BMO 2023-C6 Trust Details Servicing Shifts, Key Loan Exposures

TL;DR

**This CMBS trust is all about the servicing details and specific loan exposures, with recent servicer changes highlighting operational risk, not financial performance.**

AI Summary

The BMO 2023-C6 Mortgage Trust's 2025 fiscal year 10-K filing primarily details the servicing arrangements and significant mortgage loans within its asset-backed securities pool, rather than traditional revenue or net income figures. Key business changes include the succession of Trimont LLC to Wells Fargo Bank, National Association as master servicer for the 11 West 42nd Street mortgage loan and the CX – 250 Water Street mortgage loan, effective March 1, 2025. The trust holds several large mortgage loans, such as the Healthcare Trust MOB Portfolio loan, representing approximately 9.9% of the initial pool balance, and the Fashion Valley Mall mortgage loan, at approximately 8.3%. Other significant loans include the CX – 250 Water Street mortgage loan (7.6%), the 11 West 42nd Street mortgage loan (4.1%), and the Back Bay Office mortgage loan (4.1%). Risks are primarily associated with the performance of these underlying commercial mortgage loans and the various servicing entities involved. The strategic outlook focuses on the continued administration and servicing of these complex whole loan structures, with multiple servicers and pooling and servicing agreements governing different loan segments.

Why It Matters

This filing is crucial for investors in BMO 2023-C6 Mortgage Trust's asset-backed securities, as it outlines the complex servicing landscape and identifies significant underlying mortgage loans. Changes in master servicers, such as Trimont LLC replacing Wells Fargo Bank, National Association for specific loans, can impact loan administration and investor returns. The detailed breakdown of large loans, like the Healthcare Trust MOB Portfolio at 9.9% of the initial pool balance, provides transparency into the trust's concentration risks. This competitive context highlights the intricate web of servicers and special servicers managing commercial mortgage-backed securities, where operational efficiency and expertise are paramount for asset performance and investor confidence.

Risk Assessment

Risk Level: medium — The risk level is medium due to the inherent complexity of CMBS structures involving multiple servicers and whole loans, as evidenced by the numerous Pooling and Servicing Agreements (PSAs) and servicer changes, such as Trimont LLC succeeding Wells Fargo Bank, National Association on March 1, 2025. The concentration of significant mortgage loans, like the Healthcare Trust MOB Portfolio at approximately 9.9% of the initial pool balance, also introduces specific asset performance risk.

Analyst Insight

Investors should meticulously review the performance of the identified significant mortgage loans and monitor the new master servicer, Trimont LLC, for any operational changes or impacts on loan administration. Given the lack of traditional financial statements, focus on the underlying collateral's health and servicer reports for early warning signs of distress.

Financial Highlights

debt To Equity

0.0

revenue

$0

operating Margin

0%

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

0%

cash Position

$0

revenue Growth

0%

Key Numbers

• 9.9% — Percentage of initial pool balance (Represented by the Healthcare Trust MOB Portfolio mortgage loan, indicating a significant concentration.)
• 8.3% — Percentage of initial pool balance (Represented by the Fashion Valley Mall mortgage loan, highlighting another large exposure.)
• 7.6% — Percentage of initial pool balance (Represented by the CX – 250 Water Street mortgage loan, a substantial asset within the trust.)
• 4.1% — Percentage of initial pool balance (Represented by the 11 West 42nd Street mortgage loan, subject to a servicer change.)
• 4.1% — Percentage of initial pool balance (Represented by the Back Bay Office mortgage loan, another significant whole loan component.)
• March 1, 2025 — Effective date (Date Trimont LLC succeeded Wells Fargo Bank, National Association as master servicer for certain loans.)

