Commercial Mortgage Alert
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COMMERCIAL MORTGAGE ALERT: July 26, 2024
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Computershare remained the dominant certicate adminis-
trator for private-label CMBS in the rst half, while ceding a
smidgen of market share to its rivals.
e Australia-based nancial-services rm served as cer-
ticate administrator for $38.46 billion of deals from January
through June, according to Commercial Mortgage Alert’s CMBS
Database. at was good for an 87.1% share of the U.S. market,
down from 98.5% for all of 2023.
Citigroup, meanwhile, increased its market share to 7.6%
aer winning $3.34 billion of certicate-administrator assign-
ments in the rst half, followed by Deutsche Bank, with $1.45
billion of league-table credit and a 3.3% share, and U.S. Bank
($915 million, 2.1%).
Computershare has a commanding lead as well in the less
lucrative eld of CMBS trustees, where it grabbed $27 billion
of deals, but its market share slipped to 61.2%, from 81.9% in
full-year 2023. Wilmington Trust, previously the longtime front-
runner among trustees, saw its share of the market increase
to 26.5%, followed by newcomer WSFS Bank (10.2%) and U.S.
Bank (2.1%). Long active in the residential-mortgage market,
WSFS this year began targeting trustee assignments in the
CMBS arena.
Computershare also led the eld of certicate administra-
tors in the CRE CLO market, which has remained in the dol-
drums even as CMBS issuance has surged this year. e rm
picked up league-table credit for three of the four deals that
priced in the rst half, for a market share of 86.4% of total issu-
ance volume, followed by U.S. Bank (13.6%).
Among trustees of CRE CLOs, Wilmington was out front
with three of the four deals, followed by U.S. Bank.
Computershare has topped the league table for certicate
administrators since 2022, aer purchasing Wells Fargo’s
dominant corporate-trust business.
“We are pleased with the overall growth in CMBS along with
our market share remaining consistent,” said Ron Feldman, a
senior vice president in Computershare’s corporate-trust divi-
sion. Acknowledging the dip in market share in the certicate-
administrator category, Feldman noted that banks primarily
name their own trustee unit on CMBS deals they run.
In the agency market, U.S. Bank continued to lead both the
certicate-administrator and trustee rankings aer grabbing
more than a third of Freddie Mac deals and most Ginnie Mae of-
ferings. It received league-table credit for $9.75 billion (47.9%)
of certicate-administrator assignments, followed by Deutsche
(16.2%) and Computershare (14.8%). e remaining credit was
split among Citi (9.7%), Fannie Mae (8.5%), Freddie (1.6%) and
BNY Mellon (1.2%).
e trustee of a securitization represents the interests of
bondholders, but the certicate administrator — while techni-
cally subordinate to the trustee — handles most of the work
and earns the bulk of the fees. Its duties include serving as cus-
todian of deal documents and helping to funnel bond payments
and accounting information to investors. us, the ranking of
certicate administrators is a better gauge of corporate-trust
shops’ standing in the CMBS market.
While a single shop oen takes both the trustee and certi-
cate-administrator roles, rules prevent banks from also taking
on trustee assignments if they act as master servicer or special
servicer on a deal. at long prompted Wells — one of the Big
ree in servicing — to hand o trustee assignments to Wilm-
ington.
Computershare, however, doesn’t participate in the servic-
ing business, so it was unhampered by such rules aer buying
Wells’ trustee business in November 2021.
Computershare Again Out Front in Certificate Administrator Race
July 26, 2024
2
Commercial Mortgage
ALERT
Trust-Administration Providers in the 1st Half
CMBS
1H-24 Market 1H-23 Market
Issuance No. of Share Issuance No. of Share ’23-’24
Certificate Administrators ($Mil.) Deals (%) ($Mil.) Deals (%) % Chg.
1 Computershare $38,461.3 53 87.1 $16,494.8 25 100.0 133.2
2 Citigroup 3,342.4 5 7.6 0.0 0 0.0
3 Deutsche Bank 1,451.0 5 3.3 0.0 0 0.0
4 U.S. Bank 915.0 2 2.1 0.0 0 0.0
TOTAL 44,169.7 65 100.0 16,494.8 25 100.0 167.8
1H-24 Market 1H-23 Market
Issuance No. of Share Issuance No. of Share ’23-’24
Trustees ($Mil.) Deals (%) ($Mil.) Deals (%) % Chg.
