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Form 10-D Morgan Stanley Bank of For: Jul 16

July 23, 2021 1:39 PM EDT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-D

ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from
June 18, 2021  to  July 16, 2021

Commission File Number of issuing entity:333-201743-02

Central Index Key Number of issuing entity:0001653542

Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor:333-201743

Central Index Key Number of depositor:0001005007

Banc of America Merrill Lynch Commercial Mortgage Inc.
(Exact name of depositor as specified in its charter)

Central Index Key Number of sponsor:0001102113
0001541557
0001548567
0001682532

Bank of America, National Association
Morgan Stanley Mortgage Capital Holdings LLC
CIBC Inc.
Starwood Mortgage Funding III LLC
(Exact name of sponsor(s) as specified in its charter)

W. Todd Stillerman (980) 388-7451
(Name and telephone number, including area code, of the person to contact in connection with this filing)

NY
(State or other jurisdiction of incorporation or organization of the issuing entity)

38-3981653
38-3981654
38-3981655
(I.R.S. Employer Identification No.)

c/o U.S. Bank National Association
190 S. LaSalle Street
(Address of principal executive offices of issuing entity)

60603
(Zip Code)

312-332-7458
(Telephone number, including area code)

NOT APPLICABLE
(Former name, former address, if changed since last report)

Registered/reporting pursuant to (check one)

Name of exchange
Title of ClassSection 12(b)Section 12(g)Section 15(d)(If Section 12(b))
A-1_______
A-2_______
A-SB_______
A-3_______
A-4_______
A-5_______
X-A_______
X-B_______
X-D_______
A-S_______
B_______
C_______
D_______

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934  during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days?   Yes  ☒  No ☐

PART I - DISTRIBUTION INFORMATION ITEM
1.  Distribution and Pool Performance Information.
On July 16, 2021 a distribution was made to holders of Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25.  The monthly report to holders is attached as Exhibit 99.1.

No assets securitized by Banc of America Merrill Lynch Commercial Mortgage Inc. and held by Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25 were the subject of a demand to repurchase or replace for breach of the representations and warranties contained in the underlying transaction documents during the monthly distribution period covered by this distribution report on Form 10-D.

Morgan Stanley Mortgage Capital Holdings LLC filed its most recent Form ABS-15G under Rule 15Ga-1 under the Securities Exchange Act of 1934 (“Rule 15Ga-1”) on May 17, 2021. The CIK number of Morgan Stanley Mortgage Capital Holdings LLC is 0001541557.

Bank of America, National Association ("Bank of America") one of the sponsors, most recently filed a Rule 15Ga-1 Form ABS-15G on May 8, 2019, as amended by a Rule 15Ga-1 Form 15G/A on May 14, 2019. The Central Index Key number for Bank of America is 0001102113.

CIBC Inc. filed its most recent Form ABS-15G under Rule 15Ga-1 under the Securities Exchange Act of 1934 (“Rule 15Ga-1”) on February 09, 2021. The CIK number of CIBC Inc. is 0001548567.

Starwood Mortgage Funding III LLC filed its most recent Form ABS-15G under Rule 15Ga-1 under the Securities Exchange Act of 1934 (“Rule 15Ga-1”) on January 22, 2021.  The CIK number for Starwood Mortgage Funding III LLC is 0001682532.

PART II - OTHER INFORMATION ITEM
Item 2.  Legal Proceedings.

Disclosure from U.S. Bank National Association, as Trustee:

“In the last several years, U.S. Bank National Association (“U.S. Bank”) and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed securities ("RMBS") trusts.  The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts.  Plaintiffs generally assert causes of action based upon the trustees’ purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default.  

U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs’ claims vigorously.  However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts.  

On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the “DSTs”) that issued securities backed by student loans (the “Student Loans”) filed a lawsuit in the Delaware Court of Chancery against U.S. Bank National Association (“U.S. Bank”) in its capacities as indenture trustee and successor special servicer, and three other institutions in their respective transaction capacities, with respect to the DSTs and the Student Loans.  This lawsuit is captioned The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al., C.A. No. 2018-0167-JRS (Del. Ch.) (the “NCMSLT Action”).  The complaint, as amended on June 15, 2018, alleged that the DSTs have been harmed as a result of purported misconduct or omissions by the defendants concerning administration of the trusts and special servicing of the Student Loans.  Since the filing of the NCMSLT Action, certain Student Loan borrowers have made assertions against U.S. Bank concerning special servicing that appear to be based on certain allegations made on behalf of the DSTs in the NCMSLT Action.

U.S. Bank believes that it has performed its obligations as indenture trustee and special servicer in good faith and in compliance in all material respects with the terms of the agreements governing the DSTs (the “Governing Agreements”), and accordingly that the claims against it in the NCMSLT Action are without merit.  

