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 issuing entity: 333-255934-09

 Central Index Key Number of the issuing entity:
 0001995500

 BMO 2023-C7 Mortgage Trust

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

 Central Index Key Number of the depositor:0001861132

 BMO Commercial Mortgage Securities LLC

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

 Central Index Key Number of the
sponsor:0000927971

 Bank of Montreal

 0001701238

 Citi Real Estate Funding Inc.

 0001685185

 UBS AG

 0001548405

 Starwood Mortgage Capital LLC

 0001942310

 RRECM Capital II, LLC

 (formerly known as Sabal Capital II, LLC)

 0001931347

 Greystone Commercial Mortgage Capital LLC

 0001089877

 KeyBank National Association

 New York

 (State or other jurisdiction of incorporation or organization)

 38-4297070

 38-4297071

 38-7292560

 (I.R.S. Employer Identification Numbers)

 c/o Computershare Trust Company, N.A.

 9062 Old Annapolis Road

 Columbia, MD

 (Address of principal executive offices)

 21045

 (Zip Code)

 Telephone number, including area code:

 (667) 786 1992

 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.

 Yes ___ No X

 Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Act.

 Yes ___ No X

 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 X 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 (§ 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 ___

Accelerated filer ___

Non-accelerated filer X

Smaller reporting company ___

 Emerging growth
company ___

 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. ___

 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. ___

 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. ___

 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). ___

 Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act).

 Yes ___ No X

 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.

 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

 1. The RTL Retail Portfolio mortgage loan, which represented
approximately 4.9% of the initial pool balance of the issuing entity, is part
entity. The Knoll Ridge Apartments mortgage loan, which represented
approximately 2.4% of the initial pool balance of the issuing entity, is part
entity. The Regency Retail Portfolio mortgage loan, which represented
approximately 1.8% of the initial pool balance of the issuing entity, is part
entity. The RTL Retail Portfolio mortgage loan, Knoll Ridge Apartments
mortgage loan and the Regency Retail Portfolio mortgage loan and each of the
related companion loan(s) are serviced pursuant to the BBCMS 2023-C22 PSA (as
defined in Item 15 below).

 2. The 11 West 42nd Street mortgage loan, which represented
approximately 3.6% of the initial pool balance of the issuing entity, is part
entity. The 11 West 42nd Street mortgage loan and each of the related
companion loan(s) are serviced pursuant to the BANK5 2023-5YR3 PSA (as defined
in Item 15 below)

 3.
The Arundel Mills and Marketplace mortgage loan, which represented
approximately 8.1% of the initial pool balance of the issuing entity, is part
entity. The 60 Hudson mortgage loan, which represented approximately 2.7% of
the initial pool balance of the issuing entity, is part of a whole loan
comprised of the subject mortgage loan included in the issuing entity and one
or more companion loan(s) that are held outside the issuing entity. The
Arundel Mills and Marketplace mortgage loan and the 60 Hudson mortgage loan and
each of the related companion loan(s) are serviced pursuant to the MWSF 2023-2 PSA (as defined
in Item 15 below).

 4. The Bala Plaza Portfolio mortgage loan, which represented
approximately 5.4% of the initial pool balance of the issuing entity, is part
entity. The 645 North Michigan Avenue mortgage loan, which represented
approximately 2.3% of the initial pool balance of the issuing entity, is part
entity. The Bala Plaza Portfolio mortgage loan and
the 645 North Michigan Avenue mortgage loan and each of the related
companion loan(s) are serviced pursuant to the Benchmark 2023-B40 PSA (as defined in Item 15
below).

 5. The OPI Portfolio mortgage loan, which represented
approximately 3.4% of the initial pool balance of the issuing entity, is part
entity. The OPI Portfolio mortgage loan and each of the related companion
loan(s) (i) were serviced pursuant to the BMO
2023-C7 PSA (as defined in Item 15 below) prior to
February 14, 2024 and (ii) are serviced pursuant to the BMO 2024-5C3 PSA (as
defined in Item 15 below) on and after February 14, 2024.

 6. The Creekside Town Center mortgage loan, which
represented approximately 3.2% of the initial pool balance of the issuing
entity, is part of a whole loan comprised of the subject mortgage loan included
in the issuing entity and one or more companion loan(s) that are held outside
the issuing entity. The Creekside Town Center mortgage loan and each of the
related companion loan(s) (i) were serviced pursuant to the BMO 2023-C7 PSA (as defined
in Item 15 below) prior to November 7, 2024 and (ii) are serviced pursuant to
the BMO 2024-C10 PSA (as defined in Item 15 below) on and after November 7,
2024.

 7. Pursuant to Instruction 3 to
Item 1122 of Regulation AB, the report on assessment of compliance with
servicing criteria and attestation report on assessment of compliance with
servicing criteria of (i) 3650 REIT Loan Servicing LLC, as special servicer for
the Creekside Town Center mortgage loan under the BMO 2023-C10 PSA, (ii)
Wilmington Savings Fund Society, FSB, as trustee under the BMO 2023-C10 PSA and
(iii) Citibank, N.A., as custodian for the Creekside Town Center mortgage loan under the BMO 2023-C10
PSA, are not included in this report on Form 10-K because each of 3650 REIT
Loan Servicing LLC, Wilmington Savings Fund Society, FSB and Citibank, N.A.
performed activities that address the servicing criteria specified in Item
1122(d) of Regulation AB with respect to 5% or less of the pool assets of the
issuing entity. This annual report on Form 10-K does not include the reports on
assessment of compliance with servicing criteria and attestation reports on
assessment of compliance with servicing criteria of (i)
Computershare Trust Company, National Association as certificate administrator
under the BBCMS
2023-C22 PSA, the BANK5 2023-5YR3 PSA, the
MWSF 2023-2 PSA, the Benchmark 2023-B40 PSA and the BMO 2024-5C3 PSA and (ii) Citibank, N.A. as
certificate administrator under the BMO 2023-C10 PSA, because the certificate administrator under each such
pooling and servicing agreement or trust and servicing
agreement, as applicable, does not perform any activities that address the
servicing criteria specified in Item 1122(d) of Regulation AB with respect to
the issuing entity.

 8. This report on Form 10-K does not include the servicer
compliance statement of (i) Rialto Capital Advisors, LLC,
as special servicer for the RTL Retail Portfolio mortgage loan, the Knoll Ridge
the BBCMS 2023-C22 PSA and (ii) 3650 REIT Loan Servicing LLC, as special
servicer for the Creekside Town Center mortgage loan under the BMO 2023-C10
PSA, because each of Rialto Capital Advisors, LLC and 3650 REIT Loan Servicing
LLC is an unaffiliated party that services less than 10% of the pool assets of
the issuing entity, and therefore is not a servicer that meets the criteria in
Item 1108(a)(2)(i) through (iii) of Regulation AB. This annual report on
Form 10-K does not include the servicer compliance statements of (i)
Computershare Trust Company, National Association as certificate administrator
under the BBCMS 2023-C22 PSA, the BANK5 2023-5YR3 PSA, the MWSF 2023-2 PSA, the
Benchmark 2023-B40 PSA and the BMO
2024-5C3 PSA and (ii) Citibank, N.A. as
certificate administrator under the BMO 2023-C10 PSA,
because the certificate administrator under each such pooling and servicing
agreement or trust and servicing agreement, as applicable, is not a servicer
that meets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB
with respect to the issuing entity.

 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.

 Selected Financial Data.

 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.

 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 Accounting Fees
 and Services.

