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KBRA Affirms All Ratings for BBCMS 2022-C18

12 Dec 2025   |   New York

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KBRA affirms all of its outstanding ratings for BBCMS 2022-C18, a $788.9 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited overall stable pool performance since securitization.

As of the November 2025 remittance period, there are two specially serviced loans (5.6% of the pool balance), both of which are delinquent. KBRA identified eight loans (13.1%) as K-LOCs, including the specially serviced loans, none of which have estimated losses. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 14 HERE Campus OF 24,800 3.1% N C N Occupancy 09/09/2024 - - 15A1 The Showboat Hotel LO 24,145 3.1% Y 30+ N Delinquency 03/26/2025 - - 16A2 Wyndham National Hotel LO 20,123 2.6% Y 90+ N Delinquency 05/28/2024 - - 25 Pompano Beach Village MU 10,000 1.3% N C N DSCR 07/10/2025 - - 29 Wynwood Retail RT 8,600 1.1% N C N DSCR 04/01/2025 - - 31A3 Park West Village MF 7,500 1.0% N C N DSCR 02/26/2025 - - 34 Delmont Village RT 4,500 0.6% N C N Recent DQ 02/13/2025 - - 36 Extra Closet Storage SS 3,448 0.4% N C N IO Expiration 08/01/2025 - - Total K-LOCs $103,115 13.1% $0 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

The transaction's WA KLTV is 90.6%, compared to 92.3% at last review and 90.2% at securitization. The WA KDSC is 1.77x, compared to 1.73x at last review and 1.77x 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.

Doc ID: 1012726

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