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:333-255934-03

 Central Index Key Number of the issuing
entity:0001942599

 BMO 2022-C3 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

sponsor:0001701238

 Citi Real Estate Funding Inc.

sponsor:0001840727

 3650 Real Estate Investment Trust 2 LLC

sponsor:0001592182

 LMF Commercial, LLC

sponsor:0001685185

 UBS AG

sponsor:0001942310

 Sabal Capital II, LLC

sponsor:0001527590

 ReadyCap Commercial, LLC

sponsor:0001527590

 Sutherland Asset I, LLC

sponsor:0001548405

 Starwood Mortgage Capital LLC

 New York

 (State or other jurisdiction of incorporation or organization)

 38-4238334

 38-4238335

 (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).

 Not
applicable.

 EXPLANATORY
NOTES

 1. The Park West Village mortgage loan, which represented
approximately 5.2% of the initial pool balance of the issuing entity, is part
entity. The 3455 Veterans Hwy mortgage loan, which represented approximately
1.4% 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
A&R Hospitality Portfolio mortgage loan, which represented approximately
1.0% 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 Park
West Village mortgage loan, the 3455 Veterans Hwy mortgage loan and the A&R
Hospitality Portfolio mortgage loan and each of the related companion loan(s)
are serviced pursuant to the BBCMS 2022-C17 PSA (as defined in Item 15 below).

 2. The Yorkshire & Lexington Towers mortgage loan, which
represented approximately 5.1% 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 Yorkshire & Lexington Towers mortgage loan
and each of the related companion loan(s) are serviced pursuant to the CGCMT
2022-GC48 PSA (as defined in Item 15 below).

 3. The 469 7th Avenue mortgage loan, which represented
approximately 4.1% of the initial pool balance of the issuing entity, is part
entity. The Wells Fargo Center Tampa mortgage loan, which represented
approximately 4.1% of the initial pool balance of the issuing entity, is part
entity. The 469 7th Avenue mortgage loan and the Wells Fargo Center Tampa
mortgage loan and each of the related companion loans are serviced pursuant to
the BMARK 2022-B37 PSA (as defined in Item 15 below).

 4. The La Habra Marketplace mortgage loan, which represented
approximately 2.8% of the initial pool balance of the issuing entity, is part
of a loan combination 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 La Habra Marketplace mortgage loan and each of the
related companion loan(s) are serviced pursuant to the
BBCMS 2023-C21 PSA (as defined in Item 15 below).

 5. The Central States Industrial Portfolio mortgage loan,
which represented approximately 2.8% 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 Lakeshore Marketplace mortgage loan, which represented
approximately 1.6% of the initial pool balance of the issuing entity, is part
entity. The Art Ovation Hotel mortgage loan, which represented
approximately 1.4% of the initial pool balance of the issuing entity, is part
entity. The Central States Industrial Portfolio mortgage loan, the
Lakeshore Marketplace mortgage loan and the Art Ovation Hotel mortgage loan and
each of the related companion loan(s) are serviced pursuant to the 3650R
2022-PF2 PSA (as defined in Item 15 below).

 6. The Icon One Daytona mortgage loan, which represented
approximately 2.1% of the initial pool balance of the issuing entity, is part
entity. The Icon One Daytona mortgage loan and each of the related
companion loan(s) are serviced pursuant to the 3650R 2021-PF1 PSA (as defined
in Item 15 below).

 7. The Bell Works mortgage loan, which represented
approximately 1.4% of the initial pool balance of the issuing entity, is part
entity. The Bell Works mortgage loan and each of the related companion
loan(s) are serviced pursuant to the BMARK 2022-B35 PSA (as defined in Item 15
below).

 8. The 111 River Street mortgage loan, which represented
approximately 1.4% of the initial pool balance of the issuing entity, is part
entity. The 111 River Street mortgage loan and each of the related
companion loan(s) are serviced pursuant to the BMO 2022-C1 PSA (as defined in
Item 15 below).

 9. Pursuant to Instruction 3 to Item 1122 of Regulation AB,
the reports on assessment of compliance with servicing criteria and attestation
reports on assessment of compliance with servicing criteria of (i) Argentic
Services Company LP, as special servicer for the 3455 Veterans Memorial Hwy
mortgage loan and the A&R Hospitality Portfolio mortgage loan under the
BBCMS 2022-C17 PSA, (ii) Bell Oak, LLC, as operating advisor for the La Habra
Marketplace mortgage loan under the BBCMS 2023-C21 PSA, and (iii) Wells Fargo
Bank, National Association, as custodian and as trustee under the 3650R
2021-PF1 PSA pursuant to which the Icon One Daytona mortgage loan is serviced,
are not included in this report on Form 10-K because each of Argentic Services
Company LP, Bell Oak, LLC and Wells Fargo Bank, National Association 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 2022-C17 PSA, the CGCMT 2022-GC48 PSA, the BMARK 2022-B37 PSA, the BBCMS
2023-C21 PSA, the 3650R 2022-PF2 PSA, the BMARK 2022-B35 PSA and the BMO
2022-C1 PSA and (ii) Wells Fargo Bank, National Association, as certificate
administrator under the 3650R 2021 – PF1 PSA, because the certificate
administrator under each such pooling and servicing agreement does not perform
any activities that address the servicing criteria specified in Item 1122(d) of
Regulation AB with respect to the issuing entity.

 10. This report on Form 10-K does not include the servicer
compliance statements of Argentic Services Company LP, as special servicer for
the 3455 Veterans Memorial Hwy mortgage loan and the A&R Hospitality
Portfolio mortgage loan under the BBCMS 2022-C17 PSA, because Argentic Services
Company LP 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 2022-C17 PSA, the CGCMT 2022-GC48 PSA, the BMARK 2022-B37 PSA,
the BBCMS 2023-C21 PSA, the 3650R 2022-PF2 PSA, the BMARK 2022-B35 PSA and the
BMO 2022-C1 PSA and (ii) Wells Fargo Bank, National Association, as certificate
administrator under the 3650R 2021 – PF1 PSA, because the certificate
administrator under each such pooling and servicing agreement 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.

 11. Effective as of May 10, 2023, Midland Loan Services, a
Division of PNC Bank was terminated as the special servicer (other than with
respect to the La Habra Marketplace whole loan) under the BMO 2022-C3 PSA and
K-Star Asset Management LLC has been appointed to act as successor special
servicer (other than with respect to the La Habra Marketplace whole loan) under
the BMO 2022-C3 PSA, as disclosed in the Current Report on Form 8-K filed by
the registrant on May 10, 2023 under Commission File No. 333-255934-03.

 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 2022-C3 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 7, 2022 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 October 1, 2022 (the "BMO 2022-C3 PSA"),
by and among BMO Commercial Mortgage Securities LLC, as depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as master servicer,
Midland Loan Services, a Division of PNC Bank, National Association, 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 Computershare Trust Company, National
Association, as trustee (filed as Exhibit 4.1 to the registrant's Current
Report on Form 8-K dated October 7, 2022, and filed by the registrant on
October 7, 2022 under Commission File No. 333-255934-03, and is incorporated by
reference herein). (see Explanatory Note 11)

 (4.2) Pooling and Servicing Agreement, dated as of September
1, 2022 ("BBCMS 2022-C17 PSA"), by and among Barclays Commercial Mortgage
Securities LLC, as depositor, KeyBank National Association, as master servicer,
Argentic Services Company LP, as special servicer, KeyBank National
Association, as Park West Village special servicer, Computershare Trust
Company, National Association, as certificate administrator, Wilmington Trust,
National Association, 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 October 7, 2022, and filed by the
registrant on October 7, 2022 under Commission File No. 333-255934-03, and is
incorporated by reference herein). (See Explanatory Note 1)

