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, 2023

or

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

 For the transition period from _____ to _____

Commission file number of the issuing entity: 333-257737-11

 Central Index Key Number of the issuing entity:
0001998392

 BBCMS Mortgage Trust 2023-5C23

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

 Central Index Key Number of the depositor: 0001541480

 Barclays Commercial Mortgage
Securities LLC

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

 Central Index Key Number of the sponsor: 0001549574

 Barclays Capital Real Estate Inc.

 Central Index Key Number of the sponsor: 0001548405

 Starwood Mortgage Capital LLC

 Central Index Key Number of the sponsor: 0001755531

 Societe Generale Financial
Corporation

 Central Index Key Number of the sponsor: 0001685185

 UBS AG, acting through its branch
located at 1285 Avenue of the Americas, New York, New York

 Central Index Key Number of the sponsor: 0001968416

 Argentic Real Estate Finance 2 LLC

 Central Index Key Number of the sponsor: 0000927971

 Bank of Montreal

 Central Index Key Number of the sponsor: 0001541294

 German American Capital Corporation

 Central Index Key Number of the sponsor: 0001592182

 LMF Commercial, LLC

 Central Index Key Number of the sponsor: 0001722518

 BSPRT CMBS Finance, LLC

 New York

 (State or other jurisdiction of

 incorporation or organization of

 the issuing entity)

 27-010880

 (I.R.S. Employer

 Identification Numbers)

c/o Computershare Trust Company, National Association

 as Certificate Administrator

 9062 Old Annapolis Road

 Columbia, MD

 (Address of principal executive
offices of the issuing entity)

 21045

 (Zip Code)

 Registrant's telephone number,
including area code:

 (212) 412-4000

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

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 None

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

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

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

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

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

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

 Large accelerated
filer o
Accelerated
filer
o

 Non-accelerated
filer

Smaller reporting
company
o

Emerging growth
company
o

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

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

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

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

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

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

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

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

 DOCUMENTS INCORPORATED BY REFERENCE

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

 EXPLANATORY NOTES

 The Philadelphia Marriott Downtown Mortgage
Loan and the Sugar Land Town Square Mortgage Loan, which constituted
approximately 9.0% and 7.6%, respectively, of the asset pool of the issuing
entity as of its cut-off date, are each an asset of the issuing entity and are
each part of a loan combination that includes (a) with respect to the
Philadelphia Marriott Downtown Mortgage Loan, ten other pari passu
loans, which are not assets of the issuing entity and (b) with respect to the
Sugar Land Town Square Mortgage Loan, two other pari passu loans, which
are not assets of the issuing entity. These loan combinations, including the
Philadelphia Marriott Downtown Mortgage Loan and the Sugar Land Town Square
Mortgage Loan, are being serviced and administered pursuant to the Pooling and
Servicing Agreement, which is incorporated by reference as Exhibit 4.1 to this
Annual Report on Form 10-K.

 The Exhibit Index describes
exhibits provided by certain parties (in their capacities indicated on the
Exhibit Index) with respect to the 11 West 42nd Street Mortgage Loan, which
constituted approximately 2.8% of the asset pool of the issuing entity as of
its cut-off date. The 11 West 42nd Street Mortgage Loan is an asset of
the issuing entity and is part of a loan combination that includes the 11 West
42nd Street Mortgage Loan and twenty-one other pari passu loans, which
are not assets of the issuing entity. A pari passu portion of the loan
combination was securitized in the BANK5 2023-5YR3 transaction, Commission File
Number 333-261279-04 (the " BANK 2023-5YR3 Transaction "). This loan
combination, including the 11 West 42nd Street Mortgage Loan, is being serviced
and administered pursuant to the pooling and servicing agreement for the BANK5
2023-5YR3 Transaction, which is incorporated by reference as Exhibit 4.2 to
this Annual Report on Form 10-K.

 The Exhibit Index describes
exhibits provided by certain parties (in their capacities indicated on the
Exhibit Index) with respect to the Piazza Alta Mortgage Loan, the Westfarms
Mortgage Loan, the Arcola Corporate Campus Mortgage Loan, the River Centre
Mortgage Loan, the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan
and the Hilton Garden Inn Atlanta Downtown Mortgage Loan, which constituted
approximately 9.1%, 7.8%, 4.5%, 3.5%, 3.0% and 1.1%, respectively, of the asset
pool of the issuing entity as of its cut-off date. The Piazza Alta
Mortgage Loan, the Westfarms Mortgage Loan, the Arcola Corporate Campus
Mortgage Loan, the River Centre Mortgage Loan, the 369 Lexington Avenue & 2
West 46th Street Mortgage Loan and the Hilton Garden Inn Atlanta Downtown
Mortgage Loan are each an asset of the issuing entity and are each part of a
loan combination that includes (a) with respect to the Piazza Alta Mortgage
Loan, two other pari passu loans, which are not assets of the issuing
entity, (b) with respect to the Westfarms Mortgage Loan, six other pari
passu loans, which are not assets of the issuing entity, (c) with respect
to the Arcola Corporate Campus Mortgage Loan, six other pari passu
loans, which are not assets of the issuing entity, (d) with respect to the
River Centre Mortgage Loan, one other pari passu loan, which is not an
asset of the issuing entity, (e) with respect to the 369 Lexington Avenue &
2 West 46th Street Mortgage Loan, six other pari passu loans, which are
not assets of the issuing entity or (f) with respect to the Hilton Garden Inn
Atlanta Downtown Mortgage Loan, one other pari passu loan, which is not
an asset of the issuing entity. A pari passu portion of each loan
combination was securitized in the BMO 2023-5C2 Mortgage Trust transaction,
Commission File Number 333-255934-08 (the " BMO 2023-5C2 Transaction ").
These loan combinations, including the Piazza Alta Mortgage Loan, the Westfarms
Mortgage Loan, the Arcola Corporate Campus Mortgage Loan, the River Centre
Mortgage Loan, the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan
and the Hilton Garden Inn Atlanta Downtown Mortgage Loan, are being serviced
and administered pursuant to the pooling and servicing agreement for the BMO
2023-5C2 Transaction, which is incorporated by reference as Exhibit 4.3 to this
Annual Report on Form 10-K.

 The Exhibit Index describes
exhibits provided by certain parties (in their capacities indicated on the
Exhibit Index) with respect to the Overlook at Ballantyne Mortgage Loan, which
constituted approximately 3.2% of the asset pool of the issuing entity as of
its cut-off date. The Overlook at Ballantyne Mortgage Loan is an asset of
the issuing entity and is part of a loan combination that includes the Overlook
at Ballantyne Mortgage Loan and four other pari passu loans, which are
not assets of the issuing entity. A pari passu portion of the loan
combination was securitized in the Benchmark 2023-V4 Mortgage Trust
transaction, Commission File Number 333-262701-05 (the " Benchmark 2023-V4
Transaction "). This loan combination, including the Overlook at Ballantyne
Mortgage Loan, is being serviced and administered pursuant to the pooling and
servicing agreement for the Benchmark 2023-V4 Transaction, which is
incorporated by reference as Exhibit 4.4 to this Annual Report on Form 10-K.

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

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

 Computershare Trust Company,
National Association is the custodian of the mortgage loans serviced under the
Pooling and Servicing Agreement, the Piazza Alta Mortgage Loan, the Westfarms
Mortgage Loan, the Arcola Corporate Campus Mortgage Loan, the River Centre
Mortgage Loan, the Overlook at Ballantyne Mortgage Loan, the 369 Lexington
Avenue & 2 West 46th Street Mortgage Loan, the 11 West 42nd Street Mortgage
Loan and the Hilton Garden Inn Atlanta Downtown Mortgage Loan. As a
result, Computershare Trust Company, National Association is a servicing
function participant in the capacities described above, because it is servicing
mortgage loans that constituted 5% or more of the assets of the issuing entity
as of its cut-off date. The assessments of compliance with applicable servicing
criteria and accountants' attestation reports delivered by Computershare Trust
Company, National Association in the capacities described above are listed in
the Exhibit Index.

 Park Bridge Lender Services LLC is
the operating advisor of the mortgage loans serviced under the Pooling and
Servicing Agreement and the Overlook at Ballantyne Mortgage Loan. As a
result, Park Bridge Lender Services LLC is a servicing function participant in
the capacities described above, because it is servicing mortgage loans that
constituted 5% or more of the assets of the issuing entity as of its cut-off
date. The assessments of compliance with applicable servicing criteria and
accountants' attestation reports delivered by Park Bridge Lender Services LLC
in the capacities described above are listed in the Exhibit Index.

