UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 (Mark One)

 x ANNUAL REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024

or

 o TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from _____ to _____

Commission file number of the issuing entity: 333-257991-08

 Central Index Key Number of the issuing entity:
0001996001

 BANK5 2023-5YR4

 (exact name of the issuing entity as specified in its
charter)

 Central Index Key Number of the depositor: 0000850779

 Wells Fargo Commercial Mortgage
Securities, Inc.

 (exact name of the depositor as specified in its
charter)

 Central Index Key Number of the sponsor: 0000740906

 Wells Fargo Bank, National
Association

 (exact name of the sponsor as specified in its charter)

 Central Index Key Number of the sponsor: 0001541557

 Morgan Stanley Mortgage Capital
Holdings LLC

 (exact name of the sponsor as specified in its charter)

 Central Index Key Number of the sponsor: 0001102113

 Bank of America, National
Association

 (exact name of the sponsor as specified in its charter)

 Central Index Key Number of the sponsor: 0000835271

 JPMorgan Chase Bank, National
Association

 (exact name of the sponsor as specified in its charter)

 New York

 (State or other jurisdiction of

 incorporation or organization of

 the issuing entity)

 56-1643598

 (I.R.S. Employer

 Identification Number)

c/o Computershare Trust Company, National Association

 as Certificate Administrator

 9062 Old Annapolis Road

 Columbia, MD

 (Address of principal
executive offices of the issuing entity)

 21045

 (Zip Code)

 Registrant's telephone number,
including area code:

 (704) 374-6161

 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 None

 Securities registered pursuant to Section 12(g) of the
Act: None.

 Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act. o Yes
No

 Indicate by check mark if the registrant is not required to
file reports pursuant to Section 13 or Section 15(d) of the Act. o Yes
No

 Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes o No

 Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was
required to submit such files).

 Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company, or an emerging growth company. See the definitions of "large
accelerated filer," "accelerated filer," "smaller reporting company," and
"emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated
filer o
Accelerated
filer
o

 Non-accelerated
filer

Smaller reporting
company
o

Emerging growth
company
o

 If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. o

 Indicate by check mark whether the registrant has filed a
report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the
Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm
that prepared or issued its audit report. o

 If securities are registered pursuant to Section 12(b) of the
Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued
financial statements. o

 Indicate by check mark whether any of those error corrections
are restatements that required a recovery analysis of incentive-based
compensation received by any of the registrant's executive officers during the
relevant recovery period pursuant to §240.10D-1(b). o

 Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Act). o Yes No

 State the aggregate market value of the voting and non-voting
common equity held by non-affiliates computed by reference to the price at
which the common equity was last sold, or the average bid and asked price of
such common equity, as of the last business day of the registrant's most
recently completed second fiscal quarter.

 Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities
under a plan confirmed by a court. o
Yes o
No

 Indicate the number of shares outstanding of each of the
registrant's classes of common stock, as of the latest practicable date.

 DOCUMENTS INCORPORATED BY REFERENCE

 List hereunder the following documents if incorporated by
reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into
which the document is incorporated: (1) Any annual report to security holders;
(2) Any proxy or information statement; and (3) Any prospectus filed pursuant
to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents
should be clearly described for identification purposes (e.g., annual report to
security holders for fiscal year ended December 24, 1980).

 EXPLANATORY NOTES

 The Nvidia Santa Clara Mortgage Loan, which
constituted approximately 9.4% of the asset pool of the issuing entity as of
its cut-off date, is an asset of the issuing entity and is part of a loan
combination that includes the Nvidia Santa Clara Mortgage Loan and three other pari
passu loans, which are not assets of the issuing entity. This loan
combination, including the Nvidia Santa Clara Mortgage Loan, is being serviced
and administered pursuant to the Pooling and Servicing Agreement, which is
incorporated by reference as Exhibit 4.1 to this Annual Report on Form 10-K.

Exhibit Index) with respect to the McKesson Phase 2 Mortgage Loan, which
constituted approximately 4.0% of the asset pool of the issuing entity as of its
cut-off date. The McKesson Phase 2 Mortgage Loan is an asset of the
issuing entity and is part of a loan combination that includes the McKesson
Phase 2 Mortgage Loan and one other pari passu loan, which is not an
asset of the issuing entity. The other pari passu portion of the loan combination
was securitized in the BANK5 2023-5YR1 transaction, Commission File Number
333-257991-06 (the " BANK5 2023-5YR1 Transaction "). This loan
combination, including the McKesson Phase 2 Mortgage Loan, is being serviced
and administered pursuant to the pooling and servicing agreement for the BANK5
2023-5YR1 Transaction, which is incorporated by reference as Exhibit 4.2 to
this Annual Report on Form 10-K.

Exhibit Index) with respect to the 1201 Third Avenue Mortgage Loan and the 1825
K Street NW Mortgage Loan, which constituted approximately 2.7% and 1.3%,
respectively, of the asset pool of the issuing entity as of its cut-off
date. The 1201 Third Avenue Mortgage Loan and the 1825 K Street NW
Mortgage Loan are each an asset of the issuing entity and are each part of a
loan combination that includes (a) with respect to the 1201 Third Avenue
Mortgage Loan, six other pari passu loans, which are not assets of the
issuing entity and (b) with respect to the 1825 K Street NW Mortgage Loan, one
other pari passu loan, which is not an asset of the issuing entity. A pari
passu portion of each loan combination was securitized in the BANK
2023-BNK46 transaction, Commission File Number 333-257991-07 (the " BANK
2023-BNK46 Transaction "). These loan combinations, including the 1201 Third
Avenue Mortgage Loan and the 1825 K Street NW Mortgage Loan, are being serviced
and administered pursuant to the pooling and servicing agreement for the BANK
2023-BNK46 Transaction, which is incorporated by reference as Exhibit 4.3 to
this Annual Report on Form 10-K.

Exhibit Index) with respect to the 11 West 42nd Street Mortgage Loan and the
Short Pump Town Center Mortgage Loan, which constituted approximately 4.2% and
2.7%, respectively, of the asset pool of the issuing entity as of its cut-off
date. The 11 West 42nd Street Mortgage Loan and the Short Pump Town
Center Mortgage Loan are each an asset of the issuing entity and are each part
of a loan combination that includes (a) with respect to the 11 West 42nd Street
Mortgage Loan, twenty other pari passu loans, which are not assets of
the issuing entity and (b) with respect to the Short Pump Town Center Mortgage
Loan, six other pari passu loans, which are not assets of the issuing
entity. A pari passu portion of each loan combination was securitized in
the BANK5 2023-5YR3 transaction, Commission File Number 333-261279-04 (the " BANK5
2023-5YR3 Transaction "). These loan combinations, including the 11 West
42nd Street Mortgage Loan and the Short Pump Town Center Mortgage Loan, are
being serviced and administered pursuant to the pooling and servicing agreement
for the BANK5 2023-5YR3 Transaction, which is incorporated by reference as
Exhibit 4.4 to this Annual Report on Form 10-K.

Exhibit Index) with respect to the Westfarms Mortgage Loan, which constituted
approximately 9.9% of the asset pool of the issuing entity as of its cut-off
date. The Westfarms Mortgage Loan is an asset of the issuing entity and
is part of a loan combination that includes the Westfarms Mortgage Loan and
eight other pari passu loans, which are not assets of the issuing
entity. A pari passu portion of the loan combination was securitized in
the BMO 2023-5C2 Mortgage Trust transaction, Commission File Number
333-255934-08 (the " BMO 2023-5C2 Transaction "). This loan combination,
including the Westfarms Mortgage Loan, is being serviced and administered
pursuant to the pooling and servicing agreement for the BMO 2023-5C2
Transaction, which is incorporated by reference as Exhibit 4.5 to this Annual
Report on Form 10-K.

Exhibit Index) with respect to the Merit Hill Self Storage Mortgage Loan, which
constituted approximately 2.9% of the asset pool of the issuing entity as of
its cut-off date. The Merit Hill Self Storage Mortgage Loan is an asset
of the issuing entity and is part of a loan combination that includes the Merit
Hill Self Storage Mortgage Loan and three other pari passu loans, which
are not assets of the issuing entity. A pari passu portion of the loan
combination was securitized in the Benchmark 2023-V4 Mortgage Trust
transaction, Commission File Number 333-262701-05 (the " Benchmark 2023-V4
Transaction "). This loan combination, including the Merit Hill Self Storage
Mortgage Loan, is being serviced and administered pursuant to the pooling and
servicing agreement for the Benchmark 2023-V4 Transaction, which is
incorporated by reference as Exhibit 4.6 to this Annual Report on Form 10-K.

Exhibit Index) with respect to the Philadelphia Marriott Downtown Mortgage
Loan, which constituted approximately 2.7% of the asset pool of the issuing entity
as of its cut-off date. The Philadelphia Marriott Downtown Mortgage Loan
is an asset of the issuing entity and is part of a loan combination that
includes the Philadelphia Marriott Downtown Mortgage Loan and ten other pari
passu loans, which are not assets of the issuing entity. A pari passu
portion of the loan combination was securitized in the BBCMS Mortgage Trust
2023-5C23 transaction, Commission File Number 333-257737-11 (the " BBCMS
2023-5C23 Transaction "). This loan combination, including the Philadelphia
Marriott Downtown Mortgage Loan, is being serviced and administered pursuant to
the pooling and servicing agreement for the BBCMS 2023-5C23 Transaction, which
is incorporated by reference as Exhibit 4.7 to this Annual Report on Form 10-K.

 The master servicer of a pooling
and servicing agreement or trust and servicing agreement also functions as the
primary servicer of the related mortgage loans serviced and administered
pursuant to such agreement unless a separate primary servicer is identified
herein. If this report does not identify a separate primary servicer, the
servicer compliance statement provided by the master servicer under any such
agreement also encompasses its responsibilities as primary servicer of the
related mortgage loan or mortgage loans.

 Wells Fargo Bank, National
Association is the master servicer of the mortgage loans serviced under the Pooling
and Servicing Agreement and the primary servicer of the 1825 K Street NW
Mortgage Loan, the 11 West 42nd Street Mortgage Loan, the McKesson Phase 2
Mortgage Loan, the Short Pump Town Center Mortgage Loan and the 1201 Third
Avenue Mortgage Loan. As a result, Wells Fargo Bank, National Association is a
"servicer" as defined in Item 1108(a)(2)(iii) of Regulation AB, in the
capacities described above, because it is servicing mortgage loans that
constituted 10% or more of the assets of the issuing entity as of its cut-off
date. The assessments of compliance with applicable servicing criteria,
accountants' attestation reports and servicer compliance statements delivered
by Wells Fargo Bank, National Association in the capacities described above are
listed in the Exhibit Index.

 KeyBank National Association is
the special servicer of the mortgage loans serviced under the Pooling and
Servicing Agreement and the primary servicer of the Westfarms Mortgage Loan. As
a result, KeyBank National Association is a "servicer" as defined in Item
1108(a)(2)(iii) of Regulation AB, in the capacities described above, because it
is servicing mortgage loans that constituted 10% or more of the assets of the
issuing entity as of its cut-off date. The assessments of compliance with
applicable servicing criteria, accountants' attestation reports and servicer
compliance statements delivered by KeyBank National Association in the
capacities described above are listed in the Exhibit Index.

