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:333-255934-01

 Central Index Key Number of the issuing
entity:0001903688

 BMO 2022-C1 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:0001089877

 KeyBank National Association

sponsor:0001548405

 Starwood Mortgage Capital LLC

sponsor:0001878059

 SSOF SCRE AIV, L.P.

sponsor:0001541294

 German American Capital Corporation

 New York

 (State or other jurisdiction of incorporation or organization)

 38-4209726

 38-4209727

 38-7290275

 (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 Coleman Highline Phase IV mortgage loan, which
represented approximately 3.7% 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 Coleman Highline Phase IV mortgage loan
and each of the related companion loan(s) are serviced pursuant to the COLEM
2022-HLNE TSA (as defined in Item 15 below).

 2. The AMF Portfolio mortgage loan, which represented
approximately 3.6% of the initial pool balance of the issuing entity, is part
issuing entity. The AMF Portfolio mortgage loan and each of the related
companion loan(s) are serviced pursuant to the BBCMS 2021-C12 PSA (as defined
in Item 15 below).

 3. The 601 Lexington Avenue mortgage loan, which represented
approximately 3.6% of the initial pool balance of the issuing entity, is part
issuing entity. The 601 Lexington Avenue mortgage loan and each of the
related companion loan(s) are serviced pursuant to the BXP Trust 2021-601L TSA
(as defined in Item 15 below).

 4. The Hudson Commons mortgage loan, which represented
approximately 3.6% of the initial pool balance of the issuing entity, is part
issuing entity. The Hudson Commons mortgage loan and each of the related
companion loan(s) are serviced pursuant to the COMM 2022-HC TSA (as defined in
Item 15 below).

 5. The Bedrock Portfolio mortgage loan, which represented
approximately 3.6% of the initial pool balance of the issuing entity, is part
issuing entity. The Bedrock Portfolio mortgage loan and each of the
related companion loan(s) are serviced pursuant to the BMARK 2022-B32 PSA (as
defined in Item 15 below).

 6. The IPCC National Storage Portfolio XV mortgage loan, which
represented approximately 3.6% 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 2 Riverfront Plaza mortgage loan, which
represented approximately 3.3% 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 IPCC National Storage Portfolio XV
mortgage loan and the 2 Riverfront Plaza mortgage loan and each of the related
companion loan(s) are serviced pursuant to the BBCMS 2022-C15 PSA (as defined
in Item 15 below).

 7. The Wyndham National Hotel Portfolio mortgage loan, which
represented approximately 1.7% 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 Wyndham National Hotel Portfolio mortgage
loan and each of the related companion loan(s) are serviced pursuant to the UBS
2019-C18 PSA (as defined in Item 15 below).

 8. The Meadowood Mall mortgage loan, which represented
approximately 1,6% of the initial pool balance of the issuing entity, is part
issuing entity. The Meadowood Mall 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).

 9. 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
3650 REIT Loan Servicing LLC, as special servicer for the Meadowood Mall
mortgage loan under the 3650R 2022-PF2 PSA is not included in this report on
Form 10-K because 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 (i) Computershare
Trust Company, National Association as certificate administrator under the
COLEM 2022-HLNE TSA, the BBCMS 2021-C12 PSA, the BXP Trust 2021-601L TSA, the
COMM 2022-HC TSA, the BMARK 2022-B32
PSA, the BBCMS 2022-C15 PSA and the 3650R 2022-PF2 PSA and (ii) Wells Fargo
Bank, National Association, as certificate administrator under the UBS 2019-C18
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. This annual report on Form 10-K does not include the report on
assessment of compliance with servicing criteria and attestation report on
assessment of compliance with servicing criteria of Wilmington Trust, National
Association, as trustee under the COLEM 2022-HLNE TSA and the COMM 2022-HC TSA,
because there was no relevant servicing criteria applicable to Wilmington
Trust, National Association as trustee under the COLEM 2022-HLNE TSA and the
COMM 2022-HC TSA during the year ended December 31, 2023 and, pursuant to the
terms of the COLEM 2022-HLNE TSA and the COMM 2022-HC TSA, the trustee is not
required to provide assessment of compliance with applicable servicing criteria
and attestation report on assessment of compliance with servicing criteria with
respect to any period during which there was no applicable servicing criteria
applicable to it.

 10. This report on Form 10-K does not include the servicer
compliance statements of (i) Situs Holdings, LLC, as special servicer for the
360 Rosemary mortgage loan under the BMO 2022-C1 PSA, (ii) Situs Holdings, LLC,
as special servicer for the 601 Lexington Avenue mortgage loan under the BXP
2021-601L TSA, (iii) Rialto Capital Advisors, LLC, as special servicer for the
IPCC National Storage Portfolio XV mortgage loan and the 2 Riverfront Plaza
mortgage loan under the BBCMS 2022-C15 PSA, (iv) Rialto Capital Advisors, LLC,
as special servicer for the Wyndham National Hotel Portfolio mortgage loan
under the UBS 2019-C18 PSA, (v) Wells Fargo Bank, National Association, as
servicer under the BXP 2021-601L TSA, pursuant to which the 601 Lexington
Avenue mortgage loan is serviced, (vi) Wells Fargo Bank, National Association,
as master servicer under the UBS 2019-C18 PSA, pursuant to which the Wyndham
National Hotel Portfolio mortgage loan is serviced, and (vii) 3650 REIT Loan Servicing LLC, as special
servicer for the Meadowood Mall mortgage loan under the 3650R 2022-PF2 PSA,
because each of Situs Holdings, LLC, Rialto Capital Advisors, LLC, Wells Fargo
Bank, National Association 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 COLEM 2022-HLNE
TSA, the BBCMS 2021-C12 PSA, the BXP Trust 2021-601L TSA, the COMM 2022-HC TSA,
the BMARK 2022-B32 PSA, the BBCMS 2022-C15 PSA and the 3650R 2022-PF2 PSA and
(ii) Wells Fargo Bank, National Association, as certificate administrator under
the UBS 2019-C18 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 2022-C1 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 February 28, 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 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 4.1 to the registrant's Current Report on Form 8-K/A
dated February 28, 2022, and filed by the registrant on March 7, 2022 under