 (4.3) Pooling and Servicing Agreement, dated as of June 1,
2022 ("CGCMT 2022-GC48 PSA"), by and among Citigroup Commercial Mortgage
Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as master servicer, Greystone Servicing Company LLC, as a
special servicer, Rialto Capital Advisors, LLC, solely with respect to the
Yorkshire & Lexington Towers whole loan, as a special servicer, Park Bridge
Lender Services LLC, as operating advisor, Park Bridge Lender Services LLC, as
asset representations reviewer, Computershare Trust Company, National
Association, as certificate administrator, and Wilmington Trust, National
Association, as trustee (filed as Exhibit 4.3 to the registrant's Current
Report on Form 8-K dated October 7, 2022, and filed by the registrant on
October 7, 2022 under Commission File No. 333-255934-03, and is incorporated by
reference herein). (See Explanatory Note 2)

 (4.4) Pooling and Servicing Agreement, dated as of October 1,
2022 ("BMARK 2022-B37 PSA"), by and among GS Mortgage Securities Corporation
II, 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 4.1 to the registrant's
Current Report on Form 8-K dated November 23, 2022, and filed by the registrant
on November 23, 2022 under Commission File No. 333-255934-03, and is
incorporated by reference herein). (See Explanatory Note 3)

 (4.5)
 Pooling and Servicing Agreement, dated as of October 1,
2023 ("BBCMS 2023-C21 PSA"), by and among Barclays Commercial Mortgage
Securities LLC, as depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as master servicer, 3650 REIT Loan Servicing LLC, as
special servicer, Computershare Trust Company, National Association, as
certificate administrator and as trustee, and BellOak, LLC, as Operating
Advisor and as Asset Representations Reviewer (filed as Exhibit 4.1 to the
registrant's Current Report on Form 8-K dated October 5, 2023, and filed by the
registrant on October 12, 2023 under Commission File No. 333-255934-03, and is
incorporated by reference herein). (See Explanatory Note 4)

 (4.6) Pooling and Servicing Agreement, dated as of November
1, 2022 ("3650R 2022-PF2 PSA"), by and among 3650 REIT Commercial Mortgage
Securities II LLC, as depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as master servicer, 3650 REIT Loan Servicing 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 4.1
to the registrant's Current Report on Form 8-K dated November 30, 2022, and
filed by the registrant on December 6, 2022 under Commission File No.
333-255934-03, and is incorporated by reference herein). (See Explanatory
Note 5)

 (4.7) Pooling and Servicing Agreement, dated as of November
1, 2021 ("3650R 2021-PF1 PSA"), by and among 3650 REIT Commercial Mortgage
Securities II LLC, as depositor, Midland Loan Services, a Division of PNC Bank,
National Association, as master servicer, 3650 REIT Loan Servicing LLC, as
special servicer, Wells Fargo Bank, 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 4.4 to the registrant's
Current Report on Form 8-K dated October 7, 2022, and filed by the registrant
on October 7, 2022 under Commission File No. 333-255934-03, and is incorporated
by reference herein). (See Explanatory Note 6)

 (4.8) Pooling and Servicing Agreement, dated as of May 1,
2022 ("BMARK 2022-B35 PSA"), by and among Citigroup Commercial Mortgage
Securities Inc., as depositor, KeyBank National Association, as master
servicer, KeyBank National Association, 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 Wilmington Trust, National Association, as trustee (filed as
Exhibit 4.5 to the registrant's Current Report on Form 8-K dated October 7,
2022, and filed by the registrant on October 7, 2022 under Commission File No.
333-255934-03, and is incorporated by reference herein). (See Explanatory Note
7)

 (4.9) Pooling and Servicing Agreement, dated as of February
1, 2022 ("BMO 2022-C1 PSA"), by and among BMO Commercial Mortgage Securities
LLC, as depositor, KeyBank National Association, as master servicer, CWCapital
Asset Management LLC, as special servicer, Situs Holdings, LLC, as a special
servicer solely with respect to the 360 Rosemary loan combination, KeyBank
National Association, as a special servicer solely with respect to the 111
River Street loan combination, Park Bridge Lender Services 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 4.6 to the registrant's
Current Report on Form 8-K dated October 7, 2022, and filed by the registrant
on October 7, 2022 under Commission File No. 333-255934-03, and is incorporated
by reference herein). (See Explanatory Note 8)

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

Reports on assessment of compliance with servicing criteria for asset-backed
securities. (See Explanatory Note 9)

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

 33.2
 K-Star Asset Management LLC, as special servicer

 33.3 Park Bridge Lender Services
LLC, as operating advisor

 33.4 Computershare Trust
Company, National Association, as certificate administrator and trustee

 33.5 Computershare Trust
Company, National Association, as custodian

 33.6 SCP Servicing, LLC,
as primary servicer

 33.7 KeyBank National
Association, as primary servicer

 33.8 KeyBank National
Association, as master servicer under the BBCMS 2022-C17 PSA, pursuant to which
the Park West Village mortgage loan, the 3455 Veterans Hwy mortgage loan and
the A&R Hospitality Portfolio mortgage loan are serviced. (see Exhibit
33.7)

 33.9 KeyBank National
Association, as special servicer for the Park West Village mortgage loan under
the BBCMS 2022-C17 PSA. (see Exhibit 33.7)

 33.10 Pentalpha Surveillance
LLC, as operating advisor for the Park West Village mortgage loan, the 3455
Veterans Hwy mortgage loan and the A&R Hospitality Portfolio mortgage loan
under the BBCMS 2022-C17 PSA.

 33.11 Computershare Trust
Company, National Association, as custodian for the Park West Village mortgage
loan, the 3455 Veterans Hwy mortgage loan and the A&R Hospitality Portfolio
mortgage loan under the BBCMS 2022-C17 PSA. (see Exhibit 33.5)

 33.12 Wilmington Trust,
National Association, as trustee under the BBCMS 2022-C17 PSA, pursuant to
which the Park West Village mortgage loan, the 3455 Veterans Hwy mortgage loan
and the A&R Hospitality Portfolio mortgage loan are serviced.

 33.13 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the CGCMT
2022-GC48 PSA, pursuant to which the Yorkshire & Lexington Towers mortgage
loan is serviced. (see Exhibit 33.1)

 33.14 Rialto Capital Advisors,
LLC, as special servicer for the Yorkshire & Lexington Towers mortgage loan
under the CGCMT 2022-GC48 PSA.

 33.15 Park Bridge Lender
Services LLC, as operating advisor for the Yorkshire & Lexington Towers
mortgage loan under the CGCMT 2022-GC48 PSA. (see Exhibit 33.3)

 33.16 Computershare Trust
Company, National Association, as custodian for the Yorkshire & Lexington
Towers mortgage loan under the CGCMT 2022-GC48 PSA. (see Exhibit 33.5)

 33.17 Wilmington Trust,
National Association, as trustee under the CGCMT 2022-GC48 PSA, pursuant to
which the Yorkshire & Lexington Towers mortgage loan is serviced. (see
Exhibit 33.12)

 33.18 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the BMARK
2022-B37 PSA, pursuant to which the 469 7th Avenue mortgage loan and the Wells
Fargo Center Tampa mortgage loan are serviced. (see Exhibit 33.1)

 33.19 Rialto Capital Advisors,
LLC, as special servicer for the 469 7th Avenue mortgage loan and the Wells
Fargo Center Tampa mortgage loan under the BMARK 2022-B37 PSA. (see Exhibit
33.14)

 33.20 Pentalpha Surveillance
LLC, as operating advisor for the 469 7th Avenue mortgage loan and the Wells
Fargo Center Tampa mortgage loan under the BMARK 2022-B37 PSA. (see Exhibit
33.10)

 33.21 Computershare Trust
Company, National Association, as custodian for the 469 7th Avenue mortgage
loan and the Wells Fargo Center Tampa mortgage loan under the BMARK 2022-B37
PSA. (see Exhibit 33.5)

 33.22 Computershare Trust
Company, National Association, as trustee under the BMARK 2022-B37 PSA,
pursuant to which the 469 7th Avenue mortgage loan and the Wells Fargo Center
Tampa mortgage loan are serviced. (see Exhibit 33.4)

 33.23
National Association, as master servicer under the BBCMS 2023-C21 PSA, pursuant
to which the La Habra Marketplace mortgage loan is serviced. (see Exhibit 33.1)

 33.24
 3650 REIT Loan Servicing LLC, as special servicer
for the La Habra Marketplace mortgage loan under the BBCMS 2023-C21 PSA.

