DBJPM 2020-C9 Mortgage Trust Summary

Hey there! Thinking about DBJPM 2020-C9 Mortgage Trust? Let's break down how they've been doing this past year in a way that makes sense, without all the confusing finance talk. This report covers their performance up to December 31, 2025.

What this trust does and its initial assets

DBJPM 2020-C9 Mortgage Trust isn't a typical company. It doesn't sell products or services. Instead, it's a trust holding many commercial mortgage loans. Think of it as a special fund. It owns parts of large loans for commercial buildings. Its 'performance' depends on these loans.

Big financial firms created this trust. These include Deutsche Mortgage, German American Capital, JPMorgan Chase, Goldman Sachs, and BSPRT CMBS Finance. They bought and transferred the loans into the trust in August 2020.

At its start (the "cut-off date"), key mortgage loans in the trust included:

• The Agellan Portfolio Mortgage Loan, about 9.7% of its assets.
• The MGM Grand & Mandalay Bay Mortgage Loan, about 7.9%.
• The BX Industrial Portfolio Mortgage Loan, about 7.9%.
• The 1633 Broadway Mortgage Loan, about 6.3%.
• The Amazon Industrial Portfolio Mortgage Loan, about 5.5%.
• The Liz Mortgage Loan, about 5.2%.
• The Coleman Highline Mortgage Loan, about 4.8%.
• The Southcenter Mall Mortgage Loan, about 4.6%.
• The 420 Taylor Street Mortgage Loan, about 4.5%.
• The 711 Fifth Avenue Mortgage Loan, about 4.0%.
• The 333 South Wabash Mortgage Loan, about 3.2%.
• Other loans like Kings Plaza, 280 North Bernardo, Chase Center Tower I & II, 675 Creekside Way, 3000 Post Oak, and Brass Professional Center also make up significant portions. These percentages show the trust's original loan mix.

Many loans are part of bigger 'loan combinations.' Some loans have equal repayment priority (pari passu). Others are subordinate, meaning lower priority. Other trusts often manage these larger loan groups. For example, pari passu portions of several loans are in other trusts. These include Agellan, 420 Taylor Street, Amazon Industrial Portfolio, Coleman Highline, 333 South Wabash, The Liz, 280 North Bernardo, 3000 Post Oak, and Brass Professional Center. They are also part of trusts like Benchmark 2020-B18, MSC 2020-HR8, and Benchmark 2020-B19. This links the trust's assets to other financial structures. Its performance can depend on how other trusts manage their loan parts. Repayment is shared proportionally among all pari passu certificate holders.

Good News for Diversification: No single borrower makes up 10% or more of the trust's total loans. This is good news. It lowers 'concentration risk.' The trust doesn't rely too much on one property owner. This reduces impact if a large borrower defaults.

Complex Operations: Many specialized companies manage these loans daily. Different firms handle different loans or specific tasks. This complex setup is typical for mortgage trusts.

Financial Structure and Key Risks

No External Safety Nets: This trust lacks outside credit support. It has no insurance or third-party guarantees. It also uses no complex financial tools (derivatives) to manage risk. So, the trust's ability to pay investors depends fully on the mortgage loans. They must perform as expected. If loans struggle, no outside help exists. Investors face direct risk from the commercial properties.

Reliance on Loan Performance: There are no outside credit supports or complex financial tools. The trust relies only on its commercial mortgage loans. Investors face direct risk from borrower credit and payment behavior.

Operational Complexity: Many different companies service and manage the trust's loans. This spreads work but requires coordinating many parties. However, extensive compliance reports from these servicers help manage this risk. For example, Midland Loan Services is a key servicer. It confirmed following strict rules for December 31, 2025. This is good for the operational health of many trust assets. This independent check reduces risk from relying on many outside service providers.

Legal Scrutiny for a Key Servicer (Update): CWCapital Asset Management LLC (CWCAM) is a special servicer for troubled loans. On January 13, 2026, a court dismissed remaining claims in a lawsuit concerning a different investment product. CWCAM was officially dismissed on January 22, 2026. This lifts a major legal cloud and reduces potential distractions for this key service provider, indirectly benefiting the trust.

