CMBS surveillance stats
CMBS Delinquency Tracker (2026)
CMBS delinquency rate from public ABS-EE / 10-D statuses, latest mapped as-of 2026-10-06. Check a Trepp or CRED iQ rate against public filings. Coverage and definitions can differ from those providers.Source: DealCharts CMBS deal projections and SEC NPORT-P holdings. Latest deal as-of date in this tracker: 2026-10-06. Property-type rates are collateral-weighted deal-level allocations from DealCharts collateral charts, not loan-level replacement rates from a third-party index.Mapped CMBS delinquency rate3.38%
Delinquent balance$10.0B
Special servicing rate5.92%
Deals with delinquent balance220 / 374
Highest collateral bucketOffice (3.81%)
Collateral-sector rates
Current CMBS delinquency by property type
Collateral-weighted from each deal's distribution chart and deal-level delinquent balance.| Property type | Allocated balance | Delinquent balance | Delinquency rate | Special servicing rate | Deal links |
|---|---|---|---|---|---|
| Office | $74.8B | $2.8B | 3.81% | 7.08% | 367 |
| Lodging | $31.0B | $1.1B | 3.52% | 6.08% | 342 |
| MixedUse | $41.7B | $1.4B | 3.46% | 5.96% | 363 |
| Retail | $59.4B | $2.0B | 3.34% | 6.20% | 367 |
| Multifamily | $39.8B | $1.2B | 3.12% | 4.56% | 353 |
| Industrial | $16.8B | $485M | 2.88% | 4.43% | 298 |
| SelfStorage | $13.9B | $309M | 2.22% | 3.70% | 302 |
Office CMBS delinquency
3.81% allocated delinquency rate, with $2.8B of delinquent balance across $74.8B of allocated balance. As of 2026-10-06, these are collateral-weighted deal-level allocations, not loan-level office delinquency rates.
Multifamily CMBS delinquency
3.12% allocated delinquency rate, with $1.2B of delinquent balance across $39.8B of allocated balance. As of 2026-10-06, these are collateral-weighted deal-level allocations, not loan-level multifamily delinquency rates.
Deal watchlist
Top current CMBS delinquency rates by deal
25 deals ranked by delinquent balance share| Deal | Current balance | Delinquent balance | Delinquency rate | Special servicing | Delinq. loans | DSCR | As of |
|---|---|---|---|---|---|---|---|
| BMARK 2018-B1BMARK shelf / 2018 vintage | $745M | $161M | 21.6% | 22.7% | 5 | 1.62 | 2026-10-01 |
| BBCMS 2022-C14BBCMS shelf / 2022 vintage | $871M | $182M | 20.9% | 20.9% | 6 | 2.49 | 2026-09-29 |
| UBSCM 2018-C13UBS shelf / 2018 vintage | $502M | $103M | 20.5% | 22.1% | 5 | 1.49 | 2026-09-28 |
| BMARK 2018-B2BMARK shelf / 2018 vintage | $1.1B | $190M | 18.0% | 27.9% | 7 | 2.24 | 2026-09-28 |
| JPMCC 2017-JP5JPM shelf / 2017 vintage | $732M | $127M | 17.3% | 31.9% | 3 | 2.34 | 2026-09-28 |
| CSAIL 2019-C17CSAIL shelf / 2019 vintage | $687M | $116M | 16.9% | 13.0% | 3 | 2.48 | 2026-09-28 |
| UBSCM 2018-C9UBS shelf / 2018 vintage | $701M | $116M | 16.6% | 23.8% | 3 | 1.87 | 2026-09-28 |
| BMARK 2023-V2BMARK shelf / 2023 vintage | $804M | $133M | 16.5% | 16.5% | 4 | 1.93 | 2026-09-28 |
| CSAIL 2020-C19CSAIL shelf / 2020 vintage | $801M | $125M | 15.6% | 22.9% | 2 | 2.29 | 2026-09-28 |
| CCUBSCM 2017-C1UBS shelf / 2017 vintage | $499M | $76.3M | 15.3% | 15.3% | 2 | 2.45 | 2026-09-28 |
| JPMDB 2017-C5JPM shelf / 2017 vintage | $600M | $90.7M | 15.1% | 28.1% | 3 | 2.10 | 2026-09-28 |
| GSMS 2018-GS9GSMS shelf / 2018 vintage | $816M | $122M | 15.0% | 15.0% | 3 | 2.80 | 2026-09-23 |
| GSMS 2017-GS8GSMS shelf / 2017 vintage | $901M | $134M | 14.8% | 14.8% | 2 | 2.46 | 2026-09-23 |
| CSAIL 2018-CX12CSAIL shelf / 2018 vintage | $573M | $82.7M | 14.4% | 30.6% | 5 | 2.96 | 2026-09-28 |
