 6.0%), Embassy Suites (two properties, 5.5%), and Courtyard (one hotel, 1.6%). The properties are cross-collateralized and cross-defaulted and the loan has an outstanding principal balance of $580.0 million ($105,992 per key) as of January 2026.

KBRA analyzed the cash flow for the properties utilizing information from the trustee and servicer to determine KNCF. The analysis produced a KNCF of $57.2 million and a KBRA value of $529.9 million ($127,850 per key). The resulting in-trust KLTV is 109.4%, compared to 116.3% at securitization. KBRA assigns a KPO of Perform to the loan.

To access ratings and relevant documents, click here.

Click here to view the report.

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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: 1013483