CMBS special servicer · #1 by trusts named
Rialto Capital Advisors: CMBS special servicer
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
Rialto Capital Advisors is the named special servicer on 77 CMBS trusts in trustee reports filed through October 28, 2026. Those trusts hold 3,085 live loans with $56.14 billion outstanding; 124 (4.0%) are 60 or more days delinquent or past maturity, and 79 carry an appraisal reduction.
- Trusts named
- 77
- Live loans
- 3,085
- Balance
- $56.14B
- 60+ days late
- 124
- Appraisal reductions
- 79
- Liquidated, trust history
- 61
What Rialto Capital Advisors's trusts look like
- 21.0% of all live loans in the 371 trusts sit in trusts that name Rialto Capital Advisors as special servicer.
- Its trusts' late-loan share is higher than average: 4.0% of live loans 60+ days late, against 3.1% across all trusts. That depends heavily on how old the trusts are and what they hold.
- The largest property type by balance in its trusts is retail (22%).
- $16.99B (30% of the balance in its trusts) matures in 2026 to 2028, against 29% for all trusts. A loan that cannot pay off at maturity transfers to the special servicer under the agreement's missed-balloon trigger.
- The trust with the most late loans is Wells Fargo Commercial Mortgage Trust 2019-C50 (8 of 58 live loans).
- Master servicer on its trusts: Trimont (40), Midland Loan Services (27), KeyBank (4).
Property types in its trusts
| Property type | Live loans | Balance | Share | All trusts |
|---|---|---|---|---|
| Retail | 786 | $12.58B | 22% | 22% |
| Office | 585 | $16.19B | 29% | 27% |
| Multifamily | 371 | $5.78B | 10% | 13% |
| Hotel | 357 | $6.33B | 11% | 11% |
| Self-storage | 256 | $2.76B | 5% | 5% |
| Mixed use | 219 | $5.21B | 9% | 10% |
| Industrial | 198 | $4.20B | 7% | 7% |
| Co-op housing | 153 | $630M | 1% | 1% |
| Mobile home park | 89 | $853M | 2% | 1% |
| Other or not reported | 70 | $1.59B | 3% | 3% |
| Healthcare | 1 | $3.3M | 0% | 0% |
Payment status of the loans
| Status, latest filing | Loans | Share |
|---|---|---|
| Current | 2,690 | 87.2% |
| In grace period or not yet due | 14 | 0.5% |
| Late, under 30 days | 76 | 2.5% |
| 30 to 59 days delinquent | 25 | 0.8% |
| 60 to 89 days delinquent | 10 | 0.3% |
| 90+ days delinquent | 99 | 3.2% |
| Performing matured balloon | 9 | 0.3% |
| Non-performing matured balloon | 15 | 0.5% |
| No status reported | 147 | 4.8% |
Status codes as defined in the SEC's ABS-EE schema for CMBS. A loan can be current and still be with the special servicer, for example during a modification.
When the loans mature
| Year | Loans | Balance |
|---|---|---|
| 2026 | 63 | $923M |
| 2027 | 466 | $8.85B |
| 2028 | 392 | $7.22B |
| 2029 | 670 | $11.77B |
| 2030 | 378 | $7.49B |
| 2031 | 349 | $5.93B |
| 2032 | 214 | $3.84B |
Effective maturity (anticipated repayment date where the loan has one). See the CMBS maturity wall for the whole market.
Most frequent states: NY (533), CA (449), TX (216), FL (184), MI (112), PA (104), IL (103), OH (99).
Trusts where Rialto Capital Advisors is special servicer
Largest first. The report link is the trust's latest 10-D trustee report on SEC EDGAR; the newest is for the Oct 19, 2026 distribution.
Trust names link to the trust on cmbs.news, with every loan and servicer comment. Liquidations are the trust's whole history, some possibly under an earlier special servicer.
How Rialto Capital Advisors appears in the filings
Rialto Capital Advisors, LLC77 trusts
If your loan is with Rialto Capital Advisors
The special servicer works for the trust, under a standard set in the pooling and servicing agreement, not for the borrower. What usually moves a file is a credible plan: new money, a refinance, a sale, or a modification the bondholders would accept. Start with how special servicing works, where your loan is on the servicer clock, what the fees will cost, and what can be changed in a modification. Its largest trust by balance is BENCHMARK 2021-B31 MORTGAGE TRUST.
Janover Capital LLC is not a servicer or a law firm and is not affiliated with Rialto Capital Advisors. We arrange refinancing, rescue capital and recapitalizations for owners whose loans are in or near special servicing. Tell us where the loan stands.
All special servicers · Who is my special servicer? · Master servicers
Questions people ask
Is Rialto Capital Advisors the special servicer on my loan?
It is the special servicer named in 77 trusts' latest trustee reports. If your loan sits in one of the trusts listed on this page, Rialto Capital Advisors handles it once it transfers to special servicing. One exception: a split loan whose lead note is in a different trust is serviced under that trust's agreement. Search your property to check.
What happens when a loan transfers to Rialto Capital Advisors?
The special servicer takes over the file from the master servicer, orders an appraisal where the agreement requires one, and prepares an asset status report setting out its plan (in BANK5 2025-5YR14, the reference agreement on this site, within 60 days of the transfer event). From then on it decides between a workout, modification, discounted payoff, note sale or foreclosure, subject to the controlling bondholders' consent rights.
What fees does a special servicer like Rialto Capital Advisors charge?
Fees are set by each trust's pooling and servicing agreement, not by the servicer. In BANK5 2025-5YR14 they are a special servicing fee of 0.25% a year (at least $3,500 a month), a 1% workout fee on a corrected loan and a 1% liquidation fee. Check your own trust's agreement.
How do I contact Rialto Capital Advisors about a loan?
Use the contact on the transfer notice or servicer letter you received; it names the asset manager on your file. The trust's 10-D report, linked for each trust below, lists the parties. This site does not publish servicer phone numbers, and Janover Capital LLC is not affiliated with Rialto Capital Advisors.
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.