In this special guest episode of the TreppWire Podcast, we are joined by David Harrison, Chief Operating Officer and Head of Special Servicing at Midland Loan Services, for a discussion on commercial real estate servicing and market dynamics. David shares his non-traditional path from political science into commercial real estate finance and outlines what servicing entails, noting its focus on managing the intersection of structure, credit, legal, operational, and investor considerations. He discusses the shift from 10-year to 5-year securitization terms, explaining how shorter durations are increasing pressure on borrowers and making workouts more complex. He also highlights the rise of SASB issuance and how this shift is changing the servicing landscape. David emphasizes the importance of experienced servicers and the need for early communication and transparency to drive better outcomes. We also cover challenges in office properties, particularly in secondary markets, potential risks in data center lending, and the current tone of the overall market. Tune in now. Episode Notes • Background &amp; Start in the Industry • What Servicing is &amp; Misconceptions • Pooling and Servicing Agreements • Importance of Servicer Experience &amp; Expertise • CMBS Market and Risk Challenges • SASB Issuance, Conduit CMBS • Data Center Lending Risk • Closing Questions or comments? Contact us at podcast@trepp.com. Follow Trepp: X: www.x.com/TreppWire LinkedIn: www.linkedin.com/company/trepp

404. Special Servicing in 2026: Office Workouts, Extensions, & CRE Stress with David Harrison of Midland Loan Services

The TreppWire Podcast: A Commercial Real Estate Show

I appreciate the position that investors find themselves in, but this is a tale as old as CMBS. This has been the case forever. It's nothing new. I just think it's a little more poignant right now.

Welcome to The TreppWire Podcast, the show where commercial real estate meets data and insights. This is a special guest podcast. I'm Haley Keen with Trepp, a data modeling and analytics firm for the CMBS, commercial real estate, and CLO markets. I'm with Lonnie Hendry, Chief Product Officer.

Today, we're joined by David Harrison, Chief Operating Officer and Head of Special Servicing at Midland Loan Services, a PNC real estate business. As COO, David oversees operational performance, risk management, and strategic execution across Midland's servicing platform. In his role as Head of Special Servicing, he leads the team responsible for the workout, restructuring, and resolution of complex and distressed commercial real estate loans and REO assets. David works closely with

institutional clients, rating agencies, and regulators, giving him a real-time view into how stress, extensions, and resolutions are playing out across today's market. He brings deep experience across credit, servicing, asset management, and workouts with prior roles at Fitch Ratings, KeyBank, and the Archon Group. David, we are so excited to have you here today. Welcome to The TreppWire Podcast. Thank you. It's great to be here. Thanks for having me.

So, we start almost every interview the same, but we'd love for you to expand on your background that I just said. Talk to us about how you got your start in commercial real estate finance, and then what led you to your role at Midland.

404. Special Servicing in 2026: Office Workouts, Extensions, & CRE Stress with David Harrison of Midland Loan Services

Read the full transcript

The candid version is on a podcast,
not the earnings call.

404. Special Servicing in 2026: Office Workouts, Extensions, & CRE Stress with David Harrison of Midland Loan Services

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.