 Greystone Servicing Company LLC is
the special servicer of the Piazza Alta Mortgage Loan, the Westfarms Mortgage
Loan, the Arcola Corporate Campus Mortgage Loan, the River Centre Mortgage
Loan, the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan, the 11
West 42nd Street Mortgage Loan and the Hilton Garden Inn Atlanta Downtown
Mortgage Loan. As a result, Greystone Servicing Company LLC is a "servicer" as
defined in Item 1108(a)(2)(iii) of Regulation AB, in the capacities described
above, because it is servicing mortgage loans that constituted 10% or more of
the assets of the issuing entity as of its cut-off date. The assessments of
compliance with applicable servicing criteria, accountants' attestation reports
and servicer compliance statements delivered by Greystone Servicing Company LLC
in the capacities described above are listed in the Exhibit Index.

 KeyBank National Association is
the primary servicer of the Piazza Alta Mortgage Loan, the Westfarms Mortgage
Loan, the Arcola Corporate Campus Mortgage Loan, the River Centre Mortgage
Loan, the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan and the
Hilton Garden Inn Atlanta Downtown Mortgage Loan. As a result, KeyBank National
Association is a "servicer" as defined in Item 1108(a)(2)(iii) of Regulation
AB, in the capacities described above, because it is servicing mortgage loans
that constituted 10% or more of the assets of the issuing entity as of its
cut-off date. The assessments of compliance with applicable servicing criteria,
accountants' attestation reports and servicer compliance statements delivered
by KeyBank National Association in the capacities described above are listed in
the Exhibit Index.

 BellOak, LLC is the operating
advisor of the Piazza Alta Mortgage Loan, the Westfarms Mortgage Loan, the
Arcola Corporate Campus Mortgage Loan, the River Centre Mortgage Loan, the 369
Lexington Avenue & 2 West 46th Street Mortgage Loan and the Hilton Garden
Inn Atlanta Downtown Mortgage Loan. As a result, BellOak, LLC is a
servicing function participant in the capacities described above, because it is
servicing mortgage loans that constituted 5% or more of the assets of the
issuing entity as of its cut-off date. The assessments of compliance with
applicable servicing criteria and accountants' attestation reports delivered by
BellOak, LLC in the capacities described above are listed in the Exhibit Index.

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

 Wilmington Trust, National
Association acts as trustee of the Piazza Alta Mortgage Loan, the Westfarms
Mortgage Loan, the Arcola Corporate Campus Mortgage Loan, the River Centre
Mortgage Loan, the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan
and the Hilton Garden Inn Atlanta Downtown Mortgage Loan. Pursuant to the
pooling and servicing agreement for the BMO 2023-5C2 Transaction, the trustee
is required to provide an assessment of compliance with applicable servicing
criteria solely with respect to Item 1122(d)(2)(iii) of Regulation AB
(regarding advances of funds or guarantees regarding collections, cash flows or
distributions, and any interest or other fees charged for such advances, are made,
reviewed and approved as specified in the transaction agreements). However,
during the reporting period, the trustee did not perform any servicing function
with respect to the servicing criteria specified in Item 1122(d)(2)(iii) of
Regulation AB. The master servicer or the special servicer, to the extent
required, performed the servicing function identified with respect to Item
1122(d)(2)(iii) of Regulation AB, and each such party included Item
1122(d)(2)(iii) of Regulation AB in the assessment of compliance with
applicable servicing criteria and accountant's attestation report for the
subject transaction. As a result, this Annual Report on Form 10-K does
not include an assessment of compliance with applicable servicing criteria of
the trustee. One or more other servicers of the Piazza Alta Mortgage Loan, the
Westfarms Mortgage Loan, the Arcola Corporate Campus Mortgage Loan, the River
Centre Mortgage Loan, the 369 Lexington Avenue & 2 West 46th Street
Mortgage Loan and the Hilton Garden Inn Atlanta Downtown Mortgage Loan have
delivered one or more assessments of compliance with respect to Item
1122(d)(2)(iii) of Regulation AB.

 The
assessments of compliance with applicable servicing criteria, accountants'
attestation reports and servicer compliance statements of the certificate
administrator of the 11 West 42nd Street Mortgage Loan, the Piazza Alta
Mortgage Loan, the Westfarms Mortgage Loan, the Arcola Corporate Campus
Mortgage Loan, the River Centre Mortgage Loan, the 369 Lexington Avenue & 2
West 46th Street Mortgage Loan, the Hilton Garden Inn Atlanta Downtown Mortgage
Loan and the Overlook at Ballantyne Mortgage Loan are omitted from this Annual
Report on Form 10-K as the certificate administrator pursuant to the related
pooling and servicing agreement or trust and servicing agreement does not
perform any activities that address servicing criteria with respect to the
issuing entity and because they are each not a "servicer" that meets the
criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB.

 With respect to the pari passu
loan combinations that include the 11 West 42nd Street Mortgage Loan and the
Overlook at Ballantyne Mortgage Loan, (i) the reports on assessment of
compliance with servicing criteria and attestation reports on assessment of compliance
with servicing criteria of Wells Fargo Bank, National Association as primary
servicer of the 11 West 42nd Street Mortgage Loan, Pentalpha Surveillance LLC
as operating advisor of the 11 West 42nd Street Mortgage Loan and K-Star Asset
Management LLC as special servicer of the Overlook at Ballantyne Mortgage Loan,
listed on the Exhibit Index are omitted from this Annual Report on Form 10-K as
they are not required to be included on this Annual Report on Form 10-K per
Instruction 3 to Item 1122 of Regulation AB because they are parties performing
activities that address servicing criteria relating to 5% or less of the assets
of the issuing entity; and (ii) the servicer compliance statements of Wells
Fargo Bank, National Association as primary servicer of the 11 West 42nd Street
Mortgage Loan and K-Star Asset Management LLC as special servicer of the
Overlook at Ballantyne Mortgage Loan, listed on the Exhibit Index are omitted
from this Annual Report on Form 10-K as they are not required by Item 1123 of Regulation
AB to be included on this Annual Report on Form 10-K because they are each an
unaffiliated party that is not a "servicer" that meets the criteria in Item
1108(a)(2)(i) through (iii) of Regulation AB.

 Item 1. Business.

 Item 1A. Risk Factors.

 Item 1B. Unresolved Staff Comments.

 None.

 Item 1C. Cybersecurity.

 Item 2. Properties.

 Item 3. Legal Proceedings.

 Item 4. Mine Safety Disclosures.

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

 Item 6. [Reserved]

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

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

 Item 8. Financial Statements and Supplementary Data.

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

 Item 9A. Controls and Procedures.

 Item 9B. Other Information.

 None.

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

 None.

 Item 10. Directors, Executive Officers and Corporate
Governance.

 Item 11. Executive Compensation.

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

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

 Item 14. Principal Accountant Fees and Services.

 ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB

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

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

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

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

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

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

 Item 1117 of Regulation AB, Legal Proceedings.

 The registrant knows of no material pending legal proceeding
involving the trust or any party related to the trust, other than routine
litigation incidental to the duties of those respective parties.

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

 The information regarding this Item has been previously
provided in the prospectus of the Registrant relating to the issuing entity
filed on November 20, 2023 pursuant to Rule 424(b)(2).

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

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

 The reports on assessments of compliance with the servicing
criteria for asset-backed securities and related attestation reports on such
assessments of compliance with respect to the 11 West 42nd Street Mortgage
Loan, which is being serviced and administered pursuant to the pooling and
servicing agreement for the BANK5 2023-5YR3 Transaction, are attached hereto
under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit Z to the
pooling and servicing agreement for the BANK5 2023-5YR3 Transaction
incorporated by reference as Exhibit 4.2 to this Annual Report on Form 10-K is
a chart identifying the entities participating in a servicing function for the
BANK5 2023-5YR3 Transaction responsible for each applicable servicing criteria
set forth in Item 1122(d).

 The reports on assessments of compliance with the servicing
criteria for asset-backed securities and related attestation reports on such
assessments of compliance with respect to the Piazza Alta Mortgage Loan, the
Westfarms Mortgage Loan, the Arcola Corporate Campus Mortgage Loan, the River
Centre Mortgage Loan, the 369 Lexington Avenue & 2 West 46th Street
Mortgage Loan and the Hilton Garden Inn Atlanta Downtown Mortgage Loan, which
are being serviced and administered pursuant to the pooling and servicing
agreement for the BMO 2023-5C2 Transaction, are attached hereto under Item 15
to this Annual Report on Form 10-K. Attached as Exhibit O to the pooling and
servicing agreement for the BMO 2023-5C2 Transaction incorporated by reference
as Exhibit 4.3 to this Annual Report on Form 10-K is a chart identifying the
entities participating in a servicing function for the BMO 2023-5C2 Transaction
responsible for each applicable servicing criteria set forth in Item 1122(d).

