Mortgage Trust Navigates Legal Waters, Key Loans Shift

TL;DR

**This mortgage trust is a legal battleground for its servicers, but recent dismissals offer a glimmer of stability for investors.**

AI Summary

The COMM 2013-CCRE12 Mortgage Trust's 10-K filing for the fiscal year ended December 31, 2025, primarily details administrative and legal proceedings rather than financial performance, as most financial sections are omitted. Key changes include the 175 West Jackson Mortgage Loan, which constituted approximately 12.5% of the asset pool at its cut-off date, no longer being a pool asset. The filing highlights ongoing legal challenges for key servicers, specifically CWCapital Asset Management LLC (CWCAM) and Deutsche Bank Trust Company Americas (DBTCA). CWCAM successfully dismissed two counts for aiding and abetting breach of fiduciary duty and unjust enrichment in the CWCapital Cobalt Vr Ltd. v. CWCapital Investments LLC, et al. lawsuit on January 13, 2026, and achieved a business resolution and dismissal with prejudice in the ROC Debt Strategies II Bond Investments LLC v. CWCapital Asset Management LLC case on January 22, 2026. DBTCA continues to face two active lawsuits related to its administration of residential mortgage-backed securities (RMBS) trusts, with one case brought by Commerzbank AG naming DBTCA as trustee for 1 of 50 trusts. The trust itself reports no material pending legal proceedings and no external credit enhancement or derivative instruments. The report also clarifies the roles of various servicers like CoreLogic Solutions, LLC and Computershare Trust Company, National Association.

Why It Matters

This 10-K provides crucial insight into the operational health and legal landscape surrounding the COMM 2013-CCRE12 Mortgage Trust, a securitized real estate investment vehicle. For investors, the resolution of legal disputes involving servicers like CWCapital Asset Management LLC reduces uncertainty and potential liabilities, impacting the stability of the underlying mortgage loans. The removal of the 175 West Jackson Mortgage Loan, representing 12.5% of the original asset pool, signifies a material change in the trust's asset composition, which could affect future cash flows and risk profiles. The ongoing RMBS litigation against Deutsche Bank Trust Company Americas highlights systemic risks within the broader mortgage-backed securities market, potentially influencing investor confidence and competitive dynamics among trust administrators.

Risk Assessment

Risk Level: medium — The risk level is medium due to the significant ongoing legal proceedings involving key servicers, CWCapital Asset Management LLC and Deutsche Bank Trust Company Americas. While CWCAM saw two counts dismissed on January 13, 2026, and a lawsuit dismissed with prejudice on January 22, 2026, DBTCA still faces two active RMBS-related lawsuits, including one from Commerzbank AG where DBTCA is trustee for 1 of 50 trusts. These legal entanglements, though not directly against the trust, could impact servicer performance and introduce operational risks.

Analyst Insight

Investors should monitor the ongoing legal proceedings involving Deutsche Bank Trust Company Americas closely, as adverse outcomes could impact the trust's administration. Given the omission of financial statements, investors should seek supplementary information on the performance of the remaining pool assets and the impact of the 175 West Jackson Mortgage Loan's removal.

Financial Highlights

debt To Equity

0.0

revenue

$0

operating Margin

0%

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

0%

cash Position

$0

revenue Growth

0%

Key Numbers

• 12.5% — Percentage of asset pool (175 West Jackson Mortgage Loan's share at cut-off date, now removed)
• 5.0% — Percentage of asset pool (Oglethorpe Mall Mortgage Loan's share at cut-off date)
• 2025-12-31 — Fiscal year end (Reporting period for the 10-K)
• 2026-01-13 — Date of court decision (Dismissal of two counts against CWCAM in CWCapital Cobalt Vr Ltd. case)
• 2026-01-22 — Date of lawsuit dismissal (Dismissal with prejudice of ROC Debt Strategies II Bond Investments LLC v. CWCAM)
• 1 — Number of trusts (DBTCA serves as trustee for 1 of 50 trusts in Commerzbank AG lawsuit)

Key Players & Entities

• COMM 2013-CCRE12 Mortgage Trust (company) — issuing entity
• CWCapital Asset Management LLC (company) — special servicer facing legal proceedings
• Deutsche Bank Trust Company Americas (company) — certificate administrator and custodian facing legal proceedings
• U.S. Bank Trust Company, National Association (company) — trustee
• 175 West Jackson Mortgage Loan (dollar_amount) — constituted approximately 12.5% of asset pool at cut-off date, no longer a pool asset
• Oglethorpe Mall Mortgage Loan (dollar_amount) — constituted approximately 5.0% of asset pool at cut-off date
• CWCapital Cobalt Vr Ltd. (company) — plaintiff in lawsuit against CWCAM
• ROC Debt Strategies II Bond Investments LLC (company) — plaintiff in lawsuit against CWCAM
• Commerzbank AG (company) — plaintiff in lawsuit against DBTCA
• CoreLogic Solutions, LLC (company) — servicer for tax payments

FAQ

Industry Context

The commercial mortgage-backed securities (CMBS) market is characterized by complex legal structures and reliance on specialized servicers. Recent legal proceedings involving key servicers like CWCapital Asset Management LLC and Deutsche Bank Trust Company Americas highlight the operational and legal risks inherent in managing these trusts. The removal of significant loans from asset pools can also impact investor confidence and the overall performance metrics of such trusts.

