UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION

Washington,
D.C. 20549



FORM
10-K



(Mark
One)



| | ☒ | ANNUAL
                                         REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | -----------------------------------------------------------------------------------------------------------------------------



For
the fiscal year ended December 31, 2023
or



| | ☐ | TRANSITION
                                         REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ---------------------------------------------------------------------------------------------------------------------------------



For
the transition period from _____ to _____Commission file number of the issuing entity: 333-201743-02

Central
Index Key Number of the issuing entity: 0001653542

Morgan
Stanley Bank of America Merrill Lynch Trust 2015-C25

(exact
name of the issuing entity as specified in its charter)



Central
Index Key Number of the depositor: 0001005007

Banc
of America Merrill Lynch Commercial Mortgage Inc.

(exact
name of the depositor as specified in its charter)



Central
Index Key Number of the sponsor: 0001102113

Bank
of America, National Association

(exact
name of the sponsor as specified in its charter)



Central
Index Key Number of the sponsor: 0001541557

Morgan
Stanley Mortgage Capital Holdings LLC

(exact
name of the sponsor as specified in its charter)



Central
Index Key Number of the sponsor: 0001548567

CIBC
Inc.

(exact
name of the sponsor as specified in its charter)



Central
Index Key Number of the sponsor: 0001682532

Starwood
Mortgage Funding III LLC

(exact
name of the sponsor as specified in its charter)



|New
York(State or other jurisdiction ofincorporation or organization of
        the
issuing entity) | 38-3981653
        38-3981654
        38-3981655
        (I.R.S.
Employer
        Identification
Numbers)
|--------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------



c/o
U.S. Bank National Association

as
Certificate Administrator

190
S. LaSalle Street

Chicago,
IL

(Address
of principal executive offices of the issuing entity)



60603

(Zip
Code)



Registrant’s
telephone number, including area code:

(646)
855-3953



Securities
registered pursuant to Section 12(b) of the Act:

|Title
    of each class | Trading
    Symbol(s) | Name
    of each exchange on which registered
|----------------------- | --------------------- | ---------------------------------------------
|None                    |                       |                                              



Securities
registered pursuant to Section 12(g) of the Act: None.



Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No



Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☒
No



Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities 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



Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit such files).



Not
applicable.



Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.





|Large accelerated filer | ☐                       | Accelerated filer         | ☐
|----------------------- | ----------------------- | ------------------------- | -
|                        |                        
|Non-accelerated filer   | ☒                       | Smaller reporting company | ☐
|                        |                        
|                        | Emerging growth company | ☐                        



If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐



If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the
registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐



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).
☐



Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☒ No



State
the aggregate market value of the voting and non-voting 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. ☐ Yes ☐ 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
Herald Center Mortgage Loan and the 261 Fifth Avenue Mortgage Loan, which constituted approximately 9.8% and 9.3%, respectively,
of the asset pool of the issuing entity as of its cut-off date, are each an asset of the issuing entity and are each part of a
loan combination that includes (a) with respect to the Herald Center Mortgage Loan, two other pari passu loans, which are
not assets of the issuing entity and (b) with respect to the 261 Fifth Avenue Mortgage Loan, one other pari passu loan,
which is not an asset of the issuing entity. These loan combinations, including the Herald Center Mortgage Loan and the 261 Fifth
Avenue Mortgage Loan, are being serviced and administered pursuant to the Pooling and Servicing Agreement, which is incorporated
by reference as Exhibit 4.1 to this Annual Report on Form 10-K.



The
Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect
to the Coastal Equities Retail Portfolio Mortgage Loan, which constituted approximately 5.1% of the asset pool of the issuing
entity as of its cut-off date.  The Coastal Equities Retail Portfolio Mortgage Loan is an asset of the issuing entity and
is part of a loan combination that includes the Coastal Equities Retail Portfolio Mortgage Loan and six other pari passu
loans, which are not assets of the issuing entity. A pari passu portion of the loan combination was securitized in the
Morgan Stanley Bank of America Merrill Lynch Trust 2015-C24 transaction, Commission File Number 333-180779-18 (the “MSBAM
2015-C24 Transaction”). This loan combination, including the Coastal Equities Retail Portfolio Mortgage Loan, is being
serviced and administered pursuant to the pooling and servicing agreement for the MSBAM 2015-C24 Transaction, which is incorporated
by reference as Exhibit 4.2 to this Annual Report on Form 10-K.