 (4.2) Trust
and Servicing Agreement, dated as of March 15, 2022 ("COLEM 2022-HLNE TSA"), by
and among Barclays Commercial Mortgage Securities LLC, as depositor, KeyBank
National Association, as servicer and as special servicer, Wilmington Trust,
National Association, as trustee, and Computershare Trust Company, National
Association, as certificate administrator and custodian (filed as Exhibit 4.1
to the registrant's Current Report on Form 8-K filed by the registrant on March
16, 2023 under Commission File No. 333-255934-01, and is incorporated by
reference herein). (See Explanatory Note 1)

 (4.3) Pooling
and Servicing Agreement, dated as of November 1, 2021 ("BBCMS 2021-C12 PSA"),
by and among Barclays Commercial Mortgage Securities LLC, as depositor, KeyBank
National Association, as master servicer, LNR Partners, LLC, as 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 4.3 to the registrant's Current Report on Form 8-K
dated February 28, 2022, and filed by the registrant on February 28, 2022 under
(See Explanatory Note 2)

 (4.4) Trust
and Servicing Agreement, dated as of December 29, 2021 ("BXP 2021-601L TSA"),
by and among Wells Fargo Commercial Mortgage Securities, Inc, as depositor,
Wells Fargo Bank, National Association, as servicer, Situs Holdings, LLC, as
special servicer, 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 February 28, 2022, and filed by the registrant
on February 28, 2022 under Commission File No. 333-255934-01, and is
incorporated by reference herein). (See Explanatory Note 3)

 (4.5) Trust
and Servicing Agreement, dated as of January 26, 2022 ("COMM 2022-HC TSA"), by
and among Deutsche Mortgage & Asset Receiving Corporation, as depositor,
KeyBank National Association, as master servicer, CWCapital Asset Management
LLC, as special servicer, Wilmington Trust, National Association, as trustee,
Computershare Trust Company, N.A., as certificate administrator, as paying
agent and as custodian, and Park Bridge Lender Services LLC, as operating
advisor (filed as Exhibit 4.5 to the registrant's Current Report on Form 8-K
dated February 28, 2022, and filed by the registrant on February 28, 2022 under
(See Explanatory Note 4)

 (4.6) Pooling
and Servicing Agreement, dated as of February 1, 2022 ("BMARK 2022-B32 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, KeyBank National Association, as 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 4.6 to the registrant's Current Report on Form 8-K
dated February 28, 2022, and filed by the registrant on February 28, 2022 under
(See Explanatory Note 5)

 (4.7) Pooling
and Servicing Agreement, dated as of April 1, 2022 ("BBCMS 2022-C15 PSA"), by
and 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, Wilmington
Trust, National Association, 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 April 13, 2022, and filed
by the registrant on April 19, 2022 under Commission File No. 333-255934-01,
and is incorporated by reference herein). (See Explanatory Note 6)

 (4.8) Pooling
and Servicing Agreement, dated as of December 1, 2019 ("UBS 2019-C18 PSA"), by
and among UBS Commercial Mortgage Securitization Corp., as depositor, Wells
Fargo Bank, National Association, as master servicer, Rialto Capital Advisors,
LLC as special servicer, Wells Fargo Bank, National Association, as certificate
administrator, Wilmington Trust, National Association, as trustee, and Park
Bridge Lender Services LLC, as operating advisor and as asset representations
reviewer (filed as Exhibit 4.7 to the registrant's Current Report on Form 8-K
dated February 28, 2022, and filed by the registrant on February 28, 2022 under
(See Explanatory Note 7)

 (4.9) 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. 333-255934-01, 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

 33.2

 33.3
for the 111 River Street mortgage loan (see Exhibit 33.1)

 33.4
 Situs Holdings, LLC, as special servicer for the
360 Rosemary mortgage loan

 33.5
advisor

 33.6
as certificate administrator

 33.7
as custodian

 33.8

 33.9
 SCP Servicing, LLC, as primary servicer

 33.10
 KeyBank National Association, as servicer for the
Coleman Highline Phase IV mortgage loan under the COLEM 2022-HLNE TSA. (see
Exhibit 33.1)

 33.11
for the Coleman Highline Phase IV mortgage loan under the COLEM 2022-HLNE TSA.
(see Exhibit 33.1)

 33.12
as custodian for the Coleman Highline Phase IV mortgage loan under the COLEM
2022-HLNE TSA. (see Exhibit 33.7)

 33.13
Wilmington Trust, National Association, as trustee under the COLEM 2022-HLNE
TSA, pursuant to which the Coleman Highline Phase IV mortgage loan is serviced.
(omitted; see Explanatory Note 9)

 33.14
is serviced. (see Exhibit 33.1)

 33.15
 LNR Partners, LLC, as special servicer for the AMF
Portfolio mortgage loan under the BBCMS 2021-C12 PSA.

 33.16
for the AMF Portfolio mortgage loan under the BBCMS 2021-C12 PSA.

 33.17
as custodian for the AMF Portfolio mortgage loan under the BBCMS 2021-C12 PSA.
(see Exhibit 33.7)

 33.18
is serviced. (see Exhibit 33.8)

 33.19
 Wells Fargo Bank, National Association, as
servicer for the 601 Lexington Avenue mortgage loan under the BXP 2021-601L
TSA.