U.S. Bank has filed a motion seeking dismissal of the operative complaint in its entirety with prejudice pursuant to Chancery Court Rules 12(b)(1) and 12(b)(6) or, in the alternative, a stay of the case while other prior filed disputes involving the DSTs and the Student Loans are litigated.  On November 7, 2018, the Court ruled that the case should be stayed in its entirety pending resolution of the first-filed cases.  On January 21, 2020, the Court entered an order consolidating for pretrial purposes the NCMSLT Action and three other lawsuits pending in the Delaware Court of Chancery concerning the DSTs and the Student Loans (the “Consolidated Action”).  U.S. Bank and other parties to the Consolidated Action have briefed and argued motions for judgment on the pleadings pursuant to Chancery Court Rule 12(c) regarding disputed issues of contractual interpretation at issue in one or more of the cases comprising the Consolidated Action, including the NCMSLT Action.  The Court has not yet ruled on these motions or on U.S. Bank’s dismissal motion in the NCMSLT Action.

U.S. Bank intends to continue to defend the NCMSLT Action vigorously.”

Item 9.  Other Information.
Wells Fargo Bank, N.A. in its capacity as Master Servicer for Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25, affirms the following amounts in the respective accounts:

Collection Account Balance
Prior Distribution Date:     June 17, 2021$0.00
Current Distribution Date:     July 16, 2021$0.00

*REO Account Balance
Prior Distribution Date:     June 17, 2021$0.00
Current Distribution Date:     July 16, 2021$0.00

*As provided by the Special Servicer

U.S. Bank National Association, in its capacity as Certificate Administrator for Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25, affirms the following amounts in the respective accounts:

Distribution Account Balance
Prior Distribution Date:     June 17, 2021$2,339.34
Current Distribution Date:     July 16, 2021$2,261.33

Interest Reserve Account Balance
Prior Distribution Date:     June 17, 2021$0.00
Current Distribution Date:     July 16, 2021$0.00

Excess Liquidation Proceeds Account Balance
Prior Distribution Date:     June 17, 2021$0.00
Current Distribution Date:     July 16, 2021$0.00

TA Unused Fees Account Balance
Prior Distribution Date:     June 17, 2021$0.00
Current Distribution Date:     July 16, 2021$0.00

Item 10. Exhibits.
(a)  The following is a list of documents filed as part of this Report on Form 10-D:
(99.1) Monthly report distributed to holders of Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25, relating to the July 16, 2021 distribution.


(b)  The exhibits required to be filed by the Registrant pursuant to this form are listed in the Exhibit Index that immediately follows on the signature page hereof.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Banc of America Merrill Lynch Commercial Mortgage Inc.
(Depositor)

Date: July 22, 2021/s/  Leland F. Bunch, III
Name: Leland F. Bunch, III
Title: President and Chief Executive Officer

EXHIBIT INDEX

ExhibitDescription

Exhibit 99.1Monthly report distributed to holders of Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25, relating to the July 16, 2021 distribution.


July 2021
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
TABLE OF CONTENTS
ADMINISTRATOR
PARTIES TO THE TRANSACTION
DATES
Anita Wells
Account Administrator
(312)-332-6574
https://pivot.usbank.com/
190 S La Salle St
Chicago, IL 60603
Name:
Title:
Address:
Phone:
Email:
Website:
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 National Association
Certificate Administrator:
U.S. Bank National Association
Master Servicer:
Wells Fargo Bank, National Association
Special Servicer:
Midland Loan Services, a Division of PNC Bank, National
Association
Trust Advisor:
Pentalpha Surveillance LLC
Rating Agency:
Fitch Ratings, Inc.
Rating Agency:
Kroll Bond Rating Agency, Inc.
Rating Agency:
Moody's Investors Service, Inc.
Payment Date:
Jul 16, 2021
Prior Payment:
Jun 17, 2021
Next Payment:
Aug 17, 2021
Record Date:
Jun 30, 2021
Determination Date:
Jul 12, 2021
First Payment Date:
Nov 18, 2015
Closing Date:
Oct 15, 2015
Final Distribution Date:
Oct 19, 2048
* 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.

Pass-Thru
Original
Beginning
Principal
Interest
Total
Realized
Ending
Class
Rate
Balance
Balance
Distribution
Distribution
Distribution
Loss
Balance
A-1
1.61500%
34,000,000.00
0.00
0.00
0.00
0.00
0.00
0.00
A-2
2.80100%
28,700,000.00
0.00
0.00
0.00
0.00
0.00
0.00
A-SB
3.38300%
93,700,000.00
81,895,133.29
1,341,707.84
230,876.03
1,572,583.87
0.00
80,553,425.45
A-3
3.28000%
115,000,000.00
95,506,673.86
0.00
261,051.58
261,051.58
0.00
95,506,673.86
A-4
3.37200%
230,000,000.00
230,000,000.00
0.00
646,300.00
646,300.00
0.00
230,000,000.00
A-5
3.63500%
324,193,000.00
324,193,000.00
0.00
982,034.63
982,034.63
0.00
324,193,000.00
A-S
4.06900%
45,702,000.00
45,702,000.00
0.00
154,967.87
154,967.87
0.00
45,702,000.00
B
4.52580%
89,931,000.00
89,931,000.00
0.00
339,174.88
339,174.88
0.00
89,931,000.00
C
4.52580%
56,022,000.00
56,022,000.00
0.00
211,287.04
211,287.04
0.00
56,022,000.00
D
3.06800%
63,394,000.00
63,394,000.00
0.00
162,077.33
162,077.33
0.00
63,394,000.00
E
4.52580%
29,485,000.00
29,485,000.00
0.00
111,202.71
111,202.71
0.00
29,485,000.00
F
4.52580%
13,269,000.00
13,269,000.00
0.00
50,044.05
50,044.05
0.00
13,269,000.00
G
4.52580%
56,022,010.00
56,022,010.00
0.00
198,106.24
198,106.24
0.00
56,022,010.00
X-A
1.04804%
825,593,000.00
731,594,807.15
0.00
638,948.47
638,948.47
0.00
730,253,099.31
X-B
0.45680%
45,702,000.00
45,702,000.00
0.00
17,397.28
17,397.28
0.00
45,702,000.00
X-D
1.45780%
63,394,000.00
63,394,000.00
0.00
77,013.22
77,013.22
0.00
63,394,000.00
R
0.00000%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
V
0.00000%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Totals:
1,179,418,010.00
1,085,419,817.15
1,341,707.84
4,080,481.32
5,422,189.16
0.00
1,084,078,109.31
July 2021
PAYMENT DETAIL
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Page 1 of 18

