Benchmark 2025-V15 Details CMBS Servicing, Omits Financials

TL;DR

**This 10-K is a procedural filing, offering zero financial insight; investors need to look elsewhere for performance data on Benchmark 2025-V15 Mortgage Trust.**

AI Summary

The Benchmark 2025-V15 Mortgage Trust's 10-K filing for the fiscal year ended December 31, 2025, primarily details the servicing arrangements and participants for its commercial mortgage-backed securities (CMBS) trust. The trust holds various mortgage loans, including the 931 Carroll Street Mortgage Loan (8.9% of the asset pool), 1700 Pavilion Mortgage Loan (7.5%), Radius Nashville Mortgage Loan (6.5%), 1535 Broadway Mortgage Loan (6.1%), Marriott JFK Mortgage Loan (5.5%), 655 Third Avenue Mortgage Loan (3.4%), Uber Headquarters Mortgage Loan (2.7%), and The Link Mortgage Loan (2.0%), all as of the cut-off date. Key servicers include Trimont LLC as master servicer, Berkadia Commercial Mortgage LLC and Midland Loan Services as primary servicers, and Rialto Capital Advisors, LLC as special servicer, each servicing loans constituting 10% or more of the asset pool. Computershare Trust Company, National Association and Pentalpha Surveillance LLC are identified as servicing function participants for loans representing 5% or more of the assets. The filing omits detailed financial statements, risk factors, and management's discussion, focusing instead on compliance with Regulation AB regarding servicing criteria and participant roles.

Why It Matters

This 10-K provides critical transparency into the operational structure of a complex CMBS trust, Benchmark 2025-V15 Mortgage Trust, which is essential for investors to understand how their underlying assets are managed. The detailed identification of master, primary, and special servicers, along with their specific loan responsibilities, helps investors assess potential risks related to loan performance and servicing quality. The omission of financial statements and risk factors, while common for pass-through entities, means investors must look to other filings or external analyses for performance metrics and market insights. This level of detail is crucial for competitive analysis within the CMBS market, as it highlights the network of financial institutions involved in managing these securitized products.

Risk Assessment

Risk Level: medium — The risk level is medium because the filing explicitly omits crucial sections like 'Risk Factors,' 'Management's Discussion and Analysis of Financial Condition and Results of Operations,' and 'Financial Statements and Supplementary Data.' This lack of direct financial and risk disclosure within the 10-K itself means investors must rely on external sources or other transaction documents to assess the financial health and potential vulnerabilities of the underlying mortgage loans, such as the 931 Carroll Street Mortgage Loan (8.9% of assets) or the 1535 Broadway Mortgage Loan (6.1% of assets).

Analyst Insight

Investors should recognize this 10-K as a compliance-focused document detailing servicing parties, not a financial performance report. To understand the actual financial health and risk profile of the Benchmark 2025-V15 Mortgage Trust, investors must seek out the original prospectus, offering circulars, and any subsequent servicer reports that contain the omitted financial and risk information.

Key Numbers

• 8.9% — 931 Carroll Street Mortgage Loan (percentage of asset pool at cut-off date)
• 7.5% — 1700 Pavilion Mortgage Loan (percentage of asset pool at cut-off date)
• 6.5% — Radius Nashville Mortgage Loan (percentage of asset pool at cut-off date)
• 6.1% — 1535 Broadway Mortgage Loan (percentage of asset pool at cut-off date)
• 5.5% — Marriott JFK Mortgage Loan (percentage of asset pool at cut-off date)
• 3.4% — 655 Third Avenue Mortgage Loan (percentage of asset pool at cut-off date)
• 2.7% — Uber Headquarters Mortgage Loan (percentage of asset pool at cut-off date)
• 2.0% — The Link Mortgage Loan (percentage of asset pool at cut-off date)

Key Players & Entities

• Benchmark 2025-V15 Mortgage Trust (company) — issuing entity
• GS Mortgage Securities Corporation II (company) — depositor
• Goldman Sachs Mortgage Company (company) — sponsor
• Citi Real Estate Funding Inc. (company) — sponsor
• German American Capital Corporation (company) — sponsor
• Barclays Capital Real Estate Inc. (company) — sponsor
• Trimont LLC (company) — master servicer and primary servicer for 655 Third Avenue Mortgage Loan
• Berkadia Commercial Mortgage LLC (company) — primary servicer for Compass Self Storage National Portfolio Mortgage Loan and Rockside Flex Portfolio Mortgage Loan
• Rialto Capital Advisors, LLC (company) — special servicer for mortgage loans under Pooling and Servicing Agreement, 1535 Broadway, Marriott JFK, and 655 Third Avenue Mortgage Loans
• Computershare Trust Company, National Association (company) — custodian and trustee for multiple mortgage loans

