EX-99.1 CHARTER 2 msbam2015c25.htm MSBAM 2015-C25 INVESTOR REPORT MARCH 2026

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

D

A

TES

 ADMINISTR

A

TOR

Payment 

Date:

Prior 

Payment:

Next 

Payment:

Record Date:

Determination Date:

Mar

17,

2026

Feb

18,

2026

Apr

17,

2026

Feb 27, 2026

Mar 1

1, 2026

First Payment Date:

Closing Date:

Final Distribution Date:

Nov 18, 2015

Oct 15, 2015

Oct 19, 2048

Name:

Faseeh Ejaz

Title:

Account Administrator

Phone:

312.326.6925

T

ABLE OF CONTENTS

Payment Detail

Page

1

Factor Detail

Page

2

Principal Detail

Page

3

Interest Detail

Page

4

Reconciliation of Funds

Page

5

Email:

faseeh.ejaz@usbank.com

Website:

https://pivot.usbank.com/

Miscellaneous Detail

Bond/Collateral Realized Loss Reconciliation

Historical Delinquency & Liquidation (Stated)

Delinquency Summary Report

Historical Liquidation Loss Loan Detail

Interest Adjustment Reconciliation

Appraisal Reduction Report

Loan Level Detail

Historical Loan Modification Report

REO Status Report

Defeased Loan Detail

Material Breaches and Document Defects

Page

6

Page

7

Page

8

Page

9

Page

10

Page

11

Page

12

Page

13

Page

15

Page

16

Page

17

Page

18

P

ARTIES TO THE TRANSACTION

Mortgage Loan Seller:

Bank of America, National Association

CIBC Inc.

Morgan Stanley Mortgage Capital Holdings LLC

Starwood Mortgage Funding III LLC

Depositor:

Banc of America Merrill Lynch Commercial Mortgage Inc.

Trustee:

U.S. Bank

Certificate Administrator:

U.S. Bank

Master Servicer:

Trimont LLC

Special Servicer:

LNR Partners, LLC

Trust Advisor:

Pentalpha Surveillance LLC

Rating Agency:

Fitch Ratings, Inc.

Rating Agency:

Kroll Bond Rating Agency, Inc.

Rating Agency:

Moody’s Investors Service, Inc.

* This report contains, or is based on, information furnished to U.S.

Bank Global Corporate Trust ("U.S. Bank") by one or more third parties (e.g. Servicers, Master Servicer, etc.), and U.S. Bank

has not independently verified information received from any such third party.

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

PA

YMENT DE

T

AIL

Pass-Thru

Class

Rate

A-1

1.61500%

A-2

2.80100%

A-SB

3.38300%

A-3

3.28000%

A-4

3.37200%

A-5

3.63500%

A-S

4.06900%

B

4.41828%

C

4.41828%

D

3.06800%

E

4.41828%

F

4.41828%

G

4.41828%

X-A

4.41828%

X-B

0.34928%

X-D

1.35028%

R

0.00000%

V

0.00000%

Original

Balance

34,000,000.00

28,700,000.00

93,700,000.00

115,000,000.00

230,000,000.00

324,193,000.00

45,702,000.00

89,931,000.00

56,022,000.00

63,394,000.00

29,485,000.00

13,269,000.00

56,022,010.00

825,593,000.00

45,702,000.00

63,394,000.00

0.00

0.00

Beginning

Balance

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

41,569,147.28

29,485,000.00

13,269,000.00

54,119,488.77

0.00

0.00

41,569,147.28

0.00

0.00

Principal

Distribution

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

12,745,630.27

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Interest

Distribution

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

106,278.45

108,560.89

48,855.16

191,590.48

0.00

0.00

46,775.09

0.00

0.00

Total

Distribution

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

12,851,908.72

108,560.89

48,855.16

191,590.48

0.00

0.00

46,775.09

0.00

0.00

Realized

Loss

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

24,825.86

0.00

0.00

0.00

0.00

0.00

Ending

Balance

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

28,823,517.01

29,485,000.00

13,269,000.00

54,094,662.91

0.00

0.00

28,823,517.01

0.00

0.00

Totals:

