# EDGAR Filing Document

**Accession Number:** 0002061933
**File Stem:** 0001539497-25-003360
**Filing Date:** 2025-12
**Character Count:** 22511
**Document Hash:** 6d76ee6ca046f8177ec87396607e1a06
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001539497-25-003360.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001539497-25-003360

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251230

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BMO 2025-5C13 Mortgage Trust
- **CENTRAL INDEX KEY:** 0002061933
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-280224-11
- **FILM NUMBER:** 251613964

**BUSINESS ADDRESS:**
- **STREET 1:** 151 WEST 42ND STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 2128854000

**MAIL ADDRESS:**
- **STREET 1:** 151 WEST 42ND STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT<br> Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) <u> December 30, 2025</u>

<u>BMO 2025-5C13 Mortgage Trust</u>

(Exact name of issuing entity)

(Central Index Key number of issuing entity: 0002061933)

<u>BMO Commercial Mortgage Securities LLC</u>

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

(Central Index Key number of depositor: 0001861132)

<u>Bank of Montreal</u>

(Central Index Key number: 0000927971)

<u>3650 Capital SCF LOE I(A), LLC</u>

(Central Index Key number: 0002058685)

<u>Zions Bancorporation, N.A.</u>

(Central Index Key number: 0000109380)

<u>BSPRT CMBS Finance, LLC</u>

(Central Index Key number: 0001722518)

<u>Greystone Commercial Mortgage Capital LLC</u>

(Central Index Key number: 0001931347)

<u>Citi Real Estate Funding Inc.</u>

(Central Index Key number: 0001701238)

<u>Natixis Real Estate Capital LLC</u>

(Central Index Key number: 0001542256)

<u>Societe Generale Financial Corporation</u>

(Central Index Key number: 0001755531)

(Exact name of sponsors as specified in their charters)

<u>Delaware</u> <u>333-280224-11</u> <u>86-2713125</u> <br> (State or other jurisdiction <br> of incorporation of depositor) (Commission File Number <br> of issuing entity) (IRS Employer Identification No. of depositor)

<u>151 West 42nd Street <br> New York, New York</u> <u>10036</u> <br> (Address of principal executive offices of depositor) (Zip Code of depositor)

Depositor's telephone number, including area code <u> (212) 885-4000</u>

<u>Not Applicable</u> <br> (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading**<br> **Symbol(s)** | &nbsp;&nbsp;**Name of each exchange on which registered** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐

Item 8.01. <u>Other Events</u>.

On December 30, 2025 (the "<u>Closing Date</u>"), BMO Commercial Mortgage Securities LLC (the "<u>Depositor</u>") caused the issuance, pursuant to a Pooling and Servicing Agreement, dated as of December 1, 2025 (the "<u>Pooling and Servicing Agreement</u>"), between the Depositor, as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, 3650 REIT Loan Servicing LLC, as Special Servicer, BellOak, LLC, as Operating Advisor and as Asset Representations Reviewer, Computershare Trust Company, National Association, as Certificate Administrator and as Trustee, of the BMO 2025-5C13 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2025-5C13 (the "<u>Certificates</u>"). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Pooling and Servicing Agreement. The Pooling and Servicing Agreement was attached as Exhibit 4.1 to the Depositor's Current Report on Form 8-K/A, filed with the Securities and Exchange Commission (the "Commission") on December 30, 2025 under Commission File No. 333-280224-11.

The Certificates consist of the following classes, designated as (i) the Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class A-S, Class B and Class C Certificates (collectively, the "<u>Public Certificates</u>"), and (ii) the Class X-D, Class D, Class E-RR, Class F-RR, Class G-RR, Class J-RR and Class R Certificates (collectively, the "<u>Private Certificates</u>").

All of the Public Certificates, having an aggregate initial principal amount of $484,906,000, were sold to BMO Capital Markets Corp. ("<u>BMO Capital Markets</u>"), Citigroup Global Markets Inc. ("<u>CGMI</u>"), Deutsche Bank Securities Inc. ("<u>DBSI</u>"), SG Americas Securities, LLC ("<u>SGAS</u>"), Academy Securities, Inc. ("<u>Academy</u>"), Bancroft Capital, LLC ("<u>Bancroft</u>"), Drexel Hamilton, LLC ("<u>Drexel</u>"), Mischler Financial Group, Inc. ("<u>Mischler</u>") and Natixis Securities Americas LLC ("<u>Natixis</u>" and, together with BMO Capital Markets, CGMI, DBSI, SGAS, Academy, Bancroft, Drexel and Mischler, in such capacity, the "<u>Underwriters</u>"), pursuant to an Underwriting Agreement, dated as of December 17, 2025 (the "<u>Underwriting Agreement</u>"), between the Depositor and the Underwriters. BMO Capital Markets, CGMI, DBSI and SGAS are acting as co-lead managers in connection with the offering of the Public Certificates. The Public Certificates were offered by the Underwriters for sale to the public, pursuant to the Depositor's Preliminary Prospectus, dated December 12, 2025, and by the Prospectus, dated December 17, 2025 (the "<u>Prospectus</u>"), in negotiated transactions or otherwise at varying prices determined at the time of sale. In connection with the issuance, and sale to the Underwriters, of the Public Certificates, a legal opinion was rendered related to the validity of, and certain federal income tax considerations relating to, the Public Certificates, which legal opinion is attached hereto as <u>Exhibit 5</u>. The Prospectus was filed with the Commission on December 19, 2025 under Commission File Number 333-280224-11.