 Computershare Trust Company,
National Association is the custodian of the mortgage loans serviced under the
Pooling and Servicing Agreement, the Westfarms Mortgage Loan, the 11 West 42nd
Street Mortgage Loan, the McKesson Phase 2 Mortgage Loan, the Merit Hill Self
Storage Mortgage Loan, the Short Pump Town Center Mortgage Loan, the
Philadelphia Marriott Downtown Mortgage Loan, the 1201 Third Avenue Mortgage
Loan and the 1825 K Street NW Mortgage Loan. As a result, Computershare
Trust Company, National Association is a servicing function participant in the
capacities described above, because it is servicing mortgage loans that
constituted 5% or more of the assets of the issuing entity as of its cut-off
date. The assessments of compliance with applicable servicing criteria and
accountants' attestation reports delivered by Computershare Trust Company,
National Association in the capacities described above are listed in the
Exhibit Index.

 Midland Loan Services, a Division
of PNC Bank, National Association is the primary servicer of the Nvidia Santa
Clara Mortgage Loan, the Merit Hill Self Storage Mortgage Loan, the
Philadelphia Marriott Downtown Mortgage Loan and the 1825 K Street NW Mortgage
Loan. As a result, Midland Loan Services, a Division of PNC Bank, National
Association is a "servicer" as defined in Item 1108(a)(2)(iii) of Regulation
AB, in the capacities described above, because it is servicing mortgage loans
that constituted 10% or more of the assets of the issuing entity as of its
cut-off date. The assessments of compliance with applicable servicing criteria,
accountants' attestation reports and servicer compliance statements delivered
by Midland Loan Services, a Division of PNC Bank, National Association in the
capacities described above are listed in the Exhibit Index.

 Park Bridge Lender Services LLC is
the operating advisor of the mortgage loans serviced under the Pooling and
Servicing Agreement, the Merit Hill Self Storage Mortgage Loan, the 1201 Third
Avenue Mortgage Loan, the Philadelphia Marriott Downtown Mortgage Loan and the
1825 K Street NW Mortgage Loan. As a result, Park Bridge Lender Services
LLC is a servicing function participant in the capacities described above,
because it is servicing mortgage loans that constituted 5% or more of the
assets of the issuing entity as of its cut-off date. The assessments of
compliance with applicable servicing criteria and accountants' attestation
reports delivered by Park Bridge Lender Services LLC in the capacities
described above are listed in the Exhibit Index.

 Pentalpha Surveillance LLC is the
operating advisor of the 11 West 42nd Street Mortgage Loan, the McKesson Phase
2 Mortgage Loan and the Short Pump Town Center Mortgage Loan. As a
result, Pentalpha Surveillance LLC is a servicing function participant in the
capacities described above, because it is servicing mortgage loans that
constituted 5% or more of the assets of the issuing entity as of its cut-off
date. The assessments of compliance with applicable servicing criteria and
accountants' attestation reports delivered by Pentalpha Surveillance LLC in the
capacities described above are listed in the Exhibit Index.

 LNR Partners, LLC is the special
servicer of the 1825 K Street NW Mortgage Loan, the 1201 Third Avenue Mortgage
Loan and the Philadelphia Marriott Downtown Mortgage Loan. These mortgage
loans constitute more than 5%, but less than 10%, of the pool assets of the
issuing entity. Therefore, the Depositor included in this Annual Report
on Form 10-K an assessment of compliance with applicable servicing criteria for
LNR Partners, LLC and an accountants' attestation report pursuant to Item 1122
of Regulation AB because LNR Partners, LLC is servicing more than 5% of the
pool assets. However, the Depositor is not required to include in this
Annual Report on Form 10-K a servicer compliance statement pursuant to Item
1123 of Regulation AB of LNR Partners, LLC because LNR Partners, LLC is an
unaffiliated servicer servicing less than 10% of pool assets.

 Greystone Servicing Company LLC is
the special servicer of the Westfarms Mortgage Loan, the 11 West 42nd Street
Mortgage Loan and the Short Pump Town Center Mortgage Loan. As a result,
Greystone Servicing Company LLC is a "servicer" as defined in Item 1108(a)(2)(iii)
of Regulation AB, in the capacities described above, because it is servicing
mortgage loans that constituted 10% or more of the assets of the issuing entity
as of its cut-off date. The assessments of compliance with applicable servicing
criteria, accountants' attestation reports and servicer compliance statements
delivered by Greystone Servicing Company LLC in the capacities described above
are listed in the Exhibit Index.

 Computershare Trust Company,
National Association acts as trustee of the Nvidia Santa Clara Mortgage Loan,
the McKesson Phase 2 Mortgage Loan, the 11 West 42nd Street Mortgage Loan, the
Short Pump Town Center Mortgage Loan, the Merit Hill Self Storage Mortgage Loan
and the Philadelphia Marriott Downtown Mortgage Loan. Pursuant to the
Pooling and Servicing Agreement, the pooling and servicing agreement for the
BANK5 2023-5YR1 Transaction, the pooling and servicing agreement for the BANK5
2023-5YR3 Transaction, the pooling and servicing agreement for the Benchmark
2023-V4 Transaction and the pooling and servicing agreement for the BBCMS
2023-5C23 Transaction, the trustee is required to provide an assessment of
compliance with applicable servicing criteria solely with respect to Item
1122(d)(2)(iii) of Regulation AB (regarding advances of funds or guarantees
regarding collections, cash flows or distributions, and any interest or other
fees charged for such advances, are made, reviewed and approved as specified in
the transaction agreements). However, during the reporting period, the trustee
did not perform any servicing function with respect to the servicing criteria
specified in Item 1122(d)(2)(iii) of Regulation AB. The master servicer
or the special servicer, to the extent required, performed the servicing
function identified with respect to Item 1122(d)(2)(iii) of Regulation AB, and
each such party included Item 1122(d)(2)(iii) of Regulation AB in the
assessment of compliance with applicable servicing criteria and accountant's
attestation report for the subject transaction. As a result, this Annual
Report on Form 10-K does not include an assessment of compliance with
applicable servicing criteria of the trustee. One or more other servicers of
the Nvidia Santa Clara Mortgage Loan, the McKesson Phase 2 Mortgage Loan, the
11 West 42nd Street Mortgage Loan, the Short Pump Town Center Mortgage Loan,
the Merit Hill Self Storage Mortgage Loan and the Philadelphia Marriott
Downtown Mortgage Loan have delivered one or more assessments of compliance
with respect to Item 1122(d)(2)(iii) of Regulation AB.

 Wilmington Trust, National
Association acts as trustee of the 1201 Third Avenue Mortgage Loan, the 1825 K
Street NW Mortgage Loan and the Westfarms Mortgage Loan. Pursuant to the
pooling and servicing agreement for the BANK 2023-BNK46 Transaction and the
pooling and servicing agreement for the BMO 2023-5C2 Transaction, the trustee
is required to provide an assessment of compliance with applicable servicing
criteria solely with respect to Item 1122(d)(2)(iii) of Regulation AB
(regarding advances of funds or guarantees regarding collections, cash flows or
distributions, and any interest or other fees charged for such advances, are
made, reviewed and approved as specified in the transaction agreements).
However, during the reporting period, the trustee did not perform any servicing
function with respect to the servicing criteria specified in Item
1122(d)(2)(iii) of Regulation AB. The master servicer or the special
servicer, to the extent required, performed the servicing function identified
with respect to Item 1122(d)(2)(iii) of Regulation AB, and each such party
included Item 1122(d)(2)(iii) of Regulation AB in the assessment of compliance
with applicable servicing criteria and accountant's attestation report for the
subject transaction. As a result, this Annual Report on Form 10-K does
not include an assessment of compliance with applicable servicing criteria of
the trustee. One or more other servicers of the 1201 Third Avenue Mortgage
Loan, the 1825 K Street NW Mortgage Loan and the Westfarms Mortgage Loan have
delivered one or more assessments of compliance with respect to Item
1122(d)(2)(iii) of Regulation AB.

 This Annual Report on Form 10-K
includes assessments of compliance with applicable servicing criteria and
accountants' attestation reports from CoreLogic Solutions, LLC. This
entity was engaged by the master servicer under the Pooling and Servicing
Agreement and the primary servicer of the 1825 K Street NW Mortgage Loan, the
McKesson Phase 2 Mortgage Loan, the 1201 Third Avenue Mortgage Loan, the 11
West 42nd Street Mortgage Loan and the Short Pump Town Center Mortgage Loan to
remit tax payments received from the escrow accounts of borrowers to local
taxing authorities, to report tax amounts due, to verify tax parcel
information, and to verify non-escrow tax payments. These servicing functions
are included within the servicing criteria set forth in Item 1122(d)(4)(xi) of
Regulation AB. Therefore, under the principles-based definition of
"servicer" set forth in Item 1101(j) of Regulation AB that looks to the
functions that an entity performs, this vendor is a "servicer" for the purposes
of Item 1122 of Regulation AB. See Compliance and Disclosure
Interpretations, Section 301.01 (Item 1101(j)).

 The
assessments of compliance with applicable servicing criteria, accountants'
attestation reports and servicer compliance statements of the certificate
administrator of the McKesson Phase 2 Mortgage Loan, the 1201 Third Avenue
Mortgage Loan, the 1825 K Street NW Mortgage Loan, the 11 West 42nd Street
Mortgage Loan, the Short Pump Town Center Mortgage Loan, the Westfarms Mortgage
Loan, the Merit Hill Self Storage Mortgage Loan and the Philadelphia Marriott
Downtown Mortgage Loan are omitted from this Annual Report on Form 10-K as the
certificate administrator pursuant to the related pooling and servicing
agreement or trust and servicing agreement does not perform any activities that
address servicing criteria with respect to the issuing entity and because they
are each not a "servicer" that meets the criteria in Item 1108(a)(2)(i) through
(iii) of Regulation AB.

 With respect to the pari passu
loan combinations that include the McKesson Phase 2 Mortgage Loan, the 1201
Third Avenue Mortgage Loan, the 1825 K Street NW Mortgage Loan, the
Philadelphia Marriott Downtown Mortgage Loan and the Merit Hill Self Storage
Mortgage Loan, (i) the reports on assessment of compliance with servicing
criteria and attestation reports on assessment of compliance with servicing
criteria of CWCapital Asset Management LLC as special servicer of the McKesson
Phase 2 Mortgage Loan and K-Star Asset Management LLC as special servicer of
the Merit Hill Self Storage Mortgage Loan, listed on the Exhibit Index are
omitted from this Annual Report on Form 10-K as they are not required to be
included on this Annual Report on Form 10-K per Instruction 3 to Item 1122 of
Regulation AB because they are parties performing activities that address
servicing criteria relating to 5% or less of the assets of the issuing entity;
and (ii) the servicer compliance statements of CWCapital Asset Management LLC
as special servicer of the McKesson Phase 2 Mortgage Loan, LNR Partners, LLC as
special servicer of the 1201 Third Avenue Mortgage Loan, the 1825 K Street NW
Mortgage Loan and the Philadelphia Marriott Downtown Mortgage Loan and K-Star
Asset Management LLC as special servicer of the Merit Hill Self Storage
Mortgage Loan, listed on the Exhibit Index are omitted from this Annual Report
on Form 10-K as they are not required by Item 1123 of Regulation AB to be
included on this Annual Report on Form 10-K because they are each an
unaffiliated party that is not a "servicer" that meets the criteria in Item
1108(a)(2)(i) through (iii) of Regulation AB.

 Item 1. Business.

 Item 1A. Risk Factors.

 Item 1B. Unresolved Staff Comments.

 None.

 Item 1C. Cybersecurity.

 Item 2. Properties.

 Item 3. Legal Proceedings.