 33.25
BellOak, LLC, as operating advisor for the La Habra Marketplace mortgage loan
under the BBCMS 2023-C21 PSA. (omitted; see Explanatory Note 9)

 33.26
 Computershare Trust Company, National Association,
as custodian for the La Habra Marketplace mortgage loan under the BBCMS
2023-C21 PSA. (see Exhibit 33.5)

 33.27
 Computershare Trust Company, National Association,
as trustee under the BBCMS 2023-C21 PSA, pursuant to which the La Habra
Marketplace mortgage loan is serviced. (see Exhibit 33.4)

 33.28 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the 3650R
2022-PF2 PSA, pursuant to which the Central States Industrial Portfolio
mortgage loan, the Lakeshore Marketplace mortgage loan and the Art Ovation Hotel
mortgage loan are serviced. (see Exhibit 33.1)

 33.29 3650 REIT Loan Servicing
LLC, as special servicer for the Central States Industrial Portfolio mortgage
loan, the Lakeshore Marketplace mortgage loan and the Art Ovation Hotel
mortgage loan under the 3650R 2022-PF2 PSA. (see Exhibit 33.24)

 33.30 Park Bridge Lender
Services LLC, as operating advisor for the Central States Industrial Portfolio
mortgage loan, the Lakeshore Marketplace mortgage loan and the Art Ovation
Hotel mortgage loan under the 3650R 2022-PF2 PSA. (see Exhibit 33.3)

 33.31 Computershare Trust
Company, National Association, as custodian for the Central States Industrial
Portfolio mortgage loan, the Lakeshore Marketplace mortgage loan and the Art
Ovation Hotel mortgage loan under the 3650R 2022-PF2 PSA. (see Exhibit 33.5)

 33.32 Computershare Trust
Company, National Association, as trustee under the 3650R 2022-PF2 PSA,
pursuant to which the Central States Industrial Portfolio mortgage loan, the
Lakeshore Marketplace mortgage loan and the Art Ovation Hotel mortgage loan are
serviced. (see Exhibit 33.4)

 33.33 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the 3650R
2021-PF1 PSA, pursuant to which the Icon One Daytona mortgage loan is serviced.
(see Exhibit 33.1)

 33.34 3650 REIT Loan Servicing
LLC, as special servicer for the Icon One Daytona mortgage loan under the 3650R
2021-PF1 PSA. (see Exhibit 33.24)

 33.35 Park Bridge Lender
Services LLC, as operating advisor for the Icon One Daytona mortgage loan under
the 3650R 2021-PF1 PSA. (see Exhibit 33.3)

 33.36 KeyBank National
Association, as master servicer under the BMARK 2022-B35 PSA, pursuant to which
the Bell Works mortgage loan is serviced. (see Exhibit 33.7)

 33.37 KeyBank National
Association, as special servicer for the Bell Works mortgage loan under the
BMARK 2022-B35 PSA. (see Exhibit 33.7)

 33.38 Park Bridge Lender
Services LLC, as operating advisor for the Bell Works mortgage loan under the
BMARK 2022-B35 PSA. (see Exhibit 33.3)

 33.39 Computershare Trust
Company, National Association, as custodian for the Bell Works mortgage loan
under the BMARK 2022-B35 PSA. (see Exhibit 33.5)

 33.40 Wilmington Trust,
National Association, as trustee under the BMARK 2022-B35 PSA, pursuant to
which the Bell Works mortgage loan is serviced. (see Exhibit 33.12)

 33.41 KeyBank National
Association, as master servicer under the BMO 2022-C1 PSA, pursuant to which
the 111 River Street mortgage loan is serviced. (see Exhibit 33.7)

 33.42 KeyBank National
Association, as special servicer for the 111 River Street mortgage loan under
the BMO 2022-C1 PSA. (see Exhibit 33.7)

 33.43 Park Bridge Lender
Services LLC, as operating advisor for the 111 River Street mortgage loan under
the BMO 2022-C1 PSA. (see Exhibit 33.3)

 33.44 Computershare Trust
Company, National Association, as custodian for the 111 River Street mortgage
loan under the BMO 2022-C1 PSA. (see Exhibit 33.5)

 33.45 Wilmington Trust,
National Association, as trustee under the BMO 2022-C1 PSA, pursuant to which
the 111 River Street mortgage loan is serviced. (see Exhibit 33.12)

 34 Attestation reports on assessment of compliance with servicing
criteria for asset-backed securities. (See Explanatory Note 9)

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

 34.2
 K-Star Asset Management LLC, as special servicer

 34.3 Park Bridge Lender Services
LLC, as operating advisor

 34.4 Computershare Trust
Company, National Association, as certificate administrator and trustee

 34.5 Computershare Trust
Company, National Association, as custodian

 34.6 SCP Servicing, LLC,
as primary servicer

 34.7 KeyBank National
Association, as primary servicer

 34.8 KeyBank National
Association, as master servicer under the BBCMS 2022-C17 PSA, pursuant to which
the Park West Village mortgage loan, the 3455 Veterans Hwy mortgage loan and
the A&R Hospitality Portfolio mortgage loan are serviced. (see Exhibit
34.7)

 34.9 KeyBank National
Association, as special servicer for the Park West Village mortgage loan under
the BBCMS 2022-C17 PSA. (see Exhibit 34.7)

 34.10 Pentalpha Surveillance
LLC, as operating advisor for the Park West Village mortgage loan, the 3455
Veterans Hwy mortgage loan and the A&R Hospitality Portfolio mortgage loan
under the BBCMS 2022-C17 PSA.

 34.11 Computershare Trust
Company, National Association, as custodian for the Park West Village mortgage
loan, the 3455 Veterans Hwy mortgage loan and the A&R Hospitality Portfolio
mortgage loan under the BBCMS 2022-C17 PSA. (see Exhibit 34.5)

 34.12 Wilmington Trust,
National Association, as trustee under the BBCMS 2022-C17 PSA, pursuant to
which the Park West Village mortgage loan, the 3455 Veterans Hwy mortgage loan
and the A&R Hospitality Portfolio mortgage loan are serviced.

 34.13 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the CGCMT
2022-GC48 PSA, pursuant to which the Yorkshire & Lexington Towers mortgage
loan is serviced. (see Exhibit 34.1)

 34.14 Rialto Capital Advisors,
LLC, as special servicer for the Yorkshire & Lexington Towers mortgage loan
under the CGCMT 2022-GC48 PSA.

 34.15 Park Bridge Lender
Services LLC, as operating advisor for the Yorkshire & Lexington Towers
mortgage loan under the CGCMT 2022-GC48 PSA. (see Exhibit 34.3)

 34.16 Computershare Trust
Company, National Association, as custodian for the Yorkshire & Lexington
Towers mortgage loan under the CGCMT 2022-GC48 PSA. (see Exhibit 34.5)

 34.17 Wilmington Trust,
National Association, as trustee under the CGCMT 2022-GC48 PSA, pursuant to
which the Yorkshire & Lexington Towers mortgage loan is serviced. (see
Exhibit 34.12)

 34.18 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the BMARK
2022-B37 PSA, pursuant to which the 469 7th Avenue mortgage loan and the Wells
Fargo Center Tampa mortgage loan are serviced. (see Exhibit 34.1)

 34.19 Rialto Capital Advisors,
LLC, as special servicer for the 469 7th Avenue mortgage loan and the Wells
Fargo Center Tampa mortgage loan under the BMARK 2022-B37 PSA. (see Exhibit
34.14)

 34.20 Pentalpha Surveillance
LLC, as operating advisor for the 469 7th Avenue mortgage loan and the Wells
Fargo Center Tampa mortgage loan under the BMARK 2022-B37 PSA. (see Exhibit
34.10)

 34.21 Computershare Trust
Company, National Association, as custodian for the 469 7th Avenue mortgage
loan and the Wells Fargo Center Tampa mortgage loan under the BMARK 2022-B37
PSA. (see Exhibit 34.5)

 34.22 Computershare Trust
Company, National Association, as trustee under the BMARK 2022-B37 PSA,
pursuant to which the 469 7th Avenue mortgage loan and the Wells Fargo Center
Tampa mortgage loan are serviced. (see Exhibit 34.4)

 34.23
National Association, as master servicer under the BBCMS 2023-C21 PSA, pursuant
to which the La Habra Marketplace mortgage loan is serviced. (see Exhibit 34.1)

 34.24
 3650 REIT Loan Servicing LLC, as special servicer
for the La Habra Marketplace mortgage loan under the BBCMS 2023-C21 PSA.

