Benchmark 2022-B32 Mortgage Trust Annual Report - How They Did This Year

Hey there! Let's chat about Benchmark 2022-B32 Mortgage Trust's year. All in plain English.

First things first: What is Benchmark 2022-B32 Mortgage Trust?

This trust holds many commercial mortgage loans. It's a Commercial Mortgage-Backed Securities (CMBS) trust, created in 2022. It holds a varied group of these loans. Imagine a big basket. It holds parts of loans for large commercial properties. These include office buildings, shopping centers, or hotels. When you invest, you get income from these loans. This comes mainly from regular interest and principal payments. The trust simply passes this money through. It sends these payments to investors who own its certificates.

This report is their yearly check-in. It covers the financial year that ended on December 31, 2025.

Who's involved? (It's a Team Effort!)

Many companies help run the trust daily. They work beyond the trust itself and the big banks that created it. Think of them as managers and watchdogs for the loans:

• The Trust Itself: Benchmark 2022-B32 Mortgage Trust. This official body owns the mortgage loans. It sells the investment certificates to investors.
• The Company that put the loans into the Trust (Depositor): J.P. Morgan Chase Commercial Mortgage Securities Corp. The Depositor buys loans from the Sponsors. Then, it moves them into the trust to create the securities.
• The Companies that helped create these loans (Sponsors): JPMorgan Chase Bank, National Association, Citi Real Estate Funding Inc., Goldman Sachs Mortgage Company, and German American Capital Corporation. These are big names in finance! These companies created the commercial mortgage loans. They were then grouped and turned into investment certificates for the trust. Long legal papers explain all these roles. These include Pooling and Servicing Agreements (PSAs), Trust and Servicing Agreements (TSAs), and Co-Lender Agreements. You can find these publicly. They are the rulebooks for managing the trust and its loans. They explain everyone's roles and how money flows to investors. (The Mortgage Loan Purchase Agreements are also key documents from February 2022. They show how loans were first sold to the trust.)

And here are the folks who manage the loans once they're in the trust:

• Master Servicer: This is the main manager for many loans. They handle regular tasks. These include collecting payments and watching how loans perform. They ensure everything runs smoothly. Borrowers usually contact the Master Servicer first. This servicer sends payments to the Certificate Administrator. Midland Loan Services, a Division of PNC Bank, National Association manages a good chunk of the trust's loans.
• Primary Servicers: These companies are daily collectors and managers for specific loans. They collect monthly payments and keep borrower records. They also manage property tax and insurance accounts. For example, Midland Loan Services serves loans like Novo Nordisk HQ (initially 3.4% of assets), ExchangeRight Net Leased Portfolio #53 (initially 1.7%), Charcuterie Artisans SLB (initially 1.3%), Sara Lee Portfolio (initially 1.3%), and Nyberg Portfolio (initially 1.3%). KeyBank National Association handles the Old Chicago Post Office (initially 7.0%) and CX - 350 & 450 Water Street (initially 5.7%) loans. Before March 1, 2025, Wells Fargo Bank, National Association served the 425 Eye Street (initially 2.2%) and 601 Lexington Avenue (initially 1.4%) loans.
• Special Servicers: These are the "troubleshooters." If a loan faces problems, like a borrower missing payments, the special servicer steps in. They try to fix it. They might create a new payment plan or change loan terms. They could also take over the property. Their goal is to protect the trust's investment and get back as much money as possible for investors. KeyBank National Association serves the main trust loans and The Summit Mortgage Loan (initially 3.7%). Other special servicers include Argentic Services Company LP (for Old Chicago Post Office and 425 Eye Street), Situs Holdings, LLC (for CX - 350 & 450 Water Street and 601 Lexington Avenue), and Rialto Capital Advisors, LLC (for Nyberg Portfolio, Sara Lee Portfolio, Charcuterie Artisans SLB, and Novo Nordisk HQ). K-Star Asset Management LLC also serves the ExchangeRight Net Leased Portfolio #53 Mortgage Loan.
• Custodians: These companies keep secure records. They hold all key loan documents. This includes original loan agreements, loan promises, and property deeds. They keep them safe and transfer them correctly. Computershare Trust Company, National Association is a key custodian for many loans. These include Old Chicago Post Office, The Summit, 425 Eye Street, ExchangeRight Net Leased Portfolio #53, and 601 Lexington Avenue. Citibank, N.A. is the custodian for Novo Nordisk HQ, Charcuterie Artisans SLB, Sara Lee Portfolio, and Nyberg Portfolio. Wells Fargo Bank, National Association also serves as custodian for the CX - 350 & 450 Water Street loan.
• Operating Advisors: These independent watchdogs oversee the servicers. They especially watch the special servicers. They ensure servicers do what's best for the trust and investors. They add an extra check and clear view. Pentalpha Surveillance LLC and Park Bridge Lender Services LLC fill these roles for different loans.
• Trustees: Companies like Wilmington Trust, National Association and Computershare Trust Company, National Association represent investors. They ensure the trust's rules are followed. They also make sure payments go out correctly, following the set order. And they ensure everyone follows the Pooling and Servicing Agreement.