The
Exhibit Index describes exhibits provided by certain parties (in their capacities indicated on the Exhibit Index) with respect
to the Roosevelt New Orleans Waldorf Astoria Mortgage Loan, which constituted approximately 7.0% of the asset pool of the issuing
entity as of its cut-off date.  The Roosevelt New Orleans Waldorf Astoria Mortgage Loan is an asset of the issuing entity
and is part of a loan combination that includes the Roosevelt New Orleans Waldorf Astoria Mortgage Loan and two other pari
passu loans, which are not assets of the issuing entity. A pari passu portion of the loan combination was securitized
in the JPMBB Commercial Mortgage Securities Trust 2015-C31 transaction, Commission File Number 333-190246-16 (the “JPMBB
2015-C31 Transaction”). This loan combination, including the Roosevelt New Orleans Waldorf Astoria Mortgage Loan, is
being serviced and administered pursuant to the pooling and servicing agreement for the JPMBB 2015-C31 Transaction, which is incorporated
by reference as Exhibit 4.3 to this Annual Report on Form 10-K.



The
master servicer of a pooling and servicing agreement or trust and servicing agreement also functions as the primary servicer of
the related mortgage loans serviced and administered pursuant to such agreement unless a separate primary servicer is identified
herein. If this report does not identify a separate primary servicer, the servicer compliance statement provided by the master
servicer under any such agreement also encompasses its responsibilities as primary servicer of the related mortgage loan or mortgage
loans.



Wells
Fargo Bank, National Association is the master servicer of the mortgage loans serviced under the Pooling and Servicing Agreement
and the primary servicer of the Coastal Equities Retail Portfolio Mortgage Loan. As a result, Wells Fargo Bank, National Association
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 Wells Fargo Bank, National Association in the capacities described above are listed in the Exhibit Index.



LNR
Partners, LLC is the special servicer of the mortgage loans serviced under the Pooling and Servicing Agreement and the Coastal
Equities Retail Portfolio Mortgage Loan. As a result, LNR Partners, 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 LNR Partners, LLC in the capacities described above are listed
in the Exhibit Index.



U.S.
Bank National Association is the trustee and custodian of the mortgage loans serviced under the Pooling and Servicing Agreement.
As a result, U.S. Bank 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 U.S. Bank National Association
in the capacities described above are listed in the Exhibit Index.



Wells
Fargo Bank, National Association acts as trustee of the Roosevelt New Orleans Waldorf Astoria Mortgage Loan. Pursuant to the pooling
and servicing agreement for the JPMBB 2015-C31 Transaction, the trustee is required to provide an assessment of compliance with
applicable servicing criteria solely with respect to Item 1122(d)(2)(iii) of Regulation AB (regarding advances of funds or guarantees
regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed
and approved as specified in the transaction agreements). However, during the reporting period, the trustee did not perform any
servicing function with respect to the servicing criteria specified in Item 1122(d)(2)(iii) of Regulation AB. The master servicer
or the special servicer, to the extent required, performed the servicing function identified with respect to Item 1122(d)(2)(iii)
of Regulation AB, and each such party included Item 1122(d)(2)(iii) of Regulation AB in the assessment of compliance with applicable
servicing criteria and accountant’s attestation report for the subject transaction.  As a result, this Annual Report
on Form 10-K does not include an assessment of compliance with applicable servicing criteria of the trustee. One or more other
servicers of the Roosevelt New Orleans Waldorf Astoria Mortgage Loan have delivered one or more assessments of compliance with
respect to Item 1122(d)(2)(iii) of Regulation AB.





Wilmington
Trust, National Association acts as trustee of the Coastal Equities Retail Portfolio Mortgage Loan. Pursuant to the pooling and
servicing agreement for the MSBAM 2015-C24 Transaction, the trustee is required to provide an assessment of compliance with applicable
servicing criteria solely with respect to Item 1122(d)(2)(iii) of Regulation AB (regarding advances of funds or guarantees regarding
collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved
as specified in the transaction agreements). However, during the reporting period, the trustee did not perform any servicing function
with respect to the servicing criteria specified in Item 1122(d)(2)(iii) of Regulation AB. The master servicer or the special
servicer, to the extent required, performed the servicing function identified with respect to Item 1122(d)(2)(iii) of Regulation
AB, and each such party included Item 1122(d)(2)(iii) of Regulation AB in the assessment of compliance with applicable servicing
criteria and accountant’s attestation report for the subject transaction.  As a result, this Annual Report on Form
10-K does not include an assessment of compliance with applicable servicing criteria of the trustee. One or more other servicers
of the Coastal Equities Retail Portfolio Mortgage Loan have delivered one or more assessments of compliance with respect to Item
1122(d)(2)(iii) of Regulation AB.