 34.25
BellOak, LLC, as operating advisor for the La Habra Marketplace mortgage loan
under the BBCMS 2023-C21 PSA. (omitted; see Explanatory Note 9)

 34.26
 Computershare Trust Company, National Association,
as custodian for the La Habra Marketplace mortgage loan under the BBCMS
2023-C21 PSA. (see Exhibit 34.5)

 34.27
 Computershare Trust Company, National Association,
as trustee under the BBCMS 2023-C21 PSA, pursuant to which the La Habra
Marketplace mortgage loan is serviced. (see Exhibit 34.4)

 34.28 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the 3650R
2022-PF2 PSA, pursuant to which the Central States Industrial Portfolio
mortgage loan, the Lakeshore Marketplace mortgage loan and the Art Ovation Hotel
mortgage loan are serviced. (see Exhibit 34.1)

 34.29 3650 REIT Loan Servicing
LLC, as special servicer for the Central States Industrial Portfolio mortgage
loan, the Lakeshore Marketplace mortgage loan and the Art Ovation Hotel
mortgage loan under the 3650R 2022-PF2 PSA. (see Exhibit 34.24)

 34.30 Park Bridge Lender
Services LLC, as operating advisor for the Central States Industrial Portfolio
mortgage loan, the Lakeshore Marketplace mortgage loan and the Art Ovation
Hotel mortgage loan under the 3650R 2022-PF2 PSA. (see Exhibit 34.3)

 34.31 Computershare Trust
Company, National Association, as custodian for the Central States Industrial
Portfolio mortgage loan, the Lakeshore Marketplace mortgage loan and the Art
Ovation Hotel mortgage loan under the 3650R 2022-PF2 PSA. (see Exhibit 34.5)

 34.32 Computershare Trust
Company, National Association, as trustee under the 3650R 2022-PF2 PSA,
pursuant to which the Central States Industrial Portfolio mortgage loan, the
Lakeshore Marketplace mortgage loan and the Art Ovation Hotel mortgage loan are
serviced. (see Exhibit 34.4)

 34.33 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the 3650R
2021-PF1 PSA, pursuant to which the Icon One Daytona mortgage loan is serviced.
(see Exhibit 34.1)

 34.34 3650 REIT Loan Servicing
LLC, as special servicer for the Icon One Daytona mortgage loan under the 3650R
2021-PF1 PSA. (see Exhibit 34.24)

 34.35 Park Bridge Lender
Services LLC, as operating advisor for the Icon One Daytona mortgage loan under
the 3650R 2021-PF1 PSA. (see Exhibit 34.3)

 34.36 KeyBank National
Association, as master servicer under the BMARK 2022-B35 PSA, pursuant to which
the Bell Works mortgage loan is serviced. (see Exhibit 34.7)

 34.37 KeyBank National
Association, as special servicer for the Bell Works mortgage loan under the
BMARK 2022-B35 PSA. (see Exhibit 34.7)

 34.38 Park Bridge Lender
Services LLC, as operating advisor for the Bell Works mortgage loan under the
BMARK 2022-B35 PSA. (see Exhibit 34.3)

 34.39 Computershare Trust
Company, National Association, as custodian for the Bell Works mortgage loan
under the BMARK 2022-B35 PSA. (see Exhibit 34.5)

 34.40 Wilmington Trust,
National Association, as trustee under the BMARK 2022-B35 PSA, pursuant to
which the Bell Works mortgage loan is serviced. (see Exhibit 34.12)

 34.41 KeyBank National
Association, as master servicer under the BMO 2022-C1 PSA, pursuant to which
the 111 River Street mortgage loan is serviced. (see Exhibit 34.7)

 34.42 KeyBank National
Association, as special servicer for the 111 River Street mortgage loan under
the BMO 2022-C1 PSA. (see Exhibit 34.7)

 34.43 Park Bridge Lender
Services LLC, as operating advisor for the 111 River Street mortgage loan under
the BMO 2022-C1 PSA. (see Exhibit 34.3)

 34.44 Computershare Trust
Company, National Association, as custodian for the 111 River Street mortgage
loan under the BMO 2022-C1 PSA. (see Exhibit 34.5)

 34.45 Wilmington Trust,
National Association, as trustee under the BMO 2022-C1 PSA, pursuant to which
the 111 River Street mortgage loan is serviced. (see Exhibit 34.12)

 35 Servicer compliance statement. (See Explanatory Note 10)

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

 35.2
 K-Star Asset Management LLC, as special servicer

 35.3 Computershare Trust
Company, National Association, as certificate administrator

 35.4 SCP Servicing, LLC, as
primary servicer

 35.5 KeyBank National
Association, as primary servicer

 35.6 KeyBank National
Association, as master servicer under the BBCMS 2022-C17 PSA, pursuant to which
the Park West Village mortgage loan, the 3455 Veterans Hwy mortgage loan, and
the A&R Hospitality Portfolio mortgage loan are serviced. (see Exhibit 35.5)

 35.7 KeyBank National
Association, as special servicer for the Park West Village mortgage loan under
the BBCMS 2022-C17 PSA. (see Exhibit 35.5)

 35.8 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the CGCMT
2022-GC48 PSA, pursuant to which the Yorkshire & Lexington Towers mortgage
loan is serviced. (see Exhibit 35.1)

 35.9 Rialto Capital Advisors,
LLC, as special servicer for the Yorkshire & Lexington Towers mortgage loan
under the CGCMT 2022-GC48 PSA.

 35.10
National Association, as master servicer under the BMARK 2022-B37 PSA, pursuant
to which the 469 7th Avenue mortgage loan and the Wells Fargo Center Tampa
mortgage loan are serviced. (see Exhibit 35.1)

 35.11
 Rialto Capital Advisors, LLC, as special servicer
for the 469 7th Avenue mortgage loan and the Wells Fargo Center Tampa mortgage
loan under the BMARK 2022-B37 PSA. (see Exhibit 35.9)

 35.12
National Association, as master servicer under the BBCMS 2023-C21 PSA, pursuant
to which the La Habra Marketplace mortgage loan is serviced. (see Exhibit 35.1)

 35.13
 3650 REIT Loan Servicing LLC, as special servicer
for the La Habra Marketplace mortgage loan under the BBCMS 2023-C21 PSA.

 35.14
National Association, as master servicer under the 3650R 2022-PF2 PSA, pursuant
to which the Central States Industrial Portfolio mortgage loan, the Lakeshore
Marketplace mortgage loan, and the Art Ovation Hotel mortgage loan are
serviced. (see Exhibit 35.1)

 35.15
 3650 REIT Loan Servicing LLC, as special servicer
for the Central States Industrial Portfolio mortgage loan, the Lakeshore
Marketplace mortgage loan, and the Art Ovation Hotel mortgage loan under the
3650R 2022-PF2 PSA. (see Exhibit 35.13)

 35.16
National Association, as master servicer under the 3650R 2021-PF1 PSA, pursuant
to which the Icon One Daytona mortgage loan is serviced. (see Exhibit 35.1)

 35.17 3650 REIT Loan Servicing
LLC, as special servicer for the Icon One Daytona mortgage loan under the 3650R
2021-PF1 PSA. (see Exhibit 35.13)

 35.18 KeyBank National
Association, as master servicer under the BMARK 2022-B35 PSA, pursuant to which
the Bell Works mortgage loan is serviced. (see Exhibit 35.5)

 35.19 KeyBank National
Association, as special servicer for the Bell Works mortgage loan under the
BMARK 2022-B35 PSA. (see Exhibit 35.5)

 35.20 KeyBank National
Association, as master servicer under the BMO 2022-C1 PSA, pursuant to which
the 111 River Street mortgage loan is serviced. (see Exhibit 35.5)

 35.21 KeyBank National
Association, as special servicer for the 111 River Street mortgage loan under
the BMO 2022-C1 PSA. (see Exhibit 35.5)

 99.1 Mortgage Loan Purchase Agreement, dated as of October
1, 2022, 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 dated October 7, 2022, and filed by the registrant
on October 7, 2022 under Commission File No. 333-255934-03, and is incorporated
by reference herein).

