The CMBS maturity wall
$6.3B of loans in public CMBS trusts reach maturity in 2026 and another $32.6B in 2027. Of the 2026 loans, 32.5% by balance is already with a special servicer.
| Maturity | Loans | Balance | Special servicing | Delinquent |
|---|---|---|---|---|
| Past due | 41 | $2.0B | $2.0B | $1.4B |
| 2026 | 268 | $6.3B | $2.0B | $1.2B |
| 2027 | 1,443 | $32.6B | $3.7B | $1.9B |
| 2028 | 1,745 | $41.2B | $3.9B | $2.3B |
| 2029 | 2,705 | $66.1B | $2.7B | $2.6B |
| 2030 | 1,746 | $42.6B | $934.8M | $779.0M |
| 2031 | 2,003 | $41.4B | $970.3M | $905.5M |
| Later | 2,210 | $49.1B | $1.2B | $1.1B |
Maturing balance by year and property type
| Type | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 |
|---|---|---|---|---|---|---|
| Office | $2.2B | $12.2B | $13.0B | $17.5B | $10.0B | $9.9B |
| Retail | $1.6B | $7.3B | $11.4B | $13.2B | $7.2B | $6.5B |
| Multifamily | $361.0M | $1.9B | $3.4B | $11.0B | $8.2B | $8.9B |
| Hotel | $868.9M | $3.8B | $4.9B | $7.4B | $5.6B | $1.9B |
| Mixed use | $858.9M | $3.8B | $2.4B | $7.0B | $4.6B | $4.2B |
| Industrial | $130.4M | $1.1B | $2.6B | $4.0B | $2.1B | $4.7B |
| Self storage | $73.2M | $1.4B | $1.4B | $2.2B | $2.5B | $2.5B |
| Other | $179.3M | $929.6M | $1.8B | $2.5B | $1.4B | $1.7B |
| Manufactured housing | $22.6M | $88.7M | $261.2M | $1.1B | $951.7M | $1.1B |
| Healthcare | $128.0M | $3.3M | $123.5M | $47.8M |
Year is the loan's maturity date, or its anticipated repayment date when it has one and that comes first, or the extended date when a modification pushed maturity out. Loans that are fully defeased are excluded.
Why a maturity date matters more than the rate
A conduit loan carries one rate for its whole term, so the payment does not move when rates do. The risk sits on one date: the maturity date, when the balance has to be repaid. A loan that is current and paying can still fail at maturity if a new lender will not lend enough to pay it off. A loan can be current on every payment while its income is too low to support a new loan the size of the old one at today's rates. The coverage and occupancy columns on each loan page are where that shows.
Pick a year above to see each loan due that year, sorted by size, with its latest coverage, occupancy and status.
Due in the next two years?
Send the loan to Janover Capital to talk through a refinance.