CMBS master servicers
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
Trimont services the most live CMBS loans (6,072 notes, $108.30 billion), followed by Midland Loan Services (4,414) and KeyBank (1,836). The three handle 83% of the 14,890 live loan notes in SEC filings through October 28, 2026.
| Servicer | Live loans | Balance | Share of loans | Trusts as master servicer | Special servicers it hands off to most |
|---|---|---|---|---|---|
| Trimont | 6,072 | $108.30B | 40.8% | 157 | Rialto Capital Advisors (1,583), LNR Partners (1,010) |
| Midland Loan Services | 4,414 | $97.27B | 29.6% | 156 | LNR Partners (891), Rialto Capital Advisors (705) |
| KeyBank | 1,836 | $36.37B | 12.3% | 29 | LNR Partners (369), Rialto Capital Advisors (274) |
| National Cooperative Bank (NCB) | 805 | $2.75B | 5.4% | Rialto Capital Advisors (149), LNR Partners (120) | |
| Wells Fargo | 640 | $15.26B | 4.3% | 8 | LNR Partners (172), Rialto Capital Advisors (156) |
| Berkadia | 75 | $1.71B | 0.5% | LNR Partners (18), Argentic Services Company (10) | |
| "M" (as filed) | 45 | $1.36B | 0.3% | K-Star Asset Management (24), Rialto Capital Advisors (21) | |
| CBRE Loan Services | 22 | $379M | 0.1% | Argentic Services Company (3), CWCapital Asset Management (1) | |
| Servicer change pending (as filed) | 17 | $512M | 0.1% | LNR Partners (5), Argentic Services Company (4) | |
| Bernard Financial | 16 | $272M | 0.1% | LNR Partners (6), Argentic Services Company (2) | |
| Berkeley Point Capital | 16 | $241M | 0.1% | Argentic Services Company (11), Rialto Capital Advisors (5) | |
| Northmarq | 15 | $164M | 0.1% | Rialto Capital Advisors (4), LNR Partners (2) | |
| SCP Servicing | 14 | $120M | 0.1% | K-Star Asset Management (8), KeyBank (6) | |
| Arbor Multifamily Lending | 11 | $124M | 0.1% | LNR Partners (7), Rialto Capital Advisors (4) | |
| Gantry | 9 | $135M | 0.1% | LNR Partners (3), Argentic Services Company (3) | |
| Principal | 9 | $254M | 0.1% | LNR Partners (7), CWCapital Asset Management (2) | |
| Grandbridge | 7 | $58.8M | 0.0% | Midland Loan Services (3), K-Star Asset Management (2) | |
| BPC | 7 | $212M | 0.0% | Midland Loan Services (6), K-Star Asset Management (1) | |
| Walker | 5 | $149M | 0.0% | ||
| JLL | 5 | $179M | 0.0% | Rialto Capital Advisors (4), K-Star Asset Management (1) | |
| 10 other firms | 19 | 0.1% | |||
| No servicer reported | 831 | $14.13B | 5.6% | 21 |
Live loans: notes still reporting in CMBS trusts, by the primary servicer named in each trust's latest SEC Form ABS-EE filing, compiled by cmbs.news. Spelling variants of one firm are merged ("Midland", "Midland Loan Services, A Divis"); separate firms are not. Trusts as master servicer: the master servicer named in each of 371 trusts' latest 10-D trustee report. "Hands off to" is the special servicer named on the same trusts. 46 notes are filed as serviced under another trust's agreement.
What the master servicer does on your loan
The master servicer runs a performing CMBS loan for the trust: it collects the monthly payment, holds tax, insurance and replacement reserves, reports to the trustee, and advances a missed payment to the bondholders when it expects to recover it. It is also the first stop for borrower requests: reserve draws, lease approvals, assumptions, partial releases and defeasance. The full picture is in the master servicer guide, and the hand-off is explained in master versus special servicer.
Some requests are major decisions that also need the special servicer's consent, and, while the controlling bondholders hold control, the Directing Certificateholder's. In BANK5 2025-5YR14, the reference agreement on this site, the Directing Certificateholder has 10 business days to object (PSA section 6.08(a)). Plan for that time in any sale or refinance. How servicer consent works.
Getting through to your servicer
- Start with your statement. The monthly billing statement or borrower portal names the servicer and the account number to quote.
- Put requests in writing. Consents and assumptions follow the process in your loan agreement, usually with an application, a fee deposit and third-party reports. Ask what the servicer needs before you set a closing date.
- Know who decides. Routine items stop at the master servicer; major decisions go on to the special servicer. If the loan is already with a special servicer, look it up and see special servicers.
By trusts, the latest 10-D reports name Trimont (157), Midland Loan Services (156), KeyBank (29), Wells Fargo (8) as master servicer; 21 reports name none we could read. Lenders who originate these loans are a separate list: CMBS lenders.
Questions people ask
Who are the largest CMBS master servicers?
By live loans serviced: Trimont (6,072 loans, $108.30B), Midland Loan Services (4,414 loans, $97.27B), KeyBank (1,836 loans, $36.37B). Together they service 83% of the 14,890 live loan notes in the filings. By trusts, the 10-D reports name Trimont on 157 and Midland Loan Services on 156.
What does a CMBS master servicer do?
It collects the monthly payment, manages escrows and reserves, reports to the trustee, advances missed payments to bondholders when it judges them recoverable, and handles routine borrower requests while the loan performs. In BANK5 2025-5YR14, it can also extend or forbear on a matured loan for up to 120 days (PSA section 3.18(m)(ix)). Once a loan transfers, the special servicer takes over the workout.
How do I contact the master servicer on my CMBS loan?
Use the servicer named on your monthly billing statement or borrower portal; it is the firm collecting your payment. Requests for consents, assumptions or reserve releases go there first. This site does not list servicer phone numbers, and Janover Capital LLC is not affiliated with any servicer.
Is the primary servicer the same as the master servicer?
Often, not always. The ABS-EE filing names a primary servicer for each loan. For most loans that is the trust's master servicer; for some it is a sub-servicer collecting payments under the master servicer. Loans whose lead note sits in another trust are serviced under that trust's agreement.
Refinancing out of a CMBS loan?
Janover Capital LLC is an advisor, not a lender or a servicer. Send the property and the maturity date, and we place the refinance with lenders whose recent loans fit.