BMO 2024-5C8 Mortgage Trust Details Servicing Shifts, Loan Pool

TL;DR

**BMO 2024-5C8 Mortgage Trust's 10-K reveals a complex web of servicing changes and interconnected whole loans, demanding meticulous due diligence from investors to navigate potential risks.**

AI Summary

The BMO 2024-5C8 Mortgage Trust's 2025 fiscal year 10-K filing, dated March 31, 2026, primarily details changes in servicing agreements and the composition of its mortgage loan pool. Effective March 1, 2025, Trimont LLC succeeded Wells Fargo Bank, National Association as master servicer for the BMO 2024-5C8 PSA and the ICNQ 2024-MF TSA, as disclosed in a March 3, 2025 8-K filing. The trust's initial pool balance includes significant whole loans such as the Queens Center mortgage loan, representing approximately 7.2%, and the ICONIQ Multifamily Portfolio mortgage loan, representing approximately 6.5%. The Riverwalk West mortgage loan, initially 2% of the pool, transitioned servicing from BBCMS 2024-5C31 PSA to BMO 2025-5C11 PSA on June 30, 2025. Other notable whole loans include the Tank Holding Portfolio (2.7%), Signum at 375 Dean (2.4%), Atrium Hotel Portfolio 24 Pack (1.5%), 125 Summer (1.3%), GRM South Brunswick (1.2%), Linx (1.0%), and Northbridge Centre (0.5%). The filing indicates no significant obligors or external credit enhancements, and all required reports were filed during the preceding 12 months.

Why It Matters

This 10-K provides crucial transparency for investors in BMO 2024-5C8 Mortgage Trust's asset-backed securities, detailing the underlying mortgage loan pool and significant servicing changes. The transition of master servicer from Wells Fargo Bank to Trimont LLC on March 1, 2025, for multiple PSAs could impact loan performance and investor returns, warranting close monitoring. The disclosure of specific whole loans, such as the Queens Center mortgage loan at 7.2% of the initial pool balance, allows investors to assess concentration risk and the performance of key assets. For the broader market, these details offer insights into the health and operational dynamics of commercial mortgage-backed securities (CMBS) trusts, especially concerning the roles of various servicers and the interconnectedness of different PSAs.

Risk Assessment

Risk Level: medium — The risk level is medium due to the complex structure of whole loans, where significant portions like the Queens Center mortgage loan (7.2% of initial pool balance) and ICONIQ Multifamily Portfolio mortgage loan (6.5%) are part of larger loans with companion loans held outside the issuing entity. This complexity, coupled with multiple servicing agreements (e.g., BBCMS 2024-5C31 PSA, ICNQ 2024-MF TSA, BMO 2025-5C11 PSA) and servicer changes (Trimont LLC succeeding Wells Fargo Bank on March 1, 2025), introduces operational and transparency risks that could affect cash flow and investor returns.

Analyst Insight

Investors should meticulously review the performance of the specific whole loans identified, particularly the Queens Center mortgage loan (7.2%) and ICONIQ Multifamily Portfolio mortgage loan (6.5%), and understand how companion loans held outside the trust might impact their value. Furthermore, investors should monitor Trimont LLC's performance as the new master servicer, given its recent succession from Wells Fargo Bank on March 1, 2025, to ensure consistent and effective loan management.

Key Numbers

• 7.2% — Queens Center mortgage loan (percentage of initial pool balance)
• 6.5% — ICONIQ Multifamily Portfolio mortgage loan (percentage of initial pool balance)
• 2% — Riverwalk West mortgage loan (percentage of initial pool balance)
• 2025-03-01 — Effective date of master servicer change (Trimont LLC succeeded Wells Fargo Bank, National Association)
• 2025-06-30 — Effective date of Riverwalk West mortgage loan servicing change (Servicing transitioned to BMO 2025-5C11 PSA)
• 2.7% — Tank Holding Portfolio mortgage loan (percentage of initial pool balance)
• 2.4% — Signum at 375 Dean mortgage loan (percentage of initial pool balance)
• 1.5% — Atrium Hotel Portfolio 24 Pack mortgage loan (percentage of initial pool balance)
• 1.3% — 125 Summer mortgage loan (percentage of initial pool balance)
• 1.2% — GRM South Brunswick mortgage loan (percentage of initial pool balance)

Key Players & Entities

• BMO 2024-5C8 Mortgage Trust (company) — issuing entity
• Trimont LLC (company) — successor master servicer as of March 1, 2025
• Wells Fargo Bank, National Association (company) — former master servicer prior to March 1, 2025
• Queens Center mortgage loan (dollar_amount) — approximately 7.2% of initial pool balance
• ICONIQ Multifamily Portfolio mortgage loan (dollar_amount) — approximately 6.5% of initial pool balance
• Riverwalk West mortgage loan (dollar_amount) — approximately 2% of initial pool balance
• BMO Commercial Mortgage Securities LLC (company) — depositor
• Bank of Montreal (company) — sponsor
• Computershare Trust Company, National Association (company) — certificate administrator and trustee
• Greystone Servicing Company LLC (company) — special servicer

FAQ

Industry Context

The commercial mortgage-backed securities (CMBS) market, where BMO 2024-5C8 Mortgage Trust operates, is characterized by complex servicing agreements and diverse loan portfolios. Changes in master servicers, like the transition to Trimont LLC, are common as contracts expire or strategic decisions are made. The performance of individual large loans, such as the Queens Center mortgage, significantly impacts the overall trust performance.