 ADDITIONAL DISCLOSURE ITEMS FOR REGULATION
AB

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

 With respect to the pool assets for BMO 2023-C7 Mortgage Trust,
there are no significant obligors within the meaning of Item 1101(k) of
Regulation AB.

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

 No entity or group of affiliated entities provides any external
credit enhancement, uses any derivative instruments or other support for the
certificates within this transaction.

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

 No entity or group of affiliated entities provides any external
credit enhancement, uses any derivative instruments or other support for the
certificates within this transaction.

 Item 1117 of Regulation AB, Legal Proceedings.

 The registrant knows of no legal proceeding
pending against the sponsors, depositor, trustee, issuing entity, servicer
contemplated by Item 1108(a)(3) of Regulation AB, originator contemplated by
Item 1110(b) of Regulation AB, or other party contemplated by Item 1100(d)(1)
of Regulation AB, or of which any property of the foregoing is the subject,
that is material to security holders.

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

 Provided previously in the prospectus of the Registrant relating
to the issuing entity and filed on December 4, 2023 pursuant to Rule 424(b)(2)
of the Securities Act of 1933, as amended.

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

 The reports on assessment of compliance with the
servicing criteria for asset-backed securities and the related attestation
reports on such assessments of compliance are attached hereto under Item 15.

 Item 1123 of Regulation AB, Servicer Compliance Statement.

 The servicer compliance statements are attached hereto under Item
15.

 Item
15. Exhibits, Financial Statement Schedules.

 (a)
List the following documents filed as part of the report:

 (1) Not Applicable

 (2) Not Applicable

 (3)
Exhibits listed below are either included or incorporated by reference as
indicated below:

 (4.1)
and Servicing Agreement, dated as of December 1, 2023 (the "BMO 2023-C7 PSA"),
by and among BMO Commercial Mortgage Securities LLC, as depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as master servicer,
KeyBank National Association, as special servicer, Pentalpha Surveillance LLC,
as operating advisor and as asset representations reviewer, and Computershare
Trust Company, National Association, as certificate administrator and as
trustee (filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K/A
dated December 22, 2023, and filed on January 5, 2023 under Commission File No.
333-255934-09, and is incorporated by reference herein).

 (4.2)
and Servicing Agreement, dated as of November 1, 2023 (the "BBCMS 2023-C22
PSA"), among Barclays Commercial Mortgage Securities LLC, as depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master
servicer, Rialto Capital Advisors, 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 4.2 to the registrant's Current
Report on Form 8-K dated November 30, 2023, and filed by the registrant on
December 4, 2023 under Commission File No. 333-255934-09, and is incorporated
by reference herein). (See Explanatory Note 1)

 (4.3)
and Servicing Agreement, dated as of September 1, 2023 (the "BANK5 2023-5YR3
PSA"), among 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, Pentalpha Surveillance
LLC, as operating advisor and as asset representations reviewer, Computershare
Trust Company, National Association, as certificate administrator and as
trustee (filed as Exhibit 4.3 to the registrant's Current Report on Form 8-K
dated November 30, 2023, and filed on December 4, 2023 under Commission File
No. 333-255934-09, and is incorporated by reference herein). (See Explanatory
Note 2)

 (4.4)
and Servicing Agreement, dated as of December 1, 2023 (the "MWSF 2023-2 PSA"),
by and among Wells Fargo Commercial Mortgage Securities, Inc., as depositor,
Wells Fargo Bank, National Association, as master servicer, Argentic Services
Company LP, as special servicer, BellOak, LLC, as operating advisor and as
asset representations reviewer, Computershare Trust Company, National
Association, as certificate administrator and as trustee (filed as Exhibit 4.15
to the registrant's amended Current Report on Form 8-K/A dated December 22,
2023, and filed on December 22, 2023 under Commission File No. 333-255934-09,
and is incorporated by reference herein). (See Explanatory Note 3)

 (4.5)
and Servicing Agreement, dated as of December 1, 2023 (the "Benchmark 2023-B40
PSA"), by and among J.P. Morgan Chase Commercial Mortgage Securities Corp., as
depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, LNR Partners, LLC, as special servicer, Pentalpha
Surveillance LLC, as operating advisor and as asset representations reviewer,
Computershare Trust Company, National Association, as certificate administrator
and trustee (filed as Exhibit 4.16 to the registrant's amended Current Report
on Form 8-K/A dated December 22, 2023, and filed by the registrant on December
22, 2023 under Commission File No. 333-255934-09, and is incorporated by
reference herein). (See Explanatory Note 4)

 (4.6)
and Servicing Agreement, dated as of February 1, 2024 (the "BMO 2024-5C3 PSA"),
by and among BMO Commercial Mortgage Securities LLC, as depositor, Wells Fargo
Bank, National Association, as master servicer, Greystone Servicing Company
LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor
and as asset representations reviewer and Computershare Trust Company, National
Association, as certificate administrator and as trustee (filed as Exhibit 4.1
to the registrant's Current Report on Form 8-K dated February 14, 2024, and
filed by the registrant on February 21, 2024 under Commission File No.
333-255934-09, and is incorporated by reference herein). (See Explanatory Note
5)

 (4.7)
and Servicing Agreement, dated as of November 1, 2024 (the "BMO 2024-C10 PSA"),
by and among BMO Commercial Mortgage Securities LLC, as depositor, KeyBank
National Association, as master servicer, 3650 REIT Loan Servicing LLC, as
special servicer, Park Bridge Lender Services LLC, as operating advisor and as
asset representations reviewer, Citibank N.A., as certificate administrator,
and Wilmington Savings Fund Society, FSB, as trustee (filed as Exhibit 4.1 to
the registrant's Current Report on Form 8-K dated November 7, 2024, and filed
by the registrant on November 13, 2024 under Commission File No. 333-255934-09,
and is incorporated by reference herein). (See Explanatory Note 6)

 31 Rule 13a-14(d)/15d-14(d) Certification.

Reports on assessment of compliance with servicing criteria for asset-backed
securities. (See Explanatory Note 7)

 33.1
National Association, as master servicer

 33.2
 KeyBank National Association, as special servicer

 33.3

 33.4
as certificate administrator and trustee

 33.5
as custodian

 33.6
 SCP Servicing, LLC, as primary servicer

 33.7
servicer under the MSWF 2023-2 PSA, pursuant to which the Arundel Mills and
Marketplace mortgage loan and the 60 Hudson mortgage loan are serviced.

 33.8
participant under the MSWF 2023-2 PSA, pursuant to which the Arundel Mills and
Marketplace mortgage loan and the 60 Hudson mortgage loan are serviced.

 33.9
 Argentic Services Company LP, as special servicer
for the Arundel Mills and Marketplace mortgage loan and the 60 Hudson mortgage
loan under the MSWF 2023-2 PSA.

 33.10
 BellOak, LLC, as operating advisor for the Arundel
Mills and Marketplace mortgage loan and the 60 Hudson mortgage loan under the
MSWF 2023-2 PSA.

 33.11
as custodian for the Arundel Mills and Marketplace mortgage loan and the 60
Hudson mortgage loan under the MSWF 2023-2 PSA. (see Exhibit 33.5)

 33.12
as trustee for the Arundel Mills and Marketplace mortgage loan and the 60
Hudson mortgage loan under the MSWF 2023-2 PSA. (see Exhibit 33.4)

 33.13
National Association, as master servicer under the Benchmark 2023-B40 PSA,
pursuant to which the Bala Plaza Portfolio mortgage loan and the 645 North
Michigan Avenue mortgage loan are serviced. (see Exhibit 33.1)

 33.14
 LNR Partners, LLC, as special servicer for the
Bala Plaza Portfolio mortgage loan and the 645 North Michigan Avenue mortgage
loan under the Benchmark 2023-B40 PSA.

