Midland Loan Services Leads CMBS Master-Servicer Rankings

This report provides an update on the commercial mortgage-backed securities (CMBS) market, focusing on the master-servicer rankings for the first half of 2023. Midland Loan Services has secured the top position in the CMBS master-servicer league table, achieving a market share of 31.9% with $5.27 billion in deals. KeyBank follows closely with a market share of 31.1%, while Wells Fargo and Berkadia hold 21.7% and 15.3%, respectively. The report notes a significant decline in overall CMBS issuance, which has dropped 67% year over year to $16.49 billion. The report also highlights the performance of servicers in different market segments, with Midland and Wells dominating the conduit deals, while KeyBank and Berkadia focused on single-borrower transactions. Additionally, the report discusses the challenges faced by servicers as they navigate distress in certain property sectors, particularly in the office market, and the anticipated increase in loan transfers to special servicing.