1,179,418,010.00

138,442,636.05

12,745,630.27

502,060.09

13,247,690.36

24,825.86

125,672,179.92

Page 1 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

F

ACTOR DE

T

AIL

Class

Cusip

A-1

61765TAA1

A-2

61765TAB9

A-SB

61765TAC7

A-3

61765TAD5

A-4

61765TAE3

A-5

61765TAF0

A-S

61765TAK9

B

61765TAL7

C

61765TAM5

D

61765TAN3

E

61765TAP8 / U6182BAA7 / 61765TAQ6

F

61765TAR4 / U6182BAB5 / 61765TAS2

G

61765TAT0 / U6182BAC3 / 61765TAU7

X-A

61765TAG8

X-B

61765TAH6

X-D

61765TAJ2

R

61765TAX1 / U6182BAE9 / 61765TAY9

V

61765TAV5 / U6182BAD1 / 61765TAW3

Beginning

Balance

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

655.72683976

1,000.00000000

1,000.00000000

966.03975420

0.00000000

0.00000000

655.72683976

0.00000000

0.00000000

Principal

Distribution

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

201.05420497

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

Interest

Distribution

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

1.67647495

3.68190249

3.68190249

3.41991450

0.00000000

0.00000000

0.73784733

0.00000000

0.00000000

Total

Distribution

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

202.73067993

3.68190249

3.68190249

3.41991450

0.00000000

0.00000000

0.73784733

0.00000000

0.00000000

Collateral Support

Deficit

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.44314476

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

Ending

Balance

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

0.00000000

454.67263479

1,000.00000000

1,000.00000000

965.59660944

0.00000000

0.00000000

454.67263479

0.00000000

0.00000000

Page 2 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

PRINCI

P

AL DE

T

AIL

Beginning

Class

Balance

A-1

0.00

A-2

0.00

A-SB

0.00

A-3

0.00

A-4

0.00

A-5

0.00

A-S

0.00

B

0.00

C

0.00

D

41,569,147.28

E

29,485,000.00

F

13,269,000.00

G

54,119,488.77

Scheduled

Principal

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

76,823.64

0.00

0.00

0.00

Unscheduled

Principal

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

12,668,806.63

0.00

0.00

0.00

Excess Trust

Advisor Expenses

Allocation

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Collateral Support

Deficit

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

24,825.86

Ending

Balance

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

28,823,517.01

29,485,000.00

13,269,000.00

54,094,662.91

Cumulative

Loss

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

1,927,347.09

Totals:

138,442,636.05

76,823.64

12,668,806.63

0.00

24,825.86

125,672,179.92

1,927,347.09

Page 3 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

INTEREST DE

T

AIL

Class

A-1

A-2

A-SB

A-3

A-4

A-5

A-S

B

C

D

E

F

G

X-A

X-B

X-D

R

V

Totals:

Accrued

Certificate

Interest

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

106,278.45

108,560.89

48,855.16

199,262.68

0.00

0.00

46,775.09

0.00

0.00

509,732.29

Net Prepay

Interest

Shortfall

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Trust Advisor

Expenses

Allocation

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Current

Interest

Shortfall

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

7,672.20

0.00

0.00

0.00

0.00

0.00

7,672.20

Extension

Fees

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Prepayment

Premium

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Additional

Interest

Amount

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Accrued

Unpaid Addt’l

Interest Amt

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Total Interest

Distribution

Amount

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

106,278.45

108,560.89

48,855.16

191,590.48

0.00

0.00

46,775.09

0.00

0.00

502,060.09

Cumulative

Unpaid Int

Shortfall

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

372,655.39

0.00

0.00

0.00

0.00

0.00

372,655.39

* Includes additional interest amounts specifically allocated to the bonds and used in determining the bonds total interest distribution amount

