Benchmark 2025-V15 Mortgage Trust Reports Special Servicer Change

What Happened
Benchmark 2025-V15 Mortgage Trust filed an 8-K on September 1, 2026 announcing that C‑IV Asset Management LLC (C‑IV AM) will act as the special servicer for The Link Mortgage Loan under the related pooling and servicing agreement. The change follows Greystone Servicing Company LLC’s sale and conveyance of substantially all assets of its special servicing division to C‑IV AM on Sept. 1, 2026, and C‑IV AM has assumed the special servicer duties, responsibilities and liabilities arising after that closing.

Key Details

• C‑IV AM is a Delaware LLC and a wholly owned subsidiary of C‑IV Capital Partners LLC; principal special servicing office: 5221 N. O’Connor Blvd., Suite 800, Irving, TX.
• Ratings and recognition: “MOR CS2” from DBRS Morningstar, “CSS2” from Fitch, and listed on S&P’s Select Servicer list (ranked “Average; Ranking Watch Positive”).
• Greystone’s named special-servicer portfolio as of June 30, 2026: ~60 transactions covering ~1,928 first‑lien loans with an aggregate stated principal balance of ~$20.7 billion (33 CMBS transactions = ~774 loans, ~$14.2B). Actively specially serviced: ~108 assets, ~$2.1B principal.
• C‑IV AM track record: since 2002 through June 30, 2026, it has resolved/participated in the resolution of 6,017 assets with an aggregate principal balance of ~ $60.7 billion. C‑IV AM reports no servicer defaults or terminations in securitizations where it acted as special servicer.

Why It Matters
For certificateholders and investors, the filing documents a transfer of special‑servicing responsibilities to an experienced servicer with published ratings and a large existing portfolio. The change could affect how problem loans are managed (workouts, liquidations, discounted payoffs, etc.), but the filing states C‑IV AM has similar procedures to those used previously and does not expect its financial condition to materially impact pool or certificate performance. Key numbers to watch in future reporting are any changes in specially serviced loan counts and balances and any material servicing advances, litigation, or servicing‑related events.