Market Reports

Chief Economist's Weekly Watch: May PCE Inflation, Warsh Meeting, Bank Stress Tests

The Chief Economist's Weekly Watch for June 22, 2026 covers three key developments affecting commercial real estate: May PCE inflation data released Thursday with implications for Treasury yields and refinancing assumptions; Federal Reserve communication shifts following Chair Kevin Warsh's first FOMC meeting, which shortened the statement and removed forward guidance while projections turned hawkish toward a possible rate hike; and the Federal Reserve's annual bank stress test results released Wednesday, which assume a severe global recession and commercial real estate stress while maintaining current capital requirements without resetting stress capital buffers.

CMBSDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Jun 22, 2026

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Image published by federalreserve.gov with the article “FEDS Note: Monitoring High Credit Growth: The Link Between Local Deposits and CRE Lending” — Image: federalreserve.gov

Federal Reserve Board

FEDS Note: High Credit Growth Monitoring—Local Deposits and CRE Lending Link

Teodora Paligorova , and Toshihide Yorozu Outstanding mortgage debt in the commercial real estate (CRE) sector totaled $6 trillion at the end of 2024 including owner-occupied and nonowner-occupied real estate, multifamily mortgages, and loans backed by acquisition, development, and construction projects. Banks hold…

EconomyCapital MarketsMultifamilyUnited States

Source Federal Reserve (FEDS Notes)·Updated 1 month ago·Published Unknown

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CMBS Distress Rate in May 2026

CRED iQ's overall CMBS distress rate rose to 11.86% in May 2026, up from 11.08% in April, driven by increases in both special servicing and delinquency rates. Office properties showed the highest distress at 17.11%, followed by mixed-use at 16.12%, while self-storage, industrial, and manufactured housing remained resilient with distress rates near or below 1.2%. The overall distress rate has more than doubled since mid-2022 when it was near 5%, indicating that resolution activity has not kept pace with new transfers into distress.

CMBSDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Jun 18, 2026

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Negative Leverage Divide: What 2026's Newest CMBS Loans Reveal About Cap Rates, Coupons, and Credit

CRED iQ analyzed $26.1 billion in newly securitized CMBS loans from 2026 and found that balance-weighted average cap rates now align almost exactly with average mortgage coupons, creating zero positive leverage for typical borrowers, with the split driven primarily by property type: favored sectors (multifamily, industrial, self-storage, mixed-use, manufactured housing) finance at negative leverage ranging from −19 to −86 basis points, while distressed sectors (hospitality at +124 bps, office at +95 bps, retail at +20 bps) maintain positive leverage. Cap rates range from 5.41% (manufactured housing) to 8.02% (hospitality), with office and hotel underwriting marked as extremely conservative at 13.8% weighted debt yields and 55.4% LTV, while 56% of new-issue balance is structured as full-term interest-only to offset thin leverage spreads.

CMBSDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Jun 12, 2026

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CMBS Distress Surge in 17 of 25 Largest U.S. Markets

CRED iQ's May 2026 CMBS distress analysis found that the overall distress rate among the top 25 largest U.S. metropolitan areas increased to 12.7% from 12.2% in June 2025, with 17 of the 25 markets posting year-over-year increases led by Midwest and mid-major markets. Minneapolis (55.2%), Denver (43.0%), and Rochester (40.1%) posted the highest distress rates, while St. Louis experienced the largest single-year surge, climbing from 8.2% to 38.1%, reflecting accelerating loan impairment in markets with concentrated office exposure and maturing floating-rate debt from 2021–2022 vintages.

CMBSDebt & FinancingFinancing & CMBSUnited States

Updated 1 month ago·Published Jun 5, 2026

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Walker & Dunlop Leads Fannie Mae Multifamily Lending in 2026

Walker & Dunlop led Fannie Mae multifamily lending in 2026 year-to-date through May 13 with $2.18 billion across 110 loans, followed by CBRE Multifamily Capital at $1.88 billion and PGIM Real Estate Agency Financing at $1.56 billion, with the top ten lenders controlling approximately 78% of the $16.5 billion in total Fannie Mae multifamily volume. Refinancing drove 62.8% of originations as borrowers addressed maturing debt, while gateway markets including New York–Newark–Jersey City ($1.6 billion), San Jose–Sunnyvale–Santa Clara ($0.75 billion), and Los Angeles–Long Beach–Anaheim ($0.72 billion) attracted the most capital.

