UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549

FORM 8-K

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

~~February~~July 2815, ~~2025~~2026 Date of Report (Date of Earliest Event Reported)

Central Index Key Number of the issuing entity: 0001998392
BBCMS Mortgage Trust 2023-5C23
(Exact name of issuing entity)

Central Index Key Number of the registrant: 0001541480
Barclays Commercial Mortgage Securities LLC
(Exact name of registrant as specified in its charter)

Central Index Key Number of the sponsor: 0001549574
Barclays Capital Real Estate Inc.
(Exact name of sponsor as specified in its charter)

Central Index Key Number of the sponsor: 0001548405
Starwood Mortgage Capital LLC
(Exact name of sponsor as specified in its charter)

Central Index Key Number of the sponsor: 0001755531
Societe Generale Financial Corporation
(Exact name of sponsor as specified in its charter)

Central Index Key Number of the sponsor: 0001685185 UBS AG, ~~acting through its branch located at 1285 Avenue of the Americas,~~ New York, ~~New York~~Branch (Exact name of sponsor as specified in its charter)

Central Index Key Number of the sponsor: 0001968416
Argentic Real Estate Finance 2 LLC
(Exact name of sponsor as specified in its charter)

Central Index Key Number of the sponsor: 0000927971
Bank of Montreal
(Exact name of sponsor as specified in its charter)

Central Index Key Number of the sponsor: 0001541294
German American Capital Corporation
(Exact name of sponsor as specified in its charter)

Central Index Key Number of the sponsor: 0001592182
LMF Commercial, LLC
(Exact name of sponsor as specified in its charter)

Central Index Key Number of the sponsor: 0001722518
BSPRT CMBS Finance, LLC
(Exact name of sponsor as specified in its charter)

New York		333-257737-11		38-4279510 38-4279511
(State or other jurisdiction of incorporation of issuing entity)		(Commission File Number of issuing entity)		(I.R.S. Employer Identification Numbers)

c/o Computershare Trust Company, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
(Address of principal executive offices of the issuing entity) (Zip Code)

(212) 528-7479
Registrant's Telephone number, including area code

Former name or former address, if changed since last report: Not Applicable

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:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered

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 6.02 Change of Servicer or Trustee.

~~Description~~The Piazza Alta Mortgage Loan, the Westfarms Mortgage Loan, the Arcola Corporate Campus Mortgage Loan, the River Centre Mortgage Loan, the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan and the Hilton Garden Inn Atlanta Downtown Mortgage Loan, which constituted approximately 9.1%, 7.8%, 4.5%, 3.5%, 3.0% and 1.1%, respectively, are each an asset of ~~Trimont~~the BBCMS Mortgage Trust 2023-5C23 (the “BBCMS 2023-5C23 Issuing Entity”) and are each part of a loan combination that is being serviced and administered under the pooling and servicing agreement, dated as of November 1, 2023, relating to the BMO 2023-5C2 Mortgage Trust filed as Exhibit 4.2 to the registrant’s Current Report on Form 8-K filed on November 20, 2023 (the “BMO 2023-5C2 PSA”). Pursuant to Section 6.08(a) of the BMO 2023-5C2 PSA, Greystone Servicing Company LLC was removed as special servicer of the Piazza Alta Mortgage Loan, the Westfarms Mortgage Loan, the Arcola Corporate Campus Mortgage Loan, the River Centre Mortgage Loan, the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan and the Hilton Garden Inn Atlanta Downtown Mortgage Loan and CWCapital Asset Management LLC (“CWCAM”), a Delaware limited liability company, was appointed as the successor special servicer of the Piazza Alta Mortgage Loan, the Westfarms Mortgage Loan, the Arcola Corporate Campus Mortgage Loan, the River Centre Mortgage Loan, the 369 Lexington Avenue & 2 West 46th Street Mortgage Loan and the Hilton Garden Inn Atlanta Downtown Mortgage Loan under the BMO 2023-5C2 PSA.

~~General. Trimont~~This Current ~~LLC~~Report on Form 8-K is being filed to record that, aeffective ~~Georgia~~as of July ~~limited~~15, ~~liability~~2026, ~~company~~the ~~(“Trimont”)~~Piazza Alta Mortgage Loan, ~~will~~the ~~act~~Westfarms asMortgage ~~master~~Loan, ~~servicer~~the ofArcola Corporate Campus Mortgage Loan, the 11River Centre Mortgage Loan, the 369 Lexington Avenue & 2 West ~~42nd~~46th Street Mortgage Loan and the Hilton Garden Inn Atlanta Downtown Mortgage Loan will be specially serviced, if necessary, pursuant to the ~~BANK5~~BMO 2023-~~5YR3 pooling~~5C2 ~~and~~PSA, ~~servicing~~by ~~agreement~~CWCAM.