 33.20
 CoreLogic Solutions, LLC, as servicing function
participant for the 601 Lexington Avenue mortgage loan under the BXP 2021-601L
TSA.

 33.21
 Situs Holdings, LLC, as special servicer for the
601 Lexington Avenue mortgage loan under the BXP 2021-601L TSA. (see Exhibit
33.4)

 33.22
as custodian for the 601 Lexington Avenue mortgage loan under the BXP 2021-601L
TSA (see Exhibit 33.7)

 33.23
as trustee under the BXP 2021-601L TSA, pursuant to which the 601 Lexington
Avenue mortgage loan is serviced. (see Exhibit 33.6)

 33.24
under the COMM 2022-HC TSA, pursuant to which the Hudson Commons mortgage loan
is serviced. (see Exhibit 33.1)

 33.25
for the Hudson Commons mortgage loan under the COMM 2022-HC TSA. (see Exhibit
33.2)

 33.26
advisor for Hudson Commons mortgage loan under the COMM 2022-HC TSA. (see
Exhibit 33.5)

 33.27
as custodian for the Hudson Commons mortgage loan under the COMM 2022-HC TSA.
(see Exhibit 33.7)

 33.28
Wilmington Trust, National Association, as trustee under the COMM 2022-HC TSA,
pursuant to which the Hudson Commons mortgage loan is serviced. (omitted; see
Explanatory Note 9)

 33.29
National Association, as master servicer under the BMARK 2022-B32 PSA, pursuant
to which the Bedrock Portfolio mortgage loan is serviced.

 33.30
Exhibit 33.1)

 33.31
Exhibit 33.16)

 33.32
as custodian for the Bedrock Portfolio mortgage loan under the BMARK 2022-B32
PSA. (see Exhibit 33.7)

 33.33
under the BMARK 2022-B32 PSA, pursuant to which the Bedrock Portfolio mortgage
loan is serviced. (see Exhibit 33.8)

 33.34
National Association, as master servicer under the BBCMS 2022-C15 PSA, pursuant
to which the IPCC National Storage Portfolio XV mortgage loan and the 2
Riverfront Plaza mortgage loan are serviced. (see Exhibit 33.29)

 33.35
 Rialto Capital Advisors, LLC, as special servicer
for the IPCC National Storage Portfolio XV mortgage loan and the 2 Riverfront
Plaza mortgage loan under the BBCMS 2022-C15 PSA.

 33.36
for the IPCC National Storage Portfolio XV mortgage loan and the 2 Riverfront
Plaza mortgage loan under the BBCMS 2022-C15 PSA. (see Exhibit 33.16)

 33.37
as custodian for the IPCC National Storage Portfolio XV mortgage loan and the 2
Riverfront Plaza mortgage loan under the BBCMS 2022-C15 PSA. (see Exhibit 33.7)

 33.38
under the BBCMS 2022-C15 PSA, pursuant to which the IPCC National Storage
Portfolio XV mortgage loan and the 2 Riverfront Plaza mortgage loan are
serviced. (see Exhibit 33.8)

 33.39
 Wells Fargo Bank, National Association, as master
servicer under the UBS 2019-C18 PSA, pursuant to which the Wyndham National
Hotel Portfolio mortgage loan is serviced. (see Exhibit 33.19)

 33.40
 CoreLogic Solutions, LLC, as servicing function
participant under the UBS 2019-C18 PSA, pursuant to which the Wyndham National
Hotel Portfolio mortgage loan is serviced. (see Exhibit 33.20)

 33.41
 Rialto Capital Advisors, LLC, as special servicer
for the Wyndham National Hotel Portfolio mortgage loan under the UBS 2019-C18
PSA. (see Exhibit 33.35)

 33.42
advisor for the Wyndham National Hotel Portfolio mortgage loan under the UBS
2019-C18 PSA. (see Exhibit 33.5)

 33.43
 Wells Fargo Bank, National Association, as
custodian for the Wyndham National Hotel Portfolio mortgage loan under the UBS
2019-C18 PSA.

 33.44
as servicing function participant of Wells Fargo Bank, National Association, as
custodian for the Wyndham National Hotel Portfolio mortgage loan under the UBS
2019-C18 PSA. (see exhibit 33.7)

 33.45
under the UBS 2019-C18 PSA, pursuant to which the Wyndham National Hotel
Portfolio mortgage loan is serviced. (see Exhibit 33.8)

 33.46
National Association, as master servicer under the 3650R 2022-PF2 PSA, pursuant
to which the Meadowood Mall mortgage loan is serviced. (see Exhibit 33.29)

 33.47
advisor for the Meadowood Mall mortgage loan under the 3650R 2022-PF2 PSA. (see
Exhibit 33.5)

 33.48
as custodian for the Meadowood Mall mortgage loan under the 3650R 2022-PF2 PSA.
(see Exhibit 33.7)

 33.49
as trustee under the 3650R 2022-PF2 PSA, pursuant to which the Meadowood Mall
mortgage loan is serviced. (see Exhibit 33.6)

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

 34.1

 34.2

 34.3
for the 111 River Street mortgage loan (see Exhibit 34.1)

 34.4
 Situs Holdings, LLC, as special servicer for the
360 Rosemary mortgage loan

 34.5
advisor

 34.6
as certificate administrator

 34.7
as custodian

 34.8

 34.9
 SCP Servicing, LLC, as primary servicer

 34.10
 KeyBank National Association, as servicer for the
Coleman Highline Phase IV mortgage loan under the COLEM 2022-HLNE TSA. (see
Exhibit 34.1)

 34.11
for the Coleman Highline Phase IV mortgage loan under the COLEM 2022-HLNE TSA.
(see Exhibit 34.1)

 34.12
as custodian for the Coleman Highline Phase IV mortgage loan under the COLEM
2022-HLNE TSA. (see Exhibit 34.7)

 34.13
Wilmington Trust, National Association, as trustee under the COLEM 2022-HLNE
TSA, pursuant to which the Coleman Highline Phase IV mortgage loan is serviced.
(omitted; see Explanatory Note 9)

 34.14
is serviced. (see Exhibit 34.1)

 34.15
 LNR Partners, LLC, as special servicer for the AMF
Portfolio mortgage loan under the BBCMS 2021-C12 PSA.

 34.16
for the AMF Portfolio mortgage loan under the BBCMS 2021-C12 PSA.