This
Annual Report on Form 10-K includes assessments of compliance with applicable servicing criteria and accountants’ attestation
reports from CoreLogic Solutions, LLC.  This entity was engaged by the master servicer under the Pooling and Servicing Agreement
and the primary servicer of the Coastal Equities Retail Portfolio Mortgage Loan to remit tax payments received from the escrow
accounts of borrowers to local taxing authorities, to report tax amounts due, to verify tax parcel information, and to verify
non-escrow tax payments. These servicing functions are included within the servicing criteria set forth in Items 1122(d)(4)(xi)
and 1122(d)(4)(xii) of Regulation AB.  Therefore, under the principles-based definition of “servicer” set forth
in Item 1101(j) of Regulation AB that looks to the functions that an entity performs, this vendor is a “servicer”
for the purposes of Item 1122 of Regulation AB.  See Compliance and Disclosure Interpretations, Section 301.01 (Item
1101(j)).



This
Annual Report on Form 10-K includes an assessment of compliance with applicable servicing criteria, accountants’ attestation
report and servicer compliance statement from Computershare Trust Company, National Association (“CTCNA”). 
CTCNA was engaged by Wells Fargo Bank, National Association (“Wells Fargo”), in its capacity as custodian,
to perform certain specified servicing functions identified in the assessment of compliance with applicable servicing criteria
and accountants’ attestation reports. Wells Fargo engaged CTCNA in connection with the sale of Wells Fargo’s corporate
trust services business to CTCNA and its affiliates.



The
assessments of compliance with applicable servicing criteria, accountants’ attestation reports and servicer compliance statements
of the certificate administrator of the Coastal Equities Retail Portfolio Mortgage Loan and the Roosevelt New Orleans Waldorf
Astoria Mortgage Loan are omitted from this Annual Report on Form 10-K as the certificate administrator pursuant to the related
pooling and servicing agreement or trust and servicing agreement does not perform any activities that address servicing criteria
with respect to the issuing entity and because they are each not a “servicer” that meets the criteria in Item 1108(a)(2)(i)
through (iii) of Regulation AB.



With
respect to the pari passuloan combination that includes the Roosevelt New Orleans Waldorf Astoria Mortgage Loan, the servicer
compliance statements of Midland Loan Services, a Division of PNC Bank, National Association as primary servicer of the Roosevelt
New Orleans Waldorf Astoria Mortgage Loan and Rialto Capital Advisors, LLC as special servicer of the Roosevelt New Orleans Waldorf
Astoria Mortgage Loan, listed on the Exhibit Index are omitted from this Annual Report on Form 10-K as they are not required by
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



Item
1. Business.



Omitted.



Item
1A. Risk Factors.



Omitted.



Item
1B. Unresolved Staff Comments.



None.



Item
1C.  Cybersecurity.



Omitted.



Item
2. Properties.



Omitted.



Item
3. Legal Proceedings.



Omitted.



Item
4. Mine Safety Disclosures.



Not
applicable.





PART
II



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



Omitted.



Item
6.



[Reserved].



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



Omitted.



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



Omitted.



Item
8. Financial Statements and Supplementary Data.



Omitted.



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



Omitted.



Item
9A. Controls and Procedures.



Omitted.



Item
9B. Other Information.



None.



Item
9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.



None.





PART
III



Item
10. Directors, Executive Officers and Corporate Governance.



Omitted.



Item
11. Executive Compensation.



Omitted.



Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.



Omitted.



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



Omitted.



Item
14. Principal Accountant Fees and Services.



Omitted.





ADDITIONAL
DISCLOSURE ITEMS FOR REGULATION AB



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.



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.



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.



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, and the following, with respect to U.S. Bank National Association,
as trustee, certificate administrator and custodian, and Wells Fargo Bank, National Association, as trustee, certificate administrator
and custodian.



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 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, which remains pending.



U.S.
Bank denies liability in the NCMSLT Action and believes 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 and that it has meritorious
defenses. It has contested and intends to continue contesting the plaintiffs’ claims vigorously.