Beginning
Principal
Interest
Total
Collateral Support
Ending
Class
Cusip
Balance
Distribution
Distribution
Distribution
Deficit
Balance
A-1
61765TAA1
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
A-2
61765TAB9
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
A-SB
61765TAC7
874.01422935
14.31918719
2.46399178
16.78317897
0.00000000
859.69504216
A-3
61765TAD5
830.49281617
0.00000000
2.27001370
2.27001370
0.00000000
830.49281617
A-4
61765TAE3
1,000.00000000
0.00000000
2.81000000
2.81000000
0.00000000
1,000.00000000
A-5
61765TAF0
1,000.00000000
0.00000000
3.02916667
3.02916667
0.00000000
1,000.00000000
A-S
61765TAK9
1,000.00000000
0.00000000
3.39083333
3.39083333
0.00000000
1,000.00000000
B
61765TAL7
1,000.00000000
0.00000000
3.77150121
3.77150121
0.00000000
1,000.00000000
C
61765TAM5
1,000.00000000
0.00000000
3.77150121
3.77150121
0.00000000
1,000.00000000
D
61765TAN3
1,000.00000000
0.00000000
2.55666667
2.55666667
0.00000000
1,000.00000000
E
61765TAP8 / U6182BAA7 / 61765TAQ6
1,000.00000000
0.00000000
3.77150121
3.77150121
0.00000000
1,000.00000000
F
61765TAR4 / U6182BAB5 / 61765TAS2
1,000.00000000
0.00000000
3.77150121
3.77150121
0.00000000
1,000.00000000
G
61765TAT0 / U6182BAC3 / 61765TAU7
1,000.00000000
0.00000000
3.53622157
3.53622157
0.00000000
1,000.00000000
X-A
61765TAG8
886.14463440
0.00000000
0.77392670
0.77392670
0.00000000
884.51949000
X-B
61765TAH6
1,000.00000000
0.00000000
0.38066788
0.38066788
0.00000000
1,000.00000000
X-D
61765TAJ2
1,000.00000000
0.00000000
1.21483455
1.21483455
0.00000000
1,000.00000000
R
61765TAX1 / U6182BAE9 / 61765TAY9
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
V
61765TAV5 / U6182BAD1 / 61765TAW3
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
0.00000000
July 2021
FACTOR DETAIL
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Page 2 of 18

Excess Trust
Beginning
Scheduled
Unscheduled
Advisor Expenses
Collateral Support
Ending
Cumulative
Class
Balance
Principal
Principal
Allocation
Deficit
Balance
Loss
A-1
0.00
0.00
0.00
0.00
0.00
0.00
0.00
A-2
0.00
0.00
0.00
0.00
0.00
0.00
0.00
A-SB
81,895,133.29
1,341,707.84
0.00
0.00
0.00
80,553,425.45
0.00
A-3
95,506,673.86
0.00
0.00
0.00
0.00
95,506,673.86
0.00
A-4
230,000,000.00
0.00
0.00
0.00
0.00
230,000,000.00
0.00
A-5
324,193,000.00
0.00
0.00
0.00
0.00
324,193,000.00
0.00
A-S
45,702,000.00
0.00
0.00
0.00
0.00
45,702,000.00
0.00
B
89,931,000.00
0.00
0.00
0.00
0.00
89,931,000.00
0.00
C
56,022,000.00
0.00
0.00
0.00
0.00
56,022,000.00
0.00
D
63,394,000.00
0.00
0.00
0.00
0.00
63,394,000.00
0.00
E
29,485,000.00
0.00
0.00
0.00
0.00
29,485,000.00
0.00
F
13,269,000.00
0.00
0.00
0.00
0.00
13,269,000.00
0.00
G
56,022,010.00
0.00
0.00
0.00
0.00
56,022,010.00
0.00
Totals:
1,085,419,817.15
1,341,707.84
0.00
0.00
0.00
1,084,078,109.31
0.00
July 2021
PRINCIPAL DETAIL
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Page 3 of 18