 Item 4. Mine Safety Disclosures.

 Item 5. Market for Registrant's Common Equity, Related
Stockholder Matters and Issuer Purchases of Equity Securities.

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations.

 Item 7A. Quantitative and Qualitative Disclosures
About Market Risk.

 Item 8. Financial Statements and Supplementary Data.

 Item 9. Changes in and Disagreements With
Accountants on Accounting and Financial Disclosure.

 Item 9A. Controls and Procedures.

 Item 9B. Other Information.

 None.

 Item 9C. Disclosure Regarding Foreign Jurisdictions
that Prevent Inspections.

 None.

 Item 10. Directors, Executive Officers and Corporate
Governance.

 Item 11. Executive Compensation.

 Item 12. Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters.

 Item 13. Certain Relationships and Related
Transactions, and Director Independence.

 Item 14. Principal Accountant Fees and Services.

 ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB

 Item 1112(b) of Regulation AB, Significant Obligor
Financial Information.

 No single obligor represents 10% or more of the pool assets
held by the issuing entity.

 Item 1114(b)(2) of Regulation AB, Significant Enhancement
Provider Financial Information.

 No entity or group of affiliated entities provides any external credit
enhancement or other support for the certificates within this transaction as
described under Item 1114(a) of Regulation AB.

 Item 1115(b) of Regulation AB, Certain Derivatives
Instruments (Financial Information).

 No entity or group of affiliated entities provides any
derivative instruments or other support for the certificates within this
transaction as described under Item 1115 of Regulation AB.

 Item 1117 of Regulation AB, Legal Proceedings.

 The registrant knows of no material pending legal proceeding
involving the trust or any party related to the trust, other than routine
litigation incidental to the duties of those respective parties, and the
following, with respect to CWCapital Asset Management LLC, as special servicer.

 On
December 17, 2015, U.S. Bank National Association, the trustee under five
pooling and servicing agreements for (i) Wachovia Bank Commercial Mortgage
Trust 2007-C30, (ii) COBALT CMBS Commercial Trust 2007-C2, (iii) Wachovia Bank
Commercial Mortgage Trust 2007-C31, (iv) ML-CFC Commercial Mortgage Trust
2007-5 and (v) ML-CFC Commercial Mortgage Trust 2007-6 commenced a proceeding
with the Second Judicial District Court of Ramsey County, Minnesota (the " State
Court ") for a declaratory judgment as to the proper allocation of certain
proceeds (" Disputed Proceeds ") received by CWCAM in connection with the
sale of the Peter Cooper Village and Stuyvesant Town property in New York, New
York securing loans held by those trusts. CWCAM was the special servicer of
such property. The petition requests the State Court to instruct the trustee,
the trust beneficiaries, and any other interested parties as to the amount of
the Disputed Proceeds, if any, that constitute penalty interest and/or the
amount of the Disputed Proceeds, if any, that constitute gain-on-sale proceeds,
with respect to each trust. On February 24, 2016, CWCAM made a limited
appearance with the State Court to file a motion to dismiss this proceeding
based on lack of jurisdiction, mootness, standing and forum non conveniens. On
July 19, 2016, the State Court denied CWCAM's motion to dismiss. On July 22,
2016, the action was removed to federal court in Minnesota (" Federal Court ").
On October 21, 2016, the Federal Court held a hearing on the motion to transfer
the action to the United States District Court for the Southern District of New
York (" SDNY Court "), a motion to remand to state court and a motion to
hear CWCAM's request for reconsideration of the motion to dismiss. On March 14,
2017, the Federal Court reserved the determination on the motion to hear
CWCAM's request for reconsideration of the motion to dismiss, denied the motion
to remand the matter to state court and granted the motion to transfer the
proceeding to the SDNY Court. Cross motions for judgment on the pleadings were
filed but the SDNY Court was unable to decide the case based on the pleadings
and the SDNY Court ordered discovery. All fact discovery was completed in
December, 2018 and expert discovery was completed on March 15, 2019. The parties
submitted cross motions for summary judgment, and on March 19, 2020, the SDNY
Court entered an opinion and order in which it granted summary judgment in
CWCAM's favor and held that CWCAM was entitled to the entire amount of penalty
interest and that CWCAM's determination of Yield Maintenance was correct. In
the 127-page opinion, the SDNY Court found for CWCAM on every issue presented
by the trustee's petition, namely, that the funds in dispute constitute penalty
interest and yield maintenance, not gain-on-sale proceeds, and that the amount
of penalty interest and yield maintenance was correctly calculated. An appeal
of the SDNY Court's decision was taken on April 29, 2020. Oral argument on the
appeal occurred on June 21, 2021. On July 14, 2022, the Second Circuit entered
a decision affirming in part and reversing in part the SDNY Court's decision
and remanding to the SDNY Court for further proceedings. The Second Circuit
affirmed the SDNY's Court holding that Penalty Interest and Yield Maintenance
are paid before Gain-On-Sale Proceeds. The Second Circuit reversed and remanded
for further proceedings that portion of the SDNY Court's decision related to
approximately $67.2 million in interest on advances. On January 13, 2023, the
parties entered into a settlement agreement, in which (among other things) they
agreed to stipulate that the amount of Interest on advances that accrued on or
before June 3, 2014 is $27.5 million, and that CWCAM would pay that amount into
escrow for distribution to certificateholders upon the entry of an order by the
Court approving the settlement. U.S. Bank National Association, as Trustee for
the trusts, provided notice of the settlement to all parties in interest via a
notice program approved by the Court. A hearing on the settlement was scheduled
for March 16, 2023 and was continued to May 5, 2023. The court approved the
settlement in a decision dated April 8, 2024. An appeal of the Court's decision
was filed by one party, Cobalt LLC, which is believed to be focused solely on
the timing of the distribution of the $27.5 million and not with respect to
CWCAM's liability or the amount paid. The appeal brief is due on September 1,
2024. The matter was subsequently resolved by the parties and approved by the
Court and no further proceedings are required. The matter is closed.

 On December 1, 2017, a complaint
against CWCAM and others was filed in the United States District Court for the
Southern District of New York styled as CWCapital Cobalt Vr Ltd. v. CWCapital
Investments LLC, et al., No. 17-cv-9463 (the " Original Complaint "). The
gravamen of the Original Complaint alleged breaches of a contract and fiduciary
duties by CWCAM's affiliate, CWCapital Investments LLC in its capacity as
collateral manager for the collateralized debt obligation transaction involving
CWCapital Cobalt Vr, Ltd. In total, there are 14 counts pled in the Original
Complaint. Of those 14, 5 claims were asserted against CWCAM for aiding and
abetting breach of fiduciary duty, conversion and unjust enrichment. On May 23,
2018, the Original Complaint was dismissed for lack of subject matter
jurisdiction. On June 28, 2018, CWCapital Cobalt Vr Ltd. filed a substantially
similar complaint in the Supreme Court of the State of New York, County of New
York styled as CWCapital Cobalt Vr Ltd. v. CWCapital Investments LLC, et al.,
Index No. 653277/2018 (the " New Complaint "). The gravamen of the New
Complaint is the same as the previous complaint filed in the United State
District Court for the Southern District of New York. In total there are 16
counts pled in the New Complaint. Of those 16 counts, 5 claims were asserted
against CWCAM for aiding and abetting breach of fiduciary duty, conversion and
unjust enrichment, 1 count seeks a declaratory judgement that the plaintiff has
the right to enforce the contracts in question and 1 count seeks an injunction
requiring the defendants to recognize the plaintiff as the directing holder for
the trusts in question. On January 11, 2019, the plaintiff dismissed with
prejudice the declaratory judgment and injunction counts. The New Complaint and
related summons was not served on the defendants until July 13, 2018 and July
16, 2018. The plaintiff's motion for a preliminary injunction was denied by the
court on July 31, 2018. On August 3, 2018, the defendants, including CWCAM,
filed a motion to dismiss the New Complaint in its entirety. On August 20,
2019, the court entered an order granting defendants' motion almost in its
entirety, dismissing 11 of the 16 counts and partially dismissing 2 additional
counts. Of the remaining counts, 2 are asserted against CWCAM for aiding and
abetting breach of fiduciary duty and unjust enrichment. On September 19, 2019,
CWCapital Cobalt Vr Ltd. filed a notice of appeal relating to the August 20,
2019 dismissal order and on September 26, 2019, filed an amended complaint
against CWCI and CWCAM attempting to address deficiencies relating to certain
of the claims dismissed by the August, 20, 2019 order. CWCI and CWCAM filed its
Motion to Dismiss the amended complaint on October 28, 2019. The court heard
argument on the Motion to Dismiss the amended complaint on January 22, 2020 and
on October 23, 2020, the court granted the motion dismissing the amended
claims. On November 30, 2020, CWCapital Cobalt Vr Ltd filed a notice of appeal
relating to the October 23, 2020 dismissal order. On April 27, 2021, the First
Department affirmed the dismissal as to claims against CWCAM that were part of
the August 20, 2019 dismissal, but reversed the dismissal of two counts for
breach of the Collateral Management Agreement against CWCI. CWCI sought leave
to file an appeal of the decision. The plaintiff also sought leave to appeal
the dismissal of the claims against CWCAM. Both requests for leave were denied
by the First Department. On May 15, 2020, CWCI and CWCAM filed a motion to
renew its motion to dismiss as to 4 of the remaining counts (including the
remaining two counts against CWCAM for aiding and abetting breach of fiduciary
duty and unjust enrichment), based on a decision entered by Judge Failla in a
trust instruction proceeding in the US District Court for the Southern District
of New York awarding summary judgment in favor of CWCAM. On September 7, 2021,
the court denied the motion to renew. CWCI and CWCAM filed a notice of appeal,
which they perfected by the filing of their opening brief on July 1, 2022. On
November 15, 2022, the First Department affirmed the court's denial of the
motion to renew. On October 1, 2021, CWCI and CWCAM moved to reargue the denial
of the motion to renew (or alternatively, the motion to dismiss) with respect
to certain of Cobalt's claims, including the remaining 2 claims against CWCAM,
based on the First Department's April 27, 2021 decision. On March 24, 2022, the
court denied the relief sought in the motion to reargue. CWCI and CWCAM appealed
the court's decision on the motion to reargue and filed their opening brief on
July 11, 2022. The appeal was dismissed as being non-appealable on August 30,
2022. Discovery (both fact and expert) concluded on March 1, 2024. CWCAM and
CWCI filed a motion for summary judgment on March 29, 2024, seeking dismissal
of all the claims in their entirety. On that same date, the plaintiff cross
moved for summary judgment on one of the claims asserted against only CWCI.
Summary judgment briefing is scheduled to conclude on June 18, 2024. Oral
argument was heard on October 22, 2024 and the court has taken the arguments
under consideration. The timing of a decision is unknown. CWCAM believes that
it has performed its obligations under the related pooling and servicing agreements
in good faith and the remaining allegations in the New Complaint are without
merit.

 Item 1119 of Regulation AB, Affiliations and Certain
Relationships and Related Transactions.

 The information regarding this Item has been previously
provided in the prospectus of the Registrant relating to the issuing entity
filed on December 4, 2023 pursuant to Rule 424(b)(2).

