# EDGAR Filing Document

**Accession Number:** 0002063021
**File Stem:** 0001539497-25-001996
**Filing Date:** 2025-7
**Character Count:** 21719
**Document Hash:** 19daea6872e545d88418056c69ef4a90
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-001996.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001539497-25-001996

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wells Fargo Commercial Mortgage Trust 2025-5C5
- **CENTRAL INDEX KEY:** 0002063021
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-282099-05
- **FILM NUMBER:** 251166900

**BUSINESS ADDRESS:**
- **STREET 1:** 301 SOUTH COLLEGE STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28228-0166
- **BUSINESS PHONE:** 7043832556

**MAIL ADDRESS:**
- **STREET 1:** 301 SOUTH COLLEGE STREET
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28228-0166

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

________________

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): July 30, 2025

Central Index Key Number of the issuing entity: 0002063021

<u>Wells Fargo Commercial Mortgage Trust 2025-5C5</u>

(Exact name of Issuing Entity)

Central Index Key Number of the depositor: 0000850779

<u>Wells Fargo Commercial Mortgage Securities, Inc.</u>

(Exact Name of Registrant as Specified in its Charter)

Central Index Key Number of the sponsor: 0000740906

<u>Wells Fargo Bank, National Association</u>

Central Index Key Number of the sponsor: 0001968416

<u>Argentic Real Estate Finance 2 LLC</u>

Central Index Key Number of the sponsor: 0001701238

<u>Citi Real Estate Funding Inc.</u><br> Central Index Key Number of the sponsor: 0001685185

<u>UBS AG</u>

Central Index Key Number of the sponsor: 0000927971

<u>Bank of Montreal</u>

Central Index Key Number of the sponsor: 0001931347

<u>Greystone Commercial Mortgage Capital LLC</u>

Central Index Key Number of the sponsor: 0000109380

<u>Zions Bancorporation, N.A.</u>

Central Index Key Number of the sponsor: 0001722518

<u>BSPRT CMBS Finance, LLC</u>

Central Index Key Number of the sponsor: 0001542256

<u>Natixis Real Estate Capital LLC</u><br> (Exact Names of the Sponsors as Specified in their Charters)

<u>North Carolina</u> <u>333-282099-05</u> <u>56-1643598</u> <br> (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

<u>301 South College Street, Charlotte, North Carolina</u> <u>28202</u> <br> (Address of Principal Executive Offices) (ZIP Code)

Registrant's telephone number, including area code <u>(704) 374-6161</u>

<u>Not applicable</u>

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any following provisions:

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| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

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**Item 8.01. Other Events.**

On July 30, 2025, Wells Fargo Commercial Mortgage Securities, Inc. (the "<u>Registrant</u>") caused the issuance of the Wells Fargo Commercial Mortgage Trust 2025-5C5 Commercial Mortgage Pass-Through Certificates, Series 2025-5C5 (the "<u>Certificates</u>"), pursuant to a Pooling and Servicing Agreement, dated and effective as of July 1, 2025 (the "<u>Pooling and Servicing Agreement</u>"), between the Registrant, as depositor, Trimont LLC, as master servicer, Argentic Services Company LP, as special servicer, Computershare Trust Company, National Association, as certificate administrator and as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Pooling and Servicing Agreement.

The Certificates consist of the following classes (each, a "<u>Class</u>"), designated as (i) the Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class A-S, Class B and Class C Certificates (collectively, the "<u>Publicly Offered Certificates</u>") and (ii) the Class X-D, Class X-E, Class D, Class E, Class F-RR, Class G-RR and Class R Certificates (collectively, the "<u>Privately Offered Certificates</u>").