 The reports on assessments of compliance with the servicing
criteria for asset-backed securities and related attestation reports on such
assessments of compliance with respect to the Overlook at Ballantyne Mortgage
Loan, which is being serviced and administered pursuant to the pooling and
servicing agreement for the Benchmark 2023-V4 Transaction, are attached hereto
under Item 15 to this Annual Report on Form 10-K. Attached as Exhibit O to the
pooling and servicing agreement for the Benchmark 2023-V4 Transaction
incorporated by reference as Exhibit 4.4 to this Annual Report on Form 10-K is
a chart identifying the entities participating in a servicing function for the
Benchmark 2023-V4 Transaction responsible for each applicable servicing
criteria set forth in Item 1122(d).

 Item 1123 of Regulation AB, Servicer Compliance Statement.

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

 Item 15. Exhibit, and Financial Statement Schedules

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

 (1) Not applicable

 (2) Not applicable

 (3) See below

 4.1
 Pooling and Servicing Agreement, dated as of December 1,
2023, among Barclays Commercial Mortgage Securities LLC, as Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as Master
Servicer, LNR Partners, LLC, as Special Servicer, Computershare Trust Company,
National Association, as Certificate Administrator and as Trustee, and Park
Bridge Lender Services LLC, as Operating Advisor and as Asset Representations
Reviewer (filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K/A
filed on December 7, 2023 under Commission File No. 333-257737-11 and
incorporated by reference herein).

 4.2
 Pooling and Servicing Agreement, dated as of September 1,
2023, between Banc of America Merrill Lynch Commercial Mortgage Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Greystone Servicing Company LLC, as Special Servicer, Computershare Trust
Company, National Association, as Certificate Administrator and as Trustee, and
Pentalpha Surveillance LLC, as Operating Advisor and as Asset Representations
Reviewer (filed as Exhibit 4.4 to the registrant's Current Report on Form 8-K
filed on November 20, 2023 under Commission File No. 333-257737-11 and
incorporated by reference herein).

 4.3
 Pooling and Servicing Agreement, dated as of November 1,
2023, among BMO Commercial Mortgage Securities LLC, as Depositor, KeyBank
National Association, as Master Servicer, Greystone Servicing Company LLC, as
Special Servicer, BellOak, LLC, as Operating Advisor and Asset Representations
Reviewer, Computershare Trust Company, National Association, as Certificate
Administrator, and Wilmington Trust, National Association, as Trustee (filed as
Exhibit 4.2 to the registrant's Current Report on Form 8-K filed on November
20, 2023 under Commission File No. 333-257737-11 and incorporated by reference
herein).

 4.4
 Pooling and Servicing Agreement, dated as of November 1,
2023, among Citigroup Commercial Mortgage Securities Inc., as Depositor,
Midland Loan Services, a Division of PNC Bank, National Association, as Master
Servicer, K-Star Asset Management LLC, as a Special Servicer, Park Bridge Lender
Services LLC, as Operating Advisor and Asset Representations Reviewer, and
Computershare Trust Company, National Association, as Certificate Administrator
and Trustee (filed as Exhibit 4.3 to the registrant's Current Report on Form
8-K filed on November 20, 2023 under Commission File No. 333-257737-11 and
incorporated by reference herein).

 4.5
 Agreement Between Note Holders, dated as of October 15,
2023, by and among Societe Generale Financial Corporation, as Initial Note A-1
Holder, Societe Generale Financial Corporation, as Initial Note A-2 Holder,
Societe Generale Financial Corporation, as Initial Note A-3 Holder, Societe
Generale Financial Corporation, as Initial Note A-4 Holder, and Societe
Generale Financial Corporation, as Initial Note A-5 Holder (filed as Exhibit
4.5 to the registrant's Current Report on Form 8-K filed on November 20, 2023
under Commission File No. 333-257737-11 and incorporated by reference herein).

 4.6
 Agreement Between Note Holders, dated as of October 25,
2023, by and between Barclays Capital Real Estate Inc., as Initial Note A-1 Holder, JPMorgan
Chase Bank National Association, as Initial Note A-2 Holder, Wells Fargo Bank,
National Association, as Initial Note A-3 Holder, Barclays Capital Real Estate
Inc., as Initial Note A-4 Holder,
JPMorgan Chase Bank National Association, as Initial Note A-5 Holder, Wells
Fargo Bank, National Association, as Initial Note A-6 Holder, Barclays Capital
Real Estate Inc., as Initial Note A-7 Holder, JPMorgan Chase Bank National
Association, as Initial Note A-8 Holder, Wells Fargo Bank, National Association,
as Initial Note A-9 Holder, Wells Fargo Bank, National Association, as Initial
Note A-10 Holder, JPMorgan Chase Bank National Association, as Initial Note
A-11 Holder, and JPMorgan Chase Bank National Association, as Initial Note A-12
Holder (filed as Exhibit 4.6 to the registrant's Current Report on Form 8-K
filed on November 20, 2023 under Commission File No. 333-257737-11 and
incorporated by reference herein).

 4.7
 Co-Lender Agreement, dated as of September 21, 2023, by
and among Goldman Sachs Bank USA, as Initial Note A-1 Holder, Wells Fargo Bank,
National Association, as Initial Note A-2-1 Holder, Wells Fargo Bank, National
Association, as Initial Note A-2-2 Holder, Wells Fargo Bank, National
Association, as Initial Note A-2-3 Holder, Goldman Sachs Bank USA, as Initial
Note A-3 Holder, Goldman Sachs Bank USA, as Initial Note A-4 Holder, Goldman
Sachs Bank USA, as Initial Note A-5 Holder, Goldman Sachs Bank USA, as Initial
Note A-6 Holder, and Goldman Sachs Bank USA, as Initial Note A-7 Holder (filed
as Exhibit 4.7 to the registrant's Current Report on Form 8-K filed on November
20, 2023 under Commission File No. 333-257737-11 and incorporated by reference
herein).

 4.8
 Co-Lender Agreement, dated as of November 3, 2023, by and
between Argentic Real Estate Finance 2 LLC, as Initial Note A-1-1 Holder,
Argentic Real Estate Finance 2 LLC, as Initial Note A-1-2 Holder, and Goldman
Sachs Bank USA, as Initial Note A-2 Holder (filed as Exhibit 4.8 to the
registrant's Current Report on Form 8-K filed on November 20, 2023 under
Commission File No. 333-257737-11 and incorporated by reference herein).

 4.9
 Agreement Between Noteholders, dated as of August 15,
2023, by and between Starwood Mortgage Capital LLC, as Initial Note A-1 Holder,
Bank of Montreal, as Initial Note A-2 Holder, Starwood Mortgage Capital LLC, as
Initial Note A-3 Holder, Bank of Montreal, as Initial Note A-4 Holder, Starwood
Mortgage Capital LLC, as Initial Note A-5 Holder, Bank of Montreal, as Initial
Note A-6 Holder, Starwood Mortgage Capital LLC, as Initial Note A-7 Holder,
Bank of Montreal, as Initial Note A-8 Holder, Starwood Mortgage Capital LLC, as
Initial Note A-9 Holder, Bank of Montreal, as Initial Note A-10 Holder,
Starwood Mortgage Capital LLC, as Initial Note A-11 Holder, and Bank of
Montreal, as Initial Note A-12 Holder (filed as Exhibit 4.9 to the registrant's
Current Report on Form 8-K filed on November 20, 2023 under Commission File No.
333-257737-11 and incorporated by reference herein).

 4.10
 Agreement Between Note Holders, dated as of October 11,
2023 by and between UBS AG, by and through its branch office at 1285 Avenue of
the Americas, New York, New York, as Initial Note A-1 Holder, UBS AG, by and
through its branch office at 1285 Avenue of the Americas, New York, New York,
as Initial Note A-2 Holder, UBS AG, by and through its branch office at 1285
Avenue of the Americas, New York, New York, as Initial Note A-3 Holder, UBS AG,
by and through its branch office at 1285 Avenue of the Americas, New York, New
York, as Initial Note A-4 Holder, and UBS AG, by and through its branch office
at 1285 Avenue of the Americas, New York, New York, as Initial Note A-5 Holder
(filed as Exhibit 4.10 to the registrant's Current Report on Form 8-K filed on
November 20, 2023 under Commission File No. 333-257737-11 and incorporated by
reference herein).