Forward-Looking Statements

• The trust's performance will largely mirror the broader mortgage market trends in 2026. (Benchmark 2025-V15 Mortgage Trust) — medium confidence, target: 2026-12-31

FAQ

Filing Documents

• bmk25v15_10k-2025.htm (10-K) — 140KB
• bmk25v15_31.htm (EX-31) — 10KB
• bmk25v15_33-1.htm (EX-33.1) — 600KB
• bmk25v15_33-2.htm (EX-33.2) — 439KB
• bmk25v15_33-3.htm (EX-33.3) — 1420KB
• bmk25v15_33-4.htm (EX-33.4) — 3113KB
• bmk25v15_33-5.htm (EX-33.5) — 597KB
• bmk25v15_33-6.htm (EX-33.6) — 86KB
• bmk25v15_33-7.htm (EX-33.7) — 92KB
• bmk25v15_33-26.htm (EX-33.26) — 172KB
• bmk25v15_33-30.htm (EX-33.30) — 992KB
• bmk25v15_33-44.htm (EX-33.44) — 1240KB
• bmk25v15_34-1.htm (EX-34.1) — 13KB
• bmk25v15_34-2.htm (EX-34.2) — 9KB
• bmk25v15_34-3.htm (EX-34.3) — 11KB
• bmk25v15_34-4.htm (EX-34.4) — 11KB
• bmk25v15_34-5.htm (EX-34.5) — 7KB
• bmk25v15_34-6.htm (EX-34.6) — 8KB
• bmk25v15_34-7.htm (EX-34.7) — 10KB
• bmk25v15_34-26.htm (EX-34.26) — 9KB
• bmk25v15_34-30.htm (EX-34.30) — 693KB
• bmk25v15_34-44.htm (EX-34.44) — 10KB
• bmk25v15_35-1.htm (EX-35.1) — 2577KB
• bmk25v15_35-2.htm (EX-35.2) — 520KB
• bmk25v15_35-3.htm (EX-35.3) — 999KB
• bmk25v15_35-4.htm (EX-35.4) — 311KB
• bmk25v15_35-11.htm (EX-35.11) — 337KB
• 0001888524-26-005128.txt ( ) — 14426KB

financial statements. o

financial statements. o Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 240.10D-1(b). o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). o Yes No common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. Not applicable. Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. o Yes o No Not applicable. Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. Not applicable. DOCUMENTS INCORPORATED BY REFERENCE List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980). Not applicable. EXPLANATORY NOTES The 931 Carroll Street Mortgage Loan, the 1700 Pavilion Mortgage Loan and the Radius Nashville Mortgage Loan, which constituted approximately 8.9%, 7.5% and 6.5%, respectively, of the asset pool of the issuing entity as of its c

(a)(2)(iii) of Regulation AB, in the capacities described above,

Item 1108(a)(2)(iii) of Regulation AB, in the capacities described above, because it is servicing mortgage loans that constituted 10% or more of the assets of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing criteria, accountants' attestation reports and servicer compliance statements delivered by Berkadia Commercial Mortgage LLC in the capacities described above are listed in the Exhibit Index. Rialto Capital Advisors, LLC is the special servicer of the mortgage loans serviced under the Pooling and Servicing Agreement, the 1535 Broadway Mortgage Loan, the Marriott JFK Mortgage Loan and the 655 Third Avenue Mortgage Loan. As a result, Rialto Capital Advisors, LLC is a "servicer" as defined in Item 1108(a)(2)(iii) of Regulation AB, in the capacities described above, because it is servicing mortgage loans that constituted 10% or more of the assets of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing criteria, accountants' attestation reports and servicer compliance statements delivered by Rialto Capital Advisors, LLC in the capacities described above are listed in the Exhibit Index. Computershare Trust Company, National Association is the custodian of the mortgage loans serviced under the Pooling and Servicing Agreement, the 1535 Broadway Mortgage Loan, the 655 Third Avenue Mortgage Loan, the Uber Headquarters Mortgage Loan and The Link Mortgage Loan. As a result, Computershare Trust Company, National Association is a servicing function participant in the capacities described above, because it is servicing mortgage loans that constituted 5% or more of the assets of the issuing entity as of its cut-off date. The assessments of compliance with applicable servicing criteria and accountants' attestation reports delivered by Computershare Trust Company, National Association in the capacities described above are listed in the Exhibit Index. Pentalpha Surveillance LLC is