1 Computershare $27,042.9 40 61.2 $15,239.8 22 92.4 77.4
2 Wilmington Trust 11,698.9 14 26.5 1,255.0 3 7.6 832.2
3 WSFS Bank 4,512.9 9 10.2 0.0 0 0.0
4 U.S. Bank 915.0 2 2.1 0.0 0 0.0
TOTAL 44,169.7 65 100.0 16,494.8 25 100.0 167.8
CRE CLOs
1H-24 Market 1H-23 Market
Issuance No. of Share Issuance No. of Share ’23-’24
Certificate Administrators ($Mil.) Deals (%) ($Mil.) Deals (%) % Chg.
1 Computershare $2,703.4 3 86.4 $879.7 2 41.6 207.3
2 U.S. Bank 425.0 1 13.6 1,234.6 2 58.4 -65.6
TOTAL 3,128.4 4 100.0 2,114.3 4 100.0 48.0
1H-24 Market 1H-23 Market
Issuance No. of Share Issuance No. of Share ’23-’24
Trustees ($Mil.) Deals (%) ($Mil.) Deals (%) % Chg.
1 Wilmington Trust $2,703.4 3 86.4 $879.7 2 41.6 207.3
2 U.S. Bank 425.0 1 13.6 1,234.6 2 58.4 -65.6
TOTAL 3,128.4 4 100.0 2,114.3 4 100.0 48.0
RANKINGS
July 26, 2024
3
Commercial Mortgage
ALERT
Trust-Administration Providers in the 1st Half
Agency CMBS
Fannie Freddie Ginnie 1H-24 1H-24 Market 1H-23 1H-23 Market
Issuance Issuance Issuance Total No. of Share Total No. of Share ’23-’24
Certificate Administrators ($Mil.) ($Mil.) ($Mil.) ($Mil.) Deals (%) ($Mil.) Deals (%) % Chg.
1 U.S. Bank $0.0 $5,107.5 $4,643.5 $9,751.0 41 47.9 $9,029.4 37 39.2 8.0
2 Deutsche Bank 0.0 3,288.9 0.0 3,288.9 5 16.2 2,652.0 3 11.5 24.0
3 Computershare 0.0 3,006.3 0.0 3,006.3 5 14.8 4,005.5 5 17.4 -24.9
4 Citigroup 0.0 1,981.7 0.0 1,981.7 3 9.7 5,225.0 6 22.7 -62.1
5 Fannie Mae 1,735.7 0.0 0.0 1,735.7 4 8.5 1,301.0 4 5.6 33.4
6 Freddie Mac 0.0 323.3 0.0 323.3 2 1.6 0.0 0 0.0
7 BNY Mellon 0.0 0.0 253.2 253.2 4 1.2 841.6 6 3.7 -69.9
TOTAL 1,735.7 13,707.7 4,896.8 20,340.2 64 100.0 23,054.4 61 100.0 -11.8
Fannie Freddie Ginnie 1H-24 1H-24 Market 1H-23 1H-23 Market
Issuance Issuance Issuance Total No. of Share Total No. of Share ’23-’24
Trustees ($Mil.) ($Mil.) ($Mil.) ($Mil.) Deals (%) ($Mil.) Deals (%) % Chg.
1 U.S. Bank $0.0 $5,107.5 $4,643.5 $9,751.0 41 47.9 $9,029.4 37 39.2 8.0
2 Deutsche Bank 0.0 3,288.9 0.0 3,288.9 5 16.2 2,652.0 3 11.5 24.0
3 Computershare 0.0 3,006.3 0.0 3,006.3 5 14.8 4,005.5 5 17.4 -24.9
4 Citigroup 0.0 1,981.7 0.0 1,981.7 3 9.7 4,422.7 5 19.2 -55.2
5 Fannie Mae 1,735.7 0.0 0.0 1,735.7 4 8.5 1,301.0 4 5.6 33.4
6 Freddie Mac 0.0 323.3 0.0 323.3 2 1.6 0.0 0 0.0
7 BNY Mellon 0.0 0.0 253.2 253.2 4 1.2 841.6 6 3.7 -69.9
Wilmington Trust 0.0 0.0 0.0 0.0 0 0.0 802.3 1 3.5 -100.0
TOTAL 1,735.7 13,707.7 4,896.8 20,340.2 64 100.0 23,054.4 61 100.0 -11.8
RANKINGS
