CMBS surveillance stats
CMBS Delinquency Tracker (2026)
CMBS delinquency rate from public ABS-EE / 10-D statuses, latest mapped as-of 2026-11-03. 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: 2026-11-03. Property-type rates are collateral-weighted deal-level allocations from DealCharts collateral charts, not loan-level replacement rates from a third-party index. Deal observations span mixed reporting periods; the latest date is not the date of every row or a market-wide snapshot.Mapped CMBS delinquency rate3.40%
Delinquent balance$10.0B
Special servicing rate6.13%
Deals with delinquent balance223 / 376
Highest collateral bucketOffice (3.80%)
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 | $74.3B | $2.8B | 3.80% | 7.45% | 368 |
| MixedUse | $41.8B | $1.5B | 3.54% | 6.32% | 365 |
| Lodging | $30.5B | $1.1B | 3.47% | 6.05% | 343 |
| Retail | $58.6B | $2.0B | 3.42% | 6.42% | 368 |
| Multifamily | $39.8B | $1.3B | 3.16% | 4.68% | 353 |
| Industrial | $16.8B | $486M | 2.89% | 4.70% | 300 |
| SelfStorage | $14.0B | $297M | 2.12% | 3.85% | 303 |
Office CMBS delinquency
3.80% allocated delinquency rate, with $2.8B of delinquent balance across $74.3B of allocated balance. As of 2026-11-03, these are collateral-weighted deal-level allocations, not loan-level office delinquency rates.
Multifamily CMBS delinquency
3.16% allocated delinquency rate, with $1.3B of delinquent balance across $39.8B of allocated balance. As of 2026-11-03, 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 |
|---|---|---|---|---|---|---|---|
| JPMCC 2017-JP5JPM shelf / 2017 vintage | $638M | $196M | 30.7% | 36.7% | 4 | 2.32 | 2026-10-27 |
| BMARK 2018-B1BMARK shelf / 2018 vintage | $744M | $161M | 21.6% | 22.8% | 5 | 1.62 | 2026-10-30 |
| BBCMS 2022-C14BBCMS shelf / 2022 vintage | $870M | $182M | 21.0% | 21.0% | 6 | 2.60 | 2026-10-29 |
| CFCRE 2016-C7CF shelf / 2016 vintage | $371M | $75.0M | 20.2% | 23.3% | 2 | 2.36 | 2026-10-21 |
| UBSCM 2018-C13UBS shelf / 2018 vintage | $501M | $98.5M | 19.7% | 22.1% | 4 | 1.64 | 2026-11-02 |
| CGCMT 2016-P6CGCMT shelf / 2016 vintage | $480M | $92.5M | 19.3% | 46.9% | 2 | 1.94 | 2026-10-26 |
| BMARK 2018-B2BMARK shelf / 2018 vintage | $1.1B | $190M | 18.0% | 27.9% | 7 | 2.20 | 2026-10-27 |
| UBSCM 2018-C9UBS shelf / 2018 vintage | $701M | $116M | 16.6% | 23.8% | 3 | 1.84 | 2026-11-02 |
| BMARK 2023-V2BMARK shelf / 2023 vintage | $804M | $133M | 16.5% | 16.5% | 4 | 1.90 | 2026-10-26 |
| JPMDB 2017-C5JPM shelf / 2017 vintage | $505M | $79.9M | 15.8% | 33.4% | 2 | 2.10 | 2026-10-27 |
| CSAIL 2020-C19CSAIL shelf / 2020 vintage | $800M | $125M | 15.6% | 22.9% | 2 | 2.24 | 2026-10-28 |
| CCUBSCM 2017-C1UBS shelf / 2017 vintage | $498M | $76.3M | 15.3% | 15.3% | 2 | 2.38 | 2026-11-02 |
| GSMS 2018-GS9GSMS shelf / 2018 vintage | $816M | $122M | 15.0% | 15.0% | 3 | 2.80 | 2026-10-22 |
| UBSCM 2017-C4UBS shelf / 2017 vintage | $628M | $94.1M | 15.0% | 18.6% | 6 | 2.82 | 2026-11-02 |
| GSMS 2017-GS8GSMS shelf / 2017 vintage | $900M | $134M | 14.9% | 14.9% | 2 | 2.47 | 2026-10-22 |
| CSMC 2016-NXSRCSMC shelf / 2016 vintage | $188M | $27.8M | 14.8% | 17.6% | 3 | 1.70 | 2026-10-28 |
| CSAIL 2018-CX12CSAIL shelf / 2018 vintage | $572M | $82.6M | 14.4% | 30.6% | 5 | 2.97 | 2026-10-28 |
| BMARK 2018-B3BMARK shelf / 2018 vintage | $790M | $113M | 14.3% | 14.3% | 4 | 1.84 | 2026-10-26 |
| GSMS 2019-GC40GSMS shelf / 2019 vintage | $710M | $95.0M | 13.4% | 13.4% | 2 | 2.44 | 2026-10-22 |
| BANK 2017-BNK9BANK shelf / 2017 vintage | $773M | $102M | 13.2% | 13.2% | 2 | 2.62 | 2026-10-28 |
| CSAIL 2019-C17CSAIL shelf / 2019 vintage | $686M | $89.3M | 13.0% | 13.0% | 2 | 2.31 | 2026-10-28 |
| JPMCC 2016-JP4JPM shelf / 2016 vintage | $440M | $56.4M | 12.8% | 43.6% | 1 | 2.18 | 2026-10-27 |
| BMARK 2021-B29BMARK shelf / 2021 vintage | $1.1B | $134M | 12.8% | 24.2% | 4 | 3.97 | 2026-10-27 |
| CGCMT 2018-B2CGCMT shelf / 2018 vintage | $902M | $115M | 12.8% | 12.8% | 3 | 2.22 | 2026-10-26 |
| WFCM 2018-C44WF shelf / 2018 vintage | $676M | $86.2M | 12.7% | 14.5% | 3 | 2.27 | 2026-10-27 |
NPORT-P fund exposure
Funds exposed to delinquent CMBS pools