 34.17
as custodian for the AMF Portfolio mortgage loan under the BBCMS 2021-C12 PSA.
(see Exhibit 34.7)

 34.18
is serviced. (see Exhibit 34.8)

 34.19
 Wells Fargo Bank, National Association, as
servicer for the 601 Lexington Avenue mortgage loan under the BXP 2021-601L
TSA.

 34.20
 CoreLogic Solutions, LLC, as servicing function
participant for the 601 Lexington Avenue mortgage loan under the BXP 2021-601L
TSA.

 34.21
 Situs Holdings, LLC, as special servicer for the
601 Lexington Avenue mortgage loan under the BXP 2021-601L TSA. (see Exhibit
34.4)

 34.22
as custodian for the 601 Lexington Avenue mortgage loan under the BXP 2021-601L
TSA (see Exhibit 34.7)

 34.23
as trustee under the BXP 2021-601L TSA, pursuant to which the 601 Lexington
Avenue mortgage loan is serviced. (see Exhibit 34.6)

 34.24
under the COMM 2022-HC TSA, pursuant to which the Hudson Commons mortgage loan
is serviced. (see Exhibit 34.1)

 34.25
for the Hudson Commons mortgage loan under the COMM 2022-HC TSA. (see Exhibit
34.2)

 34.26
advisor for Hudson Commons mortgage loan under the COMM 2022-HC TSA. (see
Exhibit 34.5)

 34.27
as custodian for the Hudson Commons mortgage loan under the COMM 2022-HC TSA.
(see Exhibit 34.7)

 34.28
Wilmington Trust, National Association, as trustee under the COMM 2022-HC TSA,
pursuant to which the Hudson Commons mortgage loan is serviced. (omitted; see
Explanatory Note 9)

 34.29
National Association, as master servicer under the BMARK 2022-B32 PSA, pursuant
to which the Bedrock Portfolio mortgage loan is serviced.

 34.30
Exhibit 34.1)

 34.31
Exhibit 34.16)

 34.32
as custodian for the Bedrock Portfolio mortgage loan under the BMARK 2022-B32
PSA. (see Exhibit 34.7)

 34.33
under the BMARK 2022-B32 PSA, pursuant to which the Bedrock Portfolio mortgage
loan is serviced. (see Exhibit 34.8)

 34.34
National Association, as master servicer under the BBCMS 2022-C15 PSA, pursuant
to which the IPCC National Storage Portfolio XV mortgage loan and the 2
Riverfront Plaza mortgage loan are serviced. (see Exhibit 34.29)

 34.35
 Rialto Capital Advisors, LLC, as special servicer
for the IPCC National Storage Portfolio XV mortgage loan and the 2 Riverfront
Plaza mortgage loan under the BBCMS 2022-C15 PSA.

 34.36
for the IPCC National Storage Portfolio XV mortgage loan and the 2 Riverfront
Plaza mortgage loan under the BBCMS 2022-C15 PSA. (see Exhibit 34.16)

 34.37
as custodian for the IPCC National Storage Portfolio XV mortgage loan and the 2
Riverfront Plaza mortgage loan under the BBCMS 2022-C15 PSA. (see Exhibit 34.7)

 34.38
under the BBCMS 2022-C15 PSA, pursuant to which the IPCC National Storage
Portfolio XV mortgage loan and the 2 Riverfront Plaza mortgage loan are
serviced. (see Exhibit 34.8)

 34.39
 Wells Fargo Bank, National Association, as master
servicer under the UBS 2019-C18 PSA, pursuant to which the Wyndham National
Hotel Portfolio mortgage loan is serviced. (see Exhibit 34.19)

 34.40
 CoreLogic Solutions, LLC, as servicing function
participant under the UBS 2019-C18 PSA, pursuant to which the Wyndham National
Hotel Portfolio mortgage loan is serviced. (see Exhibit 34.20)

 34.41
 Rialto Capital Advisors, LLC, as special servicer
for the Wyndham National Hotel Portfolio mortgage loan under the UBS 2019-C18
PSA. (see Exhibit 34.35)

 34.42
advisor for the Wyndham National Hotel Portfolio mortgage loan under the UBS
2019-C18 PSA. (see Exhibit 34.5)

 34.43
 Wells Fargo Bank, National Association, as
custodian for the Wyndham National Hotel Portfolio mortgage loan under the UBS
2019-C18 PSA.

