M&A - BBCMS Mortgage Trust 2024-5C25

Form Type: 8-K

Filing Date: 2025-03-03

Corporate Action: Acquisition

Type: New

Accession Number: 000188852425003301

Filing Summary: On February 28, 2025, BBCMS Mortgage Trust 2024-5C25 filed an 8-K report detailing the change in servicer as Trimont LLC has acquired the third-party servicing segment of Wells Fargo Bank's commercial mortgage servicing business. The transaction is referred to as the CMS Transaction and took effect on March 1, 2025. Trimont will act as master servicer under various pooling and servicing agreements. Trimont's ratings as a master servicer by Fitch, S&P, and Morningstar DBRS have been announced, including ratings under 'Rating Watch Positive' and 'Rating Watch Negative' during the integration period of the CMS Transaction. The filing also outlines the operational structure and expected integration of Trimont's servicing capabilities post-acquisition, with an emphasis on maintaining compliance and adapting policies from Wells Fargo's servicing practices. Further insights into their servicing portfolio and methodologies for managing delinquent loans and servicing obligations were shared.