CMBSDebt & FinancingMultifamilyUnited States

Updated 1 month ago·Published May 29, 2026

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Bank Multifamily Delinquencies Up 5.9x Since 2022 Low

Bank multifamily loan delinquencies at U.S. banks reached 1.42% in Q4 2025, up 5.9 times from the cycle low of 0.24% in Q3 2022, while outstanding multifamily loan balances grew to a record $659.5 billion in Q4 2025. The deterioration is concentrated in 90+ day past-due loans at 1.04%, attributed to elevated debt service costs at refinancing, weaker rent growth in pandemic-era boom markets, and tighter underwriting standards.

CMBSDebt & FinancingMultifamilyUnited States

Updated 1 month ago·Published May 15, 2026

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Construction & Development Loans Q4 2025:

U.S. bank construction and development loan balances fell to $456.3 billion in Q4 2025, down 5.7% year-over-year and marking the sixth consecutive quarter of contraction, according to CRED iQ analysis. The decline of $45 billion from the post-pandemic peak of $501.5 billion in Q4 2023 reflects elevated borrowing costs, tightened underwriting standards, and softening commercial real estate fundamentals. The past-due and nonaccrual rate on C&D loans stood at 1.34% in Q4 2025, elevated relative to recent lows but well below post-financial crisis stress levels.

CMBSDebt & FinancingFinancing & CMBSUnited States

Updated 1 month ago·Published May 6, 2026

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Office Distress in Largest U.S. CMBS Markets

CRED iQ's April 2026 analysis of the 50 largest U.S. metropolitan areas found an overall CMBS distress rate of 12.2%, with office property registering the highest distress at 17.0% followed by mixed-use at 14.6%, while industrial remained lowest at 1.9%. The report identified Providence-New Bedford-Fall River, Hartford-West Hartford-East Hartford, and Denver-Aurora as the most distressed markets, while Sun Belt metros including Miami, Phoenix, Dallas, Houston, and Atlanta posted sub-10% distress rates; multifamily distress also emerged as a growing concern at 11.4% aggregate, particularly in San Francisco-Oakland-Fremont and Minneapolis-St. Paul.

CMBSDebt & FinancingOfficeUnited States

Updated 1 month ago·Published May 1, 2026

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Debt Yields Rebound as Negative Leverage Persists Across CMBS Property Types

CRED iQ's loan-level analysis of approximately 3,700 CMBS loans totaling $94.7 billion finds that debt yields have rebounded to a weighted-average of 10.3% across property types, with office leading at 15.75% and multifamily lowest at 8.87%. The analysis reveals that four of six property types (multifamily, retail, industrial, and self-storage) exhibit negative leverage, meaning cap rates fall below loan coupons, indicating that new acquisitions cannot generate day-one positive returns without future NOI growth or refinancing relief.

CMBSDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Apr 24, 2026

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CMBS Distress Rate Rankings: Top 100 U.S. Markets by CBSA

CRED iQ's February 2026 analysis ranks the top 100 U.S. Core-Based Statistical Areas by CMBS distress rate, defining distress as loans in special servicing, 30+ day delinquency, or REO status across Conduit and SBLL deal structures. Office property type leads all sectors at 21.2% average distress rate, while Minneapolis-St. Paul-Bloomington ranks as the most distressed major metro at 54.3%, driven primarily by office (72.7%) and hotel (92.2%) loan deterioration, with gateway markets Chicago (22.7%), Denver (22.4%), and San Francisco (21.0%) also posting elevated distress rates tied to post-pandemic office absorption challenges.

CMBSDebt & FinancingFinancing & CMBSUnited States

Updated 1 month ago·Published Apr 10, 2026

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Image published by Arbor Realty with the article “Single-Family Rental Investment Trends Report Q2 2025” — Image: Arbor Realty

Arbor Realty Trust

Single-Family Rental Investment Trends Q2 2025

Arbor/Chandan quarterly: rent growth outpacing inflation as operators prioritize retention; robust SFR/BTR construction and $7.8B 2024 CMBS issuance.

