BMO 2024-5C6 Mortgage Trust Details Servicer Changes in 2025 10-K

TL;DR

**This CMBS trust's 10-K reveals critical servicer changes for key mortgage loans, signaling potential shifts in asset management that investors should scrutinize for impact on loan performance and cash flows.**

AI Summary

BMO 2024-5C6 Mortgage Trust, a commercial mortgage-backed securities (CMBS) issuing entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no significant obligors or external credit enhancements. The trust is a non-accelerated filer and has complied with all Section 13 or 15(d) filing requirements. Key changes in servicing include Trimont LLC succeeding Wells Fargo Bank, National Association as master servicer for the WFCM 2024-5C1 PSA as of March 1, 2025, affecting the 9950 Woodloch mortgage loan (3.0% of initial pool balance). Additionally, LNR Partners, LLC was terminated as special servicer for the BMO 2024-5C5 PSA on November 25, 2025, with CWCapital Asset Management LLC appointed as successor, impacting the Gallup HQ (1.9%), Arthouse Hotel (1.5%), and 1025 Lenox Park Boulevard Northeast (1.5%) mortgage loans. The filing explicitly states that business, risk factors, financial data, and management's discussion are omitted, as is typical for pass-through entities of this nature. The trust's structure involves multiple sponsors including Bank of Montreal, Citi Real Estate Funding Inc., and Goldman Sachs Mortgage Company.

Why It Matters

This 10-K provides crucial transparency for investors in BMO 2024-5C6 Mortgage Trust, a CMBS vehicle. Changes in master and special servicers, such as Trimont LLC replacing Wells Fargo Bank and CWCapital Asset Management LLC replacing LNR Partners, can impact loan performance and investor returns, especially for loans like 9950 Woodloch (3.0% of initial pool balance) and the Gallup HQ loan (1.9%). While the trust itself doesn't have direct employees or customers, the performance of its underlying commercial real estate loans affects the broader real estate market and the financial institutions that sponsor these trusts, including major players like Bank of Montreal and Goldman Sachs Mortgage Company. Competitive context is provided by the involvement of multiple servicers and sponsors across various pooling and servicing agreements.

Risk Assessment

Risk Level: medium — The risk level is medium due to the nature of CMBS trusts, which are exposed to real estate market fluctuations, and the disclosed changes in servicers. For example, the termination of LNR Partners, LLC and appointment of CWCapital Asset Management LLC as special servicer for loans like Gallup HQ (1.9% of initial pool balance) on November 25, 2025, introduces uncertainty regarding asset management strategies for potentially distressed assets. While no significant obligors or external credit enhancements are noted, the reliance on multiple servicing agreements (e.g., Benchmark 2024-V10 PSA, WFCM 2024-5C1 PSA) and the involvement of numerous parties could lead to coordination challenges.

Analyst Insight

Investors should closely monitor the performance of the specific mortgage loans affected by servicer changes, particularly the 9950 Woodloch (3.0% of initial pool balance) and the Gallup HQ (1.9% of initial pool balance) loans. Evaluate the track records of the new servicers, Trimont LLC and CWCapital Asset Management LLC, to assess potential impacts on loan workouts and overall trust performance.

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

• 8.1% — initial pool balance represented by Bronx Terminal Market mortgage loan (part of a whole loan serviced under Benchmark 2024-V10 PSA)
• 8.1% — initial pool balance represented by Moffett Towers Building D mortgage loan (part of a whole loan serviced under Benchmark 2024-V10 PSA)
• 7.8% — initial pool balance represented by Prime Northeast Portfolio mortgage loan (part of a whole loan serviced under Benchmark 2024-V11 PSA)
• 3.0% — initial pool balance represented by 9950 Woodloch mortgage loan (serviced under WFCM 2024-5C1 PSA, with servicer change on March 1, 2025)
• 2.2% — initial pool balance represented by Stonebriar Centre mortgage loan (part of a whole loan serviced under Benchmark 2024-V9 PSA)
• 2.1% — initial pool balance represented by Northwoods Apartments mortgage loan (part of a whole loan serviced under BBCMS 2024-5C29 PSA)
• 1.9% — initial pool balance represented by Gallup HQ mortgage loan (serviced under BMO 2024-5C5 PSA, with special servicer change on November 25, 2025)
• 1.5% — initial pool balance represented by Arthouse Hotel mortgage loan (serviced under BMO 2024-5C5 PSA, with special servicer change on November 25, 2025)
• 1.5% — initial pool balance represented by 1025 Lenox Park Boulevard Northeast mortgage loan (serviced under BMO 2024-5C5 PSA, with special servicer change on November 25, 2025)
• 2025-12-31 — fiscal year end (period covered by the 10-K filing)

Key Players & Entities

• BMO 2024-5C6 Mortgage Trust (company) — issuing entity
• Trimont LLC (company) — successor master servicer for WFCM 2024-5C1 PSA as of March 1, 2025
• Wells Fargo Bank, National Association (company) — former master servicer for WFCM 2024-5C1 PSA
• CWCapital Asset Management LLC (company) — successor special servicer for BMO 2024-5C5 PSA as of November 25, 2025
• LNR Partners, LLC (company) — terminated special servicer for BMO 2024-5C5 PSA
• Bank of Montreal (company) — sponsor
• Citi Real Estate Funding Inc. (company) — sponsor
• Goldman Sachs Mortgage Company (company) — sponsor
• Computershare Trust Company, N.A. (company) — certificate administrator and trustee for BMO 2024-5C6 PSA
• Midland Loan Services, A Division of PNC Bank, National Association (company) — master servicer for BMO 2024-5C6 PSA

FAQ

Industry Context

The commercial mortgage-backed securities (CMBS) market involves the securitization of commercial real estate loans. Issuing entities like BMO 2024-5C6 Mortgage Trust are typically structured as pass-through entities, meaning they pass through payments from underlying mortgages to investors. The industry is characterized by complex legal structures, reliance on master and special servicers, and the presence of multiple sponsors.