Regulatory Implications

While the trust itself reports no material pending legal proceedings, the ongoing litigation involving its servicers, particularly Deutsche Bank Trust Company Americas, presents indirect regulatory risk. Any adverse outcomes for these servicers could lead to operational disruptions or necessitate changes in trust administration, potentially drawing scrutiny from regulatory bodies overseeing financial markets.

What Investors Should Do

1. Monitor servicer litigation closely.
2. Assess the impact of removed assets on the trust's future performance.
3. Review the roles and stability of other key service providers.

Key Dates

• 2026-01-13: Dismissal of two counts against CWCAM in CWCapital Cobalt Vr Ltd. case — Indicates a positive legal development for a key servicer, potentially reducing operational risk.
• 2026-01-22: Dismissal with prejudice of ROC Debt Strategies II Bond Investments LLC v. CWCAM case — Further positive legal outcome for CWCAM, strengthening its operational stability and reducing litigation burden.

Glossary

Pooling and Servicing Agreement

A contract that outlines the terms and conditions under which mortgage loans are pooled together and serviced for the benefit of investors in a securitized product. (Governs the servicing and administration of the 175 West Jackson Mortgage Loan, a significant former asset.)

Pari Passu Loan

Loans that rank equally in terms of priority of payment and security interest. (Explains the structure of the 175 West Jackson Mortgage Loan and Oglethorpe Mall Mortgage Loan, where a portion is not part of the issuing entity's asset pool.)

Asset Pool

The collection of mortgage loans that back the securities issued by the trust. (The removal or composition of assets in the pool directly impacts the trust's underlying value and performance.)

Cut-off Date

A specific date used to determine which assets are included in the asset pool for a securitization transaction. (Establishes the baseline for asset pool composition, as seen with the 175 West Jackson Mortgage Loan (12.5%) and Oglethorpe Mall Mortgage Loan (5.0%).)

Year-Over-Year Comparison

This filing is notably sparse on financial performance data, with most financial sections omitted, making a direct comparison of key metrics like revenue, net income, or margins impossible. The primary focus has shifted to administrative and legal matters, including the removal of the 175 West Jackson Mortgage Loan from the asset pool and ongoing litigation involving key servicers, which were not detailed in this manner in previous, more financially comprehensive filings.

Key Financial Figures

• $268 million — BNTC and DBTCA are liable for over U.S. $268 million in damages. On October 5, 2016, DBNTC a

Filing Documents

• ccc13c12_10k-2025.htm (10-K) — 103KB
• ccc13c12_31.htm (EX-31) — 9KB
• ccc13c12_33-1.htm (EX-33.1) — 626KB
• ccc13c12_33-2.htm (EX-33.2) — 600KB
• ccc13c12_33-3.htm (EX-33.3) — 177KB
• ccc13c12_33-5.htm (EX-33.5) — 357KB
• ccc13c12_33-6.htm (EX-33.6) — 702KB
• ccc13c12_33-7.htm (EX-33.7) — 992KB
• ccc13c12_33-8.htm (EX-33.8) — 86KB
• ccc13c12_33-9.htm (EX-33.9) — 1420KB
• ccc13c12_33-10.htm (EX-33.10) — 3113KB
• ccc13c12_33-19.htm (EX-33.19) — 172KB
• ccc13c12_33-20.htm (EX-33.20) — 118KB
• ccc13c12_33-22.htm (EX-33.22) — 708KB
• ccc13c12_34-1.htm (EX-34.1) — 10KB
• ccc13c12_34-2.htm (EX-34.2) — 13KB
• ccc13c12_34-3.htm (EX-34.3) — 9KB
• ccc13c12_34-5.htm (EX-34.5) — 14KB
• ccc13c12_34-6.htm (EX-34.6) — 14KB
• ccc13c12_34-7.htm (EX-34.7) — 693KB
• ccc13c12_34-8.htm (EX-34.8) — 8KB
• ccc13c12_34-9.htm (EX-34.9) — 11KB
• ccc13c12_34-10.htm (EX-34.10) — 11KB
• ccc13c12_34-19.htm (EX-34.19) — 9KB
• ccc13c12_34-20.htm (EX-34.20) — 7KB
• ccc13c12_34-22.htm (EX-34.22) — 8KB
• ccc13c12_35-1.htm (EX-35.1) — 2224KB
• ccc13c12_35-2.htm (EX-35.2) — 2577KB
• ccc13c12_35-3.htm (EX-35.3) — 860KB
• ccc13c12_35-4.htm (EX-35.4) — 1896KB
• ccc13c12_35-5.htm (EX-35.5) — 2593KB
• 0001888524-26-005005.txt ( ) — 20140KB

