DBJPM 2016-C1 Mortgage Trust Annual Report - How They Did This Year

Hey there!

Let's chat about DBJPM 2016-C1 Mortgage Trust's performance this past year. No fancy finance talk, just what you need to know.

This report covers their performance for the year ending on December 31, 2025.

1. What does this Trust do and how did it perform this year?

First, understand that DBJPM 2016-C1 Mortgage Trust isn't a regular company. It doesn't sell products or services. Instead, it's an "investment Trust" or "securitization vehicle." Think of it like a special bank account. This account holds many commercial mortgage loans. These aren't home loans. They are for big properties like shopping centers, office buildings, and hotels. The Trust formed in 2016. It started with about $1.04 billion in commercial mortgage loans.

So, this Trust owns parts of these large commercial mortgage loans. Its main job is to collect payments from these loans. Then, it passes those payments to investors. These investors bought investments tied to these loans. You don't buy traditional "stock" in this Trust. It has no stock symbol or shares like Apple or Amazon.

For the year ending December 31, 2025, the Trust kept managing its commercial mortgage loans. Its key assets include parts of loans on properties like:

• Williamsburg Premium Outlets (about 8.6% of the Trust's initial loan value, or $89.4 million)
• 787 Seventh Avenue (about 9.8% of the Trust's initial loan value, or $101.9 million)
• Naples Grande Beach Resort (about 7.3% of the Trust's initial loan value, or $75.9 million)
• 225 Liberty Street (about 5.0% of the Trust's initial loan value, or $52.0 million)
• 600 Broadway (about 4.9% of the Trust's initial loan value, or $50.9 million)
• 7700 Parmer (about 3.9% of the Trust's initial loan value, or $40.6 million)
• Columbus Park Crossing (about 3.7% of the Trust's initial loan value, or $38.5 million)
• Hagerstown Premium Outlets (about 3.7% of the Trust's initial loan value, or $38.5 million)
• Hall Office Park A1/G1/G3 (about 3.4% of the Trust's initial loan value, or $35.4 million)
• Renaissance Providence Downtown Hotel (about 3.1% of the Trust's initial loan value, or $32.2 million)

Many of these loans are part of bigger "loan combinations." The Trust might own one piece of a loan. Other investors or trusts own other parts of that same loan. Often, these parts are on "equal footing." "Co-Lender Agreements" explain how these shared loans work. Examples include 225 Liberty Street and 787 Seventh Avenue. Sometimes, the Trust's portion has a "lower priority." This means it gets paid back after other parts if things go wrong. This increases the risk to the Trust's investment.

A good sign for spreading risk is that no single borrower's loan makes up 10% or more of the Trust's total assets. This is based on its initial loan value of $1.04 billion. This spreads out risk. No single loan is worth more than about $104 million of the initial portfolio.

Investors measure performance by how well the Trust receives interest and principal payments. These payments come from the commercial mortgage loans. This depends on the properties' health and operations. Things like occupancy rates, rental income, and property values matter. Borrowers must also make their loan payments. The Trust kept its role of holding and managing these loans.

2. Major wins and challenges this year

This year, who manages some of the Trust's key loans changed.

Major Operational Change: On March 1, 2025, Trimont LLC became the main loan manager for many Trust loans. They manage loans for properties such as Naples Grande Beach Resort, 225 Liberty Street, and Williamsburg Premium Outlets. Trimont LLC also became the main and troubled loan manager for 787 Seventh Avenue. Before this date, Wells Fargo Bank, National Association handled many of these roles. A new team now oversees payment collection and handles loan issues.

Also, the Managers for Troubled Loans (Special Servicers) changed for some key loans:

• Rialto Capital Advisors, LLC became the troubled loan manager for 7700 Parmer on January 29, 2025. They took over from Midland Loan Services.
• CWCapital Asset Management LLC remains the troubled loan manager for Columbus Park Crossing.
• LNR Partners, LLC is the troubled loan manager for Hagerstown Premium Outlets.
• Midland Loan Services remains the troubled loan manager for loans like 600 Broadway and Naples Grande Beach Resort.
• Trimont LLC also became the troubled loan manager for 225 Liberty Street and 787 Seventh Avenue.

Operational Oversight & Accountability: A system checks if these companies (servicers) do their job right. This year, the Trust confirmed that reports checking compliance with servicing rules are available. These reports cover all key servicers. This includes the main loan manager, troubled loan managers, investment administrator, asset keeper, and oversight advisors. These reports and statements confirming servicers follow rules show that companies managing loans meet their duties. For example, separate reports exist for Wells Fargo (before March 1, 2025) and Trimont LLC (on and after March 1, 2025). Others include Midland Loan Services, Rialto Capital Advisors, CWCapital Asset Management, LNR Partners, Park Bridge Lender Services, CoreLogic Solutions, and Computershare Trust Company. This adds transparency and accountability to the complex setup.

