Benchmark 2024-V10 Details Servicing Compliance, Omits Financials

TL;DR

**This 10-K is a compliance checklist, not a financial report; investors should focus on the servicing reports for operational health, as traditional financials are conspicuously absent.**

AI Summary

Benchmark 2024-V10 Mortgage Trust's 10-K filing for the fiscal year ended December 31, 2025, primarily details compliance and servicing arrangements for its asset-backed securities, rather than traditional financial performance metrics like revenue or net income, which are omitted. The trust's portfolio includes the BioMed 2024 Portfolio 2 mortgage loan, representing approximately 9.96% of the initial pool balance, and the Stonebriar Centre mortgage loan, accounting for about 2.20% of the initial pool balance, both part of loan combinations with companion loans held outside the issuing entity. Key business changes involve the ongoing servicing of these mortgage loans under specific agreements like the BX 2024-BIO2 TSA and Benchmark 2024-V9 PSA. Risks are generally omitted from this filing, but the structure of the trust, involving multiple servicers and trustees, inherently carries operational and counterparty risks. The strategic outlook focuses on maintaining compliance with Regulation AB, as evidenced by the inclusion of numerous reports on assessment of compliance with servicing criteria and attestation reports from entities such as Midland Loan Services, Rialto Capital Advisors, and Citibank, N.A., all filed under Item 15.

Why It Matters

This 10-K is crucial for investors in Benchmark 2024-V10 Mortgage Trust as it confirms compliance with servicing criteria under Regulation AB, providing transparency into the operational health of the securitized mortgage pool. While traditional financials are absent, the detailed servicing reports from entities like Midland Loan Services and Rialto Capital Advisors offer insight into the management of underlying assets, which directly impacts cash flows to certificate holders. The competitive landscape for CMBS trusts relies heavily on such compliance and robust servicing, ensuring investor confidence in the face of potential market volatility. Employees of the various servicers and trustees are directly impacted by these compliance requirements, as their adherence is critical to the trust's regulatory standing.

Risk Assessment

Risk Level: medium — The risk level is medium because the filing explicitly omits 'Risk Factors' (Item 1A), 'Management's Discussion and Analysis of Financial Condition and Results of Operations' (Item 7), and 'Quantitative and Qualitative Disclosures About Market Risk' (Item 7A). This lack of direct disclosure on financial performance and specific risks, despite the detailed compliance reports, leaves investors without critical information to assess potential financial vulnerabilities or market exposures of the underlying mortgage loans, such as the BioMed 2024 Portfolio 2 mortgage loan (9.96% of initial pool balance).

Analyst Insight

Investors should scrutinize the detailed servicing compliance reports and attestation reports from entities like Midland Loan Services and Rialto Capital Advisors, as these are the only substantive disclosures provided. Given the absence of financial statements and risk factors, investors must conduct independent due diligence on the underlying mortgage loans, such as the BioMed 2024 Portfolio 2 and Stonebriar Centre loans, to assess their performance and potential risks.

Key Numbers

• $9.96% — BioMed 2024 Portfolio 2 mortgage loan (percentage of initial pool balance)
• $2.20% — Stonebriar Centre mortgage loan (percentage of initial pool balance)
• 2025-12-31 — Fiscal year end (reporting period for the 10-K)
• 2026-03-31 — Filing date (date the 10-K was filed)

Key Players & Entities

• Benchmark 2024-V10 Mortgage Trust (company) — issuing entity
• Citigroup Commercial Mortgage Securities Inc. (company) — depositor and sponsor
• Citi Real Estate Funding Inc. (company) — sponsor
• German American Capital Corporation (company) — sponsor
• Goldman Sachs Mortgage Company (company) — sponsor
• Midland Loan Services (company) — master servicer
• Rialto Capital Advisors, LLC (company) — general special servicer
• Situs Holdings, LLC (company) — special servicer for Bronx Terminal Market Whole Loan
• Citibank, N.A. (company) — certificate administrator and custodian
• Wilmington Savings Fund Society, FSB (company) — trustee

FAQ

Industry Context

The mortgage trust industry is characterized by complex securitization structures and specialized servicing arrangements. Companies operate within a highly regulated environment, with a focus on compliance with securities laws and servicing standards. The industry relies on various intermediaries, including depositors, servicers, trustees, and rating agencies, to facilitate the flow of capital from investors to borrowers.

