CMBS surveillance stats
CMBS Delinquency Tracker (2026)
A public CMBS delinquency rate and CMBS default-rate tracker that connects deal-level delinquent balance, office CMBS delinquency, special servicing, collateral charts, and mutual-fund exposure from SEC NPORT-P filings.Source: DealCharts CMBS deal projections and SEC NPORT-P holdings. Latest deal as-of date in this tracker: 2026-09-01. 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 rate3.22%
Delinquent balance$9.5B
Special servicing rate5.82%
Deals with delinquent balance221 / 372
Highest collateral bucketOffice (3.68%)
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 | $77.5B | $2.9B | 3.68% | 7.10% | 366 |
| Lodging | $32.0B | $1.1B | 3.44% | 6.13% | 341 |
| Retail | $62.0B | $2.0B | 3.24% | 6.16% | 366 |
| MixedUse | $38.7B | $1.3B | 3.23% | 5.56% | 361 |
| Multifamily | $39.7B | $1.2B | 2.93% | 4.52% | 349 |
| Industrial | $16.8B | $445M | 2.64% | 4.42% | 296 |
| SelfStorage | $14.1B | $305M | 2.17% | 3.70% | 301 |
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 | $746M | $161M | 21.5% | 22.7% | 5 | 1.48 | 2026-08-31 |
| UBSCM 2018-C13UBS shelf / 2018 vintage | $502M | $90.9M | 18.1% | 22.1% | 4 | 1.76 | 2026-08-28 |
| BMARK 2018-B2BMARK shelf / 2018 vintage | $1.1B | $190M | 18.0% | 27.9% | 7 | 2.20 | 2026-08-26 |
| JPMCC 2017-JP5JPM shelf / 2017 vintage | $738M | $127M | 17.2% | 22.3% | 3 | 2.29 | 2026-08-26 |
| UBSCM 2018-C9UBS shelf / 2018 vintage | $712M | $116M | 16.3% | 24.9% | 3 | 1.72 | 2026-08-28 |
| CSAIL 2020-C19CSAIL shelf / 2020 vintage | $801M | $125M | 15.6% | 22.8% | 2 | 2.28 | 2026-08-27 |
| BMARK 2023-V2BMARK shelf / 2023 vintage | $854M | $133M | 15.6% | 15.6% | 4 | 1.82 | 2026-08-26 |
| CCUBSCM 2017-C1UBS shelf / 2017 vintage | $499M | $76.3M | 15.3% | 15.3% | 2 | 2.42 | 2026-08-28 |
| GSMS 2018-GS9GSMS shelf / 2018 vintage | $817M | $122M | 15.0% | 15.0% | 3 | 2.86 | 2026-08-21 |
| UBSCM 2017-C4UBS shelf / 2017 vintage | $634M | $94.2M | 14.9% | 14.9% | 6 | 2.85 | 2026-08-28 |
| GSMS 2017-GS8GSMS shelf / 2017 vintage | $902M | $134M | 14.8% | 14.8% | 2 | 2.50 | 2026-08-21 |
| CSAIL 2018-CX12CSAIL shelf / 2018 vintage | $573M | $82.7M | 14.4% | 30.5% | 5 | 2.91 | 2026-08-27 |
| JPMDB 2017-C5JPM shelf / 2017 vintage | $631M | $90.7M | 14.4% | 26.8% | 3 | 2.12 | 2026-08-26 |
| BMARK 2018-B3BMARK shelf / 2018 vintage | $792M | $113M | 14.2% | 14.2% | 4 | 1.58 | 2026-08-25 |
| BMARK 2021-B29BMARK shelf / 2021 vintage | $1.1B | $145M | 13.4% | 12.5% | 5 | 2.86 | 2026-08-27 |
| GSMS 2019-GC40GSMS shelf / 2019 vintage | $711M | $95.0M | 13.4% | 13.4% | 2 | 2.48 | 2026-08-21 |
| BANK 2017-BNK9BANK shelf / 2017 vintage | $775M | $103M | 13.2% | 13.2% | 2 | 2.59 | 2026-08-26 |
| CSAIL 2019-C17CSAIL shelf / 2019 vintage | $687M | $89.3M | 13.0% | 13.0% | 2 | 2.43 | 2026-08-27 |
| CGCMT 2016-P6CGCMT shelf / 2016 vintage | $629M | $80.9M | 12.9% | 15.4% | 7 | 2.45 | 2026-08-25 |
| CGCMT 2018-B2CGCMT shelf / 2018 vintage | $904M | $115M | 12.7% | 12.7% | 3 | 2.36 | 2026-08-25 |
| BMO 2023-C7BMO shelf / 2023 vintage | $732M | $88.7M | 12.1% | 12.1% | 4 | 2.04 | 2026-09-01 |
| JPMCC 2016-JP4JPM shelf / 2016 vintage | $604M | $71.1M | 11.8% | 31.8% | 2 | 2.18 | 2026-08-26 |
| MSC 2019-L2MSC shelf / 2019 vintage | $860M | $97.5M | 11.3% | 11.3% | 5 | 2.16 | 2026-08-31 |
| BMARK 2021-B27BMARK shelf / 2021 vintage | $1.0B | $119M | 11.3% | 12.6% | 3 | 2.49 | 2026-08-28 |
| JPMDB 2020-COR7JPM shelf / 2020 vintage | $606M | $67.2M | 11.1% | 11.1% | 1 | 2.74 | 2026-08-24 |
NPORT-P fund exposure
Funds exposed to delinquent CMBS pools
High-delinquency collateral buckets in this run: Office, Lodging, Retail| Fund | Family / type | Mapped CMBS | In delinquent deals | % mapped CMBS | High-sector exposure | Largest matched distressed deal | Latest filing |
|---|---|---|---|---|---|---|---|
| JPMorgan Income Fund77 delinquent deal links / 118 mapped CMBS deal links | AmBond / income | $755M | $477M | 63.1% | $432M | BMO 2023-5C1 (2.30%) | 2026-07-28 |
