Wells Fargo Commercial Mortgage Trust 2016-LC24: An Investor's Summary of the Annual Report

This summary provides an investor's overview of Wells Fargo Commercial Mortgage Trust 2016-LC24 for the fiscal year ending December 31, 2024. Established in 2016, this Trust is not a traditional operating company that sells products or services. Instead, it pools commercial mortgage loans into securities, allowing investors to participate in the cash flow generated by these loans. These loans are secured by a diverse range of commercial properties, including shopping centers, office buildings, and hotels.

1. Business Overview The Trust primarily holds and manages a collection of commercial mortgage loans. These loans often form part of larger financing arrangements. The Trust owns specific "tranches," or portions, of this debt alongside other investors. Some of these portions have equal repayment priority, while others are subordinate, meaning they are paid back later.

Key loans within the Trust's portfolio, based on their initial percentage of assets, include:

• Central Park Retail Mortgage Loan: Approximately 6.7%
• The Shops at Crystals Mortgage Loan: Approximately 3.3%
• Pinnacle II Mortgage Loan: Approximately 2.6%
• 1140 Avenue of the Americas Mortgage Loan: Approximately 4.3%
• Aspen at Norman Student Housing Mortgage Loan: Approximately 1.6%

Loan Servicing and Management: Servicers manage the loans and collect payments daily. Wells Fargo Bank, N.A., served as the primary "master servicer" (responsible for most loans) until March 1, 2025. After this date, Trimont LLC became the general master servicer. If a loan faces financial difficulty, "special servicers" like LNR Partners, LLC, step in to manage the troubled asset. Wells Fargo Bank also acts as the "custodian," securely holding all official loan documentation.

Wells Fargo Bank, N.A., issued an "Annual Statement of Compliance" for January 1, 2025, to February 28, 2025. This statement confirmed that Wells Fargo met all its material obligations under the Servicing Agreement during its final period as master servicer, assuring investors of consistent servicing quality during the transition to Trimont LLC.