BANK5 2024-5YR10 Annual Report - How They Did This Year

Hey there! Thinking about BANK5? This guide helps you understand its past year. We'll explain what happened and what it means for your money. We'll use plain English, avoiding confusing financial jargon.

Here's what we'll cover:

1. What does this company do and how did it perform this year?
2. Key risks that could hurt your investment
3. Leadership or strategy changes

1. What does this company do and how did it perform this year?

First, understand this: BANK5 2024-5YR10 isn't a typical company. It doesn't sell products or services. Its stock doesn't trade on an exchange. Instead, it's a "trust" or special kind of company. Think of it as a special fund holding many loans for business properties. As an investor, you're not buying ownership in a regular business. You're buying an investment, like a certificate or bond. This gives you a share in the money coming in from these property loans. This structure spreads out your investment in business property loans. It aims for a steady income from those payments.

How did these loans get into the trust? The trust bought these loans for business properties. It bought them from big banks like Wells Fargo, Morgan Stanley, JPMorgan Chase, and Bank of America. These deals happened around October 2024. They used "sales contracts" to do this. That's how these loans joined BANK5 2024-5YR10's collection. These contracts legally moved loan ownership to the trust.

What does that mean for you? When you invest in BANK5 2024-5YR10, you invest in the money coming in from its business property loans. Its "performance" isn't about selling more products. It's about how well businesses pay back their loans. The trust succeeds when it collects these loan payments on time.

This report covers the fiscal year that ended on December 31, 2025.

The trust holds many loans for business properties. Some of the larger ones include:

• Ignite Portfolio Loan (about 9.9% of the trust's total holdings)
• Bay Plaza Community Center Loan (about 9.9% of the trust's total holdings)
• International Plaza II Loan (about 3.0% of the trust's total holdings)
• 175 Remsen Street Loan (about 2.4% of the trust's total holdings)
• Hilton Washington DC Rockville Hotel Loan (about 1.7% of the trust's total holdings)
• Culver Collection Loan (about 6.4% of the trust's total holdings)
• Bronx Terminal Market Loan (about 6.0% of the trust's total holdings)
• 9950 Woodloch Loan
• Baybrook Mall Loan
• The Piazza Loan
• Kimpton Journeyman Hotel Loan

Many of these loans belong to larger loans. BANK5 2024-5YR10 owns a piece, and other investors own other pieces. These are often "pari passu" loans, meaning they're on equal footing. Co-lender agreements explain these arrangements. They show how different parts, or "notes," of a large loan are held. For example, some loans have "A" and "B" parts. "B" parts usually carry more risk. They might offer higher returns but get paid later. "A" parts are senior, so they get paid first. These agreements define the rights and duties of each loan part owner. They cover how payments are shared and how loan decisions are made.

Good news for spreading out risk: No single loan taker makes up 10% or more of all loans. This spreads out the risk. So, the trust isn't too dependent on one big loan. This mix of loan takers and property types lessens the effect if one loan taker doesn't pay. This helps the trust's overall performance.

2. Key risks that could hurt your investment

BANK5 2024-5YR10 has no stock traded on an exchange. So, "stock price" doesn't apply. Investors would care about the value and performance of its investments. The main risks are:

• Loan takers not paying: This is the biggest risk. If businesses or property owners can't make their loan payments, the money coming into the trust will drop. This also means less money for investors. Many unpaid loans could cause losses for investors.
• Slumps in the business property market: Property values might drop. This makes it harder to get money back if a loan taker doesn't pay. If a loan leads to taking over the property, the trust tries to sell it. But if values are down, the sale money might not cover the remaining loan. This would cause a loss for the trust. This risk matters most for properties in areas with too many buildings or low demand.
• Interest rate changes: The trust's investments usually offer a set income. But current interest rates can affect their market value. If market rates rise, new bonds will offer higher returns. This makes existing BANK5 investments less appealing. Their market value could drop, even if the loans it holds are doing well. On the other hand, falling rates could boost their market value.
• No outside safety nets: The report clearly states there are no outside protections. This means no insurance, third-party guarantees, or letters of credit to absorb losses. Also, there are no complex financial tools, like interest rate swaps, supporting these investments. So, performance depends only on loan payments and the loan takers' ability to pay. Investors face the full risk of the loan collection's performance. There are no extra layers of protection.
• No major legal troubles: The trust isn't in any big lawsuits right now. This is good news. Lawsuits can be costly and take away money and time. This could affect the trust's ability to pay investors.
• Spreading out risk helps: On the bright side, no single loan taker accounts for 10% or more of all loans. This spreads out the risk. If one loan taker doesn't pay, it's less likely to sink the whole ship. The impact spreads across the loans still being paid. This way of spreading risk is a key way to lower overall risk.