Page 4 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

RECONCILI

A

TION OF FUNDS

Funds Collection

Funds Distribution

Interest

Scheduled Interest

Interest Adjustments

Deferred Interest

Net Prepayment Shortfall

Net Prepayment Interest Excess

Interest Reserve (Deposit)/Withdrawal

Interest Collections

Principal

Scheduled Principal

Unscheduled Principal

Principal Adjustments

Principal Collections

Other

Prepayment Premium

Other Collections

Total Collections

472,141.60

(8,975.77)

0.00

0.00

0.00

39,163.45

502,329.28

76,823.64

12,668,806.63

0.00

12,745,630.27

0.00

0.00

13,247,959.55

Fees

Servicing Fee

Trustee/Certificate Administrator Fee

Special Servicing Fee

Workout Fee

Liquidation Fee

Special Serv Fee plus Adj.

CREFC Intellectual Property Royalty License Fee

Trust Advisor Fee

Extension Fee

Fee Distributions

Other Expenses of the Trust

Reimbursed for Interest on Advances

Net ASER Amount

Non-Recoverable Advances

Other Expenses or Shortfalls

Other Expenses of the Trust

Payments to Certificateholders

Interest Distribution

Principal Distribution

Prepayment Premium

Available Distribution Amount

1,076.78

269.19

9,949.63

0.00

0.00

0.00

53.84

172.95

0.00

11,522.39

0.00

0.00

0.00

(2,277.43)

(2,277.43)

502,060.09

12,745,630.27

0.00

13,247,690.36

Start

Interest Accrual Period

2/1/2026

Total Distributions

13,247,959.55

End

2/28/2026

Page 5 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

MISCELLANEOUS DE

T

AIL

Advances

Miscellaneous

P&I Advances

Total

* Total Current

Advance

Not Provided

Beginning Stated Principal Balance

Ending Stated Principal Balance

Ending Unpaid Balance

138,442,636.05

125,672,179.92

125,965,713.30

Unreimbursed Advances

Total

Current

Advance

0.00

Outstanding

Advance

2,295,308.88

Total Servicing

Adv. Outstanding

1,572,488.36

Mortgage Loan Count

Aggregate Principal Balance

Weighted Average Months to Maturity (WAMM)

Weighted Average Mortgage Rate

2

125,672,179.92

1

4.092453%

Disclosable Special Servicer Fees

Commission

Brokerage Fee

Rebate

Shared Fee

Total

Special Servicer/Affiliates

0.00

0.00

0.00

0.00

0.00

Page 6 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

BOND/COLL

A

TERAL REALIZED LOSS RECONCILI

A

TION

Loan ID

1

1A

Period

Jan 2025

Jan 2025

Jan 2026

Mar 2026

Dec 2022

Feb 2023

Mar 2023

May 2023

Jul 2023

Apr 2024

Jun 2024

Aug 2024

Nov 2025

Beginning

Balance of the

Loan at

Liquidation

 86,470,588.24

 24,019,607.84

 45,358,746.44

 12,723,962.36

 10,087,928.20

 3,409,894.20

Aggregate

Realized Loss

on Loans

 0.00

 0.00

 0.00

 24,825.86

 1,923,901.58

 1,930,853.08

 1,949,738.86

 1,965,372.31

 1,968,654.31

 1,902,521.60

 1,904,948.60

 1,902,521.60

 0.00

Prior Realized

Loss Applied to

Certificates

A

 0.00

 0.00

 0.00

 0.00

 0.00

 1,923,901.58

 1,930,853.08

 1,949,738.86

 1,965,372.31

 1,968,654.31

 1,902,521.60

 1,904,948.60

 0.00

Amounts

Covered by

Overcollateraliz

ation and other

Credit Support

B

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

Interest

(Shortages) /

Excesses

applied to

Realized Loss

C

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

Modification

Adjustments /

Appraisal

Reduction

Adjustment

D

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

Additional

(Recoveries) /

Expenses

applied to

Realized Loss

E

 0.00

 0.00

 0.00

 0.00

 0.00

 6,951.50

 18,885.78

 15,633.45

 3,282.00

(66,132.71)

 2,427.00

(2,427.00)