All of the Private Certificates, having an aggregate initial principal amount of $66,908,059, were sold to BMO Capital Markets, CGMI, DBSI, SGAS, Academy, Bancroft, Drexel, Mischler and Natixis (together with BMO Capital Markets, CGMI, DBSI, SGAS, Academy, Bancroft, Drexel and Mischler, in such capacity, the "<u>Initial Purchasers</u>"), pursuant to a Purchase Agreement, dated as of December 17, 2025 between the Depositor and the Initial Purchasers. The Private Certificates were sold in private placement transactions exempt from registration under the Securities Act of 1933, as amended (the "<u>Act</u>"), pursuant to Section 4(a)(2) of the Act.

The net proceeds of the sale of the Certificates were applied to the purchase of the Mortgage Loans by the Depositor from Bank of Montreal, 3650 Capital SCF LOE I(A), LLC ("<u>3650 Capital</u>"), BSPRT CMBS Finance, LLC, Citi Real Estate Funding Inc., Greystone Commercial Mortgage Capital LLC, Natixis Real Estate Capital LLC, Societe Generale Financial Corporation and Zions Bancorporation, N.A. The net proceeds to the Depositor of the offering of the Certificates, after deducting expenses payable by the Depositor in connection with the issuance and distribution of the Certificates of approximately

$4,949,173.09, were approximately $557,444,905.37. Of the expenses paid by the Depositor, approximately $484,400.00 were paid directly to affiliates of the Depositor, approximately $80,000.00 in the form of fees were paid to the Underwriters and the Initial Purchasers, approximately $150,000.00 were paid to or for the counsel to the Underwriters and the Initial Purchasers, and approximately $4,234,773.09 were other expenses. All of the foregoing expense amounts are the Depositor's reasonable estimates of such expenses. No underwriting discounts and commissions or finder's fees were paid by the Depositor.

Further information regarding sales of the Public Certificates is set forth in the Underwriting Agreement (including, as to the price per class of Public Certificates, on Schedule II thereto) attached as Exhibit 1 to the Depositor's Current Report on Form 8-K, filed with the Commission on December 19, 2025 under Commission File No. 333-280224-11, and in the Prospectus. The related registration statement (file no. 333-280224) was originally declared effective on October 10, 2024.

3650 Capital, in its capacity as "retaining sponsor" (as such term is defined in Regulation RR (17 C.F.R. Part 246) promulgated under Section 15G of the Securities Exchange Act of 1934, as amended ("<u>Regulation RR</u>")) (the "<u>Retaining Sponsor</u>"), is satisfying its credit risk retention obligation under Regulation RR in connection with the securitization of the Mortgage Loans referred to above by the purchase on the Closing Date and holding by 3650 Capital (or a "majority-owned affiliate" (as such term is defined in Regulation RR) thereof) of an "eligible horizontal residual interest" (as such term is defined in Regulation RR), consisting of all of the Class E-RR, Class F-RR, Class G-RR and Class J-RR Certificates (collectively, the "<u>HRR Certificates</u>") with an aggregate initial Certificate Balance of $51,485,059.

The aggregate fair value, as of the Closing Date, of the HRR Certificates is equal to approximately $28,324,688, representing approximately 5.03645% of the aggregate fair value, as of the Closing Date, of all Certificates (other than the Class R Certificates) issued by the issuing entity. The aggregate fair value, as of the Closing Date, of all of the Certificates (other than the Class R Certificates) is approximately $562,394,078. The fair values referenced in the preceding two sentences are based on actual prices and final tranche sizes as of the Closing Date for each Class of Certificates (other than the Class R Certificates).

The aggregate fair value, as of the Closing Date, of the HRR Certificates that the Retaining Sponsor is required to retain in order to meet the credit risk retention requirements of Regulation RR with respect to this securitization transaction, is approximately $28,119,704, representing approximately 5% of the aggregate fair value, as of the Closing Date, of all of the Certificates (other than the Class R Certificates) issued by the issuing entity.

