Monthly tracking of CMBS credit performance — headline delinquency, the broader distress rate, and the sectors driving the stress. Sourced from KBRA and updated monthly.
The overall CMBS 30+ day delinquency rate declined 15 basis points to 7.6% in April 2026. The broader distress rate — delinquent loans plus those current but in special servicing — eased slightly to 10.2%, indicating meaningful stress that sits above the headline delinquency figure. Office remains the most stressed major property type at 12.6%, while multifamily delinquency crossed into double digits for the first time this cycle, driven by newer-vintage loan defaults. Source: KBRA CMBS Loan Performance Trends, April 2026.
Why the distress rate matters more than the headline
At 10.2%, the distress rate sits roughly 260 basis points above the 7.6% headline delinquency rate. The gap captures loans still current on interest but already in special servicing — a leading indicator of future delinquency tied to the 2021–2023 maturity wall.
Figures sourced from KBRA's monthly CMBS Loan Performance Trends reports, covering KBRA's rated universe of U.S. private label CMBS (conduit, single-asset/single-borrower, and large loan transactions). The 30+ day delinquency rate covers loans 30 or more days delinquent, in foreclosure, REO, or non-performing matured balloon. The distress rate adds loans that are current but in special servicing. Not investment advice.
"What does this data mean for your specific investment thesis?"
Request a Consultation