The Registrant sold all of the Publicly Offered Certificates, having an aggregate certificate balance of $522,979,000, to Wells Fargo Securities, LLC ("<u>WFS</u>"), BMO Capital Markets Corp. ("<u>BMO Capital</u>"), Citigroup Global Markets Inc. ("<u>CGMI</u>"), UBS Securities LLC ("<u>UBS Securities</u>"), Academy Securities, Inc. ("<u>Academy</u>"), Drexel Hamilton, LLC ("<u>Drexel</u>"), Natixis Securities Americas LLC ("<u>Natixis Securities</u>") and Siebert Williams Shank & Co., LLC ("<u>Siebert Williams</u>" and, together with WFS, BMO Capital, CGMI, UBS Securities, Academy, Drexel and Natixis Securities in such capacity, the "<u>Underwriters</u>"), pursuant to an Underwriting Agreement, dated as of July 11, 2025 (the "<u>Underwriting Agreement</u>"), between the Registrant, Wells Fargo Bank, National Association ("<u>WFB</u>") and the Underwriters. The Publicly Offered Certificates were offered by the Underwriters for sale to the public, pursuant to the Registrant's Preliminary Prospectus, dated July 8, 2025, and by the Prospectus, dated July 14, 2025 (the "<u>Prospectus</u>"), in negotiated transactions or otherwise, at varying prices determined at the time of sale.

In connection with the issuance and sale to the Underwriters of the Publicly Offered Certificates, a legal opinion was rendered related to the validity of, and certain federal income tax considerations relating to, the Publicly Offered Certificates, which legal opinion is attached hereto as Exhibits 5.1, 8.1 and 23.1.

The Registrant sold all of the Privately Offered Certificates, having an aggregate certificate balance of $73,009,459, to WFS, BMO Capital, CGMI, UBS Securities, Academy, Drexel, Natixis Securities and Siebert Williams (collectively in such capacity, the "<u>Initial Purchasers</u>") pursuant to a Certificate Purchase Agreement, dated as of July 11, 2025, between the Registrant, WFB and the Initial Purchasers. The Privately Offered Certificates were sold and transferred, as applicable, in transactions exempt from registration under the Securities Act of 1933, as amended.

The net proceeds of the offering to the Registrant of the issuance of the Publicly Offered Certificates, after deducting expenses payable by the Registrant of $5,491,320, were approximately $556,408,173. Of the expenses paid by the Registrant, approximately $0 was paid directly to affiliates of the Registrant, $495,142 in the form of fees were paid to the Underwriters, $970,769 were paid to or for the Underwriters and $4,025,408 were other expenses. All of the foregoing expense amounts are the Registrant's reasonable estimates of such expenses. No underwriting discounts and commissions or finder's fees were paid by the Registrant; the Publicly Offered Certificates were offered by the Underwriters for sale to the public in negotiated transactions or otherwise at varying prices determined at the time of sale. Further information regarding such sales (including, as to the price per class of Publicly Offered Certificates) is available in the Underwriting Agreement attached as Exhibit 1.1 to the Registrant's Form 8-K filed on July 15, 2025 and in the Prospectus referred to above. The related registration statement (file no. 333-282099) was originally declared effective on December 2, 2024.

<u>Credit Risk Retention</u>

Argentic Real Estate Finance 2 LLC ("<u>AREF2</u>"), in its capacity as "retaining sponsor", is satisfying its credit risk retention obligation under Regulation RR (12 C.F.R. Part 43) promulgated under Section 15G of the Securities Exchange Act of 1934, as amended ("<u>Regulation RR</u>") in connection with securitization of the Mortgage

Loans referred to above, by the acquisition on the Closing Date and holding by Argentic Securities Holdings 2 Cayman Limited, a "majority-owned affiliate" of AREF2, in a transaction exempt from registration under the Act pursuant to Section 4(a)(2) of the Act, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "single vertical security" (as defined in Regulation RR) that is an "eligible vertical interest" (as defined in Regulation RR) in the Issuing Entity, with an aggregate initial principal balance of approximately $14,666,000 as of the Closing Date, comprised of the VRR Interest, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an "eligible horizontal residual interest" (as defined in Regulation RR) in the Issuing Entity, with an aggregate initial principal balance of approximately $34,878,459, comprised of the Class F-RR and Class G-RR Certificates (other than the portion of such classes comprising part of the VRR Interest) (the " <u>HRR Interest</u> ").

The VRR Interest represents at least 2.46% of the sum of the initial certificate balance of all of the Certificates as of the Closing Date. The VRR Interest will entitle the holder thereof to a specified percentage of the amounts paid on each other class of ABS interests in the Issuing Entity. The fair value of the HRR Interest is equal to approximately $15,746,717, representing approximately 2.58% of the aggregate fair value of all ABS interests issued by the Issuing Entity (the "<u>ABS Interests</u>"). The aggregate fair value of all ABS Interests is approximately $610,492,583. The fair values referenced in the preceding two sentences are based on actual prices and final tranche sizes as of the Closing Date for all certificates (other than the Class R certificates) issued by the Issuing Entity.

