BANK5 2024-5YR5 Sees Major Servicing Shake-Up in 2025

TL;DR

**Servicing for BANK5 2024-5YR5 CMBS is undergoing a major overhaul, signaling potential operational shifts that investors need to monitor closely.**

AI Summary

The BANK5 2024-5YR5 10-K filing for the fiscal year ended December 31, 2025, primarily details changes in servicing arrangements for its commercial mortgage-backed securities (CMBS) pool. Notably, Trimont LLC acquired Wells Fargo Bank, National Association's third-party servicing segment on March 1, 2025, assuming roles as master, primary, and special servicer for the BANK5 2024-5YR5 pool and related Outside Pooling and Servicing Agreements. The Nvidia Santa Clara mortgage loan, previously serviced under the BANK5 2023-5YR4 agreement, was fully repaid in 2024, removing it from the pool. The 33 West State Street and 50 East State Street mortgage loan, part of the BMO 2024-5C3 securitization, saw a special servicer change on March 10, 2025, with Greystone Servicing Company LLC replaced by Midland Loan Services, a Division of PNC Bank, National Association. This loan constitutes more than 5% but less than 10% of the mortgage pool. The filing omits detailed financial statements, revenue, and net income figures, focusing instead on compliance with Regulation AB servicing criteria and participant roles.

Why It Matters

This filing is crucial for investors in BANK5 2024-5YR5 CMBS as it details significant changes in the servicing infrastructure, impacting how mortgage loans are managed and how cash flows are administered. The transition of master, primary, and special servicing from Wells Fargo to Trimont LLC on March 1, 2025, introduces a new key player, potentially altering operational efficiencies and risk management approaches. The replacement of Greystone Servicing by Midland Loan Services for the 33 West State Street and 50 East State Street loan, which represents 5-10% of the pool, highlights active management of specific assets. These changes could influence the timely collection and distribution of payments, affecting the overall performance and stability of the asset-backed securities for certificateholders.

Risk Assessment

Risk Level: medium — The risk level is medium due to significant changes in servicing parties, including the acquisition of Wells Fargo's servicing segment by Trimont LLC on March 1, 2025, and the replacement of Greystone Servicing Company LLC by Midland Loan Services on March 10, 2025, for a loan representing 5-10% of the pool. While the filing indicates compliance with Regulation AB, such transitions can introduce operational complexities and potential disruptions in loan management, even if temporary, impacting cash flow consistency.

Analyst Insight

Investors should scrutinize the performance of Trimont LLC and Midland Loan Services in their new servicing capacities, particularly regarding delinquency rates and loan resolutions. Monitor future filings for any indications of operational issues or changes in asset performance under the new servicing arrangements, especially for the 33 West State Street and 50 East State Street mortgage loan.

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

N/A

Key Numbers

• March 1, 2025 — Effective date of Trimont LLC's acquisition of Wells Fargo's servicing business (Marks a significant change in master, primary, and special servicing for the mortgage pool.)
• March 10, 2025 — Effective date of special servicer change for 33 West State Street and 50 East State Street mortgage loan (Greystone Servicing Company LLC was replaced by Midland Loan Services for this specific loan.)
• 5-10% — Percentage of mortgage pool represented by 33 West State Street and 50 East State Street mortgage loan (Indicates the materiality of the loan affected by the special servicer change.)
• 2024 — Year Nvidia Santa Clara mortgage loan was repaid (This loan was removed from the BANK5 2024-5YR5 mortgage pool.)

Key Players & Entities

• BANK5 2024-5YR5 (company) — issuing entity of mortgage pool
• Trimont LLC (company) — successor master, primary, and special servicer from March 1, 2025
• Wells Fargo Bank, National Association (company) — former master, primary, and special servicer until February 28, 2025
• Midland Loan Services, a Division of PNC Bank, National Association (company) — special servicer for BMO 2024-5C3 from March 10, 2025
• Greystone Servicing Company LLC (company) — former special servicer for BMO 2024-5C3 until March 9, 2025
• Morgan Stanley Capital I Inc. (company) — depositor
• Morgan Stanley Mortgage Capital Holdings LLC (company) — sponsor
• JPMorgan Chase Bank, National Association (company) — sponsor
• Bank of America, National Association (company) — sponsor
• CoreLogic Solutions, LLC (company) — servicing function participant

Forward-Looking Statements

• BANK5 2024-5YR5 will continue to file its annual reports in Q1 of the subsequent year. (BANK5 2024-5YR5) — high confidence, target: 2027-03-31
• The company's SIC code will remain 6189, indicating a continued focus on asset-backed securities. (BANK5 2024-5YR5) — high confidence, target: 2027-12-31

FAQ

Risk Factors

• Servicing Arrangement Changes [medium — operational]: The filing details significant changes in servicing arrangements for the CMBS pool. Trimont LLC acquired Wells Fargo's third-party servicing segment on March 1, 2025, becoming the master, primary, and special servicer. Additionally, a special servicer change occurred on March 10, 2025, for the 33 West State Street and 50 East State Street mortgage loan.
• Loan Repayment Impact [low — financial]: The Nvidia Santa Clara mortgage loan, previously part of the pool, was fully repaid in 2024. While this removes a loan, the filing does not specify the exact balance or its impact on the overall pool's financial performance.
• Regulation AB Compliance [medium — regulatory]: The filing focuses on compliance with Regulation AB servicing criteria (Item 1122 and 1123). It confirms that parties to the pooling and servicing agreements participate in the servicing function and meet specified criteria, with the trustee having a nominal role.

