Morgan Stanley Trust Sees Major Servicing Shake-Up in 2025

TL;DR

**This CMBS trust is undergoing a major servicing overhaul, so keep a close eye on the new players and their performance.**

AI Summary

Morgan Stanley Capital I Trust 2021-L6, a non-accelerated filer, submitted its 10-K on March 26, 2026, for the fiscal year ended December 31, 2025. The filing primarily details changes in servicing agreements and participants for its mortgage pool, which includes the U.S. Steel, The Domain, and Woodbridge Corporate Plaza Leased Fee mortgage loans. Notably, Trimont LLC acquired Wells Fargo Bank, National Association's commercial mortgage servicing business effective March 1, 2025, taking over as master, primary, and special servicer for the Outside Pooling and Servicing Agreements. Greystone Servicing Company LLC was replaced by Midland Loan Services as general special servicer for the BANK 2021-BNK34 agreement on February 26, 2025, except for the U.S. Steel Tower mortgage loan. LNR Partners, LLC succeeded Midland Loan Services as special servicer for the Benchmark 2021-B28 agreement on June 13, 2022. The trust reported no legal proceedings material to security holders, other than ongoing litigation involving Wells Fargo Bank, N.A. as trustee in various RMBS trusts, with Phoenix Light's appeal dismissed in May 2023 and Commerzbank AG's appeal denied in October 2024.

Why It Matters

This 10-K reveals significant shifts in the servicing landscape for Morgan Stanley Capital I Trust 2021-L6's commercial mortgage-backed securities (CMBS) pool. The acquisition of Wells Fargo's servicing arm by Trimont LLC, effective March 1, 2025, introduces a new key player, potentially impacting operational efficiency and investor relations. For investors, understanding these changes in servicing participants and their roles is crucial for assessing the ongoing management and potential risks of the underlying mortgage loans, especially given the specific roles of entities like Greystone Servicing Company LLC and KeyBank National Association for loans exceeding 5% of the pool. The competitive landscape for CMBS servicing is dynamic, and these transitions highlight the consolidation and specialization within the industry.

Risk Assessment

Risk Level: medium — The risk level is medium due to the significant number of servicing changes, including Trimont LLC replacing Wells Fargo Bank, N.A. across multiple agreements effective March 1, 2025, and the replacement of Greystone Servicing Company LLC by Midland Loan Services on February 26, 2025. While the filing notes no material legal proceedings against the trust itself, the ongoing litigation involving Wells Fargo Bank, N.A. as trustee in other RMBS trusts, even if resolved in its favor, highlights potential systemic risks within the broader mortgage-backed securities market.

Analyst Insight

Investors should closely monitor the performance of the new servicers, Trimont LLC and Midland Loan Services, for any operational disruptions or changes in loan management practices. Given the specialized nature of CMBS, understanding the implications of these servicing transitions on loan performance and cash flow is paramount for informed investment decisions.

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

• 2026-03-26 — Filing Date (Date the 10-K was filed)
• 2025-12-31 — Fiscal Year End (End of the reporting period for this 10-K)
• 2025-03-01 — Effective Date (Trimont LLC replaced Wells Fargo Bank, National Association as servicer)
• 2025-02-26 — Effective Date (Midland Loan Services replaced Greystone Servicing Company LLC as general special servicer for BANK 2021-BNK34)
• 2022-06-13 — Effective Date (LNR Partners, LLC replaced Midland Loan Services as special servicer for Benchmark 2021-B28)
• 2024-10 — Appeal Denied (Commerzbank AG's appeal against Wells Fargo Bank, N.A. was denied by the Second Circuit)
• 2023-05 — Appeal Dismissed (Phoenix Light SF Limited dismissed its appeal against Wells Fargo Bank, N.A.)
• 2023-11 — Settlement Date (Wells Fargo Bank, N.A. settled claims with IKB)
• 5% — Mortgage Pool Threshold (Threshold for reporting 'servicing function participant' for individual mortgage loans like U.S. Steel Tower and The Domain)