 33.15
for the Bala Plaza Portfolio mortgage loan and the 645 North Michigan Avenue
mortgage loan under the Benchmark 2023-B40 PSA. (see Exhibit 33.3)

 33.16
as custodian for the Bala Plaza Portfolio mortgage loan and the 645 North
Michigan Avenue mortgage loan under the Benchmark 2023-B40 PSA. (see Exhibit
33.5)

 33.17
as trustee for the Bala Plaza Portfolio mortgage loan and the 645 North
Michigan Avenue mortgage loan under the Benchmark 2023-B40 PSA. (see Exhibit
33.4)

 33.18
National Association, as master servicer under the BBCMS 2023-C22 PSA, pursuant
to which the RTL Retail Portfolio mortgage loan, the Knoll Ridge Apartments
mortgage loan and the Regency Retail Portfolio mortgage loan are serviced. (see
Exhibit 33.1)

 33.19
 Rialto Capital Advisors, LLC, as special servicer
for the RTL Retail Portfolio mortgage loan, the Knoll Ridge Apartments mortgage
loan and the Regency Retail Portfolio mortgage loan under the BBCMS 2023-C22
PSA.

 33.20
for the RTL Retail Portfolio mortgage loan, the Knoll Ridge Apartments mortgage
loan and the Regency Retail Portfolio mortgage loan under the BBCMS 2023-C22
PSA. (see Exhibit 33.3)

 33.21
as custodian for the RTL Retail Portfolio mortgage loan, the Knoll Ridge
the BBCMS 2023-C22 PSA. (see Exhibit 33.5)

 33.22
as trustee for the RTL Retail Portfolio mortgage loan, the Knoll Ridge
the BBCMS 2023-C22 PSA. (see Exhibit 33.4)

 33.23
servicer under the BANK5 2023-5YR3 PSA, pursuant to which the 11 West 42nd
Street mortgage loan is serviced. (see Exhibit 33.7)

 33.24
participant under the BANK5 2023-5YR3 PSA, pursuant to which the 11 West 42nd
Street mortgage loan is serviced. (see Exhibit 33.8)

 33.25
 Greystone Servicing Company LLC, as special
servicer for the 11 West 42nd Street mortgage loan under the BANK5 2023-5YR3
PSA.

 33.26
for the 11 West 42nd Street mortgage loan under the BANK5 2023-5YR3 PSA. (see
Exhibit 33.3)

 33.27
as custodian for the 11 West 42nd Street mortgage loan under the BANK5
2023-5YR3 PSA. (see Exhibit 33.5)

 33.28
as trustee for the 11 West 42nd Street mortgage loan under the BANK5 2023-5YR3
PSA. (see Exhibit 33.4)

 33.29
servicer under the BMO 2024-5C3 PSA, pursuant to which the OPI Portfolio
mortgage loan is serviced on and after February 14, 2024. (see Exhibit 33.7)

 33.30
 CoreLogic Solutions, LLC, as servicing function participant
under the BMO 2024-5C3 PSA, pursuant to which the OPI Portfolio mortgage loan
is serviced on and after February 14, 2024. (see Exhibit 33.8)

 33.31
 Greystone Servicing Company LLC, as special
servicer for the OPI Portfolio mortgage loan under the BMO 2024-5C3 PSA on and
after February 14, 2024. (see Exhibit 33.25)

 33.32
 Park Bridge Lender Services LLC, as operating
advisor for the OPI Portfolio mortgage loan under the BMO 2024-5C3 PSA on and
after February 14, 2024.

 33.33
as custodian for the OPI Portfolio mortgage loan under the BMO 2024-5C3 PSA on
and after February 14, 2024. (see Exhibit 33.5)

 33.34
as trustee under the BMO 2024-5C3 PSA, pursuant to which the OPI Portfolio
mortgage loan is serviced on and after February 14, 2024. (see Exhibit 33.4)

 33.35
 KeyBank National Association, as master servicer
under the BMO 2024-C10 PSA, pursuant to which the Creekside Town Center
mortgage loan is serviced on and after November 7, 2024. (see Exhibit 33.2)

 33.36
 Park Bridge Lender Services LLC, as operating
advisor for the Creekside Town Center mortgage loan under the BMO 2024-C10 PSA
on and after November 7, 2024. (see Exhibit 33.32)

 34 Attestation reports on assessment of compliance with servicing
criteria for asset-backed securities. (See
Explanatory Note 7)

 34.1
 Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer

 34.2
 KeyBank National Association, as special servicer

 34.3

 34.4
as certificate administrator and trustee

 34.5
as custodian

 34.6
 SCP Servicing, LLC, as primary servicer

 34.7
servicer under the MSWF 2023-2 PSA, pursuant to which the Arundel Mills and
Marketplace mortgage loan and the 60 Hudson mortgage loan are serviced.

 34.8
participant under the MSWF 2023-2 PSA, pursuant to which the Arundel Mills and
Marketplace mortgage loan and the 60 Hudson mortgage loan are serviced.

 34.9
 Argentic Services Company LP, as special servicer
for the Arundel Mills and Marketplace mortgage loan and the 60 Hudson mortgage
loan under the MSWF 2023-2 PSA.

 34.10
 BellOak, LLC, as operating advisor for the Arundel
Mills and Marketplace mortgage loan and the 60 Hudson mortgage loan under the
MSWF 2023-2 PSA.

 34.11
as custodian for the Arundel Mills and Marketplace mortgage loan and the 60
Hudson mortgage loan under the MSWF 2023-2 PSA. (see Exhibit 34.5)

 34.12
as trustee for the Arundel Mills and Marketplace mortgage loan and the 60
Hudson mortgage loan under the MSWF 2023-2 PSA. (see Exhibit 34.4)

 34.13
National Association, as master servicer under the Benchmark 2023-B40 PSA,
pursuant to which the Bala Plaza Portfolio mortgage loan and the 645 North
Michigan Avenue mortgage loan are serviced. (see Exhibit 34.1)

 34.14
 LNR Partners, LLC, as special servicer for the
Bala Plaza Portfolio mortgage loan and the 645 North Michigan Avenue mortgage
loan under the Benchmark 2023-B40 PSA.

 34.15
for the Bala Plaza Portfolio mortgage loan and the 645 North Michigan Avenue
mortgage loan under the Benchmark 2023-B40 PSA. (see Exhibit 34.3)

 34.16
as custodian for the Bala Plaza Portfolio mortgage loan and the 645 North
Michigan Avenue mortgage loan under the Benchmark 2023-B40 PSA. (see Exhibit
34.5)

 34.17
as trustee for the Bala Plaza Portfolio mortgage loan and the 645 North
Michigan Avenue mortgage loan under the Benchmark 2023-B40 PSA. (see Exhibit
34.4)

 34.18
National Association, as master servicer under the BBCMS 2023-C22 PSA, pursuant
to which the RTL Retail Portfolio mortgage loan, the Knoll Ridge Apartments
mortgage loan and the Regency Retail Portfolio mortgage loan are serviced. (see
Exhibit 34.1)

 34.19
 Rialto Capital Advisors, LLC, as special servicer
for the RTL Retail Portfolio mortgage loan, the Knoll Ridge Apartments mortgage
loan and the Regency Retail Portfolio mortgage loan under the BBCMS 2023-C22
PSA.