3. Leadership or strategy changes

A regular company has a CEO and board. This trust doesn't have a traditional "leadership team." But key players manage its loans. We call them "loan managers." Their good management is vital for how the trust does. This year brought a notable change:

• Main Loan Manager Change: Wells Fargo Bank was the main loan manager until March 1, 2025. They oversaw the loans and ensured other loan managers did their jobs. After that date, Trimont LLC took over this role. Now, Trimont LLC supervises the entire collection of loans. This includes collecting payments, watching loan performance, and working with other loan managers.

  • Wells Fargo's Check on Following Rules: Wells Fargo completed its own check on following rules. This covered January 1 to February 28, 2025, just before Trimont took over. Think of it as an official check. It ensured they followed all rules for managing the loans. This included SEC rules for transparency in asset-backed investments. Their statement saying they followed rules (Exhibit 35.1) is in the report.
    • Good News: Brian Murdock, Wells Fargo's Managing Director, confirmed this. He stated the bank met all its duties under the loan management contracts. This was true in all important ways during their time. They also reported no important cases where other companies they used didn't follow rules. This included tasks like tax payments. This is a good sign loan management was correct during their time. It gives investors confidence in the reliability of the process.
    • Independent Check Confirms Rules Followed: KPMG LLP, an independent auditing firm, also reviewed Wells Fargo's check. KPMG examined Wells Fargo's statement that it followed loan management rules. They looked at evidence and tested activities. Their conclusion: Wells Fargo's statement was "correct in all important ways." This means KPMG agreed Wells Fargo followed the key rules. This adds an extra, independent check for investors.
    • Specific Rules and Other Companies: Some rules didn't apply to Wells Fargo's specific role. Wells Fargo also used other companies for tasks like tax payments. Wells Fargo ensured these other companies followed the rules. KPMG accepted this. This added more confidence that the whole process was managed correctly. For example, CoreLogic Solutions, LLC handled some tax payments. They provided their own report, showing a clear line of responsibility.
    • What was checked? This rules check was very thorough. It was like a detailed checklist. It covered many aspects of how the loans were managed. It looked at things like:
      • General Loan Management: They checked for plans to watch loan performance, warning signs, and unpaid loans. They also monitored any other companies they used. They confirmed they had required insurance (like for honesty and mistakes). They also ensured their gathered information for reports was accurate.
      • Cash Handling: They ensured loan payments went quickly into the right accounts. Authorized people made payments out. They properly reviewed money paid early. Special accounts, like money set aside, stayed separate. They also checked that bank accounts were government-insured. Blank checks were kept safe. Monthly account checks were accurate and on time.
      • Loan Administration: They verified assets securing the loan were maintained. Changes to loan terms were approved correctly. Steps to reduce losses followed contracts. Records of collection attempts were kept. They also checked that interest rate changes were correct. Special holding accounts were reviewed yearly. Tax and insurance payments for loan takers were made on time. This full review gives confidence that how loan management worked was strong.
      • Some checklist items didn't apply to Wells Fargo's role. These included maintaining a backup loan manager or safeguarding all loan documents. Other groups, like the trustee, handled them.
    • Broad Experience: The report lists many other similar loan trusts. Wells Fargo acts as a loan manager for them. This list spans many pages in the full report. It includes examples like WFCM 2015-SG1, WFCM 2016-BNK1, WFCM 2017-C38, WFCM 2018-C43, WFCM 2019-C49, WFCM 2020-C55, WFCM 2021-C59, WFRBS 2011-C2, and many more. This shows their involvement in hundreds of similar deals. They've been main, special, or sub-loan managers since the late 1990s and early 2000s. The report also details their work in many recent trusts. This includes numerous FREMF (Freddie Mac) deals from 2023. It also lists various BANK, BMO, BBCMS, BMARK, WFCM, MSC, BX, WB, SCG, DBWF, MED, SDR, HILT, ELM, TX TRUST, MCR, JW, CALI, ONNI, HYT, LOEWS, AHPT, ROCK, BFLD, BPR, ICNQ, BAMLL, BAHA, KSL, TCO, and BDS trusts from 2024. They often serve as main, primary, or special loan managers. This long history highlights their deep and current experience. It's a good sign for the overall supervision of BANK5 2024-5YR10's loans.
  • Trimont LLC's Rules Check: Trimont LLC became the new main loan manager on March 1, 2025. They also provided their own statement about following rules (Exhibit 35.2). This is included in the report. It ensures rules reporting continues for the whole year.