~~Trimont~~Capitalized terms isused, abut ~~provider~~not ofdefined, ~~loan~~in ~~servicing, asset~~this ~~management,~~Current ~~due~~Report ~~diligence,~~on ~~and~~Form ~~customized~~8‑K ~~advisory~~have ~~solutions~~the meanings set forth in the BMO 2023-5C2 PSA.

~~The~~CWCapital ~~principal servicing~~Asset ~~offices~~Management of Trimont are located at 550 South Tryon Street, Charlotte, North Carolina 28202 and Two Alliance Center, 3560 Lenox Road NE, Suite 2200, Atlanta, Georgia 30326. Trimont also has offices in the US located in Overland Park, Kansas, New York, New York, and Dallas, Texas. LLC

AsCWCAM, a Delaware limited liability company, was appointed as the special servicer of ~~March~~the 1Piazza Alta Mortgage Loan, the Westfarms Mortgage Loan, the ~~2025~~Arcola ~~(“CMS~~Corporate ~~Acquisition~~Campus ~~Closing~~Mortgage ~~Date”)~~Loan, ~~Trimont~~the ~~purchased~~River Centre Mortgage Loan, the ~~third~~369 Lexington ~~party~~Avenue & 2 West 46th Street Mortgage Loan and the Hilton Garden Inn Atlanta Downtown Mortgage Loan, and in such capacity, CWCAM will be responsible for the servicing ~~segment~~and ~~(“CMS”)~~administration of ~~Wells~~such ~~Fargo~~Specially ~~Bank~~Serviced Loans and REO Properties, ~~National~~and ~~Association’s~~will ~~commercial~~review, evaluate, process and/or provide or ~~mortgage~~withhold ~~servicing~~consent ~~business~~as ~~(“CMS~~to ~~Transaction”). See~~Major ~~“—CMS~~Decisions ~~Transaction”~~and certain other transactions and ~~below. As~~perform ofcertain enforcement actions relating to the ~~CMS~~Piazza ~~Acquisition~~Alta ~~Closing~~Mortgage ~~Date~~Loan, ~~Trimont~~the isWestfarms ~~rated~~Mortgage Loan, the ~~(ranked)~~Arcola byCorporate ~~Fitch~~Campus Mortgage Loan, Sthe River Centre Mortgage Loan, the 369 Lexington Avenue &P ~~and~~2 ~~Morningstar~~West ~~DBRS~~46th asStreet aMortgage ~~master~~Loan ~~servicer,~~and athe ~~primary~~Hilton Garden ~~servicer~~Inn ~~and~~Atlanta aDowntown ~~special~~Mortgage ~~servicer~~Loan ofwhen ~~commercial~~such ~~mortgage~~Mortgage ~~loans~~Loans inare non-Specially Serviced Loans pursuant to the USBMO 2023-5C2 PSA. ~~Trimont’s servicer~~ ~~ratings (rankings)~~CWCAM bymaintains ~~each~~a ofservicing ~~these~~office at ~~agencies~~900 ~~are~~19th ~~outlined~~Street ~~below:~~NW, 8th Floor, Washington, D.C. 20006.

US Servicer Ratings	Fitch(1)	S&P	MorningstarDBRS(3)
Primary Servicer:...............................................................	CPS2	Strong	MOR CS2
Master Servicer:.................................................................	CMS3+	Average(2)	MOR CS3
Special Servicer:.................................................................	CSS2	Strong	MOR CS2

CWCAM and its affiliates are involved in the management, investment management and disposition of commercial real estate assets, which may include:

~~(1) The primary servicer and~~ • special ~~servicer~~servicing ~~ratings~~ of ~~Trimont~~commercial ~~have~~and ~~been~~multifamily ~~placed~~real onestate ~~“Rating~~loans; ~~Watch Negative” during the integration period associated with the CMS Transaction as is consistent with Fitch’s criteria and historical practice.~~

~~(2) The~~• commercial ~~master~~real ~~servicer~~estate ~~rating of Trimont has been placed on “Rating~~property ~~Watch~~management ~~Positive”~~and ~~during~~risk ~~the~~management ~~integration~~and ~~period~~insurance ~~associated~~services; ~~with the CMS Transaction.~~

