About cmbs.news

cmbs.news reads the loan-level reports that every public CMBS trust files with the SEC each month and gives each loan a page of its own: what it owes, what it pays, when it comes due, how the building is doing, and whether the loan has gone to a special servicer.

That information has been public since Regulation AB II took effect in 2016. It is hard to use as filed. Each trust posts an XML file with more than a hundred fields for every loan and property, big loans are split across several trusts, and the codes are explained in an SEC technical manual rather than on the page. Investors pay data vendors to read it for them. Owners, brokers and reporters mostly do without.

Who runs it

Janover Capital LLC publishes cmbs.news. It is a commercial mortgage capital markets advisory firm in Boca Raton, Florida, that arranges commercial-purpose financing, including refinancing and recapitalizations for property owners; a maturing CMBS loan is the kind of problem it works on. It has no role in the trusts shown here. The data is free to use under the terms on the data page. The refinance page is how an owner reaches Janover Capital.

How the data is kept honest

• Every figure comes from a filing, and every loan page links to the filings it was built from.
• We do not edit servicer data. When a filing is wrong, the page is wrong in the same way until the servicer corrects it.
• The methodology page lists every field we use, every rule we apply, and what the data leaves out.
• The watch flags are our own labels, set by fixed rules on the filed fields and defined on the methodology page.
• Corrections and questions go to hello@cmbs.news. If a page misreads a filing, we fix it; if the filing itself is wrong, the servicer has to correct it, and the page follows the next month.