| BMARK 2018-B3BMARK shelf / 2018 vintage | $791M | $113M | 14.3% | 14.3% | 4 | 1.62 | 2026-09-25 |
| WFCM 2022-C62WF shelf / 2022 vintage | $521M | $74.2M | 14.2% | 14.2% | 5 | 2.41 | 2026-09-29 |
| BANK5 2023-5YR1BANK5 shelf / 2023 vintage | $826M | $116M | 14.0% | 14.0% | 4 | 1.72 | 2026-09-29 |
| GSMS 2019-GC40GSMS shelf / 2019 vintage | $711M | $95.0M | 13.4% | 13.4% | 2 | 2.48 | 2026-09-23 |
| BANK 2017-BNK9BANK shelf / 2017 vintage | $775M | $103M | 13.2% | 13.2% | 2 | 2.59 | 2026-08-26 |
| JPMCC 2016-JP4JPM shelf / 2016 vintage | $551M | $71.1M | 12.9% | 34.8% | 2 | 2.14 | 2026-09-28 |
| CGCMT 2018-B2CGCMT shelf / 2018 vintage | $903M | $115M | 12.8% | 12.8% | 3 | 2.32 | 2026-09-25 |
| UBSCM 2017-C4UBS shelf / 2017 vintage | $633M | $79.6M | 12.6% | 18.5% | 5 | 2.82 | 2026-09-28 |
| BMARK 2021-B29BMARK shelf / 2021 vintage | $1.1B | $135M | 12.5% | 13.2% | 4 | 3.88 | 2026-09-28 |
| BMO 2024-5C7BMO shelf / 2024 vintage | $959M | $117M | 12.2% | 5.48% | 5 | 1.69 | 2026-10-02 |
| BMO 2023-C7BMO shelf / 2023 vintage | $732M | $88.7M | 12.1% | 12.1% | 4 | 1.72 | 2026-10-02 |
NPORT-P fund exposure
Funds exposed to delinquent CMBS pools
High-delinquency collateral buckets in this run: Office, Lodging, MixedUse| Fund | Family / type | Mapped CMBS | In delinquent deals | % mapped CMBS | High-sector exposure | Largest matched distressed deal | Latest filing |
|---|---|---|---|---|---|---|---|
| Baird Aggregate Bond Fund21 delinquent deal links / 31 mapped CMBS deal links | Baird AggregateBond / income | $907M | $477M | 52.6% | $421M | BMO 2025-5C13 (0.65%) | 2026-08-14 |
| American Balanced Fund31 delinquent deal links / 55 mapped CMBS deal links | Capital Group / American FundsAllocation / multi-asset | $680M | $369M | 54.3% | $349M | BMO 2023-5C1 (2.30%) | 2026-08-27 |
| Bond Fund of America45 delinquent deal links / 80 mapped CMBS deal links | Capital Group / American FundsBond / income | $440M | $267M | 60.6% | $226M | BMARK 2025-V14 (4.93%) | 2026-08-27 |
| American Funds Multi-Sector Income Fund44 delinquent deal links / 68 mapped CMBS deal links | Capital Group / American FundsBond / income | $357M | $237M | 66.2% | $176M | BANK 2022-BNK44 (1.29%) | 2026-08-27 |
| American Funds Strategic Bond Fund43 delinquent deal links / 73 mapped CMBS deal links | Capital Group / American FundsBond / income | $231M | $172M | 74.5% | $111M | BMO 2023-5C1 (2.30%) | 2026-08-27 |
| LORD ABBETT BOND DEBENTURE FUND INC4 delinquent deal links / 4 mapped CMBS deal links | Lord AbbettBond / income | $156M | $156M | 100.0% | $60.3M | WFCM 2024-5C1 (10.5%) | 2025-08-28 |
| Intermediate Bond Fund of America20 delinquent deal links / 30 mapped CMBS deal links | Capital Group / American FundsBond / income | $131M | $83.1M | 63.3% | $74.7M | BMARK 2021-B25 (1.34%) | 2026-07-29 |
| Income Fund of America8 delinquent deal links / 17 mapped CMBS deal links | Capital Group / American FundsBond / income | $91.9M | $68.2M | 74.2% | $43.5M | MSBAM 2025-5C1 (9.66%) | 2026-06-26 |
| GENERAL ELECTRIC RSP INCOME FUND5 delinquent deal links / 8 mapped CMBS deal links | GENERAL ELECTRICBond / income | $76.5M | $47.9M | 62.7% | $36.4M | GSMS 2019-GC42 (1.84%) | 2020-11-27 |
| JNL/DoubleLine Total Return Fund10 delinquent deal links / 16 mapped CMBS deal links | DoubleLineBond / income | $61.3M | $43.4M | 70.8% | $35.0M | BBCMS 2020-C6 (2.83%) | 2020-05-28 |