~~(3) The Morningstar/DBRS primary servicer and special servicer ratings~~• ofcommercial ~~Trimont~~mortgage ~~are designated as “Stable Trend”,~~ and ~~the~~commercial ~~master servicer rating has~~real ~~been~~estate ~~placed~~brokerage onservices; ~~“Rating Watch Positive” during the integration period associated with the CMS Transaction.~~

~~Trimont is also~~• ~~rated~~commercial ~~‘Strong’~~mortgage asnote aand ~~Construction~~commercial real ~~Loan~~estate ~~Servicer~~sale byand ~~S&P~~disposition inservices; ~~the~~and ~~US.~~

~~Prior~~• investing toin, ~~the~~managing, ~~CMS~~surveilling ~~Acquisition~~and ~~Closing~~acting ~~Date,~~as ~~Trimont~~special ~~had~~servicer ~~been~~for ~~primary~~commercial ~~servicing~~real ~~and~~estate ~~special~~assets ~~servicing securitized~~including ~~and~~investment grade, non-~~securitized~~investment ~~commercial~~grade and ~~multifamily~~unrated ~~loans~~securities inissued ~~excess~~pursuant to ofCRE, 15CMBS ~~years~~and CDO transactions.

~~The~~CWCAM ~~following~~was ~~table~~organized ~~sets~~in ~~forth~~June ~~information~~2005 ~~about~~and ~~Trimont’s~~has ~~portfolio~~acted ofas ~~master~~special orservicer ~~primary~~for ~~serviced~~ commercial and multifamily loans ~~(securitized~~and other servicing transactions since 2005. CWCAM is a wholly-owned subsidiary of CW Financial Services LLC. CWCAM and ~~non~~its affiliates own, manage and sell assets similar in type to the assets of the BBCMS 2023-~~securitized)~~5C23 asIssuing Entity and BMO 2023-5C2 issuing entity. Accordingly, the assets of CWCAM and its affiliates may, depending on the ~~dates~~particular ~~indicated~~circumstances including the nature and location of such assets, compete with the mortgaged real properties for tenants, purchasers, financing and so forth. On September 1, 2010, affiliates of certain Fortress Investment Group LLC managed funds purchased all of the membership interest of CW Financial Services LLC, the sole member of CWCAM.

Commercial and Multifamily Mortgage Loans	As of 12/31/2022	As of 12/31/2023	As of 12/31/2024	As of 12/31/2024 (pro forma)*
By Approximate Number:	2,574	2,529	2,301	25,787
By Approximate Aggregate Unpaid Principal Balance (in billions):	$100.4	$110.1	$114.6	$667

As of December 31, 2023, CWCAM acted as special servicer with respect to 332 domestic CMBS pools containing approximately 10,778 loans secured by properties throughout the United States with a then current unpaid balance of $217 Billion. As of December 31, 2024, CWCAM acted as special servicer with respect to 336 domestic CMBS pools containing approximately 10,183 loans secured by properties throughout the United States with a then current unpaid balance of $211 Billion. As of December 31, 2025, CWCAM acted as special servicer with respect to 330 domestic CMBS pools containing approximately 9,300 loans secured by properties throughout the United States with a then current unpaid balance of $194.7 billion. As of March 31, 2026, CWCAM acted as special servicer with respect to 330 domestic CMBS pools containing approximately 9,250 loans secured by properties throughout the United States with a then current unpaid balance of $193.3 Billion. Those loans include commercial mortgage loans secured by the same types of income producing properties as those securing the underlying mortgage loans.

*RepresentsCWCAM has one primary office (Washington, ~~pro~~D.C.) ~~forma~~and ~~portfolio~~provides special servicing activities for investments in various markets throughout the United States. As of March 31, 2026, CWCAM had 64 employees responsible for the special servicing of commercial real estate assets. As of March 31, 2026, within the CMBS pools described in the preceding paragraph, 147 assets were actually in special servicing. The assets owned, serviced or managed by CWCAM and ~~includes~~its ~~CMS~~affiliates ~~Loans~~may, ~~(as~~depending ~~hereinafter~~on ~~defined)~~the particular circumstances, including the nature and location of such assets, compete with the mortgaged real properties securing the underlying mortgage loans for tenants, purchasers, financing and so forth. CWCAM does not service or manage any assets other than commercial and multifamily real estate assets.

