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CMBS research.

CMBS (commercial mortgage-backed securities) are bonds backed by pools of commercial real-estate loans. Research follows issuance, spreads, delinquencies and special servicing as a read on credit conditions.

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Latest CMBS research

Trepp

What’s Behind the July Multifamily CMBS Delinquency Uptick?

The Trepp Commercial Mortgage-Backed Securities (CMBS) Delinquency Rate increased 51 basis points to 7.86% in July, as the total balance of delinquent loans rose by $3.52 billion to $47.5 billion. Among the loans that became newly delinquent during the month were 30 multifamily loans totaling $509.3 million. A…

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Global Real Estate Intelligence is a neutral index of publicly available research. We summarise briefly, attribute every source, and link to the original; all rights remain with the publishers.

CMBSDebt & FinancingCapital MarketsnationalUnited States

Updated todayPublished Aug 14, 2026

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Connect CRENews

CMBS Special Servicing Rate Dips in July as Office, Lodging Improve

The Trepp CMBS special servicing overall rate declined 11 basis points in July to 11.09%, partially reversing the increases of recent months. However, decreases in special servicing rates were not seen across the board in all property types. The improvement was led by office, the largest special servicing category,…

Capital MarketsOfficeHospitalitynationalUnited States

Updated 1 day agoPublished Aug 13, 2026

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Trepp

CMBS Mall Loans: Nearly All Distress Traces to Pre-2017 Originations

Among commercial mortgage-backed securities (CMBS) mall loans, 96.3% of non-performing loans were written in 2016 or earlier, while loans written in 2017 or later are performing at essentially a 100% rate. The CMBS mall-loan market is not one population with a range of outcomes. It is two, split by origination…

CMBSDebt & FinancingCapital MarketsnationalUnited States

Updated 1 day agoPublished Aug 13, 2026

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CRED iQ

To Err is Human, To Mod is Bank

CRE Loan Modifications: May–July 2026 Report Summary. CRED iQ tracked 82 modified CMBS and CRE CLO loans with a combined $2.36 billion in outstanding balance from May through July 2026. The mix looks different than it did a few quarters ago: extend-and-pretend hasn’t disappeared, but it’s no longer the whole story.…

CMBSDebt & FinancingFinancing & CMBSnationalUnited States

Updated 1 day agoPublished Aug 13, 2026

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Commercial ObserverNews

CMBS Loan Backed by Vornado, Related’s 85 10th Avenue Sent to Special Servicing

A $396 million commercial mortgage-backed securities (CMBS) loan secured by 85 10th Avenue, a 633,000-square-foot office property in Manhattan’s Chelsea neighborhood, has been sent to special servicing due to imminent maturity default, according to an alert from Morningstar Credit. 85 10th Avenue is owned jointly…

Capital MarketsOfficeCMBSnationalNew York

Updated 2 days agoPublished Aug 12, 2026

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Trepp

Investors Priced Four Data Center CMBS Deals 55 Basis Points Apart

Disclaimer: This is an excerpt from Trepp's "Investors Priced Four Data Center Deals 55 Basis Points Apart ” report. Click here to access. Four recent data center single-asset, single-borrower (SASB) commercial mortgage-backed securities (CMBS) deals priced their last-pay AAA bonds across a 55-basis-point range.…

CMBSDebt & FinancingCapital MarketsnationalUnited States

Updated 2 days agoPublished Aug 12, 2026

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Trepp

Office Deals Led CMBS Growth Through July 2026, & Data Centers Arrived

Domestic private-label commercial mortgage-backed securities (CMBS) issuance reached $76.2 billion through July 2026, measured by loan balance when each deal was sold, according to Trepp data as of July 31. Single-asset, single-borrower (SASB) deals, each backed by one property or one owner, made up $58.0 billion.…

CMBSDebt & FinancingCapital MarketsnationalUnited States

Updated 3 days agoPublished Aug 11, 2026

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BisnowNews

More CMBS Borrowers Are Slamming Into The $65B Maturity Wall

Rising 10-year Treasury yields and a recognition that relief isn't coming are helping push deals in the CMBS market across the finish line.