 34.44
as servicing function participant of Wells Fargo Bank, National Association, as
custodian for the Wyndham National Hotel Portfolio mortgage loan under the UBS
2019-C18 PSA. (see exhibit 34.7)

 34.45
under the UBS 2019-C18 PSA, pursuant to which the Wyndham National Hotel
Portfolio mortgage loan is serviced. (see Exhibit 34.8)

 34.46
National Association, as master servicer under the 3650R 2022-PF2 PSA, pursuant
to which the Meadowood Mall mortgage loan is serviced. (see Exhibit 34.29)

 34.47
advisor for the Meadowood Mall mortgage loan under the 3650R 2022-PF2 PSA. (see
Exhibit 34.5)

 34.48
as custodian for the Meadowood Mall mortgage loan under the 3650R 2022-PF2 PSA.
(see Exhibit 34.7)

 34.49
as trustee under the 3650R 2022-PF2 PSA, pursuant to which the Meadowood Mall
mortgage loan is serviced. (see Exhibit 34.6)

Servicer compliance statement. (See Explanatory Note 10)

 35.1

 35.2

 35.3
for the 111 River Street mortgage loan (see Exhibit 35.1)

 35.4
as certificate administrator

 35.5
 SCP Servicing, LLC, as primary servicer

 35.6
 KeyBank National Association, as servicer for the
Coleman Highline Phase IV mortgage loan under the COLEM 2022-HLNE TSA. (see
Exhibit 35.1)

 35.7
for the Coleman Highline Phase IV mortgage loan under the COLEM 2022-HLNE TSA.
(see Exhibit 35.1)

 35.8
is serviced. (see Exhibit 35.1)

 35.9
 LNR Partners, LLC, as special servicer for the AMF
Portfolio mortgage loan under the BBCMS 2021-C12 PSA.

 35.10
under the COMM 2022-HC TSA, pursuant to which the Hudson Commons mortgage loan
is serviced. (see Exhibit 35.1)

 35.11
for the Hudson Commons mortgage loan under the COMM 2022-HC TSA. (see Exhibit
35.2)

 35.12
National Association, as master servicer under the BMARK 2022-B32 PSA, pursuant
to which the Bedrock Portfolio mortgage loan is serviced.

 35.13
Exhibit 35.1)

 35.14
National Association, as master servicer under the BBCMS 2022-C15 PSA, pursuant
to which the IPCC National Storage Portfolio XV mortgage loan and the 2
Riverfront Plaza mortgage loan are serviced. (see Exhibit 35.12)

 35.15
National Association, as master servicer under the 3650R 2022-PF2 PSA, pursuant
to which the Meadowood Mall mortgage loan is serviced. (see Exhibit 35.12)

 99.1 Mortgage
Loan Purchase Agreement, dated as of February 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 February 28,
2022, and filed by the registrant on February 28, 2022 under Commission File
No. 333-255934-01, and is incorporated by reference herein).

 99.2 Mortgage
Loan Purchase Agreement, dated as of February 1, 2022, 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 99.2 to the registrant's Current
Report on Form 8-K dated February 28, 2022, and filed by the registrant on
February 28, 2022 under Commission File No. 333-255934-01, and is incorporated
by reference herein).

 99.3 Mortgage
Loan Purchase Agreement, dated as of February 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 99.3 to the registrant's
Current Report on Form 8-K dated February 28, 2022, and filed by the registrant
on February 28, 2022 under Commission File No. 333-255934-01, and is
incorporated by reference herein).

 99.4 Mortgage
Loan Purchase Agreement, dated as of February 1, 2022, between SSOF SCRE AIV,
L.P., Sabal Strategic Opportunities Fund, L.P. and BMO Commercial Mortgage
Securities LLC, pursuant to which SSOF SCRE AIV, L.P. 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 February 28, 2022, and filed by
the registrant on February 28, 2022 under Commission File No. 333-255934-01,
and is incorporated by reference herein).

 99.5 Mortgage
Loan Purchase Agreement, dated as of February 1, 2022, 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 99.5 to the registrant's
Current Report on Form 8-K dated February 28, 2022, and filed by the registrant
on February 28, 2022 under Commission File No. 333-255934-01, 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: 333-255934-05

 Central Index Key Number of the issuing entity: 0001972920

 BMO 2023-C5 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

 Central Index Key Number of the sponsor:
0001701238

 Citi Real Estate Funding Inc.

 Central Index Key Number of the sponsor:
0001089877

 KeyBank National Association

 Central Index Key Number of the sponsor: 0001722518

 Zions Bancorporation, N.A.

 Central Index Key Number of the
sponsor:0001685185

 BSPRT CMBS Finance, LLC

 Central Index Key Number of the sponsor: 0001840727

 3650 Real Estate Investment Trust 2 LLC

 Central Index Key Number of the sponsor: 0001548405

 Starwood Mortgage Capital LLC

 Central Index Key Number of the sponsor: 0001541294

 German American Capital Corporation

 Central Index Key Number of the sponsor: 0001685185

 UBS AG

 New York

 (State or other jurisdiction of incorporation or organization)

 37-2078925
 38-4258192
 38-4258193

 (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 800 Cesar Chavez mortgage loan, which represented
approximately 1.5% 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 800 Cesar Chavez mortgage loan and each of the related
companion loans are serviced pursuant to the 3650R 2022-PF2 PSA (as defined in
Item 15 below).

 2. The Great Lakes Crossing Outlets mortgage loan, which
represented approximately 5.7% 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 Pacific Design 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 Great Lakes Crossing Outlets mortgage loan and the Pacific
Design Center mortgage loan and each of the related companion loan(s) were
serviced pursuant to the Benchmark 2023-B38 PSA (as defined in Item 15 below).

 3. The Harborside 2-3 mortgage loan, which represented
approximately 4.6% 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 Harborside 2-3 mortgage loan and each of the related companion
loan(s) were serviced pursuant to the Benchmark 2023-V2 PSA (as defined in Item
15 below).

 4. The La Habra Marketplace 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 La Habra Marketplace mortgage loan and each of the related
companion loan(s) are serviced pursuant to BBCMS 2023-C21 PSA (as defined in
Item 15 below).