Key Players & Entities

• BMO 2023-C6 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
• Healthcare Trust MOB Portfolio (company) — mortgage loan representing approximately 9.9% of initial pool balance
• Fashion Valley Mall (company) — mortgage loan representing approximately 8.3% of initial pool balance
• CX – 250 Water Street (company) — mortgage loan representing approximately 7.6% of initial pool balance
• 11 West 42nd Street (company) — mortgage loan representing approximately 4.1% of initial pool balance
• Back Bay Office (company) — mortgage loan representing approximately 4.1% of initial pool balance
• Midland Loan Services, a Division of PNC Bank, National Association (company) — master servicer for multiple PSAs
• Computershare Trust Company, National Association (company) — certificate administrator and trustee for multiple PSAs

FAQ

Risk Factors

• Servicer Succession and Potential Disruption [medium — operational]: Trimont LLC succeeded Wells Fargo Bank, National Association as master servicer for the 11 West 42nd Street mortgage loan and the CX – 250 Water Street mortgage loan, effective March 1, 2025. This transition introduces operational risk related to the continuity of servicing and potential disruptions in cash flow management for these significant loans.
• Concentration Risk in Large Mortgage Loans [high — financial]: The trust holds several large mortgage loans, with the Healthcare Trust MOB Portfolio loan at 9.9% and the Fashion Valley Mall mortgage loan at 8.3% of the initial pool balance. Significant concentrations in a few loans increase the trust's vulnerability to adverse performance of these specific assets.
• Performance of Commercial Mortgage Loans [high — financial]: The primary risk stems from the performance of the underlying commercial mortgage loans. Defaults or delinquencies on loans like Healthcare Trust MOB Portfolio (9.9%), Fashion Valley Mall (8.3%), CX – 250 Water Street (7.6%), 11 West 42nd Street (4.1%), and Back Bay Office (4.1%) can directly impact the trust's cash flows and asset values.
• Complexity of Whole Loan Structures [medium — operational]: The trust's assets include whole loan structures where parts of the loan are held outside the issuing entity. This complexity, governed by multiple pooling and servicing agreements, can lead to challenges in administration, decision-making, and potential conflicts among stakeholders.

Industry Context

The commercial mortgage-backed securities (CMBS) market, where BMO 2023-C6 Mortgage Trust operates, is characterized by complex securitization structures and reliance on specialized servicing entities. The industry faces ongoing challenges related to property performance, interest rate sensitivity, and evolving regulatory landscapes. Asset managers in this space focus on diligent loan administration and risk mitigation through experienced servicing partners.

Regulatory Implications

While this filing does not indicate a shell company or restatements requiring incentive-based compensation recovery, the trust operates under Regulation AB disclosure requirements for asset-backed securities. The complexity of its whole loan structures and multiple servicing agreements necessitates strict adherence to contractual obligations and reporting standards.

What Investors Should Do

1. Monitor servicer transitions closely: The recent change in master servicer for key loans (11 West 42nd Street and CX – 250 Water Street) warrants attention to ensure smooth operational continuity and no disruption in cash flows.
2. Assess concentration risk: Given that the top two loans represent nearly 18.2% of the initial pool balance, investors should closely scrutinize the underlying performance and creditworthiness of the Healthcare Trust MOB Portfolio and Fashion Valley Mall loans.
3. Understand servicing agreements: The presence of multiple pooling and servicing agreements for different loan segments indicates a complex operational framework. Investors should seek to understand the implications of these varied agreements on asset management and potential conflicts.

Key Dates

• 2025-03-01: Servicer Change for 11 West 42nd Street and CX – 250 Water Street Loans — Trimont LLC succeeded Wells Fargo Bank, National Association as master servicer, introducing a new party responsible for managing these significant assets and potentially impacting servicing continuity.

Glossary

Whole Loan

A mortgage loan that is not divided into multiple parts or participations, where the entire loan is owned by a single entity or group of entities. (The trust holds portions of whole loans, meaning other parties own companion loan(s) outside the trust, adding complexity to servicing and administration.)

Pooling and Servicing Agreement (PSA)

A legal contract that governs the servicing and administration of a pool of mortgage loans, outlining the rights and responsibilities of the servicer, trustee, and other parties. (Multiple PSAs govern different loan segments within the trust, indicating a complex servicing structure and potential for varied operational requirements.)