Single-Family RentalCMBSFinancing & CMBSUnited States

Updated 1 month ago·Published Jun 9, 2025

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Image published by Arbor Realty with the article “Single-Family Rental Investment Trends Report Q1 2025” — Image: Arbor Realty

Arbor Realty Trust

Single-Family Rental Investment Trends Q1 2025

Arbor/Chandan quarterly report: rent growth resuming pre-pandemic patterns, robust SFR/BTR construction starts, and rising CMBS activity.

Single-Family RentalCMBSFinancing & CMBSUnited States

Updated 1 month ago·Published Mar 12, 2025

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CBRESubscription required

Investment Strategies for Manufactured Housing and RV Real Estate

CBRE capital-markets piece outlining MH/RV investment approaches (REITs, direct ownership, mortgage-backed securities) with sector performance context.

Manufactured HousingCapital MarketsCMBSUnited States

Updated 1 month ago·Published Unknown

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Stock photograph illustrating “Commercial and Multifamily Mortgage Debt Outstanding Crosses $5 Trillion in First-Quarter 2026” — Photo by Phát Trương / Pexels on Pexels

Mortgage Bankers AssociationSubscription required

Commercial and Multifamily Mortgage Debt Outstanding Reaches $5 Trillion in Q1 2026

MBA's quarterly Commercial/Multifamily Mortgage Debt Outstanding report finds total debt rose $26.3 billion (0.5%) to $5.02 trillion in Q1 2026, with multifamily debt up $23.0 billion to $2.32 trillion.

Debt & FinancingCapital MarketsMultifamilyUnited States

Updated 1 month ago·Published Jun 18, 2026

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Mortgage Bankers AssociationSubscription required

Quarterly Commercial/Multifamily Mortgage Delinquency Rates

MBA's complimentary Commercial Mortgage Delinquency Rates report analyzes delinquency trends across the five largest investor groups—banks/thrifts, CMBS, life companies, Fannie Mae and Freddie Mac.

Debt & FinancingCMBSMultifamilyUnited States

Updated 1 month ago·Published Jun 2, 2026

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Berkadia

Multifamily Lending Mid-Year Market Landscape

Mid-year review of multifamily lending: agency lending volumes rising, third-party capital remains accessible, and transaction activity concentrating in higher-quality assets amid disciplined underwriting.

Debt & FinancingMultifamilyCapital MarketsUnited States

Updated 1 month ago·Published May 29, 2026

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Stock photograph illustrating “MBA Annual Report Finds Total Commercial Real Estate Borrowing and Lending Increased 40 Percent in 2025” — Photo by Phát Trương / Pexels on Pexels

Mortgage Bankers AssociationSubscription required

Commercial Real Estate Borrowing and Lending Up 40% in 2025

MBA's 2025 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation estimates total CRE borrowing and lending reached $706 billion in 2025, a 40% increase over 2024.

Debt & FinancingCapital MarketsMultifamilyUnited States

Updated 1 month ago·Published Apr 28, 2026

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Nuveen Real Estate

U.S. overview | Trends and Tactics

Nuveen Real Estate's tactical sector-by-sector view on US commercial real estate fundamentals, pricing and relative value within its Trends and Tactics series.

OfficeIndustrial & LogisticsMultifamilyUnited States

Updated 1 month ago·Published Apr 1, 2026

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Berkadia

MBA CREF 2026: Five Takeaways on CRE Lending & Investment

Five takeaways from the 2026 MBA CREF conference: CRE originations hit $633B in 2025 (+27%) with $805B projected for 2026, nearly $1T in 2025-2026 loan maturities, and intensifying agency lender competition.

Debt & FinancingCapital MarketsMultifamilyUnited States

Updated 1 month ago·Published Feb 19, 2026

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Stock photograph illustrating “MBA CREF Forecast: Total Commercial Mortgage Originations to Increase 27 Percent to $805 Billion in 2026” — Photo by Phát Trương / Pexels on Pexels

Mortgage Bankers AssociationSubscription required

MBA CREF Forecast: Commercial Mortgage Originations to Rise 27% to $805B in 2026

MBA's annual CREF Forecast projects total commercial mortgage origination volume to rise 27% to $805.5 billion in 2026, with multifamily originations climbing to $399.2 billion.