 Item 1122 of Regulation AB, Compliance with Applicable
Servicing Criteria.

assessments of compliance with respect to the mortgage loans are attached
hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit AA
to the Pooling and Servicing Agreement incorporated by reference as Exhibit 4.1
to this Annual Report on Form 10-K is a chart identifying the entities
participating in a servicing function for the transaction responsible for each
applicable servicing criteria set forth in Item 1122(d).

assessments of compliance with respect to the McKesson Phase 2 Mortgage Loan,
which is being serviced and administered pursuant to the pooling and servicing
agreement for the BANK5 2023-5YR1 Transaction, are attached hereto under Item
15 to this Annual Report on Form 10-K. Attached as Exhibit AA to the pooling
and servicing agreement for the BANK5 2023-5YR1 Transaction incorporated by
reference as Exhibit 4.2 to this Annual Report on Form 10-K is a chart
identifying the entities participating in a servicing function for the BANK5
2023-5YR1 Transaction responsible for each applicable servicing criteria set
forth in Item 1122(d).

assessments of compliance with respect to the 1201 Third Avenue Mortgage Loan
and the 1825 K Street NW Mortgage Loan, which are being serviced and
administered pursuant to the pooling and servicing agreement for the BANK
2023-BNK46 Transaction, are attached hereto under Item 15 to this Annual Report
on Form 10-K. Attached as Exhibit AA to the pooling and servicing agreement for
the BANK 2023-BNK46 Transaction incorporated by reference as Exhibit 4.3 to
this Annual Report on Form 10-K is a chart identifying the entities
participating in a servicing function for the BANK 2023-BNK46 Transaction
responsible for each applicable servicing criteria set forth in Item 1122(d).

assessments of compliance with respect to the 11 West 42nd Street Mortgage Loan
and the Short Pump Town Center Mortgage Loan, which are being serviced and
administered pursuant to the pooling and servicing agreement for the BANK5
2023-5YR3 Transaction, are attached hereto under Item 15 to this Annual Report
on Form 10-K. Attached as Exhibit Z to the pooling and servicing agreement for
the BANK5 2023-5YR3 Transaction incorporated by reference as Exhibit 4.4 to
this Annual Report on Form 10-K is a chart identifying the entities
participating in a servicing function for the BANK5 2023-5YR3 Transaction
responsible for each applicable servicing criteria set forth in Item 1122(d).

assessments of compliance with respect to the Westfarms Mortgage Loan, which is
being serviced and administered pursuant to the pooling and servicing agreement
for the BMO 2023-5C2 Transaction, are attached hereto under Item 15 to this
Annual Report on Form 10-K. Attached as Exhibit O to the pooling and servicing
agreement for the BMO 2023-5C2 Transaction incorporated by reference as Exhibit
4.5 to this Annual Report on Form 10-K is a chart identifying the entities
participating in a servicing function for the BMO 2023-5C2 Transaction
responsible for each applicable servicing criteria set forth in Item 1122(d).

assessments of compliance with respect to the Merit Hill Self Storage Mortgage
Loan, which is being serviced and administered pursuant to the pooling and
servicing agreement for the Benchmark 2023-V4 Transaction, are attached hereto
under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit O to the
pooling and servicing agreement for the Benchmark 2023-V4 Transaction
incorporated by reference as Exhibit 4.6 to this Annual Report on Form 10-K is
a chart identifying the entities participating in a servicing function for the
Benchmark 2023-V4 Transaction responsible for each applicable servicing
criteria set forth in Item 1122(d).

assessments of compliance with respect to the Philadelphia Marriott Downtown
Mortgage Loan, which is being serviced and administered pursuant to the pooling
and servicing agreement for the BBCMS 2023-5C23 Transaction, are attached
hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit AA
to the pooling and servicing agreement for the BBCMS 2023-5C23 Transaction
incorporated by reference as Exhibit 4.7 to this Annual Report on Form 10-K is
a chart identifying the entities participating in a servicing function for the
BBCMS 2023-5C23 Transaction responsible for each applicable servicing criteria
set forth in Item 1122(d).

 Item 1123 of Regulation AB, Servicer Compliance Statement.

 The servicer compliance statements are attached as Exhibits
to this Annual Report on Form 10-K.

 Item 15. Exhibits and Financial Statement Schedules

 (a) The following is a list of documents filed as part of
this Annual Report on Form 10-K:

 (1) Not applicable

 (2) Not applicable

 (3) See below

 4.1
 Pooling and Servicing Agreement, dated as of December 1,
2023, among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, KeyBank National
Association, 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
(filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K filed on
December 4, 2023 under Commission File No. 333-257991-08 and incorporated by

 4.2
 Pooling and Servicing Agreement, dated as of April 1,
2023, among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor,
Wells Fargo Bank, National Association, as Master Servicer, CWCapital Asset
Management LLC, as Special Servicer, Computershare Trust Company, National
Association, as Certificate Administrator and as Trustee, and Pentalpha
Surveillance LLC, as Operating Advisor and as Asset Representations Reviewer
(filed as Exhibit 4.4 to the registrant's Current Report on Form 8-K filed on December

 4.3
 Pooling and Servicing Agreement, dated as of August 1,
2023, among Wells Fargo Commercial Mortgage Securities, Inc., as Depositor,
Wells Fargo Bank, National Association, as General Master Servicer, LNR
Partners, LLC, as General Special Servicer, National Cooperative Bank, N.A., as
Co-op Master Servicer and as Co-op Special Servicer, Computershare Trust
Company, National Association, as Certificate Administrator, Wilmington Trust,
National Association, as Trustee, and Park Bridge Lender Services LLC, as Operating
Advisor and as Asset Representations Reviewer (filed as Exhibit 4.6 to the
registrant's Current Report on Form 8-K filed on December 4, 2023 under
Commission File No. 333-257991-08 and incorporated by reference herein).

 4.4
 Pooling and Servicing Agreement, dated as of September 1,
2023, between Banc of America Merrill Lynch Commercial Mortgage Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Greystone Servicing Company LLC, as Special Servicer, Computershare Trust
Company, National Association, as Certificate Administrator and as Trustee, and
Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations
Reviewer (filed as Exhibit 4.3 to the registrant's Current Report on Form 8-K filed
on December 4, 2023 under Commission File No. 333-257991-08 and incorporated by

 4.5
 Pooling and Servicing Agreement, dated as of November 1,
2023, among BMO Commercial Mortgage Securities LLC, as Depositor, KeyBank
National Association, as Master Servicer, Greystone Servicing Company LLC, as
Special Servicer, BellOak, LLC, as Operating Advisor and as Asset
Representations Reviewer, Computershare Trust Company, National Association, as
Certificate Administrator, and Wilmington Trust, National Association, as
Trustee (filed as Exhibit 4.2 to the registrant's Current Report on Form 8-K filed
on December 4, 2023 under Commission File No. 333-257991-08 and incorporated by

 4.6
 Pooling and Servicing Agreement, dated as of November 1,
2023, among Citigroup Commercial Mortgage Securities Inc., as Depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as Master
Servicer, K-Star Asset Management LLC, as a Special Servicer, Park Bridge
Lender Services LLC, as Operating Advisor and Asset Representations Reviewer,
and Computershare Trust Company, National Association, as Certificate
Administrator and Trustee (filed as Exhibit 4.5 to the registrant's Current Report
on Form 8-K filed on December 4, 2023 under Commission File No. 333-257991-08
and incorporated by reference herein).

 4.7
 Pooling and Servicing Agreement, dated as of December 1,
2023, among Barclays Commercial Mortgage Securities LLC, as Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as Master
Servicer, LNR Partners, LLC, 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 (filed as Exhibit 4.7 to the registrant's Current Report on Form 8-K/A
filed on December 8, 2023 under Commission File No. 333-257991-08 and
incorporated by reference herein).

 4.8
 Co-Lender Agreement, dated as of September 21, 2023, by
and among Goldman Sachs Bank USA, as Initial Note A-1 Holder, Wells Fargo Bank,
National Association, as Initial Note A-2-1 Holder, Wells Fargo Bank, National
Association, as Initial Note A-2-2 Holder, Wells Fargo Bank, National
Association, as Initial Note A-2-3 Holder, Goldman Sachs Bank USA, as Initial
Note A-3 Holder, Goldman Sachs Bank USA, as Initial Note A-4 Holder, Goldman
Sachs Bank USA, as Initial Note A-5 Holder, Goldman Sachs Bank USA, as Initial
Note A-6 Holder, and Goldman Sachs Bank USA, as Initial Note A-7 Holder (filed
as Exhibit 4.8 to the registrant's Current Report on Form 8-K filed on December

 4.9
 Co-Lender Agreement, dated as of November 17, 2023, by
and among JPMorgan Chase Bank, National Association, as Initial Note A-1
Holder, JPMorgan Chase Bank, National Association, as Initial Note A-2 Holder,
JPMorgan Chase Bank, National Association, as Initial Note A-3 Holder, JPMorgan
Chase Bank, National Association, as Initial Note A-4 Holder, and JPMorgan
Chase Bank, National Association, as Initial Note A-5 Holder (filed as Exhibit
4.9 to the registrant's Current Report on Form 8-K filed on December 4, 2023
under Commission File No. 333-257991-08 and incorporated by reference herein).

 4.10
 Agreement Between Noteholders, dated as of June 30, 2023,
by and between Bank of America, N.A., as Initial Note A-1-1 Holder, Bank of
America, N.A., as Initial Note A-1-2 Holder, Bank of America, N.A., as Initial
Note A-1-3 Holder, Bank of America, N.A., as Initial Note A-1-4 Holder, Bank of
America, N.A., as Initial Note A-1-5 Holder, UBS AG, New York Branch, as
Initial Note A-2-1 Holder, UBS AG, New York Branch, as Initial Note A-2-2
Holder, UBS AG, New York Branch, as Initial Note A-2-3 Holder, UBS AG, New York
Branch, as Initial Note A-2-4 Holder, UBS AG, New York Branch, as Initial Note
A-2-5 Holder, UBS AG, New York Branch, as Initial Note A-2-6 Holder, UBS AG,
New York Branch, as Initial Note A-2-7 Holder, UBS AG, New York Branch, as
Initial Note A-2-8 Holder, UBS AG, New York Branch, as Initial Note A-2-9
Holder, UBS AG, New York Branch, as Initial Note A-2-10 Holder, UBS AG, New
York Branch, as Initial Note A-2-11 Holder, LMF Commercial, LLC, as Initial
Note A-3-1 Holder, LMF Commercial, LLC, as Initial Note A-3-2 Holder, LMF
Commercial, LLC, as Initial Note A-3-3 Holder, LMF Commercial, LLC, as Initial
Note A-3-4 Holder, LMF Commercial, LLC, as Initial Note A-3-5 Holder, LMF
Commercial, LLC, as Initial Note A-3-6 Holder, LMF Commercial, LLC, as Initial
Note A-3-7 Holder, and LMF Commercial, LLC, as Initial Note A-3-8 Holder (filed
as Exhibit 4.10 to the registrant's Current Report on Form 8-K filed on
December 4, 2023 under Commission File No. 333-257991-08 and incorporated by

 4.11
 Agreement Between Note Holders, dated as of April 19,
2023 by and between Morgan Stanley Bank, N.A., as Initial Note A-1 Holder,
Morgan Stanley Bank, N.A., as Initial Note A-2 Holder, and Morgan Stanley
Mortgage Capital Holdings LLC, as Initial Agent (filed as Exhibit 4.11 to the
registrant's Current Report on Form 8-K filed on December 4, 2023 under
Commission File No. 333-257991-08 and incorporated by reference herein).

