Morgan Stanley BofA Merrill Lynch Trust 2025-5C2: Special Servicer Update

What Happened

• The trust filed an 8-K on Aug. 18, 2026 announcing that Argentic Services Company LP (a Delaware limited partnership) will replace Situs Holdings, LLC as special servicer for the Vertex HQ mortgage loan and all related pari passu and/or subordinate promissory notes (the “Vertex HQ Non-Serviced Loan Combination”).
• Argentic’s appointment was made at the direction of Blue Owl Real Estate Debt Advisors LLC, the directing certificateholder under the VRTX 2025-HQ trust and servicing agreement (the “VRTX 2025-HQ TSA”).

Key Details

• Effective date: August 18, 2026.
• New special servicer: Argentic Services Company LP; prior special servicer: Situs Holdings, LLC.
• Scope: Vertex HQ mortgage loan plus related pari passu and/or subordinate promissory notes (the “Vertex HQ Non-Serviced Loan Combination”).
• Duties: Argentic will handle servicing and administration if the loan becomes specially serviced (including any related REO), and will process and perform certain reviews of material actions when the loan is not specially serviced. Servicing remains governed by the VRTX 2025-HQ TSA.

Why It Matters

• This is an operational change in who will manage workout, enforcement and related decisions for the Vertex HQ loan if special servicing is required. For certificateholders and investors, the special servicer handles important loss-mitigation and disposition decisions that can affect recoveries on the underlying loan.
• The filing does not disclose any change to the terms of the loan or the TSA, nor any immediate financial impact or metrics. It simply notifies investors of the servicer replacement and the scope of Argentic’s responsibilities.