Regulatory Implications

The filing indicates adherence to reporting requirements, with no mention of restatements or shell company status. The primary regulatory focus for such trusts involves compliance with securitization regulations and accurate disclosure of loan-level data and servicing changes.

What Investors Should Do

1. Monitor Trimont LLC's performance as the new master servicer.
2. Analyze the concentration risk posed by large whole loans.
3. Review the servicing transition details for the Riverwalk West loan.

Key Dates

• 2025-03-01: Trimont LLC succeeded Wells Fargo Bank, National Association as master servicer for the BMO 2024-5C8 PSA. — Indicates a change in the primary entity responsible for managing the mortgage loan pool, potentially impacting servicing strategies and operational efficiency.
• 2025-03-03: Form 8-K filed disclosing the master servicer change. — Provides formal notification to investors and the market about a significant operational change in the trust's management.
• 2025-06-30: Riverwalk West mortgage loan servicing transitioned to BMO 2025-5C11 PSA. — Marks a change in the servicing agreement for a specific loan within the pool, potentially affecting its performance and reporting.

Glossary

Master Servicer

The entity responsible for the overall administration of a pool of mortgage loans, including collecting payments, managing escrows, and overseeing special servicers. (The change from Wells Fargo to Trimont LLC as master servicer is a key operational event detailed in the filing.)

PSA

Pooling and Servicing Agreement. A contract that governs the terms under which a pool of mortgage loans is securitized and serviced. (The filing references specific PSAs (BMO 2024-5C8 PSA, BMO 2025-5C11 PSA, BBCMS 2024-5C31 PSA) which are fundamental to the trust's structure and operations.)

Whole Loan

A mortgage loan where the issuing entity holds a portion of the loan, and one or more companion loans (held outside the issuing entity) are serviced under the same PSA. (Significant whole loans like Queens Center and Riverwalk West are detailed, highlighting the trust's exposure to these larger, partially externalized assets.)

Issuing Entity

The trust or special purpose entity that issues the securities backed by the mortgage loans. (The filing discusses the composition of the issuing entity's initial pool balance and specific loans within it.)

Year-Over-Year Comparison

This analysis is based on the BMO 2024-5C8 Mortgage Trust's 2025 fiscal year 10-K. As specific comparative data from a prior year's filing was not provided in the context, a direct comparison of key metrics like revenue growth, margin changes, or new risks cannot be made. However, the filing highlights significant operational changes, including a master servicer transition and specific loan servicing adjustments, which are key points of focus for the current period.

Filing Documents

• bmo245c8_10k-2025.htm (10-K) — 141KB
• bmo245c8_31.htm (EX-31) — 6KB
• bmo245c8_33-1.htm (EX-33.1) — 626KB
• bmo245c8_33-2.htm (EX-33.2) — 600KB
• bmo245c8_33-3.htm (EX-33.3) — 86KB
• bmo245c8_33-4.htm (EX-33.4) — 264KB
• bmo245c8_33-5.htm (EX-33.5) — 597KB
• bmo245c8_33-6.htm (EX-33.6) — 1420KB
• bmo245c8_33-7.htm (EX-33.7) — 3113KB
• bmo245c8_33-8.htm (EX-33.8) — 172KB
• bmo245c8_33-9.htm (EX-33.9) — 177KB
• bmo245c8_33-16.htm (EX-33.16) — 2773KB
• bmo245c8_33-17.htm (EX-33.17) — 992KB
• bmo245c8_33-18.htm (EX-33.18) — 708KB
• bmo245c8_33-22.htm (EX-33.22) — 147KB
• bmo245c8_34-1.htm (EX-34.1) — 10KB
• bmo245c8_34-2.htm (EX-34.2) — 13KB
• bmo245c8_34-3.htm (EX-34.3) — 8KB
• bmo245c8_34-4.htm (EX-34.4) — 89KB
• bmo245c8_34-5.htm (EX-34.5) — 7KB
• bmo245c8_34-6.htm (EX-34.6) — 11KB
• bmo245c8_34-7.htm (EX-34.7) — 11KB
• bmo245c8_34-8.htm (EX-34.8) — 9KB
• bmo245c8_34-9.htm (EX-34.9) — 9KB
• bmo245c8_34-16.htm (EX-34.16) — 10KB
• bmo245c8_34-17.htm (EX-34.17) — 693KB
• bmo245c8_34-18.htm (EX-34.18) — 8KB
• bmo245c8_34-22.htm (EX-34.22) — 12KB
• bmo245c8_35-1.htm (EX-35.1) — 2224KB
• bmo245c8_35-2.htm (EX-35.2) — 2577KB
• bmo245c8_35-3.htm (EX-35.3) — 102KB
• bmo245c8_35-4.htm (EX-35.4) — 999KB
• bmo245c8_35-5.htm (EX-35.5) — 54KB
• bmo245c8_35-6.htm (EX-35.6) — 860KB
• 0001888524-26-006563.txt ( ) — 19530KB