Key Players & Entities

• Morgan Stanley Capital I Trust 2021-L6 (company) — issuing entity
• Trimont LLC (company) — successor master, primary, and special servicer effective March 1, 2025
• Wells Fargo Bank, National Association (company) — former master, primary, and special servicer; defendant in RMBS litigation
• Midland Loan Services, a Division of PNC Bank, National Association (company) — general special servicer for BANK 2021-BNK34 agreement effective February 26, 2025
• Greystone Servicing Company LLC (company) — former general special servicer for BANK 2021-BNK34 agreement (except U.S. Steel Tower mortgage loan)
• LNR Partners, LLC (company) — special servicer for Benchmark 2021-B28 agreement effective June 13, 2022
• KeyBank National Association (company) — general special servicer for BANK 2021-BNK35 agreement
• Phoenix Light SF Limited (company) — plaintiff in RMBS litigation against Wells Fargo Bank, N.A.
• Commerzbank AG (company) — plaintiff in RMBS litigation against Wells Fargo Bank, N.A.
• CoreLogic Solutions, LLC (company) — servicing function participant

FAQ

Risk Factors

• Servicing Agreement Changes [medium — operational]: The trust's operations are significantly impacted by changes in servicing agreements and participants. Trimont LLC acquired Wells Fargo Bank's commercial mortgage servicing business, becoming the master, primary, and special servicer for key agreements. Midland Loan Services replaced Greystone Servicing Company LLC for the BANK 2021-BNK34 agreement, and LNR Partners, LLC succeeded Midland Loan Services for the Benchmark 2021-B28 agreement.
• Ongoing Litigation Involving Trustee [low — legal]: While the trust reports no material legal proceedings, ongoing litigation involving Wells Fargo Bank, N.A. as trustee in various RMBS trusts continues. Phoenix Light's appeal was dismissed in May 2023, and Commerzbank AG's appeal was denied in October 2024, indicating potential residual legal complexities.

Industry Context

The commercial mortgage-backed securities (CMBS) market is characterized by complex servicing structures and evolving regulatory landscapes. Servicing functions are often segmented, with different entities specializing in primary, master, and special servicing. Changes in these roles, driven by M&A activity or strategic shifts, are common and can impact loan performance and investor confidence. The market also faces ongoing scrutiny regarding transparency and the management of distressed assets.

Regulatory Implications

Changes in servicing agreements and participants necessitate ongoing compliance with Regulation AB, particularly regarding the reporting of servicing function participants and the criteria for servicers. The trust must ensure that all parties involved in servicing meet the requirements outlined in the pooling and servicing agreements and relevant regulations. The ongoing legal proceedings, even if not directly material to the trust, highlight the importance of robust legal and compliance frameworks for entities acting as trustees.

What Investors Should Do

1. Monitor Servicing Transitions
2. Review PSA Amendments
3. Assess Legal Contingencies

Key Dates

• 2026-03-26: 10-K Filing Date — Indicates the completion of the annual reporting cycle for the fiscal year ended December 31, 2025.
• 2025-12-31: Fiscal Year End — Defines the period covered by the financial reporting.
• 2025-03-01: Trimont LLC becomes Servicer — Marks a significant change in the servicing of the mortgage pool, with Trimont LLC taking over from Wells Fargo Bank, National Association.
• 2025-02-26: Midland Loan Services becomes General Special Servicer — Represents a change in the special servicing function for the BANK 2021-BNK34 agreement, impacting the management of distressed loans.
• 2022-06-13: LNR Partners, LLC becomes Special Servicer — Indicates a prior change in special servicing for the Benchmark 2021-B28 agreement, highlighting the dynamic nature of servicing roles.
• 2024-10: Commerzbank AG Appeal Denied — Confirms the resolution of a legal appeal related to Wells Fargo Bank, N.A. as trustee, reducing ongoing legal uncertainty.

Glossary

Non-accelerated filer

A company that meets certain criteria, including a public float below $75 million, and is therefore subject to fewer SEC reporting requirements. (Indicates the reporting and disclosure obligations for Morgan Stanley Capital I Trust 2021-L6 are less extensive than for larger companies.)