Potential Challenges & Resolutions: The Trust relies on several key companies. This year brought updates on legal cases involving two of them:

• CWCapital Asset Management LLC (CWCAM): This company manages troubled loans for some Trust loans, like Columbus Park Crossing. CWCAM faced two notable legal cases:

  • One long-running lawsuit, CWCapital Cobalt Vr Ltd. v. CWCapital Investments LLC, et al., claimed CWCAM broke agreements and trust. After years of legal battles, the court dismissed the last two claims against CWCAM on January 13, 2026. This removed CWCAM as a defendant.
  • Another lawsuit, ROC Debt Strategies II Bond Investments LLC v. CWCapital Asset Management LLC, started on January 13, 2025. It claimed CWCAM was negligent in managing loans for a different trust. This case was permanently dismissed on January 22, 2026, after an agreement between the parties. CWCAM successfully handled these legal challenges. This helps its operations and ability to serve the Trust without distractions.

• Deutsche Bank Trust Company Americas (DBTCA): This company acts as an asset keeper and investment administrator for some Trust loans. DBTCA is still involved in several lawsuits. These relate to its role as trustee for other trusts holding home loan investments. These cases, some from 2014-2015, claim DBTCA failed to properly manage those trusts and collect loan payments.

  • In one case, Commerzbank AG, DBTCA is a defendant for one of 50 trusts. It faces claims like breaking agreements and trust. Many claims were dismissed. All arguments for a quick decision were submitted on September 26, 2024.
  • In another big case, IKB International, S.A., investors sued DBTCA (and an affiliate) as trustees for 37 trusts. They claim over $268 million in damages. Some claims were dismissed. Others for breaking agreements, trust, and conflicts of interest are still ongoing. Appeals continue. A partial reversal happened on June 15, 2023. These don't directly involve this Trust. But current lawsuits for a key service provider still create risks. They could take away resources, hurt reputation, or affect their job for this Trust. However, DBTCA believes these ongoing legal cases will not significantly impact its ability to perform its duties for this Trust.

3. Key risks that could hurt your investment value

Remember, this isn't a traditional stock. Your investment's value ties to how well the commercial mortgage loans perform.

Main risks for investors in DBJPM 2016-C1 Mortgage Trust come from:

• Commercial Property Performance: If properties like shopping centers struggle, borrowers might struggle to pay their loans. This happens with empty spaces, lower rental income, or a bad economy. This directly affects money coming into the Trust.

• Loan Failures: If a borrower fails to pay a loan, the Trust might not get its expected payments. This could affect payments to investors. Taking over a property and getting money back can be long and costly. This could lead to big losses.

• Loan Structure: The Trust often holds only parts of larger loans. Sometimes, these parts have a "lower priority" than others. They have a lower payment priority if a loan fails or assets are sold. "Co-Lender Agreements" formally lay out these priorities. For example, if a property faces financial trouble, the Trust's lower-priority portion might be paid last. This could mean greater losses compared to investors with higher priority. This significantly raises its risk level.

• No Outside Safety Net: The Trust has no outside financial protection. No insurance or guarantees from another company protect it if loans underperform. Investors directly face the risk of these mortgages. There's no outside safety net.

• Manager Performance & Stability: The Trust relies heavily on various companies to manage and collect payments. Issues with their performance, or their own challenges, could affect the Trust. Many different companies manage these loans. Their specific roles (main, primary, troubled loan manager, asset keeper, oversight advisor, or other service provider) add a lot of complexity. For instance, you have:

  • Trimont LLC as main and primary loan manager for many loans. They also manage troubled loans for 787 Seventh Avenue.
  • Midland Loan Services as troubled loan manager for loans like 600 Broadway.
  • Rialto Capital Advisors, LLC as troubled loan manager for 7700 Parmer (after January 29, 2025).
  • CWCapital Asset Management LLC as troubled loan manager for Columbus Park Crossing.
  • LNR Partners, LLC as troubled loan manager for Hagerstown Premium Outlets.
  • Wells Fargo Bank, National Association still keeps assets for some loans. They were primary manager for many loans before March 1, 2025.
  • Deutsche Bank Trust Company Americas keeps assets for 787 Seventh Avenue and Columbus Park Crossing.
  • Citibank, N.A. and U.S. Bank National Association keep assets for 225 Liberty Street.
  • Park Bridge Lender Services LLC and Pentalpha Surveillance LLC act as oversight advisors.
  • CoreLogic Solutions, LLC handles tax payments.
  • Computershare Trust Company, National Association (CTCNA) performs certain loan management tasks.

