The cmbs.news distress index · September 2026 reporting period
CMBS delinquency and special servicing rates
4.08% of the $295.5B in public CMBS trusts was delinquent in the September 2026 filings, and 5.96% was with a special servicer. Every number on this page is computed from the loan records the trusts filed with the SEC, and the method, the code rules and the data are public.
- Delinquency rate
- 4.08%+9 bp on the month, +53 bp since November 2025
- Special servicing rate
- 5.96%+12 bp on the month
- Matured, not paid off
- 0.71%non-performing balloons
- Moved to special servicing
- 25$1.0B in the latest month
| Reporting month | Delinquent | Special servicing | Matured unpaid | Balance | Trusts |
|---|---|---|---|---|---|
| September 2026 | 4.08% | 5.96% | 0.71% | $295.5B | 373 |
| August 2026 | 3.99% | 5.84% | 0.76% | $296.7B | 372 |
| July 2026 | 4.26% | 5.74% | 0.82% | $292.3B | 366 |
| June 2026 | 3.81% | 5.76% | 0.66% | $290.5B | 363 |
| May 2026 | 3.95% | 5.83% | 0.73% | $288.2B | 358 |
| April 2026 | 3.73% | 5.65% | 0.60% | $287.2B | 354 |
| March 2026 | 3.84% | 5.57% | 0.62% | $285.1B | 352 |
| February 2026 | 3.72% | 5.73% | 0.57% | $283.1B | 348 |
| January 2026 | 3.72% | 5.66% | 0.75% | $281.0B | 344 |
| December 2025 | 3.57% | 5.60% | 0.63% | $280.1B | 343 |
| November 2025 | 3.55% | 5.58% | 0.74% | $276.0B | 337 |
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By property type
Current filings, defeased loans excluded (they are backed by Treasuries), so these rates run a little above the headline.
| Type | Delinquent | Special servicing | Loans | Balance |
|---|---|---|---|---|
| Office | 7.79% | 11.71% | 1,794 | $76.1B |
| Multifamily | 7.51% | 7.62% | 2,054 | $38.7B |
| Mixed use | 2.85% | 5.89% | 819 | $27.7B |
| Other | 2.80% | 4.05% | 1,019 | $11.0B |
| Hotel | 2.76% | 4.91% | 1,263 | $29.7B |
| Industrial | 2.45% | 2.58% | 810 | $19.6B |
| Retail | 1.49% | 2.53% | 2,775 | $60.8B |
| Manufactured housing | 0.91% | 0.73% | 391 | $4.0B |
| Self storage | 0.10% | 0.10% | 1,140 | $13.5B |
By vintage
| Originated | Delinquent | Special servicing | Balance |
|---|---|---|---|
| 2016 | 12.80% | 24.36% | $6.5B |
| 2017 | 6.07% | 11.51% | $31.1B |
| 2018 | 8.61% | 13.80% | $29.7B |
| 2019 | 6.01% | 7.15% | $43.6B |
| 2020 | 2.16% | 3.17% | $18.1B |
| 2021 | 3.95% | 5.88% | $28.4B |
| 2022 | 2.89% | 2.96% | $17.2B |
| 2023 | 4.97% | 5.99% | $17.4B |
| 2024 | 2.56% | 2.17% | $33.9B |
| 2025 | 1.17% | 1.05% | $33.1B |
| 2026 | 0.12% | 0.19% | $18.2B |
By state
| State | Delinquent | Special servicing | Balance |
|---|---|---|---|
| NY | 4.64% | 7.38% | $54.8B |
| CA | 3.17% | 4.86% | $46.4B |
| TX | 6.55% | 7.22% | $19.1B |
| FL | 1.92% | 2.05% | $15.2B |
| NJ | 6.47% | 8.35% | $9.7B |
| PA | 5.84% | 7.03% | $9.2B |
| IL | 11.20% | 14.25% | $8.8B |
| MI | 2.72% | 3.41% | $7.7B |
| VA | 3.97% | 5.79% | $7.6B |
| NV | 0.67% | 0.85% | $7.1B |
| OH | 6.19% | 11.46% | $6.8B |
| MA | 2.58% | 2.58% | $6.5B |
| GA | 2.61% | 3.07% | $6.4B |
| WA | 6.59% | 7.77% | $6.0B |
| AZ | 1.04% | 0.64% | $5.4B |
How the index is built
Each month counts every loan record with a balance in every public CMBS trust that filed its Form ABS-EE for that reporting period, weighted by balance. A month enters the series only once 90% of the trusts have reported it.
- Delinquent: Schedule AL payment status 30-59, 60-89 or 90+ days, or a non-performing matured balloon (codes 1, 2, 3 and 5).
- Special servicing: a special-servicer transfer date with no later return to the master servicer.
- Coverage: the 373 public trusts that file loan-level data with the SEC. Private Rule 144A single-borrower deals and CRE CLOs do not file it, so this index is not comparable with indices that include them.
The full rules are on the methodology page. Every change to the method is logged on the changelog.
Use it
The index is free to quote, chart and republish with credit to "cmbs.news distress index" and a link. Embed the live chart:
Reporters: the series updates in the first week of each month, when the trusts' filings land. hello@cmbs.news for anything you need cut differently.