Pooling and Servicing Agreement (PSA)

A legal contract that governs the servicing and administration of a pool of mortgage loans, including the rights and responsibilities of servicers, trustees, and other parties. (These agreements are central to the trust's operations, detailing how the mortgage loans are managed and serviced.)

Master Servicer

The primary servicer responsible for the day-to-day management of a pool of loans, including collecting payments, handling delinquencies, and remitting funds. (Changes in the master servicer, such as the transition to Trimont LLC, directly affect the operational management of the mortgage pool.)

Special Servicer

A servicer responsible for managing defaulted or specially serviced mortgage loans, often involving loan modifications, foreclosures, or other workout strategies. (The appointment of different special servicers (Trimont LLC, Midland Loan Services, LNR Partners) highlights the active management of potentially troubled assets within the trust.)

Regulation AB

SEC rules governing the registration, reporting, and disclosure requirements for asset-backed securities, including requirements for servicers and other parties involved in the securitization process. (The filing references Item 1122 and 1108(a)(2)(i)-(iii) of Regulation AB, indicating compliance with specific disclosure and operational standards for securitization participants.)

Year-Over-Year Comparison

As this is the first 10-K filing for Morgan Stanley Capital I Trust 2021-L6, a direct comparison of key metrics to a previous year's filing is not possible. However, the filing details significant shifts in servicing agreements, including the acquisition of Wells Fargo's servicing business by Trimont LLC and changes in special servicers for specific loan pools. These operational changes are the primary focus, rather than financial performance metrics, which are not detailed in this excerpt.

Filing Documents

• msc21l06_10k-2025.htm (10-K) — 124KB
• msc21l06_31.htm (EX-31) — 19KB
• msc21l06_33-1.htm (EX-33.1) — 357KB
• msc21l06_33-2.htm (EX-33.2) — 1420KB
• msc21l06_33-3.htm (EX-33.3) — 703KB
• msc21l06_33-4.htm (EX-33.4) — 3113KB
• msc21l06_33-5.htm (EX-33.5) — 172KB
• msc21l06_33-6.htm (EX-33.6) — 290KB
• msc21l06_33-7.htm (EX-33.7) — 992KB
• msc21l06_33-8.htm (EX-33.8) — 600KB
• msc21l06_33-9.htm (EX-33.9) — 626KB
• msc21l06_33-10.htm (EX-33.10) — 86KB
• msc21l06_33-15.htm (EX-33.15) — 264KB
• msc21l06_33-16.htm (EX-33.16) — 2773KB
• msc21l06_33-17.htm (EX-33.17) — 177KB
• msc21l06_34-1.htm (EX-34.1) — 14KB
• msc21l06_34-2.htm (EX-34.2) — 11KB
• msc21l06_34-3.htm (EX-34.3) — 14KB
• msc21l06_34-4.htm (EX-34.4) — 11KB
• msc21l06_34-5.htm (EX-34.5) — 9KB
• msc21l06_34-6.htm (EX-34.6) — 9KB
• msc21l06_34-7.htm (EX-34.7) — 693KB
• msc21l06_34-8.htm (EX-34.8) — 13KB
• msc21l06_34-9.htm (EX-34.9) — 10KB
• msc21l06_34-10.htm (EX-34.10) — 8KB
• msc21l06_34-15.htm (EX-34.15) — 89KB
• msc21l06_34-16.htm (EX-34.16) — 10KB
• msc21l06_34-17.htm (EX-34.17) — 9KB
• msc21l06_35-1.htm (EX-35.1) — 1896KB
• msc21l06_35-2.htm (EX-35.2) — 2593KB
• msc21l06_35-3.htm (EX-35.3) — 1558KB
• msc21l06_35-4.htm (EX-35.4) — 1806KB
• msc21l06_35-5.htm (EX-35.5) — 290KB
• msc21l06_35-6.htm (EX-35.6) — 109KB
• msc21l06_35-7.htm (EX-35.7) — 2577KB
• msc21l06_35-8.htm (EX-35.8) — 2224KB
• msc21l06_35-12.htm (EX-35.12) — 191KB
• 0001888524-26-005595.txt ( ) — 25860KB