 99.2 Mortgage Loan Purchase Agreement, dated as of October
1, 2022, between Citi Real Estate 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 99.2
to the registrant's Current Report on Form 8-K dated October 7, 2022, and filed
by the registrant on October 7, 2022 under Commission File No. 333-255934-03,
and is incorporated by reference herein).

 99.3 Mortgage Loan Purchase Agreement, dated as of October
1, 2022, between 3650 Real Estate Investment Trust 2 LLC and BMO Commercial
Mortgage Securities LLC, pursuant to which 3650 Real Estate Investment Trust 2
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 dated
October 7, 2022, and filed by the registrant on October 7, 2022 under
Commission File No. 333-255934-03, and is incorporated by reference herein).

 99.4 Mortgage Loan Purchase Agreement, dated as of October
1, 2022, 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 99.4 to the registrant's
Current Report on Form 8-K dated October 7, 2022, and filed by the registrant
on October 7, 2022 under Commission File No. 333-255934-03, and is incorporated
by reference herein).

 99.5 Mortgage Loan Purchase Agreement, dated as of October
1, 2022, 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 99.5 to the registrant's Current Report on Form 8-K dated
October 7, 2022, and filed by the registrant on October 7, 2022 under
Commission File No. 333-255934-03, and is incorporated by reference herein).

 99.6 Mortgage Loan Purchase Agreement, dated as of October
1, 2022, between Sabal Capital II, LLC, Sabal Capital Holdings, LLC, and BMO
Commercial Mortgage Securities LLC, pursuant to which Sabal Capital II, 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 dated October 7,
2022, and filed by the registrant on October 7, 2022 under Commission File No.
333-255934-03, and is incorporated by reference herein).

 99.7 Mortgage Loan Purchase Agreement, dated as of October
1, 2022, between ReadyCap Commercial, LLC, Sutherland Partners, L.P., and BMO Commercial
Mortgage Securities LLC, pursuant to which ReadyCap Commercial, 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 7,
2022, and filed by the registrant on October 7, 2022 under Commission File No.
333-255934-03, and is incorporated by reference herein).

 99.8 Mortgage Loan Purchase Agreement, dated as of October
1, 2022, between Sutherland Asset I, LLC, Sutherland Partners, L.P., and BMO
Commercial Mortgage Securities LLC, pursuant to which Sutherland Asset I, LLC
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 7,
2022, and filed by the registrant on October 7, 2022 under Commission File No.
333-255934-03, and is incorporated by reference herein).

 99.9 Mortgage Loan Purchase Agreement, dated as of October
1, 2022, 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 99.9
to the registrant's Current Report on Form 8-K dated October 7, 2022, and filed
by the registrant on October 7, 2022 under Commission File No. 333-255934-03,
and is incorporated by reference herein).

 99.10 Primary Servicing Agreement, dated as of October 1,
2022, between Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer, and SCP Servicing, LLC, as primary servicer
(filed as Exhibit 99.10 to the registrant's Current Report on Form 8-K dated
October 7, 2022, and filed by the registrant on October 7, 2022 under
Commission File No. 333-255934-03, 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:333-255934-06

 Central Index Key Number of the issuing entity:
 0001984246

 BMO 2023-5C1 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

sponsor:0001840727

 3650 Real Estate Investment Trust 2 LLC

sponsor:0001701238

 Citi Real Estate Funding Inc.

sponsor:0001755531

 Societe Generale Financial Corporation

sponsor:0001541294

 German American Capital Corporation

sponsor:0001541502

 Goldman Sachs Mortgage Company

sponsor:0001548405

 Starwood Mortgage Capital LLC

sponsor:0001592182

 LMF Commercial, LLC

sponsor:0001089877

 KeyBank National Association

 New York

 (State or other jurisdiction of incorporation or organization)

 38-4279403

 38-4279404

 (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 8.2% 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 Short Pump Town
Center mortgage loan, which represented approximately 8.2% 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 Heritage Plaza
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 11 West 42nd Street
mortgage loan, the Short Pump Town Center mortgage loan and the Heritage Plaza
mortgage loan and each of the related companion loan(s) are serviced pursuant
to BANK5 2023-5YR3 PSA (as defined in Item 15 below).

 2. The Back Bay Office mortgage loan, which represented
approximately 3.9% of the initial pool balance of the issuing entity, is part
entity. The Back Bay Office mortgage loan and each of the related companion
loan(s) were serviced pursuant to the Benchmark 2023-B39 PSA (as defined in
Item 15 below).

 3. The ICP/IRG Holdings Portfolio mortgage loan, which
represented approximately 6.9% 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 Cumberland Mall mortgage loan, which represented
approximately 6.8% of the initial pool balance of the issuing entity, is part
entity. The Harborside 2-3 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 Green Acres mortgage loan, which represented approximately
0.7% 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 ICP/IRG Holdings Portfolio mortgage loan, the Cumberland
Mall mortgage loan, the Harborside 2-3 mortgage loan, the Green Acres 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).

 4. The Oxmoor Center mortgage loan, which represented
approximately 2.9% of the initial pool balance of the issuing entity, is part
entity. The Select Parking NYC Portfolio mortgage loan, which represented
approximately 1.3% of the initial pool balance of the issuing entity, is part
entity. The Oxmoor Center mortgage loan, the Select Parking NYC Portfolio
mortgage loan and each of the related companion loan(s) are serviced pursuant
to Benchmark 2023-V3 PSA (as defined in Item 15 below).

 5. The RH HQ mortgage loan, which represented approximately
1.8% 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 RH HQ
mortgage loan and each of the related companion loan(s) are serviced pursuant
to the 3650R 2022-PF2 PSA (as defined in Item 15 below).

 6. The Museum Tower mortgage loan, which represented
approximately 2.2% of the initial pool balance of the issuing entity, is part
entity. The Museum Tower mortgage loan and each of the related companion
loan(s) are serviced pursuant to the MSWF 2023-1 PSA (as defined in Item 15
below).

 7. The Prime Storage Portfolio #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 Prime Storage Portfolio #3 mortgage loan and each of
the related companion loan(s) are serviced pursuant to the CGCMT 2023-PRM3 TSA
(as defined in Item 15 below).

 8. 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) Situs Holdings, LLC, as special servicer for the Back
Bay Office mortgage loan under the Benchmark 2023-B39 PSA, (ii) Berkadia
Commercial Mortgage LLC, as servicer under the CGCMT 2023-PRM3 TSA, pursuant to
which the Prime Storage Portfolio #3 mortgage loan is serviced, (iii)
 Mount Street US (Georgia) LLP, as special servicer for the Prime Storage
Portfolio #3 mortgage loan under the CGCMT 2023-PRM3 TSA, (iv) Wilmington
Trust, National Association, as trustee under the CGCMT 2023-PRM3 TSA, pursuant
to which the Prime Storage Portfolio #3 mortgage loan is serviced, and (v)
Argentic Services Company LP, as
special servicer for the Museum Tower mortgage loan under the MSWF 2023-1 PSA,
are not included in this report on Form 10-K because each of Situs Holdings, LLC, Berkadia Commercial Mortgage LLC, Mount
Street US (Georgia) LLP, Wilmington Trust, National Association and Argentic
Services Company LP 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 BANK 2023-5YR3
PSA, the Benchmark 2023-B39 PSA, the Benchmark
2023-V2 PSA, the Benchmark 2023-V3 PSA, the 3650R 2022-PF2 PSA, the MSWF 2023-1
PSA and the CGCMT 2023-PRM3 TSA, 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.