~~The~~CWCAM ~~properties~~has ~~securing~~policies and procedures in place that govern its special servicing activities. These policies and procedures for the ~~loans~~performance of its special servicing obligations are, among other things, in ~~Trimont’s~~compliance with applicable servicing criteria ~~portfolio~~set (forth in Item 1122 of Regulation AB under the Securities Act, including ~~CMS~~managing ~~Loans~~delinquent (loans and loans subject to the bankruptcy of the borrower. Standardization and automation have been pursued, and continue to be pursued, wherever possible so as ~~hereinafter~~to ~~defined))~~provide ~~include~~for ~~multifamily~~continued accuracy, ~~office~~efficiency, transparency, ~~retail~~monitoring and controls. CWCAM reviews, ~~hospitality~~updates and/or creates its policies and procedures throughout the year as needed to reflect any changing business practices, regulatory demands or general business practice ~~industrial~~refinements and ~~other~~incorporates ~~income~~such ~~producing~~changes ~~properties~~into its manual. Refinements within the prior three years include but are not limited to the improvement of controls and procedures implemented for property cash flow, wiring instructions and the expansion of unannounced property and employee audits.

~~Within~~CWCAM ~~this~~occasionally ~~servicing~~engages consultants ~~portfolio~~to ~~(including~~perform ~~CMS~~property ~~Loans), as~~inspections ofand ~~December~~to ~~31,~~provide ~~2024,~~close ~~approximately~~surveillance on ~~18,402~~a ~~commercial~~property and ~~multifamily~~its ~~loans~~local market; it currently does not have any plans to ~~with~~engage ansub-servicers ~~unpaid~~to ~~principal~~perform ~~balance~~on its behalf any of ~~approximately~~its ~~$440~~duties with respect to this transaction.4 ~~billion~~CWCAM ~~are~~has ~~loans~~made ~~that~~all advances required to be made by it under ~~back~~the ~~commercial~~servicing ~~mortgage-backed~~agreements ~~securities~~on orthe commercial ~~real~~and ~~estate~~multifamily mortgage loans ~~collateralized~~serviced ~~debt~~by ~~obligation~~CWCAM ~~securities~~in securitization transactions.

~~Trimont~~CWCAM ~~has~~will ~~operating~~not ~~procedures~~have ~~across~~primary ~~the~~responsibility ~~various~~for ~~servicing~~custody ~~functions~~services toof ~~maintain~~original ~~compliance~~documents ~~with~~evidencing ~~its~~the ~~servicing~~Piazza Alta Mortgage Loan, the Westfarms ~~obligations~~Mortgage ~~and~~Loan, ~~servicing~~the ~~standards~~Arcola ~~under~~Corporate ~~Trimont’s~~Campus ~~servicing~~Mortgage ~~agreements. The~~Loan, ~~only~~the River Centre ~~significant~~Mortgage ~~changes~~Loan, inthe ~~Trimont’s~~369 ~~policies~~Lexington ~~and~~Avenue ~~procedures~~& ~~over~~2 West 46th Street Mortgage Loan and the ~~past~~Hilton ~~three~~Garden Inn Atlanta Downtown Mortgage Loan. On occasion, ~~years~~CWCAM may have ~~come~~custody inof ~~response~~certain toof ~~changes~~such indocuments ~~federal~~as ornecessary ~~state~~for enforcement ~~law~~actions orinvolving ~~investor~~particular underlying such Mortgage Loans or ~~requirements~~otherwise. ~~Trimont~~ ~~expects~~To ~~to incorporate~~the ~~CMS~~extent ~~policies~~that ~~and~~CWCAM ~~procedures~~has ~~into~~custody ~~its~~of ~~best~~any ~~practices~~such ~~for~~documents, ~~servicing~~such ~~CMS~~documents ~~Loans~~will ~~and~~be ~~newly~~maintained ~~originated~~in ~~commercial~~a ~~and~~manner ~~multifamily~~consistent ~~loans.~~with the Servicing Standard.

~~Trimont’s~~From ~~servicing~~time ~~platform~~to ~~allows~~time, CWCAM is a ~~Trimont~~party to ~~process~~lawsuits ~~loan~~and ~~servicing~~other ~~activities~~legal ~~including,~~proceedings ~~but~~as ~~not~~part ~~limited~~of ~~to:~~its ~~(i) performing~~duties ~~account~~as ~~maintenance;~~a special servicer (~~ii)~~e.g., ~~tracking~~enforcement ~~borrower~~of ~~communications;~~loan ~~(iii~~obligations) and/or arising in the ~~tracking~~ordinary ~~real~~course ~~estate~~of ~~tax~~business. ~~escrows~~Other ~~and~~than ~~payments,~~as ~~insurance~~set ~~escrows~~forth ~~and~~in ~~payments~~the following paragraphs, ~~replacement~~there ~~reserve~~are ~~escrows~~currently ~~and~~no ~~operating~~legal ~~statement~~proceedings ~~data~~pending, and ~~rent~~no ~~rolls;~~legal ~~(iv)~~proceedings ~~entering~~known ~~and~~to ~~updating~~be ~~transaction~~contemplated ~~data;~~by ~~and~~governmental ~~(v)~~authorities, ~~generating~~against ~~various~~CWCAM ~~reports.~~or of which any of its property is the subject, that are material to the Certificateholders relating to the BBCMS 2023-5C23 Issuing Entity.