A Deeper Dive into the Servicing Team (More Details!)

Let's look closer at the servicing team. Many companies help manage these loans. Besides the main servicers, specialized companies handle certain jobs. The report calls them "servicers" to meet rules.

• U.S. Bank National Association: This bank helps keep secure records for loans like Novo Nordisk HQ, Nyberg Portfolio, Sara Lee Portfolio, and Charcuterie Artisans SLB.
• CoreLogic Solutions, LLC: This company handles specific tax tasks. They send tax payments, report amounts, and check tax details. This ensures properties meet tax rules for loans like 425 Eye Street and 601 Lexington Avenue.
• Computershare Trust Company, National Association (CTCNA): This company took over some loan management jobs from Wells Fargo Bank, National Association. Wells Fargo sold part of its trust services business. So, CTCNA now handles more management tasks for several loans. These include 425 Eye Street, 601 Lexington Avenue, Old Chicago Post Office, The Summit, and ExchangeRight Net Leased Portfolio #53 loans, starting March 1, 2025.
• Trimont LLC: This is a new name! They became the Primary Servicer for the 425 Eye Street Mortgage Loan and the 601 Lexington Avenue Mortgage Loan. This happened starting March 1, 2025. They replaced Wells Fargo Bank, National Association for these loans. This is an important change in daily management for these two loans. They first made up 2.2% and 1.4% of the trust's assets.

The report details which servicer handles rules for each major loan. This includes Primary, Special, Custodian, and Operating Advisors. Examples are the Bedrock Portfolio, One Wilshire, JW Marriott Desert Springs, Woodmore Towne Centre, Moonwater Office Portfolio, The Kirby Collection, Glen Forest Office Portfolio, Grede Casting Industrial Portfolio, and CX - 350 & 450 Water Street. This shows an organized way to oversee things. It holds each part of the loan group accountable.

Many parts move, but the report confirms compliance checks happen. All these companies get compliance checks. This includes loans managed by rules of other trusts. For example, the ExchangeRight Net Leased Portfolio #53 Mortgage Loan (about 1.7% of this trust's initial assets) is now managed by rules of the Benchmark 2022-B33 Mortgage Trust. Also, The Summit Mortgage Loan (initially 3.7% of assets) is managed under the SUMIT 2022-BVUE Transaction agreement. This is common for complex setups. Large commercial mortgage loans often split into equal or lower-priority parts. These then become investment certificates in other CMBS deals. So, different parts of a big loan might have different rules. But servicers still report to this trust, keeping investors informed.

Can you buy shares of this Trust on a stock exchange?

Nope, not directly. The report says no investment certificates are listed on a stock exchange. So, it's not like buying Apple or Google stock you can trade daily. Instead, CMBS investors usually buy certificates (or "tranches"). These show ownership in the trust's money flow. Big investors usually trade these certificates privately (over-the-counter, or OTC). They don't trade on a public stock exchange. This reflects their specialized nature.

What kind of loans does this Trust hold? (The "Asset Pool")

The trust holds parts of many commercial mortgage loans. Big loans on commercial properties often split. Different investors or trusts then share them. This trust often owns an "equal footing" piece of a loan. This means it shares payments and losses proportionally with other investors. Sometimes, other parts of these loans go into other investment trusts. The Benchmark 2022-B32 Mortgage Trust's first group of assets had a start date. This was when the trust officially formed and its first assets were set, usually in 2022. It included a varied group of commercial real estate loans.