Capital MarketsCMBSnationalUnited States

Updated 4 days agoPublished Aug 10, 2026

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Commercial Observer

What’s Driving CMBS Distress in the Top U.S. Metro Areas

Across the 50 largest commercial mortgage-backed securities (CMBS) markets, $45.8 billion of $393.5 billion in outstanding balance is currently distressed, a balance-weighted rate of 11.6 percent, according to CRED iQ data. Minneapolis, Denver and Oklahoma City lead the distress rankings at 55.1 percent, 35.9…

Capital MarketsCMBSDebt & FinancingnationalNew York

Updated 4 days agoPublished Aug 10, 2026

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Trepp

CMBS Special Servicing Rate Declined in July 2026, Led by Office & Lodging Improvement

Disclaimer: This is an excerpt from Trepp's July 2026 CMBS Special Servicing Report. To access the full report, click here. The Trepp commercial mortgage-backed securities (CMBS) special servicing overall rate declined 11 basis points in July to 11.09%, partially reversing the increases of recent months.

CMBSDebt & FinancingCapital MarketsnationalUnited States

Updated 4 days agoPublished Aug 10, 2026

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Trepp

Less Room for Error – Why Recent-Vintage Multifamily CMBS Is Seasoning So Poorly

Multifamily has become a more important component of conduit commercial mortgage-backed securities (CMBS) at the same time that recent-vintage performance has become harder to generalize. Multifamily represented roughly 20% to 23% of conduit securitization balance in 2024 through July 2026, compared with only 7% in…

CMBSDebt & FinancingCapital MarketsUnited States

Updated 6 days agoPublished Aug 7, 2026

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CRED iQ

CRE & CMBS Distress Report: Top 50 U.S. Metro Rankings and What’s Driving Them

Across the 50 largest CMBS markets, $45.8 billion of $393.5 billion in outstanding balance is currently distressed, a balance-weighted rate of 11.6%. Minneapolis (55.1%), Denver (35.9%), and Oklahoma City (34.1%) lead the rankings, each shaped by a handful of very large loans rather than broad weakness, while Salt…

CMBSDebt & FinancingFinancing & CMBSUnited States

Updated 6 days agoPublished Aug 7, 2026

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Trepp

New Supply Drives Occupancy Divide Across Apartment Markets

Underwriting expectations for occupancy during the multifamily market's post-pandemic boom reflected the strong demand that characterized the market in 2021. Record apartment deliveries in the years since have reshaped market conditions, creating a widening gap between those expectations and current occupancy…

CMBSDebt & FinancingCapital MarketsUnited States

Updated 6 days agoPublished Aug 7, 2026

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Connect CRE

CMBS Delinquency Rate Adds 51 Basis Points in July 2026

The Trepp CMBS Delinquency Rate increased by 51 basis points to 7.86% in July 2026. The increase was led by a group of very large loans whose status moved to non-performing matured balloon or foreclosure. The five largest newly delinquent loans accounted for $2.6 billion of the $6.0 billion in newly delinquent…

CMBSCapital MarketsUnited States

Updated 6 days agoPublished Aug 6, 2026

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Trepp

Austin Multifamily Stress Is Building on the Watchlist

Delinquencies remain modest, but Austin has the highest multifamily watchlist rate among the 50 largest U.S. metropolitan statistical areas (MSAs). Austin’s multifamily challenges are not yet showing up primarily as missed payments. They are appearing one step earlier in surveillance. As of mid-July 2026, the…

MultifamilyCMBSUnited StatesAustin

Updated 6 days agoPublished Aug 6, 2026

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BisnowNews

$1.1B Loan To Hudson Pacific, Blackstone Moves To Special Servicing

Hudson Pacific and Blackstone's $1.1B loan heads to special servicing, with agreed extensions amid Netflix leasing impact.

OfficeCMBSUnited States

Updated 6 days agoPublished Aug 5, 2026

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Trepp

August 2026 CMBS Hard Maturities Reveal Growing Strain Among Office Loans

The August 2026 private-label commercial mortgage-backed securities (CMBS) hard-maturity 1 cohort totals $5.49 billion across 130 loan pieces 2 comprising 119 whole loans, roughly double July's $2.55 billion. Of the total, 125 loan pieces ($5.36 billion, 97.51%) are performing, while five loan pieces ($136.6…

CMBSDebt & FinancingCapital MarketsUnited States

Updated 10 days agoPublished Aug 4, 2026

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Trepp

Multifamily Concentration Is Only the Starting Point: What Q2 2026 Community Bank Earnings Reveal About Multifamily Risk

Second-quarter earnings calls from banks with meaningful multifamily concentrations showed significant divergence in performance and pipelines. The ten banks differed not only from one another but, with two exceptions, also from recent super-regional commentary, where lenders reported stronger pipelines and…

CMBSDebt & FinancingCapital MarketsUnited States

Updated 10 days agoPublished Aug 4, 2026

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PropmodoNews

New York Rent Freeze Deepens CMBS Losses on Stabilized Housing Portfolio

A $506 million CMBS backed by New York rent-stabilized apartments faces foreclosure as Mayor Mamdani's rent freeze threatens to deepen bondholder losses. The post New York Rent Freeze Deepens CMBS Losses on Stabilized Housing Portfolio appeared first on Propmodo .

