Wells Fargo Commercial Mortgage Trust 2026-5C9 Issues Certificates; ONX Loan Servicing Transfer

What Happened
Wells Fargo Commercial Mortgage Securities, Inc. announced that, pursuant to a Pooling and Servicing Agreement dated May 1, 2026, it issued Commercial Mortgage Pass‑Through Certificates for Wells Fargo Commercial Mortgage Trust 2026-5C9 on May 28, 2026. The Certificates represent the entire beneficial ownership in the Issuing Entity, whose primary assets are 29 fixed‑rate mortgage loans and subordinate interests in two commercial mortgage loans secured by first liens on 138 properties. The filing (signed June 24, 2026) also discloses that the ONX Industrial Campus Mortgage Loan — part of a whole loan containing six additional pari passu notes not owned by the trust — is now being serviced under a different Pooling and Servicing Agreement.

Key Details

• Issuance date: Certificates issued May 28, 2026; 8‑K filed June 24, 2026 (signed by Anthony J. Sfarra, President).
• Trust composition: 29 fixed‑rate mortgage loans plus subordinate interests in 2 loans covering 138 commercial properties.
• ONX loan specifics: The ONX Industrial Campus Mortgage Loan is part of an ONX Industrial Campus Whole Loan that includes six other pari passu notes that are not assets of the 2026-5C9 trust.
• Servicing change: As of June 24, 2026, the ONX loan is being serviced under the BBCMS 2026-5C42 Pooling and Servicing Agreement (dated June 1, 2026) — depositor Barclays Commercial Mortgage Securities LLC; master servicer Midland Loan Services (a division of PNC); special servicer LNR Partners; Computershare as certificate administrator/trustee.

Why It Matters
This filing establishes the legal formation and asset composition of a new commercial mortgage‑backed securities (CMBS) trust and documents a servicing transfer for a material loan within a related whole loan. For investors, the key takeaways are the trust’s asset mix (29 loans and subordinate interests) and that the ONX loan is only partially in the trust (other pari passu notes remain outside), which can affect rights and cash flows tied to that loan. The servicing of the ONX loan will be governed by the BBCMS 2026-5C42 PSA; the filing notes its servicing terms are “substantially similar” to the trust’s PSA but differ in certain respects — investors should review the prospectus (SEC File No. 333-282099-13) and the June 1, 2026 PSA (Exhibit 4.1) for the specific servicing and enforcement details.