In
December 2014, Phoenix Light SF Limited (Phoenix Light) and certain related entities filed a complaint in the United States District
Court for the Southern District of New York alleging claims against Wells Fargo Bank, N.A., in its capacity as trustee for a number
of residential mortgage-backed securities (RMBS) trusts. Complaints raising similar allegations have been filed by Commerzbank
AG in the Southern District of New York, IKB International and IKB Deutsche Industriebank (together, IKB) in New York state court,
and Park Royal I LLC and Park Royal II LLC in New York state court. In each case, the plaintiffs allege that Wells Fargo Bank,
N.A., as trustee, caused losses to investors, and plaintiffs assert causes of action based upon, among other things, the trustee’s
alleged failure to notify and enforce repurchase obligations of mortgage loan sellers for purported breaches of representations
and warranties, notify investors of alleged events of default, and abide by appropriate standards of care following alleged events
of default. In July 2022, the district court dismissed Phoenix Light’s claims and certain of the claims asserted by Commerzbank
AG, and subsequently entered judgment in each case in favor of Wells Fargo Bank, N.A. In August 2022, Phoenix Light and Commerzbank
AG each appealed the district court’s decision to the United States Court of Appeals for the Second Circuit. Phoenix Light
dismissed its appeal in May 2023, terminating its case. In November 2023, Wells Fargo Bank, N.A. entered into an agreement with
IKB to resolve IKB’s claims. Wells Fargo Bank, N.A. previously settled two class actions filed by institutional investors
and an action filed by the National Credit Union Administration with similar allegations.







Item
1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions.



The
information regarding this Item has been previously provided in a prospectus supplement of the Registrant relating to the issuing
entity filed on October 15, 2015 pursuant to Rule 424(b)(5).



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 Schedule X 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 Coastal Equities Retail Portfolio Mortgage Loan, which is being serviced and
administered pursuant to the pooling and servicing agreement for the MSBAM 2015-C24 Transaction, are attached hereto under Item
15 to this Annual Report on Form 10-K. Attached as Schedule X to the pooling and servicing agreement for the MSBAM 2015-C24 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 MSBAM 2015-C24 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 Roosevelt New Orleans Waldorf Astoria Mortgage Loan, which is being serviced
and administered pursuant to the pooling and servicing agreement for the JPMBB 2015-C31 Transaction, are attached hereto under
Item 15 to this Annual Report on Form 10-K. Attached as Exhibit AA to the pooling and servicing agreement for the JPMBB 2015-C31
Transaction incorporated by reference as Exhibit 4.3 to this Annual Report on Form 10-K is a chart identifying the entities participating
in a servicing function for the JPMBB 2015-C31 Transaction responsible for each applicable servicing criteria set forth in Item
1122(d).



Item
1123 of Regulation AB, Servicer Compliance Statement.



The
servicer compliance statements are attached as Exhibits to this Annual Report on Form 10-K.







PART
IV



Item
15. Exhibit and Financial Statement Schedules.



(a)
The following is a list of documents filed as part of this Annual Report on Form 10-K:



(1)
Not applicable



(2)
Not applicable



(3)
See below





| | 4.1 | Pooling
                                         and Servicing Agreement, dated as of October 1, 2015, by and among Banc of America Merrill
                                         Lynch Commercial Mortgage Inc., as Depositor, Wells Fargo Bank, National Association,
                                         as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association,
                                         as Special Servicer, Pentalpha Surveillance LLC, as Trust Advisor and U.S. Bank National
                                         Association, as Trustee, Certificate Administrator, Certificate Registrar, Authenticating
                                         Agent and Custodian (filed as Exhibit 4.1 to the registrant’s Current Report on
                                         Form 8-K filed on October 16, 2015 under Commission File No. 333-201743-02 and incorporated
                                         by reference herein).
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.2 | Pooling
                                         and Servicing Agreement, dated as of August 1, 2015, by and among Morgan Stanley Capital
                                         I Inc., as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Special Servicer, Park
                                         Bridge Lender Services LLC, as Trust Advisor, Wilmington Trust, National Association,
                                         as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator,
                                         Certificate Registrar, Authenticating Agent and Custodian (filed as Exhibit 4.3 to the
                                         registrant’s Current Report on Form 8-K filed on October 16, 2015 under Commission
                                         File No. 333-201743-02 and incorporated by reference herein).
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.3 | Pooling
                                         and Servicing Agreement, dated as of August 1, 2015, by and among J.P. Morgan Chase Commercial
                                         Mortgage Securities Corp., as Depositor, Midland Loan Services, a Division of PNC Bank,
                                         National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank,
                                         National Association, as Special Servicer, Wells Fargo Bank, National Association, as
                                         Certificate Administrator, Wells Fargo Bank, National Association, as Trustee, and Pentalpha
                                         Surveillance LLC, as Senior Trust Advisor (filed as Exhibit 4.2 to the registrant’s
                                         Current Report on Form 8-K filed on October 16, 2015 under Commission File No. 333-201743-02
                                         and incorporated by reference herein).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.4 | Agreement
                                         Between Noteholders, dated as of October 15, 2015, by and between Morgan Stanley Mortgage
                                         Capital Holdings LLC, as Initial Note A-1 Holder, and Morgan Stanley Mortgage Capital
                                         Holdings LLC, as Initial Note A-2 Holder, and Morgan Stanley Mortgage Capital Holdings
                                         LLC, as Initial Note A-3 Holder (filed as Exhibit 4.4 to the registrant’s Current
                                         Report on Form 8-K/A filed on November 24, 2015 under Commission File No. 333-201743-02
                                         and incorporated by reference herein).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.5 | Agreement
                                         Between Note Holders, dated as of September 3, 2015, by and between Bank of America,
                                         N.A., as Initial Note A-1 Holder, and Bank of America, N.A., as Initial Note A-2 Holder
                                         (filed as Exhibit 4.5 to the registrant’s Current Report on Form 8-K filed on October
                                         16, 2015 under Commission File No. 333-201743-02 and incorporated by reference herein).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.6 | Agreement
                                         Between Note Holders, dated as of July 17, 2015, by and between Barclays Bank PLC, as
                                         Initial Note A-1 Holder, and Morgan Stanley Bank, N.A., as Initial Note A-2 Holder, and
                                         Morgan Stanley Bank, N.A., as Initial Note A-3 Holder (filed as Exhibit 4.6 to the registrant’s
                                         Current Report on Form 8-K filed on October 16, 2015 under Commission File No. 333-201743-02
                                         and incorporated by reference herein).
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4.7 | Agreement
                                         Between Note Holders, dated as of July 24, 2015, by and between Morgan Stanley Bank,
                                         N.A., as Initial Note A-1 Holder, and Morgan Stanley Bank, N.A., as Initial Note A-2
                                         Holder (filed as Exhibit 4.7 to the registrant’s Current Report on Form 8-K filed
                                         on October 16, 2015 under Commission File No. 333-201743-02 and incorporated by reference
                                         herein).
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 31 | Rule 13a-14(d)/15d-14(d) Certifications.
| | -- | ----------------------------------------



| | 33 | Reports
                                         on assessment of compliance with servicing criteria for asset-backed securities.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------



| | 33.1 | Wells Fargo Bank, National Association, as Master Servicer
| | ---- | ----------------------------------------------------------



| | 33.2 | LNR Partners, LLC, as Special Servicer
| | ---- | --------------------------------------





| | 33.3 | U.S. Bank National Association, as Trustee, Certificate Administrator and Custodian
| | ---- | -----------------------------------------------------------------------------------



| | 33.4 | Pentalpha Surveillance LLC, as Trust Advisor
| | ---- | --------------------------------------------



| | 33.5 | CoreLogic Solutions, LLC, as Servicing Function Participant
| | ---- | -----------------------------------------------------------



| | 33.6 | Wells Fargo Bank, National Association, as Primary Servicer of the Herald Center Mortgage Loan (see Exhibit 33.1)
| | ---- | -----------------------------------------------------------------------------------------------------------------



| | 33.7 | LNR Partners, LLC, as Special Servicer of the Herald Center Mortgage Loan (see Exhibit 33.2)
| | ---- | --------------------------------------------------------------------------------------------



| | 33.8 | U.S. Bank National Association, as Trustee and Custodian of the Herald Center Mortgage Loan (see Exhibit 33.3)
| | ---- | --------------------------------------------------------------------------------------------------------------



| | 33.9 | Pentalpha Surveillance LLC, as Trust Advisor of the Herald Center Mortgage Loan (see Exhibit 33.4)
| | ---- | --------------------------------------------------------------------------------------------------



| | 33.10 | CoreLogic Solutions, LLC, as Servicing Function Participant of the Herald Center Mortgage Loan (see Exhibit 33.5)
| | ----- | -----------------------------------------------------------------------------------------------------------------



