JPMBB Commercial Mortgage Securities Trust 2015-C28 8-K

What Happened
The Issuing Entity filed an 8‑K (Item 6.02) reporting that, effective January 26, 2026, LNR Partners, LLC was removed as special servicer and Argentic Services Company LP (ASC) was appointed successor special servicer under the Pooling and Servicing Agreement for JPMBB Commercial Mortgage Securities Trust 2015‑C28. ASC will handle servicing and administration of specially serviced mortgage loans and REO properties (except any Non‑Serviced Mortgage Loans).

Key Details

• Effective date: January 26, 2026 — successor special servicer is Argentic Services Company LP; predecessor was LNR Partners, LLC.
• ASC credentials and ownership: ratings include Fitch “CSS2-”, S&P “Above Average” (commercial loan special servicer), and Morningstar DBRS ranking MOR CS2; ASC was formed in 2019, began operations in early 2020, and is majority‑owned and ultimately controlled by funds managed by Elliott Investment Management L.P. (Elliott manages ≈ $76.1 billion as of June 30, 2025).
• Portfolio and staffing (as of Dec 31, 2025): ASC had named special servicing on 1,778 loans (secured by 2,746 properties) with an aggregate unpaid principal balance of ~$50.50 billion; it was actively managing 62 CMBS loans (105 properties, including 21 REO) with an approximate unpaid balance of $2.294 billion. ASC reported 26 employees focused on special servicing and senior management averaging over 36 years of industry experience.
• Operations and controls: ASC uses a cloud‑hosted system (RealINSIGHT) for servicing and asset management, maintains written policies, disaster recovery and vendor relationships, co‑sources internal audit, and stated it does not expect its financial condition to materially affect performance. ASC disclosed potential affiliate holdings of certain certificates and possible arrangements (discounts/revenue sharing) with certificateholders.

Why It Matters
A change in special servicer can affect how distressed loans and REO are managed, including workout strategies, timelines for enforcement or liquidation, and recoveries for certificateholders. The filing provides concrete context: ASC’s ratings, portfolio scale, staffing and systems suggest operational capability and experience, but investors should note ASC’s ownership links to Elliott and that certain affiliates currently hold or may hold certificates in the trust — a fact relevant to potential conflicts of interest. This 8‑K is factual notification of the servicer change; it does not report changes to cash flows, collateral performance, or certificate priorities.