Additionally, CWCAM faced another lawsuit filed by ROC Debt Strategies II on January 13, 2025, alleging servicing issues with a different loan portfolio ('Ranger Portfolio'). The parties settled, and this lawsuit was also dismissed on January 22, 2026.

These legal challenges are now resolved. This happened during or soon after the reporting period. This is positive news, removing distractions and reputational risks for a key party and reducing uncertainty for investors.

Portfolio Diversification

No single borrower accounts for over 10% of the trust's assets. This spreads risk and is key for stable cash flow. This diversity improves its overall credit standing.

Operational Structure and Changes

Mortgage trusts rely on many specialized parties to manage and service loans. These roles are crucial for the trust:

• Master Servicer / Primary Servicer: These main parties collect payments, inspect properties, and manage loans daily.
• Special Servicer: These troubleshooters step in if a loan struggles. They try to find solutions, like modifying the loan, or they might foreclose or take over the property. Their work directly affects how much money is recovered from troubled assets.
• Custodian: They hold all legal loan documents and ensure proper ownership records.
• Operating Advisor: They guide and oversee loan management, including the special servicer, recommending actions to protect the trust.
• Certificate Administrator: This group handles trust administration, calculates and pays investors, and maintains investor records.

Many different companies fill these roles for the trust, often handling specific loans or tasks. For example:

• Midland Loan Services acts as Primary Servicer for many loans, including Agellan, 420 Taylor Street, Amazon Industrial, Coleman Highline, 333 South Wabash, 280 North Bernardo, 3000 Post Oak, Brass Professional Center, Southcenter Mall, Kings Plaza, and Chase Center Tower I & II. It also acts as Special Servicer for some, like Agellan and Chase Center Tower I & II.
• LNR Partners, LLC and Rialto Capital Advisors, LLC are key Special Servicers for various troubled loans.
• K-Star Asset Management LLC, KeyBank National Association, and Situs Holdings, LLC also serve as Primary or Special Servicers for loans like The Liz, 1633 Broadway, MGM Grand, and 711 Fifth Avenue.
• Wells Fargo Bank and Citibank, N.A. are Custodians. Wells Fargo also served as Primary Servicer for some loans before recent changes.
• Park Bridge Lender Services LLC and Pentalpha Surveillance LLC are Operating Advisors.
• Computershare Trust Company, CoreLogic Solutions, LLC, and U.S. Bank National Association are 'Servicing Function Participants' handling specific servicing or custody tasks.

The trust's structure involves multiple agreements, such as Pooling and Servicing Agreements and Trust and Servicing Agreements, which define roles for different loan segments and were set up at the trust's start.

Important Operational Changes:

• The primary servicer changed for The Liz Mortgage Loan and 711 Fifth Avenue Mortgage Loan. Trimont LLC took over from Wells Fargo Bank starting March 1, 2025. This operational shift affects who manages these specific loans.
• Wells Fargo's Corporate Trust Sale: Wells Fargo Bank sold its corporate trust business. Computershare Trust Company (CTCNA) bought it and now handles some servicing tasks Wells Fargo previously did. This major operational shift requires a smooth transfer of duties to ensure continuous administration and asset custody.
• Other specialized vendors are also involved. U.S. Bank provides custodial services for Citibank for loans like MGM Grand and Amazon Industrial. CoreLogic Solutions handles tax payments for 711 Fifth Avenue and The Liz.

Servicer Compliance Checks: The report includes compliance assessments confirming servicers meet standards for asset-backed securities. For example, Midland Loan Services (Master Servicer) confirmed compliance for December 31, 2025. PricewaterhouseCoopers LLP also provided an independent report. Detailed reports confirm parties like Midland Loan Services, CWCapital Asset Management LLC (Special Servicer), Wells Fargo Bank (Trustee, Administrator, Custodian), Computershare Trust Company (Servicing Participant), Park Bridge Lender Services LLC (Operating Advisor), KeyBank National Association (Primary Servicer for 1633 Broadway), Situs Holdings, LLC (Special Servicer for 1633 Broadway), Pentalpha Surveillance LLC (Operating Advisor for 1633 Broadway), and K-Star Asset Management LLC (Special Servicer for Southcenter Mall) comply. This extensive reporting provides assurance for servicing integrity.

Understanding these operational details and the trust's reliance on its underlying loans is key to evaluating this investment.