 0.00

Current

Realized Loss

Applied to

Certificates*

 0.00

 0.00

 0.00

 24,825.86

 1,923,901.58

 1,930,853.08

 1,949,738.86

 1,965,372.31

 1,968,654.31

 1,902,521.60

 1,904,948.60

 1,902,521.60

 0.00

Recoveries of

Realized

Losses paid

as Cash

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

(Recoveries) /

Loss to

Certificate

Interest

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

Loan Count:

6

Totals:

 1,927,347.46 

 0.00 

 0.00 

 0.00 

(21,379.98)

 1,927,347.46 

 0.00 

 0.00

Description of Fields

A

B

C

D

E

*In the Initial Period the Current Realized Loss Applied to Certificates will equal Aggregate Realized Loss on Loans

- B - C - D  + E instead of A - C - D +  E

Prior Realized Loss Applied to Certificates

Reduction to Realized Loss applied to bonds (could represent OC, insurance policies, reserve accounts, etc)

Amounts classified by the Master as interest adjustments from general collections on a loan with a Realized Loss

Adjustments that are based on principal haircut or future interest foregone due to modification

Realized Loss Adjustments, Supplemental Recoveries or Expenses on a previously liquidated loan

Page 7 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

HISTORICAL DELINQUENCY & LIQUID

A

TION SUMMARY (S

TA

TED BALANCE)

30 Days Delinq

(1)

60 Days Delinq

(1)

90+ Days Delinq

(1)

Bankruptcy

Foreclosure

REO

Prepayments/Liquidation

Month

Count

Balance

%

(2)

Count

Balance

%

(2)

Count

Balance

%

(2)

Count

Balance

%

(2)

Count

Balance  

%

(2)

Count

Balance

%

(2)

Count

Balance

%

(2)