 9. This report on Form 10-K does not include the servicer
compliance statements of (i) Situs Holdings, LLC, as special servicer for the
Back Bay Office mortgage loan under the Benchmark 2023-B39 PSA, (ii) Berkadia
Commercial Mortgage LLC, as servicer under the CGCMT 2023-PRM3 TSA, pursuant to
which the Prime Storage Portfolio #3 mortgage loan is serviced, (iii)
 Mount Street US (Georgia) LLP, as special servicer for the Prime Storage
Portfolio #3 mortgage loan under the CGCMT 2023-PRM3 TSA and (iv) Argentic Services Company LP, as special
servicer for the Museum Tower mortgage loan under the MSWF 2023-1 PSA], because
each of Situs Holdings, LLC, Berkadia Commercial Mortgage LLC, Mount Street US
(Georgia) LLP and Argentic Services Company LP 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 Computershare Trust Company, National
Association as certificate administrator under the BANK 2023-5YR3 PSA, the Benchmark
2023-B39 PSA, the Benchmark 2023-V2 PSA, the Benchmark 2023-V3 PSA, the
3650R 2022-PF2 PSA, the MSWF 2023-1 PSA and the CGCMT 2023-PRM3 TSA, 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 2023-5C1 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 August 16, 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 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 4.1 to the
registrant's Current Report on Form 8-K dated August 16, 2023, and filed on
August 16, 2023 under Commission File No. 333-255934-06, and is incorporated by
reference herein).

 (4.2)
and Servicing Agreement, dated as of September 1, 2023 (the "BANK 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 4.1 to the registrant's Current Report on Form 8-K
dated September 28, 2023, and filed on October 4, 2023 under Commission File
No. 333-255934-06, and is incorporated by reference herein). (See Explanatory
Note 1)

 (4.3)
and Servicing Agreement, dated as of July 1, 2023 (the "Benchmark 2023-B39
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 a special servicer, Situs Holdings,
LLC, solely with respect to the Back Bay Office Whole Loan, as a 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 4.3 to the
registrant's Current Report on Form 8-K dated August 16, 2023, and filed on
August 16, 2023 under Commission File No. 333-255934-06, and is incorporated by
reference herein). (See Explanatory Note 2)

 (4.4)
and Servicing Agreement, dated as of May 1, 2023 (the "Benchmark 2023-V2 PSA"),
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 as trustee (filed as
Exhibit 4.2 to the registrant's Current Report on Form 8-K dated August 16,
2023, and filed on August 16, 2023 under Commission File No. 333-255934-06, and
is incorporated by reference herein). (See Explanatory Note 2 and Explanatory
Note 3)

 (4.5)
and Servicing Agreement, dated as of July 1, 2023 (the "Benchmark 2023-V3
PSA"), among GS Mortgage Securities Corporation II, as depositor, Midland Loan
Services, a Division of PNC 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,
Computershare Trust Company, National Association, as certificate administrator
and as trustee (filed as Exhibit 4.4 to the registrant's Current Report on Form
8-K dated August 16, 2023, and filed on August 16, 2023 under Commission File
No. 333-255934-06, and is incorporated by reference herein). (See Explanatory
Note 4)

 (4.6)
and Servicing Agreement, dated as of November 1, 2022 (the "3650R 2022-PF2
PSA"), among 3650 REIT Commercial Mortgage Securities II LLC, as depositor,
Midland Loan Services, a Division of PNC Bank, 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,
Computershare Trust Company, National Association, as certificate administrator
and as trustee (filed as Exhibit 4.6 to the registrant's Current Report on Form
8-K dated August 16, 2023, and filed on August 16, 2023 under Commission File
No. 333-255934-06, and is incorporated by reference herein). (See Explanatory
Note 5)

 (4.7)
and Servicing Agreement, dated as of May 1, 2023 (the "MSWF 2023-1 PSA"), among
Morgan Stanley Capital I Inc., as depositor, Wells Fargo Bank, National
Association, as master servicer, Argentic Services Company LP, 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 4.5 to the registrant's
Current Report on Form 8-K dated August 16, 2023, and filed on August 16, 2023
under Commission File No. 333-255934-06, and is incorporated by reference
herein). (See Explanatory Note 6)

 (4.8)
 Trust
and Servicing Agreement, dated as of June 29, 2023 (the "CGCMT 2023-PRM3 TSA"),
among Citigroup Commercial Mortgage Securities Inc., as depositor, Berkadia
Commercial Mortgage LLC, as servicer, Mount Street US (Georgia) LLP, as special
servicer, Pentalpha Surveillance LLC, as operating advisor, Wilmington Trust,
National Association, as trustee, and Computershare Trust Company, National
Association, as certificate administrator (filed as Exhibit 4.7 to the
registrant's Current Report on Form 8-K dated August 16, 2023, and filed on
August 16, 2023 under Commission File No. 333-255934-06, and is incorporated by
reference herein). (See Explanatory Note 7)

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

 33 Reports
on assessment of compliance with servicing criteria for asset-backed
securities. (See Explanatory
Note 8)

 33.1
 KeyBank National Association, as master servicer

 33.2

 33.3

 33.4
as certificate administrator and trustee

 33.5
as custodian

 33.6
 Wells Fargo Bank, National Association, as master servicer
under the BANK5 2023-5YR3 PSA, pursuant to which the 11 West 42nd Street
mortgage loan, the Heritage Plaza mortgage loan and the Short Pump Town Center
mortgage loan are serviced.

 33.7
 CoreLogic Solutions, LLC, as servicing function
participant under the BANK5 2023-5YR3 PSA, pursuant to which the 11 West 42nd
Center mortgage loan are serviced.

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

 33.9
for the 11 West 42nd Street mortgage loan, the Heritage Plaza mortgage loan,
and the Short Pump Town Center mortgage loan under the BANK5 2023-5YR3 PSA.
(see Exhibit 33.3)

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

 33.11
as trustee under the BANK5 2023-5YR3 PSA, pursuant to which the 11 West 42nd
Center mortgage loan are serviced. (see Exhibit 33.4)

 33.12
National Association, as master servicer under the Benchmark 2023-B39 PSA,
pursuant to which the Back Bay Office mortgage loan is serviced.

 33.13
Situs Holdings, LLC, as special servicer for the Back Bay Office mortgage loan
under the Benchmark 2023-B39 PSA. (omitted; see Explanatory Note 8)

 33.14
 Park Bridge Lender Services LLC, as operating advisor
for the Back Bay Office mortgage loan under the Benchmark 2023-B39 PSA.

 33.15
as custodian for the Back Bay Office mortgage loan under the Benchmark 2023-B39
PSA. (see Exhibit 33.5)

 33.16
as trustee under the Benchmark 2023-B39 PSA, pursuant to which the Back Bay
Office mortgage loan is serviced. (see Exhibit 33.4)

 33.17
National Association, as master servicer under the BMARK 2023-V2 PSA, pursuant
to which the ICP/IRG Holdings Portfolio mortgage loan, the Cumberland Mall
mortgage loan, the Harborside 2-3 mortgage loan and the Green Acres mortgage
loan are serviced. (see Exhibit 33.12)

 33.18
for the ICP/IRG Holdings Portfolio mortgage loan, the Cumberland Mall mortgage
loan, the Harborside 2-3 mortgage loan and the Green Acres mortgage loan under
the BMARK 2023-V2 PSA. (see Exhibit 33.2)

 33.19
 BellOak, LLC, as operating advisor for the ICP/IRG
Holdings Portfolio mortgage loan, the Cumberland Mall mortgage loan, the
Harborside 2-3 mortgage loan and the Green Acres mortgage loan under the BMARK
2023-V2 PSA.

