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CMBS special servicers

By , Director, Capital Markets, Janover Capital LLC · Published

Rialto Capital Advisors is the named special servicer on the most CMBS trusts (77), followed by LNR Partners (69) and Argentic Services Company (46). Across all 371 trusts in trustee reports filed through October 28, 2026, 456 of 14,696 live loans (3.1%) were 60 or more days delinquent or past maturity unpaid.

Special servicer Trusts Live loans Balance 60+ days late Share late Appraisal reductions Liquidated, trust history Office share of balance
Rialto Capital Advisors 77 3,085 $56.14B 124 4.0% 79 61 29%
LNR Partners 69 2,747 $52.12B 83 3.0% 52 37 27%
Argentic Services Company 46 1,847 $32.14B 46 2.5% 35 45 22%
K-Star Asset Management 42 1,542 $29.47B 62 4.0% 34 47 29%
Not named in report 41 1,764 $32.52B 32 1.8% 19 7 27%
Midland Loan Services 28 880 $17.38B 45 5.1% 30 31 33%
CWCapital Asset Management 28 1,132 $22.46B 35 3.1% 13 9 26%
KeyBank 20 908 $17.37B 19 2.1% 11 9 30%
Torchlight Loan Services 9 358 $8.23B 3 0.8% 3 1 20%
C-IV Asset Management LLC 5 165 $3.16B 3 1.8% 1 7 36%
Situs Holdings 3 117 $2.82B 3 2.6% 1 0 46%
SCP Servicing, LLC 1 91 $901M 1 1.1% 0 0 26%
Greystone Servicing Company 1 43 $844M 0 0.0% 0 0 20%
MF1 Loan Services LLC 1 17 $734M 0 0.0% 0 0 0%

Source: each trust's latest SEC Form 10-D trustee report (special servicer, appraisal reductions, liquidation history) and Form ABS-EE loan data (live loans, balances, payment status), compiled by cmbs.news; filings through October 28, 2026. "60+ days late" counts loans 60 or more days delinquent or past a missed balloon. Liquidations are every loan the trust has liquidated since it was issued, some of them under an earlier special servicer. Servicers named on fewer than three trusts have no page of their own.

What the numbers say

  • The three largest special servicers are named on 58% of the 330 trusts that name one. A borrower whose loan transfers is more likely than not dealing with one of them.
  • Late-loan shares differ by servicer: 5.1% of live loans were 60+ days late in the trusts naming Midland Loan Services, against 0.8% in those naming Torchlight Loan Services. The share depends heavily on the age and property mix of the trusts each servicer was named on, so it is not a scorecard of the servicer.
  • 278 loans across these trusts carry an appraisal reduction, the cut to advances that follows a new appraisal on a troubled loan. How it is calculated.

What a special servicer does

A CMBS loan has two servicers. The master servicer collects payments and handles routine requests while the loan performs. The special servicer takes over when the loan hits a servicing transfer event, such as a payment 60 days late, a missed balloon or a bankruptcy, and then decides between a workout, a modification, a discounted payoff, a note sale or foreclosure, for the bondholders as a whole. Special servicing explained, step by step.

In BANK5 2025-5YR14, the reference agreement used across this site, the special servicer owes the trust an asset status report within 60 days of the transfer event (PSA section 3.19(d)), and the Directing Certificateholder has 10 business days to object to major decisions (section 6.08(a)). Your own trust's agreement governs; the servicer clock lays out its timeline and the fee calculator shows what the special servicer earns.

Trusts whose report does not name a special servicer

41 trusts filed a latest 10-D in which no special servicer could be read from the parties section. They still have one: it is named in the trust's pooling and servicing agreement and prospectus. Each trust's latest report is linked so you can check the parties yourself.

Show the 41 trusts

Find yours

Search by property, city or trust to see the special servicer, master servicer, maturity and payment status of any live CMBS loan. The firms that service performing loans are on master servicers; the lenders that originate them are on CMBS lenders.

Questions people ask

Who are the largest CMBS special servicers?

By the number of trusts that name them in their latest 10-D report: Rialto Capital Advisors (77 trusts, 3,085 live loans), LNR Partners (69 trusts, 2,747 live loans), Argentic Services Company (46 trusts, 1,847 live loans). Together the three are named on 58% of the trusts that name a special servicer.

How do I find out who the special servicer on my loan is?

Search the property or trust name in the lookup tool on this site. It reads the special servicer named in each trust's latest trustee report. The trust's pooling and servicing agreement, filed with the SEC, also names it, and a transfer notice from the servicer will say who has the file.

Does the special servicer handle every loan in the trust?

Only loans that transfer to it. A loan stays with the master servicer until a servicing transfer event, such as a payment 60 days late or a missed balloon. And a split loan whose lead note sits in another trust is serviced under that other trust's agreement, by that trust's special servicer.

What does "Not named" mean in this table?

41 trusts file a 10-D report in which we could not read a special servicer's name. Every trust has one; it is named in the trust's pooling and servicing agreement and prospectus on SEC EDGAR, and the trust's 10-D filing is linked below.

Loan already with a special servicer?

Janover Capital LLC is not a servicer or a law firm. A refinance, recapitalization or sale can end a special servicing file; tell us where the loan stands.

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