 4.11
 Co-Lender Agreement, dated as of September 13, 2023,
between DBR Investments Co. Limited, as Note A-1 Holder, DBR Investments Co.
Limited, as Note A-2 Holder, DBR Investments Co. Limited, as Note A-3 Holder,
DBR Investments Co. Limited, as Note A-4 Holder, DBR Investments Co. Limited,
as Note A-5-1 Holder, and DBR Investments Co. Limited, as Note A-5-2 Holder
(filed as Exhibit 4.11 to the registrant's Current Report on Form 8-K filed on
November 20, 2023 under Commission File No. 333-257737-11 and incorporated by
reference herein).

 4.12
 Co-Lender Agreement, dated as of October 19, 2023 by and
between Citi Real Estate Funding Inc., as Initial Note A-1-1 Holder, Citi Real
Estate Funding Inc., as Initial Note A-1-2 Holder, Citi Real Estate Funding
Inc., as Initial Note A-2 Holder, Citi Real Estate Funding Inc., as Initial
Note A-3 Holder, Bank of Montreal, as Initial Note A-4 Holder, Bank of
Montreal, as Initial Note A-5 Holder, Bank of Montreal, as Initial Note A-6-1
Holder, Bank of Montreal, as Initial Note A-6-2 Holder, and Bank of Montreal,
as Initial Note A-7 Holder (filed as Exhibit 4.12 to the registrant's Current
Report on Form 8-K filed on November 20, 2023 under Commission File No.
333-257737-11 and incorporated by reference herein).

 4.13
 Agreement Between Note Holders, dated as of June 30,
2023, by and between Bank of America, N.A., as Initial Note A-1-1 Holder, Bank
of America, N.A., as Initial Note A-1-2 Holder, Bank of America, N.A., as
Initial Note A-1-3 Holder, Bank of America, N.A., as Initial Note A-1-4 Holder,
Bank of America, N.A., as Initial Note A-1-5 Holder, UBS AG, New York Branch,
as Initial Note A-2-1 Holder, UBS AG, New York Branch, as Initial Note A-2-2
Holder, UBS AG, New York Branch, as Initial Note A-2-3 Holder, UBS AG, New York
Branch, as Initial Note A-2-4 Holder, UBS AG, New York Branch, as Initial Note
A-2-5 Holder, UBS AG, New York Branch, as Initial Note A-2-6 Holder, UBS AG,
New York Branch, as Initial Note A-2-7 Holder, UBS AG, New York Branch, as
Initial Note A-2-8 Holder, UBS AG, New York Branch, as Initial Note A-2-9
Holder, UBS AG, New York Branch, as Initial Note A-2-10 Holder, UBS AG, New
York Branch, as Initial Note A-2-11 Holder, LMF Commercial, LLC, as Initial
Note A-3-1 Holder, LMF Commercial, LLC, as Initial Note A-3-2 Holder, LMF
Commercial, LLC, as Initial Note A-3-3 Holder, LMF Commercial, LLC, as Initial
Note A-3-4 Holder, LMF Commercial, LLC, as Initial Note A-3-5 Holder, LMF
Commercial, LLC, as Initial Note A-3-6 Holder, LMF Commercial, LLC, as Initial
Note A-3-7 Holder, and LMF Commercial, LLC, as Initial Note A-3-8 Holder (filed
as Exhibit 4.13 to the registrant's Current Report on Form 8-K filed on
November 20, 2023 under Commission File No. 333-257737-11 and incorporated by
reference herein).

 4.14
 Co-Lender Agreement, dated as of October 10, 2023, by and
between Bank of Montreal, as Initial Note A-1 Holder, and Bank of Montreal, as
Initial Note A-2 Holder (filed as Exhibit 4.14 to the registrant's Current
Report on Form 8-K filed on November 20, 2023 under Commission File No.
333-257737-11 and incorporated by reference herein).

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

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

 33.1
National Association, as Master Servicer

 33.2
 LNR Partners, LLC, as Special Servicer

 33.3
as Trustee and Certificate Administrator

 33.4
as Custodian

 33.5
Advisor

 33.6
National Association, as Primary Servicer of the Philadelphia Marriott Downtown
Mortgage Loan (see Exhibit 33.1)

 33.7
 LNR Partners, LLC, as Special Servicer of the
Philadelphia Marriott Downtown Mortgage Loan (see Exhibit 33.2)

 33.8
Computershare Trust Company, National Association, as Trustee of the
Philadelphia Marriott Downtown Mortgage Loan (Omitted. See Explanatory Notes.)

 33.9
as Custodian of the Philadelphia Marriott Downtown Mortgage Loan (see Exhibit
33.4)

 33.10
Advisor of the Philadelphia Marriott Downtown Mortgage Loan (see Exhibit 33.5)

 33.11
National Association, as Primary Servicer of the Sugar Land Town Square
Mortgage Loan (see Exhibit 33.1)

 33.12
 LNR Partners, LLC, as Special Servicer of the Sugar
Land Town Square Mortgage Loan (see Exhibit 33.2)

 33.13
Computershare Trust Company, National Association, as Trustee of the Sugar Land
Town Square Mortgage Loan (Omitted. See Explanatory Notes.)

 33.14
as Custodian of the Sugar Land Town Square Mortgage Loan (see Exhibit 33.4)

 33.15
Advisor of the Sugar Land Town Square Mortgage Loan (see Exhibit 33.5)

 33.16
Wells Fargo Bank, National Association, as Primary Servicer of the 11 West 42nd
Street Mortgage Loan (Omitted. See Explanatory Notes.)

 33.17
Servicer of the 11 West 42nd Street Mortgage Loan

 33.18
Computershare Trust Company, National Association, as Trustee of the 11 West
42nd Street Mortgage Loan (Omitted. See Explanatory Notes.)

 33.19
as Custodian of the 11 West 42nd Street Mortgage Loan (see Exhibit 33.4)

 33.20
Pentalpha Surveillance LLC, as Operating Advisor of the 11 West 42nd Street

 33.21
of the Piazza Alta Mortgage Loan

 33.22
Servicer of the Piazza Alta Mortgage Loan (see Exhibit 33.17)

 33.23
Wilmington Trust, National Association, as Trustee of the Piazza Alta Mortgage

 33.24
as Custodian of the Piazza Alta Mortgage Loan (see Exhibit 33.4)

 33.25
 BellOak, LLC, as Operating Advisor of the Piazza
Alta Mortgage Loan

 33.26
of the Westfarms Mortgage Loan (see Exhibit 33.21)

 33.27
Servicer of the Westfarms Mortgage Loan (see Exhibit 33.17)

 33.28
Wilmington Trust, National Association, as Trustee of the Westfarms Mortgage

 33.29
as Custodian of the Westfarms Mortgage Loan (see Exhibit 33.4)

 33.30
 BellOak, LLC, as Operating Advisor of the
Westfarms Mortgage Loan (see Exhibit 33.25)

 33.31
of the Arcola Corporate Campus Mortgage Loan (see Exhibit 33.21)

 33.32
Servicer of the Arcola Corporate Campus Mortgage Loan (see Exhibit 33.17)

 33.33
Wilmington Trust, National Association, as Trustee of the Arcola Corporate
Campus Mortgage Loan (Omitted. See Explanatory Notes.)

 33.34
as Custodian of the Arcola Corporate Campus Mortgage Loan (see Exhibit 33.4)

 33.35
 BellOak, LLC, as Operating Advisor of the Arcola
Corporate Campus Mortgage Loan (see Exhibit 33.25)

 33.36
of the River Centre Mortgage Loan (see Exhibit 33.21)

 33.37
Servicer of the River Centre Mortgage Loan (see Exhibit 33.17)

 33.38
Wilmington Trust, National Association, as Trustee of the River Centre Mortgage

 33.39
as Custodian of the River Centre Mortgage Loan (see Exhibit 33.4)

 33.40
 BellOak, LLC, as Operating Advisor of the River
Centre Mortgage Loan (see Exhibit 33.25)

 33.41
of the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan (see Exhibit
33.21)

 33.42
Servicer of the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan
(see Exhibit 33.17)

 33.43
Wilmington Trust, National Association, as Trustee of the 369 Lexington Avenue
& 2 West 46th Street Mortgage Loan (Omitted. See Explanatory Notes.)