Industry Context

The commercial mortgage-backed securities (CMBS) market is characterized by complex servicing arrangements and regulatory oversight. Changes in servicers, especially for significant loans, can impact loan performance and investor confidence. The industry is sensitive to economic conditions affecting commercial real estate and borrower repayment capabilities.

Regulatory Implications

The filing's focus on Regulation AB servicing criteria highlights the importance of compliance for issuers and servicers in the CMBS market. Any failure to meet these criteria could lead to regulatory scrutiny and potential penalties. Changes in servicing entities require careful management to ensure continuity and adherence to regulatory standards.

What Investors Should Do

1. Monitor Trimont LLC's performance as the new master, primary, and special servicer for the BANK5 2024-5YR5 pool.
2. Assess the impact of the special servicer change for the 33 West State Street and 50 East State Street loan.
3. Review the specific servicing criteria under Regulation AB mentioned in the filing.

Key Dates

• 2025-03-01: Trimont LLC acquires Wells Fargo's third-party servicing segment — Marks a change in master, primary, and special servicing for the BANK5 2024-5YR5 CMBS pool.
• 2025-03-10: Special servicer change for 33 West State Street and 50 East State Street mortgage loan — Midland Loan Services replaces Greystone Servicing Company LLC for this specific loan within the BMO 2024-5C3 securitization.
• 2024-12-31: Fiscal year end — The period covered by the 10-K filing.
• 2024-01-01: Nvidia Santa Clara mortgage loan fully repaid — This loan was removed from the BANK5 2024-5YR5 mortgage pool.

Glossary

CMBS

Commercial Mortgage-Backed Securities. These are securities backed by pools of commercial mortgage loans. (The filing pertains to the servicing arrangements of a CMBS pool.)

Pooling and Servicing Agreement (PSA)

A legal document that governs the terms of a securitization, outlining the rights and responsibilities of the parties involved, including the servicer and trustee. (The filing discusses changes to PSAs and the roles of parties under these agreements.)

Master Servicer

The primary servicer responsible for the day-to-day administration of a pool of loans, including collecting payments and managing escrow accounts. (Trimont LLC assumed this role for the BANK5 2024-5YR5 pool.)

Special Servicer

A servicer responsible for managing defaulted or specially serviced loans, often involving loan modifications, foreclosure, or other loss mitigation strategies. (Changes in special servicers are a key event highlighted in the filing.)

Regulation AB

SEC rules governing the registration, reporting, and disclosure requirements for asset-backed securities. (The filing emphasizes compliance with specific servicing criteria outlined in Regulation AB.)

Year-Over-Year Comparison

This filing omits detailed financial statements, making a direct comparison of revenue, net income, and margins to a previous filing impossible. The focus has shifted entirely to servicing arrangements and compliance with Regulation AB, indicating a change in the type of information being prioritized or disclosed.

Filing Documents

• bak24yr5_10k-2025.htm (10-K) — 106KB
• bak24yr5_31.htm (EX-31) — 16KB
• bak24yr5_33-1.htm (EX-33.1) — 1420KB
• bak24yr5_33-2.htm (EX-33.2) — 3113KB
• bak24yr5_33-3.htm (EX-33.3) — 600KB
• bak24yr5_33-4.htm (EX-33.4) — 626KB
• bak24yr5_33-5.htm (EX-33.5) — 142KB
• bak24yr5_33-6.htm (EX-33.6) — 992KB
• bak24yr5_33-7.htm (EX-33.7) — 86KB
• bak24yr5_33-8.htm (EX-33.8) — 163KB
• bak24yr5_33-12.htm (EX-33.12) — 991KB
• bak24yr5_33-13.htm (EX-33.13) — 172KB
• bak24yr5_33-14.htm (EX-33.14) — 264KB
• bak24yr5_34-1.htm (EX-34.1) — 11KB
• bak24yr5_34-2.htm (EX-34.2) — 11KB
• bak24yr5_34-3.htm (EX-34.3) — 13KB
• bak24yr5_34-4.htm (EX-34.4) — 10KB
• bak24yr5_34-5.htm (EX-34.5) — 8KB
• bak24yr5_34-6.htm (EX-34.6) — 693KB
• bak24yr5_34-7.htm (EX-34.7) — 8KB
• bak24yr5_34-8.htm (EX-34.8) — 10KB
• bak24yr5_34-12.htm (EX-34.12) — 9KB
• bak24yr5_34-13.htm (EX-34.13) — 9KB
• bak24yr5_34-14.htm (EX-34.14) — 89KB
• bak24yr5_35-1.htm (EX-35.1) — 999KB
• bak24yr5_35-2.htm (EX-35.2) — 1289KB
• bak24yr5_35-3.htm (EX-35.3) — 2577KB
• bak24yr5_35-4.htm (EX-35.4) — 2224KB
• bak24yr5_35-5.htm (EX-35.5) — 128KB
• bak24yr5_35-6.htm (EX-35.6) — 10KB
• bak24yr5_35-9.htm (EX-35.9) — 359KB
• 0001888524-26-005162.txt ( ) — 17148KB

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 BANK5 2024-5YR5 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"

Financial Statements and

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. Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions. The information regarding this Item has been provided previously in an annual report on Form 10-K of the issuing entity or in the prospectus of the issuing entity filed in a 424(b)(2) filing dated February 1, 2024. In addition, 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 is acting as master servicer, primary servicer and special servicer, as applicable, under the BANK 2024-5YR5 pooling and servicing agreement and each Outside Pool

View Full Filing

View this 10-K filing on SEC EDGAR