PropTech & DataMultifamilyCMBSUnited StatesNew York

Updated 10 days agoPublished Aug 4, 2026

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Trepp

SLOOS Signals Modest Multifamily Easing, but Multifamily Price Competition Is Already Advanced

Multifamily standards eased modestly during Q2, driven entirely by large banks, while aggregate demand remained essentially unchanged despite a sharp split by bank size. Trepp-i spreads are already at the bottom of their post-2021 range, suggesting that further competition may increasingly surface in loan structure…

CMBSDebt & FinancingCapital MarketsUnited States

Updated 11 days agoPublished Aug 3, 2026

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Propmodo

The Fed Stayed Put. The CRE Lending Market Has Not.

Commercial real estate lending is reopening in 2026, as Fed rate stability, bank activity, CMBS demand and selective capital reshape refinancing. The post The Fed Stayed Put. The CRE Lending Market Has Not. appeared first on Propmodo .

PropTech & DataCMBSDebt & FinancingUnited States

Updated 11 days agoPublished Aug 3, 2026

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BisnowNews

Rent Freeze Heightens Loss Risk For $506M CMBS Loan

Investors face $80M losses as a 3,500-unit NYC rent-stabilized portfolio struggles.

Capital MarketsCMBSDebt & FinancingUnited States

Updated 11 days agoPublished Aug 3, 2026

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Trepp

The CRE Comeback Is Real. It Is Also a Tale of Two Books.

Eight of the 11 super-regional banks with comparable linked-quarter data reported higher commercial real estate (CRE) balances in the second quarter. But growth was uneven, and at several banks reflected acquisitions, greater utilization, or extensions that delayed runoff as much as new originations, while legacy…

CMBSDebt & FinancingCapital MarketsUnited States

Updated 11 days agoPublished Aug 3, 2026

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Commercial Observer

Overall CMBS Distress Hits a 2026 High

For commercial real estate and commercial mortgage-backed securities investors, brokers and lenders trying to separate signal from noise in a choppy market, granularity is everything. CRED iQ‘s July 2026 reporting period data looks to provide exactly that with a loan-level view of distress across the $600…

Capital MarketsCMBSDebt & FinancingUnited StatesNew York

Updated 11 days agoPublished Aug 3, 2026

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CMBS Loan Backed by Pittsburgh’s Gateway Center Liquidates at $65M Loss

An iconic office complex in the City of Bridges has hit a dead end. The $92 million commercial mortgage-backed securities (CMBS) loan secured by Gateway Center, an iconic office complex in Downtown Pittsburgh, has liquidated via a note sale, resulting in a $64.8 million loss to the CMBS trust, according to an alert…

Capital MarketsOfficeCMBSUnited StatesNew York

via Commercial ObserverUpdated 11 days agoPublished Aug 3, 2026

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CRED iQ

CMBS Distress Hits a 2026 High

CRED iQ’s July 2026 surveillance data shows the Overall Distress Rate for CMBS climbed to 10.91%, up 22 basis points month-over-month, driven primarily by a 42-bps jump in the Special Servicing Rate to 10.38%. The Delinquency Rate rose more modestly, to 8.68%. For CRE and CMBS investors, brokers, and lenders trying…

CMBSDebt & FinancingFinancing & CMBSUnited States

Updated 14 days agoPublished Jul 31, 2026

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Trepp

CMBS Delinquency Rate Increased 51 Basis Points in July 2026

Disclaimer: This text is an excerpt from Trepp's July 2026 CMBS Delinquency Report. To access the full analysis of the report, click here. The Trepp commercial mortgage-backed securities (CMBS) Delinquency Rate increased by 51 basis points to 7.86% in July 2026, led by a group of very large loans whose status moved…