Accrued
Net Prepay
Trust Advisor
Current
Additional
Accrued
Total Interest
Cumulative
Certificate
Interest
Expenses
Interest
Extension
Prepayment
Interest
Unpaid Addt'l
Distribution
Unpaid Int
Class
Interest
Shortfall
Allocation
Shortfall
Fees
Premium
Amount
Interest Amt
Amount
Shortfall
A-1
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
A-2
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
A-SB
230,876.03
0.00
0.00
0.00
0.00
0.00
0.00
0.00
230,876.03
0.00
A-3
261,051.58
0.00
0.00
0.00
0.00
0.00
0.00
0.00
261,051.58
0.00
A-4
646,300.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
646,300.00
0.00
A-5
982,034.63
0.00
0.00
0.00
0.00
0.00
0.00
0.00
982,034.63
0.00
A-S
154,967.87
0.00
0.00
0.00
0.00
0.00
0.00
0.00
154,967.87
0.00
B
339,174.88
0.00
0.00
0.00
0.00
0.00
0.00
0.00
339,174.88
0.00
C
211,287.04
0.00
0.00
0.00
0.00
0.00
0.00
0.00
211,287.04
0.00
D
162,077.33
0.00
0.00
0.00
0.00
0.00
0.00
0.00
162,077.33
0.00
E
111,202.71
0.00
0.00
0.00
0.00
0.00
0.00
0.00
111,202.71
0.00
F
50,044.05
0.00
0.00
0.00
0.00
0.00
0.00
0.00
50,044.05
0.00
G
211,287.08
0.00
0.00
13,180.84
0.00
0.00
0.00
0.00
198,106.24
96,250.78
X-A
638,948.47
0.00
0.00
0.00
0.00
0.00
0.00
0.00
638,948.47
0.00
X-B
17,397.28
0.00
0.00
0.00
0.00
0.00
0.00
0.00
17,397.28
0.00
X-D
77,013.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
77,013.22
0.00
R
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
V
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Totals:
4,093,662.16
0.00
0.00
13,180.84
0.00
0.00
0.00
0.00
4,080,481.32
96,250.78
* Includes additional interest amounts specifically allocated to the bonds and used in determining the bonds total interest distribution amount
July 2021
INTEREST DETAIL
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Page 4 of 18

Interest
Fees
Scheduled Interest
4,111,086.53
Servicing Fee
13,717.13
Interest Adjustments
(28,343.89)
Trustee/Certificate Administrator Fee
2,261.32
Deferred Interest
0.00
Special Servicing Fee
2,167.53
Net Prepayment Shortfall
0.00
Workout Fee
0.00
Net Prepayment Interest Excess
0.00
Liquidation Fee
0.00
Interest Reserve (Deposit)/Withdrawal
0.00
Special Serv Fee plus Adj.
0.00
Interest Collections
4,082,742.64
CREFC Intellectual Property Royalty License Fee
452.27
Trust Advisor Fee
993.65
Extension Fee
0.00
Principal
Fee Distributions
19,591.90
Scheduled Principal
1,341,707.84
Unscheduled Principal
0.00
Other Expenses of the Trust
Principal Adjustments
0.00
Reimbursed for Interest on Advances
424.16
Principal Collections
1,341,707.84
Net ASER Amount
10,589.15
Non-Recoverable Advances
0.00
Other Expenses or Shortfalls
0.00
Other Expenses of the Trust
11,013.31
Other
Prepayment Premium
0.00
Payments to Certificateholders
Other Collections
0.00
Interest Distribution
4,080,481.32
Principal Distribution
1,341,707.84
Total Collections
5,424,450.48
Prepayment Premium
0.00
Available Distribution Amount
5,422,189.16
Total Distributions
5,424,450.48
Start
End
Interest Accrual Period
6/1/2021
6/30/2021
Funds Collection
Funds Distribution
July 2021
RECONCILIATION OF FUNDS
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Page 5 of 18

P&I Advances
Beginning Stated Principal Balance
1,085,419,817.52
* Total Current
Ending Stated Principal Balance
1,084,078,109.68
Advance
Ending Unpaid Balance
1,084,279,365.13
Total
Not Provided
Mortgage Loan Count
58
Unreimbursed Advances
Aggregate Principal Balance
1,084,078,109.68
Current
Outstanding
Total Servicing
Weighted Average Months to Maturity (WAMM)
47
Advance
Advance
Adv. Outstanding
Weighted Average Mortgage Rate
4.545065%
Total
0.00
625,110.51
30,248.74
Disclosable Special Servicer Fees
Special Servicer/Affiliates
Commission
0.00
Brokerage Fee
0.00
Rebate
0.00
Shared Fee
0.00
Total
0.00
Advances
Miscellaneous
July 2021
MISCELLANEOUS DETAIL
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Page 6 of 18

July 2021
BOND/COLLATERAL REALIZED LOSS RECONCILIATION
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Loan ID
Beginning
Balance of the
Loan at
Liquidation
Prior Realized
Loss Applied to
Certificates
Amounts
Covered by
Overcollateraliz
ation and other
Credit Support
Interest
(Shortages) /
Excesses
applied to
Realized Loss
Modification
Adjustments /
Appraisal
Reduction
Adjustment
Period
Additional
(Recoveries) /
Expenses
applied to
Realized Loss
Current
Realized Loss
Applied to
Certificates*
Recoveries of
Realized
Losses paid
as Cash
(Recoveries) /
Loss to
Certificate
Interest
Aggregate
Realized Loss
on Loans
A
B
C
D
E
Loan Count:
Totals:
Prior Realized Loss Applied to Certificates
Reduction to Realized Loss applied to bonds (could represent OC, insurance policies, reserve accounts, etc)
Adjustments that are based on principal haircut or future interest foregone due to modification
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
Amounts classified by the Master as interest adjustments from general collections on a loan with a Realized Loss
Realized Loss Adjustments, Supplemental Recoveries or Expenses on a previously liquidated loan
Page 7 of 18