 34.20
for the RTL Retail Portfolio mortgage loan, the Knoll Ridge Apartments mortgage
loan and the Regency Retail Portfolio mortgage loan under the BBCMS 2023-C22
PSA. (see Exhibit 34.3)

 34.21
as custodian for the RTL Retail Portfolio mortgage loan, the Knoll Ridge
the BBCMS 2023-C22 PSA. (see Exhibit 34.5)

 34.22
as trustee for the RTL Retail Portfolio mortgage loan, the Knoll Ridge
the BBCMS 2023-C22 PSA. (see Exhibit 34.4)

 34.23
servicer under the BANK5 2023-5YR3 PSA, pursuant to which the 11 West 42nd
Street mortgage loan is serviced. (see Exhibit 34.7)

 34.24
participant under the BANK5 2023-5YR3 PSA, pursuant to which the 11 West 42nd
Street mortgage loan is serviced. (see Exhibit 34.8)

 34.25
 Greystone Servicing Company LLC, as special
servicer for the 11 West 42nd Street mortgage loan under the BANK5 2023-5YR3
PSA.

 34.26
for the 11 West 42nd Street mortgage loan under the BANK5 2023-5YR3 PSA. (see
Exhibit 34.3)

 34.27
as custodian for the 11 West 42nd Street mortgage loan under the BANK5
2023-5YR3 PSA. (see Exhibit 34.5)

 34.28
as trustee for the 11 West 42nd Street mortgage loan under the BANK5 2023-5YR3
PSA. (see Exhibit 34.4)

 34.29
servicer under the BMO 2024-5C3 PSA, pursuant to which the OPI Portfolio
mortgage loan is serviced on and after February 14, 2024. (see Exhibit 34.7)

 34.30
participant under the BMO 2024-5C3 PSA, pursuant to which the OPI Portfolio
mortgage loan is serviced on and after February 14, 2024. (see Exhibit 34.8)

 34.31
 Greystone Servicing Company LLC, as special
servicer for the OPI Portfolio mortgage loan under the BMO 2024-5C3 PSA on and
after February 14, 2024. (see Exhibit 34.25)

 34.32
 Park Bridge Lender Services LLC, as operating
advisor for the OPI Portfolio mortgage loan under the BMO 2024-5C3 PSA on and
after February 14, 2024.

 34.33
as custodian for the OPI Portfolio mortgage loan under the BMO 2024-5C3 PSA on
and after February 14, 2024. (see Exhibit 34.5)

 34.34
as trustee under the BMO 2024-5C3 PSA, pursuant to which the OPI Portfolio
mortgage loan is serviced on and after February 14, 2024. (see Exhibit 34.4)

 34.35
 KeyBank National Association, as master servicer
under the BMO 2024-C10 PSA, pursuant to which the Creekside Town Center
mortgage loan is serviced on and after November 7, 2024. (see Exhibit 34.2)

 34.36
 Park Bridge Lender Services LLC, as operating
advisor for the Creekside Town Center mortgage loan under the BMO 2024-C10 PSA
on and after November 7, 2024. (see Exhibit 34.32)

 35 Servicer compliance statement. (See Explanatory Note 8)

 35.1 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer

 35.2 KeyBank National Association,
as special servicer

 35.3 Computershare Trust
Company, National Association, as certificate administrator

 35.4 SCP Servicing, LLC, as
primary servicer

 35.5 Wells Fargo Bank, National
Association, as master servicer under the MSWF 2023-2 PSA, pursuant to which
the Arundel Mills and Marketplace mortgage loan and the 60 Hudson mortgage loan
are serviced.

 35.6 Argentic Services Company
LP, as special servicer for the Arundel Mills and Marketplace mortgage loan and
the 60 Hudson mortgage loan under the MSWF 2023-2 PSA.

 35.7 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the
Benchmark 2023-B40 PSA, pursuant to which the Bala Plaza Portfolio mortgage
loan and the 645 North Michigan Avenue mortgage loan are serviced. (see Exhibit
35.1)

 35.8 LNR Partners, LLC, as special
servicer for the Bala Plaza Portfolio mortgage loan and the 645 North Michigan
Avenue mortgage loan under the Benchmark 2023-B40 PSA.

 35.9 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the BBCMS
2023-C22 PSA, pursuant to which the RTL Retail Portfolio mortgage loan, the
Knoll Ridge Apartments mortgage loan and the Regency Retail Portfolio mortgage
loan are serviced. (see Exhibit 35.1)

 35.10 Wells Fargo Bank, National
Association, as master servicer under the BANK5 2023-5YR3 PSA, pursuant to
which the 11 West 42nd Street mortgage loan is serviced. (see Exhibit 35.5)

 35.11 Greystone Servicing
Company LLC, as special servicer for the 11 West 42nd Street mortgage loan
under the BANK5 2023-5YR3 PSA.

 35.12 Wells Fargo Bank, National
Association, as master servicer under the BMO 2024-5C3 PSA, pursuant to which
the OPI Portfolio mortgage loan is serviced on and after February 14, 2024.
(see Exhibit 35.5)

 35.13 Greystone Servicing
Company LLC, as special servicer for the OPI Portfolio mortgage loan under the
BMO 2024-5C3 PSA on and after February 14, 2024. (see Exhibit 35.11)

 35.14 KeyBank National
Association, as master servicer under the BMO 2024-C10 PSA, pursuant to which the
Creekside Town Center mortgage loan is serviced on and after November 7, 2024.
(see Exhibit 35.2)

 99.1 Mortgage
Loan Purchase Agreement, dated as of December 1, 2023, between Bank of Montreal
and BMO Commercial Mortgage Securities LLC, pursuant to which Bank of Montreal
sold certain mortgage loans to BMO Commercial Mortgage Securities LLC (filed as
Exhibit 99.1 to the registrant's Current Report on Form 8-K/A dated December
22, 2023, and filed on December 22, 2023 under Commission File No.
333-255934-09, and is incorporated by reference herein).

 99.2 Mortgage
Loan Purchase Agreement, dated as of December 1, 2023, between Citi Real Estate
Funding and BMO Commercial Mortgage Securities LLC, pursuant to which Citi Real
Estate Funding sold certain mortgage loans to BMO Commercial Mortgage
Securities LLC (filed as Exhibit 99.2 to the registrant's Current Report on
Form 8-K/A dated December 22, 2023, and filed on December 22, 2023 under
Commission File No. 333-255934-09, and is incorporated by reference herein).

 99.3 Mortgage
Loan Purchase Agreement, dated as of December 1, 2023, between Greystone
Commercial Mortgage Capital LLC, Greystone Select Company II LLC and BMO
Commercial Mortgage Securities LLC, pursuant to which Greystone Commercial
Mortgage Capital LLC sold certain mortgage loans to BMO Commercial Mortgage
Securities LLC (filed as Exhibit 99.3 to the registrant's Current Report on
Form 8-K/A dated December 22, 2023, and filed on December 22, 2023 under
Commission File No. 333-255934-09, and is incorporated by reference herein).

 99.4 Mortgage
Loan Purchase Agreement, dated as of December 1, 2023, between KeyBank National
Association and BMO Commercial Mortgage Securities LLC, pursuant to which
KeyBank National Association sold certain mortgage loans to BMO Commercial
Mortgage Securities LLC (filed as Exhibit 99.4 to the registrant's Current
Report on Form 8-K/A dated December 22, 2023, and filed on December 22, 2023
under Commission File No. 333-255934-09, and is incorporated by reference
herein).