  This year saw developments in lawsuits involving key service providers:

  • CWCapital Asset Management LLC (CWCAM): This troubled loan manager was in two big lawsuits. Good news: claims against CWCAM in CWCapital Cobalt Vr Ltd. were dismissed on January 13, 2026. Another case, ROC Debt Strategies II Bond Investments LLC, was dismissed on January 22, 2026, after an agreement. These dismissals happened after the year ended but before this report. They reduce potential distractions or costs for CWCAM. This helps the Trust it serves.
  • Deutsche Bank Trust Company Americas (DBTCA): As an asset keeper and investment administrator, DBTCA is still in several long-running lawsuits. These relate to its role as trustee for other trusts holding home loan investments. These cases claim they failed to properly manage those trusts and collect loan payments. One case (IKB International, S.A.) claims over $268 million in damages. These don't directly involve this Trust. But current lawsuits for a key service provider still create risks. They could take away resources, hurt reputation, or affect their job for this Trust. However, DBTCA believes these ongoing legal cases will not significantly impact its ability to perform its duties for this Trust.
  • Positive Point: The Trust has reports checking compliance with servicing rules. It also has statements confirming servicers follow rules. These are available for all key service providers. These reports break down roles and loans. This helps ensure all companies meet their duties. It adds oversight to this complex structure.

• Interest Rate Changes: The Trust's commercial mortgage loans are usually fixed-rate. But broader market interest rate changes still pose risks. Rising interest rates could make refinancing harder or more costly for borrowers. This might increase loan failures. Falling interest rates could encourage borrowers to pay early. This creates a risk of earning less on new investments. Also, interest rate changes directly impact the market value of the Trust's investments. Investors adjust their expected returns.

A positive point: no single borrower holds 10% or more of the Trust's initial $1.04 billion loan pool. This spreads out risk. A problem with one large loan won't affect the whole portfolio too much.

4. Competitive position

This section doesn't apply to DBJPM 2016-C1 Mortgage Trust. As an investment Trust, it doesn't "compete" with other companies. It holds and manages specific assets for investors. It doesn't aim to grow bigger or beat competitors.

5. Leadership or strategy changes

This year saw changes in how the Trust manages its assets. The Trust has no traditional "leadership." It's a hands-off investment. Its investment strategy focuses on managing its current commercial mortgage loans.

But companies managing the loans day-to-day changed significantly. Annual reports confirm these roles:

• Trimont LLC became the main loan manager for many loans on March 1, 2025. This includes Naples Grande and Williamsburg Premium Outlets. They replaced Wells Fargo Bank in many roles. Trimont LLC also became the troubled loan manager for 225 Liberty Street and 787 Seventh Avenue on or after March 1, 2025.
• Midland Loan Services remains a troubled loan manager for many loans. This includes 600 Broadway and Naples Grande. They were also the troubled loan manager for 7700 Parmer before January 29, 2025.
• Rialto Capital Advisors, LLC became the troubled loan manager for 7700 Parmer on or after January 29, 2025.
• CWCapital Asset Management LLC serves as the troubled loan manager for Columbus Park Crossing.
• LNR Partners, LLC serves as the troubled loan manager for Hagerstown Premium Outlets.
• Wells Fargo Bank, National Association still keeps assets for some loans. They served as primary manager for many loans before March 1, 2025. Their compliance as main and primary loan manager before March 1, 2025, is reported separately.
• Deutsche Bank Trust Company Americas keeps assets for the 787 Seventh Avenue and Columbus Park Crossing loans.
• U.S. Bank National Association keeps assets for the 225 Liberty Street loan. Citibank, N.A. hired them.
• Citibank, N.A. keeps assets for the 225 Liberty Street Mortgage Loan.
• Park Bridge Lender Services LLC and Pentalpha Surveillance LLC serve as "oversight advisors." They provide oversight for different loans.
• CoreLogic Solutions, LLC manages tax payments for many loans.
• Computershare Trust Company, National Association (CTCNA) handles certain loan management tasks. Citibank and Wells Fargo hired them. Their compliance as a "company helping with loan management" is also reported.

These changes mean many companies now manage different parts of the Trust's loans. Annual reports confirm their compliance.