| | 33.11 | Wells Fargo Bank, National Association, as Primary Servicer of the 261 Fifth Avenue Mortgage Loan (see Exhibit 33.1)
| | ----- | --------------------------------------------------------------------------------------------------------------------



| | 33.12 | LNR Partners, LLC, as Special Servicer of the 261 Fifth Avenue Mortgage Loan (see Exhibit 33.2)
| | ----- | -----------------------------------------------------------------------------------------------



| | 33.13 | U.S. Bank National Association, as Trustee and Custodian of the 261 Fifth Avenue Mortgage Loan (see Exhibit 33.3)
| | ----- | -----------------------------------------------------------------------------------------------------------------



| | 33.14 | Pentalpha Surveillance LLC, as Trust Advisor of the 261 Fifth Avenue Mortgage Loan (see Exhibit 33.4)
| | ----- | -----------------------------------------------------------------------------------------------------



| | 33.15 | CoreLogic Solutions, LLC, as Servicing Function Participant of the 261 Fifth Avenue Mortgage Loan (see Exhibit 33.5)
| | ----- | --------------------------------------------------------------------------------------------------------------------



| | 33.16 | Wells Fargo Bank, National Association, as Primary Servicer of the Coastal Equities Retail Portfolio Mortgage Loan (see Exhibit 33.1)
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------



| | 33.17 | LNR Partners, LLC, as Special Servicer of the Coastal Equities Retail Portfolio (see Exhibit 33.2)
| | ----- | --------------------------------------------------------------------------------------------------



| | 33.18 | Wilmington
                                         Trust, National Association, as Trustee of the Coastal Equities Retail Portfolio Mortgage
                                         Loan (Omitted. See Explanatory Notes.)
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 33.19 | Wells Fargo Bank, National Association, as Custodian of the Coastal Equities Retail Portfolio Mortgage Loan
| | ----- | -----------------------------------------------------------------------------------------------------------



| | 33.20 | Park Bridge Lender Services LLC, as Trust Advisor of the Coastal Equities Retail Portfolio Mortgage Loan
| | ----- | --------------------------------------------------------------------------------------------------------



| | 33.21 | CoreLogic Solutions, LLC, as Servicing Function Participant of the Coastal Equities Retail Portfolio Mortgage Loan (see Exhibit 33.5)
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------



| | 33.22 | Computershare Trust Company, National Association, as Servicing Function Participant for the Custodian
| | ----- | ------------------------------------------------------------------------------------------------------



| | 33.23 | Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Roosevelt New Orleans Waldorf Astoria Mortgage Loan
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | 33.24 | Rialto Capital Advisors, LLC, as Special Servicer of the Roosevelt New Orleans Waldorf Astoria Mortgage Loan
| | ----- | ------------------------------------------------------------------------------------------------------------



| | 33.25 | Wells
                                         Fargo Bank, National Association, as Trustee of the Roosevelt New Orleans Waldorf Astoria
                                         Mortgage Loan (Omitted. See Explanatory Notes.)
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | 33.26 | Wells Fargo Bank, National Association, as Custodian of the Roosevelt New Orleans Waldorf Astoria Mortgage Loan (see Exhibit 33.19)
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------



| | 33.27 | Pentalpha Surveillance LLC, as Senior Trust Advisor of the Roosevelt New Orleans Waldorf Astoria Mortgage Loan (see Exhibit 33.4)
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------



| | 33.28 | Computershare Trust Company, National Association, as Servicing Function Participant for the Custodian (see Exhibit 33.22)
| | ----- | --------------------------------------------------------------------------------------------------------------------------



| | 34 | Attestation
                                         reports on assessment of compliance with servicing criteria for asset-backed securities.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------



| | 34.1 | Wells Fargo Bank, National Association, as Master Servicer
| | ---- | ----------------------------------------------------------



| | 34.2 | LNR Partners, LLC, as Special Servicer
| | ---- | --------------------------------------



| | 34.3 | U.S. Bank National Association, as Trustee, Certificate Administrator and Custodian
| | ---- | -----------------------------------------------------------------------------------



| | 34.4 | Pentalpha Surveillance LLC, as Trust Advisor
| | ---- | --------------------------------------------



| | 34.5 | CoreLogic Solutions, LLC, as Servicing Function Participant
| | ---- | -----------------------------------------------------------



| | 34.6 | Wells Fargo Bank, National Association, as Primary Servicer of the Herald Center Mortgage Loan (see Exhibit 34.1)
| | ---- | -----------------------------------------------------------------------------------------------------------------