 99.5 Mortgage
Loan Purchase Agreement, dated as of December 1, 2023, between RRECM Capital
II, LCC, RRECM Holdings, LLC and BMO Commercial Mortgage Securities LLC,
pursuant to which RRECM Capital II, LCC sold certain mortgage loans to BMO
Commercial Mortgage Securities LLC (filed as Exhibit 99.5 to the registrant's
Current Report on Form 8-K/A dated December 22, 2023, and filed on January 5,
2024 under Commission File No. 333-255934-09, and is incorporated by reference
herein).

 99.6 Mortgage
Loan Purchase Agreement, dated as of December 1, 2023, between Starwood
Mortgage Capital LLC and BMO Commercial Mortgage Securities LLC, pursuant to
which Starwood Mortgage Capital LLC sold certain mortgage loans to BMO
Commercial Mortgage Securities LLC (filed as Exhibit 99.6 to the registrant's
Current Report on Form 8-K/A dated December 22, 2023, and filed on December 22,
2023 under Commission File No. 333-255934-09, and is incorporated by reference
herein).

 99.7
 Mortgage
Loan Purchase Agreement, dated as of December 1, 2023, between UBS AG and BMO
Commercial Mortgage Securities LLC, pursuant to which UBS AG sold certain mortgage
loans to BMO Commercial Mortgage Securities LLC (filed as Exhibit 99.7 to the
registrant's Current Report on Form 8-K/A dated December 22, 2023, and filed on
December 22, 2023 under Commission File No. 333-255934-09, and is incorporated
by reference herein).

 99.8
 Subservicing
Agreement dated as of December 1, 2023 between Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer, and SCP
Servicing, LLC, as subservicer (filed as Exhibit 99.8 to the registrant's
Current Report on Form 8-K dated November 30, 2023, and filed on December 4,
2023 under Commission File No. 333-255934-09, and is incorporated by reference
herein).

 (b)
The exhibits required to be filed by Registrant pursuant to Item 601of
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.

 BMO
Commercial Mortgage Securities LLC

 (Depositor)

 /s/
Paul Vanderslice

 Paul
Vanderslice, Chief Executive Officer

 (senior
officer in charge of securitization of the depositor)

 Date:
March 31, 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 issuing entity:333-255934-08

 Central Index Key Number of the issuing
entity:0001994754

 BMO 2023-5C2 Mortgage Trust

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

 Central Index Key Number of the depositor:0001861132

 BMO Commercial Mortgage Securities LLC

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

sponsor:0000927971

 Bank of Montreal

 Central Index Key Number of the sponsor:
 0001541502

 Goldman Sachs Mortgage Company

sponsor:0001701238

 Citi Real Estate Funding Inc.

 Central Index Key Number of the sponsor:
 0001755531

 Societe Generale Financial Corporation

 Central Index Key Number of the sponsor:
 0001592182

 LMF Commercial, LLC

sponsor:0001541294

 German American Capital Corporation

sponsor:0001548405

 Starwood Mortgage Capital LLC

sponsor:0001685185

 UBS AG

 New York

 (State or other jurisdiction of incorporation or organization)

 38-4279481

 38-4279482

 (I.R.S. Employer Identification Numbers)

 c/o Computershare Trust Company, N.A.

 9062 Old Annapolis Road

 Columbia, MD

 (Address of principal executive offices)

 21045

 (Zip Code)

 Telephone number, including area code:

 (667) 786 1992

 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.

 Yes ___ No X

 Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Act.

 Yes ___ No X

 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 X 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 (§ 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 ___

Accelerated filer ___

Non-accelerated filer X

Smaller reporting company ___

 Emerging growth
company ___

 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. ___

 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. ___

 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. ___

 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). ___

 Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act).

 Yes ___ No X

 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.

 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

 1. The 11 West 42nd Street mortgage loan, which represented
approximately 2.4% of the initial pool balance of the issuing entity, is part
of a whole loan comprised of the subject mortgage loan included in the issuing
entity and one or more companion loan(s) that are held outside the issuing
entity. The Short Pump Town Center mortgage loan, which represented
approximately 2.3% of the initial pool balance of the issuing entity, is part
of a whole loan comprised of the subject mortgage loan included in the issuing
entity and one or more companion loan(s) that are held outside the issuing
entity. The 11 West 42nd Street mortgage loan, the Short Pump Town Center
mortgage loan and each of the related companion loan(s) are serviced pursuant
to the BANK5 2023-5YR3 PSA (as defined in Item 15 below)

 2. The Harborside 2-3 mortgage loan, which represented
approximately 1.3% of the initial pool balance of the issuing entity, is part
of a whole loan comprised of the subject mortgage loan included in the issuing
entity and one or more companion loan(s) that are held outside the issuing
entity. The Harborside 2-3 PSA mortgage loan and each of the related
companion loan(s) are serviced pursuant to the Benchmark 2023-V2 PSA (as
defined in Item 15 below)

 3. The Scottsdale Gilbert Retail
Portfolio mortgage loan, which represented approximately 3.9% of the initial
pool balance of the issuing entity, is part of a whole loan comprised of the
subject mortgage loan included in the issuing entity and one or more companion
loan(s) that are held outside the issuing entity. The Merit Hill Self Storage mortgage loan, which
represented approximately 2.6% of the initial pool balance of the issuing
entity, is part of a whole loan comprised of the subject mortgage loan included
in the issuing entity and one or more companion loan(s) that are held outside
the issuing entity. The Overlook at

 Ballantyne mortgage loan, which represented approximately 1.9% of
the initial pool balance of the issuing entity, is part of a whole loan
comprised of the subject mortgage loan included in the issuing entity and one
or more companion loan(s) that are held outside the issuing entity. The
Scottsdale Gilbert Retail Portfolio mortgage loan, the Merit Hill Self Storage
mortgage loan and the Overlook at Ballantyne mortgage loan and each of the
related companion loan(s) are serviced pursuant to the Benchmark 2023-V4 PSA
(as defined in Item 15 below).

 4. The California High Tech Logistics mortgage loan, which
represented approximately 2.3% of the initial pool balance of the issuing
entity, is part of a whole loan comprised of the subject mortgage loan included
in the issuing entity and one or more companion loan(s) that are held outside
the issuing entity. The California High Tech Logistics mortgage loan and
each of the related companion loan(s) are serviced pursuant to the BMO 2023-5C1
PSA (as defined in Item 15 below)

 5. Pursuant to Instruction 3 to Item 1122 of
Regulation AB, the report on assessment of compliance with servicing criteria
and attestation report on assessment of compliance with servicing criteria of
(i) Wells Fargo Bank, National Association, as master servicer under the BANK5
2023-5YR3 PSA, pursuant to which the 11 West 42nd Street mortgage loan and the
Short Pump Town Center mortgage loan are serviced, (ii) 3650 REIT Loan
Servicing LLC, as special servicer for the Harborside 2-3 mortgage loan under
the BMARK 2023-V2 PSA and (iii) 3650 REIT Loan Servicing LLC, as special
servicer for the California High Tech Logistics mortgage loan under the BMO
2023-5C1 PSA, are not included in this report on Form 10-K because each of
Wells Fargo Bank, National Association and 3650 REIT Loan Servicing LLC
performed activities that address the servicing criteria specified in Item
1122(d) of Regulation AB with respect to 5% or less of the pool assets of the
issuing entity. This annual report on Form 10-K does not include the reports on
assessment of compliance with servicing criteria and attestation reports on
assessment of compliance with servicing criteria of Computershare Trust
Company, National Association as certificate administrator under the BANK5 2023-5YR3 PSA, the Benchmark 2023-V2 PSA, the
Benchmark 2023-V4 PSA and the BMO 2023-5C1 PSA, because the certificate
administrator under each such pooling and servicing agreement or trust and
servicing agreement, as applicable, does not perform any activities that
address the servicing criteria specified in Item 1122(d) of Regulation AB with
respect to the issuing entity.