 33.44
as Custodian of the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan
(see Exhibit 33.4)

 33.45
 BellOak, LLC, as Operating Advisor of the 369
Lexington Avenue & 2 West 46th Street Mortgage Loan (see Exhibit 33.25)

 33.46
of the Hilton Garden Inn Atlanta Downtown Mortgage Loan (see Exhibit 33.21)

 33.47
Servicer of the Hilton Garden Inn Atlanta Downtown Mortgage Loan (see Exhibit
33.17)

 33.48
Wilmington Trust, National Association, as Trustee of the Hilton Garden Inn
Atlanta Downtown Mortgage Loan (Omitted. See Explanatory Notes.)

 33.49
as Custodian of the Hilton Garden Inn Atlanta Downtown Mortgage Loan (see
Exhibit 33.4)

 33.50
 BellOak, LLC, as Operating Advisor of the Hilton
Garden Inn Atlanta Downtown Mortgage Loan (see Exhibit 33.25)

 33.51
National Association, as Primary Servicer of the Overlook at Ballantyne
Mortgage Loan (see Exhibit 33.1)

 33.52
K-Star Asset Management LLC, as Special Servicer of the Overlook at Ballantyne

 33.53
Computershare Trust Company, National Association, as Trustee of the Overlook
at Ballantyne Mortgage Loan (Omitted. See Explanatory Notes.)

 33.54
as Custodian of the Overlook at Ballantyne Mortgage Loan (see Exhibit 33.4)

 33.55
 Park Bridge Lender Services LLC, as Operating Advisor
of the Overlook at Ballantyne Mortgage Loan (see Exhibit 33.5)

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

 34.1
National Association, as Master Servicer

 34.2
 LNR Partners, LLC, as Special Servicer

 34.3
as Trustee and Certificate Administrator

 34.4
as Custodian

 34.5
Advisor

 34.6
National Association, as Primary Servicer of the Philadelphia Marriott Downtown
Mortgage Loan (see Exhibit 34.1)

 34.7
 LNR Partners, LLC, as Special Servicer of the
Philadelphia Marriott Downtown Mortgage Loan (see Exhibit 34.2)

 34.8
Computershare Trust Company, National Association, as Trustee of the
Philadelphia Marriott Downtown Mortgage Loan (Omitted. See Explanatory Notes.)

 34.9
as Custodian of the Philadelphia Marriott Downtown Mortgage Loan (see Exhibit
34.4)

 34.10
Advisor of the Philadelphia Marriott Downtown Mortgage Loan (see Exhibit 34.5)

 34.11
National Association, as Primary Servicer of the Sugar Land Town Square
Mortgage Loan (see Exhibit 34.1)

 34.12
 LNR Partners, LLC, as Special Servicer of the Sugar
Land Town Square Mortgage Loan (see Exhibit 34.2)

 34.13
Computershare Trust Company, National Association, as Trustee of the Sugar Land
Town Square Mortgage Loan (Omitted. See Explanatory Notes.)

 34.14
as Custodian of the Sugar Land Town Square Mortgage Loan (see Exhibit 34.4)

 34.15
Advisor of the Sugar Land Town Square Mortgage Loan (see Exhibit 34.5)

 34.16
Wells Fargo Bank, National Association, as Primary Servicer of the 11 West 42nd
Street Mortgage Loan (Omitted. See Explanatory Notes.)

 34.17
Servicer of the 11 West 42nd Street Mortgage Loan

 34.18
Computershare Trust Company, National Association, as Trustee of the 11 West
42nd Street Mortgage Loan (Omitted. See Explanatory Notes.)

 34.19
as Custodian of the 11 West 42nd Street Mortgage Loan (see Exhibit 34.4)

 34.20
Pentalpha Surveillance LLC, as Operating Advisor of the 11 West 42nd Street

 34.21
of the Piazza Alta Mortgage Loan

 34.22
Servicer of the Piazza Alta Mortgage Loan (see Exhibit 34.17)

 34.23
Wilmington Trust, National Association, as Trustee of the Piazza Alta Mortgage

 34.24
as Custodian of the Piazza Alta Mortgage Loan (see Exhibit 34.4)

 34.25
 BellOak, LLC, as Operating Advisor of the Piazza
Alta Mortgage Loan

 34.26
of the Westfarms Mortgage Loan (see Exhibit 34.21)

 34.27
Servicer of the Westfarms Mortgage Loan (see Exhibit 34.17)

 34.28
Wilmington Trust, National Association, as Trustee of the Westfarms Mortgage

 34.29
as Custodian of the Westfarms Mortgage Loan (see Exhibit 34.4)

 34.30
 BellOak, LLC, as Operating Advisor of the
Westfarms Mortgage Loan (see Exhibit 34.25)

 34.31
of the Arcola Corporate Campus Mortgage Loan (see Exhibit 34.21)

 34.32
Servicer of the Arcola Corporate Campus Mortgage Loan (see Exhibit 34.17)

 34.33
Wilmington Trust, National Association, as Trustee of the Arcola Corporate
Campus Mortgage Loan (Omitted. See Explanatory Notes.)

 34.34
as Custodian of the Arcola Corporate Campus Mortgage Loan (see Exhibit 34.4)

 34.35
 BellOak, LLC, as Operating Advisor of the Arcola
Corporate Campus Mortgage Loan (see Exhibit 34.25)

 34.36
of the River Centre Mortgage Loan (see Exhibit 34.21)

 34.37
Servicer of the River Centre Mortgage Loan (see Exhibit 34.17)

 34.38
Wilmington Trust, National Association, as Trustee of the River Centre Mortgage

 34.39
as Custodian of the River Centre Mortgage Loan (see Exhibit 34.4)

 34.40
 BellOak, LLC, as Operating Advisor of the River
Centre Mortgage Loan (see Exhibit 34.25)

 34.41
of the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan (see Exhibit
34.21)

 34.42
Servicer of the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan
(see Exhibit 34.17)

 34.43
Wilmington Trust, National Association, as Trustee of the 369 Lexington Avenue
& 2 West 46th Street Mortgage Loan (Omitted. See Explanatory Notes.)

 34.44
as Custodian of the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan
(see Exhibit 34.4)

 34.45
 BellOak, LLC, as Operating Advisor of the 369
Lexington Avenue & 2 West 46th Street Mortgage Loan (see Exhibit 34.25)

 34.46
of the Hilton Garden Inn Atlanta Downtown Mortgage Loan (see Exhibit 34.21)

 34.47
Servicer of the Hilton Garden Inn Atlanta Downtown Mortgage Loan (see Exhibit
34.17)

 34.48
Wilmington Trust, National Association, as Trustee of the Hilton Garden Inn
Atlanta Downtown Mortgage Loan (Omitted. See Explanatory Notes.)

 34.49
as Custodian of the Hilton Garden Inn Atlanta Downtown Mortgage Loan (see
Exhibit 34.4)

 34.50
 BellOak, LLC, as Operating Advisor of the Hilton
Garden Inn Atlanta Downtown Mortgage Loan (see Exhibit 34.25)

 34.51
National Association, as Primary Servicer of the Overlook at Ballantyne
Mortgage Loan (see Exhibit 34.1)

 34.52
K-Star Asset Management LLC, as Special Servicer of the Overlook at Ballantyne

 34.53
Computershare Trust Company, National Association, as Trustee of the Overlook
at Ballantyne Mortgage Loan (Omitted. See Explanatory Notes.)

 34.54
as Custodian of the Overlook at Ballantyne Mortgage Loan (see Exhibit 34.4)

 34.55
Advisor of the Overlook at Ballantyne Mortgage Loan (see Exhibit 34.5)

Servicer compliance statements.

 35.1
National Association, as Master Servicer

 35.2
 LNR Partners, LLC, as Special Servicer

 35.3
as Certificate Administrator

 35.4
National Association, as Primary Servicer of the Philadelphia Marriott Downtown
Mortgage Loan (see Exhibit 35.1)

 35.5
 LNR Partners, LLC, as Special Servicer of the
Philadelphia Marriott Downtown Mortgage Loan (see Exhibit 35.2)

 35.6
National Association, as Primary Servicer of the Sugar Land Town Square
Mortgage Loan (see Exhibit 35.1)

 35.7
 LNR Partners, LLC, as Special Servicer of the Sugar
Land Town Square Mortgage Loan (see Exhibit 35.2)

 35.8
Wells Fargo Bank, National Association, as Primary Servicer of the 11 West 42nd
Street Mortgage Loan (Omitted. See Explanatory Notes.)