Capital MarketsDebt & FinancingMultifamilyUnited States

Updated 1 month ago·Published Feb 9, 2026

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Barings

U.S. Real Estate Gradual Recovery Supported by Low New Supply

Barings' U.S. CRE research notes recovery underpinned by solid household balance sheets, sharply lower construction activity, three-year-high transaction volumes in Q4 2025, and record CMBS issuance amid disciplined underwriting.

Capital MarketsEconomyDebt & FinancingUnited States

Updated 1 month ago·Published Feb 1, 2026

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NewmarkSubscription required

United States Capital Markets Report

Newmark's U.S. capital markets report covering investment sales, debt maturities and pricing trends, including an estimated $582 billion of potentially troubled debt maturing in 2025-2026.

Capital MarketsDebt & FinancingOfficeUnited States

Updated 1 month ago·Published May 7, 2025

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Walker & Dunlop

Key takeaways from MBA CREF 2025

Field report from the MBA Commercial/Multifamily Finance Convention covering capital availability, lending competition, and credit-spread compression across CRE sectors. Notes spreads as tight as 2021 and shifting lender risk tolerance.

Debt & FinancingCapital MarketsMultifamilyUnited States

Updated 1 month ago·Published Feb 20, 2025

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Mortgage Bankers AssociationSubscription required

Quarterly Commercial/Multifamily Mortgage Debt Outstanding

MBA's quarterly research series tracking the level of commercial and multifamily mortgage debt outstanding by capital source, with a downloadable latest report.

Debt & FinancingCapital MarketsMultifamilyUnited States

Updated 1 month ago·Published Unknown

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1970s Vintage Multifamily: Value-Add Repricing Slowdown in CRE CLOs

Trepp analyzed 1,419 re-securitization pairs of 1970s-vintage multifamily properties across 1,299 unique properties from 2021 through May 2026, finding a median value increase of 63.08% ($9.0 million) with median NOI growth of 39.38% and 81 basis points of cap rate compression, though value gains have slowed significantly after 2022 with median increases declining from 76% in 2022 to 38% in 2026 and cap rate compression largely disappearing. The strongest valuations occurred in Sun Belt markets like Houston and Phoenix (101-103% increases) and when properties transitioned from conduit loans to CRE CLOs (313% median increase), but properties already in CLO structures showed minimal re-pricing gains, suggesting future value growth will depend more on operational improvements than market-wide multiple expansion.

CMBSDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Jun 17, 2026

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Basel III Re-Proposed: CRE Lending and Credit Risk Transfer – Part 3

On March 19, 2026, the Federal Reserve, FDIC, and OCC jointly proposed Basel III capital rules that expand access to credit risk transfer (CRT) structures for U.S. banks, eliminating the prior requirement for case-by-case Federal Reserve approval and allowing standardized regulatory treatment instead. The document examines how synthetic risk transfer and credit-linked notes work for commercial real estate portfolios, illustrating with a stylized example how a regional bank holding a $500 million multifamily portfolio could reduce risk-weighted assets from $500 million to $78.1 million (16% of original) through a CRT, and identifies strongest CRT candidates as stabilized income-producing properties and smaller-balance owner-occupied commercial properties with strong fundamentals that diverge from their regulatory risk weights.

CMBSDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Jun 15, 2026

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Chief Economist's Weekly Watch – June 15, 2026

The document discusses three key developments affecting commercial real estate finance for the week of June 15, 2026: the FOMC meeting on June 16–17 under new chair Kevin Warsh, movements in the Treasury yield curve reflecting short- and long-term rate expectations, and tightening of balance sheet lending spreads amid competitive loan markets. The analysis focuses on how Fed communication and rate signals will influence borrower and lender assumptions, the relative pressure on floating-rate versus fixed-rate refinancing structures, and whether recent spread tightening in loan markets will persist or diverge from wider spreads in lower-rated CMBS bonds.

CMBSDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Jun 15, 2026

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Detroit Office CMBS: Limited Securitization, Divergent Credit Outcomes

Detroit's office CMBS market totals approximately $2.0 billion across fewer than 200 properties, with office loans representing $741.83 million of upcoming maturities. Despite Detroit office assets showing weaker utilization metrics than national CMBS averages—including weighted-average occupancy in the high-70% range and over a quarter of securitized balances reporting vacancy above 25%—the market exhibits materially lower credit stress than national benchmarks, with fewer loans above 100% LTV, lower delinquency rates, and below-average watchlist exposure, a disconnect attributed to Detroit's small, less-impaired securitized base rather than superior operating fundamentals.

CMBSDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Jun 12, 2026

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CRE Price Stability Amid Instability: TPPI Q1 2026

The Trepp Property Price Index (TPPI) for Q1 2026 shows commercial real estate pricing stabilizing broadly across the market, with the equal-weighted composite index rising 0.09% in the quarter to sit 4.45% above its June 2022 level, while the value-weighted index increased 0.07% but remained 7.53% below the 2022 peak. Sector-specific results revealed uneven recovery: industrial and office prices showed modest gains, retail remained relatively stable, multifamily weakened with a 0.77% quarterly decline, and lodging remained the worst performer at 12.50% below June 2022 levels, though the analysis notes that smaller and mid-sized assets are finding firmer footing while larger institutional properties continue to face financing constraints and incomplete price discovery.

CMBSDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Jun 11, 2026

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CMBS Special Servicing Rate Decline in May

The Trepp CMBS Special Servicing Rate decreased by 51 basis points in May 2026 to 10.86%, driven primarily by an office loan returning to the master servicer and denominator effects, with special servicing rates declining across most property types including office (down 91 basis points to 16.75%), lodging (down 121 basis points to 8.45%), and multifamily (down 57 basis points to 8.51%). New transfers to special servicing totaled approximately $2.9 billion across 59 loans in May.

CMBSDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Jun 10, 2026

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Agencies Replace SR 11-7: 2026 Model Risk Management Guidance for Banking

The document examines how the Federal Reserve, OCC, and FDIC's new model risk management guidance SR 26-02 (issued April 17, 2026) replaces the 15-year-old SR 11-7 framework, with key changes including a narrower model definition that excludes spreadsheet arithmetic and deterministic rule-based systems, explicit carve-outs for generative and agentic AI, and applicability primarily to institutions above $30 billion in assets. The guidance creates a governance gap for AI-driven commercial real estate workflows by placing statistical models within the MRM perimeter while excluding generative layers, extraction pipelines, and orchestration logic, meaning banks have regulatory latitude in deploying agentic AI for CRE underwriting but remain responsible for downstream risks that feed into pricing and credit estimates.

CMBSDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Jun 9, 2026

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Mid-Year 2026: Green Lights Across CRE Finance

The document is a letter from the editor of Trepp and Commercial Real Estate Direct's 2026 mid-year magazine covering commercial real estate finance and CMBS markets, reporting that CMBS issuance reached nearly $52 billion through mid-May 2026 (up 16% year-over-year), CRE CLO issuance totaled $21.61 billion (up 60% year-over-year), and lenders have increased lending against multifamily properties and office buildings despite acknowledged risks including inflation and geopolitical concerns. The editor notes that while CMBS delinquencies have increased month-to-month, overall special servicing volumes remain stable and market conditions are stabilizing, though investors and lenders continue to move cautiously.

CMBSDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Jun 8, 2026

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TreppTalk Research & Insights

Trepp's research blog covers CMBS, CRE lending and banking, noting capital is flowing again into 2026 as rates ease and leasing fundamentals stabilize.

Debt & FinancingCapital MarketsCMBSUnited States

Updated 1 month ago·Published May 1, 2026

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Trepp CMBS Delinquency Report

Trepp's monthly delinquency report tracks CMBS late-payment rates by property type, with office continuing to carry the highest delinquency among the major sectors.