 6. This report on Form 10-K does not
include the servicer compliance statements of (i) Wells Fargo Bank, National
Association, as master servicer under the BANK5 2023-5YR3 PSA, pursuant to
which the 11 West 42nd Street mortgage loan and the Short Pump Town Center
mortgage loan are serviced, (ii) Midland Loan Services, a Division of PNC Bank,
National Association, as master servicer under the BMARK 2023-V2 PSA, pursuant
to which the Harborside 2-3 mortgage loan is serviced, (iii) 3650 REIT Loan Servicing
LLC, as special servicer for the Harborside 2-3 mortgage loan under the BMARK
2023-V2 PSA, (iv) Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer under the Benchmark 2023-V4 PSA, pursuant to
which the Scottsdale Gilbert Retail Portfolio mortgage loan, the Merit Hill
Self Storage mortgage loan and the Overlook at Ballantyne mortgage loan are
serviced on and after
November 21, 2023, (v) K-Star Asset Management LLC, as special servicer for the
Scottsdale Gilbert Retail Portfolio mortgage loan, the Merit Hill Self Storage
mortgage loan and the Overlook at Ballantyne mortgage loan under the Benchmark
2023-V4 PSA and (vi) 3650 REIT Loan Servicing LLC, as special servicer for the
California High Tech Logistics mortgage loan under the BMO 2023-5C1 PSA,
because each of Wells Fargo Bank, National Association, Midland Loan Services,
a Division of PNC Bank, National Association, 3650 REIT Loan Servicing LLC and
K-Star Asset Management LLC is an unaffiliated party that services less than
10% of the pool assets of the issuing entity, and therefore is not a servicer
that meets the criteria in Item 1108(a)(2)(i) through (iii) of Regulation
AB. This annual report on Form 10-K does not include the servicer
compliance statements of (i) Computershare Trust Company, National Association
as certificate administrator under the BANK5 2023-5YR3 PSA, the Benchmark
2023-V2 PSA, the Benchmark 2023-V4 PSA and the BMO 2023-5C1 PSA, because the
certificate administrator under each such pooling and servicing agreement or
trust and servicing agreement, as applicable, is not a servicer that meets the
criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB with respect to
the issuing entity.

 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.

 Selected Financial Data.

 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.

 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 Accounting Fees
 and Services.

 ADDITIONAL DISCLOSURE ITEMS FOR REGULATION
AB

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

 With respect to the pool assets for BMO 2023-5C2 Mortgage Trust,
there are no significant obligors within the meaning of Item 1101(k) of
Regulation AB.

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

 No entity or group of affiliated entities provides any external
credit enhancement, uses any derivative instruments or other support for the
certificates within this transaction.

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

 No entity or group of affiliated entities provides any external
credit enhancement, uses any derivative instruments or other support for the
certificates within this transaction.

 Item 1117 of Regulation AB, Legal Proceedings.

 The registrant knows of no legal proceeding pending against the
sponsors, depositor, trustee, issuing entity, servicer contemplated by Item
1108(a)(3) of Regulation AB, originator contemplated by Item 1110(b) of
Regulation AB, or other party contemplated by Item 1100(d)(1) of Regulation AB,
or of which any property of the foregoing is the subject, that is material to
security holders.

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

 Provided previously in the prospectus of the Registrant relating
to the issuing entity and filed on October 24, 2023 pursuant to Rule 424(b)(2)
of the Securities Act of 1933, as amended.

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

 The reports on assessment of compliance with the
servicing criteria for asset-backed securities and the related attestation
reports on such assessments of compliance are attached hereto under Item 15.

 Item 1123 of Regulation AB, Servicer Compliance Statement.

 The servicer compliance statements are attached hereto under Item
15.

 Item
15. Exhibits, Financial Statement Schedules.

 (a)
List the following documents filed as part of the report:

 (1) Not Applicable

 (2) Not Applicable

 (3)
Exhibits listed below are either included or incorporated by reference as
indicated below:

 (4.1)
 Pooling and Servicing Agreement, dated as of November
1, 2023 (the "BMO 2023-5C2 PSA"), 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, Wilmington Trust, National Association,
as trustee, and Computershare Trust Company, National Association, as
certificate administrator (filed as Exhibit 4.1 to the registrant's Current Report
on Form 8-K/A dated November 7, 2023, and filed on November 9, 2023 under
Commission File No. 333-255934-08, and is incorporated by reference herein).

 (4.2)
 Pooling and Servicing Agreement, dated as of September 1,
2023 (the "BANK5 2023-5YR3 PSA"), among 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,
Pentalpha Surveillance LLC, as operating advisor and as asset representations
reviewer, Computershare Trust Company, National Association, as certificate
administrator and as trustee (filed as Exhibit 4.2 to the registrant's Current
Report on Form 8-K dated October 20, 2023, and on October 24, 2023 under
Commission File No. 333-255934-08, and is incorporated by reference herein).
(See Explanatory Note 1)

 (4.3)
 Pooling and Servicing Agreement, dated as of May 1,
2023 (the "Benchmark 2023-V2 PSA"), by and among Citigroup Commercial Mortgage
Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as master servicer, 3650 REIT Loan Servicing LLC, as
special servicer, BellOak, LLC, as operating advisor and as asset
representations reviewer, Computershare Trust Company, National Association, as
certificate administrator and trustee (filed as Exhibit 4.4 to the registrant's
Current Report on Form 8-K dated October 20, 2023, and filed by the registrant
on October 24, 2023 under Commission File No. 333-255934-08, and is
incorporated by reference herein). (See Explanatory Note 2)

 (4.4)
 Pooling and Servicing Agreement, dated as of November
1, 2023 (the "Benchmark 2023-V4 PSA"), 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
special servicer, Park Bridge Lender Services LLC, as operating advisor and as
asset representations reviewer, Computershare Trust Company, National
Association, as certificate administrator and as trustee (filed as Exhibit 4.1
to the registrant's Current Report on Form 8-K dated November 21, 2023, and
filed on November 28, 2023 under Commission File No. 333-255934-08, and is
incorporated by reference herein). (See Explanatory Note 3)

 (4.5)
 Pooling and Servicing Agreement, dated as of August 1,
2023 (the "BMO 2023-5C1 PSA"), among BMO Commercial Mortgage Securities LLC, as
depositor, KeyBank National Association, as master servicer, 3650 REIT Loan
Servicing LLC, as special servicer, Pentalpha Surveillance LLC, as operating
advisor and as asset representations reviewer, Computershare Trust Company,
National Association, as certificate administrator and as trustee (filed
as Exhibit 4.3 to the registrant's Current Report on Form 8-K dated October 20,
2023, and filed on October 24, 2023 under Commission File No. 333-255934-08,
and is incorporated by reference herein). (See Explanatory Note 4)

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

Reports on assessment of compliance with servicing criteria for asset-backed
securities. (See Explanatory Note 5)

 33.1 KeyBank National
Association, as master servicer

 33.2 Greystone Servicing Company LLC,
as special servicer

 33.3 BellOak, LLC, as operating
advisor

 33.4 Computershare Trust Company,
National Association, as certificate administrator

 33.5 Computershare Trust Company,
National Association, as custodian

 33.6
 Wilmington Trust, National Association, as trustee

 33.7 Wells Fargo Bank, National Association, as master servicer
under the BANK5 2023-5YR3 PSA, pursuant to which the 11 West 42nd Street
mortgage loan and the Short Pump Town Center mortgage loan are serviced.
(omitted; see Explanatory Note 5)

 33.8 Greystone Servicing Company LLC,
as special servicer for the 11 West 42nd Street mortgage loan and the Short
Pump Town Center mortgage loan under the BANK5 2023-5YR3 PSA. (see Exhibit
33.2)

 33.9 Pentalpha Surveillance LLC, as
operating advisor for the 11 West 42nd Street mortgage loan and the Short Pump Town
Center mortgage loan under the BANK5 2023-5YR3 PSA.