 33.20
as custodian for the ICP/IRG Holdings Portfolio mortgage loan, the Cumberland
Mall mortgage loan, the Harborside 2-3 mortgage loan and the Green Acres
mortgage loan under the BMARK 2023-V2 PSA. (see Exhibit 33.5)

 33.21
as trustee for the ICP/IRG Holdings Portfolio mortgage loan, the Cumberland
Mall mortgage loan, the Harborside 2-3 mortgage loan and the Green Acres
mortgage loan under the BMARK 2023-V2 PSA. (see Exhibit 33.4)

 33.22
National Association, as master servicer under the Benchmark 2023-V3 PSA,
pursuant to which the Oxmoor Center mortgage loan and the Select Parking NYC
Portfolio mortgage loan are serviced. (see Exhibit 33.12)

 33.23
 Greystone Servicing Company LLC, as special
servicer for the Oxmoor Center mortgage loan and the Select Parking NYC
Portfolio mortgage loan under the Benchmark 2023-V3 PSA. (see Exhibit 33.8)

 33.24
 Park Bridge Lender Services LLC, as operating
advisor for the Oxmoor Center mortgage loan and the Select Parking NYC
Portfolio mortgage loan under the Benchmark 2023-V3 PSA. (see Exhibit 33.14)

 33.25
as custodian for the Oxmoor Center mortgage loan and the Select Parking NYC
Portfolio mortgage loan under the Benchmark 2023-V3 PSA. (see Exhibit 33.5)

 33.26
as trustee under the Benchmark 2023-V3 PSA, pursuant to which the Oxmoor Center
mortgage loan and the Select Parking NYC Portfolio mortgage loan are serviced.
(see Exhibit 33.4)

 33.27
Berkadia Commercial Mortgage LLC, as servicer under the CGCMT 2023-PRM3 TSA,
pursuant to which the Prime Storage Portfolio #3 mortgage loan is serviced.
(omitted; see Explanatory Note 8)

 33.28
Mount Street US (Georgia) LLP, as special servicer for the Prime Storage
Portfolio #3 mortgage loan under the CGCMT 2023-PRM3 TSA. (omitted; see
Explanatory Note 8)

 33.29
for the Prime Storage Portfolio #3 mortgage loan under the CGCMT 2023-PRM3 TSA.
(see Exhibit 33.3)

 33.30
as custodian for the Prime Storage Portfolio #3 mortgage loan under the CGCMT
2023-PRM3 TSA (see Exhibit 33.5)

 33.31
Wilmington Trust, National Association, as trustee under the CGCMT 2023-PRM3
TSA, pursuant to which the Prime Storage Portfolio #3 mortgage loan is
serviced. (omitted; see Explanatory Note 8)

 33.32
 Wells Fargo Bank, National Association, as master
servicer under the MSWF 2023-1 PSA, pursuant to which the Museum Tower mortgage
loan is serviced. (see Exhibit 33.6)

 33.33
 CoreLogic Solutions, LLC, as servicing function
participant under the MSWF 2023-1 PSA, pursuant to which the Museum Tower
mortgage loan is serviced. (see Exhibit 33.7)

 33.34
Argentic Services Company LP, as special servicer for the Museum Tower mortgage
loan under the MSWF 2023-1 PSA. (omitted; see Explanatory Note 8)

 33.35
for the Museum Tower mortgage loan under the MSWF 2023-1 PSA. (see Exhibit
33.3)

 33.36
as custodian for the Museum Tower mortgage loan under the MSWF 2023-1 PSA. (see
Exhibit 33.5)

 33.37
as trustee under the MSWF 2023-1 PSA, pursuant to which the Museum Tower
mortgage loan is serviced. (see Exhibit 33.4)

 33.38
National Association, as master servicer under the 3650R 2022-PF2 PSA, pursuant
to which the RH HQ mortgage loan is serviced. (see Exhibit 33.12)

 33.39
for the RH HQ mortgage loan under the 3650R 2022-PF2 PSA. (see Exhibit 33.2)

 33.40
 Park Bridge Lender Services LLC, as operating advisor
for the RH HQ mortgage loan under the 3650R 2022-PF2 PSA. (see Exhibit 33.14)

 33.41
as custodian for the RH HQ mortgage loan under the 3650R 2022-PF2 PSA. (see
Exhibit 33.5)

 33.42
as trustee under the 3650R 2022-PF2 PSA, pursuant to which the RH HQ 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 8)

 34.1
 KeyBank National Association, as master servicer

 34.2

 34.3

 34.4
as certificate administrator and trustee

 34.5
 Computershare Trust Company, National Association, as
custodian

 34.6
 Wells Fargo Bank, National Association, as master
servicer under the BANK5 2023-5YR3 PSA, pursuant to which the 11 West 42nd
Center mortgage loan are serviced.

 34.7
 CoreLogic Solutions, LLC, as servicing function
participant under the BANK5 2023-5YR3 PSA, pursuant to which the 11 West 42nd
Center mortgage loan are serviced.

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

 34.9
for the 11 West 42nd Street mortgage loan, the Heritage Plaza mortgage loan,
and the Short Pump Town Center mortgage loan under the BANK5 2023-5YR3 PSA.
(see Exhibit 34.3)

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

 34.11
as trustee under the BANK5 2023-5YR3 PSA, pursuant to which the 11 West 42nd
Center mortgage loan are serviced. (see Exhibit 34.4)

 34.12
National Association, as master servicer under the Benchmark 2023-B39 PSA,
pursuant to which the Back Bay Office mortgage loan is serviced.

 34.13
Situs Holdings, LLC, as special servicer for the Back Bay Office mortgage loan
under the Benchmark 2023-B39 PSA. (omitted; see Explanatory Note 8)

 34.14
 Park Bridge Lender Services LLC, as operating
advisor for the Back Bay Office mortgage loan under the Benchmark 2023-B39 PSA.

 34.15
as custodian for the Back Bay Office mortgage loan under the Benchmark 2023-B39
PSA. (see Exhibit 34.5)

 34.16
as trustee under the Benchmark 2023-B39 PSA, pursuant to which the Back Bay
Office mortgage loan is serviced. (see Exhibit 34.4)

 34.17
National Association, as master servicer under the BMARK 2023-V2 PSA, pursuant
to which the ICP/IRG Holdings Portfolio mortgage loan, the Cumberland Mall
mortgage loan, the Harborside 2-3 mortgage loan and the Green Acres mortgage
loan are serviced. (see Exhibit 34.12)

 34.18
for the ICP/IRG Holdings Portfolio mortgage loan, the Cumberland Mall mortgage
loan, the Harborside 2-3 mortgage loan and the Green Acres mortgage loan under
the BMARK 2023-V2 PSA. (see Exhibit 34.2)

 34.19
 BellOak, LLC, as operating advisor for the ICP/IRG
Holdings Portfolio mortgage loan, the Cumberland Mall mortgage loan, the
Harborside 2-3 mortgage loan and the Green Acres mortgage loan under the BMARK
2023-V2 PSA.

 34.20
as custodian for the ICP/IRG Holdings Portfolio mortgage loan, the Cumberland
Mall mortgage loan, the Harborside 2-3 mortgage loan and the Green Acres
mortgage loan under the BMARK 2023-V2 PSA. (see Exhibit 34.5)

 34.21
 Computershare Trust Company, National Association, as
trustee for the ICP/IRG Holdings Portfolio mortgage loan, the Cumberland Mall
mortgage loan, the Harborside 2-3 mortgage loan and the Green Acres mortgage
loan under the BMARK 2023-V2 PSA. (see Exhibit 34.4)

 34.22
National Association, as master servicer under the Benchmark 2023-V3 PSA,
pursuant to which the Oxmoor Center mortgage loan and the Select Parking NYC
Portfolio mortgage loan are serviced. (see Exhibit 34.12)

 34.23
 Greystone Servicing Company LLC, as special
servicer for the Oxmoor Center mortgage loan and the Select Parking NYC
Portfolio mortgage loan under the Benchmark 2023-V3 PSA. (see Exhibit 34.8)

 34.24
 Park Bridge Lender Services LLC, as operating
advisor for the Oxmoor Center mortgage loan and the Select Parking NYC
Portfolio mortgage loan under the Benchmark 2023-V3 PSA. (see Exhibit 34.14)

 34.25
as custodian for the Oxmoor Center mortgage loan and the Select Parking NYC
Portfolio mortgage loan under the Benchmark 2023-V3 PSA. (see Exhibit 34.5)