Regulatory Implications

The filing emphasizes compliance with Regulation AB, as evidenced by numerous reports on servicing criteria assessments. This highlights the trust's commitment to transparency and investor protection, requiring rigorous adherence to established servicing standards and independent attestation.

What Investors Should Do

1. Review governing agreements (PSAs and TSAs)
2. Examine servicing compliance reports
3. Monitor loan performance of key assets

Key Dates

• 2024-09-01: Pooling and Servicing Agreement (Benchmark 2024-V10 PSA) dated — Establishes the servicing and operational framework for a significant portion of the trust's assets.
• 2024-08-15: Trust and Servicing Agreement (BX 2024-BIO2 TSA) dated — Governs the servicing and administration of specific mortgage loans within the trust.
• 2024-08-01: Pooling and Servicing Agreement (Benchmark 2024-V9 PSA) dated — Defines the terms for servicing and managing assets under this specific agreement.
• 2024-09-30: Benchmark 2024-V10 PSA filed as Exhibit 4.1 to Form 8-K/A — Publicly disclosed the key servicing agreement for the Benchmark 2024-V10 PSA.
• 2024-09-23: BX 2024-BIO2 TSA and Benchmark 2024-V9 PSA filed as Exhibits to Form 8-K — Made the governing agreements for these trusts publicly available.
• 2025-12-31: Fiscal year end — The reporting period covered by this 10-K filing.

Glossary

Pooling and Servicing Agreement (PSA)

A legal contract that outlines the terms and conditions under which mortgage loans are pooled together and serviced for the benefit of the investors in the resulting securities. (These agreements are central to the trust's operations, defining the roles of servicers, trustees, and other parties involved in managing the mortgage assets.)

Trust and Servicing Agreement (TSA)

Similar to a PSA, this agreement governs the servicing and administration of assets within a trust structure, often used for specific types of securitizations. (Crucial for understanding the management and operational framework of the BX 2024-BIO2 Portfolio.)

Depositor

An entity that transfers assets into a trust for securitization. (Citigroup Commercial Mortgage Securities Inc. and GS Mortgage Securities Corporation II are identified as depositors in the PSAs, indicating their role in originating the securitization.)

Master Servicer

The primary entity responsible for the day-to-day servicing of the mortgage loans, including collecting payments, managing escrow accounts, and handling delinquencies. (Midland Loan Services, a Division of PNC Bank, National Association, holds this role in multiple agreements, highlighting its significant operational responsibility.)

Special Servicer

An entity that handles defaulted or specially serviced mortgage loans, often involving loan modifications, foreclosures, or other workout strategies. (Various entities like Rialto Capital Advisors, LLC, and 3650 REIT Loan Servicing LLC act as special servicers, indicating specialized management for distressed assets.)

Certificate Administrator

Responsible for performing administrative tasks related to the trust certificates, such as calculating distributions and preparing reports. (Citibank, N.A., and Computershare Trust Company, National Association, fulfill this role, ensuring accurate record-keeping and reporting to certificate holders.)

Trustee

A fiduciary responsible for holding the trust assets and ensuring that the terms of the pooling and servicing agreement are followed. (Wilmington Savings Fund Society, FSB, and Wilmington Trust, National Association, act as trustees, providing oversight and safeguarding the trust's assets.)

Asset Representations Reviewer (ARR)

An independent party that reviews the accuracy and completeness of representations and warranties made about the underlying mortgage loans. (Pentalpha Surveillance LLC is designated as the ARR, indicating a mechanism for ensuring the quality of the loan pool.)

Year-Over-Year Comparison

This filing focuses on compliance and servicing arrangements rather than traditional financial performance metrics, making a direct comparison of revenue, net income, or EPS impossible. The structure of the trust, with multiple servicers and trustees, appears consistent with prior filings, emphasizing ongoing adherence to established agreements like the Benchmark 2024-V10 PSA and BX 2024-BIO2 TSA.