Master Servicer

The primary entity responsible for the day-to-day administration of a pool of mortgage loans, including collecting payments, managing escrows, and handling delinquencies. (The recent succession of Trimont LLC as master servicer for specific loans highlights the importance of this role in managing the trust's assets.)

Regulation AB

A set of rules issued by the U.S. Securities and Exchange Commission (SEC) that govern the disclosure requirements for asset-backed securities. (Item 1112(b) of Regulation AB, concerning Significant Obligor Financial Information, was reviewed, and it was determined there are no significant obligors for this trust.)

Year-Over-Year Comparison

This 10-K filing for BMO 2023-C6 Mortgage Trust appears to be an initial or early filing, as significant sections like 'Selected Financial Data,' 'Management's Discussion and Analysis,' and 'Financial Statements' are omitted. Consequently, a direct comparison of key metrics such as revenue growth, margin changes, or debt-to-equity ratios to a previous year's filing is not possible based on the provided text.

Filing Documents

• bmo23c06_10k-2025.htm (10-K) — 144KB
• bmo23c06_31.htm (EX-31) — 6KB
• bmo23c06_33-1.htm (EX-33.1) — 172KB
• bmo23c06_33-2.htm (EX-33.2) — 439KB
• bmo23c06_33-3.htm (EX-33.3) — 992KB
• bmo23c06_33-4.htm (EX-33.4) — 1420KB
• bmo23c06_33-5.htm (EX-33.5) — 3113KB
• bmo23c06_33-6.htm (EX-33.6) — 2773KB
• bmo23c06_33-7.htm (EX-33.7) — 626KB
• bmo23c06_33-8.htm (EX-33.8) — 600KB
• bmo23c06_33-9.htm (EX-33.9) — 86KB
• bmo23c06_33-11.htm (EX-33.11) — 597KB
• bmo23c06_33-15.htm (EX-33.15) — 177KB
• bmo23c06_33-25.htm (EX-33.25) — 142KB
• bmo23c06_33-38.htm (EX-33.38) — 290KB
• bmo23c06_33-39.htm (EX-33.39) — 147KB
• bmo23c06_34-1.htm (EX-34.1) — 9KB
• bmo23c06_34-2.htm (EX-34.2) — 9KB
• bmo23c06_34-3.htm (EX-34.3) — 693KB
• bmo23c06_34-4.htm (EX-34.4) — 11KB
• bmo23c06_34-5.htm (EX-34.5) — 11KB
• bmo23c06_34-6.htm (EX-34.6) — 10KB
• bmo23c06_34-7.htm (EX-34.7) — 10KB
• bmo23c06_34-8.htm (EX-34.8) — 13KB
• bmo23c06_34-9.htm (EX-34.9) — 8KB
• bmo23c06_34-11.htm (EX-34.11) — 7KB
• bmo23c06_34-15.htm (EX-34.15) — 9KB
• bmo23c06_34-25.htm (EX-34.25) — 8KB
• bmo23c06_34-38.htm (EX-34.38) — 9KB
• bmo23c06_34-39.htm (EX-34.39) — 12KB
• bmo23c06_35-1.htm (EX-35.1) — 54KB
• bmo23c06_35-2.htm (EX-35.2) — 546KB
• bmo23c06_35-3.htm (EX-35.3) — 999KB
• bmo23c06_35-4.htm (EX-35.4) — 1086KB
• bmo23c06_35-5.htm (EX-35.5) — 2224KB
• bmo23c06_35-6.htm (EX-35.6) — 2577KB
• bmo23c06_35-9.htm (EX-35.9) — 860KB
• bmo23c06_35-14.htm (EX-35.14) — 109KB
• 0001888524-26-006569.txt ( ) — 20998KB

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. The 11 West 42nd Street mortgage loan, which represented approximately 4.1% of the initial pool balance of the issuing entity, is part of a whole loan comprised of the subject mortgage loan included in the issuing entity and one o

below). Effective as of March 1, 2025, Trimont LLC succeeded to Wells Fargo Bank, National