| MFS Income Fund12 delinquent deal links / 14 mapped CMBS deal links | MFSBond / income | $66.1M | $42.4M | 64.2% | $30.0M | BANK5 2026-5YR20 (1.73%) | 2026-06-29 |
| Nuveen Bond Index Fund13 delinquent deal links / 14 mapped CMBS deal links | NuveenBond / income | $36.4M | $33.9M | 93.2% | $20.6M | UBSCM 2018-C10 (0.51%) | 2025-08-28 |
| Short-Term Bond Fund of America12 delinquent deal links / 20 mapped CMBS deal links | Capital Group / American FundsBond / income | $71.4M | $31.7M | 44.4% | $34.4M | BANK5 2024-5YR11 (2.63%) | 2026-07-29 |
| PIMCO Dynamic Income Fund6 delinquent deal links / 6 mapped CMBS deal links | PIMCOBond / income | $29.2M | $29.2M | 100.0% | $15.4M | BMARK 2019-B10 (1.92%) | 2026-08-31 |
| Bond Fund2 delinquent deal links / 4 mapped CMBS deal links | UnclassifiedBond / income | $47.3M | $28.9M | 61.1% | $26.0M | BBCMS 2025-5C38 (0.31%) | 2026-04-28 |
| Fidelity Investment Grade Bond Central Fund1 delinquent deal links / 1 mapped CMBS deal links | FidelityBond / income | $27.5M | $27.5M | 100.0% | $11.7M | BMARK 2025-V14 (4.93%) | 2025-08-22 |
| Franklin Core Plus Bond Fund13 delinquent deal links / 27 mapped CMBS deal links | Franklin TempletonBond / income | $65.4M | $27.0M | 41.2% | $29.7M | BMARK 2025-V14 (4.93%) | 2026-09-25 |
| Fixed Income SHares: Series C2 delinquent deal links / 3 mapped CMBS deal links | Fixed IncomeBond / income | $34.7M | $26.0M | 74.8% | $18.9M | BMO 2024-5C5 (8.35%) | 2026-08-31 |
| PGIM Core Bond Fund3 delinquent deal links / 5 mapped CMBS deal links | PGIMBond / income | $35.2M | $25.5M | 72.4% | $15.8M | BANK5 2025-5YR14 (1.64%) | 2025-06-26 |
| BlackRock Strategic Income Opportunities Portfolio15 delinquent deal links / 21 mapped CMBS deal links | BlackRock / iSharesBond / income | $36.5M | $24.2M | 66.4% | $18.3M | BBCMS 2025-C35 (3.00%) | 2026-08-25 |
| BNY Mellon Global Fixed Income Fund3 delinquent deal links / 4 mapped CMBS deal links | BNY MellonBond / income | $32.3M | $24.2M | 74.8% | $18.0M | MSC 2019-L2 (11.3%) | 2022-05-26 |
| PIMCO Flexible Credit Income Fund4 delinquent deal links / 4 mapped CMBS deal links | PIMCOBond / income | $21.0M | $21.0M | 100.0% | $10.1M | BMO 2022-C1 (3.81%) | 2026-08-31 |
| Bridge Builder Core Bond Fund1 delinquent deal links / 1 mapped CMBS deal links | Bridge BuilderBond / income | $20.8M | $20.8M | 100.0% | $10.4M | WFCM 2024-5C2 (3.76%) | 2025-08-27 |
| PIMCO Access Income Fund2 delinquent deal links / 2 mapped CMBS deal links | PIMCOBond / income | $20.7M | $20.7M | 100.0% | $8.2M | BMO 2022-C1 (3.81%) | 2026-08-31 |
| N/A1 delinquent deal links / 1 mapped CMBS deal links | UnclassifiedOther | $18.5M | $18.5M | 100.0% | $12.9M | BMARK 2021-B25 (1.34%) | 2021-11-30 |
Methodology
How the tracker is built
- Start with DealCharts CMBS deal rows that report current balance and delinquent balance.
- Compute deal-level delinquency as delinquent balance divided by current balance.
- Compute special-servicing rate separately from balance in special servicing divided by current balance.
- Allocate each deal's balance into property types using its DealCharts collateral-distribution chart percentages.
- Join SEC NPORT-P holdings to deal keys to show fund exposure to deals with delinquent balance.
Analyst note
The useful link is deal to fund
Public market-rate charts answer whether delinquency is rising. DealCharts answers where the disclosure lives, which deals are moving, and which public funds report exposure to those deal keys. That makes the tracker a route into diligence rather than a black-box index.
FAQ