 35.9
Servicer of the 11 West 42nd Street Mortgage Loan

 35.10
of the Piazza Alta Mortgage Loan

 35.11
Servicer of the Piazza Alta Mortgage Loan (see Exhibit 35.9)

 35.12
of the Westfarms Mortgage Loan (see Exhibit 35.10)

 35.13
Servicer of the Westfarms Mortgage Loan (see Exhibit 35.9)

 35.14
of the Arcola Corporate Campus Mortgage Loan (see Exhibit 35.10)

 35.15
Servicer of the Arcola Corporate Campus Mortgage Loan (see Exhibit 35.9)

 35.16
of the River Centre Mortgage Loan (see Exhibit 35.10)

 35.17
Servicer of the River Centre Mortgage Loan (see Exhibit 35.9)

 35.18
of the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan (see Exhibit
35.10)

 35.19
Servicer of the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan
(see Exhibit 35.9)

 35.20
of the Hilton Garden Inn Atlanta Downtown Mortgage Loan (see Exhibit 35.10)

 35.21
Servicer of the Hilton Garden Inn Atlanta Downtown Mortgage Loan (see Exhibit
35.9)

 35.22
National Association, as Primary Servicer of the Overlook at Ballantyne
Mortgage Loan (see Exhibit 35.1)

 35.23
K-Star Asset Management LLC, as Special Servicer of the Overlook at Ballantyne

 99.1
2023, among Barclays Capital Real Estate Inc., Barclays Capital Holdings Inc.
and Barclays Commercial Mortgage Securities LLC (filed as Exhibit 99.1 to the
registrant's Current Report on Form 8-K filed on November 20, 2023 under
Commission File No. 333-257737-11 and incorporated by reference herein)

 99.2
2023, between Starwood Mortgage Capital LLC and Barclays Commercial Mortgage
Securities LLC (filed as Exhibit 99.2 to the registrant's Current Report on
Form 8-K filed on November 20, 2023 under Commission File No. 333-257737-11 and
incorporated by reference herein)

 99.3
2023, among Societe Generale Financial Corporation, Soci t G n rale, and
Barclays Commercial Mortgage Securities LLC (filed as Exhibit 99.3 to the
registrant's Current Report on Form 8-K filed on November 20, 2023 under
Commission File No. 333-257737-11 and incorporated by reference herein)

 99.4
2023, between UBS AG, by and through its New York branch office at 1285 Avenue
of the Americas, New York, New York, and Barclays Commercial Mortgage
Securities LLC (filed as Exhibit 99.4 to the registrant's Current Report on
Form 8-K filed on November 20, 2023 under Commission File No. 333-257737-11 and
incorporated by reference herein)

 99.5
2023, between Argentic Real Estate Finance 2 LLC and Barclays Commercial
Mortgage Securities LLC (filed as Exhibit 99.5 to the registrant's Current
Report on Form 8-K filed on November 20, 2023 under Commission File No. 333-257737-11
and incorporated by reference herein)

 99.6
2023, between Bank of Montreal and Barclays Commercial Mortgage Securities LLC
(filed as Exhibit 99.6 to the registrant's Current Report on Form 8-K filed on
November 20, 2023 under Commission File No. 333-257737-11 and incorporated by
reference herein)

 99.7
2023, between German American Capital Corporation and Barclays Commercial
Mortgage Securities LLC (filed as Exhibit 99.7 to the registrant's Current
Report on Form 8-K filed on November 20, 2023 under Commission File No.
333-257737-11 and incorporated by reference herein)

 99.8
2023, between LMF Commercial, LLC, and Barclays Commercial Mortgage Securities
LLC (filed as Exhibit 99.8 to the registrant's Current Report on Form 8-K filed
on November 20, 2023 under Commission File No. 333-257737-11 and incorporated
by reference herein)

 99.9
2023, among BSPRT CMBS Finance, LLC, Franklin BSP Realty Trust, Inc. and
Barclays Commercial Mortgage Securities LLC (filed as Exhibit 99.9 to the
registrant's Current Report on Form 8-K filed on November 20, 2023 under
Commission File No. 333-257737-11 and incorporated by reference herein)

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

 (c) Not Applicable.

 SIGNATURES

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

 Barclays Commercial Mortgage
Securities LLC

(Depositor)

 /s/ Daniel
Vinson

 Daniel
Vinson, Chief Executive Officer

 (senior officer in charge of
securitization of the depositor)

 Date: March 15, 2024


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, 2023

or

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

 For the transition period from _____ to _____

Commission file number of the issuing entity: 333-193376-15

 Central Index Key Number of the issuing entity:
0001628112

 COMM 2015-LC19 Mortgage Trust

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

 Central Index Key Number of the depositor: 0001013454

 Deutsche Mortgage & Asset
Receiving Corporation

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

 Central Index Key Number of the sponsor: 0001541294

 German American Capital Corporation

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

 Central Index Key Number of the sponsor: 0001541468

 Ladder Capital Finance LLC

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

 Central Index Key Number of the sponsor: 0001558761

 Cantor Commercial Real Estate
Lending, L.P.

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

 Central Index Key Number of the sponsor: 0001089877

 KeyBank National Association

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

 New York

 (State or other jurisdiction of

 incorporation or organization of

 the issuing entity)

 38-3955412

 38-3955413

 38-7135306

 (I.R.S. Employer

 Identification Numbers)

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

 Wells Fargo Bank, National Association

 as Certificate Administrator

 9062 Old Annapolis Road

 Columbia, MD

 (Address of principal
executive offices of the issuing entity)

 21045

 (Zip Code)

 Registrant's telephone number,
including area code:

 (212) 250-2500

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

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 None

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

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

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

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

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

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

 Large accelerated
filer o
Accelerated
filer
o

 Non-accelerated
filer

Smaller reporting company
o

Emerging growth
company
o

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

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

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

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

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

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

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

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

 DOCUMENTS INCORPORATED BY REFERENCE

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

 EXPLANATORY NOTES

 The Exhibit Index describes
exhibits provided by certain parties (in their capacities indicated on the
Exhibit Index) with respect to the Gateway Center Phase II Mortgage Loan, which
constituted approximately 7.4% of the asset pool of the issuing entity as of
its cut-off date. The Gateway Center Phase II Mortgage Loan is an asset
of the issuing entity and is part of a loan combination that includes the
Gateway Center Phase II Mortgage Loan and two other pari passu loans,
which are not assets of the issuing entity. A pari passu portion of the
loan combination was securitized in the COMM 2014-CCRE20 Mortgage Trust
transaction, Commission File Number 333-193376-12 (the " COMM 2014-CCRE20
Transaction "). This loan combination, including the Gateway Center Phase II
Mortgage Loan, is being serviced and administered pursuant to the pooling and
servicing agreement for the COMM 2014-CCRE20 Transaction, which is incorporated
by reference as Exhibit 4.2 to this Annual Report on Form 10-K.

 The Exhibit Index describes
exhibits provided by certain parties (in their capacities indicated on the
Exhibit Index) with respect to the Walgreens Portfolio Mortgage Loan, which
constituted approximately 2.7% of the asset pool of the issuing entity as of
its cut-off date. The Walgreens Portfolio Mortgage Loan is an asset of
the issuing entity and is part of a loan combination that includes the
Walgreens Portfolio Mortgage Loan and two other pari passu loans, which
are not assets of the issuing entity. This loan combination, including the
Walgreens Portfolio Mortgage Loan, was serviced under the Pooling and Servicing
Agreement for the issuing entity prior to the closing of the securitization of
a pari passu portion of the Walgreens Portfolio loan combination in the
Wells Fargo Commercial Mortgage Trust 2015-LC20 transaction, Commission File
Number 333-195164-06 (the " WFCMT 2015-LC20 Transaction "). After
the closing of the WFCMT 2015-LC20 Transaction on March 31, 2015, this loan
combination, including the Walgreens Portfolio Mortgage Loan was, and will
continue to be, serviced and administered pursuant to the pooling and servicing
agreement with respect to the WFCMT 2015-LC20 Transaction, which is
incorporated by reference as Exhibit 4.3 to this Annual Report on Form 10-K.

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

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

 Wells Fargo Bank, National
Association is the custodian of the mortgage loans serviced under the Pooling
and Servicing Agreement, the Gateway Center Phase II Mortgage Loan and the
Walgreens Portfolio Mortgage Loan. As a result, Wells Fargo Bank,
National Association is a servicing function participant in the capacities
described above, because it is servicing mortgage loans that constituted 5% or
more of the assets of the issuing entity as of its cut-off date. The
assessments of compliance with applicable servicing criteria and accountants'
attestation reports delivered by Wells Fargo Bank, National Association in the
capacities described above are listed in the Exhibit Index.