 34.26
as trustee under the Benchmark 2023-V3 PSA, pursuant to which the Oxmoor Center
mortgage loan and the Select Parking NYC Portfolio mortgage loan are serviced.
(see Exhibit 34.4)

 34.27
Berkadia Commercial Mortgage LLC, as servicer under the CGCMT 2023-PRM3 TSA,
pursuant to which the Prime Storage Portfolio #3 mortgage loan is serviced.
(omitted; see Explanatory Note 8)

 34.28
Mount Street US (Georgia) LLP, as special servicer for the Prime Storage
Portfolio #3 mortgage loan under the CGCMT 2023-PRM3 TSA. (omitted; see
Explanatory Note 8)

 34.29
for the Prime Storage Portfolio #3 mortgage loan under the CGCMT 2023-PRM3 TSA.
(see Exhibit 34.3)

 34.30
as custodian for the Prime Storage Portfolio #3 mortgage loan under the CGCMT
2023-PRM3 TSA (see Exhibit 34.5)

 34.31
Wilmington Trust, National Association, as trustee under the CGCMT 2023-PRM3
TSA, pursuant to which the Prime Storage Portfolio #3 mortgage loan is
serviced. (omitted; see Explanatory Note 8)

 34.32
 Wells Fargo Bank, National Association, as master
servicer under the MSWF 2023-1 PSA, pursuant to which the Museum Tower mortgage
loan is serviced. (see Exhibit 34.6)

 34.33
 CoreLogic Solutions, LLC, as servicing function
participant under the MSWF 2023-1 PSA, pursuant to which the Museum Tower
mortgage loan is serviced. (see Exhibit 34.7)

 34.34
Argentic Services Company LP, as special servicer for the Museum Tower mortgage
loan under the MSWF 2023-1 PSA. (omitted; see Explanatory Note 8)

 34.35
for the Museum Tower mortgage loan under the MSWF 2023-1 PSA. (see Exhibit
34.3)

 34.36
as custodian for the Museum Tower mortgage loan under the MSWF 2023-1 PSA. (see
Exhibit 34.5)

 34.37
as trustee under the MSWF 2023-1 PSA, pursuant to which the Museum Tower
mortgage loan is serviced. (see Exhibit 34.4)

 34.38
National Association, as master servicer under the 3650R 2022-PF2 PSA, pursuant
to which the RH HQ mortgage loan is serviced. (see Exhibit 34.12)

 34.39
 3650 REIT Loan Servicing LLC, as special servicer for
the RH HQ mortgage loan under the 3650R 2022-PF2 PSA. (see Exhibit 34.2)

 34.40
 Park Bridge Lender Services LLC, as operating
advisor for the RH HQ mortgage loan under the 3650R 2022-PF2 PSA. (see Exhibit
34.14)

 34.41
as custodian for the RH HQ mortgage loan under the 3650R 2022-PF2 PSA. (see
Exhibit 34.5)

 34.42
as trustee under the 3650R 2022-PF2 PSA, pursuant to which the RH HQ mortgage
loan is serviced. (see Exhibit 34.4)

 35 Servicer compliance statement. (See Explanatory Note 9)

 35.1 KeyBank National
Association, as master servicer

 35.2 3650 REIT Loan Servicing LLC, as
special servicer

 35.3 Computershare Trust Company,
National Association, as certificate administrator

 35.4 Wells Fargo Bank, National
Association, as master servicer under the BANK5 2023-5YR3 PSA pursuant to which
the 11 West 42nd Street mortgage loan, the Heritage Plaza mortgage loan and the
Short Pump Town Center mortgage loan are serviced.

 35.5 Greystone Servicing Company LLC,
as special servicer for the 11 West 42nd Street mortgage loan, the Heritage
Plaza mortgage loan and the Short Pump Town Center mortgage loan under the
BANK5 2023-5YR3 PSA.

 35.6 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the
Benchmark 2023-B39 PSA, pursuant to which the Back Bay Office mortgage loan is
serviced.

 35.7 Midland Loan Services, a Division
of PNC Bank, National Association, as master servicer under the BMARK 2023-V2
PSA, pursuant to which the ICP/IRG Holdings Portfolio mortgage loan, the
Cumberland Mall mortgage loan, the Harborside 2-3 mortgage loan and the Green
Acres mortgage loan are serviced. (see Exhibit 35.6)

 35.8 3650 REIT Loan Servicing LLC, as
special servicer for the ICP/IRG Holdings Portfolio mortgage loan, the
Cumberland Mall mortgage loan, the Harborside 2-3 mortgage loan and the Green
Acres mortgage loan under the BMARK 2023-V2 PSA. (see Exhibit 35.2)

 35.9 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the Benchmark
2023-V3 PSA, pursuant to which the Oxmoor Center mortgage loan and the Select
Parking NYC Portfolio mortgage loan are serviced. (see Exhibit 35.6)

 35.10 Greystone Servicing Company LLC,
as special servicer for the Oxmoor Center mortgage loan and the Select Parking
NYC Portfolio mortgage loan under the Benchmark 2023-V3 PSA. (see Exhibit 35.5)

 35.11 Wells Fargo Bank, National
Association, as master servicer under the MSWF 2023-1 PSA, pursuant to which
the Museum Tower mortgage loan is serviced. (see Exhibit 35.4)

 35.12 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the 3650R
2022-PF2 PSA, pursuant to which the RH HQ mortgage loan is serviced. (see
Exhibit 35.6)

 35.13 3650 REIT Loan Servicing LLC, as
special servicer for the RH HQ mortgage loan under the 3650R 2022-PF2 PSA. (see
Exhibit 35.2)

 99.1 Mortgage
Loan Purchase Agreement, dated as of August 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 dated August 16,
2023, and filed on August 16, 2023 under Commission File No. 333-255934-06, and
is incorporated by reference herein).

 99.2 Mortgage
Loan Purchase Agreement, dated as of August 1, 2023, between 3650 Real Estate Investment
Trust 2 LLC and BMO Commercial Mortgage Securities LLC, pursuant to which 3650
Real Estate Investment Trust 2 LLC 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 August 16, 2023, and filed on August 16, 2023
under Commission File No. 333-255934-06, and is incorporated by reference
herein).

 99.3 Mortgage
Loan Purchase Agreement, dated as of August 1, 2023, between Citi Real Estate
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 August 16, 2023, and filed on August 16, 2023 under Commission
File No. 333-255934-06, and is incorporated by reference herein).

 99.4 Mortgage
Loan Purchase Agreement, dated as of August 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 99.4 to the registrant's
Current Report on Form 8-K dated August 16, 2023, and filed on August 16, 2023
under Commission File No. 333-255934-06, and is incorporated by reference
herein).

 99.5 Mortgage
Loan Purchase Agreement, dated as of August 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 99.5 to the registrant's Current
Report on Form 8-K dated August 16, 2023, and filed on August 16, 2023 under
Commission File No. 333-255934-06, and is incorporated by reference herein).

 99.6 Mortgage
Loan Purchase Agreement, dated as of August 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 99.6 to the registrant's Current
Report on Form 8-K dated August 16, 2023, and filed on August 16, 2023 under
Commission File No. 333-255934-06, and is incorporated by reference herein).

 99.7 Mortgage
Loan Purchase Agreement, dated as of August 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 99.7 to the registrant's Current Report on
Form 8-K dated August 16, 2023, and filed on August 16, 2023 under Commission
File No. 333-255934-06, and is incorporated by reference herein).

 99.8 Mortgage
Loan Purchase Agreement, dated as of August 1, 2023, between Societe Generale
Financial Corporation, Soci t G n rale 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 99.8
to the registrant's Current Report on Form 8-K dated August 16, 2023, and filed
on August 16, 2023 under Commission File No. 333-255934-06, and is incorporated
by reference herein).

 99.9 Mortgage
Loan Purchase Agreement, dated as of August 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 99.9 to the registrant's Current
Report on Form 8-K dated August 16, 2023, and filed on August 16, 2023 under
Commission File No. 333-255934-06, 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