of Regulation AB to be included on this Annual Report on Form 10-K

Item 1123 of Regulation AB to be included on this Annual Report on Form 10-K because they are each an unaffiliated party that is not a "servicer" that meets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB. PART I

Business

Item 1. Business. Omitted.

Risk Factors

Item 1A. Risk Factors. Omitted.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Cybersecurity

Item 1C. Cybersecurity. Omitted.

Properties

Item 2. Properties. Omitted.

Legal Proceedings

Item 3. Legal Proceedings. Omitted.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not applicable. PART II

Market for Registrant's Common Equity,

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Omitted.

Management's Discussion and Analysis of

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Omitted.

Quantitative and Qualitative Disclosures

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Omitted.

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. Omitted.

Changes in and Disagreements With

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Omitted.

Controls and Procedures

Item 9A. Controls and Procedures. Omitted.

Other Information

Item 9B. Other Information. None.

Disclosure Regarding Foreign Jurisdictions

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. None. PART III

Directors, Executive Officers and Corporate

Item 10. Directors, Executive Officers and Corporate Governance. Omitted.

Executive Compensation

Item 11. Executive Compensation. Omitted.

Security Ownership of Certain Beneficial

Item 12. Security Ownership of Certain Beneficial Omitted.

Certain Relationships and Related

Item 13. Certain Relationships and Related Transactions, and Director Independence. Omitted.

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. Omitted. ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB

(b) of Regulation AB, Significant Obligor

Item 1112(b) of Regulation AB, Significant Obligor Financial Information. No single obligor represents 10% or more of the pool assets held by the issuing entity.

(b)(2) of Regulation AB, Significant Enhancement

Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider Financial Information. No entity or group of affiliated entities provides any external credit enhancement or other support for the certificates within this transaction as described under Item 1114(a) of Regulation AB.

(b) of Regulation AB, Certain Derivatives

Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial Information). No entity or group of affiliated entities provides any derivative instruments or other support for the certificates within this transaction as described under Item 1115 of Regulation AB.

of Regulation AB, Legal Proceedings

Item 1117 of Regulation AB, Legal Proceedings. The registrant knows of no material pending legal proceeding involving the trust or any party related to the trust, other than routine litigation incidental to the duties of those respective parties.

of Regulation AB, Affiliations and Certain

Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions. The information regarding this Item has been previously provided in the prospectus of the Registrant relating to the issuing entity filed on May 23, 2025 pursuant to Rule 424(b)(2).

of Regulation AB, Compliance with Applicable

Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria. The reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on such assessments of compliance with respect to the mortgage loans are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit AA to the Pooling and Servicing Agreement incorporated by reference as Exhibit 4.1 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing function for the transaction responsible for each applicable servicing criteria set forth in Item 1122(d). The reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on such assessments of compliance with respect to the Uber Headquarters Mortgage Loan, which is being serviced and administered pursuant to the trust and servicing agreement for the RIDE 2025-SHRE Transaction, are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit L to the trust and servicing agreement for the RIDE 2025-SHRE Transaction incorporated by reference as Exhibit 4.2 to this Annual Report on Form 10-K is a chart identifying the entities participating in a servicing function for the RIDE 2025-SHRE Transaction responsible for each applicable servicing criteria set forth in Item 1122(d). The reports on assessments of compliance with the servicing criteria for asset-backed securities and related attestation reports on such assessments of compliance with respect to The Link Mortgage Loan, which is being serviced and administered pursuant to the pooling and servicing agreement for the Benchmark 2025-V14 Transaction, are attached hereto under Item 15 to this Annual Report on Form 10-K. Attached as Schedule II to the pooling and servicing agreement for the Benchmark 2025-V14 Transaction incorporated by reference as Exhibit 4.3 to this Annual Report on Form

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