~~Prior~~On December 1, 2017, a complaint against CWCAM and others was filed in the United States District Court for the Southern District of New York styled as CWCapital Cobalt Vr Ltd. v. CWCapital Investments LLC, et al., No. 17-cv-9463 (the “Original Complaint”). The gravamen of the Original Complaint alleged breaches of a contract and fiduciary duties by CWCAM’s affiliate, CWCapital Investments LLC (“CWCI”) in its capacity as collateral manager for the collateralized debt obligation transaction involving CWCapital Cobalt Vr, Ltd. In total, there are 14 counts pled in the Original Complaint. Of those 14, 5 claims were asserted against CWCAM for aiding and abetting breach of fiduciary duty, conversion and unjust enrichment. On May 23, 2018, the Original Complaint was dismissed for lack of subject matter jurisdiction. On June 28, 2018, CWCapital Cobalt Vr Ltd. filed a substantially similar complaint in the Supreme Court of the State of New York, County of New York styled as CWCapital Cobalt Vr Ltd. v. CWCapital Investments LLC, et al., Index No. 653277/2018 (the “New Complaint”). The gravamen of the New Complaint is the same as the previous complaint filed in the United State District Court for the Southern District of New York. In total there are 16 counts pled in the New Complaint. Of those 16 counts, 5 claims were asserted against CWCAM for aiding and abetting breach of fiduciary duty, conversion and unjust enrichment, 1 count seeks a declaratory judgment that the plaintiff has the right to enforce the ~~CMS~~contracts ~~Acquisition~~in ~~Closing~~question ~~Date~~and 1 count seeks an injunction requiring the defendants to recognize the plaintiff as the directing holder for the trusts in question. On January 11, 2019, the plaintiff dismissed with ~~Trimont~~prejudice the declaratory judgment and injunction counts. The New Complaint and related summons was not served on the ~~designated~~defendants ~~primary~~until ~~advancing~~July ~~agent~~13, 2018 and July 16, 2018. The plaintiff’s motion for ~~any~~a preliminary injunction was denied by the court on July 31, 2018. On August 3, 2018, the defendants, including CWCAM, filed a motion to dismiss the New Complaint in its entirety. On August 20, 2019, the court entered an order granting defendants’ motion almost in its entirety, dismissing 11 of the ~~loans~~16 itcounts and partially dismissing 2 additional counts. Of ~~serviced~~the remaining counts, 2 are asserted against CWCAM for aiding and abetting breach of fiduciary duty and unjust enrichment. In ~~connection~~On September 19, 2019, CWCapital Cobalt Vr Ltd. filed a notice of appeal relating to the August 20, 2019 dismissal order and on September 26, 2019, filed an amended complaint against CWCI and CWCAM attempting to address deficiencies relating to certain of the claims dismissed by the August 20, 2019 order. CWCI and CWCAM filed its Motion to Dismiss the amended complaint on October 28, 2019. The court heard argument on the Motion to Dismiss the amended complaint on January 22, 2020 and on October 23, 2020, the court granted the motion dismissing the amended claims. On November 30, 2020, CWCapital Cobalt Vr Ltd filed a notice of appeal relating to the October 23, 2020 dismissal order. On April 27, 2021, the First Department affirmed the dismissal as to claims against CWCAM that were part of the August 20, 2019 dismissal, but reversed the dismissal of two counts for breach of the collateral management agreement against CWCI. CWCI sought leave to file an appeal of the decision. The plaintiff also sought leave to appeal the dismissal of the claims against CWCAM. Both requests for leave were denied by the First Department. On May 15, 2020, CWCI and CWCAM filed a motion to renew its motion to dismiss as to 4 of the remaining counts (including the remaining two counts against CWCAM for aiding and abetting breach of fiduciary duty and unjust enrichment), based on a decision entered by Judge Failla in a trust instruction proceeding in the US District Court for the Southern District of New York awarding summary judgment in favor of CWCAM. On September 7, 2021, the court denied the motion to renew. CWCI and CWCAM filed a notice of appeal, which they perfected by the filing of their opening brief on July 1, 2022. On November 15, 2022, the First Department affirmed the court’s denial of the motion to renew. On October 1, 2021, CWCI and CWCAM moved to reargue the denial of the motion to renew (or alternatively, the motion to dismiss) with respect to certain of Cobalt’s claims, including the ~~CMS~~remaining ~~Transaction~~2 claims against CWCAM, based ~~Trimont~~on ~~acquired~~the First Department’s April 27, 2021 decision. On March 24, 2022, the court ~~outstanding~~denied ~~CMS~~the ~~servicer~~relief ~~advances~~sought ~~using~~in the motion to reargue. CWCI and CWCAM appealed ~~funding~~the ~~from~~court’s decision on the motion to reargue and filed their opening brief on July 11, 2022. The appeal was dismissed as being non-appealable on August 30, 2022. Discovery (both fact and expert) concluded on March 1, 2024. CWCAM and CWCI filed a ~~Wells~~motion ~~Fargo~~for ~~credit~~summary ~~facility~~judgment on March 29, 2024, seeking dismissal of all the claims in their entirety. On that same date, the plaintiff cross moved for summary judgment on one of the claims asserted against only CWCI. Oral argument on the parties’ summary judgment motions were heard on October 22, 2024. On January 13, 2026, the court denied plaintiff’s motion for summary judgment and ~~other~~granted, ~~capital~~in ~~sources~~part, and denied, in part, the motion filed by CWCI ~~assumed~~and CWCAM. Specifically, the ~~future~~court ~~advancing~~dismissed ~~obligations~~the remaining two counts against CWCAM for aiding and abetting breach of ~~Wells~~fiduciary ~~Fargo~~duty ~~under~~and unjust enrichment. With respect to CWCI, the ~~servicing~~court dismissed two counts against CWCI in their ~~agreements~~entirety and dismissed portions of one count against CWCI. The only three counts that ~~transferred~~survived and remain in the case are against CWCI. The court severed the dismissed claims from the surviving claims. On January 22, 2026, CWCI filed a notice of appeal. On February 17, 2026, the plaintiff filed a notice of appeal. On January 26, 2026, CWCI and CWCAM submitted an order to ~~Trimont~~the court, requesting that it direct the clerk’s office to enter judgment on the dismissed claims and that CWCAM be dismissed as a defendant from the action. On February 20, 2026, the court entered that order. On April 22, 2026, the clerk’s office entered judgment dismissing CWCAM as a defendant from the action. CWCAM believes that it has performed its obligations under the related pooling and servicing agreements in good faith.