financial statements

financial statements. Not applicable. 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). Not applicable. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ___ No X 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. 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 MSC 2021-L6 mortgage pool includes the following mortgage loans, each of which is serviced pursuant to a separate pooling and servicing agreement (each, an "Outside Pooling and Servicing Agreement"):

of Regulation AB, as specified in the Instruction 3 to Item 1122, and

Item 1122 of Regulation AB, as specified in the Instruction 3 to Item 1122, and does not constitute a reporting "servicer" for purposes of Item 1123 of Regulation AB, as specified in the Instruction to Item 1123. KeyBank National Association is the general special servicer under the BANK 2021-BNK35 pooling and servicing agreement, pursuant to which The Domain mortgage loan is serviced. Because KeyBank National Association is not the MSC 2021-L6 special servicer, is not affiliated with any sponsor and services only The Domain mortgage loan, which constitutes more than 5% but less than 10% of the mortgage pool, KeyBank National Association, as BANK 2021-BNK35 general special servicer, constitutes a reporting "servicing function participant" for purposes of Item 1122 of Regulation AB, as specified in the Instruction 3 to Item 1122, but does not constitute a reporting "servicer" for purposes of Item 1123 of Regulation AB, as specified in the Instruction to Item 1123. LNR Partners, LLC is the current special servicer under the Benchmark 2021-B28 pooling and servicing agreement, pursuant to which the Woodbridge Corporate Plaza Leased Fee mortgage loan is serviced. On June 13, 2022, Midland Loan Services, a Division of PNC Bank, National Association was replaced as special servicer under the Benchmark 2021-B28 pooling and servicing agreement and was succeeded by LNR Partners, LLC. Effective as of March 1, 2025, Trimont LLC purchased the third party servicing segment of Wells Fargo Bank, National Association's commercial mortgage servicing business and replaced Wells Fargo Bank, National Association in its capacities as master servicer, primary servicer and special servicer, as applicable, under each Outside Pooling and Servicing Agreement. In addition, each of the following parties engaged the services of certain servicing function participants and sub-servicers for the reporting period, as set forth below: Wells Fargo Bank, National Association, as general maste

Financial Statements and Supplementary

Financial Statements and Supplementary Data. Omitted. Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Omitted. Item 9A.

Controls and Procedures

Controls and Procedures. Omitted. Item 9B. Other Information. None. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. None. PART III Item 10. Directors, Executive Officers and Corporate Governance. Omitted. Item 11.

Executive Compensation

Executive Compensation. Omitted. Item 12.

Security Ownership of

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Omitted. Item 13. Certain Relationships and Related Transactions, and Director Independence. Omitted. Item 14. Principal Accountant Fees and Services. Omitted. ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB Item 1112(b) of Regulation AB, Significant Obligor Financial Information. Not applicable. Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider Financial Information. No entity or group of affiliated entities provides any enhancement or other support for the certificates as described under Item 1114 (a) of Regulation AB. Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial Information). No entity or group of affiliated entities provides any derivative instruments for the certificates as described under Item 1115 of Regulation AB. Item 1117 of Regulation AB, Legal Proceedings. The registrant knows of no legal proceeding pending against the sponsors, depositor, trustee, issuing entity, servicer contemplated by Item 1108(a)(3) of Regulation AB, originator contemplated by Item 1110(b) of Regulation AB, or other party contemplated by Item 1100(d)(1) of Regulation AB, or of which any property of the foregoing is the subject, that is material to security holders, other than as follows: In December 2014, Phoenix Light SF Limited (Phoenix Light) and certain related entities filed a complaint in the United States District Court for the Southern District of New York alleging claims against Wells Fargo Bank, N.A., in its capacity as trustee for a number of residential mortgage-backed securities (RMBS) trusts. Complaints raising similar allegations have been filed by Commerzbank AG in the Southern District of New York, IKB International and IKB Deutsche Industriebank (together, IKB) in New York state court, and Park Royal I LLC and Park Royal II LLC in New York state court. In each case, the plaintiffs allege that W

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