 4.12
 Co-Lender Agreement, dated as of October 20, 2023, by and
among Goldman Sachs Bank USA, as Initial Note A-1 Holder, Goldman Sachs Bank
USA, as Initial Note A-2 Holder, Goldman Sachs Bank USA, as Initial Note A-3
Holder, and Wells Fargo Bank, National Association, as Initial Note A-4 Holder
(filed as Exhibit 4.12 to the registrant's Current Report on Form 8-K filed on
December 4, 2023 under Commission File No. 333-257991-08 and incorporated by

 4.13
 Agreement Between Noteholders, dated as of July 6, 2023,
by and between Bank of America, N.A, as Initial Note A-1 Holder, Bank of
America, N.A, as Initial Note A-2 Holder, Bank of America, N.A, as Initial Note
A-3 Holder, Bank of America, N.A, as Initial Note A-4 Holder, Goldman Sachs
Banks USA, as Initial Note A-5 Holder, Goldman Sachs Banks USA, as Initial Note
A-6 Holder, and Goldman Sachs Banks USA, as Initial Note A-7 Holder (filed as
Exhibit 4.13 to the registrant's Current Report on Form 8-K filed on December

 4.14
 Agreement Between Note Holders, dated as of April 19,
2023 by and between Morgan Stanley Bank, N.A., as Initial Note A-1-1 Holder,
Morgan Stanley Bank, N.A., as Initial Note A-1-2 Holder, Morgan Stanley Bank,
N.A., as Initial Note A-1-3 Holder, Morgan Stanley Bank, N.A., as Initial
Note A-2 Holder, JPMorgan Chase Bank, National Association, as Initial Note A-3
Holder, JPMorgan Chase Bank, National Association, as Initial Note A-4 Holder,
and Morgan Stanley Mortgage Capital Holdings LLC, as Initial Agent (filed as
Exhibit 4.14 to the registrant's Current Report on Form 8-K filed on December

 4.15
 Agreement Between Note Holders, dated as of October 25,
2023, by and between Barclays Capital Real Estate Inc., as Initial Note A-1
Holder, JPMorgan Chase Bank National Association, as Initial Note A-2 Holder,
Wells Fargo Bank, National Association, as Initial Note A-3 Holder, Barclays
Capital Real Estate Inc., as Initial Note A-4 Holder, JPMorgan Chase Bank
National Association, as Initial Note A-5 Holder, Wells Fargo Bank, National
Association, as Initial Note A-6 Holder, Barclays Capital Real Estate Inc., as
Initial Note A-7 Holder, JPMorgan Chase Bank National Association, as Initial
Note A-8 Holder, Wells Fargo Bank, National Association, as Initial Note A-9
Holder, Wells Fargo Bank, National Association, as Initial Note A-10 Holder,
JPMorgan Chase Bank National Association, as Initial Note A-11 Holder, and
JPMorgan Chase Bank National Association, as Initial Note A-12 Holder (filed as
Exhibit 4.15 to the registrant's Current Report on Form 8-K filed on December

 4.16
 Co-Lender Agreement, dated as of July 25, 2023, by and
between JPMorgan Chase Bank, National Association, as Initial Note A-1 Holder,
and JPMorgan Chase Bank, National Association, as Initial Note A-2 Holder
(filed as Exhibit 4.16 to the registrant's Current Report on Form 8-K filed on
December 4, 2023 under Commission File No. 333-257991-08 and incorporated by

 4.17
 Primary Servicing Agreement, dated as of December 1,
2023, by and between Midland Loan Services, a Division of PNC Bank, National
Association, as Primary Servicer, and Wells Fargo Bank, National Association,
as Master Servicer (filed as Exhibit 99.5 to the registrant's Current Report
on Form 8-K filed on December 4, 2023 under Commission File No. 333-257991-08
and incorporated by reference herein).

 4.18
 Primary Servicing Agreement, dated as of August 1, 2023,
by and between Midland Loan Services, a Division of PNC Bank, National
Association, as Primary Servicer, and Wells Fargo Bank, National Association,
as Master Servicer (filed as Exhibit 99.6 to the registrant's Current Report on
Form 8-K filed on December 4, 2023 under Commission File No. 333-257991-08 and
incorporated by reference herein).

 Rule 13a-14(d)/15d-14(d) Certifications.

Reports on assessment of compliance with servicing criteria for asset-backed
securities.

 33.1
 Wells Fargo Bank, National Association, as Master
Servicer

 33.2

 33.3
as Trustee and Certificate Administrator

 33.4
as Custodian

 33.5
Advisor

 33.6
Participant

 33.7
National Association, as Primary Servicer

 33.8
National Association, as Primary Servicer of the Nvidia Santa Clara Mortgage
Loan (see Exhibit 33.7)

 33.9
of the Nvidia Santa Clara Mortgage Loan (see Exhibit 33.2)

 33.10
Computershare Trust Company, National Association, as Trustee of the Nvidia
Santa Clara Mortgage Loan (Omitted. See Explanatory Notes.)

 33.11
as Custodian of the Nvidia Santa Clara Mortgage Loan (see Exhibit 33.4)

 33.12
Advisor of the Nvidia Santa Clara Mortgage Loan (see Exhibit 33.5)

 33.13
Servicer of the McKesson Phase 2 Mortgage Loan (see Exhibit 33.1)

 33.14
CWCapital Asset Management LLC, as Special Servicer of the McKesson Phase 2

 33.15
Computershare Trust Company, National Association, as Trustee of the McKesson
Phase 2 Mortgage Loan (Omitted. See Explanatory Notes.)

 33.16
as Custodian of the McKesson Phase 2 Mortgage Loan (see Exhibit 33.4)

 33.17
of the McKesson Phase 2 Mortgage Loan

 33.18
Participant of the McKesson Phase 2 Mortgage Loan (see Exhibit 33.6)

 33.19
Servicer of the 1201 Third Avenue Mortgage Loan (see Exhibit 33.1)

 33.20
 LNR Partners, LLC, as Special Servicer of the 1201
Third Avenue Mortgage Loan

 33.21
Wilmington Trust, National Association, as Trustee of the 1201 Third Avenue

 33.22
as Custodian of the 1201 Third Avenue Mortgage Loan (see Exhibit 33.4)

 33.23
Advisor of the 1201 Third Avenue Mortgage Loan (see Exhibit 33.5)

 33.24
Participant of the 1201 Third Avenue Mortgage Loan (see Exhibit 33.6)

 33.25
Servicer of the 1825 K Street NW Mortgage Loan (see Exhibit 33.1)

 33.26
National Association, as Primary Servicer of the 1825 K Street NW Mortgage Loan
(see Exhibit 33.7)

 33.27
 LNR Partners, LLC, as Special Servicer of the 1825
K Street NW Mortgage Loan (see Exhibit 33.20)

 33.28
Wilmington Trust, National Association, as Trustee of the 1825 K Street NW

 33.29
as Custodian of the 1825 K Street NW Mortgage Loan (see Exhibit 33.4)

 33.30
Advisor of the 1825 K Street NW Mortgage Loan (see Exhibit 33.5)

 33.31
Participant of the 1825 K Street NW Mortgage Loan (see Exhibit 33.6)

 33.32
Servicer of the 11 West 42nd Street Mortgage Loan (see Exhibit 33.1)

 33.33
Servicer of the 11 West 42nd Street Mortgage Loan

 33.34
Computershare Trust Company, National Association, as Trustee of the 11 West
42nd Street Mortgage Loan (Omitted. See Explanatory Notes.)

 33.35
as Custodian of the 11 West 42nd Street Mortgage Loan (see Exhibit 33.4)

 33.36
of the 11 West 42nd Street Mortgage Loan (see Exhibit 33.17)

 33.37
Participant of the 11 West 42nd Street Mortgage Loan (see Exhibit 33.6)

 33.38
Servicer of the Short Pump Town Center Mortgage Loan (see Exhibit 33.1)

 33.39
Servicer of the Short Pump Town Center Mortgage Loan (see Exhibit 33.33)

 33.40
Computershare Trust Company, National Association, as Trustee of the Short Pump
Town Center Mortgage Loan (Omitted. See Explanatory Notes.)

 33.41
as Custodian of the Short Pump Town Center Mortgage Loan (see Exhibit 33.4)

 33.42
of the Short Pump Town Center Mortgage Loan (see Exhibit 33.17)

 33.43
 CoreLogic Solutions, LLC, as Servicing Function Participant
of the Short Pump Town Center Mortgage Loan (see Exhibit 33.6)

 33.44
 KeyBank National Association, as Primary Servicer
of the Westfarms Mortgage Loan (see Exhibit 33.2)

 33.45
Servicer of the Westfarms Mortgage Loan (see Exhibit 33.33)

 33.46
Wilmington Trust, National Association, as Trustee of the Westfarms Mortgage
Loan (Omitted. See Explanatory Notes.)

 33.47
as Custodian of the Westfarms Mortgage Loan (see Exhibit 33.4)

 33.48
 BellOak, LLC, as Operating Advisor of the
Westfarms Mortgage Loan

 33.49
National Association, as Primary Servicer of the Merit Hill Self Storage
Mortgage Loan (see Exhibit 33.7)

 33.50
K-Star Asset Management LLC, as Special Servicer of the Merit Hill Self Storage

 33.51
Computershare Trust Company, National Association, as Trustee of the Merit Hill
Self Storage Mortgage Loan (Omitted. See Explanatory Notes.)

 33.52
as Custodian of the Merit Hill Self Storage Mortgage Loan (see Exhibit 33.4)

 33.53
Advisor of the Merit Hill Self Storage Mortgage Loan (see Exhibit 33.5)

 33.54
National Association, as Primary Servicer of the Philadelphia Marriott Downtown
Mortgage Loan (see Exhibit 33.7)

 33.55
 LNR Partners, LLC, as Special Servicer of the
Philadelphia Marriott Downtown Mortgage Loan (see Exhibit 33.20)

 33.56
Computershare Trust Company, National Association, as Trustee of the
Philadelphia Marriott Downtown Mortgage Loan (Omitted. See Explanatory Notes.)

 33.57
as Custodian of the Philadelphia Marriott Downtown Mortgage Loan (see Exhibit
33.4)

 33.58
Advisor of the Philadelphia Marriott Downtown Mortgage Loan (see Exhibit 33.5)

 Attestation
reports on assessment of compliance with servicing criteria for asset-backed
securities.

 34.1
 Wells Fargo Bank, National Association, as Master
Servicer

 34.2

 34.3
as Trustee and Certificate Administrator

 34.4
as Custodian

 34.5
Advisor

 34.6
Participant

 34.7
National Association, as Primary Servicer

 34.8
National Association, as Primary Servicer of the Nvidia Santa Clara Mortgage
Loan (see Exhibit 34.7)

 34.9
of the Nvidia Santa Clara Mortgage Loan (see Exhibit 34.2)

 34.10
Computershare Trust Company, National Association, as Trustee of the Nvidia
Santa Clara Mortgage Loan (Omitted. See Explanatory Notes.)

 34.11
as Custodian of the Nvidia Santa Clara Mortgage Loan (see Exhibit 34.4)

 34.12
Advisor of the Nvidia Santa Clara Mortgage Loan (see Exhibit 34.5)

 34.13
Servicer of the McKesson Phase 2 Mortgage Loan (see Exhibit 34.1)

 34.14
CWCapital Asset Management LLC, as Special Servicer of the McKesson Phase 2

 34.15
Computershare Trust Company, National Association, as Trustee of the McKesson
Phase 2 Mortgage Loan (Omitted. See Explanatory Notes.)

