Press Release|CMBS
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KBRA Affirms All Ratings for BBCMS 2022-C15

4 Mar 2026   |   New York

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KBRA affirms all outstanding ratings for BBCMS 2022-C15, a $1.0 billion CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since KBRA's last ratings change in March 2025.

As of the February 2026 remittance period, there are four specially serviced loans (6.9%), including two in foreclosure (4.5%). KBRA identified nine K-LOCs (16.0%), including the specially serviced loans. Of the K-LOCs, two (4.5%) have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 10A3 26 Broadway OF $33,900 3.3% N C N Occupancy 03/02/2026 - - 11 Autumn Lakes MF $29,625 2.9% N C N DSCR 12/11/2024 - - 15 Salina Meadows Office Park OF $24,503 2.4% Y 90+ N Foreclosure 06/02/2023 $20,793 84.9% 18A6 1100 & 820 First Street NE OF $21,000 2.1% Y FCL N Foreclosure 06/02/2025 $9,287 44.2% 19 VVF IN $20,820 2.0% Y C Y Forbearance 02/26/2024 - - 25A2 NYC MFRT Portfolio MU $15,200 1.5% N C N Occupancy 02/27/2024 - - 33 Brush Hill Office Flex OF $8,557 0.8% N C N Occupancy 01/08/2024 - - 40 Pine Ridge Square RT $4,851 0.5% N C N Lease Rollover 01/08/2025 - - 44 Walgreens - Waterbury RT $4,180 0.4% Y C N Recent Delinquency 05/09/2024 - - Total K-LOCs $162,636 16.0% $30,079 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 losses, the transaction's WA KLTV is 103.5%, compared to 103.3% at last ratings change in March 2025 and 96.7% at securitization. The WA KDSC is 2.23x, compared to 2.25x at last ratings change and 2.40x 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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