Item 9.01. <u>Financial Statements and Exhibits</u>.

(d) *Exhibits*

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| [Exhibit 5](exh_5-opinion.htm) | [Legality Opinion of Orrick, Herrington & Sutcliffe LLP, dated December 30, 2025](exh_5-opinion.htm) |
| [Exhibit 8](exh_5-opinion.htm) | [Tax Opinion of Orrick, Herrington & Sutcliffe LLP, dated December 30, 2025 (included as part of Exhibit 5)](exh_5-opinion.htm) |
| [Exhibit 23](exh_5-opinion.htm) | [Consent Opinion of Orrick, Herrington & Sutcliffe LLP, dated December 30, 2025 (included as part of Exhibit 5)](exh_5-opinion.htm) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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|:---|:---|:---|
| Date: December 30, 2025 | BMO COMMERCIAL MORTGAGE <br> SECURITIES LLC | BMO COMMERCIAL MORTGAGE <br> SECURITIES LLC |
|  | &nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Paul Vanderslice |
|  |  | Name: Paul Vanderslice |
|  |  | Title: Chief Executive Officer |

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BMO 2025-5C13 – Form 8-K

## Ex-5

**Exhibit 5**

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|:---|:---|
| December 30, 2025 | ![](n5505_img001.jpg)<br> **Orrick, Herrington & Sutcliffe LLP**<br> 51 West 52nd Street<br> New York, NY 10019-6142<br> +1 212 506 5000<br>|
| BMO Commercial Mortgage Securities LLC | <br>**orrick.com** |

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c/o BMO Capital Markets Corp.

151 West 42nd Street

New York, New York 10036

Re: BMO 2025-5C13 Mortgage Trust,<br> <u>Commercial Mortgage Pass-Through Certificates, Series 2025-5C13</u>

Ladies and Gentlemen:

We have acted as special counsel to BMO Commercial Mortgage Securities LLC (the "<u>Depositor</u>") in connection with the transactions contemplated by the following agreements (collectively, the "<u>Agreements</u>"): (i) that certain Pooling and Servicing Agreement, dated as of December 1, 2025 (the "<u>Pooling and Servicing Agreement</u>"), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer, 3650 REIT Loan Servicing LLC, as special servicer, BellOak, LLC, as operating advisor and asset representations reviewer, and Computershare Trust Company, National Association, as certificate administrator and trustee, pursuant to which the BMO 2025-5C13 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2025-5C13, Class A-1, Class A-2, Class A-3, Class X-A, Class X-B, Class A-S, Class B and Class C (the "<u>Certificates</u>"), are being issued on the date hereof; and (ii) that certain Underwriting Agreement, dated as of December 17, 2025 (the "<u>Underwriting Agreement</u>"), between the Depositor, BMO Capital Markets Corp. ("<u>BMO Capital</u>"), Citigroup Global Markets Inc. ("<u>CGMI</u>"), Deutsche Bank Securities Inc. ("<u>DBSI</u>"), SG Americas Securities, LLC ("<u>SGAS</u>"), Academy Securities, Inc. ("<u>Academy</u>"), Bancroft Capital, LLC ("<u>Bancroft</u>"), Drexel Hamilton, LLC ("<u>Drexel</u>") Mischler Financial Group, Inc. ("<u>Mischler</u>") and Natixis Securities Americas LLC ("<u>Natixis</u>"; and BMO Capital, CGMI, DBSI, SGAS, Academy, Bancroft, Drexel, Mischler and Natixis, collectively, the "<u>Underwriters</u>"), pursuant to which the Underwriters have agreed to purchase, subject to the satisfaction of the conditions set forth therein, the Certificates. Capitalized terms used but not defined in this letter have the respective meanings assigned to such terms in the Pooling and Servicing Agreement.

The Certificates have been offered pursuant to the Depositor's prospectus, dated December 17, 2025 (including the annexes and exhibits attached thereto, but excluding any electronic media that may accompany the printed version thereof, the "<u>Prospectus</u>").