 Wilmington Trust, National
Association acts as trustee of the Gateway Center Phase II Mortgage Loan and
the Walgreens Portfolio Mortgage Loan. Pursuant to the pooling and servicing
agreement for the COMM 2014-CCRE20 Transaction and the pooling and servicing
agreement for the WFCMT 2015-LC20 Transaction, the trustee is required to
provide an assessment of compliance with applicable servicing criteria solely
with respect to Item 1122(d)(2)(iii) of Regulation AB (regarding advances of
funds or guarantees regarding collections, cash flows or distributions, and any
interest or other fees charged for such advances, are made, reviewed and
approved as specified in the transaction agreements). However, during the
reporting period, the trustee did not perform any servicing function with
respect to the servicing criteria specified in Item 1122(d)(2)(iii) of
Regulation AB. The master servicer or the special servicer, to the extent
required, performed the servicing function identified with respect to Item
1122(d)(2)(iii) of Regulation AB, and each such party included Item
1122(d)(2)(iii) of Regulation AB in the assessment of compliance with
applicable servicing criteria and accountant's attestation report for the
subject transaction. As a result, this Annual Report on Form 10-K does
not include an assessment of compliance with applicable servicing criteria of
the trustee. One or more other servicers of the Gateway Center Phase II Mortgage
Loan and the Walgreens Portfolio Mortgage Loan have delivered one or more
assessments of compliance with respect to Item 1122(d)(2)(iii) of Regulation
AB.

 Berkeley Point
Capital LLC d/b/a Newmark is an affiliate of Cantor Commercial Real Estate
Lending, L.P., one of the sponsors. Therefore, the Depositor included in
this Annual Report on Form 10-K servicer compliance statements for Berkeley
Point Capital LLC d/b/a Newmark pursuant to Item 1123. Because Berkeley
Point Capital LLC d/b/a Newmark is servicing less than 5% of the pool assets,
assessments of compliance with applicable servicing criteria and accountant's
attestation reports pursuant to Item 1122 of Regulation AB are not required by
Regulation AB. As the attestations made in the servicer compliance
statements required by Item 1123 relate to a review of the servicing activities
of Berkeley Point Capital LLC d/b/a Newmark under the applicable servicing
agreement, and that review was conducted in conjunction with the servicer's
preparation of its assessment of compliance with applicable servicing criteria,
that assessment of compliance with applicable servicing criteria and the
accompanying accountant's attestation report are included in this Annual Report
on Form 10-K for the sake of completeness.

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

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

 The assessments of compliance with
applicable servicing criteria, accountants' attestation reports and servicer
compliance statements of the certificate administrator of the Gateway Center
Phase II Mortgage Loan and the Walgreens Portfolio Mortgage Loan are omitted
from this Annual Report on Form 10-K as the certificate administrator pursuant
to the related pooling and servicing agreement or trust and servicing agreement
does not perform any activities that address servicing criteria with respect to
the issuing entity and because they are each not a "servicer" that meets the
criteria in Item 1108(a)(2)(i) through (iii) of Regulation AB.

 With respect
to the pari passu loan combinations that include the Walgreens
Portfolio Mortgage Loan and the Gateway Center Phase II Mortgage Loan, (i) the
reports on assessment of compliance with servicing criteria and attestation
reports on assessment of compliance with servicing criteria of Rialto Capital
Advisors, LLC as special servicer of the Walgreens Portfolio Mortgage Loan,
Fintech Trust Advisors LLC d.b.a. CRED iQ as trust advisor of the Walgreens
Portfolio Mortgage Loan prior to October 15, 2023 and BellOak, LLC as trust
advisor of the Walgreens Portfolio Mortgage Loan on and after October 15, 2023
listed on the Exhibit Index are omitted from this Annual Report on Form 10-K as
they are not required to be included on this Annual Report on Form 10-K per
Instruction 3 to Item 1122 of Regulation AB because they are parties performing
activities that address servicing criteria relating to 5% or less of the assets
of the issuing entity; and (ii) the servicer compliance statements of Rialto
Capital Advisors, LLC as special servicer of the Walgreens Portfolio Mortgage
Loan and Torchlight Loan Services, LLC as special servicer of the Gateway Center
Phase II Mortgage Loan, listed on the Exhibit Index are omitted from this
Annual Report on Form 10-K as they are not required by Item 1123 of Regulation
AB to be included on this Annual Report on Form 10-K because they are each an
unaffiliated party that is not a "servicer" that meets the criteria in Item
1108(a)(2)(i) through (iii) of Regulation AB.

 Item 1. Business.

 Item 1A. Risk Factors.

 Item 1B. Unresolved Staff Comments.

 None.

 Item 1C. Cybersecurity.

 Item 2. Properties.

 Item 3. Legal Proceedings.

 Item 4. Mine Safety Disclosures.

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

 Item 6.

 [Reserved].

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

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

 Item 8. Financial Statements and Supplementary Data.

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

 Item 9A. Controls and Procedures.

 Item 9B. Other Information.

 None.

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

 None.

 Item 10. Directors, Executive Officers and Corporate
Governance.

 Item 11. Executive Compensation.

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

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

 Item 14. Principal Accountant Fees and Services.

 ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB

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

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

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

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

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

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

 Item 1117 of Regulation AB, Legal Proceedings.

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

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

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

 The information regarding this Item has been previously
provided in a prospectus supplement of the Registrant relating to the issuing
entity filed on February 3, 2015 pursuant to Rule 424(b)(5).

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

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

 The reports on assessments of compliance with the servicing
criteria for asset-backed securities and related attestation reports on such
assessments of compliance with respect to the Gateway Center Phase II Mortgage
Loan, which is being serviced and administered pursuant to the pooling and
servicing agreement for the COMM 2014-CCRE20 Transaction, are attached hereto
under Item 15 to this Annual Report on Form 10-K. Attached as Schedule II to
the pooling and servicing agreement for the COMM 2014-CCRE20 Transaction
incorporated by reference as Exhibit 4.2 to this Annual Report on Form 10-K is
a chart identifying the entities participating in a servicing function for the
COMM 2014-CCRE20 Transaction responsible for each applicable servicing criteria
set forth in Item 1122(d).

 The reports on assessments of compliance with the servicing
criteria for asset-backed securities and related attestation reports on such
assessments of compliance with respect to the Walgreens Portfolio Mortgage
Loan, which is being serviced and administered pursuant to the pooling and
servicing agreement for the WFCMT 2015-LC20 Transaction, are attached hereto
under Item 15 to this Annual Report on Form 10-K. Attached as Schedule III to
the pooling and servicing agreement for the WFCMT 2015-LC20 Transaction
incorporated by reference as Exhibit 4.3 to this Annual Report on Form 10-K is
a chart identifying the entities participating in a servicing function for the
WFCMT 2015-LC20 Transaction responsible for each applicable servicing criteria
set forth in Item 1122(d).

 Item 1123 of Regulation AB, Servicer Compliance Statement.

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

 Item 15. Exhibit and Financial Statement Schedules.

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

 (1) Not applicable

 (2) Not applicable

 (3) See below

 4.1
 Pooling and Servicing Agreement, dated as of February 1,
2015, by and among Deutsche Mortgage & Asset Receiving Corporation, 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, Wells Fargo Bank, National Association, as
Trustee, Wells Fargo Bank, National Association, as Certificate Administrator,
Paying Agent and Custodian, and Park Bridge Lender Services LLC, as Operating
Advisor (filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K/A
filed on April 1, 2015 under Commission File No. 333-193376-15 and incorporated
by reference herein).

 4.2
 Pooling and Servicing Agreement, dated as of October 1,
2014, by and among Deutsche Mortgage & Asset Receiving Corporation, as
Depositor, Wells Fargo Bank, National Association, as Master Servicer,
Torchlight Loan Services, LLC, as Special Servicer, Wilmington Trust, National
Association, as Trustee, Wells Fargo Bank, National Association, as Certificate
Administrator, Paying Agent and Custodian, and Park Bridge Lender Services LLC,
as Operating Advisor (filed as Exhibit 99.6 to the registrant's Current Report
on Form 8-K/A filed on April 1, 2015 under Commission File No. 333-193376-15
and incorporated by reference herein).

 4.3
 Pooling and Servicing Agreement, dated as of March 1,
2015, by and among Wells Fargo Commercial Mortgage Securities, Inc., as
Depositor, Wells Fargo Bank, National Association, as Master Servicer, Rialto
Capital Advisors, LLC, as Special Servicer, TriMont Real Estate Advisors, Inc.,
as Trust Advisor, Wells Fargo Bank, National Association, as Certificate
Administrator, as Tax Administrator and as Custodian, and Wilmington Trust,
National Association, as Trustee (filed as Exhibit 99.1 to the registrant's
Current Report on Form 8-K filed on July 13, 2015 under Commission File No.
333-193376-15 and incorporated by reference herein).