Debt & FinancingCapital MarketsCMBSUnited States

Updated 1 month ago·Published Apr 1, 2026

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Mortgage Bankers AssociationSubscription required

Commercial and Multifamily Mortgage Debt Outstanding Reaches $4.99 Trillion in Q4 2025

Commercial and multifamily mortgage debt outstanding rose 1.5 percent, or 75.2 billion dollars, to 4.99 trillion dollars in the fourth quarter of 2025. Multifamily debt grew 57.3 billion dollars during the quarter and 142.9 billion dollars for the full year.

Debt & FinancingMultifamilyCapital MarketsUnited States

Updated 1 month ago·Published Mar 26, 2026

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Image: msci.com

MSCI Real Assets

US RCA Capital Trends Report

The monthly Capital Trends report tracks U.S. transaction volumes, pricing and capital flows across property types, supporting investors, lenders and other market participants.

Capital MarketsAlternativesCMBSUnited States

Updated 1 month ago·Published Mar 26, 2026

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Moody's CRE / Analytics

Commercial real estate

Moody's commercial real estate hub tracks deal volume, lending and property-level performance, noting December CRE deal volume sank further with office a relative bright spot.

Capital MarketsDebt & FinancingCMBSUnited States

Updated 1 month ago·Published Feb 3, 2026

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CRE Finance Council

CREFC 4Q 2025 BOG Sentiment Index Approaches All-Time High on Record Financing Demand

The 4Q 2025 index rose 2.1 percent to 125.4 from 122.8 in 3Q 2025, approaching the all-time survey high of 126.6 set in 4Q 2024 as financing demand expectations reached a survey record.

Capital MarketsDebt & FinancingEconomyUnited States

Updated 1 month ago·Published Jan 22, 2026

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Image: dbrs.morningstar.com

Morningstar DBRS

U.S. CRE 2026 Outlook: Momentum, Office Challenges, CMBS Maturity Wall

The outlook notes 2025 office originations were the highest since the Great Recession even as office delinquencies stayed elevated, creating a bifurcated environment. Morningstar DBRS maintains a stable view on hotel, retail and multifamily sectors despite asset- and market-specific stress.

CMBSOfficeCapital MarketsUnited States

Updated 1 month ago·Published Jan 12, 2026

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Clarion Partners

The U.S. Commercial Real Estate Investable Universe

Clarion Partners sizes the U.S. commercial real estate investable universe across property types and strategies. The report quantifies the opportunity set available to institutional investors.

Capital MarketsAlternativesCMBSUnited States

Updated 1 month ago·Published Jan 12, 2026

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CMBS Distress Rate Climbs to 11.70% in December 2025

CRED iQ reports the overall CMBS distress rate rose to 11.70 percent in December 2025, a third consecutive monthly increase, with a delinquency rate of 8.89 percent and a specially serviced rate of 11.15 percent.

CMBSCapital MarketsDebt & FinancingUnited States

Updated 1 month ago·Published Jan 9, 2026

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CMBS Loan Performance Trends: December 2025

KBRA reports the delinquency rate among KBRA-rated US private label CMBS decreased to 7.7 percent in December 2025 from 7.8 percent in November, while the distress rate ticked up to 10.6 percent.

CMBSCapital MarketsDebt & FinancingUnited States

Updated 1 month ago·Published Jan 2, 2026

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NewmarkSubscription required

4Q25 U.S. Capital Markets Conditions & Trends

Newmark reports U.S. capital markets momentum strengthened through year-end 2025 as improving liquidity and active debt markets sustained a rebound in transaction activity. Institutional investment rose 23 percent year-over-year, while 547 billion dollars in loans maturing between 2025 and 2027 remain potentially troubled, led by office and multifamily.

Capital MarketsOfficeMultifamilyUnited States

Updated 1 month ago·Published Jan 1, 2026

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December 2025 CMBS Delinquency Report

Trepp reports the CMBS delinquency rate rose 4 basis points to 7.30 percent in December 2025, with lodging up 44 basis points to 6.61 percent and office retreating 37 basis points to 11.31 percent.

