Mark:
No, that is no how FMCOMMS5 works, but I agree it's a little trick to understand.
Having a look at the schematics:
AD-FMCOMMS5-EBZ Hardware [Analog Devices Wiki]
Oscillator (Y301) generates a 1.8V clock. These feeds into the ADCLK846BCPZ
http://www.analog.com/en/products/clock-and-timing/clock-generation-distribution/adclk846.html
This comes out on XTALN_A & XTALN_B (OUT0, Since CTRL_A is tied high, the outputs are CMOS, and are 1.8V). In this case _A and _B refer to 2 different AD9361 devices.
This goes into a capacitive divider (39pF / 18pF) to get the appropriate output.
-Robin