July 2021
HISTORICAL DELINQUENCY & LIQUIDATION SUMMARY (STATED BALANCE)
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
30 Days Delinq
60 Days Delinq
Prepayments/Liquidation
REO
Bankruptcy
Foreclosure
Count
Balance
Count
Balance
Balance
Count
Balance
Count
Month
Balance
Count
Balance
Count
Balance
Count
%
90+ Days Delinq
%
%
%
%
%
%
(1)
(2)
(1)
(2)
(1)
(2)
(2)
(2)
(2)
(2)
1
0.00
15,476,307.38
0
1
10,385,504.51
0
0
0.00
0
0.00
Jul 2021
0.00
1.4%
0.0%
1.0%
0.0%
0.0%
0.0%
0
0.00
0.0%
1
0.00
15,504,842.03
0
1
10,404,161.05
0
0
0.00
0
0.00
Jun 2021
0.00
1.4%
0.0%
1.0%
0.0%
0.0%
0.0%
0
0.00
0.0%
1
0.00
15,531,277.64
0
1
10,421,348.09
0
0
0.00
0
0.00
May 2021
0.00
1.4%
0.0%
1.0%
0.0%
0.0%
0.0%
1
19,520,108.05
1.8%
0
10,439,860.73
0.00
1
0
0.00
0
0
0.00
0
0.00
Apr 2021
0.00
0.0%
0.9%
0.0%
0.0%
0.0%
0.0%
0
0.00
0.0%
2
0.00
26,042,718.96
0
0
0.00
0
0
0.00
0
0.00
Mar 2021
0.00
2.3%
0.0%
0.0%
0.0%
0.0%
0.0%
0
0.00
0.0%
1
0.00
15,617,934.08
0
1
10,478,073.99
0
0
0.00
0
0.00
Feb 2021
0.00
1.4%
0.0%
0.9%
0.0%
0.0%
0.0%
0
0.00
0.0%
1
0.00
15,643,920.69
0
1
10,494,954.44
0
0
0.00
0
0.00
Jan 2021
0.00
1.4%
0.0%
0.9%
0.0%
0.0%
0.0%
0
0.00
0.0%
2
0.00
20,075,416.16
0
1
10,511,764.88
0
0
0.00
0
0.00
Dec 2020
0.00
1.8%
0.0%
0.9%
0.0%
0.0%
0.0%
0
0.00
0.0%
0
0.00
0.00
0
1
10,529,914.53
0
0
0.00
0
0.00
Nov 2020
0.00
0.0%
0.0%
0.9%
0.0%
0.0%
0.0%
0
0.00
0.0%
1
0.00
6,164,595.02
0
1
10,546,579.95
0
0
0.00
0
0.00
Oct 2020
0.00
0.6%
0.0%
0.9%
0.0%
0.0%
0.0%
0
0.00
0.0%
0
0.00
0.00
0
1
10,564,589.83
0
0
0.00
0
0.00
Sep 2020
0.00
0.0%
0.0%
0.9%
0.0%
0.0%
0.0%
0
0.00
0.0%
1
0.00
6,182,737.04
0
1
10,581,111.42
0
0
0.00
0
0.00
Aug 2020
0.00
0.6%
0.0%
0.9%
0.0%
0.0%
0.0%
2
14,427,685.23
1.3%
0
0.00
0.00
0
1
10,597,564.48
0
0
0.00
0
0.00
Jul 2020
0.00
0.0%
0.0%
0.9%
0.0%
0.0%
0.0%
0
0.00
0.0%
1
10,615,369.67
6,200,740.37
1
0
0.00
0
0
0.00
0
0.00
Jun 2020
0.00
0.5%
0.9%
0.0%
0.0%
0.0%
0.0%
1
12,150,000.00
1.1%
1
0.00
10,631,680.63
0
0
0.00
0
0
0.00
0
0.00
May 2020
0.00
0.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0
0.00
0.0%
(2) Percentage in relation to Ending Scheduled Balance
(1) Exclusive of loans in Bankruptcy, Foreclosure and REO
Page 8 of 18