| | 34.7 | LNR Partners, LLC, as Special Servicer of the Herald Center Mortgage Loan (see Exhibit 34.2)
| | ---- | --------------------------------------------------------------------------------------------



| | 34.8 | U.S. Bank National Association, as Trustee and Custodian of the Herald Center Mortgage Loan (see Exhibit 34.3)
| | ---- | --------------------------------------------------------------------------------------------------------------



| | 34.9 | Pentalpha Surveillance LLC, as Trust Advisor of the Herald Center Mortgage Loan (see Exhibit 34.4)
| | ---- | --------------------------------------------------------------------------------------------------



| | 34.10 | CoreLogic Solutions, LLC, as Servicing Function Participant of the Herald Center Mortgage Loan (see Exhibit 34.5)
| | ----- | -----------------------------------------------------------------------------------------------------------------



| | 34.11 | Wells Fargo Bank, National Association, as Primary Servicer of the 261 Fifth Avenue Mortgage Loan (see Exhibit 34.1)
| | ----- | --------------------------------------------------------------------------------------------------------------------



| | 34.12 | LNR Partners, LLC, as Special Servicer of the 261 Fifth Avenue Mortgage Loan (see Exhibit 34.2)
| | ----- | -----------------------------------------------------------------------------------------------



| | 34.13 | U.S. Bank National Association, as Trustee and Custodian of the 261 Fifth Avenue Mortgage Loan (see Exhibit 34.3)
| | ----- | -----------------------------------------------------------------------------------------------------------------



| | 34.14 | Pentalpha Surveillance LLC, as Trust Advisor of the 261 Fifth Avenue Mortgage Loan (see Exhibit 34.4)
| | ----- | -----------------------------------------------------------------------------------------------------



| | 34.15 | CoreLogic Solutions, LLC, as Servicing Function Participant of the 261 Fifth Avenue Mortgage Loan (see Exhibit 34.5)
| | ----- | --------------------------------------------------------------------------------------------------------------------



| | 34.16 | Wells Fargo Bank, National Association, as Primary Servicer of the Coastal Equities Retail Portfolio Mortgage Loan (see Exhibit 34.1)
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------



| | 34.17 | LNR Partners, LLC, as Special Servicer of the Coastal Equities Retail Portfolio (see Exhibit 34.2)
| | ----- | --------------------------------------------------------------------------------------------------



| | 34.18 | Wilmington
                                         Trust, National Association, as Trustee of the Coastal Equities Retail Portfolio Mortgage
                                         Loan (Omitted. See Explanatory Notes.)
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 34.19 | Wells Fargo Bank, National Association, as Custodian of the Coastal Equities Retail Portfolio Mortgage Loan
| | ----- | -----------------------------------------------------------------------------------------------------------



| | 34.20 | Park Bridge Lender Services LLC, as Trust Advisor of the Coastal Equities Retail Portfolio Mortgage Loan
| | ----- | --------------------------------------------------------------------------------------------------------



| | 34.21 | CoreLogic Solutions, LLC, as Servicing Function Participant of the Coastal Equities Retail Portfolio Mortgage Loan (see Exhibit 34.5)
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------



| | 34.22 | Computershare Trust Company, National Association, as Servicing Function Participant for the Custodian
| | ----- | ------------------------------------------------------------------------------------------------------



| | 34.23 | Midland Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the Roosevelt New Orleans Waldorf Astoria Mortgage Loan
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------



| | 34.24 | Rialto Capital Advisors, LLC, as Special Servicer of the Roosevelt New Orleans Waldorf Astoria Mortgage Loan
| | ----- | ------------------------------------------------------------------------------------------------------------





| | 34.25 | Wells
                                         Fargo Bank, National Association, as Trustee of the Roosevelt New Orleans Waldorf Astoria
                                         Mortgage Loan (Omitted. See Explanatory Notes.)
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 34.26 | Wells Fargo Bank, National Association, as Custodian of the Roosevelt New Orleans Waldorf Astoria Mortgage Loan (see Exhibit 34.19)
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------



| | 34.27 | Pentalpha Surveillance LLC, as Senior Trust Advisor of the Roosevelt New Orleans Waldorf Astoria Mortgage Loan (see Exhibit 34.4)
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------



| | 34.28 | Computershare Trust Company, National Association, as Servicing Function Participant for the Custodian (see Exhibit 34.22)
| | ----- | --------------------------------------------------------------------------------------------------------------------------



