Press Release|CMBS
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KBRA Affirms All Ratings for BMO 2024-5C4

14 May 2026   |   New York

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KBRA affirms all outstanding ratings for BMO 2024-5C4, an $861.2 million CMBS conduit transaction. The affirmations follow a surveillance review of the transaction, which has exhibited pool performance generally in line with last review.

As of the April 2026 remittance report, there are two specially serviced loans (2.2% of the pool balance), both of which are 90 days delinquent. KBRA identified nine K-LOCs (16.7%), including the specially serviced assets. Of the K-LOCs, one (1.7%) has an estimated loss. The K-LOCs are depicted in the table below:

Loss Given Default (000s) Loss Severity 11 Rialto I & II OF 30,000 3.5% N C N Occupancy 10/07/2025 - - 13 Homewood Suites San Diego LO 28,375 3.3% N C N DSCR 05/12/2026 - - 18 352 Meeker Avenue MF 21,700 2.5% N 30+ N Delinquent 06/03/2025 - - 22 114 East 71st Street MF 17,300 2.0% N C N Prior SS 12/10/2024 - - 23A-1 Euclid Apartments MF 15,000 1.7% Y 90+ N Delinquent 01/29/2025 $4,592 30.6% 25 55 Borinquen Place MF 13,300 1.5% N 30+ N Delinquent 02/12/2026 - - 29 1281 Hoe Avenue MF 8,450 1.0% N C N Recent Delinquency 03/11/2025 - - 35 Washington Lofts MF 5,215 0.6% N C N DSCR 02/12/2026 - - 38 The Hill MF 4,100 0.5% Y 90+ N Specially Serviced 11/11/2025 - - Total K-LOCs $143,440 16.7% $4,592 1. K-LOC Date is the date when the most recent K-LOC was initially determined. 2. Loss Given Default assumes a 100% probability of default (PD). KBRA may determine a lower PD when estimating losses to a transaction. KBRA Estimated 2 K-LOCs Prosp. ID Loan Name Prop Type Current In- Trust Balance (000s) % of Deal Balance SS Loan Status Mod (Y/N) Primary K-LOC Reason K-LOC Date 1
Source: KBRA

Excluding the K-LOC with an estimated loss, the transaction's WA KLTV is 97.3%, compared to 91.5% at last review and 91.1% at issuance. The WA KDSC is 1.43x, compared to 1.48x at last review and 1.49x at issuance.

To access ratings and relevant documents, click here.

Click here to view the report.

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Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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