July 2021
Delinquency Summary Report
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Current
30 - 59 days
60 - 89 days
90 - 120 days
121 + days
TOTAL
Delinquent
Loan Count
Sched Bal
Percentage*
Actual Bal
56
1,058,216,297.79
97.61%
1,058,253,133.05
1
15,476,307.38
1.43%
15,531,277.64
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
1
10,385,504.51
0.96%
10,494,954.44
58
1,084,078,109.68
100.00%
1,084,279,365.13
Bankruptcy
Loan Count
Sched Bal
Percentage*
Actual Bal
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
Foreclosure
Loan Count
Sched Bal
Percentage*
Actual Bal
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
REO
Loan Count
Sched Bal
Percentage*
Actual Bal
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
TOTAL
Loan Count
Sched Bal
Percentage*
Actual Bal
56
1,058,216,297.79
97.61%
1,058,253,133.05
1
15,476,307.38
1.43%
15,531,277.64
0
0.00
0.00%
0.00
0
0.00
0.00%
0.00
1
10,385,504.51
0.96%
10,494,954.44
58
1,084,078,109.68
100.00%
1,084,279,365.13
Group 1
* Percentages are based on scheduled balance as a percent of total pool scheduled balance.
Page 9 of 18

July 2021
HISTORICAL LIQUIDATION LOSS LOAN DETAIL
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Current Beginning
Scheduled Balance
Most Recent Value **
Net Proceeds Received
on Liquidation
Liquidation Expense
Net Proceeds Available
for Distribution
Realized Loss to Trust
Loan ID
Liquidation /
Prepayment
Code *
Liquidation
Month
Count:
Totals:
* Liquidation / Prepayment Code: 1 - Partial Liq'n (Curtailment); 2 - Payoff Prior To 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 Value is as of cutoff.
Page 10 of 18

July 2021
INTEREST ADJUSTMENT RECONCILIATION
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
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)
Current Month
Outstanding
Other
Shortfalls/
(Refunds)
Current Ending
Scheduled
Balance
Loan ID
Reimbursement of
Advances to Servicer
0.00
0.00
0.00
0.00
0.00
0.00
424.16
0.00
0.00
15,476,307.38
0.00
0.00
21
2,167.53
0.00
0.00
10,589.15
0.00
0.00
0.00
0.00
0.00
10,385,504.51
0.00
0.00
34
25,861,811.89
Count:
Totals:
2
2,167.53
0.00
0.00
10,589.15
0.00
0.00
424.16
0.00
0.00
0.00
0.00
Total Interest Shortfall hitting the Trust:
13,180.84
*Total 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

July 2021
APPRAISAL REDUCTION REPORT
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Loan ID
Property Name
Paid Through
Date
ARA (Appraisal
Reduction Amount)
ARA Date
Most Recent Value
Most Recent
Valuation Date
Most Recent Net
ASER Amount
Cumulative ASER
Amount
34
01/01/2021
2,632,478.62
12/11/2020
16,100,000.00
05/14/2015
10,589.15
64,593.80
Count:
Totals:
1
2,632,478.62
16,100,000.00
10,589.15
64,593.80
Page 12 of 18