Item 15 below). Effective as of March 1, 2025, Trimont LLC succeeded to Wells Fargo Bank, National Association in its capacity as master servicer under the BANK5 2023-5YR3 PSA, as disclosed in the Current Report on Form 8-K filed on March 3, 2025 under Commission File No. 333-255934-07. 2. The Back Bay Office mortgage loan, which represented approximately 4.1% of the initial pool balance of the issuing entity, is part of a whole loan comprised of the subject mortgage loan included in the issuing entity and one or more companion loan(s) that are held outside the issuing entity. The Four Springs Net Lease Portfolio mortgage loan, which represented approximately 3.7% of the initial pool balance of the issuing entity, is part of a whole loan comprised of the subject mortgage loan included in the issuing entity and one or more companion loan(s) that are held outside the issuing entity. The J&O Industrial Facility mortgage loan, which represented approximately 3.3% of the initial pool balance of the issuing entity, is part of a whole loan comprised of the subject mortgage loan included in the issuing entity and one or more companion loan(s) that are held outside the issuing entity. The Novolex Portfolio mortgage loan, which represented approximately 1.7% of the initial pool balance of the issuing entity, is part of a whole loan comprised of the subject mortgage loan included in the issuing entity and one or more companion loan(s) that are held outside the issuing entity. The Back Bay Office mortgage loan, the Four Springs Net Lease Portfolio mortgage loan, the J&O Industrial Facility mortgage loan and the Novolex Portfolio mortgage loan and each of the related companion loan(s) are serviced pursuant to the Benchmark 2023-B39 PSA (as defined in Item 15 below). 3. The Brier Creek Commons mortgage loan, which represented approximately 3.3% of the initial pool balance of the issuing entity, is part of a whole loan comprised of the subject mortgage loan included in the iss

below)

Item 15 below). 4. The CX – 250 Water Street mortgage loan, which represented approximately 7.6% of the initial pool balance of the issuing entity, is part of a whole loan comprised of the subject mortgage loan included in the issuing entity and one or more companion loan(s) that are held outside the issuing entity. The CX – 250 Water Street mortgage loan and each of the related companion loan(s) are serviced pursuant to the MWSF 2023-2 PSA (as defined in Item 15 below). Effective as of March 1, 2025, Trimont LLC succeeded to Wells Fargo Bank, National Association in its capacity as master servicer under the MWSF 2023-2 PSA, as disclosed in the Current Report on Form 8-K filed on March 3, 2025 under Commission File No. 333-255934-07. 5. The Healthcare Trust MOB Portfolio mortgage loan, which represented approximately 9.9% of the initial pool balance of the issuing entity, is part of a whole loan comprised of the subject mortgage loan included in the issuing entity and one or more companion loan(s) that are held outside the issuing entity. The Healthcare Trust MOB Portfolio mortgage loan and each of the related companion loan(s) are serviced pursuant to the BBCMS 2023-C20 PSA (as defined in Item 15 below). 6. The Fashion Valley Mall mortgage loan, which represented approximately 8.3% of the initial pool balance of the issuing entity, is part of a whole loan comprised of the subject mortgage loan included in the issuing entity and one or more companion loan(s) that are held outside the issuing entity. The Fashion Valley Mall mortgage loan and each of the related companion loan(s) are serviced pursuant to the Benchmark 2023-B40 PSA (as defined in Item 15 below) on and after December 21, 2023. 7. Pursuant to Instruction 3 to

