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KBRA Affirms All Ratings for BAMLL Re-Remic Trust 2025-FRR5

16 Jan 2026   |   New York

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KBRA affirms all ratings for BAMLL 2025-FRR5, a re-securitization of three principal-only and three interest-only certificates (the collateral securities) from three separate fixed-rate Freddie Mac K-Series multifamily securitizations, including FREMF 2018-K73 (KBRA-rated), FREMF 2018-K86, and FREMF 2019-K736. Of the three underlying trusts, FREMF 2018-K73 was recently reviewed in November 2025, at which time all ratings were affirmed. The ratings actions follow a surveillance review of the transaction, whose underlying deals exhibited a slight improvement in pool performance, driven by an increase in loan payoffs, amortization, and defeasance.

As of the December 2025 remittance period, there are no delinquent or specially serviced loans in the underlying loan pools. KBRA identified four total K-LOCs, of which, two (4.3% of the underlying pool balance) are securitized in FREMF 2019-K736 and two (2.4%) are securitized in FREMF 2018-K73. The K-LOCs are depicted in the table below.

Loss Given Default (000s) Loss Severity 18 Crossings At McDonough MF $27,244 2.2% N C N DSCR 1/7/2026 - - 21 Advenir At The Med Center MF $26,475 2.1% N C N Occupancy 1/9/2025 - - Total K-LOCs $53,719 4.3% $0 26 Appraisers Building MF $17,156 1.6% N C N DSCR 7/19/2023 - - 39 Martin's View Apartments MF $8,641 0.8% N C N DSCR 1/21/2020 - - Total K-LOCs $25,797 2.4% $0 No loans identified as K-LOCs Total K-LOCs $0 0.0% $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. FREMF 2019-K736 FREMF 2018-K73 FREMF 2018-K86 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 KBRA Estimated 2
Source: KBRA

The re-securitization trust issued three separate groups of five certificates and corresponding RR Interest, with each group representing to one underlying trust. Of the 15 classes of trust certificates within the three groups, five are entitled to principal only payments and 10 are entitled to principal and interest payments.

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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