Filing Documents

• 2024-v10_-_10-k_-_2025.htm (10-K) — 162KB
• ck0002034418-ex31.htm (EX-31) — 7KB
• ck0002034418-ex33_1.htm (EX-33.1) — 118KB
• ck0002034418-ex33_2.htm (EX-33.2) — 323KB
• ck0002034418-ex33_3.htm (EX-33.3) — 793KB
• ck0002034418-ex33_4.htm (EX-33.4) — 593KB
• ck0002034418-ex33_5.htm (EX-33.5) — 38KB
• ck0002034418-ex33_6.htm (EX-33.6) — 1328KB
• ck0002034418-ex33_7.htm (EX-33.7) — 2021KB
• ck0002034418-ex33_9.htm (EX-33.9) — 1989KB
• ck0002034418-ex33_12.htm (EX-33.12) — 823KB
• ck0002034418-ex34_1.htm (EX-34.1) — 11KB
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• ck0002034418-ex34_4.htm (EX-34.4) — 6KB
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• ck0002034418-ex35_1.htm (EX-35.1) — 190KB
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• 0001193125-26-133386.txt ( ) — 9873KB

Business

Item 1. Business. Omitted.

Risk Factors

Item 1A. Risk Factors. Omitted.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Cybersecurity

Item 1C. Cybersecurity. Omitted.

Properties

Item 2. Properties . Omitted.

Legal Proceedings

Item 3. Legal Proceedings. Omitted.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. Not applicable. PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Omitted.

[Reserved]

Item 6. [Reserved] Omitted.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

Quantitative and Qualitative Disclosures About Market Risk

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

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. Omitted.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

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

Controls and Procedures

Item 9A. Controls and Procedures. Omitted.

Other Information

Item 9B. Other Information. None.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not Applicable. PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. Omitted.

Executive Compensation

Item 11. Executive Compensation. Omitted.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

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

Certain Relationships and Related Transactions, and Director Independence

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

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. Omitted. ADDITIONAL DISCLOSURE ITEMS REQUIRED BY GENERAL INSTRUCTION J(2)

(b) of Regulation AB

Item 1112(b) of Regulation AB No mortgage loan in the pool assets for Benchmark 2024-V10 Mortgage Trust constitutes a significant obligor within the meaning of Item 1101(k)(2) of Regulation AB.

(b)(2) and Item 1115(b) of Regulation AB

Item 1114(b)(2) and Item 1115(b) of Regulation AB 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.

of Regulation AB

Item 1117 of Regulation AB 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.

of Regulation AB

Item 1119 of Regulation AB Provided previously in the prospectus of the Registrant relating to the issuing entity and filed on September 23, 2024 pursuant to Rule 424(b)(2) of the Securities Act of 1933, as amended.

of Regulation AB

Item 1122 of Regulation AB The reports on assessment of compliance with servicing criteria for asset-backed securities and related attestation reports are attached hereto under Item 15.

of Regulation AB

Item 1123 of Regulation AB The servicer compliance statements are attached hereto under Item 15. PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules (a) List the following documents filed as a part of the report: (1) Not Applicable (2) Not Applicable (3) Exhibits listed below are either included or incorporated by reference as indicated below: Exhibit Number Description 4.1 Pooling and Servicing Agreement, dated as of September 1, 2024 (the “Benchmark 2024-V10 PSA”), by and among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as general special servicer, Situs Holdings, LLC, as special servicer solely with respect to the Bronx Terminal Market Whole Loan, Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer, Citibank, N.A., as certificate administrator, and Wilmington Savings Fund Society, FSB, as trustee (filed as Exhibit 4.1 to the registrant’s Current Report on Form 8-K/A dated September 30, 2024, and filed by the registrant on September 30, 2024 under Commission File No. 333-262701-07, and is incorporated by reference herein). 4.2 Trust and Servicing Agreement, dated as of August 15, 2024 (the “BX 2024-BIO2 TSA”), by and among Citigroup Commercial Mortgage Securities, Inc., as depositor, KeyBank National Association, as servicer, KeyBank National Association, as special servicer, 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 dated September 19, 2024, and filed by the registrant on September 23, 2024 under Commission File No. 333-262701-07, and is incorporated by reference herein). (see Explanatory Note #1) 4.3 Pooling and Servicing Agreement, dated as of August 1, 2024 (the “Benchmark 2024-V9 PSA”), by and among GS Mortgage Securities Corporation II, as deposi

SIGNATURES

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. Date: March 31, 2026 Citigroup Commercial Mortgage Securities Inc. (Depositor) /s/ Richard Simpson Richard Simpson, President

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