 5. The Oak Street NLP Fund Portfolio mortgage loan, which
represented approximately 4.6% 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 Oak Street NLP Fund Portfolio mortgage loan and
each of the related companion loan(s) were serviced pursuant to the OAKST
2023-NLP TSA (as defined in Item 15 below). Effective as of December 7,
2023, Computershare Trust Company, N.A. has resigned as trustee under the OAKST
2023-NLP TSA and Wilmington Trust, National Association has been appointed as
successor trustee under the OAKST 2023-NLP TSA, as disclosed in the Current
Report on Form 8-K dated December 7, 2023, and filed by the registrant on
December 13, 2023 under Commission File No. 333-255934-05.

 6. 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) Argentic Services Company LP, as Pacific Design
Center special servicer for the Pacific Design Center mortgage loan under the
Benchmark 2023-B38 PSA, (ii) Situs Holdings, LLC, as special servicer for the
Oak Street NLP Fund Portfolio mortgage loan under the OAKST 2023-NLP TSA, (iii) Pentalpha Surveillance LLC,
as operating advisor for the Oak Street NLP Fund Portfolio mortgage loan under
the OAKST 2023-NLP TSA and (iv) Wilmington Trust, National
Association as trustee under the OAKST 2023-NLP
PSA, pursuant to which the Oak Street NLP Fund Portfolio mortgage loan is
serviced, are not included in this report on Form 10-K because each of Argentic
Services Company LP, Situs Holdings, LLC, Pentalpha Surveillance LLC and
Wilmington Trust, 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 Computershare Trust
Company, National Association as certificate administrator under the 3650R
2022-PF2 PSA, the Benchmark 2023-B38 PSA,
Benchmark 2023-V2 PSA, the BBCMS 2023-C21
PSA and the OAKST 2023-NLP 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.

 7. This report on Form 10-K does not include the servicer
compliance statements of (i) Argentic Services Company LP, as Pacific Design
Center special servicer for Pacific Design Center mortgage loan under the
Benchmark 2023-B38 PSA and (ii) Situs Holdings, LLC, as special servicer for
the Oak Street NLP Fund Portfolio mortgage loan under the OAKST 2023-NLP TSA,
because each of Argentic Services Company LP and Situs Holdings, 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
3650R 2022-PF2 PSA, the Benchmark 2023-B38 PSA, Benchmark 2023-V2 PSA, the BBCMS 2023-C21 PSA and the OAKST 2023-NLP 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-C5 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 June 21, 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 June 1, 2023 (the "BMO 2023-C5 PSA"), by
and among BMO 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, Park Bridge Lender Services
LLC, as operating advisor and as asset representations reviewer, Computershare
Trust Company, National Association, as certificate administrator and trustee
(filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K dated June
21, 2023, and filed on June 21, 2023 under Commission File No. 333-255934-05,
and is incorporated by reference herein).

 (4.2)
 Pooling
and Servicing Agreement, dated as of November 1, 2022 (the "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, Park
Bridge Lender Services LLC, as operating advisor and as asset representations
reviewer, Computershare Trust Company, National Association, as certificate
administrator and trustee (filed as Exhibit 4.6 to the registrant's Current
Report on Form 8-K dated June 21, 2023, and filed on June 21, 2023 under
Commission File No. 333-255934-05, and is incorporated by reference herein).
(See Explanatory Note 1)

 (4.3)
 Pooling
and Servicing Agreement, dated as of April 1, 2023 (the "Benchmark 2023-B38
PSA"), by and among Deutsche Mortgage & Asset Receiving Corporation, as
depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer, LNR Partners, LLC, as special servicer, Park Bridge Lender
Services LLC, as operating advisor and as asset representations reviewer,
Argentic Services Company LP, as Pacific Design Center Special Servicer,
Computershare Trust Company, National Association, as certificate
administrator, paying agent, custodian and trustee (filed as Exhibit 4.2 to the
registrant's Current Report on Form 8-K dated June 21, 2023, and filed on June
21, 2023 under Commission File No. 333-255934-05, and is incorporated by reference
herein). (See Explanatory Note 2)

 (4.4)
 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 June 21,
2023, and filed on June 21, 2023 under Commission File No. 333-255934-05, and
is incorporated by reference herein). (See Explanatory Note 3)

 (4.5)
 Pooling
and Servicing Agreement, dated as of October 1, 2023 (the "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, BellOak, LLC, as
operating advisor and as asset representations reviewer, Computershare Trust
Company, National Association, as certificate administrator and trustee (filed
as Exhibit 4.1 to the registrant's Current Report on Form 8-K dated October 5,
2023, and filed on October 12, 2023 under Commission File No. 333-255934-05,
and is incorporated by reference herein). (See Explanatory Note 4)

 (4.6)
 Trust
and Servicing Agreement, dated as of February 28, 2023 (the "OAKST 2023-NLP
TSA"), by and among Wells Fargo Commercial Mortgage Securities, Inc, as
depositor, KeyBank National Association, as servicer Situs Holdings, LLC, as
special servicer, Pentalpha Surveillance LLC, as operating advisor,
Computershare Trust Company, National Association, as certificate administrator
and trustee (filed as Exhibit 4.1 to the registrant's Current Report on Form
8-K/A dated June 21, 2023, and filed on December 13, 2023 under Commission File
No. 333-255934-05, and is incorporated by reference herein). (See Explanatory
Note 5)

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

Reports on assessment of compliance with servicing criteria for asset-backed
securities. (See Explanatory Note 6)

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

 33.2 Rialto Capital Advisors, 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 KeyBank National Association, as
primary servicer

 33.7 Midland Loan Services, a Division
of PNC Bank, National Association, as master servicer under the 3650R 2022-PF2
PSA, pursuant to which the 800 Cesar Chavez mortgage loan is serviced. (see
Exhibit 33.1)

 33.8 3650 REIT Loan Servicing LLC, as
special servicer for the 800 Cesar Chavez mortgage loan under the 3650R
2022-PF2 PSA.