 33.10 Computershare Trust Company,
National Association, as custodian for the 11 West 42nd Street mortgage loan
and the Short Pump Town Center mortgage loan under the BANK5 2023-5YR3 PSA.
(see Exhibit 33.5)

 33.11 Computershare Trust Company,
National Association, as trustee under the BANK5 2023-5YR3 PSA, pursuant to
which the 11 West 42nd Street mortgage loan and the Short Pump Town Center
mortgage loan are serviced. (see Exhibit 33.4)

 33.12 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the BMARK
2023-V2 PSA, pursuant to which the Harborside 2-3 mortgage loan is serviced.

 33.13 3650 REIT Loan Servicing LLC, as
special servicer for the Harborside 2-3 mortgage loan under the BMARK 2023-V2
PSA. (omitted; see Explanatory Note 5)

 33.14 BellOak, LLC, as operating
advisor for the Harborside 2-3 mortgage loan under the BMARK 2023-V2 PSA. (see
Exhibit 33.3)

 33.15 Computershare Trust Company,
National Association, as custodian for the Harborside 2-3 mortgage loan under
the BMARK 2023-V2 PSA. (see Exhibit 33.5)

 33.16 Computershare Trust Company,
National Association, as trustee under the BMARK 2023-V2 PSA, pursuant to which
the Harborside 2-3 mortgage loan is serviced. (see Exhibit 33.4)

 33.17 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the
Benchmark 2023-V4 PSA, pursuant to which the Scottsdale Gilbert Retail
Portfolio mortgage loan, the Merit Hill Self Storage mortgage loan and the
Overlook at Ballantyne mortgage loan are serviced. (see Exhibit 33.12)

 33.18 K-Star Asset Management LLC, as
special servicer for the Scottsdale Gilbert Retail Portfolio mortgage loan, the
Merit Hill Self Storage mortgage loan and the Overlook at Ballantyne mortgage
loan under the Benchmark 2023-V4 PSA.

 33.19 Park Bridge Lender Services
LLC, as operating advisor for the Scottsdale Gilbert Retail Portfolio mortgage
loan, the Merit Hill Self Storage mortgage loan and the Overlook at Ballantyne
mortgage loan under the Benchmark 2023-V4 PSA.

 33.20 Computershare Trust Company,
National Association, as custodian for the Scottsdale Gilbert Retail Portfolio
mortgage loan, the Merit Hill Self Storage mortgage loan and the Overlook at
Ballantyne mortgage loan under the Benchmark 2023-V4 PSA. (see Exhibit 33.5)

 33.21 Computershare Trust Company,
National Association, as trustee under the Benchmark 2023-V4 PSA, pursuant to
which for the Scottsdale Gilbert Retail Portfolio mortgage loan, the Merit Hill
Self Storage mortgage loan and the Overlook at Ballantyne mortgage loan are
serviced. (see Exhibit 33.4)

 33.22 KeyBank National
Association, as master servicer under the BMO 2023-5C1 PSA, pursuant to which
the California High Tech Logistics mortgage loan is serviced. (see Exhibit
33.1)

 33.23 3650 REIT Loan Servicing LLC, as special servicer for the
California High Tech Logistics mortgage loan under the BMO 2023-5C1 PSA. (see
Exhibit 33.13) (omitted; see Explanatory Note 5)

 33.24 Pentalpha Surveillance LLC, as
operating advisor for the California High Tech Logistics mortgage loan under
the BMO 2023-5C1 PSA. (see Exhibit 33.9)

 33.25 Computershare Trust Company,
National Association, as custodian for the California High Tech Logistics
mortgage under the BMO 2023-5C1 PSA. (see Exhibit 33.5)

 33.26 Computershare Trust Company,
National Association, as trustee under the BMO 2023-5C1 PSA, pursuant to which
the California High Tech Logistics mortgage loan is serviced. (see Exhibit
33.4)

 34 Attestation reports on assessment of compliance with servicing
criteria for asset-backed securities. (See Explanatory Note 5)

 34.1 KeyBank National
Association, as master servicer

 34.2 Greystone Servicing Company LLC,
as special servicer

 34.3 BellOak, LLC, as operating
advisor

 34.4 Computershare Trust Company,
National Association, as certificate administrator

 34.5 Computershare Trust Company,
National Association, as custodian

 34.6
 Wilmington Trust, National Association, as trustee

 34.7 Wells Fargo Bank, National Association, as master servicer
under the BANK5 2023-5YR3 PSA, pursuant to which the 11 West 42nd Street
mortgage loan and the Short Pump Town Center mortgage loan are serviced.
(omitted; see Explanatory Note 5)

 34.8 Greystone Servicing Company LLC,
as special servicer for the 11 West 42nd Street mortgage loan and the Short
Pump Town Center mortgage loan under the BANK5 2023-5YR3 PSA. (see Exhibit
34.2)

 34.9 Pentalpha Surveillance LLC, as operating
advisor for the 11 West 42nd Street mortgage loan and the Short Pump Town
Center mortgage loan under the BANK5 2023-5YR3 PSA.

 34.10 Computershare Trust Company,
National Association, as custodian for the 11 West 42nd Street mortgage loan
and the Short Pump Town Center mortgage loan under the BANK5 2023-5YR3 PSA.
(see Exhibit 34.5)

 34.11 Computershare Trust Company,
National Association, as trustee under the BANK5 2023-5YR3 PSA, pursuant to
which the 11 West 42nd Street mortgage loan and the Short Pump Town Center
mortgage loan are serviced. (see Exhibit 34.4)

 34.12 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the BMARK
2023-V2 PSA, pursuant to which the Harborside 2-3 mortgage loan is serviced.

 34.13 3650 REIT Loan Servicing LLC, as special servicer for the
Harborside 2-3 mortgage loan under the BMARK 2023-V2 PSA. (omitted; see
Explanatory Note 5)

 34.14 BellOak, LLC, as operating
advisor for the Harborside 2-3 mortgage loan under the BMARK 2023-V2 PSA. (see
Exhibit 34.3)

 34.15 Computershare Trust Company,
National Association, as custodian for the Harborside 2-3 mortgage loan under
the BMARK 2023-V2 PSA. (see Exhibit 34.5)

 34.16 Computershare Trust Company, National
Association, as trustee under the BMARK 2023-V2 PSA, pursuant to which the
Harborside 2-3 mortgage loan is serviced. (see Exhibit 34.4)

 34.17 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the
Benchmark 2023-V4 PSA, pursuant to which the Scottsdale Gilbert Retail
Portfolio mortgage loan, the Merit Hill Self Storage mortgage loan and the
Overlook at Ballantyne mortgage loan are serviced. (see Exhibit 34.12)

 34.18 K-Star Asset Management LLC, as
special servicer for the Scottsdale Gilbert Retail Portfolio mortgage loan, the
Merit Hill Self Storage mortgage loan and the Overlook at Ballantyne mortgage
loan under the Benchmark 2023-V4 PSA.