CMBSCapital MarketsDebt & FinancingUnited States

Updated 1 month ago·Published Jan 1, 2026

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Greystone

CRE Market Outlook 2026: Lending Recovery, Multifamily Rebound and Investment Opportunities

The outlook projects commercial real estate lending rising to 805 billion dollars in 2026, a 38 percent increase over the 583 billion seen in 2025. Peak maturity volumes of 875 billion are forecast for 2026, keeping refinancing risk elevated even as multifamily fundamentals improve.

MultifamilyDebt & FinancingCapital MarketsUnited States

Updated 1 month ago·Published Jan 1, 2026

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Image: dbrs.morningstar.com

Morningstar DBRS

Monthly North American CMBS Rating Action Summary — November 2025

The monthly summary aggregates Morningstar DBRS rating actions across North American CMBS transactions for November 2025. It is part of the firm's recurring surveillance reporting on the sector.

CMBSFinancing & CMBSCanadaUnited States

Updated 1 month ago·Published Dec 15, 2025

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CMBS Distress Rate November 2025

CRED iQ records a November 2025 CMBS distress rate of 11.6 percent, with non-performing matured loans comprising the largest share of the distressed universe and office exhibiting the highest sector stress.

CMBSCapital MarketsDebt & FinancingUnited States

Updated 1 month ago·Published Dec 5, 2025

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CMBS Loan Performance Trends: November 2025

KBRA's November 2025 report tracks delinquency and distress rates across KBRA-rated US private label CMBS, with continued pressure in the office and multifamily sectors.

CMBSCapital MarketsDebt & FinancingUnited States

Updated 1 month ago·Published Dec 1, 2025

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Starwood Property Trust

Starwood Property Trust Q3 2025 Results

Third quarter GAAP net income was 72.6 million dollars and Distributable Earnings were 148.6 million dollars, with the company acquiring Fundamental, a 2.2 billion dollar net lease portfolio.

CMBSDebt & FinancingNet LeaseGlobalUnited States

Updated 1 month ago·Published Nov 10, 2025

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CMBS Loan Performance Trends: October 2025

KBRA reports the delinquency rate among KBRA-rated US private label CMBS rose to 7.9 percent in October 2025, with 1.7 billion dollars in loans newly added to distress and multifamily seeing the highest new volume.

CMBSCapital MarketsDebt & FinancingUnited States

Updated 1 month ago·Published Oct 31, 2025

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CRED iQ Market Update: CMBS Distress and CRE Trends in Q3 2025

CRED iQ's third-quarter 2025 market update reviews CMBS distress trends and broader commercial real estate conditions across major property sectors.

CMBSCapital MarketsDebt & FinancingUnited States

Updated 1 month ago·Published Oct 2, 2025

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CRE Finance Council

CREFC 3Q 2025 BOG Sentiment Index Rise

The 3Q 2025 Board of Governors Sentiment Index rose 9.3 percent to 122.8 from 112.3 in 2Q 2025, reaching its highest level since 4Q 2024 and solidifying the market's recovery momentum.

Capital MarketsDebt & FinancingEconomyUnited States

Updated 1 month ago·Published Oct 1, 2025

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CMBS Loan Performance Trends: September 2025

KBRA reports the office delinquency rate decreased 90 basis points to 12.3 percent in September 2025, while overall KBRA-rated CMBS delinquency stood at 7.7 percent.

CMBSCapital MarketsDebt & FinancingUnited States

Updated 1 month ago·Published Oct 1, 2025

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ColliersSubscription required

Capital Markets U.S. Snapshot | 2025 Q3

The Q3 snapshot reports US capital markets showing renewed momentum amid economic uncertainty, supported by strong liquidity and record-setting CMBS activity. It outlines forces shaping capital flows into year end.

Capital MarketsCMBSFinancing & CMBSUnited States

Updated 1 month ago·Published Oct 1, 2025

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Mortgage Bankers AssociationSubscription required

Commercial and Multifamily Mortgage Debt Outstanding in Q2 2025

Commercial and multifamily mortgage debt outstanding increased 47.1 billion dollars, or 1.0 percent, to 4.88 trillion dollars at the end of the second quarter of 2025. Multifamily mortgage debt rose 27.7 billion dollars to 2.19 trillion dollars.

Debt & FinancingMultifamilyCapital MarketsUnited States

Updated 1 month ago·Published Sep 23, 2025

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