In rendering the opinions set forth below, we have examined and relied upon originals, copies or specimens, certified or otherwise identified to our satisfaction, of the Agreements and such certificates, entity and public records, agreements and instruments and other documents, including, among other things, the documents delivered on the date hereof, as we have deemed

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| BMO 2025-5C13 Mortgage Trust<br> December 30, 2025<br> Page 2 | ![](n5505_img001.jpg) |

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appropriate as a basis for the opinions expressed below. Furthermore, except for the matters that are specifically addressed in any opinion expressed below, we have assumed, to the extent relevant to the opinions expressed below, (i) the authenticity of all documents submitted to us as originals or as copies or specimens thereof, the conformity to the originals of all documents submitted to us as copies or specimens, the genuineness of all signatures and the legal capacity of natural persons, (ii) the necessary entity formation and continuing existence in the jurisdiction of formation, and the necessary licensing and qualification in all jurisdictions, of all parties to all documents, (iii) the enforceability (as limited by bankruptcy and other insolvency laws) and, with respect thereto and to any other matter herein to which relevant, any necessary entity power and authority, authorization, execution, authentication, payment and delivery of, under and with respect to all documents to which this opinion letter relates, (iv) that the execution, delivery and performance of the documents to which this opinion relates do not contravene the organizational documents of any party, (v) the necessary ownership of and/or other rights and interests in assets, and the necessary adequacy and fairness of any consideration for such assets, (vi) the accuracy of the representations and warranties as to factual matters, and compliance by the parties thereto with the covenants, contained in any document referred to herein or otherwise reviewed by us in connection with rendering this opinion letter, (vii) the conformity of the underlying assets and related documents to the requirements of any agreement to which this opinion letter relates and (viii) that there is not any other agreement that modifies or supplements the agreements expressed in any document to which this opinion letter relates in a manner that affects the correctness of any opinion expressed below. Except as expressly set forth herein, we have not undertaken any independent investigation (including, without limitation, conducting any review, search or investigation of any public files, records or dockets) to determine the existence or absence of the facts that are material to our opinions, and no inference as to our knowledge concerning such facts should be drawn from our reliance on the representations of the Depositor and others in connection with the preparation and delivery of this opinion letter.

In addition, we assume, for purposes of this opinion letter, the conformity of the text of the Prospectus filed with the Securities and Exchange Commission (the "<u>Commission</u>") through the Commission's Electronic Data Gathering, Analysis and Retrieval System to the printed copies of such document reviewed by us.

In rendering this opinion letter, we do not express any opinion concerning any law other than the laws of the State of New York and the federal laws of the United States of America. In addition, we do not express any opinion herein with respect to any matter not specifically addressed in the opinions expressed below.

Based upon and subject to the foregoing, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. When the Certificates have been duly executed, authenticated or countersigned (as applicable) and delivered by the Certificate Administrator in the manner contemplated by the Pooling and Servicing Agreement, and paid for and sold to the Underwriters in accordance with

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| BMO 2025-5C13 Mortgage Trust<br> December 30, 2025<br> Page 3 | ![](n5505_img001.jpg) |

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the Underwriting Agreement, the Certificates will be validly issued and outstanding, fully paid and non-assessable and entitled to the benefits of the Pooling and Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The descriptions of federal income tax consequences appearing under the heading "MATERIAL FEDERAL INCOME TAX CONSEQUENCES" in the Prospectus, while not purporting to discuss all possible federal income tax consequences of an investment in the Certificates, accurately describe in all material respects the federal income tax consequences to holders of the Certificates which are discussed, under existing law and subject to the qualifications and assumptions stated therein. We also hereby confirm and adopt the opinions expressly set forth under such heading, under existing law and subject to the qualifications and assumptions stated therein.

This opinion letter is rendered for the sole benefit of the addressee hereof with respect to the matters specifically addressed herein, and no other person or entity is entitled to rely hereon. The procedures undertaken by us in connection with this opinion letter do not constitute "due diligence services" as defined in Rule 17g-10 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and this opinion letter does not constitute a "due diligence report" for purposes of Rule 15Ga-2 of the Exchange Act. No person is permitted to use, furnish or refer to this opinion letter in connection with such rules without our prior written approval. We assume no obligation to revise, supplement or withdraw this opinion letter, or otherwise inform the addressee hereof or other person or entity, with respect to any change occurring subsequent to the delivery hereof in any applicable fact or law or any judicial or administrative interpretation thereof, even though such change may affect a legal analysis or conclusion contained herein.

We hereby consent to the filing of this opinion letter as an exhibit to the Depositor's Registration Statement on Form SF-3 (File No. 333-280224) (the "<u>Registration Statement</u>"), and to the use of our name in the Prospectus under the headings "LEGAL MATTERS" and "MATERIAL FEDERAL INCOME TAX CONSEQUENCES." This consent is not to be construed as an admission that we are "persons" within the meaning of Section 7(a) or 11(a)(4) of the Securities Act of 1933, as amended, or "experts" within the meaning of Section 11 thereof, with respect to any portion of the Registration Statement.

In addition, we disclaim any obligation to update this letter for changes in fact or law, or otherwise.

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| Very truly yours, |
| /s/ Orrick, Herrington & Sutcliffe LLP |
| ORRICK, HERRINGTON & SUTCLIFFE LLP |

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