Regulatory Implications

As a CMBS issuing entity, BMO 2024-5C6 Mortgage Trust is subject to securities regulations, including filing requirements under the Securities Exchange Act of 1934. The omission of detailed financial statements and management discussion is typical for such pass-through entities, but changes in servicers and the structure of whole loans can introduce operational and legal complexities.

What Investors Should Do

1. Monitor servicer changes and their impact on loan performance.
2. Understand the implications of 'whole loan' structures.
3. Review underlying loan performance data where available.

Key Dates

• 2025-03-01: Trimont LLC succeeded Wells Fargo Bank, National Association as master servicer for the WFCM 2024-5C1 PSA. — Impacts servicing of the 9950 Woodloch mortgage loan (3.0% of initial pool balance), potentially affecting its management and performance.
• 2025-11-25: LNR Partners, LLC was terminated as special servicer for the BMO 2024-5C5 PSA. — CWCapital Asset Management LLC appointed successor, impacting servicing of Gallup HQ (1.9%), Arthouse Hotel (1.5%), and 1025 Lenox Park Boulevard Northeast (1.5%) mortgage loans.
• 2025-12-31: Fiscal year end for the 10-K filing. — Marks the end of the reporting period for the BMO 2024-5C6 Mortgage Trust's financial activities and disclosures.

Glossary

PSA

Pooling and Servicing Agreement. A legal document that governs the servicing and administration of a pool of mortgage loans in a securitization. (Specifies the terms under which mortgage loans are pooled and serviced, including servicer roles and responsibilities, which are subject to change as noted in the filing.)

Whole Loan

A mortgage loan that is divided into multiple parts, with one part (the subject mortgage loan) included in the issuing entity and one or more companion loan(s) held outside the issuing entity. (Indicates that some loans in the pool are not entirely owned by the trust, which can affect control and recovery in case of default.)

Non-accelerated filer

A smaller reporting company that is not required to comply with certain accelerated filer provisions, including the requirement to file quarterly reports within shorter timeframes. (Suggests a smaller scale of operations or reporting complexity for the trust.)

Year-Over-Year Comparison

This filing covers the fiscal year ended December 31, 2025. As detailed financial statements and management's discussion are omitted, a direct comparison of key financial metrics like revenue growth or margin changes to a previous filing is not possible based on the provided information. However, the filing does note specific changes in master and special servicers for certain PSAs, indicating operational adjustments within the trust's structure during the reporting period.

Filing Documents

• bmo245c6_10k-2025.htm (10-K) — 131KB
• bmo245c6_31.htm (EX-31) — 6KB
• bmo245c6_33-1.htm (EX-33.1) — 172KB
• bmo245c6_33-2.htm (EX-33.2) — 177KB
• bmo245c6_33-3.htm (EX-33.3) — 597KB
• bmo245c6_33-4.htm (EX-33.4) — 1420KB
• bmo245c6_33-5.htm (EX-33.5) — 3113KB
• bmo245c6_33-6.htm (EX-33.6) — 92KB
• bmo245c6_33-9.htm (EX-33.9) — 992KB
• bmo245c6_33-13.htm (EX-33.13) — 991KB
• bmo245c6_33-14.htm (EX-33.14) — 439KB
• bmo245c6_33-16.htm (EX-33.16) — 1240KB
• bmo245c6_33-17.htm (EX-33.17) — 17KB
• bmo245c6_33-18.htm (EX-33.18) — 290KB
• bmo245c6_34-1.htm (EX-34.1) — 9KB
• bmo245c6_34-2.htm (EX-34.2) — 9KB
• bmo245c6_34-3.htm (EX-34.3) — 7KB
• bmo245c6_34-4.htm (EX-34.4) — 11KB
• bmo245c6_34-5.htm (EX-34.5) — 11KB
• bmo245c6_34-6.htm (EX-34.6) — 10KB
• bmo245c6_34-9.htm (EX-34.9) — 693KB
• bmo245c6_34-13.htm (EX-34.13) — 9KB
• bmo245c6_34-14.htm (EX-34.14) — 9KB
• bmo245c6_34-16.htm (EX-34.16) — 10KB
• bmo245c6_34-17.htm (EX-34.17) — 10KB
• bmo245c6_34-18.htm (EX-34.18) — 9KB
• bmo245c6_35-1.htm (EX-35.1) — 54KB
• bmo245c6_35-2.htm (EX-35.2) — 860KB
• bmo245c6_35-3.htm (EX-35.3) — 999KB
• bmo245c6_35-4.htm (EX-35.4) — 9KB
• bmo245c6_35-8.htm (EX-35.8) — 546KB
• bmo245c6_35-9.htm (EX-35.9) — 109KB
• 0001888524-26-006571.txt ( ) — 13050KB

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 Bronx Terminal Market mortgage loan, which represented approximately 8.1% 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

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 2024-5C6 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 September 12, 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

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