 33.9 Park Bridge Lender Services LLC,
as operating advisor for the 800 Cesar Chavez mortgage loan under the 3650R
2022-PF2 PSA. (see Exhibit 33.3)

 33.10 Computershare Trust
Company, National Association, as custodian for the 800 Cesar Chavez mortgage
loan under the 3650R 2022-PF2 PSA. (see Exhibit 33.5)

 33.11 Computershare Trust
Company, National Association, as trustee under the 3650R 2022-PF2 PSA,
pursuant to which the 800 Cesar Chavez mortgage loan is serviced. (see Exhibit
33.4)

 33.12 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the
Benchmark 2023-B38 PSA, pursuant to which the Great Lakes Crossing Outlets
mortgage loan and the Pacific Design Center mortgage loan are serviced. (see
Exhibit 33.1)

 33.13 LNR Partners, LLC, as
special servicer for the Great Lakes Crossing Outlets mortgage loan under the
Benchmark 2023-B38 PSA.

 33.14 Park Bridge Lender Services
LLC, as operating advisor for the Great Lakes Crossing Outlets mortgage loan
and the Pacific Design Center mortgage loan under the Benchmark 2023-B38 PSA.
(see Exhibit 33.3)

 33.15 Computershare Trust
Company, National Association, as custodian for the Great Lakes Crossing
Outlets mortgage loan and the Pacific Design Center mortgage loan under the
Benchmark 2023-B38 PSA. (see Exhibit 33.5)

 33.16 Computershare Trust
Company, National Association, as trustee under the Benchmark 2023-B38 PSA,
pursuant to which the Great Lakes Crossing Outlets mortgage loan and the
Pacific Design Center mortgage loan are serviced. (see Exhibit 33.4)

 33.17 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the
Benchmark 2023-V2 PSA, pursuant to which the Harborside 2-3 mortgage loan is
serviced. (see Exhibit 33.1)

 33.18 3650 REIT Loan Servicing LLC, as
special servicer for the Harborside 2-3 mortgage loan under the Benchmark
2023-V2 PSA. (see Exhibit 33.8)

 33.19 BellOak, LLC, as
operating advisor for the Harborside 2-3 mortgage loan under the Benchmark
2023-V2 PSA.

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

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

 33.22 Midland Loan Services, a
Division of PNC Bank, 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)

 33.23 3650 REIT Loan Servicing LLC, as
special servicer for the La Habra Marketplace mortgage loan under the BBCMS
2023-C21 PSA. (see Exhibit 33.8)

 33.24 BellOak, LLC, as operating
advisor for the La Habra Marketplace mortgage loan under the BBCMS 2023-C21
PSA. (see Exhibit 33.19)

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

 33.26 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)

 33.27 KeyBank National Association, as servicer
under the OAKST 2023-NLP TSA, pursuant to which the Oak Street NLP Fund
Portfolio mortgage loan is serviced. (see Exhibit 33.6)

 33.28 Computershare Trust Company,
National Association as custodian for the Oak Street NLP Fund Portfolio
mortgage loan under the OAKST 2023-NLP PSA. (see Exhibit 33.5)

 34 Attestation reports on assessment of compliance with servicing
criteria for asset-backed securities. (See Explanatory Note 6)

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

 34.2 Rialto Capital Advisors, 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 KeyBank National Association, as
primary servicer

 34.7 Midland Loan Services, a Division
of PNC Bank, National Association, as master servicer under the 3650R 2022-PF2
PSA, pursuant to which the 800 Cesar Chavez mortgage loan is serviced. (see
Exhibit 34.1)

 34.8 3650 REIT Loan Servicing LLC, as
special servicer for the 800 Cesar Chavez mortgage loan under the 3650R
2022-PF2 PSA.

 34.9 Park Bridge Lender Services LLC,
as operating advisor for the 800 Cesar Chavez mortgage loan under the 3650R
2022-PF2 PSA. (see Exhibit 34.3)

 34.10 Computershare Trust
Company, National Association, as custodian for the 800 Cesar Chavez mortgage
loan under the 3650R 2022-PF2 PSA. (see Exhibit 34.5)

 34.11 Computershare Trust
Company, National Association, as trustee under the 3650R 2022-PF2 PSA,
pursuant to which the 800 Cesar Chavez mortgage loan is serviced. (see Exhibit
34.4)

 34.12 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the
Benchmark 2023-B38 PSA, pursuant to which the Great Lakes Crossing Outlets
mortgage loan and the Pacific Design Center mortgage loan are serviced. (see
Exhibit 34.1)

 34.13 LNR Partners, LLC, as
special servicer for the Great Lakes Crossing Outlets mortgage loan under the
Benchmark 2023-B38 PSA.

 34.14 Park Bridge Lender Services
LLC, as operating advisor for the Great Lakes Crossing Outlets mortgage loan
and the Pacific Design Center mortgage loan under the Benchmark 2023-B38 PSA.
(see Exhibit 34.3)

 34.15 Computershare Trust
Company, National Association, as custodian for the Great Lakes Crossing
Outlets mortgage loan and the Pacific Design Center mortgage loan under the
Benchmark 2023-B38 PSA. (see Exhibit 34.5)

 34.16 Computershare Trust
Company, National Association, as trustee under the Benchmark 2023-B38 PSA,
pursuant to which the Great Lakes Crossing Outlets mortgage loan and the
Pacific Design Center mortgage loan are serviced. (see Exhibit 34.4)

 34.17 Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer under the
Benchmark 2023-V2 PSA, pursuant to which the Harborside 2-3 mortgage loan is
serviced. (see Exhibit 34.1)

 34.18 3650 REIT Loan Servicing LLC, as
special servicer for the Harborside 2-3 mortgage loan under the Benchmark
2023-V2 PSA. (see Exhibit 34.8)