July 2021
LOAN LEVEL DETAIL
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Loan ID
Property
Type
Transfer
Date
Stat
Maturity
Date
Neg
Am
End Schedule
Balance
Sched
P&I
Prepay
Adj
Prepay
Date
Paid
Thru
Prepay
Premium
Loan
Status **
Interest
Payment
Yield Maint
Charges
Note
Rate
PFY
DSCR
Operating
Stmnt
1
Mixed Use
NY
01/07/24
N
90,000,000.00
338,250.00
0.00
07/07/21
0.00
0
338,250.00
0.00
4.510
2.38
12/31/20
1A
01/07/24
N
25,000,000.00
93,958.33
0.00
07/07/21
0.00
0
93,958.33
0.00
4.510
0.00
2
Office
NY
09/01/25
N
110,000,000.00
405,166.67
0.00
07/01/21
0.00
0
405,166.67
0.00
4.420
1.74
12/31/20
3
Lodging
LA
08/06/25
N
38,290,393.25
220,676.59
0.00
07/06/21
0.00
0
150,564.98
0.00
4.710
0.82
12/31/20
3A
08/06/25
N
36,038,017.49
207,695.61
0.00
07/06/21
0.00
0
141,708.22
0.00
4.710
0.00
4
Various
XX
07/01/25
N
24,226,261.04
128,235.81
0.00
07/01/21
0.00
0
93,103.10
0.00
4.605
1.62
12/31/20
4A
07/01/25
N
19,381,008.78
102,588.65
0.00
07/01/21
0.00
0
74,482.48
0.00
4.605
0.00
4B
07/01/25
N
9,690,504.52
51,294.32
0.00
07/01/21
0.00
0
37,241.24
0.00
4.605
0.00
4C
07/01/25
N
4,845,252.24
25,647.16
0.00
07/01/21
0.00
0
18,620.62
0.00
4.605
0.00
5
Various
XX
08/01/25
N
56,334,803.81
304,129.72
0.00
07/01/21
0.00
0
218,160.32
0.00
4.640
0.00
6
Multifamily
MD
07/01/25
N
53,575,119.84
271,650.37
0.00
07/01/21
0.00
0
195,380.48
0.00
4.370
1.24
12/31/20
7
Office
CA
08/01/25
N
49,273,907.19
250,424.76
0.00
07/01/21
0.00
0
180,987.28
0.00
4.402
2.26
12/31/20
8
Retail
CA
08/01/25
N
37,749,392.13
214,896.67
0.00
07/01/21
0.00
0
144,456.00
0.00
4.584
1.25
12/31/20
9
Office
PA
09/01/25
N
27,964,367.81
161,649.85
0.00
07/01/21
0.00
0
115,775.67
0.00
4.960
2.15
12/31/20
10
Various
XX
09/01/25
N
27,497,751.93
137,814.50
0.00
07/01/21
0.00
0
98,490.94
0.00
4.292
2.63
12/31/20
11
Mixed Use
CT
09/01/25
N
25,822,652.21
131,634.48
0.00
07/01/21
0.00
0
92,498.99
0.00
4.292
1.33
12/31/20
12
Office
NJ
08/01/25
N
22,636,374.23
123,916.29
0.00
07/01/21
0.00
0
90,113.95
0.00
4.770
1.56
12/31/20
13
Retail
04/05/18 PA
08/01/25
N
21,306,710.90
112,675.82
0.00
07/01/21
0.00
0
84,450.79
0.00
4.750
0.64
12/31/20
14
Multifamily
PA
08/01/25
N
20,461,353.50
107,308.29
0.00
07/01/21
0.00
0
74,666.46
0.00
4.372
1.24
12/31/20
15
Mixed Use
IL
07/06/25
N
20,660,959.69
103,750.44
0.00
07/06/21
0.00
0
73,900.67
0.00
4.286
1.67
12/31/20
16
Retail
ID
08/01/25
N
17,818,366.98
97,034.55
0.00
07/01/21
0.00
0
61,506.67
0.00
4.134
1.77
12/31/20
17
Multifamily
VA
09/06/25
05/05/21
18
Multifamily
NV
08/01/25
N
17,150,770.83
91,214.05
0.00
07/01/21
0.00
0
64,430.14
0.00
4.501
1.53
12/31/20
19
Multifamily
FL
08/01/25
N
17,644,913.13
90,696.67
0.00
07/01/21
0.00
0
66,260.06
0.00
4.500
1.90
12/31/20
20
Retail
WA
08/01/25
N
16,545,838.49
85,944.24
0.00
07/01/21
0.00
0
59,164.25
0.00
4.284
1.61
12/31/20
21
Various
XX
09/01/25
N
15,476,307.38
88,344.58
0.00
05/01/21
0.00
1
59,809.93
0.00
4.629
1.79
12/31/20
22
Office
OK
08/01/25
N
16,282,054.16
87,479.67
0.00
07/01/21
0.00
0
66,448.66
0.00
4.891
1.78
12/31/20
23
Office
NV
09/06/25
N
15,390,770.64
84,780.82
0.00
06/06/21
0.00
B
60,017.81
0.00
4.672
1.59
12/31/20
24
Industrial
KY
08/01/25
N
15,975,000.00
63,300.94
0.00
07/01/21
0.00
0
63,300.94
0.00
4.755
1.79
12/31/20
25
Multifamily
OH
07/01/25
N
14,756,854.53
73,922.76
0.00
07/01/21
0.00
0
52,524.37
0.00
4.265
0.00
26
Retail
CA
08/01/25
N
14,039,780.72
73,775.13
0.00
07/01/21
0.00
0
51,443.89
0.00
4.390
1.48
12/31/20
27
Retail
OH
08/06/25
N
14,204,770.81
74,055.41
0.00
07/06/21
0.00
0
53,109.34
0.00
4.480
1.24
12/31/20
28
Various
XX
09/01/25
N
11,927,894.51
60,477.10
0.00
07/01/21
0.00
0
43,717.43
0.00
4.392
1.80
12/31/20
28A
Various
XX
09/01/25
N
2,379,524.78
12,064.73
0.00
07/01/21
0.00
0
8,721.30
0.00
4.392
0.00
29
Multifamily
TX
07/01/22
N
13,494,393.18
72,472.27
0.00
07/01/21
0.00
0
50,573.46
0.00
4.490
1.66
12/31/20
30
Lodging
CA
07/01/25
N
11,134,262.21
63,731.04
0.00
07/01/21
0.00
0
42,965.45
0.00
4.622
1.70
12/31/20
31
Multifamily
NV
09/01/25
N
11,985,567.19
60,069.82
0.00
07/01/21
0.00
0
42,929.68
0.00
4.292
4.63
12/31/20
32
Multifamily
NC
09/01/20
06/01/20
33
Lodging
MO
09/01/25
N
10,334,307.09
67,314.39
0.00
07/01/21
0.00
0
39,634.60
0.00
4.590
-0.03
12/31/20
34
Lodging
06/09/20 TX
08/01/25
N
10,385,504.51
60,593.98
0.00
01/01/21
0.00
6
41,937.44
0.00
4.837
0.31
12/31/20
35
Multifamily
GA
09/01/25
N
10,694,400.47
58,714.29
0.00
07/01/21
0.00
0
41,418.56
0.00
4.640
1.50
12/31/20
Page 13 of 18