High-delinquency collateral buckets in this run: Office, MixedUse, Lodging| Fund | Family / type | Mapped CMBS | In delinquent deals | % mapped CMBS | High-sector exposure | Largest matched distressed deal | Latest filing |
|---|---|---|---|---|---|---|---|
| American Balanced Fund31 delinquent deal links / 55 mapped CMBS deal links | Capital Group / American FundsAllocation / multi-asset | $680M | $392M | 57.7% | $349M | BMO 2023-5C1 (2.31%) | 2026-08-27 |
| Baird Aggregate Bond Fund19 delinquent deal links / 31 mapped CMBS deal links | Baird AggregateBond / income | $907M | $386M | 42.5% | $420M | BANK5 2025-5YR14 (1.64%) | 2026-08-14 |
| Bond Fund of America47 delinquent deal links / 80 mapped CMBS deal links | Capital Group / American FundsBond / income | $440M | $268M | 61.0% | $226M | BMARK 2025-V14 (4.93%) | 2026-08-27 |
| American Funds Multi-Sector Income Fund47 delinquent deal links / 68 mapped CMBS deal links | Capital Group / American FundsBond / income | $357M | $249M | 69.7% | $176M | BANK 2022-BNK44 (1.30%) | 2026-08-27 |
| American Funds Strategic Bond Fund47 delinquent deal links / 73 mapped CMBS deal links | Capital Group / American FundsBond / income | $231M | $177M | 76.5% | $111M | BMO 2023-5C1 (2.31%) | 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 |
| Bond Fund8 delinquent deal links / 19 mapped CMBS deal links | UnclassifiedBond / income | $249M | $97.1M | 39.0% | $106M | BMARK 2024-V12 (4.39%) | 2026-10-29 |
| Income Fund of America8 delinquent deal links / 17 mapped CMBS deal links | Capital Group / American FundsBond / income | $91.9M | $68.2M | 74.2% | $43.1M | MSBAM 2025-5C1 (6.45%) | 2026-06-26 |
| Multi-Manager Total Return Bond Strategies Fund9 delinquent deal links / 14 mapped CMBS deal links | Multi-Manager TotalBond / income | $73.7M | $48.5M | 65.7% | $38.1M | BMO 2024-5C8 (4.96%) | 2026-10-28 |
| GENERAL ELECTRIC RSP INCOME FUND5 delinquent deal links / 8 mapped CMBS deal links | GENERAL ELECTRICBond / income | $76.5M | $47.9M | 62.7% | $36.2M | 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% | $35.1M | BBCMS 2020-C6 (2.83%) | 2020-05-28 |
| MFS Income Fund12 delinquent deal links / 14 mapped CMBS deal links | MFSBond / income | $66.1M | $38.7M | 58.6% | $30.0M | BMARK 2023-V3 (7.37%) | 2026-06-29 |
| PIMCO Dynamic Income Fund6 delinquent deal links / 6 mapped CMBS deal links | PIMCOBond / income | $29.2M | $29.2M | 100.0% | $15.3M | BMARK 2019-B10 (1.94%) | 2026-08-31 |
| Putnam Mortgage Opportunities Fund31 delinquent deal links / 41 mapped CMBS deal links | Franklin TempletonOther | $35.3M | $28.1M | 79.5% | $18.7M | BBCMS 2019-C5 (0.97%) | 2026-10-27 |
| 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 |
| BlackRock Strategic Income Opportunities Portfolio15 delinquent deal links / 21 mapped CMBS deal links | BlackRock / iSharesBond / income | $36.5M | $26.7M | 73.3% | $18.2M | BBCMS 2025-C35 (3.24%) | 2026-08-25 |
| Franklin Core Plus Bond Fund12 delinquent deal links / 27 mapped CMBS deal links | Franklin TempletonBond / income | $65.4M | $26.7M | 40.9% | $29.6M | 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 (7.36%) | 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 |
| 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 |
| Strategic Advisers Core Income Fund7 delinquent deal links / 13 mapped CMBS deal links | Strategic AdvisersBond / income | $43.4M | $22.1M | 51.0% | $20.6M | BANK 2021-BNK33 (2.70%) | 2025-07-30 |
| PIMCO Flexible Credit Income Fund4 delinquent deal links / 4 mapped CMBS deal links | PIMCOBond / income | $21.0M | $21.0M | 100.0% | $9.8M | BMO 2022-C1 (4.15%) | 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% | $7.7M | BMO 2022-C1 (4.15%) | 2026-08-31 |
| iShares Core Universal USD Bond ETF7 delinquent deal links / 11 mapped CMBS deal links | BlackRock / iSharesETF | $34.5M | $20.6M | 59.8% | $18.2M | BANK 2022-BNK44 (1.30%) | 2026-09-25 |
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.
Fund exposure
Find the funds holding these deals
Open a delinquent deal to review its disclosures, then check which funds report holdings in that deal. The fund tables link those holdings to SEC NPORT-P filings.
FAQ