• Other Key Loan Managers and Their Roles: Several other companies help manage these loans. The report gives detailed checks on following rules for many of them. Here's who does what for the various loans:

  • Main Loan Managers: These managers handle loans day-to-day. They collect payments, keep records, and answer questions from loan takers.
    • Wells Fargo Bank: Wells Fargo was the main loan manager before March 1, 2025. This covered loans like Ignite Portfolio, Bay Plaza, and others listed. Their report on following rules for this role is part of their main loan manager's rules check (Exhibit 35.1).
    • Trimont LLC: Trimont LLC took over as main loan manager on and after March 1, 2025. This covered loans like Ignite Portfolio, Bay Plaza, and others listed. Their report on following rules for this role is part of their main loan manager's rules check (Exhibit 35.2).
    • Midland Loan Services (PNC Bank): This company is a key main loan manager. It handles loans like Kimpton Journeyman Hotel, Bay Plaza, and others listed. Their report on following rules (Exhibit 35.5) is included.
  • Special Loan Managers: These companies step in when loans have problems. This happens if a loan taker misses payments or might not pay. They reduce losses, change loan terms, take over properties, and sell them. Their goal is to get the most money back for the trust.
    • Rialto Capital Advisors, LLC: Rialto acts as special loan manager for loans like Ignite Portfolio, Bay Plaza, and others listed. Their report on following rules (Exhibit 35.3) is included.
    • Midland Loan Services (PNC Bank): Midland also acts as special loan manager for Baybrook Mall and The Piazza loans. Their report on following rules is covered by their main loan manager's rules check (Exhibit 35.5).
    • Argentic Services Company LP: Argentic is the special loan manager for the 9950 Woodloch Loan.
    • Situs Holdings, LLC: Situs is the special loan manager for the Bronx Terminal Market Loan.
  • Operating Advisors: These groups offer independent supervision and advice on the loans. This is especially true for decisions by special loan managers. They ensure these decisions are best for all investors.
    • BellOak, LLC: BellOak is the Operating Advisor for loans like Ignite Portfolio, Bay Plaza, and others listed. Their report on following rules (Exhibit 34.6) is included.
    • Pentalpha Surveillance LLC: Pentalpha is the Operating Advisor for loans like 9950 Woodloch, Baybrook Mall, and others listed. Their report on following rules (Exhibit 34.52) is included.
  • Trustees: These independent groups hold the loan paperwork. They ensure the trust follows its rules. They also act for investors. They send out payments and make sure the trust contract is followed.
    • Computershare Trust Company: Computershare acts as Trustee for many loans. These include Ignite Portfolio, Bay Plaza, and others listed. Computershare also serves as the overall Certificate Administrator. They handle reports for investors and send out payments. Their report on following rules for this role (Exhibit 35.4) is included.
    • Wilmington Savings Fund Society, FSB: Wilmington acts as Trustee for the Culver Collection and Bronx Terminal Market loans.
  • Custodians: These groups physically hold the important legal paperwork for the loans. This includes loan agreements and property liens. They ensure these documents are kept safe. They also maintain a correct record of who handled them.
    • Computershare Trust Company: Computershare is the Custodian for most loans. These include Ignite Portfolio, Bay Plaza, and others listed. Their report on following rules (Exhibit 34.5) is included.
    • Citibank, N.A.: Citibank is the Custodian for the Culver Collection Loan (Exhibit 34.73). It also serves as Custodian for the Bronx Terminal Market Loan. Their report on following rules (Exhibit 34.73) is included.
  • Servicing Function Participant:
    • CoreLogic Solutions, LLC: This company handles specific tax tasks for loan takers. It works across many loans in the trust. It ensures property taxes are paid on time. Their report on following rules (Exhibit 34.7) is included.

These loan managers collect payments. They manage the loans and handle any issues. Their detailed reports on following rules give confidence. It shows the loans are managed by set rules. This is vital for how the trust does. It also ensures the safety of investor money coming in.