CMBS master and special servicers
Every CMBS trust's monthly distribution report names its servicers. The master servicer collects the payments on the trust's loans and handles the ones that are paying. A loan that defaults, or is likely to, moves to the special servicer, which decides what to do with it: a modification, an extension, a foreclosure or a sale. From the latest reports of 373 trusts, cmbs.news reads 13 special servicers and 4 master servicers.
These are trust-level parties. A loan split across several trusts is serviced under one of their agreements, and some loans have a servicer of their own, so the firm a trust names is not always the servicer of a given loan. A loan's page names its special servicer only where one note in one trust holds the loan whole and that trust's report names exactly one.
Special servicers
| Firm | Trusts | Trusts' balance | With a special servicer | Loans with a special servicer |
|---|---|---|---|---|
| Rialto Capital Advisors | 80 | $59.6B | 7.9% | 193 |
| LNR Partners | 73 | $56.4B | 6.2% | 113 |
| Argentic Services Company | 48 | $34.3B | 4.6% | 64 |
| K-Star Asset Management | 45 | $31.8B | 8.2% | 89 |
| CWCapital Asset Management | 32 | $25.9B | 7.6% | 59 |
| Midland Loan Services | 27 | $16.9B | 9.5% | 61 |
| KeyBank | 22 | $19.4B | 3.8% | 28 |
| Torchlight Loan Services | 12 | $12.1B | 2.5% | 10 |
| C-IV Asset Management | 6 | $4.2B | 3.4% | 5 |
| SCP Servicing | 1 | $900.1M | 9.5% | 2 |
| Greystone Servicing Company | 1 | $843.9M | 0.0% | 0 |
| MF1 Loan Services | 1 | $734.2M | 0.0% | 0 |
| Situs Holdings | 1 | $731.3M | 0.8% | 1 |
Master servicers
| Firm | Trusts | Trusts' balance | Delinquent | With a special servicer |
|---|---|---|---|---|
| Midland Loan Services | 158 | $119.0B | 4.5% | 7.0% |
| Trimont | 157 | $114.7B | 3.9% | 5.9% |
| KeyBank | 29 | $23.9B | 5.8% | 7.6% |
| Wells Fargo Bank | 8 | $5.7B | 5.8% | 8.8% |
A trust's balance and the shares are the trust's own figures in its latest asset filing. A loan split across trusts with different servicers counts in each firm's row, so the rows do not add up to the market. Firms named by fewer than 5 trusts link to the trust that names them.
Who works with whom
Trusts by the special servicer (rows) and the master servicer (columns) their latest reports name.
| Special servicer | Midland Loan Services | Trimont | KeyBank | Wells Fargo Bank |
|---|---|---|---|---|
| Rialto Capital Advisors | 28 | 40 | 4 | 3 |
| LNR Partners | 28 | 32 | 6 | 3 |
| Argentic Services Company | 17 | 24 | 5 | |
| K-Star Asset Management | 26 | 15 | 2 | |
| CWCapital Asset Management | 12 | 14 | 4 | |
| Midland Loan Services | 16 | 10 | 1 | |
| KeyBank | 5 | 11 | 3 | 1 |
| Torchlight Loan Services | 2 | 7 | 1 | |
| C-IV Asset Management | 3 | 2 | ||
| SCP Servicing | 1 | |||
| Greystone Servicing Company | 1 | |||
| MF1 Loan Services | 1 | |||
| Situs Holdings | 1 |
Trusts whose special servicer is not read yet
These 24 reports, $17.2B of trust balance, lay out their parties in a way cmbs.news does not read yet, so they are not counted above. Each trust's page links its report.
- D2-Natixis Multifamily Mortgage Trust 2026-M1 20 loans
- Benchmark 2026-V23 Mortgage Trust 30 loans
- BMO 2026-5C16 Mortgage Trust 25 loans
- BMO 2026-5C15 Mortgage Trust 25 loans
- Benchmark 2025-V19 Mortgage Trust 28 loans
- BMO 2025-5C9 Mortgage Trust 31 loans
- BMO 2025-5C13 Mortgage Trust 30 loans
- BBCMS Mortgage Trust 2025-5C37 30 loans
- Benchmark 2024-V9 Mortgage Trust 32 loans
- BMO 2024-C10 Mortgage Trust 41 loans
- BBCMS Mortgage Trust 2024-5C25 32 loans
- Benchmark 2023-V3 Mortgage Trust 34 loans
- Benchmark 2023-V2 Mortgage Trust 25 loans
- BMO 2023-5C1 Mortgage Trust 47 loans
- BBCMS Mortgage Trust 2023-C21 25 loans
- 3650R 2022-PF2 CMT 32 loans
- CSAIL 2021-C20 CMT 25 loans
- BENCHMARK 2021-B27 MORTGAGE TRUST 45 loans
- 3650R 2021-PF1 CMT 35 loans
- CSAIL 2020-C19 CMT 29 loans
- CSAIL 2019-C17 CMT 29 loans
- CSAIL 2019-C15 CMT 31 loans
- CF 2019-CF2 Mortgage Trust 39 loans
- CF 2019-CF1 Mortgage Trust 35 loans
Trusts whose master servicer is not read yet
The same for these 21 reports' master servicer, $17.7B of trust balance.
- D2-Natixis Multifamily Mortgage Trust 2026-M1 20 loans
- Benchmark 2026-B42 Mortgage Trust 62 loans
- MSBAM 2025-5C1 40 loans
- Benchmark 2025-B41 Mortgage Trust 43 loans
- BANK 2025-BNK51 74 loans
- BANK 2025-BNK50 37 loans
- BMO 2024-C8 Mortgage Trust 61 loans
- BANK 2022-BNK44 57 loans
- BANK 2022-BNK43 65 loans
- BANK 2021-BNK37 77 loans
- BANK 2021-BNK32 69 loans
- BANK 2021-BNK31 65 loans
- BANK 2020-BNK25 73 loans
- BANK 2019-BNK20 74 loans
- BANK 2019-BNK19 75 loans
- Wells Fargo CMT 2018-C44 34 loans
- BANK 2018-BNK10 62 loans
- Wells Fargo CMT 2017-RC1 32 loans
- UBS CMT 2017-C1 37 loans
- BANK 2017-BNK8 41 loans
- BANK 2017-BNK5 70 loans
Names are as each trust's latest Form 10-D distribution report prints them, filed October 21, 2026 to November 2, 2026, with a firm's spellings grouped; each trust's page links its report. 4 newer trusts have no distribution report in the data yet. Loan figures are from the trusts' ABS-EE filings for October 2026.
Follow the special servicing
Pro shows every row of every list, with a CSV. Save a servicer's loans as a screen and get an email, usually the morning after a filing lands, when one of them changes.