Mar 2026

0

 0.00 

0.0

%

0

 0.00 

0.0

%

2

 125,672,179.92

100.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

1

 12,723,962.36

10.1%

Feb 2026

0

 0.00 

0.0

%

1

1

10,000,000.00

79.5

%

2

 28,442,636.05

20.5

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0%

Jan 2026

0

 0.00 

0.0

%

0

 0.00 

0.0

%

3

 138,509,147.35

100.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

1

 45,358,746.44

32.7%

Dec 2025

0

 0.00 

0.0

%

1

1

10,000,000.00

59.8

%

2

 28,575,417.13

15.5

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0%

Nov 2025

1

1

10,000,000.00

59.8

%

1

 15,842,850.38 

8.6

%

1

 12,801,963.96 

7.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

1

 3,409,894.20 

1.9%

Oct 2025

2

1

13,409,894.20

60.4

%

2

 28,710,591.41

15.3

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0%

Sep 2025

2

 28,779,513.48

15.3

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

9

 136,207,012.15

72.5%

Aug 2025

0

Jul 2025

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

1

1

 0.00 

0.0

%

14

 132,312,1

13.78

40.8%

 187,980,045.27

41.1%

Jun 2025

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

3

 70,842,322.35

1

1.0%

May 2025

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

8

 145,779,790.73

20.3%

Apr 2025

0

Mar 2025

0

Feb 2025

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

1

 0.00 

0.0

%

1

 0.00 

0.0

%

0

 1,659,417.53 

0.2%

 2,229,928.98 

0.3%

 0.00 

0.0%

Jan 2025

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

0

 0.00 

0.0

%

2

1

10,490,196.08

12.7%

(1) Exclusive of loans in Bankruptcy, Foreclosure and REO

(2) Percentage in relation to Ending Scheduled Balance

Page 8 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

Delinquency Summary Report

Group 1

Delinquent

Loan Count

Current

0

30 - 59 days

0

60 - 89 days

1

90 - 120 days

0

121 + days

1

TOTAL

121 + days

2

Bankruptcy

Foreclosure

REO

TOTAL

Sched Bal

Percentage*

  Actual Bal

Loan Count

Sched Bal

Percentage*

  Actual Bal

Loan Count

Sched Bal

Percentage*

  Actual Bal

Loan Count

Sched Bal

Percentage*

  Actual Bal

Loan Count

Sched Bal

0.00

0.00

0.00%

0.00%

0.00

0.00

0

0

0.00

0.00

0.00%

0.00%

0.00

0.00

0

0

0.00

0.00

0.00%

0.00%

0.00

0.00

0

0

0.00

0.00

0.00%

0.00%

0.00

0.00

0

0

0.00

0.00

1

10,000,000.00

87.53%

1

10,000,000.00

0

0.00

0.00%

0.00

0

0.00

0.00%

0.00

0

0.00

0.00%

0.00

1

110,000,000.00

0.00

15,672,179.92

0.00%

12.47%

0.00

15,965,713.30

0

0

0.00

0.00

0.00%

0.00%

0.00

0.00

0

0

0.00

0.00

0.00%

0.00%

0.00

0.00

0

0

0.00

0.00

0.00%

0.00%

0.00

0.00

0

1

0.00

15,672,179.92

125,672,179.92

100.00%

125,965,713.30

0

0.00

0.00%

0.00

0

0.00

0.00%

0.00

0

0.00

0.00%

0.00

2

125,672,179.92

60 - 89 days

Current

0.0%

30 - 59 days

0.0%

60 - 89 days

87.5%

90 - 120 days

0.0%

121 + days

12.5%

Percentage*

  Actual Bal

0.00%

0.00%

0.00

0.00

87.53%

110,000,000.00

0.00%

12.47%

0.00

15,965,713.30

100.00%

Total:

100.0%

125,965,713.30

* Percentages are based on scheduled balance as a percent of total pool scheduled balance.

Page 9 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

HISTORICAL LIQUID

A

TION LOSS LOAN DE

T

AIL

Loan ID

1

1A

7

26

34

53

Liquidation

Month

Jan 2025

Jan 2025

Jan 2026

Mar 2026

Dec 2022

Nov 2025

Liquidation /

Prepayment

Code *

3

3

3

3

3

3

Current Beginning

Scheduled Balance

 86,470,588.24

 24,019,607.84

 45,358,746.44

 12,723,962.36

 10,087,928.20

 3,409,894.20

Most Recent Value **

 276,000,000.00

 0.00

 67,200,000.00

 31,300,000.00

 10,300,000.00

 9,550,000.00

Net Proceeds Received

on Liquidation

 89,593,028.65

 24,653,489.78

 47,276,533.58

 14,800,192.64

 9,000,145.74

 3,673,904.44

Liquidation Expense

 1,126,764.93

 196,175.72

 958,893.57

 978,337.56

 814,739.14

 132,005.12

Net Proceeds Available

for Distribution

 88,466,263.72

 24,457,314.06

 46,317,640.01

 13,821,855.08

 8,185,406.60

 3,541,899.32

Realized Loss to Trust

 0.00

 0.00

 0.00

 24,825.86

 1,902,521.60

 0.00

Count:

6

Totals:

 182,070,727.28 

 394,350,000.00 

 188,997,294.83 

 4,206,916.04 

 184,790,378.79 

 1,927,347.46

* Liquidation / Prepayment Code:  1 - Partial Liq’n (Curtailment); 2 -

Payoff Prior 

T

o Maturity; 3 - Disposition / Liquidation; 4 - Repurchase/ Substitution; 5 -

Full Payoff At Maturity; 6 - DPO; 7 - Liquidated; 8 -

Payoff w/ penalty; 9 - Payoff w/ yield Maintenance; 10 - Curtailment w/ Penalty;

11 - Curtailment w/ Yield Maintenance

** Reported as of liquidation period.  If not provided by the servicer,

Most Recent V

alue is as of cutoff

.