financial statements. o

financial statements. o Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 240.10D-1(b). o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). o Yes No common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. Not applicable. Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. o Yes o No Not applicable. Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. Not applicable. DOCUMENTS INCORPORATED BY REFERENCE List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980). Not applicable. EXPLANATORY NOTES The 175 West Jackson Mortgage Loan, which constituted approximately 12.5% of the asset pool of the issuing entity as of its cut-off date, is an asset of the issuing entity and is part of a loan combination that includes one othe

Business

Item 1. Business. Omitted.

Risk Factors

Item 1A. Risk Factors. Omitted.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Cybersecurity

Item 1C. Cybersecurity. Omitted.

Properties

Item 2. Properties. Omitted.

Legal Proceedings

Item 3. Legal Proceedings. Omitted.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not applicable. PART II

Market for Registrant's Common Equity,

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Omitted. Item 6. [Reserved]

Management's Discussion and Analysis of

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Omitted.

Quantitative and Qualitative Disclosures

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Omitted.

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. Omitted.

Changes in and Disagreements With

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Omitted.

Controls and Procedures

Item 9A. Controls and Procedures. Omitted.

Other Information

Item 9B. Other Information. None.

Disclosure Regarding Foreign Jurisdictions

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. None. PART III

Directors, Executive Officers and Corporate

Item 10. Directors, Executive Officers and Corporate Governance. Omitted.

Executive Compensation

Item 11. Executive Compensation. Omitted.

Security Ownership of Certain Beneficial

Item 12. Security Ownership of Certain Beneficial Omitted.

Certain Relationships and Related

Item 13. Certain Relationships and Related Transactions, and Director Independence. Omitted.

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. Omitted. ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB

(b) of Regulation AB, Significant Obligor

Item 1112(b) of Regulation AB, Significant Obligor Financial Information. The 175 West Jackson Mortgage Loan, which represented 10% or more of the pool assets held by the issuing entity as of its cut-off date, is no longer a pool asset.

(b)(2) of Regulation AB, Significant Enhancement

Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider Financial Information. No entity or group of affiliated entities provides any external credit enhancement or other support for the certificates within this transaction as described under Item 1114(a) of Regulation AB.

(b) of Regulation AB, Certain Derivatives

Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial Information). No entity or group of affiliated entities provides any derivative instruments or other support for the certificates within this transaction as described under Item 1115 of Regulation AB.

of Regulation AB, Legal Proceedings

Item 1117 of Regulation AB, Legal Proceedings. The registrant knows of no material pending legal proceeding involving the trust or any party related to the trust, other than routine litigation incidental to the duties of those respective parties, and the following, with respect to CWCapital Asset Management LLC, as special servicer, Deutsche Bank Trust Company Americas, as certificate administrator and custodian, and U.S. Bank Trust Company, National Association, as trustee. From time to time, CWCapital Asset Management LLC, a Delaware limited liability company ("CWCAM"), is a party to lawsuits and other legal proceedings as part of its duties as a special servicer (e.g., enforcement of loan obligations) and/or arising in the ordinary course of business. Other than as set forth in the following paragraphs, there are currently no legal proceedings pending, and no legal proceedings known to be contemplated by governmental authorities, against CWCAM or of which any of its property is the subject, that are material to the certificateholders. On December 1, 2017, a complaint against CWCAM and others was filed in the United Cobalt Vr Ltd. v. CWCapital Investments LLC, et al., No. 17-cv-9463 (the "Original Complaint"). The gravamen of the Original Complaint alleged breaches of a contract and fiduciary duties by CWCAM's affiliate, CWCapital Investments LLC in its capacity as collateral manager for the collateralized debt obligation transaction involving CWCapital Cobalt Vr, Ltd. In total, there are 14 counts pled in the Original Complaint. Of those 14, 5 claims were asserted against CWCAM for aiding and abetting breach of fiduciary duty, conversion and unjust enrichment. On May 23, 2018, the Original Complaint was dismissed for lack of subject matter jurisdiction. On June 28, 2018, CWCapital Cobalt Vr Ltd. filed a substantially similar complaint in the Supreme Court of the State of New Yor

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View this 10-K filing on SEC EDGAR