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KBRA Affirms All Ratings for BMO 2022-C3

1 Oct 2026   |   New York

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KBRA affirms all of its outstanding ratings for BMO 2022-C3, a $716.7 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited a slight decline in overall performance since securitization. However, the magnitude of the changes does not warrant ratings adjustments at this time.

As of the September 2026 remittance period, there are four specially serviced loans (5.6% of the pool balance), consisting of one (3.8%) that is 90+ days delinquent and three (1.7%) that are in foreclosure. KBRA identified nine K-LOCs (18.8%), including the specially serviced assets. Three of the K-LOCs (4.7%) have estimated losses. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 1A4 Park West Village MF 37,500 5.2% N C N DSCR 02/26/2025 - - 3A1 Yorkshire & Lexington Towers MF 37,000 5.2% N C Y Prior SS 01/08/2025 - - 10A1 Saks Fulfillment Center IN 27,500 3.8% Y 90+ N Specially Serviced 02/05/2026 $6,115 22.2% 25 3455 Veterans Hwy OF 10,000 1.4% N C N DSCR 10/15/2024 - - 30A3-B A&R Hospitality Portfolio LO 7,250 1.0% N C N IO Expiration 10/09/2024 - - 33 Sunset Apartment Portfolio MF 6,186 0.9% Y 90+ N Specially Serviced 05/12/2023 - - 44 561 Clinton Street MU 3,500 0.5% Y 90+ N Foreclosure 01/23/2023 $832 23.8% 45 Greenhaven Townhouses MF 3,021 0.4% N 30+ N Maturity 01/06/2026 - - 48 2015 Walnut Street MU 2,700 0.4% Y 90+ N Specially Serviced 08/09/2023 $434 16.1% Total K-LOCs $134,656 18.8% $7,380 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In-Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOCs with estimated losses, the transaction’s WA KLTV is 97.0%, compared to 97.7% at last review and 96.3% at securitization. The KDSC is 1.68x, in line with last review, and compared to 1.66x at securitization.

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.

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