 34.19 Park Bridge Lender Services
LLC, as operating advisor for the Scottsdale Gilbert Retail Portfolio mortgage
loan, the Merit Hill Self Storage mortgage loan and the Overlook at Ballantyne
mortgage loan under the Benchmark 2023-V4 PSA.

 34.20 Computershare Trust Company,
National Association, as custodian for the Scottsdale Gilbert Retail Portfolio
mortgage loan, the Merit Hill Self Storage mortgage loan and the Overlook at
Ballantyne mortgage loan under the Benchmark 2023-V4 PSA. (see Exhibit 34.5)

 34.21 Computershare Trust Company,
National Association, as trustee under the Benchmark 2023-V4 PSA, pursuant to
which for the Scottsdale Gilbert Retail Portfolio mortgage loan, the Merit Hill
Self Storage mortgage loan and the Overlook at Ballantyne mortgage loan are
serviced. (see Exhibit 34.4)

 34.22 KeyBank National
Association, as master servicer under the BMO 2023-5C1 PSA, pursuant to which the
California High Tech Logistics mortgage loan is serviced. (see Exhibit 34.1)

 34.23 3650 REIT Loan Servicing LLC, as special servicer for the
California High Tech Logistics mortgage loan under the BMO 2023-5C1 PSA. (see
Exhibit 34.13) (omitted; see Explanatory Note 5)

 34.24 Pentalpha Surveillance LLC, as
operating advisor for the California High Tech Logistics mortgage loan under
the BMO 2023-5C1 PSA. (see Exhibit 34.9)

 34.25 Computershare Trust Company,
National Association, as custodian for the California High Tech Logistics
mortgage under the BMO 2023-5C1 PSA. (see Exhibit 34.5)

 34.26 Computershare Trust Company,
National Association, as trustee under the BMO 2023-5C1 PSA, pursuant to which
the California High Tech Logistics mortgage loan is serviced. (see Exhibit
34.4)

 35 Servicer compliance statement. (See Explanatory Note 6)

 35.1 KeyBank National Association, as
master servicer

 35.2 Greystone Servicing Company LLC,
as special servicer

 35.3 Computershare Trust Company,
National Association, as certificate administrator

 35.4 Greystone Servicing Company LLC,
as special servicer for the 11 West 42nd Street mortgage loan and the Short
Pump Town Center mortgage loan under the BANK5 2023-5YR3 PSA. (see Exhibit
35.2)

 35.5 KeyBank National Association, as
master servicer under the BMO 2023-5C1 PSA, pursuant to which the California
High Tech Logistics mortgage loan is serviced. (see Exhibit 35.1)

 99.1 Mortgage
Loan Purchase Agreement, dated as of November 1, 2023, between Bank of Montreal
and BMO Commercial Mortgage Securities LLC, pursuant to which Bank of Montreal
sold certain mortgage loans to BMO Commercial Mortgage Securities LLC (filed as
Exhibit 99.1 to the registrant's Current Report on Form 8-K/A dated November 7,
2023, and filed on November 9, 2023 under Commission File No. 333-255934-08,
and is incorporated by reference herein).

 99.2 Mortgage
Loan Purchase Agreement, dated as of November 1, 2023, between Goldman Sachs
Mortgage Company and BMO Commercial Mortgage Securities LLC, pursuant to which
Goldman Sachs Mortgage Company sold certain mortgage loans to BMO Commercial
Mortgage Securities LLC (filed as Exhibit 99.2 to the registrant's Current
Report on Form 8-K dated October 20, 2023, and filed on October 24, 2023 under
Commission File No. 333-255934-08, and is incorporated by reference herein).

 99.3 Mortgage
Loan Purchase Agreement, dated as of November 1, 2023, between Citi Real Este
Funding Inc. and BMO Commercial Mortgage Securities LLC, pursuant to which Citi
Real Estate Funding Inc. sold certain mortgage loans to BMO Commercial Mortgage
Securities LLC (filed as Exhibit 99.3 to the registrant's Current Report on
Form 8-K dated October 20, 2023, and filed on October 24, 2023 under Commission
File No. 333-255934-08, and is incorporated by reference herein).

 99.4 Mortgage
Loan Purchase Agreement, dated as of November 1, 2023, between Societe Generale
Financial Corporation and Societe Generale and BMO Commercial Mortgage
Securities LLC, pursuant to which Societe Generale Financial Corporation sold
certain mortgage loans to BMO Commercial Mortgage Securities LLC (filed as
Exhibit 99.4 to the registrant's Current Report on Form 8-K/A dated November 7,
2023, and filed on November 9, 2023 under Commission File No. 333-255934-08,
and is incorporated by reference herein).

 99.5 Mortgage
Loan Purchase Agreement, dated as of November 1, 2023, between LMF Commercial,
LLC and BMO Commercial Mortgage Securities LLC, pursuant to which LMF
Commercial, LLC sold certain mortgage loans to BMO Commercial Mortgage
Securities LLC (filed as Exhibit 99.5 to the registrant's Current Report on
Form 8-K dated October 20, 2023, and filed on October 24, 2023 under Commission
File No. 333-255934-08, and is incorporated by reference herein).

 99.6 Mortgage
Loan Purchase Agreement, dated as of November 1, 2023, between German American
Capital Corporation and BMO Commercial Mortgage Securities LLC, pursuant to
which German American Capital Corporation sold certain mortgage loans to BMO
Commercial Mortgage Securities LLC (filed as Exhibit 99.6 to the registrant's
Current Report on Form 8-K dated October 20, 2023, and filed on October 24,
2023 under Commission File No. 333-255934-08, and is incorporated by reference
herein).

 99.7 Mortgage
Loan Purchase Agreement, dated as of November 1, 2023, between Starwood
Mortgage Capital LLC and BMO Commercial Mortgage Securities LLC, pursuant to
which Starwood Mortgage Capital LLC sold certain mortgage loans to BMO
Commercial Mortgage Securities LLC (filed as Exhibit 99.7 to the registrant's
Current Report on Form 8-K dated October 20, 2023, and filed on October 24,
2023 under Commission File No. 333-255934-08, and is incorporated by reference
herein).

 99.8
 Mortgage
Loan Purchase Agreement, dated as of November 1, 2023, between UBS AG and BMO
Commercial Mortgage Securities LLC, pursuant to which UBS AG sold certain
mortgage loans to BMO Commercial Mortgage Securities LLC (filed as Exhibit 99.8
to the registrant's Current Report on Form 8-K dated October 20, 2023, and
filed on October 24, 2023 under Commission File No. 333-255934-08, and is
incorporated by reference herein).

 (b)
The exhibits required to be filed by Registrant pursuant to Item 601of
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.

 BMO
Commercial Mortgage Securities LLC

 (Depositor)

 /s/
Paul Vanderslice

 Paul
Vanderslice, Chief Executive Officer

 (senior
officer in charge of securitization of the depositor)

 Date:
March 31, 2025