The Retaining Sponsor estimates that, if it had relied solely on retaining an "eligible horizontal residual interest" in order to meet the credit risk retention requirements of Regulation RR with respect to this securitization transaction, it would have retained an eligible horizontal residual interest with an aggregate fair value dollar amount of approximately $30,524,629, representing 5.0% of the aggregate fair value, as of the Closing Date, of all ABS Interests.

There are no material differences between (a) the valuation methodology or any of the key inputs and assumptions that were used in calculating the fair value or range of fair values disclosed in the preliminary prospectus dated July 8, 2025 and filed with the Securities and Exchange Commission on July 8, 2025 under the heading "Credit Risk Retention" and (b) the valuation methodology or the key inputs and assumptions that were used in calculating the fair values set forth above.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits:

[5.1](exh5-1.htm) [Legality Opinion of Sidley Austin LLP, dated July 30, 2025.](exh5-1.htm)

[8.1](exh5-1.htm) [Tax Opinion of Sidley Austin LLP, dated July 30, 2025 (included as part of Exhibit 5.1).](exh5-1.htm)

[23.1](exh5-1.htm) [Consent of Sidley Austin LLP (included as part of Exhibit 5.1).](exh5-1.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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|:---|:---|:---|:---|
|  | WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC. | WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC. | WELLS FARGO COMMERCIAL MORTGAGE SECURITIES, INC. |
|  | By: | /s/ Lee Green | /s/ Lee Green |
|  |  | Name: | Lee Green |
|  |  | Title: | Managing Director |
| Dated: July 30, 2025 |  |  |  |

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<u>Exhibit Index</u>

<u>Exhibit No.</u> <u>Description</u> <br>5.1 Legality Opinion of Sidley Austin LLP, dated July 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Tax Opinion of Sidley Austin LLP, dated July 30, 2025 (included as part of Exhibit 5.1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 Consent of Sidley Austin LLP (included as part of Exhibit 5.1).

## Exhibit 5.1

**Exhibit 5.1**

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| ![](sidleylogo.jpg) | Sidley Austin LLP<br> 787 Seventh Avenue<br> New York, NY 10019<br> +1 212 839 5300<br> +1 212 839 5599 FAX<br>AMERICA • ASIA PACIFIC • EUROPE |

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July 30, 2025

Wells Fargo Commercial Mortgage Securities, Inc.<br> 30 Hudson Yards, 15th Floor

New York, New York 10001

Re: Wells Fargo Commercial Mortgage Trust 2025-5C5<br> <u>Commercial Mortgage Pass-Through Certificates, Series 2025-5C5</u>

To the Addressee of this Letter:

We have acted as counsel to Wells Fargo Commercial Mortgage Securities, Inc., a North Carolina corporation (the "<u>Depositor</u>"), in connection with the issuance of approximately $595,988,459 aggregate principal balance of Wells Fargo Commercial Mortgage Trust 2025-5C5, Commercial Mortgage Pass-Through Certificates, Series 2025-5C5, Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class A-S, Class B and Class C (collectively, the "<u>Registered Certificates</u>"), Class X-D, Class X-E, Class D, Class E, Class F-RR, Class G-RR and Class R, pursuant to the Pooling and Servicing Agreement, dated as of July 1, 2025 (the "<u>Pooling and Servicing Agreement</u>"), between the Depositor, as depositor, Trimont LLC, as master servicer, Argentic Services Company LP, as special servicer, Computershare Trust Company, N.A., as certificate administrator and as trustee, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer.