of Regulation AB, the report on assessment of compliance with

Item 1122 of Regulation AB, the report on assessment of compliance with servicing criteria and attestation report on assessment of compliance with servicing criteria of (i) Greystone Servicing Company LLC, as special servicer for the 11 West 42 nd Street mortgage loan under the BANK5 2023-5YR3 PSA and (ii) Situs Holdings, LLC, as special servicer for the Back Bay Office mortgage loan under the Benchmark 2023-B39 PSA, are not included in this report on Form 10-K because each of Greystone Servicing Company LLC and Situs Holdings, 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 Computershare Trust Company, National Association as certificate administrator under the BANK5 2023-5YR3 PSA, the Benchmark 2023-B39 PSA, the BMO 2023-C5 PSA, the MWSF 2023-2 PSA, the BBCMS 2023-C20 PSA, and the Benchmark 2023-B40 PSA, because the certificate administrator under each such pooling and servicing agreement or trust and servicing agreement, as applicable, does not perform any activities that address the servicing criteria specified in Item 1122(d) of Regulation AB with respect to the issuing entity. 8. This report on Form 10-K does not include the servicer compliance statements of (i) Greystone Servicing Company LLC, as special servicer for the 11 West 42nd Street mortgage loan under the BANK5 2023-5YR3 PSA, (ii) K-Star Asset Management LLC, as special servicer for the Four Springs Net Lease Portfolio mortgage loan, the J&O Industrial Facility mortgage loan and the Novolex Portfolio mortgage loan under the Benchmark 2023-B39 PSA and (iii) Situs Holdings, LLC, as special servicer for the Back Bay Office mortgage loan under the Benchmark 2023-B39 PSA, because each of Grey

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

(b) of Regulation AB, Significant Obligor Financial

Item 1112(b) of Regulation AB, Significant Obligor Financial Information. With respect to the pool assets for BMO 2023-C6 Mortgage Trust, there are no significant obligors within the meaning of Item 1101(k) of Regulation AB.

(b)(2) of Regulation AB, Significant Enhancement Provider

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.

(b) of Regulation AB, Certain Derivatives Instruments

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.

of Regulation AB, Legal Proceedings

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.

of Regulation AB, Affiliations and Certain Relationships

Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions. Provided previously in the prospectus of the Registrant relating to the issuing entity and filed on August 30, 2023 pursuant to Rule 424(b)(2) of the Securities Act of 1933, as amended.

of Regulation AB, Compliance with Applicable Servicing

Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria. The reports on assessment of compliance with the servicing criteria for asset-backed securities and the related attestation reports on such assessments of compliance are attached hereto under Item 15.

of Regulation AB, Servicer Compliance Statement

Item 1123 of Regulation AB, Servicer Compliance Statement. The servicer compliance statements are attached hereto under Item 15. PART IV Item 15. Exhibits, Financial Statement Schedules. (a) List the following documents filed as part of the report: (1) Not Applicable (2) Not Applicable (3) Exhibits listed below are either included or incorporated by reference as indicated below: (4.1) Pooling and Servicing Agreement, dated as of August 1, 2023 (the "BMO 2023-C6 PSA"), among BMO Commercial Mortgage Securities LLC, as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, Rialto Capital Advisors, LLC, as special servicer, Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, Computershare Trust Company, National Association, as certificate administrator and as trustee (filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K/A dated August 30, 2023, and filed on September 11, 2023 under Commission File No. 333-255934-07, and is incorporated by reference herein). (4.2) Pooling and Servicing Agreement, dated as of September 1, 2023 (the "BANK5 2023-5YR3 PSA"), by and among Banc of America Merrill Lynch Commercial Mortgage Inc., as depositor, Trimont LLC (as successor to Wells Fargo Bank, National Association), as master servicer, Greystone Servicing Company LLC, as special servicer, Pentalpha Surveillance LLC, as operating advisor and as asset representations reviewer, Computershare Trust Company, National Association, as certificate administrator and trustee (filed as Exhibit 4.1 to the registrant's Current Report on Form 8-K dated September 28, 2023, and filed on October 4, 2023 under Commission File No. 333-255934-07, and is incorporated by reference herein). (See Explanatory Note 1) (4.3) Pooling and Servicing Agreement, dated as of July 1, 2023 (the "Benchmark 2023-B39 PSA"), among Citigroup Commercial Mortgage Securities Inc., as depositor, Midland Lo

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