CD 2019-CD8 Mortgage Trust: Your Annual Report Guide

Hello! I'm here to help you understand the CD 2019-CD8 Mortgage Trust's annual report. We'll explain what happened during the fiscal year ending December 31, 2025. This will be in plain English, helping you decide if it suits your investments. The report covers the Trust's activities and financial health from January 1, 2025, to December 31, 2025.

What is CD 2019-CD8 Mortgage Trust?

This isn't a typical company where you buy stock shares. Instead, CD 2019-CD8 Mortgage Trust is a special investment fund. It's known as a Commercial Mortgage-Backed Security (CMBS) trust. The Trust started in 2019, as its name "CD 2019-CD8" shows. It holds many commercial mortgage loans. Imagine it as a basket of loans given to businesses. These loans are for properties like offices, shopping malls, hotels, or other commercial spaces. When you invest, you buy certificates (bonds). These bonds represent income from these loans. Each bond class has different payment priorities and risk levels. The report confirms this Trust has no traditional stocks. Investors instead hold debt securities, backed by the mortgage loans.

Several big names in finance created this Trust. Deutsche Mortgage & Asset Receiving Corporation was the Depositor. This means they gathered the loans and put them into the Trust. Companies like German American Capital Corporation, MUFG Union Bank, N.A., Cantor Commercial Real Estate Lending, L.P., and Citi Real Estate Funding Inc. sponsored or originated the original loans. These sponsors made or helped arrange the loans before they became part of the Trust.

What Loans Does the Trust Hold?

The Trust holds parts of several large commercial mortgage loans. For many, the Trust owns only a portion. Other investors hold different pieces. Some have equal priority ("pari passu"), others have lower priority. So, the Trust's performance links to these larger loans. But it receives only a specific share of the income. The total initial loan amount was about $884.9 million. This was on the formation date, or "cut-off date." That "cut-off date," when the Trust began and loans were finalized, was April 1, 2019.

Here are some larger loans from the Trust's initial collection (as of its cut-off date):

• 888 Figueroa Mortgage Loan: This loan was about $81.4 million. It made up 9.2% of the initial loan pool. It likely funds an office building in a major city.
• Uline Arena Mortgage Loan: This loan was about $46.0 million. It formed 5.2% of the initial pool. It probably funds an event venue or stadium. Such venues can be sensitive to economic shifts and local entertainment trends.
• Pharr Town Center Mortgage Loan: This loan was about $43.4 million. It made up 4.9% of the initial pool. It likely funds a retail shopping center. This property type has faced challenges from online shopping.
• Woodlands Mall Mortgage Loan: This loan was about $76.1 million. It comprised 8.6% of the initial pool. It clearly funds a shopping mall. Malls are another retail asset class sensitive to changing consumer habits.
• 505 Fulton Street Mortgage Loan: This loan was about $43.4 million. It represented 4.9% of the initial pool. It could be for an office or mixed-use property, often in urban core areas.
• Moffett Towers II - Buildings 3 & 4 Mortgage Loan: This loan was about $37.2 million. It accounted for 4.2% of the initial pool. It sounds like a loan for a tech or office campus, typically in high-growth areas.
• Wind Creek Leased Fee Mortgage Loan: This loan was about $43.4 million. It made up 4.9% of the initial pool. This loan is secured by the land itself. Someone else owns the building on top (a "ground lease"). Wind Creek often relates to casinos. This suggests a hospitality or entertainment asset.
• Visions Hotel Portfolio II Mortgage Loan: This loan was about $18.6 million. It comprised 2.1% of the initial pool. It backs a group of hotels. This sector is very sensitive to travel and economic conditions.
• Liberty MA Portfolio Mortgage Loan: This loan was about $22.1 million. It represented 2.5% of the initial pool. The property type is not specified. However, it is a portfolio of assets. This offers some diversification within that specific loan.

This mix shows the Trust invests in various commercial real estate types. These include office, retail, hospitality, and mixed-use properties. Several loans each represent 4-9% of the initial pool. This means these larger loans greatly impact the Trust's cash flow and investor returns.

Who Manages These Loans?

Many different players manage this large group of loans. They ensure everything runs smoothly and follows the rules. These roles protect the interests of certificate holders (investors). Here are some key roles:

• Midland Loan Services (a Division of PNC Bank): This company is the main "master servicer" for many loans. The master servicer handles daily loan management. This includes collecting monthly payments, keeping loan records, and sending funds to the Trust. They also act as a "special servicer" for some loans. This means they manage loans facing or expected to face financial trouble. Examples include default, late payments, or imminent default.
  • Midland Loan Services reported full compliance for 2025. They met SEC Regulation AB Servicing Criteria. These rules set standards for managing asset-backed securities. They cover payment processing, investor reports, loan changes, and default handling. This is a positive sign. It means they follow all necessary procedures for smooth, transparent operations. PricewaterhouseCoopers LLP, an independent accounting firm, confirmed their compliance. They provided an attestation report. This shows the loan management process is sound. This matters for the Trust's cash flow health and reliability.
• LNR Partners, LLC: This is another "special servicer" for struggling loans. A loan moves from the master servicer to the special servicer when it's late or likely to default. The special servicer aims to get the most money back for the Trust. This can involve changing loan terms, taking over the property, or selling the loan.
• Wells Fargo Bank, National Association and Citibank, N.A.: These banks are "custodians." They hold important legal documents for the mortgage loans. These include original promissory notes and mortgages. This ensures the Trust's security interests are protected. Wells Fargo also acts as a "trustee" for several loans. The trustee represents certificate holders' interests. They ensure all parties follow the pooling and servicing agreement (PSA). They also distribute payments to investors.
• Park Bridge Lender Services LLC and Pentalpha Surveillance LLC: These "operating advisors" oversee and advise the special servicer. They watch the special servicer's actions. This ensures actions benefit the Trust and its certificate holders. This is especially true for those holding lower-rated certificates.
• Computershare Trust Company, National Association (CTCNA): This company also performs some servicing tasks. They work with Wells Fargo, likely in a support or administrative role.

All these companies have specific jobs. They ensure correct loan management, payment collection, and issue resolution. The report confirms all required reports are filed. This shows they meet regulatory duties and provide transparency to investors.

Understanding the structure of the CD 2019-CD8 Mortgage Trust, the types of loans it holds, and the roles of its management team is the first step in evaluating this investment. This foundational knowledge helps you assess the underlying assets and the operational integrity of the Trust.