CMBSDebt & FinancingCapital MarketsUnited States

Updated 14 days agoPublished Jul 31, 2026

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Connect CRESubscription required

CRE Loan Delinquencies Decline in Q2; CMBS Remains Elevated

Delinquency rates for mortgages backed by commercial properties decreased during the second quarter of 2026. That’s according to the Mortgage Bankers Association’s (MBA) latest commercial real estate finance (CREF) Loan Performance Survey, which reported that CMBS delinquencies declined during Q2 but remain…

Capital MarketsCMBSDebt & FinancingUnited States

Updated 15 days agoPublished Jul 30, 2026

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Immobilien Zeitung / IZ (German)

Die Zinspause hilft nur ein bisschen bei der Restrukturierung

Zinsumfeld. Die EZB hat ihre Zinsen im Juli nicht verändert, der weitere Kurs der Notenbank hängt stark von den Energiepreisen und daher der Situation in Nahost ab. Die Zinspause beruhigt den Markt zwar etwas, den schleppenden Abbau von Problemfinanzierungen kann sie aber kaum beflügeln. Ein Studie von Roland…

Debt & FinancingCMBSGermanyEurope

Updated 15 days agoPublished Jul 30, 2026

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Trepp

Super-Regional Bank 2Q 2026 Earnings: Commercial Loan Growth Returns as CRE Nonperformers Diverge

Commercial loan growth returned across the regional bank group and competition continues for relationship-driven commercial credit even as some banks report modest increases in non-performing assets. Second-quarter results from 11 super-regional banks delivered a more constructive lending signal than in the first…

CMBSDebt & FinancingCapital MarketsUnited States

Updated 15 days agoPublished Jul 30, 2026

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Trepp

Where Multifamily Values Tracked or Diverged from Single-Family Home Prices

Some of the strongest long-run single-family housing markets in the country have also been strong multifamily investment markets. But the two property types did not always appreciate at the same pace. To see where the relationship held, and where it broke down, Trepp compared annualized value growth across four…

CMBSDebt & FinancingCapital MarketsUnited States

Updated 17 days agoPublished Jul 28, 2026

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Trepp

What a Hawkish Fed Surprise Means for Commercial Real Estate Credit

The Fed is expected to hold rates this Wednesday, July 28th, 2026, but a hike is a real possibility after surging energy prices revived inflation concerns. Meetings can move markets even when the rate does not change. In June, the Fed held and still jolted rate expectations, producing the largest hawkish surprise…

CMBSDebt & FinancingCapital MarketsUnited States

Updated 17 days agoPublished Jul 28, 2026

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Commercial Observer

Multifamily: 80% of CRE CLO Collateral in Recent Deals

A handful of the latest commercial real estate collateralized loan obligation (CLO) deals lean hard into multifamily collateral and full-term interest-only structures. CRED iQ analyzed loan-level collateral across a handful of the latest CRE CLO deals totaling $4.68 billion and 160 loans of collateral with the…

Capital MarketsMultifamilyDebt & FinancingUnited StatesNew York

Updated 18 days agoPublished Jul 27, 2026

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Trepp

Grocery-Anchored Maturity Wave: Anchor-Lease Problem

Roughly $11.4 billion of securitized grocery-anchored commercial real estate debt comes due between 2027 and 2029, which is about 62% of the entire $18.6 billion grocery-anchored universe. The wall is front-loaded: 2027 alone carries $4.2 billion of maturities, more than either of the following years. That much…

CMBSDebt & FinancingCapital MarketsUnited States

Updated 18 days agoPublished Jul 27, 2026

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Trepp

Chief Economist's Weekly Watch – July 27, 2026

Last week's surge in oil prices pushed Treasury yields to their highest levels since early 2025 and put a rate increase back on the table, two weeks after a soft June inflation report had taken it off. Here are three things to watch for this week:

CMBSDebt & FinancingCapital MarketsUnited States

Updated 18 days agoPublished Jul 27, 2026

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Commercial ObserverNews

Nomura Prices Largest Single-Bank SASB CMBS in Two Years

As it approaches its first birthday, Nomura Securities’ commercial real estate lending platform has an extra reason to celebrate: It just sealed the largest sole-bank single-asset, single-borrower commercial mortgage-backed securities (SASB CMBS) deal in almost two years. The $719 million KELR 2026-MF deal is…

Capital MarketsCMBSDebt & FinancingUnited StatesNew York

Updated 21 days agoPublished Jul 24, 2026

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