Wells Fargo Commercial Mortgage Trust 2025-C65

Tranches, pool and monthly delinquency indicator for Wells Fargo Commercial Mortgage Trust 2025-C65.

Data as of loan data through September 2026; ratings as held in the dataset at build

Current pool balance: $688.9M (October 2025)
Original pool balance: $688.9M
Loans at issuance: 23
Closing date: 2025-10-16
Weighted average coupon at issuance: 6.33%
Weighted average LTV at issuance: 38.6%
30+ delinquent (latest): 0.00%
Realized stress score: 4.8
Net rating change since issuance: +0.00 notches

Tranches

Class	Original balance	Credit support (computed)	Coupon	CUSIP	Fitch	KBRA	S&P	Moody's	DBRS
A-1	$7.5M	98.92%	4.287% fixed	95004WAA3	not yet reported	AAA	not yet reported	Aaa	not yet reported
A-4	$116.0M	82.07%	4.999% fixed	95004WAC9	not yet reported	AAA	not yet reported	Aaa	not yet reported
A-5	$349.2M	31.39%	5.292% fixed	95004WAD7	not yet reported	AAA	not yet reported	Aaa	not yet reported
A-S	$67.2M	21.64%	5.666% floating (WAC)	95004WAG0	not yet reported	AAA	not yet reported	Aa3	not yet reported
A-SB	$9.5M	20.25%	5.173% fixed	95004WAB1	not yet reported	AAA	not yet reported	Aaa	not yet reported
B	$36.2M	15.00%	5.967% floating (WAC)	95004WAH8	not yet reported	AA	not yet reported	not yet reported	not yet reported
C	$28.4M	10.88%	6.014% floating (WAC)	95004WAJ4	not yet reported	A-	not yet reported	not yet reported	not yet reported
D	$22.4M	7.63%	4.000% fixed	95004WAP0	not yet reported	BBB	not yet reported	not yet reported	not yet reported
E	$15.5M	5.38%	4.000% fixed	95004WAR6	not yet reported	BB+	not yet reported	not yet reported	not yet reported
F-RR	$10.3M	3.88%	6.517% floating (WAC)	95004WAT2	not yet reported	B+	not yet reported	not yet reported	not yet reported
G-RR	$26.7M	0.00%	6.517% floating (WAC)	95004WAV7	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
R	not yet reported	not yet reported	not yet reported	95004WAX3	not yet reported	not yet reported	not yet reported	not yet reported	not yet reported
X-A	$482.2M	Interest only	1.313% floating	95004WAE5	not yet reported	AAA	not yet reported	Aaa	not yet reported
X-B	$131.7M	Interest only	0.693% floating	95004WAF2	not yet reported	AAA	not yet reported	not yet reported	not yet reported
X-D	$22.4M	Interest only	2.517% floating	95004WAK1	not yet reported	BBB	not yet reported	not yet reported	not yet reported
X-E	$15.5M	Interest only	2.517% floating	95004WAM7	not yet reported	BB+	not yet reported	not yet reported	not yet reported

Credit support is computed from the class stack order in the prospectus: the share of the deal's principal balance in classes junior to the class. Interest-only classes carry a notional balance and no principal support figure. Ratings are the latest held in the dataset for each class and agency; NR means the agency shows the class as not rated, WR that the rating was withdrawn, PIF that the class has been paid in full. Any other status value is shown exactly as the agency reports it. A + after a CUSIP marks a class with companion CUSIPs in the dataset.

Pool at issuance

Loans	23
Original loan balance	$689.2M
Weighted average coupon	6.33%
Weighted average LTV	38.6%
Median loan LTV	53.7%
Full-term interest only (share of balance)	82.9%
Balloon loans (share of balance)	100.0%
Largest loan (share of balance)	9.4%
Five largest loans (share of balance)	43.2%
Occupancy at issuance (weighted average)	90.6%

Realized outcomes

Months reported	1
Peak 30+ delinquency	0.00% (October 2025)
Ever severe (share of original balance)	0.00%
Ever modified (share of original balance)	0.00%
Past scheduled maturity (share of original balance)	0.00%
Non-performing matured (share of original balance)	0.00%
Maximum servicer advances (share of balance)	0.00%
Median DSCR, first year	1.77
Median DSCR, latest	1.77
Realized stress score	4.8

Property types

Property type	Original balance	Share of pool
Retail	$271.3M	39.4%
Office	$135.6M	19.7%
Lodging	$84.5M	12.3%
Mixed use	$66.1M	9.6%
Industrial	$41.0M	5.9%
Multifamily	$35.3M	5.1%
Other (code 98)	$10.0M	1.5%
Self storage	$7.3M	1.1%

Property type is reported for 94.5% of the pool balance; shares are of the full pool.

Largest loans

Property	Location	Original balance	Share of pool	Coupon	Originated
512 West 22nd Street	New York, NY	$65.0M	9.4%	6.64%	2025
Market Place Center	Irvine, CA	$60.0M	8.7%	5.55%	2025
4 Union Square South	New York, NY	$60.0M	8.7%	5.64%	2025
BioMed MIT Portfolio	Cambridge, MA	$57.5M	8.3%	5.89%	2025
Coastal Equities Portfolio	not yet reported	$55.0M	8.0%	6.35%	2025

Delinquency and stress indicator

▬ 30+ days delinquent · ▬ Distressed (90+, foreclosure, REO, non-performing matured)

Monthly shares of the deal's reported balance, from the deal indicator series in the dataset. Months in which fewer than half of the reported loans carry a delinquency status code are not plotted.

Ratings

Classes with a CUSIP	16 of 16
Classes with a current rating in the dataset	14 of 16
Net rating change since issuance	+0.00 notches (balance-weighted)
Delinquency threshold crossed	Not crossed in the dataset
First downgrade	None recorded

Sources: SEC Form ABS-EE asset-level reports, Form 10-D distribution reports and the deal prospectus; rating histories published under SEC Rule 17g-7(b) and agency releases. Definitions are in the methods note on the market page.