~~The~~CWCAM ~~following~~may ~~table~~enter ~~sets~~into ~~forth~~one ~~pro forma information~~or ~~regarding~~more ~~principal~~arrangements ~~and~~with ~~interest~~any ~~advances~~Directing ~~and~~Certificateholder, ~~protective~~any ~~property~~Controlling ~~advances held~~Class ~~by Trimont~~Certificateholder, asany ~~master~~person ~~servicer,~~with onthe ~~commercial~~right ~~and~~to ~~multifamily~~appoint ~~mortgage~~or ~~loans~~remove and replace ~~included~~CWCAM inas ~~commercial~~the ~~mortgage-backed~~special ~~securitizations. The~~servicer, ~~information~~or ~~set~~any ~~forth~~other ~~below~~person is(or ~~the~~an ~~pro~~affiliate ~~forma~~or ~~amount~~a ofthird-party ~~such~~representative ~~advances~~of ~~outstanding~~one asor more of the ~~date~~preceding) ~~indicated~~to ~~(expressed~~provide asfor a ~~dollar~~ ~~amount~~discount and/or asrevenue asharing ~~percentage~~with respect to certain of the ~~Trimont~~special ~~pro~~servicer compensation ~~forma~~in ~~portfolio~~consideration of, asamong ofother things, the ~~end~~appointment (or continuance) of ~~such~~CWCAM ~~period,~~as ~~of master~~special ~~serviced~~servicer ~~commercial~~under the BMO 2023-5C2 PSA and ~~multifamily~~limitations ~~mortgage~~on ~~loans~~the ~~included~~right inof such ~~commercial~~person ~~mortgage-backed~~to ~~securitizations)~~replace CWCAM as the special servicer.

As of	Approximate Securitized Master-Serviced Portfolio (UPB)**	Approximate Outstanding Advances (P&I and PPA)**	Approximate Outstanding Advances as % of UPB
12/31/2024*	$401,954,652,250	$842,099,385	0.20%

Neither CWCAM nor, to CWCAM’s knowledge, any affiliate of CWCAM, has any interest retained in this transaction.