| | 35 | Servicer
                                         compliance statements.
| | -- | ------------------------------------------------------------------------



| | 35.1 | Wells Fargo Bank, National Association, as Master Servicer
| | ---- | ----------------------------------------------------------



| | 35.2 | LNR Partners, LLC, as Special Servicer
| | ---- | --------------------------------------



| | 35.3 | U.S. Bank National Association, as Certificate Administrator
| | ---- | ------------------------------------------------------------



| | 35.4 | Wells Fargo Bank, National Association, as Primary Servicer of the Herald Center Mortgage Loan (see Exhibit 35.1)
| | ---- | -----------------------------------------------------------------------------------------------------------------



| | 35.5 | LNR Partners, LLC, as Special Servicer of the Herald Center Mortgage Loan (see Exhibit 35.2)
| | ---- | --------------------------------------------------------------------------------------------



| | 35.6 | Wells Fargo Bank, National Association, as Primary Servicer of the 261 Fifth Avenue Mortgage Loan (see Exhibit 35.1)
| | ---- | --------------------------------------------------------------------------------------------------------------------



| | 35.7 | LNR Partners, LLC, as Special Servicer of the 261 Fifth Avenue Mortgage Loan (see Exhibit 35.2)
| | ---- | -----------------------------------------------------------------------------------------------



| | 35.8 | Wells Fargo Bank, National Association, as Primary Servicer of the Coastal Equities Retail Portfolio Mortgage Loan (see Exhibit 35.1)
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------



| | 35.9 | LNR Partners, LLC, as Special Servicer of the Coastal Equities Retail Portfolio (see Exhibit 35.2)
| | ---- | --------------------------------------------------------------------------------------------------



| | 35.10 | Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Primary Servicer of the
                                         Roosevelt New Orleans Waldorf Astoria Mortgage Loan (Omitted. See Explanatory Notes.)
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 35.11 | Rialto
                                         Capital Advisors, LLC, as Special Servicer of the Roosevelt New Orleans Waldorf Astoria
                                         Mortgage Loan (Omitted. See Explanatory Notes.)
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.1 | Mortgage
                                         Loan Purchase Agreement, dated as of October 7, 2015, between Banc of America Merrill
                                         Lynch Commercial Mortgage Inc. and Bank of America, National Association (filed as Exhibit
                                         99.1 to the registrant’s Current Report on Form 8-K filed on October 16, 2015 under
                                         Commission File No. 333-201743-02 and incorporated by reference herein)
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.2 | Mortgage
                                         Loan Purchase Agreement, dated as of October 7, 2015, between Banc of America Merrill
                                         Lynch Commercial Mortgage Inc. and Morgan Stanley Mortgage Capital Holdings LLC (filed
                                         as Exhibit 99.2 to the registrant’s Current Report on Form 8-K/A filed on November
                                         24, 2015 under Commission File No. 333-201743-02 and incorporated by reference herein)
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.3 | Mortgage
                                         Loan Purchase Agreement, dated as of October 7, 2015, between Banc of America Merrill
                                         Lynch Commercial Mortgage Inc. and CIBC Inc. (filed as Exhibit 99.3 to the registrant’s
                                         Current Report on Form 8-K filed on October 16, 2015 under Commission File No. 333-201743-02
                                         and incorporated by reference herein)
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 99.4 | Mortgage
                                         Loan Purchase Agreement, dated as of October 7, 2015, among Banc of America Merrill Lynch
                                         Commercial Mortgage Inc., Starwood Mortgage Funding III LLC and Starwood Mortgage Capital
                                         LLC (filed as Exhibit 99.4 to the registrant’s Current Report on Form 8-K filed
                                         on October 16, 2015 under Commission File No. 333-201743-02 and incorporated by reference
                                         herein)
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | The
exhibits required to be filed by the Registrant pursuant to Item 601 of Regulation S-K are listed above.
| | --- | ------------------------------------------------------------------------------------------------------------



| | (c) | Not
Applicable.
| | --- | ---------------









SIGNATURES



Pursuant
to the requirements of Section 13 or 15(d) 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)



|/s/
Leland F. Bunch, III                                                                                                   | 
|-------------------------------------------------------------------------------------------------------------------------- | 
|Leland
F. Bunch, III, President and Chief Executive Officer 
(senior officer in charge of securitization of the depositor) | 



Date:
March 21, 2024