| American Balanced Fund33 delinquent deal links / 55 mapped CMBS deal links | Capital Group / American FundsAllocation / multi-asset | $680M | $404M | 59.4% | $367M | BMO 2023-5C1 (2.30%) | 2026-08-27 |
| Baird Aggregate Bond Fund20 delinquent deal links / 31 mapped CMBS deal links | Baird AggregateBond / income | $907M | $385M | 42.4% | $522M | BANK5 2025-5YR14 (1.64%) | 2026-08-14 |
| Bond Fund of America46 delinquent deal links / 80 mapped CMBS deal links | Capital Group / American FundsBond / income | $440M | $265M | 60.4% | $239M | BMARK 2025-V14 (3.78%) | 2026-08-27 |
| American Funds Multi-Sector Income Fund45 delinquent deal links / 68 mapped CMBS deal links | Capital Group / American FundsBond / income | $357M | $249M | 69.6% | $200M | 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 | $171M | 73.8% | $125M | 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% | $65.5M | WFCM 2024-5C1 (10.5%) | 2025-08-28 |
| Intermediate Bond Fund of America18 delinquent deal links / 30 mapped CMBS deal links | Capital Group / American FundsBond / income | $131M | $72.8M | 55.5% | $82.5M | BMARK 2021-B25 (0.76%) | 2026-07-29 |
| Income Fund of America7 delinquent deal links / 17 mapped CMBS deal links | Capital Group / American FundsBond / income | $91.9M | $45.8M | 49.8% | $46.9M | BANK5 2025-5YR14 (1.64%) | 2026-06-26 |
| MFS Income Fund12 delinquent deal links / 14 mapped CMBS deal links | MFSBond / income | $66.1M | $42.4M | 64.2% | $41.3M | BANK5 2026-5YR20 (1.73%) | 2026-06-29 |
| GENERAL ELECTRIC RSP INCOME FUND4 delinquent deal links / 8 mapped CMBS deal links | GENERAL ELECTRICBond / income | $76.5M | $40.7M | 53.3% | $46.8M | GSMS 2019-GC42 (1.84%) | 2020-11-27 |
| Bond Fund3 delinquent deal links / 4 mapped CMBS deal links | UnclassifiedBond / income | $47.3M | $39.1M | 82.7% | $24.3M | BBCMS 2025-5C38 (0.31%) | 2026-04-28 |
| JNL/DoubleLine Total Return Fund10 delinquent deal links / 16 mapped CMBS deal links | DoubleLineBond / income | $61.3M | $38.2M | 62.4% | $37.2M | BBCMS 2020-C6 (2.83%) | 2020-05-28 |
| iShares Core Universal USD Bond ETF14 delinquent deal links / 19 mapped CMBS deal links | BlackRock / iSharesETF | $46.1M | $35.5M | 77.1% | $26.3M | BANK 2022-BNK44 (1.29%) | 2026-06-26 |
| Short-Term Bond Fund of America13 delinquent deal links / 20 mapped CMBS deal links | Capital Group / American FundsBond / income | $71.4M | $34.4M | 48.1% | $38.2M | 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% | $16.8M | BMARK 2019-B10 (1.91%) | 2026-08-31 |
| Fidelity Investment Grade Bond Central Fund1 delinquent deal links / 1 mapped CMBS deal links | FidelityBond / income | $27.5M | $27.5M | 100.0% | $10.8M | BMARK 2025-V14 (3.78%) | 2025-08-22 |
| Nuveen Bond Index Fund9 delinquent deal links / 11 mapped CMBS deal links | NuveenBond / income | $30.7M | $26.7M | 87.1% | $21.2M | UBSCM 2018-C10 (8.41%) | 2025-08-28 |
| PGIM Core Bond Fund3 delinquent deal links / 5 mapped CMBS deal links | PGIMBond / income | $34.1M | $24.4M | 71.5% | $16.5M | 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% | $23.0M | 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% | $11.0M | BMO 2022-C1 (3.80%) | 2026-08-31 |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND2 delinquent deal links / 4 mapped CMBS deal links | InvestorOther | $54.6M | $20.9M | 38.2% | $35.3M | BBCMS 2021-C10 (1.02%) | 2025-06-30 |
| Bridge Builder Core Bond Fund1 delinquent deal links / 1 mapped CMBS deal links | Bridge BuilderBond / income | $20.8M | $20.8M | 100.0% | $11.3M | WFCM 2024-5C2 (1.39%) | 2025-08-27 |
| PIMCO Access Income Fund2 delinquent deal links / 2 mapped CMBS deal links | PIMCOBond / income | $20.7M | $20.7M | 100.0% | $9.4M | BMO 2022-C1 (3.80%) | 2026-08-31 |
| N/A1 delinquent deal links / 1 mapped CMBS deal links | UnclassifiedOther | $18.5M | $18.5M | 100.0% | $14.0M | BMARK 2021-B25 (0.76%) | 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