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KBRA Affirms All Outstanding Ratings for MSBAM 2015-C26

3 Oct 2025   |   New York

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KBRA affirms all of its outstanding ratings for MSBAM 2015-C26, a $374.0 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with KBRA's last ratings change in October 2024.

As of the September 2025 remittance period, two loans (45.3% of the pool balance) are specially serviced. KBRA identified seven K-LOCs (60.1%), inclusive of the specially serviced assets. Of the K-LOCs, two (22.4%) have estimated losses. The K-LOCs are depicted in the table below.

K-LOCs Loss Given Default (000s) Loss Severity 1 535-545 Fifth Avenue MU 110,000 29.4% Y NPM N Non-Performing Maturity Balloon 04/29/2024 - - 4 Palmer Center OF 59,401 15.9% Y NPM N Specially Serviced 09/26/2023 $8,049 13.6% 6 Skylight Office Tower OF 24,188 6.5% N C N Maturity 10/29/2024 $10,540 43.6% 19 Hampton Inn & Suites Roanoke, VA LO 11,853 3.2% N C Y DSCR 09/22/2020 - - 26 Oglethorpe Office Park OF 9,862 2.6% N C N Occupancy 02/14/2023 - - 45 Best Western Plus International Speedway LO 5,238 1.4% N NPM N Non-Performing Maturity Balloon 09/23/2025 - - 53 20 N. Raymond MU 4,371 1.2% N C N Occupancy 04/09/2024 - - Total K-LOCs $224,914 60.1% $18,589 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 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 K-LOCs with estimated losses, the transaction’s WA KLTV is 87.0%, compared to 83.8% at KBRA's last rating change and 98.3% at securitization. The KDSC is 2.12x, compared to 1.99x at KBRA's last rating change and 1.81x at securitization.

To access ratings and relevant documents, click here.

Click here to view the report.

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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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