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KBRA Withdraws Two Ratings and Affirms All Other Ratings for WFCM 2015-NXS4

1 Aug 2025   |   New York

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KBRA affirms all outstanding ratings for WFCM 2015-NXS4, a $425.3 million CMBS conduit transaction, and withdraws the ratings on the A-3 and A-SB class certificates following the reduction of the principal balances to zero during the July 2025 remittance period. The affirmations follow a surveillance review of the transaction, which has exhibited minimal changes in pool performance since last review, as well as the deleveraging from loan payoffs, amortization, and defeasance.

As of the July 2025 remittance period, there are four specially serviced assets (13.7%), of which, one is REO (2.8%) and one (1.7%) is 90+ days delinquent. KBRA identified eight K-LOCs (20.0%), including the specially serviced assets.

K-LOCs Loss Given Default (000s) Loss Severity 6 CityPlace I OF 34,275 $ 8.1% Y C N Specially Serviced 09/07/2022 $21,538 62.8% 15 Towneplace Suites Anaheim LO 12,776 $ 3.0% N C N Maturity 04/14/2020 - - 16 The Streets of Chester RT 11,949 $ 2.8% Y REO N REO 01/02/2019 $10,199 85.4% 29 Shilo Inn Bend LO 7,407 $ 1.7% Y 90+ N Delinquent 12/07/2018 $3,339 45.1% 38 Hillcrest Shopping Center RT 5,420 $ 1.3% N C N Tenant Issues 05/10/2025 - - 41 Comfort Suites Savannah LO 4,810 $ 1.1% N C N DSCR 09/24/2019 - - 43 Walgreens - Pittsburg RT 4,543 $ 1.1% Y C N Specially Serviced 07/25/2025 - - 47 Quality Inn San Jose LO 3,708 $ 0.9% N C N DSCR 10/11/2023 $808 21.8% Total K-LOCs $84,887.09 20.0% $35,885 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 the K-LOCs with estimated losses, the transaction’s WA KLTV is 90.3%, compared to 87.6% at last review and 103.7% at issuance. The KDSC is 1.56x, compared to 1.68x at last review and 1.67x at issuance.

To access ratings and relevant documents, click here.

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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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