Page 10 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

INTEREST ADJUSTMENT RECONCILI

A

TION

Current Ending

Scheduled

Loan ID

Balance

Special

Servicing Fee

Amount plus

Adjustments

Liquidation

Fee Amount

Workout Fee

Amount

Most Recent

Net ASER

Amount

Prepayment

Interest

(Excess)/

Shortfall *

Non-

Recoverable

(Scheduled

Interest Not

Advanced)**

Reimbursed

Interest on

Advances

Modified

Interest Rate

Reduction/

(Excess)

Reimbursement of

Advances to Servicer

Current Month

Outstanding

Other

Shortfalls/

(Refunds)

2

16

26

Count:

Totals:

1

10,000,000.00

 15,672,179.92

 0.00

3

 125,672,179.92

 21,388.89

 3,056.41 -

14,495.67

 9,949.63

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00

 0.00 -

2,277.43

-2,277.43

Total Interest Shortfall hitting the Trust:

 7,672.20

*

T

otal shortfall may not match impact to bonds due to, but not limited to, the net effect of PPIE and Master Servicing fees received as per the governing documents.

**In some cases, the Servicer does not withhold their Servicing Fees on Non-Recoverable loans.

Page 11 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

APPRAISAL REDUCTION REPORT

Paid Through

Loan ID

Property Name

Date

ARA (Appraisal

Reduction Amount)

ARA Date

Most Recent

Most Recent Value

Valuation Date

Most Recent Net

ASER Amount

Cumulative ASER

Amount

Count:

Totals:

Page 12 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

LOAN LEVEL DE

T

AIL

Property

Transfer

Maturity

Neg

End Schedule 

Note

Sched

Prepay

Prepay

Paid 

Prepay

Loan

Interest

Yield Maint 

PFY

Operating

Loan ID

Type

Date

Stat

Date

Am

Balance

Rate

P&I

Adj

Date

Thru

Premium

Status **

Payment

Charges

DSCR

Stmnt

1

Mixed Use

1A

NY

01/07/24

01/07/24

01/03/25

01/03/25

2

Office

09/23/25

NY

09/01/25

N

1

10,000,000.00

 4.420

 378,155.56

 0.00

1

1/01/25

 0.00

5

 378,155.56

 0.00

 1.57

12/31/24

3

Lodging

3A

4

V

arious

4A

4B

4C

5

V

arious

6

Multifamily

7

Office

8

Retail

9

Office

10

Various

1

1

Mixed Use

12

Office

13

Retail

14

Multifamily

15

Mixed Use

LA

08/06/25

08/06/25

XX

07/01/25

07/01/25

07/01/25

07/01/25

XX

08/01/25

MD

07/01/25

CA

08/01/25

CA

08/01/25

P

A

09/01/25

XX

09/01/25

CT

09/01/25

NJ

08/01/25

P

A

08/01/25

P

A

08/01/25

IL

07/06/25

07/07/25

07/07/25

04/30/25

04/30/25

04/30/25

04/30/25

06/1

1/25

04/30/25

12/19/25

07/09/25

08/25/25

08/29/25

08/28/25

05/01/25

08/01/25

07/31/25

06/30/25

16

Retail

09/19/25

ID

08/01/25

N

 15,672,179.92

 4.134

 97,034.55

 0.00

08/01/25

 0.00

5

 50,540.78

 0.00

 1.72

12/31/24

17

Multifamily

18

Multifamily

19

Multifamily

20

Retail

21

Various

22

Office

23

Office

24

Industrial

25

Multifamily

26

Retail

27

Retail

28

Various

28A

Various

29

Multifamily

30

Lodging

31

Multifamily

32

Multifamily

33

Lodging

34

Lodging

35

Multifamily

V

A

NV

FL

WA

XX

OK

NV

KY

OH

08/22/25

CA

OH

XX

XX

TX

CA

NV

NC

MO

TX

GA

09/06/25

08/01/25

08/01/25

08/01/25

09/01/25

08/01/25

09/06/25

08/01/25

07/01/25

08/01/25

N

08/06/25

09/01/25

09/01/25

07/01/22

07/01/25

09/01/25

09/01/20

09/01/25

08/01/25

09/01/25

05/05/21

07/18/25

08/01/25

07/31/25

05/30/25

08/01/25

09/05/25

05/01/25

07/01/25

 0.00

 4.390

 73,775.13

 0.00

02/13/26

03/01/26

 0.00

0

 43,445.26

 0.00

 1.28

12/31/24

07/25/25

08/29/25

02/28/25

04/29/22

07/03/25

08/28/25

06/01/20

07/01/25

1

1/22/22

09/02/25

Page 13 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

LOAN LEVEL DE

T

AIL

Property

Transfer

Maturity

Neg

End Schedule 

Note

Sched

Prepay

Prepay

Paid 

Prepay

Loan

Interest

Yield Maint 

PFY

Operating

Loan ID

Type

Date

Stat

Date

Am

Balance

Rate

P&I

Adj

Date

Thru

Premium

Status **

Payment

Charges

DSCR

Stmnt

36

Lodging

37

Retail

38

Lodging

39

Lodging

40

Retail

41

Self Storage

42

Lodging

43

Retail

44

Retail

45

Multifamily

46

Mobile Home

47

Retail

48

Self Storage

49

Lodging

50

Retail

51

Retail

52

Various

53

Various

54

Industrial

55

Retail

56

Multifamily

MD

07/01/20

AZ

07/01/25

MD

09/01/25

MN

09/01/25

NV

09/06/25

CA

07/01/25

TX

07/01/25

AR

09/01/30

CA

08/06/25

GA

08/01/25

TX

08/01/25

P

A

06/06/25

FL

08/06/25

MT

09/06/25

NV

08/01/25

TX

08/01/25

XX

09/06/20

XX

08/01/25

NV

09/06/25

UT

09/01/25

OH

07/01/25

08/01/20

10/22/24

07/01/25

08/27/25

09/05/25

07/01/25

07/31/25

04/27/23

07/01/25

06/25/25

05/01/25

06/1

1/25

07/31/25

06/18/25

08/01/25

08/01/25

07/31/20

10/29/25

07/1

1/25

07/01/25

04/01/25

Count:

62

Totals:

 125,672,179.92

 548,965.24

 0.00

 0.00

 472,141.60

 0.00

* If State field is blank or ’XX’, loan has properties in multiple states.

** Loan Status:  A = Payment not received but still in grace period; B = Late Payment but less than 30 days delinquent; 0 = Current; 1 = 30-59 Days Delinquent; 2 = 60-89 Days Delinquent;

         3 = 90-120 Days Delinquent;  4 = Performing Matured Balloon;  5 = Non-Performing Matured Balloon; 6 = 121+ Days Delinquent; R = Repurchased.

Page 14 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

HISTORICAL LOAN MODIFIC

A

TION REPORT

Ending

Scheduled

Loan ID

Balance

Ending

 Unpaid

 Balance

Comments

Page 15 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

REO S

TA

TUS REPORT

Ending

Loan ID

State

City

Property Type

Book Value

Scheduled Loan 

REO Date

Appraisal

Total Exposure

Appraisal Value

Date

Date Asset

Expected to

be Resolved

or Foreclosed

REO Revenue

and Other

Amounts

Type *

Count:

Totals:

(*) Legend: (1) Partial Liq’n (Curtailment), (2) Payoff Prior T

o Maturity, (3) Disposition / Liquidation, (4) Repurchase/ Substitution, (5) Full Payoff At Maturity, (6) DPO, (7) Liquidated, (8) Payoff w/ penalty,

(9) Payoff w/ yield Maintenance, (10) Curtailment w/ Penalty, (11) Curtailment w/ Yield Maintenance

Page 16 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

DEFEASED LOAN DE

T

AIL

Current Ending

Loan ID

Scheduled  Balance

Maturity Date

Current

Note Rate

Defeasance

Status *

Count:

Totals:

*   Defeasance Status:  P = Portion of Loan Previously Defeased.  F = Full Defeasance.

Page 17 of 18

Morgan Stanley Bank of America Merrill Lynch 

T

rust 2015-C25

Commercial Mortgage Pass-Through Certificates, Series 2015-C25

March 2026

M

A

TERIAL BREACHES AND DOCUMENT DEFECTS

Ending Principal

Loan ID

Balance

Material Breach Date

Date Received Notice

Description

Count:

Totals:

Page 18 of 18

Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 10-D