Wells Fargo CM Trust 2016-LC24 Appoints New General Special Servicer

What Happened
Wells Fargo Commercial Mortgage Trust 2016-LC24 filed an 8‑K reporting that, effective August 28, 2026, LNR Partners, LLC was removed as the general special servicer and Argentic Services Company LP (ASC) was appointed successor general special servicer (except for any Non‑Serviced Mortgage Loans and any NCB Mortgage Loans). ASC will be responsible for servicing and administering the Specially Serviced Loans and REO properties under the Pooling and Servicing Agreement.

Key Details

• Effective date: August 28, 2026; filing made under Item 6.02 (Change of Servicer or Trustee).
• Successor servicer: Argentic Services Company LP (ASC); predecessor removed: LNR Partners, LLC.
• ASC ratings and scale: Fitch commercial special servicer rating “CSS2-”, S&P commercial loan special servicer rating “Above Average”, Morningstar DBRS ranking MOR CS2.
• ASC portfolio and staffing (as reported): named special servicing loans — 1,801 loans by 6/30/2026 (up from 1,346 on 12/31/2023); aggregate unpaid principal balance rose to ~$56.05 billion by 6/30/2026; ASC had 33 employees focused on special servicing and was actively managing 60 CMBS loans (approx. $2.49 billion unpaid balance) as of 6/30/2026.
• Ownership and affiliations: ASC was formed in 2019, began operations in 2020, and is majority‑owned/controlled by funds managed by Elliott Investment Management (the filing states Elliott manages approximately $79.8 as of 12/31/2025); certain ASC/AIM employees hold minority stakes. ASC or affiliates may hold certificates in the deal but do not intend to retain other economic interests except as disclosed.
• Systems and controls: ASC uses a cloud‑hosted special servicing platform (RealINSIGHT), maintains written policies and business continuity plans, engages third‑party vendors for specialist services, and co‑sources internal audit functions.

Why It Matters
A change in the general special servicer shifts responsibility for handling troubled loans, workout strategies and REO management to ASC for the covered mortgage loans. For investors, the change is material because the special servicer oversees enforcement, restructurings and liquidations that directly affect recoveries on delinquent loans and cash flows to certificateholders. The filing provides lender‑level details on ASC’s staffing, technology, portfolio experience and industry ratings, which investors can use to assess ASC’s capacity to perform these duties. The appointment excludes Non‑Serviced Mortgage Loans and NCB Mortgage Loans, and the filing notes potential affiliate holdings or future certificate purchases by ASC or its affiliates.