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

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

 33.1
National Association, as Master Servicer

 33.2
National Association, as Special Servicer (see Exhibit 33.1)

 33.3
 Wells Fargo Bank, National Association, as Trustee
and Certificate Administrator

 33.4
Custodian

 33.5
 Park Bridge Lender Services LLC, as Operating
Advisor

 33.6
 KeyBank National Association, as Primary Servicer

 33.7
 Berkeley Point Capital LLC d/b/a Newmark, as
Primary Servicer

 33.8
as Servicing Function Participant for the Certificate Administrator

 33.9
as Servicing Function Participant for the Custodian

 33.10
Servicer of the Gateway Center Phase II Mortgage Loan

 33.11
 Torchlight Loan Services, LLC, as Special Servicer
of the Gateway Center Phase II Mortgage Loan

 33.12
Wilmington Trust, National Association, as Trustee of the Gateway Center Phase
II Mortgage Loan (Omitted. See Explanatory Notes.)

 33.13
Custodian of the Gateway Center Phase II Mortgage Loan (see Exhibit 33.4)

 33.14
 Park Bridge Lender Services LLC, as Operating
Advisor of the Gateway Center Phase II Mortgage Loan (see Exhibit 33.5)

 33.15
 CoreLogic Solutions, LLC, as Servicing Function
Participant of the Gateway Center Phase II Mortgage Loan

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

 33.17
Servicer of the Walgreens Portfolio Mortgage Loan (see Exhibit 33.10)

 33.18
Rialto Capital Advisors, LLC, as Special Servicer of the Walgreens Portfolio

 33.19
Wilmington Trust, National Association, as Trustee of the Walgreens Portfolio

 33.20
Custodian of the Walgreens Portfolio Mortgage Loan (see Exhibit 33.4)

 33.21
Fintech Trust Advisors LLC d.b.a. CRED iQ, as Trust Advisor of the Walgreens
Portfolio Mortgage Loan prior to October 15, 2023 (Omitted. See Explanatory
Notes.)

 33.22
BellOak, LLC, as Trust Advisor of the Walgreens Portfolio Mortgage Loan on and
after October 15, 2023 (Omitted. See Explanatory Notes.)

 33.23
 CoreLogic Solutions, LLC, as Servicing Function Participant
of the Walgreens Portfolio Mortgage Loan (see Exhibit 33.15)

 33.24
as Servicing Function Participant for the Custodian (see Exhibit 33.9)

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

 34.1
National Association, as Master Servicer

 34.2
National Association, as Special Servicer (see Exhibit 34.1)

 34.3
 Wells Fargo Bank, National Association, as Trustee
and Certificate Administrator

 34.4
Custodian

 34.5
 Park Bridge Lender Services LLC, as Operating
Advisor

 34.6
 KeyBank National Association, as Primary Servicer

 34.7
 Berkeley Point Capital LLC d/b/a Newmark, as
Primary Servicer

 34.8
as Servicing Function Participant for the Certificate Administrator

 34.9
as Servicing Function Participant for the Custodian

 34.10
Servicer of the Gateway Center Phase II Mortgage Loan

 34.11
 Torchlight Loan Services, LLC, as Special Servicer
of the Gateway Center Phase II Mortgage Loan

 34.12
Wilmington Trust, National Association, as Trustee of the Gateway Center Phase
II Mortgage Loan (Omitted. See Explanatory Notes.)

 34.13
Custodian of the Gateway Center Phase II Mortgage Loan (see Exhibit 34.4)

 34.14
 Park Bridge Lender Services LLC, as Operating
Advisor of the Gateway Center Phase II Mortgage Loan (see Exhibit 34.5)

 34.15
 CoreLogic Solutions, LLC, as Servicing Function
Participant of the Gateway Center Phase II Mortgage Loan

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

 34.17
Servicer of the Walgreens Portfolio Mortgage Loan (see Exhibit 34.10)

 34.18
Rialto Capital Advisors, LLC, as Special Servicer of the Walgreens Portfolio

 34.19
Wilmington Trust, National Association, as Trustee of the Walgreens Portfolio

 34.20
Custodian of the Walgreens Portfolio Mortgage Loan (see Exhibit 34.4)

 34.21
Fintech Trust Advisors LLC d.b.a. CRED iQ, as Trust Advisor of the Walgreens
Portfolio Mortgage Loan prior to October 15, 2023 (Omitted. See Explanatory
Notes.)

 34.22
BellOak, LLC, as Trust Advisor of the Walgreens Portfolio Mortgage Loan on and
after October 15, 2023 (Omitted. See Explanatory Notes.)

 34.23
 CoreLogic Solutions, LLC, as Servicing Function
Participant of the Walgreens Portfolio Mortgage Loan (see Exhibit 34.15)

 34.24
as Servicing Function Participant for the Custodian (see Exhibit 34.9)

Servicer compliance statements.

 35.1
National Association, as Master Servicer

 35.2
National Association, as Special Servicer (see Exhibit 35.1)

 35.3
Certificate Administrator

 35.4
 KeyBank National Association, as Primary Servicer

 35.5
 Berkeley Point Capital LLC d/b/a Newmark, as
Primary Servicer

 35.6
as Servicing Function Participant for the Certificate Administrator

 35.7
Servicer of the Gateway Center Phase II Mortgage Loan

 35.8
Torchlight Loan Services, LLC, as Special Servicer of the Gateway Center Phase
II Mortgage Loan (Omitted. See Explanatory Notes.)

 35.9
Servicer of the Walgreens Portfolio Mortgage Loan (see Exhibit 35.7)

 35.10
Rialto Capital Advisors, LLC, as Special Servicer of the Walgreens Portfolio

 99.1 Mortgage Loan Purchase Agreement, dated as of January 26,
2015, between Deutsche Mortgage & Asset Receiving Corporation and German
American Capital Corporation (filed as Exhibit 99.1 to the registrant's Current
Report on Form 8-K/A filed on April 1, 2015 under Commission File No.
333-193376-15 and incorporated by reference herein)

 99.2 Mortgage Loan Purchase Agreement, dated as of January 26,
2015, among Deutsche Mortgage & Asset Receiving Corporation, Ladder Capital
Finance LLC, Ladder Capital Finance Holdings LLLP, Series TRS of Ladder Capital
Finance Holdings LLLP and Series REIT of Ladder Capital Finance Holdings LLLP
(filed as Exhibit 99.2 to the registrant's Current Report on Form 8-K/A filed
on April 1, 2015 under Commission File No. 333-193376-15 and incorporated by
reference herein)

 99.3 Mortgage Loan Purchase Agreement, dated as of January 26,
2015, between Deutsche Mortgage & Asset Receiving Corporation and Cantor
Commercial Real Estate Lending, L.P. (filed as Exhibit 99.3 to the registrant's
Current Report on Form 8-K/A filed on April 1, 2015 under Commission File No.
333-193376-15 and incorporated by reference herein)

 99.4 Mortgage Loan Purchase Agreement, dated as of January 26,
2015, between Deutsche Mortgage & Asset Receiving Corporation and KeyBank
National Association (filed as Exhibit 99.4 to the registrant's Current Report
on Form 8-K/A filed on April 1, 2015 under Commission File No. 333-193376-15
and incorporated by reference herein)

 99.5 Primary Servicing Agreement, dated as of February 1,
2015, between Midland Loan Services, a Division of PNC Bank, National
Association and KeyBank National Association (filed as Exhibit 99.5 to the
registrant's Current Report on Form 8-K filed on February 3, 2015 under
Commission File No. 333-193376-15 and incorporated by reference herein)

 99.6 Primary Servicing Agreement, dated as of February 1,
2015, between Midland Loan Services, a Division of PNC Bank, National
Association and Berkeley Point Capital LLC (filed as Exhibit 99.6 to the
registrant's Current Report on Form 8-K filed on February 3, 2015 under
Commission File No. 333-193376-15 and incorporated by reference herein)

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

 (c) Not Applicable.

 SIGNATURES

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

 Deutsche Mortgage & Asset
Receiving Corporation

(Depositor)

 /s/ Helaine
M. Kaplan

 Helaine M.
Kaplan, President

 (senior officer in charge of
securitization of the depositor)

 Date: March 15, 2024

 /s/ Matt
Smith

 Matt Smith, Director

 Date: March 15, 2024