*RepresentsNo securitization transaction ~~pro~~involving ~~forma~~commercial ~~portfolio~~or ~~and~~multifamily ~~includes~~mortgage ~~CMS~~loans ~~Loans~~in (which CWCAM was acting as special ~~hereinafter~~servicer ~~defined)~~has experienced an event of default as a result of any action or inaction performed by CWCAM as special servicer. The special servicer ratings of CWCAM are “STRONG” by S&P, “MOR CS1” by DBRS Morningstar and “CSS-“ by Fitch.

** “UPB” means unpaid principal balance, “P&I” means principal and interest advances and “PPA” means property protection advances.

Trimont may perform some of its obligations under the applicable servicing agreement through one or more third-party vendors, affiliates or subsidiaries, including the engagement of third-party vendors to provide technology or process efficiencies. Trimont monitors its third-party vendors in compliance with its internal procedures and applicable law. Trimont has entered into contracts directly with third-party vendors and may also obtain services from third party vendors through Wells Fargo under the TSA (as hereinafter defined) for some or all of the following functions:

· provision of Strategy and Strategy CS software;

· audit services;

· tracking and reporting of flood zone changes;

· abstracting of leasing consent requirements contained in loan documents;

· legal representation;

· assembly of data regarding buyer and seller (borrower) with respect to proposed loan assumptions and preparation and underwriting of loan assumption package for review by servicer;

· performance of property inspections;

· performance of tax parcel searches based on property legal description, monitoring and reporting of delinquent taxes, and collection and payment of taxes;

· Uniform Commercial Code searches and filings;

· insurance tracking and compliance;

· onboarding-new loan setup;

· lien release-filing & tracking;

· credit investigation & background checks; and

· defeasance calculations.

Trimont may also enter into agreements with certain firms to act as a primary servicer (or sub-servicer) and to provide cashiering or non-cashiering subservicing on the mortgage loans. Trimont will monitor and review the performance of sub-servicers appointed by it. Generally, all amounts received by Trimont on the mortgage loans will initially be deposited into a common clearing account with collections on other mortgage loans serviced by Trimont and will then be allocated and transferred to the appropriate account as described in the related prospectus. On the day any amount is to be disbursed by Trimont, that amount may be transferred to a common disbursement account prior to disbursement.

Trimont will not have primary responsibility for custody services of original documents evidencing the mortgage loans. On occasion, Trimont may have custody of certain of such documents as are necessary for enforcement actions involving the mortgage loans or otherwise. To the extent Trimont performs custodial functions as a servicer, documents will be maintained in a manner consistent with the servicing standard.

There are, to the actual current knowledge of Trimont, no special or unique factors of a material nature involved in servicing the mortgage loans, as compared to the types of assets serviced by Trimont in other commercial real estate securitization pools generally.

Trimont does not believe that its financial condition will have any adverse effect on the performance of its duties under the applicable servicing agreement and, accordingly, Trimont believes that its financial condition will not have any material impact on the performance of the mortgage loans or the certificates.

No securitization involving commercial or multifamily real estate loans in which Trimont was acting as a servicer has experienced a servicer event of default as a result of any action or inaction of Trimont in such capacity, including as a result of Trimont’s failure to comply with the applicable servicing criteria in connection with any securitization.

From time to time, Trimont is a party to lawsuits and other legal proceedings as part of its duties as a loan servicer (e.g., enforcement of loan obligations) and/or arising in the ordinary course of business. Trimont does not believe that any such lawsuits or legal proceedings, individually or in the aggregate, would be material to the certificateholders. There are no legal proceedings pending against Trimont, or to which any property of Trimont is subject, that are material to the certificateholders, nor does Trimont have actual knowledge of any proceedings of this type contemplated by governmental authorities.

A Trimont website (https://cmsview.trimont.com) provides investors with access to investor reports for commercial mortgage-backed securitization transactions for which Trimont is master servicer, and also provides borrowers with access to current and historical loan and property information for these transactions.

The following table sets forth information as of the dates indicated about Trimont’s servicing portfolio of specially serviced commercial and multifamily loans (securitized and non-securitized):

Commercial and Multifamily Mortgage Loans	As of 12/31/2022	As of 12/31/2023	As of 12/31/2024	As of 12/31/2024 (pro forma) **
By Approximate Number:	27	53	93	2,506
By Approximate Aggregate Unpaid Principal Balance (in billions):	$0.6	$2.1	$3.4	$79.9

** Represents pro forma portfolio and includes CMS Loans (as hereinafter defined).

The properties securing the loans in Trimont’s special servicing portfolio (including CMS Loans (as hereinafter defined)) include multifamily, office, retail, hospitality, industrial and other income producing properties.