For purposes of rendering this opinion letter, we have reviewed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement on Form SF-3 (Registration No. 333-282099) relating to the Registered Certificates (the "<u>Registration Statement</u>"), filed with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Act</u>"), on September 13, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Prospectus, dated July 14, 2025 (the "<u>Prospectus</u>"), relating to the Registered Certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Underwriting Agreement, dated as of July 11, 2025 (the "<u>Underwriting Agreement</u>"), between the Depositor, Wells Fargo Bank, National Association and Wells Fargo Securities, LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., UBS Securities LLC, Academy Securities, Inc., Drexel Hamilton, LLC, Natixis Securities Americas LLC and Siebert Williams Shank & Co., LLC (collectively, the "<u>Underwriters</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) evidence satisfactory to us with respect to the effectiveness of the Registration Statement under the Act; and

Sidley Austin (NY) LLP is a Delaware limited liability partnership doing business as Sidley Austin LLP and practicing in affiliation with other Sidley Austin partnerships.

![](sidleylogo.jpg)

Wells Fargo Commercial Mortgage Securities, Inc.

July 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the forms of the Registered Certificates attached as exhibits to the Pooling and Servicing Agreement.

In connection with the foregoing, we have examined originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments as we deemed necessary for the purposes of this opinion letter. In our examination, we have assumed the following: (a) the genuineness of all signatures; (b) the legal capacity of natural persons; (c) the authenticity of all documents submitted to us as originals; (d) the conformity to original documents of all documents submitted to us as certified or photostatic copies and the authenticity of the originals of such documents; (e) the conformity of the text of each document filed with the Commission through its Electronic Data Gathering, Analysis and Retrieval system to the printed documents reviewed by us; and (f) the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates that we have reviewed. As to any facts material to the opinions expressed herein that were not known to us, we have relied upon certificates, statements and representations of officers and other representatives of the Depositor and others.

Our opinions set forth below are subject to: (1) general principles of equity, including concepts of materiality, reasonableness, good faith and fair dealing and the doctrine of estoppel; (2) the possible unavailability of specific performance and injunctive relief, regardless of whether considered in a proceeding in equity or at law; (3) the effect of certain laws, rules, regulations and judicial and other decisions upon enforceability; (4) bankruptcy, insolvency, bail-in, receivership, reorganization, liquidation, voidable preference, fraudulent conveyance and transfer, moratorium and other similar laws affecting the rights of creditors or secured parties generally, in each case, whether by operation of law, contract, judicial or regulatory action or otherwise, and the effect of, to the extent applicable, the rights of creditors or of secured creditors of national banks or of "financial companies" (as defined in Section 201 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) or their affiliates; and (5) public policy considerations underlying the securities laws, to the extent that such public policy considerations limit the enforceability of any provision of any agreement that purports or is construed to provide indemnification and contribution with respect to securities law violations.

Based upon and subject to the foregoing, we are of the opinion that—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Registered Certificates, when duly and validly executed and authenticated in accordance with the terms of the Pooling and Servicing Agreement, and when delivered and paid for by the Underwriters pursuant to the Underwriting Agreement, will be validly issued and outstanding, fully paid and non-assessable and entitled to the benefits provided by the Pooling and Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The description set forth under the caption "Material Federal Income Tax Considerations" in the Prospectus, although it does not discuss all federal

![](sidleylogo.jpg)

Wells Fargo Commercial Mortgage Securities, Inc.

July 30, 2025

income tax consequences that may be applicable to the individual circumstances of particular investors (some of which may be subject to special treatment under the Internal Revenue Code of 1986, as amended), otherwise correctly describes, as of the date hereof, the material aspects of the federal income tax treatment of an investment in the Registered Certificates commonly applicable to investors that are U.S. Persons (as defined under the heading "Material Federal Income Tax Considerations—Taxation of Certain Foreign Investors" in the Prospectus) and, where expressly indicated therein, to investors that are not U.S. Persons. We also hereby confirm the opinion expressly set forth under such headings as our opinion.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the discussion of our opinions set forth in this opinion letter under the headings "Legal Matters" and "Material Federal Income Tax Considerations" in the Prospectus. In giving such consent, we do not consider that we are "experts", within the meaning of the term as used in the Act or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement, including this opinion letter as an exhibit or otherwise.

We express no opinion as to any laws other than the federal laws of the United States of America and the laws of the State of New York. We do not express any opinion, either implicitly or otherwise, on any issue not expressly addressed above. We express no opinion with respect to any Series of Certificates for which we do not act as counsel to the Depositor.

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| Very truly yours, |
| /s/ Sidley Austin LLP |

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