 34.19 BellOak, LLC, as
operating advisor for the Harborside 2-3 mortgage loan under the Benchmark
2023-V2 PSA.

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

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

 34.22 Midland Loan Services, a
Division of PNC Bank, 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)

 34.23 3650 REIT Loan Servicing LLC, as
special servicer for the La Habra Marketplace mortgage loan under the BBCMS
2023-C21 PSA. (see Exhibit 34.8)

 34.24 BellOak, LLC, as operating
advisor for the La Habra Marketplace mortgage loan under the BBCMS 2023-C21
PSA. (see Exhibit 34.19)

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

 34.26 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)

 34.27 KeyBank National Association, as servicer under the
OAKST 2023-NLP TSA, pursuant to which the Oak Street NLP Fund Portfolio
mortgage loan is serviced. (see Exhibit 34.6)

 34.28 Computershare Trust Company,
National Association as custodian for the Oak Street NLP Fund Portfolio
mortgage loan under the OAKST 2023-NLP PSA. (see Exhibit 34.5)

 35 Servicer compliance statement. (See Explanatory Note 7)

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

 35.2 Rialto Capital Advisors, LLC, as
special servicer

 35.3 Computershare Trust Company,
National Association, as certificate administrator

 35.4 Midland Loan Services, a Division
of PNC Bank, National Association, as master servicer under the 3650R 2022-PF2
PSA, pursuant to which the 800 Cesar Chavez mortgage loan is serviced. (see
Exhibit 35.1)

 35.5 3650 REIT Loan Servicing LLC, as
special servicer for the 800 Cesar Chavez mortgage loan under the 3650R
2022-PF2 PSA.

 35.6 Midland Loan Services, a Division
of PNC Bank, National Association, as master servicer under the Benchmark
2023-B38 PSA, pursuant to which the Great Lakes Crossing Outlets mortgage loan
and the Pacific Design Center mortgage loan are serviced. (see Exhibit 35.1)

 35.7 LNR Partners, LLC, as special
servicer for the Great Lakes Crossing Outlets mortgage loan under the Benchmark
2023-B38 PSA.

 35.8 Midland Loan Services, a Division
of PNC Bank, National Association, as master servicer under the Benchmark
2023-V2 PSA, pursuant to which the Harborside 2-3 mortgage loan is serviced.
(see Exhibit 35.1)

 35.9 3650 REIT Loan Servicing LLC, as
special servicer for the Harborside 2-3 mortgage loan under the Benchmark
2023-V2 PSA. (see Exhibit 35.5)

 35.10 Midland Loan Services, a
Division of PNC Bank, 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)

 35.11 3650 REIT Loan Servicing LLC, as
special servicer for the La Habra Marketplace mortgage loan under the BBCMS
2023-C21 PSA. (see Exhibit 35.5)

 35.12 KeyBank National Association,
as servicer under the OAKST 2023-NLP TSA, pursuant to which the Oak Street NLP
Fund Portfolio mortgage loan is serviced.

 99.1 Mortgage
Loan Purchase Agreement, dated as of June 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 June 21,
2023, and filed on June 21, 2023 under Commission File No. 333-255934-05, and
is incorporated by reference herein).

 99.2 Mortgage
Loan Purchase Agreement, dated as of June 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 99.2 to the registrant's Current Report on
Form 8-K dated June 21, 2023, and filed on June 21, 2023 under Commission File
No. 333-255934-05, and is incorporated by reference herein).

 99.3 Mortgage
Loan Purchase Agreement, dated as of June 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 99.3 to the registrant's Current
Report on Form 8-K dated June 21, 2023, and filed on June 21, 2023 under
Commission File No. 333-255934-05, and is incorporated by reference herein).

 99.4 Mortgage
Loan Purchase Agreement, dated as of June 1, 2023, between Zions
Bancorporation, N.A. and BMO Commercial Mortgage Securities LLC, pursuant to
which Zions Bancorporation, N.A. 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 June 21, 2023, and filed on June 21, 2023 under
Commission File No. 333-255934-05, and is incorporated by reference herein).

 99.5 Mortgage
Loan Purchase Agreement, dated as of June 1, 2023, between BSPRT CMBS Finance
LLC, Franklin BSP Realty Trust, Inc. and BMO Commercial Mortgage Securities
LLC, pursuant to which BSPRT CMBS Finance 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 June 21, 2023, and filed on June
21, 2023 under Commission File No. 333-255934-05, and is incorporated by
reference herein).

 99.6 Mortgage
Loan Purchase Agreement, dated as of June 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 99.6 to the
registrant's Current Report on Form 8-K dated June 21, 2023, and filed on June
21, 2023 under Commission File No. 333-255934-05, and is incorporated by
reference herein).

 99.7 Mortgage
Loan Purchase Agreement, dated as of June 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 June 21, 2023, and filed on June 21, 2023 under
Commission File No. 333-255934-05, and is incorporated by reference herein).

 99.8 Mortgage
Loan Purchase Agreement, dated as of June 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 99.8 to the registrant's
Current Report on Form 8-K dated June 21, 2023, and filed on June 21, 2023
under Commission File No. 333-255934-05, and is incorporated by reference
herein).

 99.9 Mortgage
Loan Purchase Agreement, dated as of June 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 99.9
to the registrant's Current Report on Form 8-K dated June 21, 2023, and filed
on June 21, 2023 under Commission File No. 333-255934-05, and is incorporated
by reference herein).

 99.10 Primary
Servicing Agreement, dated as of June 1, 2023, between Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer, and KeyBank
National Association, as primary servicer (filed as Exhibit 99.10 to the
registrant's Current Report on Form 8-K dated June 21, 2023, and filed on June
21, 2023 under Commission File No. 333-255934-05, 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