 34.16
as Custodian of the McKesson Phase 2 Mortgage Loan (see Exhibit 34.4)

 34.17
of the McKesson Phase 2 Mortgage Loan

 34.18
Participant of the McKesson Phase 2 Mortgage Loan (see Exhibit 34.6)

 34.19
Servicer of the 1201 Third Avenue Mortgage Loan (see Exhibit 34.1)

 34.20
 LNR Partners, LLC, as Special Servicer of the 1201
Third Avenue Mortgage Loan

 34.21
Wilmington Trust, National Association, as Trustee of the 1201 Third Avenue

 34.22
as Custodian of the 1201 Third Avenue Mortgage Loan (see Exhibit 34.4)

 34.23
Advisor of the 1201 Third Avenue Mortgage Loan (see Exhibit 34.5)

 34.24
Participant of the 1201 Third Avenue Mortgage Loan (see Exhibit 34.6)

 34.25
Servicer of the 1825 K Street NW Mortgage Loan (see Exhibit 34.1)

 34.26
National Association, as Primary Servicer of the 1825 K Street NW Mortgage Loan
(see Exhibit 34.7)

 34.27
 LNR Partners, LLC, as Special Servicer of the 1825
K Street NW Mortgage Loan (see Exhibit 34.20)

 34.28
Wilmington Trust, National Association, as Trustee of the 1825 K Street NW

 34.29
as Custodian of the 1825 K Street NW Mortgage Loan (see Exhibit 34.4)

 34.30
Advisor of the 1825 K Street NW Mortgage Loan (see Exhibit 34.5)

 34.31
Participant of the 1825 K Street NW Mortgage Loan (see Exhibit 34.6)

 34.32
Servicer of the 11 West 42nd Street Mortgage Loan (see Exhibit 34.1)

 34.33
Servicer of the 11 West 42nd Street Mortgage Loan

 34.34
Computershare Trust Company, National Association, as Trustee of the 11 West
42nd Street Mortgage Loan (Omitted. See Explanatory Notes.)

 34.35
as Custodian of the 11 West 42nd Street Mortgage Loan (see Exhibit 34.4)

 34.36
of the 11 West 42nd Street Mortgage Loan (see Exhibit 34.17)

 34.37
Participant of the 11 West 42nd Street Mortgage Loan (see Exhibit 34.6)

 34.38
Servicer of the Short Pump Town Center Mortgage Loan (see Exhibit 34.1)

 34.39
Servicer of the Short Pump Town Center Mortgage Loan (see Exhibit 34.33)

 34.40
Computershare Trust Company, National Association, as Trustee of the Short Pump
Town Center Mortgage Loan (Omitted. See Explanatory Notes.)

 34.41
as Custodian of the Short Pump Town Center Mortgage Loan (see Exhibit 34.4)

 34.42
of the Short Pump Town Center Mortgage Loan (see Exhibit 34.17)

 34.43
Participant of the Short Pump Town Center Mortgage Loan (see Exhibit 34.6)

 34.44
 KeyBank National Association, as Primary Servicer
of the Westfarms Mortgage Loan (see Exhibit 34.2)

 34.45
Servicer of the Westfarms Mortgage Loan (see Exhibit 34.33)

 34.46
Wilmington Trust, National Association, as Trustee of the Westfarms Mortgage
Loan (Omitted. See Explanatory Notes.)

 34.47
as Custodian of the Westfarms Mortgage Loan (see Exhibit 34.4)

 34.48
 BellOak, LLC, as Operating Advisor of the
Westfarms Mortgage Loan

 34.49
National Association, as Primary Servicer of the Merit Hill Self Storage
Mortgage Loan (see Exhibit 34.7)

 34.50
K-Star Asset Management LLC, as Special Servicer of the Merit Hill Self Storage

 34.51
Computershare Trust Company, National Association, as Trustee of the Merit Hill
Self Storage Mortgage Loan (Omitted. See Explanatory Notes.)

 34.52
as Custodian of the Merit Hill Self Storage Mortgage Loan (see Exhibit 34.4)

 34.53
Advisor of the Merit Hill Self Storage Mortgage Loan (see Exhibit 34.5)

 34.54
National Association, as Primary Servicer of the Philadelphia Marriott Downtown
Mortgage Loan (see Exhibit 34.7)

 34.55
 LNR Partners, LLC, as Special Servicer of the
Philadelphia Marriott Downtown Mortgage Loan (see Exhibit 34.20)

 34.56
Computershare Trust Company, National Association, as Trustee of the
Philadelphia Marriott Downtown Mortgage Loan (Omitted. See Explanatory Notes.)

 34.57
as Custodian of the Philadelphia Marriott Downtown Mortgage Loan (see Exhibit
34.4)

 34.58
Advisor of the Philadelphia Marriott Downtown Mortgage Loan (see Exhibit 34.5)

Servicer compliance statements.

 35.1
 Wells Fargo Bank, National Association, as Master
Servicer

 35.2

 35.3
as Certificate Administrator

 35.4
National Association, as Primary Servicer

 35.5
National Association, as Primary Servicer of the Nvidia Santa Clara Mortgage
Loan (see Exhibit 35.4)

 35.6
of the Nvidia Santa Clara Mortgage Loan (see Exhibit 35.2)

 35.7
Servicer of the McKesson Phase 2 Mortgage Loan (see Exhibit 35.1)

 35.8
CWCapital Asset Management LLC, as Special Servicer of the McKesson Phase 2

 35.9
Servicer of the 1201 Third Avenue Mortgage Loan (see Exhibit 35.1)

 35.10
LNR Partners, LLC, as Special Servicer of the 1201 Third Avenue Mortgage Loan
(Omitted. See Explanatory Notes.)

 35.11
Servicer of the 1825 K Street NW Mortgage Loan (see Exhibit 35.1)

 35.12
National Association, as Primary Servicer of the 1825 K Street NW Mortgage Loan
(see Exhibit 35.4)

 35.13
LNR Partners, LLC, as Special Servicer of the 1825 K Street NW Mortgage Loan
(Omitted. See Explanatory Notes.)

 35.14
Servicer of the 11 West 42nd Street Mortgage Loan (see Exhibit 35.1)

 35.15
Servicer of the 11 West 42nd Street Mortgage Loan

 35.16
Servicer of the Short Pump Town Center Mortgage Loan (see Exhibit 35.1)

 35.17
Servicer of the Short Pump Town Center Mortgage Loan (see Exhibit 35.15)

 35.18
 KeyBank National Association, as Primary Servicer
of the Westfarms Mortgage Loan (see Exhibit 35.2)

 35.19
Servicer of the Westfarms Mortgage Loan (see Exhibit 35.15)

 35.20
National Association, as Primary Servicer of the Merit Hill Self Storage
Mortgage Loan (see Exhibit 35.4)

 35.21
K-Star Asset Management LLC, as Special Servicer of the Merit Hill Self Storage

 35.22
National Association, as Primary Servicer of the Philadelphia Marriott Downtown
Mortgage Loan (see Exhibit 35.4)

 35.23
LNR Partners, LLC, as Special Servicer of the Philadelphia Marriott Downtown

 99.1
 Mortgage Loan Purchase Agreement, dated as of November
30, 2023, between Wells Fargo Bank, National Association and Wells Fargo
Commercial Mortgage Securities, Inc. (filed as Exhibit 99.1 to the registrant's
Current Report on Form 8-K filed on December 4, 2023 under Commission File No.
333-257991-08 and incorporated by reference herein).

 99.2
 Mortgage Loan Purchase Agreement, dated as of November
30, 2023, between Morgan Stanley Mortgage Capital Holdings LLC and Wells Fargo
Commercial Mortgage Securities, Inc. (filed as Exhibit 99.2 to the registrant's
Current Report on Form 8-K filed on December 4, 2023 under Commission File No.
333-257991-08 and incorporated by reference herein).

 99.3
 Mortgage Loan Purchase Agreement, dated as of November
30, 2023, between Bank of America, National Association and Wells Fargo
Commercial Mortgage Securities, Inc. (filed as Exhibit 99.3 to the registrant's
Current Report on Form 8-K filed on December 4, 2023 under Commission File No.
333-257991-08 and incorporated by reference herein).

 99.4
 Mortgage Loan Purchase Agreement, dated as of November
30, 2023, between JPMorgan Chase Bank, National Association and Wells Fargo
Commercial Mortgage Securities, Inc. (filed as Exhibit 99.4 to the registrant's
Current Report on Form 8-K filed on December 4, 2023 under Commission File No.
333-257991-08 and incorporated by reference herein).

 (b) The exhibits required to be filed by the
Registrant pursuant to Item 601 of Regulation S-K are listed above.

 (c) Not Applicable.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.

 Wells Fargo Commercial Mortgage
Securities, Inc.

(Depositor)

 /s/ Anthony
Sfarra

 Anthony
Sfarra, President

 (senior officer in charge of
securitization of the depositor)

 Date: March 13, 2025


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 (Mark One)

 x ANNUAL REPORT PURSUANT TO SECTION
13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024

or

 o TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from _____ to _____

Commission file number of the issuing entity: 333-206677-05

 Central Index Key Number of the issuing entity:
0001672587

 Wells Fargo Commercial Mortgage
Trust 2016-C34

 (exact name of the issuing entity as specified in its
charter)

 Central Index Key Number of the depositor: 0000850779

 Wells Fargo Commercial Mortgage
Securities, Inc.

 (exact name of the depositor as specified in its
charter)

 Central Index Key Number of the sponsor: 0000740906

 Wells Fargo Bank, National
Association

 Central Index Key Number of the sponsor: 0001542256

 Natixis Real Estate Capital LLC

 Central Index Key Number of the sponsor: 0001592182

 LMF Commercial, LLC

 (formerly known as Rialto
Mortgage Finance, LLC)

 Central Index Key Number of the sponsor: 0001624053

 Argentic Real Estate Finance LLC

 (formerly known as
Silverpeak Real Estate Finance LLC)

 Central Index Key Number of the sponsor: 0001542105

 Basis Real Estate Capital II, LLC

 New York

 (State or other jurisdiction of

 incorporation or organization of

 the issuing entity)

 38-3991361

 38-3991362

 38-7145095

 (I.R.S. Employer

 Identification Numbers)

c/o Computershare Trust Company, National Association, as agent for

 Wells Fargo Bank, National Association

 as Certificate Administrator

 9062 Old Annapolis Road

 Columbia, MD

 (Address of principal
executive offices of the issuing entity)

 21045

 (Zip Code)

 Registrant's telephone number,
including area code:

 (704) 374-6161

 Securities registered pursuant to Section 12(b) of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 None

 Securities registered pursuant to Section 12(g) of the
Act: None.

 Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act. o Yes
No

 Indicate by check mark if the registrant is not required to
file reports pursuant to Section 13 or Section 15(d) of the Act. o Yes
No

 Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes o No

 Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was
required to submit such files).

 Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
reporting company, or an emerging growth company. See the definitions of "large
accelerated filer," "accelerated filer," "smaller reporting company," and
"emerging growth company" in Rule 12b-2 of the Exchange Act.

 Large accelerated
filer o
Accelerated
filer
o

 Non-accelerated
filer

Smaller reporting
company
o

Emerging growth
company
o

 If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. o

 Indicate by check mark whether the registrant has filed a
report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the
Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm
that prepared or issued its audit report. o

 If securities are registered pursuant to Section 12(b) of the
Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued
financial statements. o

 Indicate by check mark whether any of those error corrections
are restatements that required a recovery analysis of incentive-based
compensation received by any of the registrant's executive officers during the
relevant recovery period pursuant to §240.10D-1(b). o

 Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Act). o Yes No

 State the aggregate market value of the voting and non-voting
common equity held by non-affiliates computed by reference to the price at
which the common equity was last sold, or the average bid and asked price of
such common equity, as of the last business day of the registrant's most
recently completed second fiscal quarter.

 Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities
under a plan confirmed by a court. o
Yes o
No

 Indicate the number of shares outstanding of each of the
registrant's classes of common stock, as of the latest practicable date.

 DOCUMENTS INCORPORATED BY REFERENCE

 List hereunder the following documents if incorporated by
reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into
which the document is incorporated: (1) Any annual report to security holders;
(2) Any proxy or information statement; and (3) Any prospectus filed pursuant
to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents
should be clearly described for identification purposes (e.g., annual report to
security holders for fiscal year ended December 24, 1980).

 EXPLANATORY NOTES

 The Regent Portfolio Mortgage Loan, which
constituted approximately 9.96% of the asset pool of the issuing entity as of
its cut-off date, is an asset of the issuing entity and is part of a loan
combination that includes the Regent Portfolio Mortgage Loan and one other pari
passu loan, which is not an asset of the issuing entity. This loan combination,
including the Regent Portfolio Mortgage Loan, is being serviced and
administered pursuant to the Pooling and Servicing Agreement, which is
incorporated by reference as Exhibit 4.1 to this Annual Report on Form 10-K.

 The Exhibit Index describes
exhibits provided by certain parties (in their capacities indicated on the
Exhibit Index) with respect to the Marriott Monterey Mortgage Loan, which
constituted approximately 4.3% of the asset pool of the issuing entity as of its
cut-off date. The Marriott Monterey Mortgage Loan is an asset of the
issuing entity and is part of a loan combination that includes the Marriott
Monterey Mortgage Loan and one other pari passu loan, which is not an
asset of the issuing entity. The other pari passu portion of the loan
combination was securitized in the Citigroup Commercial Mortgage Trust 2016-P3
transaction, Commission File Number 333-207132-02 (the " CGCMT 2016-P3
Transaction "). This loan combination, including the Marriott Monterey
Mortgage Loan, is being serviced and administered pursuant to the pooling and
servicing agreement for the CGCMT 2016-P3 Transaction, which is incorporated by
reference as Exhibit 4.2 to this Annual Report on Form 10-K.

 The master servicer of a pooling
and servicing agreement or trust and servicing agreement also functions as the
primary servicer of the related mortgage loans serviced and administered
pursuant to such agreement unless a separate primary servicer is identified
herein. If this report does not identify a separate primary servicer, the
servicer compliance statement provided by the master servicer under any such
agreement also encompasses its responsibilities as primary servicer of the
related mortgage loan or mortgage loans.

 Wells Fargo Bank, National
Association is the master servicer and certificate administrator of the
mortgage loans serviced under the Pooling and Servicing Agreement and the
primary servicer of the Marriott Monterey Mortgage Loan. As a result, Wells
Fargo Bank, National Association is a "servicer" as defined in Item
1108(a)(2)(iii) of Regulation AB, in the capacities described above, because it
is servicing mortgage loans that constituted 10% or more of the assets of the
issuing entity as of its cut-off date. The assessments of compliance with
applicable servicing criteria, accountants' attestation reports and servicer
compliance statements delivered by Wells Fargo Bank, National Association in
the capacities described above are listed in the Exhibit Index.

 Wilmington Trust, National
Association acts as trustee of the mortgage loans serviced under the
Pooling and Servicing Agreement and the Marriott Monterey Mortgage Loan.
Pursuant to the Pooling and Servicing Agreement and the pooling and servicing
agreement for the CGCMT 2016-P3 Transaction, the trustee is required to provide
an assessment of compliance with applicable servicing criteria solely with
respect to Item 1122(d)(2)(iii) of Regulation AB (regarding advances of funds
or guarantees regarding collections, cash flows or distributions, and any
interest or other fees charged for such advances, are made, reviewed and
approved as specified in the transaction agreements). However, during the
reporting period, the trustee did not perform any servicing function with
respect to the servicing criteria specified in Item 1122(d)(2)(iii) of
Regulation AB. The master servicer or the special servicer, to the extent
required, performed the servicing function identified with respect to Item
1122(d)(2)(iii) of Regulation AB, and each such party included Item
1122(d)(2)(iii) of Regulation AB in the assessment of compliance with
applicable servicing criteria and accountant's attestation report for the
subject transaction. As a result, this Annual Report on Form 10-K does
not include an assessment of compliance with applicable servicing criteria of
the trustee. One or more other servicers of the mortgage loans serviced
under the Pooling and Servicing Agreement and the Marriott Monterey Mortgage
Loan have delivered one or more assessments of compliance with respect to Item
1122(d)(2)(iii) of Regulation AB.

 This Annual Report on Form 10-K
includes assessments of compliance with applicable servicing criteria and
accountants' attestation reports from CoreLogic Solutions, LLC. This
entity was engaged by the master servicer under the Pooling and Servicing
Agreement and the primary servicer of the Marriott Monterey Mortgage Loan to
remit tax payments received from the escrow accounts of borrowers to local
taxing authorities, to report tax amounts due, to verify tax parcel
information, and to verify non-escrow tax payments. These servicing functions
are included within the servicing criteria set forth in Item 1122(d)(4)(xi) of
Regulation AB. Therefore, under the principles-based definition of
"servicer" set forth in Item 1101(j) of Regulation AB that looks to the
functions that an entity performs, this vendor is a "servicer" for the purposes
of Item 1122 of Regulation AB. See Compliance and Disclosure
Interpretations, Section 301.01 (Item 1101(j)).

 This Annual
Report on Form 10-K includes an assessment of compliance with applicable
servicing criteria, accountants' attestation report and servicer compliance
statement from Computershare Trust Company, National Association (" CTCNA ").
CTCNA was engaged by Wells Fargo Bank, National Association (" Wells Fargo "),
in its capacity as certificate administrator and custodian, to perform certain
specified servicing functions identified in the assessment of compliance with
applicable servicing criteria and accountants' attestation reports. Wells
Fargo engaged CTCNA in connection with the sale of Wells Fargo's corporate
trust services business to CTCNA and its affiliates. Further, under the
principles-based definition of "servicer" set forth in Item 1101(j) of
Regulation AB that looks to the functions that an entity performs, this party
is a "servicer" for the purposes of Item 1123 of Regulation AB. See
Compliance and Disclosure Interpretations, Section 301.01 (Item 1101(j)).

 The assessment of compliance with
applicable servicing criteria, accountants' attestation report and servicer
compliance statement of the certificate administrator of the Marriott Monterey
Mortgage Loan is omitted from this Annual Report on Form 10-K as the
certificate administrator pursuant to the related pooling and servicing
agreement or trust and servicing agreement does not perform any activities that
address servicing criteria with respect to the issuing entity and because it is
not a "servicer" that meets the criteria in Item 1108(a)(2)(i) through (iii) of
Regulation AB.

 With respect to the pari passu
loan combination that includes the Marriott Monterey Mortgage Loan, (i) the
reports on assessment of compliance with servicing criteria and attestation
reports on assessment of compliance with servicing criteria of Greystone
Servicing Company LLC (as successor to C-III Asset Management LLC) as special
servicer of the Marriott Monterey Mortgage Loan, Citibank, N.A. as custodian of
the Marriott Monterey Mortgage Loan and Park Bridge Lender Services LLC as
operating advisor of the Marriott Monterey Mortgage Loan, listed on the Exhibit
Index are omitted from this Annual Report on Form 10-K as they are not required
to be included on this Annual Report on Form 10-K per Instruction 3 to Item
1122 of Regulation AB because they are parties performing activities that
address servicing criteria relating to 5% or less of the assets of the issuing
entity; and (ii) the servicer compliance statement of Greystone Servicing
Company LLC (as successor to C-III Asset Management LLC) as special servicer of
the Marriott Monterey Mortgage Loan, listed on the Exhibit Index is omitted
from this Annual Report on Form 10-K as it is not required by Item 1123 of
Regulation AB to be included on this Annual Report on Form 10-K because it is
an unaffiliated party that is not a "servicer" that meets the criteria in Item
1108(a)(2)(i) through (iii) of Regulation AB.

 Item 1. Business.

 Item 1A. Risk Factors.

 Item 1B. Unresolved Staff Comments.

 None.

 Item 1C. Cybersecurity.

 Item 2. Properties.

 Item 3. Legal Proceedings.

 Item 4. Mine Safety Disclosures.

 Item 5. Market for Registrant's Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities.

 Item 6.

 [Reserved]

 Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations.

 Item 7A. Quantitative and Qualitative Disclosures
About Market Risk.

 Item 8. Financial Statements and Supplementary Data.

 Item 9. Changes in and Disagreements With
Accountants on Accounting and Financial Disclosure.

 Item 9A. Controls and Procedures.

 Item 9B. Other Information.

 None.

 Item 9C. Disclosure Regarding Foreign Jurisdictions
that Prevent Inspections.

 None.

 Item 10. Directors, Executive Officers and Corporate
Governance.

 Item 11. Executive Compensation.

 Item 12. Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters.

 Item 13. Certain Relationships and Related
Transactions, and Director Independence.

 Item 14. Principal Accountant Fees and Services.

 ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB

 Item 1112(b) of Regulation AB, Significant Obligor
Financial Information.

 No single obligor represents 10% or more of the pool assets
held by the issuing entity.

 Item 1114(b)(2) of Regulation AB, Significant Enhancement
Provider Financial Information.

 No entity or group of affiliated entities provides any external credit
enhancement or other support for the certificates within this transaction as
described under Item 1114(a) of Regulation AB.

 Item 1115(b) of Regulation AB, Certain Derivatives
Instruments (Financial Information).

 No entity or group of affiliated entities provides any
derivative instruments or other support for the certificates within this
transaction as described under Item 1115 of Regulation AB.

 Item 1117 of Regulation AB, Legal Proceedings.

 The registrant knows of no material pending legal proceeding
involving the trust or any party related to the trust, other than routine
litigation incidental to the duties of those respective parties, and the
following, with respect to Wells Fargo Bank, National Association, as
Certificate Administrator and Custodian.

 In December 2014, Phoenix Light SF Limited (Phoenix Light)
and certain related entities filed a complaint in the United States District
Court for the Southern District of New York alleging claims against Wells Fargo
Bank, N.A., in its capacity as trustee for a number of residential
mortgage-backed securities (RMBS) trusts. Complaints raising similar
allegations have been filed by Commerzbank AG in the Southern District of New
York, IKB International and IKB Deutsche Industriebank (together, IKB) in New York
state court, and Park Royal I LLC and Park Royal II LLC in New York state
court. In each case, the plaintiffs allege that Wells Fargo Bank, N.A., as
trustee, caused losses to investors, and plaintiffs assert causes of action
based upon, among other things, the trustee's alleged failure to notify and
enforce repurchase obligations of mortgage loan sellers for purported breaches
of representations and warranties, notify investors of alleged events of
default, and abide by appropriate standards of care following alleged events of
default. In July 2022, the district court dismissed Phoenix Light's claims and
certain of the claims asserted by Commerzbank AG, and subsequently entered
judgment in each case in favor of Wells Fargo Bank, N.A. In August 2022, Phoenix
Light and Commerzbank AG each appealed the district court's decision to the
United States Court of Appeals for the Second Circuit. Phoenix Light dismissed
its appeal in May 2023, terminating its case. In October 2024, the Second
Circuit denied Commerzbank AG's appeal. In November 2023, Wells Fargo Bank,
N.A. entered into an agreement with IKB to resolve IKB's claims. Wells Fargo
Bank, N.A. previously settled two class actions filed by institutional
investors and an action filed by the National Credit Union Administration with
similar allegations..