July 2021
LOAN LEVEL DETAIL
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Loan ID
Property
Type
Transfer
Date
Stat
Maturity
Date
Neg
Am
End Schedule
Balance
Sched
P&I
Prepay
Adj
Prepay
Date
Paid
Thru
Prepay
Premium
Loan
Status **
Interest
Payment
Yield Maint
Charges
Note
Rate
PFY
DSCR
Operating
Stmnt
36
Lodging
MD
07/01/20
08/01/20
37
Retail
AZ
07/01/25
N
9,635,446.09
54,305.61
0.00
07/01/21
0.00
0
37,611.17
0.00
4.676
1.89
12/31/20
38
Lodging
MD
09/01/25
N
9,065,689.88
53,437.97
0.00
07/01/21
0.00
0
37,537.24
0.00
4.960
1.68
12/31/20
39
Lodging
MN
09/01/25
N
8,685,149.99
49,268.54
0.00
07/01/21
0.00
0
33,101.26
0.00
4.565
0.67
12/31/20
40
Retail
NV
09/06/25
N
8,129,733.05
44,463.07
0.00
06/06/21
0.00
B
32,390.82
0.00
4.774
1.58
12/31/20
41
Self Storage
CA
07/01/25
N
7,100,000.00
25,205.00
0.00
07/01/21
0.00
0
25,205.00
0.00
4.260
3.20
12/31/20
42
Lodging
TX
07/01/25
N
6,328,626.80
37,509.09
0.00
07/01/21
0.00
0
26,331.32
0.00
4.984
-0.20
12/31/20
43
Retail
AR
09/01/30
N
6,603,145.33
38,988.89
0.00
07/01/21
0.00
0
30,331.64
0.00
5.505
1.55
12/31/20
44
Retail
CA
08/06/25
N
6,079,944.57
33,568.69
0.00
07/06/21
0.00
0
23,750.08
0.00
4.680
0.84
12/31/20
45
Multifamily
GA
08/01/25
N
5,342,282.67
29,005.83
0.00
07/01/21
0.00
0
18,307.20
0.00
4.104
2.61
12/31/20
46
Mobile Home
TX
08/01/25
N
5,078,821.58
29,738.09
0.00
07/01/21
0.00
0
20,665.33
0.00
4.874
1.80
12/31/20
47
Retail
PA
06/06/25
N
5,003,025.16
27,924.26
0.00
07/06/21
0.00
0
19,856.46
0.00
4.755
1.44
12/31/20
48
Self Storage
FL
08/06/25
N
4,580,022.79
26,626.77
0.00
07/06/21
0.00
0
18,353.19
0.00
4.800
2.19
12/31/20
49
Lodging
MT
09/06/25
N
4,328,952.19
28,794.20
0.00
07/06/21
0.00
0
17,541.66
0.00
4.850
1.45
12/31/20
50
Retail
NV
08/01/25
N
4,454,660.87
25,524.02
0.00
07/01/21
0.00
0
17,293.70
0.00
4.650
1.53
12/31/20
51
Retail
TX
08/01/25
N
4,331,295.80
24,801.52
0.00
07/01/21
0.00
0
17,535.02
0.00
4.850
2.02
12/31/20
52
Various
XX
09/06/20
07/31/20
53
Various
XX
08/01/25
N
3,807,796.22
21,330.06
0.00
07/01/21
0.00
0
14,049.02
0.00
4.419
2.93
12/31/20
54
Industrial
NV
09/06/25
N
3,090,684.15
19,358.49
0.00
07/06/21
0.00
0
12,472.88
0.00
4.832
2.10
12/31/20
55
Retail
UT
09/01/25
N
2,268,045.63
13,420.54
0.00
07/01/21
0.00
0
9,466.66
0.00
5.000
1.50
12/31/20
56
Multifamily
OH
07/01/25
N
1,788,674.74
10,172.96
0.00
07/01/21
0.00
0
7,395.71
0.00
4.954
0.00
1,084,078,109.68
5,452,794.37
0.00
0.00
62
Totals:
Count:
4,111,086.53
0.00
** 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.
* If State field is blank or 'XX', loan has properties in multiple states.
Page 14 of 18

July 2021
HISTORICAL LOAN MODIFICATION REPORT
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Loan ID
Ending
Scheduled
Balance
Comments
Ending
Unpaid
Balance
Page 15 of 18

July 2021
REO STATUS REPORT
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Loan ID
State
Ending
Scheduled Loan
Total Exposure
Appraisal Value
REO Date
Date Asset
Expected to
be Resolved
or Foreclosed
REO Revenue
and Other
Amounts
City
Property Type
Book Value
Type *
Appraisal
Date
Count:
Totals:
(*) Legend: (1) Partial Liq'n (Curtailment), (2) Payoff Prior To 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

July 2021
DEFEASED LOAN DETAIL
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Current Ending
Scheduled Balance
Maturity Date
Current
Note Rate
Defeasance
Status *
Loan ID
56,334,803.81
08/01/2025
4.64
F
5
14,756,854.53
07/01/2025
4.27
F
25
11,927,894.51
09/01/2025
4.39
P
28
2,379,524.78
09/01/2025
4.39
F
28A
1,788,674.74
07/01/2025
4.95
F
56
87,187,752.37
Count:
Totals:
5
* Defeasance Status: P = Portion of Loan Previously Defeased. F = Full Defeasance.
Page 17 of 18

July 2021
MATERIAL BREACHES AND DOCUMENT DEFECTS
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C25
Commercial Mortgage Pass-Through Certificates, Series 2015-C25
Loan ID
Ending Principal
Balance
Material Breach Date
Date Received Notice
Description
Totals:
Count:
Page 18 of 18



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