COMM 2019-GC44 Mortgage Trust Annual Report - How They Did This Year

This report covers the COMM 2019-GC44 Mortgage Trust's activities for the year ending December 31, 2025. It helps investors understand the trust's structure, assets, management, and risks.

First Look: What is COMM 2019-GC44 Mortgage Trust?

COMM 2019-GC44 Mortgage Trust isn't a typical company. It doesn't sell products or services. Instead, it's a special investment fund. This fund holds and manages many commercial mortgage loans. Think of it as owning 'pieces' of big loans. These loans finance office buildings, malls, and other business properties. The trust collects loan payments. After paying its own costs, it passes money to its investors.

Big banks first put these loans into the trust. These include German American Capital Corporation, Goldman Sachs Mortgage Company, and Citi Real Estate Funding Inc. They created the loans and set up the trust.

What Kind of Loans Does It Own?

The trust owns 'pieces' of many different commercial mortgage loans. Often, this trust owns part of a big loan. Other similar trusts own the rest. All these trusts share the loan equally. This means everyone gets paid at the same time. No one trust gets paid before another. This setup helps fund huge real estate projects. It spreads the risk and investment among many funds.

On its "cut-off date," the trust's portfolio included these major loans. This date is when the trust started and its loans were set. These loans made up a big part of the initial total loan amount:

• Century Plaza Towers Mortgage Loan: This loan made up about 7.3% of the initial assets.
• 180 Water Mortgage Loan: It was about 6.1% of the initial assets.
• The Shoppes at Blackstone Valley Mortgage Loan: This accounted for about 5.4% of the initial assets.
• 225 Bush Mortgage Loan: It comprised roughly 4.9% of the initial assets.
• USAA Office Portfolio Mortgage Loan: This made up about 4.4% of the initial assets.
• Elston Retail Collection Mortgage Loan: It was around 3.9% of the initial assets.
• PCI Pharma Portfolio Mortgage Loan: This was also about 3.9% of the initial assets.
• Midtown Center Mortgage Loan: It represented roughly 3.2% of the initial assets.
• Broadcasting Square Mortgage Loan: This accounted for about 3.1% of the initial assets.
• The Essex Site 2 Mortgage Loan: It was around 3.4% of the initial assets.
• Cobb Place Mortgage Loan: This comprised roughly 2.4% of the initial assets.
• Wind Creek Leased Fee Mortgage Loan: It made up about 1.9% of the initial assets.
• Millennium Park Plaza Mortgage Loan: This represented around 1.5% of the initial assets.

Portfolio Diversification: No single loan made up 10% or more of the trust's initial assets. This is good news for investors. It means the trust spreads its money around. If one borrower or property struggles, the trust won't be hit as hard. This protects your investment better than a trust with just a few big loans.

Any Changes to the Loan Portfolio?

The trust's loans changed during the past year:

• The Legends at Village West Mortgage Loan is no longer in the trust. It left the portfolio during the year ending December 31, 2025. Loans usually leave the trust if they are paid off, sold, or resolved after a problem. This can affect the trust's total assets and future earnings. It no longer brings in interest money for the trust.

Who's Keeping an Eye on These Loans? (The Servicers and Managers)

Many specialized companies manage this mortgage trust. Each has specific jobs. They make sure things run smoothly. They collect payments and fix any problems. These companies also file reports. This keeps investors informed and accountable. While some roles are per loan, key players manage all the loans.

Here are the main companies and what they do:

• Midland Loan Services is a main servicer. It handles daily tasks and collects payments for many trust loans. These include The Shoppes at Blackstone Valley, Elston Retail Collection, PCI Pharma Portfolio, Broadcasting Square, Cobb Place, USAA Office Portfolio, Millennium Park Plaza, Wind Creek Leased Fee, 225 Bush, and The Essex Site 2.
• Special Servicers manage loans in trouble. They step in if a loan is late or defaults. Their goal is to get the most money back for the trust. They do this through loan changes, foreclosure, or other solutions. The special servicers are:
  • Rialto Capital Advisors, LLC special services loans like USAA Office Portfolio, Millennium Park Plaza, The Shoppes at Blackstone Valley, Elston Retail Collection, PCI Pharma Portfolio, and Broadcasting Square.
  • CWCapital Asset Management LLC (CWCAM) special services Century Plaza Towers, Midtown Center, and the 180 Water loan.
  • LNR Partners, LLC is the special servicer for the Wind Creek Leased Fee loan.
  • K-Star Asset Management LLC took over special servicing for the 225 Bush Mortgage Loan. This happened on June 17, 2025, from Midland Loan Services. This change suggests this loan might need extra care.
• Wells Fargo Bank, National Association plays several key roles. It's the "certificate administrator." This means it handles issuing and transferring trust shares. It also processes payments to investors. Wells Fargo is also a "custodian." It keeps the original loan papers safe for many key loans. These include Century Plaza Towers, 225 Bush, Midtown Center, Wind Creek Leased Fee, 180 Water, The Shoppes at Blackstone Valley, Elston Retail Collection, PCI Pharma Portfolio, and Broadcasting Square. Plus, Wells Fargo acts as the "Trustee" for many loans. It makes sure the trust follows its rules. For other loans, like USAA Office Portfolio, Millennium Park Plaza, Midtown Center, and Century Plaza Towers, Wilmington Trust, National Association is the Trustee.
  • Servicing Change: Two important loans saw a change this year. Wells Fargo collected payments for the Century Plaza Towers and Midtown Center loans. This was until March 1, 2025. On March 1, 2025, Trimont LLC took over as the main servicer for these two loans. This lasted for the rest of the year. Servicing changes happen for many reasons. These include contracts ending, performance issues, or new trust strategies.
• Other companies offer extra oversight and help:
  • Park Bridge Lender Services LLC and Pentalpha Surveillance LLC are "operating advisors." They give independent advice. They also oversee how different loans in the portfolio perform and are managed.
  • Citibank, N.A. is linked to one of the original loan creators. It also acts as a custodian for certain loans. These include the USAA Office Portfolio and Millennium Park Plaza.
• Several companies are "Servicing Function Participants." They help with specific tasks:
  • Computershare Trust Company, National Association (CTCNA) helps with various servicing jobs. This includes tasks related to keeping loan documents safe for many loans.
  • CoreLogic Solutions, LLC makes sure property taxes are paid for loans. Examples are Midtown Center and Century Plaza Towers. This is vital to protect the properties backing the loans.
  • U.S. Bank National Association supports servicing for loans. These include the USAA Office Portfolio and Millennium Park Plaza.

This complex management setup protects investors. It ensures experts constantly watch the trust's assets. They manage them and fix problems when needed.

What About External Support or Guarantees?

Investors should know one key thing. COMM 2019-GC44 Mortgage Trust has no outside help or guarantees. No other company promises to cover losses. No insurance protects payments if loans perform poorly. So, your investment's success depends entirely on the loans themselves. You, the investor, take on all the risk from these loans.

Also, the trust doesn't use complex "derivative instruments." These are not used for managing risk or for speculation. This makes the trust's finances simpler and less risky. It avoids the tricky parts and big swings of derivatives. Examples are interest rate swaps or credit default swaps. The trust's earnings come straight from its mortgage payments. There are no extra financial layers.

Any Legal Troubles for the Managers?

The trust itself usually avoids big lawsuits. But legal issues for its key service providers matter to investors. They could affect how well these companies do their jobs. CWCapital Asset Management LLC (CWCAM) is a special servicer for some trust loans. It has faced lawsuits before. Here are the results of some cases around the past year:

• CWCapital Cobalt Vr Ltd. v. CWCapital Investments LLC, et al.: This was a long, complicated lawsuit. It was against CWCAM and its related company (CWCI). The case was about a different investment product. A big event happened on January 13, 2026. The court dropped all remaining claims against CWCAM itself. The lawsuit still affects its related company. But for CWCAM, this legal problem is gone. It no longer burdens its work for COMM 2019-GC44.
• ROC Debt Strategies II Bond Investments LLC v. CWCapital Asset Management LLC: This lawsuit started in January 2025. It questioned CWCAM's loan management for another group of loans. CWCAM settled this case well. Both sides reached a business agreement. The lawsuit was permanently dismissed on January 22, 2026. This means the issue is fully resolved. It removes this legal worry from CWCAM's duties.

These legal issues for CWCAM are now settled. This is good news. It means this important special servicer can fully focus on its job. It can manage the COMM 2019-GC44 Mortgage Trust loans without legal distractions.