 Item 1119 of Regulation AB, Affiliations and Certain
Relationships and Related Transactions.

 The information regarding this Item has been previously
provided in the prospectus of the Registrant relating to the issuing entity
filed on May 24, 2016 pursuant to Rule 424(b)(2).

 Item 1122 of Regulation AB, Compliance with Applicable
Servicing Criteria.

 The reports on assessments of compliance with the servicing
criteria for asset-backed securities and related attestation reports on such
assessments of compliance with respect to the mortgage loans are attached
hereto under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit AA
to the Pooling and Servicing Agreement incorporated by reference as Exhibit 4.1
to this Annual Report on Form 10-K is a chart identifying the entities
participating in a servicing function for the transaction responsible for each
applicable servicing criteria set forth in Item 1122(d).

 The reports on assessments of compliance with the servicing
criteria for asset-backed securities and related attestation reports on such
assessments of compliance with respect to the Marriott Monterey Mortgage Loan,
which is being serviced and administered pursuant to the pooling and servicing
agreement for the CGCMT 2016-P3 Transaction, are attached hereto under Item 15
to this Annual Report on Form 10-K. Attached as Exhibit O to the pooling and
servicing agreement for the CGCMT 2016-P3 Transaction incorporated by reference
as Exhibit 4.2 to this Annual Report on Form 10-K is a chart identifying the
entities participating in a servicing function for the CGCMT 2016-P3
Transaction responsible for each applicable servicing criteria set forth in
Item 1122(d).

 Item 1123 of Regulation AB, Servicer Compliance Statement.

 The servicer compliance statements are attached as Exhibits
to this Annual Report on Form 10-K.

 Item 15. Exhibits and Financial Statement Schedules

 (a) The following is a list of documents filed as part of
this Annual Report on Form 10-K:

 (1) Not applicable

 (2) Not applicable

 (3) See below

 4.1
 Pooling
and Servicing Agreement, dated as of May 1, 2016, by and among Wells Fargo
Commercial Mortgage Securities, Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, LNR Partners, LLC, as Special Servicer, Wells
Fargo Bank, National Association, as Certificate Administrator, Wilmington
Trust, National Association, as Trustee, and Pentalpha Surveillance LLC, as
Operating Advisor and Asset Representations Reviewer (filed as Exhibit 4.1 to
the registrant's Current Report on Form 8-K/A filed on July 14, 2016 under
Commission File No. 333-206677-05 and incorporated by reference herein).

 4.2
 Pooling
and Servicing Agreement, dated as of April 1, 2016, by and among Citigroup
Commercial Mortgage Securities Inc., as Depositor, Wells Fargo Bank, National
Association, as Master Servicer, C-III Asset Management LLC, as Special
Servicer, Citibank, N.A., as Certificate Administrator and Custodian,
Wilmington Trust, National Association, as Trustee, and Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer (filed as
Exhibit 99.6 to the registrant's Current Report on Form 8-K filed on May 24,
2016 under Commission File No. 333-206677-05 and incorporated by reference
herein).

 4.3
 Co-Lender
Agreement, dated as of May 24, 2016, by and among Natixis Real Estate Capital LLC, as Note A-1 Holder and Note A-2 Holder
(filed as Exhibit 99.8 to the registrant's Current Report on Form 8-K filed on
May 24, 2016 under Commission File No. 333-206677-05 and incorporated by
reference herein.

 4.4
 Co-Lender
Agreement, dated as of May 6, 2016, by and among Natixis Real Estate Capital LLC, as Senior Note Holder and Junior Note
Holder (filed as Exhibit 99.9 to the registrant's Current Report on Form 8-K
filed on May 24, 2016 under Commission File No. 333-206677-05 and
incorporated by reference herein.

 4.5
 Co-Lender
Agreement, dated as of April 13, 2016, by and among Natixis Real Estate Capital LLC, as Note A-1 Holder and Note A-2 Holder
(filed as Exhibit 99.7 to the registrant's Current Report on Form 8-K filed on
May 24, 2016 under Commission File No. 333-206677-05 and
incorporated by reference herein.

 Rule 13a-14(d)/15d-14(d) Certifications.

Reports on assessment of compliance with servicing criteria for asset-backed
securities.

 33.1
 Wells Fargo Bank, National Association, as Master
Servicer

 33.2
 LNR Partners, LLC, as Special Servicer

 33.3
Wilmington Trust, National Association, as Trustee (Omitted. See Explanatory
Notes.)

 33.4
Certificate Administrator

 33.5
Custodian

 33.6
 Pentalpha Surveillance LLC, as Operating Advisor

 33.7
Participant

 33.8
as Servicing Function Participant for the Certificate Administrator

 33.9
as Servicing Function Participant for the Custodian

 33.10
Servicer of the Regent Portfolio Mortgage Loan (see Exhibit 33.1)

 33.11
 LNR Partners, LLC, as Special Servicer of the
Regent Portfolio Mortgage Loan (see Exhibit 33.2)

 33.12
Wilmington Trust, National Association, as Trustee of the Regent Portfolio

 33.13
Custodian of the Regent Portfolio Mortgage Loan (see Exhibit 33.5)

 33.14
 Pentalpha Surveillance LLC, as Operating Advisor of
the Regent Portfolio Mortgage Loan (see Exhibit 33.6)

 33.15
Participant of the Regent Portfolio Mortgage Loan (see Exhibit 33.7)

 33.16
 Computershare Trust Company, National Association, as
Servicing Function Participant for the Custodian (see Exhibit 33.9)

 33.17
Servicer of the Marriott Monterey Mortgage Loan (see Exhibit 33.1)

 33.18
Greystone Servicing Company LLC (as successor to C-III Asset Management LLC),
as Special Servicer of the Marriott Monterey Mortgage Loan (Omitted. See
Explanatory Notes.)

 33.19
Wilmington Trust, National Association, as Trustee of the Marriott Monterey

 33.20
Citibank, N.A., as Custodian of the Marriott Monterey Mortgage Loan (Omitted.
See Explanatory Notes.)

 33.21
Park Bridge Lender Services LLC, as Operating Advisor of the Marriott Monterey

 33.22
Participant of the Marriott Monterey Mortgage Loan (see Exhibit 33.7)

Attestation reports on assessment of compliance with servicing criteria for
asset-backed securities.

 34.1
 Wells Fargo Bank, National Association, as Master
Servicer

 34.2
 LNR Partners, LLC, as Special Servicer

 34.3
Wilmington Trust, National Association, as Trustee (Omitted. See Explanatory
Notes.)

 34.4
Certificate Administrator

 34.5
Custodian

 34.6
 Pentalpha Surveillance LLC, as Operating Advisor

 34.7
Participant

 34.8
as Servicing Function Participant for the Certificate Administrator

 34.9
as Servicing Function Participant for the Custodian

 34.10
Servicer of the Regent Portfolio Mortgage Loan (see Exhibit 34.1)

 34.11
 LNR Partners, LLC, as Special Servicer of the
Regent Portfolio Mortgage Loan (see Exhibit 34.2)

 34.12
Wilmington Trust, National Association, as Trustee of the Regent Portfolio

 34.13
Custodian of the Regent Portfolio Mortgage Loan (see Exhibit 34.5)

 34.14
 Pentalpha Surveillance LLC, as Operating Advisor of
the Regent Portfolio Mortgage Loan (see Exhibit 34.6)

 34.15
Participant of the Regent Portfolio Mortgage Loan (see Exhibit 34.7)

 34.16
as Servicing Function Participant for the Custodian (see Exhibit 34.9)

 34.17
Servicer of the Marriott Monterey Mortgage Loan (see Exhibit 34.1)

 34.18
Greystone Servicing Company LLC (as successor to C-III Asset Management LLC),
as Special Servicer of the Marriott Monterey Mortgage Loan (Omitted. See
Explanatory Notes.)

 34.19
Wilmington Trust, National Association, as Trustee of the Marriott Monterey

 34.20
Citibank, N.A., as Custodian of the Marriott Monterey Mortgage Loan (Omitted.
See Explanatory Notes.)

 34.21
Park Bridge Lender Services LLC, as Operating Advisor of the Marriott Monterey

 34.22
Participant of the Marriott Monterey Mortgage Loan (see Exhibit 34.7)

Servicer compliance statements.

 35.1
 Wells Fargo Bank, National Association, as Master
Servicer

 35.2
 LNR Partners, LLC, as Special Servicer

 35.3
Certificate Administrator

 35.4
as Servicing Function Participant for the Certificate Administrator

 35.5
Servicer of the Regent Portfolio Mortgage Loan (see Exhibit 35.1)

 35.6
 LNR Partners, LLC, as Special Servicer of the
Regent Portfolio Mortgage Loan (see Exhibit 35.2)

 35.7
Servicer of the Marriott Monterey Mortgage Loan (see Exhibit 35.1)

 35.8
Greystone Servicing Company LLC (as successor to C-III Asset Management LLC),
as Special Servicer of the Marriott Monterey Mortgage Loan (Omitted. See
Explanatory Notes.)

 99.1
Loan Purchase Agreement, dated as of May 10, 2016, between Wells Fargo
Commercial Mortgage Securities, Inc. and Wells Fargo Bank, National Association
(filed as Exhibit 99.1 to the registrant's Current Report on Form 8-K/A filed
on July 14, 2016 under Commission File No. 333-206677-05 and incorporated by
reference herein)

 99.2
Loan Purchase Agreement, dated as of May 10, 2016, between Wells Fargo Commercial
Mortgage Securities, Inc. and Natixis Real Estate Capital LLC (filed as Exhibit
99.2 to the registrant's Current Report on Form 8-K/A filed on July 14, 2016
under Commission File No. 333-206677-05 and incorporated by reference herein)

 99.3
Loan Purchase Agreement, dated as of May 10, 2016, between Wells Fargo
Commercial Mortgage Securities, Inc. and Rialto Mortgage Finance, LLC (filed as
Exhibit 99.3 to the registrant's Current Report on Form 8-K/A filed on July 14,
2016 under Commission File No. 333-206677-05 and incorporated by reference
herein)

 99.4
Loan Purchase Agreement, dated as of May 10, 2016, between Wells Fargo
Commercial Mortgage Securities, Inc. and Silverpeak Real Estate Finance LLC
(filed as Exhibit 99.4 to the registrant's Current Report on Form 8-K/A filed
on July 14, 2016 under Commission File No. 333-206677-05 and incorporated by
reference herein)

 99.5
Loan Purchase Agreement, dated as of May 10, 2016, among Wells Fargo Commercial
Mortgage Securities, Inc., Basis Real Estate Capital II, LLC and Basis
Investment Group LLC (filed as Exhibit 99.5 to the registrant's Current Report
on Form 8-K/A filed on July 14, 2016 under Commission File No. 333-206677-05
and incorporated by reference herein)

 (b) The exhibits required to be filed by the
Registrant pursuant to Item 601 of Regulation S-K are listed above.

 (c) Not Applicable.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

 Wells Fargo Commercial Mortgage
Securities, Inc.

(Depositor)

 /s/ Anthony
Sfarra

 Anthony
Sfarra, President

 (senior officer in charge of
securitization of the depositor)

 Date: March 13, 2025