financial statements. ___

financial statements. ___ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 240.10D-1(b). ___ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ___ No X 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. Not applicable. 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. Not applicable. Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. Not applicable. DOCUMENTS INCORPORATED BY REFERENCE List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1)Any annual report to security holders; (2) Any proxy or information statement; and (3)Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980). Not applicable. EXPLANATORY NOTES 1. Effective as of March 1, 2025, Trimont LLC succeeded to Wells Fargo Bank, National Association in its capacity as master servicer under the BMO 2024-5C8 PSA, as disclosed in the Current Report on Form 8-K filed on March 3, 2025 u

below)

Item 15 below). 7. Pursuant to Instruction 3 to Item 1122 of Regulation AB, the report on assessment of compliance with servicing criteria and attestation report on assessment of compliance with servicing criteria of CWCapital Asset Management LLC, as special servicer for the Atrium Hotel Portfolio 24 Pack mortgage loan under the AHPT 2024-ATRM TSA, is not included in this report on Form 10-K because CWCapital Asset Management LLC performed activities that address the servicing criteria specified in Item 1122(d) of Regulation AB with respect to 5% or less of the pool assets of the issuing entity. This annual report on Form 10-K does not include the reports on assessment of compliance with servicing criteria and attestation reports on assessment of compliance with servicing criteria of (i) Computershare Trust Company, National Association as certificate administrator under the BBCMS 2024-5C31 PSA, the BMO 2025-5C11 PSA, the BMO 2024-5C7 PSA, the AHPT 2024-ATRM TSA and the BMO 2024-5C6 PSA and (ii) Deutsche Bank National Trust Company as certificate administrator under the ICNQ 2024-MF TSA, because the certificate administrator under each such pooling and servicing agreement or trust and servicing agreement, as applicable, does not perform any activities that address the servicing criteria specified in Item 1122(d) of Regulation AB with respect to the issuing entity. 8. This report on Form 10-K does not include the servicer compliance statement of (i) CWCapital Asset Management LLC, as special servicer for the Atrium Hotel Portfolio 24 Pack mortgage loan under the AHPT 2024-ATRM TSA and (ii) KeyBank National Association, as special servicer for the ICONIQ Multifamily Portfolio mortgage loan under the ICNQ 2024-MF TSA, because each of CWCapital Asset Management LLC and KeyBank National Association is an unaffiliated party that services less than 10% of the pool assets of the issuing entity, and therefore is not a servicer that meets the criteria in Item 1108(a)(2)

Selected Financial Data

Selected Financial Data. Omitted. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. Omitted. Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Omitted. Item 8.

Financial Statements and

Financial Statements and Supplementary Data. Omitted. Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Omitted. Item 9A.

Controls and Procedures

Controls and Procedures. Omitted. Item 9B. Other Information. None. Item 9C. Disclosure regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. PART III Item 10. Directors, Executive Officers and Corporate Governance. Omitted. Item 11.

Executive Compensation

Executive Compensation. Omitted. Item 12.

Security Ownership of

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Omitted. Item 13. Certain Relationships and Related Transactions, and Director Independence. Omitted. Item 14. Principal Accounting Fees and Services. Omitted. ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB Item 1112(b) of Regulation AB, Significant Obligor Financial Information. With respect to the pool assets for BMO 2024-5C8 Mortgage Trust, there are no significant obligors within the meaning of Item 1101(k) of Regulation AB. Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider Financial Information. No entity or group of affiliated entities provides any external credit enhancement, uses any derivative instruments or other support for the certificates within this transaction. Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial Information). No entity or group of affiliated entities provides any external credit enhancement, uses any derivative instruments or other support for the certificates within this transaction. Item 1117 of Regulation AB, Legal Proceedings. The registrant knows of no legal proceeding pending against the sponsors, depositor, trustee, issuing entity, servicer contemplated by Item 1108(a)(3) of Regulation AB, originator contemplated by Item 1110(b) of Regulation AB, or other party contemplated by Item 1100(d)(1) of Regulation AB, or of which any property of the foregoing is the subject, that is material to security holders. Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions. Provided previously in the prospectus of the Registrant relating to the issuing entity and filed on December 6, 2024 pursuant to Rule 424(b)(2) of the Securities Act of 1933, as amended. Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria. The reports on assessment of compliance with the servicing criteria for asset-backed securities and the re

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