Here are some of the bigger loans that were part of the trust's initial collection:

• Bedrock Portfolio Mortgage Loan: This was a large part. It made up about 7.0% of the trust's initial assets. Nine other loans, not in this trust, share this loan.
• Old Chicago Post Office Mortgage Loan: This was also a big loan. It made up about 7.0% of the initial assets. Five other loans share it. One "lower-priority" loan also shares it. This means it gets paid back after the main loan if problems arise, making it riskier. These loans are not in this trust.
• One Wilshire Mortgage Loan: This made up about 5.1% of the initial assets. Three other loans outside this trust share it.
• CX - 350 & 450 Water Street Mortgage Loan: This made up about 5.7% of the initial assets. It's part of a much larger loan group. Sixteen other equal-footing loans share it. Four lower-priority loans also share it. These loans are not in this trust.
• JW Marriott Desert Springs Mortgage Loan: This made up about 4.2% of the initial assets. A hotel property likely secures it.
• Woodmore Towne Centre Mortgage Loan: This also made up about 4.2% of the initial assets. A retail property likely secures it.
• The Summit Mortgage Loan: This made up about 3.7% of the initial assets.
• Moonwater Office Portfolio Mortgage Loan: This made up about 3.5% of the initial assets. It focuses on an office property.
• Novo Nordisk HQ Mortgage Loan: This made up about 3.4% of the initial assets. A corporate headquarters or office building likely secures it.
• The Kirby Collection Mortgage Loan: This made up about 3.1% of the trust's initial assets.
• 425 Eye Street Mortgage Loan: This made up about 2.2% of the initial assets.
• Glen Forest Office Portfolio Mortgage Loan: This made up about 1.7% of the initial assets. It's another office property.
• Grede Casting Industrial Portfolio Mortgage Loan: This also made up about 1.7% of the initial assets. It focuses on an industrial property.
• ExchangeRight Net Leased Portfolio #53 Mortgage Loan: This made up about 1.7% of the initial assets.
• 601 Lexington Avenue Mortgage Loan: This made up about 1.4% of the initial assets.
• Sara Lee Portfolio Mortgage Loan: This made up about 1.3% of the initial assets.
• Charcuterie Artisans SLB Mortgage Loan: This also made up about 1.3% of the initial assets.
• Nyberg Portfolio Mortgage Loan: This made up another 1.3% of the initial assets.

These percentages show the largest loans in the trust's first group of assets. Remember, these are initial figures. They don't show value or performance changes since the trust started.

What Else Did We Learn? (Some Good News and Clarifications)

Here are some other important insights from the report:

• Diversification is Good: No single borrower or loan makes up over 10% of the trust's initial assets. The Bedrock Portfolio Mortgage Loan is the largest. It represents 7.0% of the initial assets. This is good. It means the trust isn't putting all its eggs in one basket. If one big loan goes bad, it won't sink the whole ship. The impact of one bad loan spreads across the whole group.
• No Extra Safety Nets: The trust has no outside credit support or guarantees. So, no third-party 'insurance' protects investors if loans fail. The trust's performance depends only on the loans. It also depends on the borrowers' ability to pay. Investors directly face the real estate's performance.
• No Complex Financial Tricks: The trust uses no complex financial tools. It doesn't aim to increase profits or reduce risks this way. This usually means a simpler investment structure. It's easier to understand. But it also means the trust does not actively manage or speculate.
• No Major Lawsuits: The trust faces no big legal battles. This is good news. Lawsuits cost money and time.
• Servicer Compliance Checks: Many companies managing the loans (servicers) regularly report they follow the rules. These rules are in legal agreements. Specifically, "Attestation reports" confirm they meet servicing rules for asset-backed securities. These come from the Master Servicer (Midland Loan Services), Special Servicer (KeyBank), Certificate Administrator (Computershare), Custodian (Computershare), and Operating Advisor (Pentalpha Surveillance LLC). Specific Primary and Special Servicers for individual loans also provide them. This adds regulatory oversight. It ensures operational standards are met.

What this means for you:

So, what does all this mean for you as an investor in Benchmark 2022-B32 Mortgage Trust? This annual report gives a close look at the trust's structure. It shows who manages its loans. We know it holds commercial real estate loans. Other investors often share these. Many financial institutions manage them under long legal agreements. We also know it's not traded like a regular stock. It has good variety, with no single loan over 7.0% of initial assets. Plus, it's not using complex financial tools or facing big lawsuits. Many of its servicers are regularly checked for compliance. We also learned about a recent change for two loans. Trimont LLC took over as primary servicer from Wells Fargo on March 1, 2025. The report even lists detailed compliance duties for each loan. This shows a strong operational plan.