Within this special servicing portfolio (including CMS Loans), as of December 31, 2024, approximately 2,321 commercial and multifamily loans with an unpaid principal balance of approximately $77.1 billion are loans that back commercial mortgage-backed securities or commercial real estate collateralized debt obligation securities.

Generally, Trimont’s servicing functions under servicing agreements as special servicer do not include maintenance of collection accounts, however Trimont does maintain certain operating accounts with respect to REO loans in accordance with the terms of the applicable servicing agreements and consistent with the servicing standard set forth in each of such servicing agreements.

Trimont does not generally have any material advancing rights or obligations with respect to the commercial real estate securitization pools as to which it acts as special servicer. In certain instances, Trimont may have the right or be obligated to make property related servicing advances in emergency situations with respect to certain commercial real estate securitization pools as to which it acts as special servicer.

Trimont has developed strategies and procedures for managing delinquent loans, breaches by borrowers of the underlying loan documents and loans subject to borrower bankruptcy filings which are designed to maximize value from the assets for the benefit of certificateholders. These strategies and procedures vary on a case by case basis and include but are not limited to, liquidation of the underlying collateral, note sales, discounted payoffs and borrower negotiation or workout in accordance with the applicable servicing standard. The strategy pursued by Trimont for any particular asset depends upon, among other things, the condition and type of the underlying property, the borrower, and the jurisdiction where the asset is located.

Trimont, as special servicer, may enter into one or more arrangements with the controlling class representative, directing certificateholder, or equivalent party or related entity, which has the right to remove, or vote to remove the special servicer, to provide for a discount and/or revenue sharing with respect to certain special servicer compensation. The controlling class representative, directing certificateholder, or equivalent party or related entity, which has the right to remove, or vote to remove the special servicer, may further consider any such economic arrangements with the special servicer or a prospective replacement servicer in entering into any decision to appoint or replace the special servicer from time to time, and such considerations would not be required to take into account the best interests of any certificateholder.

CMS Transaction. As of the CMS Acquisition Closing Date, Trimont purchased the third party servicing segment (“CMS”) of Wells Fargo Bank, National Association’s (“Wells Fargo”) commercial mortgage servicing business. The CMS Transaction did not include Wells Fargo’s rights and obligations related to the servicing of loans that Wells Fargo originated for Fannie Mae, Freddie Mac, and FHA/Ginnie Mae, which will continue to be serviced by Wells Fargo.

Senior leadership of Trimont and CMS and certain Trimont and former Wells Fargo corporate functions that supported CMS are expected to be generally integrated within Trimont on or shortly following the CMS Acquisition Closing Date. Most of the CMS employees along with relevant CMS systems, technologies and operating procedures and guidelines supporting CMS were transferred to Trimont as part of the CMS Transaction. Further, as of the CMS Acquisition Closing Date, Wells Fargo’s duties, obligations, and rights as servicer, under the related servicing agreements were transferred to Trimont, subject to the terms and conditions of such servicing agreements.

In order to facilitate the transition of CMS to Trimont, Wells Fargo and Trimont entered into a Transition Services Agreement (“TSA”) pursuant to which Wells Fargo agreed to provide certain support services, or cause such services to be provided, to Trimont for 12 months from the CMS Acquisition Closing Date (with two 3-month extension options) (the “TSA Period”).

Following the CMS Acquisition Closing Date, Trimont will initially be operating two loan servicing technology platforms with each using a separate instance of McCracken Financial Solutions software, Strategy CS. During a portion or all of the TSA Period, Trimont expects to continue to service the loans it was servicing prior to the CMS Acquisition Closing Date (“Pre-Closing Trimont Loans”) using operating guidelines, procedures and the servicing technology platform that Trimont was using prior to the CMS Acquisition Closing Date. During a portion or all of the TSA Period, Trimont expects to service loans serviced under the servicing agreements transferred in connection with the CMS Transaction and loans serviced under CMBS servicing agreements entered into by Trimont after the CMS Acquisition Closing Date (“CMS Loans”) in accordance with the CMS operating guidelines, procedures and servicing technology platform.

The foregoing information set forth under this heading “—Description of Trimont LLC” has been provided by Trimont.

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.

Barclays Commercial Mortgage Securities LLC
(Depositor)

/s/ Daniel Schmidt
Daniel Schmidt, Authorized Signatory

Date: ~~February~~July 2815, ~~2025~~2026

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549

FORM 8-K

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

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549

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

Filing Compare · BBCMS Mortgage Trust 2023-5C23