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News

CREFC's June 2025 Monthly CMBS Loan Performance Report

July 23, 2025

CRE Finance Council has released a report on CMBS loan performance for June.* 

Key takeaways:

DELINQUENCY RATE CONTINUES CLIMB
  
  
  • Conduit/SASB CMBS combined delinquency of 7.13%
    • Delinquency rate increased 5 bps in June
    • Fourth consecutive monthly increase; follows increases of 5 bps and 38 bps in May and April, respectively
    • On a YOY basis, the overall combined delinquency rate is up 178 bps (7.13% vs. 5.35% in June 2024)
  • Office delinquency rate rose 49 bps in June to 11.08% and remains the highest delinquency rate of all property types
    • Office delinquency rate set another record high in June, surpassing previous peaks of 11.01% (December 2024) and 10.70% (July 2012)
  • Hotel delinquency has been volatile in recent months, rising 42 bps to 6.81% in June after dropping 146 bps in May
  • Overall, June delinquency rate still 319 bps below the 10.32% peak in June 2020 – the height of pandemic-related lockdowns
  • Loans in special servicing (SS) increased 27 bps to 10.57% in June; SS rate has increased in 16 of the last 18 months and is up 234 bps YOY 
  • In a June 27, 2025 report, BofA analyzed YTD conduit repayment trends across multiple dimensions, highlighting payoff rates by property type, loan size, and structure (interest-only vs. amortizing)
    • Of $24.2B in conduit loans maturing in 1H25, 42% paid off at maturity as scheduled, with an additional 26% prepaying with penalty and 4% liquidated, leaving 28% ($6.8B) outstanding past maturity, with office loans performing worst (38% on-time payment) and multifamily best (86%)
*Source: Trepp. CMBS data in this report reflect a total outstanding balance of $639.8B: 54% ($345.3B) conduit CMBS, 46% ($294.5B) single-asset/single-borrower (SASB) CMBS.

Click here to download the full report. Contact Raj Aidasani for more information on CMBS loan performance. 

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566
CREFC Alert
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
CREFC's June 2025 Monthly CMBS Loan Performance Report
July 23, 2025
CRE Finance Council has released a report on CMBS loan performance for June.

News

Crypto Legislation: Real Estate Considerations 

July 22, 2025

The House passed a trio of cryptocurrency, tokenization, and digital commodity-related bills last week after some midweek drama and false starts that delayed action.

Why it matters: Crypto has been a key priority for the administration and has attracted bipartisan support. The Stablecoin bill, which had previously passed the Senate, will become law with the President’s signature.

  • The market structure bill, which has only passed the House, intends to cover a broader array of digital assets and set up a regulatory structure for coin and token issuance and exchange.
  • The impacts for CRE finance include potential blockchain and tokenization for recordkeeping. The legislation also includes a number of studies on how blockchain might apply to existing securities markets.

By the numbers: The House Freedom Caucus delayed consideration of the bills over concerns with central bank digital currency (CBDC), but joined to advance the legislation after assurances from the White House and GOP leadership. 

  • The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (H.R. 1582) passed by a vote of 308-122 with the support of 102 Democrats. Twelve Republicans voted against passage.
  • The Digital Asset Market Clarity (CLARITY) Act of 2025 (H.R. 3633), which addresses market structure, passed by a vote of 294-134 with the support of 78 Democrats.
  • The Anti-CBDC Surveillance State Act (H.R. 1919) passed by a vote of 219-210 with the support of two Democrats.

What's next: The GENIUS Act will head to the President's desk, while the CLARITY Act and the Anti-CBDC Surveillance State Act will head to the Senate for consideration.

Go deeper: The CLARITY Act would set up a regulatory framework for digital assets split between the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC). Click here for a Congressional Research Services overview of the legislation. 

  • The CFTC would have a central role in regulating digital commodities and related intermediaries.
  • The SEC would maintain authority over primary market crypto transactions, subject to a new limited exemption from SEC registration requirements for fundraising. 
  • The bill would require a study on non-fungible tokens (NFTs), including how they have integrated with traditional markets, including real estate. 

The bottom line: The GENIUS Act is the first significant step toward a federal regulatory apparatus on digital assets. House proponents hope to press the Senate to act expediently on the market structure portions, though some Democrats have been skeptical of crypto and critical of President Donald Trump’s business dealings in the space. 

Contact David McCarthy (dmccarthy@crefc.org) with any questions. 

Contact  

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
A symbolic illustration depicting the intersection of cryptocurrency and legal regulation
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Crypto Legislation: Real Estate Considerations
July 22, 2025
The House passed a trio of cryptocurrency, tokenization, and digital commodity-related bills last week after some midweek drama and false starts that delayed action.

News

CRE Securitized Debt Update

July 22, 2025


Four transactions totaling $2.1 billion priced last week:

  1. BBCMS 2025-5C36, a $613.5 million conduit backed by 31 five-year loans secured by 163 properties from Barclays, LMF Commercial, Citi, UBS, Starwood, SocGen, DB, and Zions.
  2. MSBAM 2025-C35, a $597.8 million conduit backed by 40 10-year loans secured by 65 properties from BofA, Argentic, Morgan Stanley, Citi, and Starwood.
  3. P11 2025-P11, a $450 million SASB backed by a fixed-rate, five-year loan to Vornado Realty Trust to refinance the 1.2 million-sf PENN 11 office building, at 11 Pennsylvania Plaza in Midtown Manhattan.
  4. COMM 2025-SBX, a $435 million SASB backed by a fixed-rate loan for Daniels Real Estate and Nitze-Stagen to refinance Starbucks’ headquarters in Seattle. The loan is structured with a five-year ARD period following the initial three-year IO term.

By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totaled $84.1 billion, representing a 65% increase from the $51.1 billion recorded for same-period 2024. 

Spreads Narrow

  • Conduit AAA and A-S spreads both tightened by 2 bps to +83 and +113, respectively. YTD, they both remain wider by 8 bps.
  • Conduit AA and A spreads were unchanged at +160 and +200, respectively. YTD, they are wider by 25 bps and 35 bps, respectively.
  • Conduit BBB- spreads were unchanged at +500. YTD, they are wider by 75 bps.
  • SASB AAA spreads were tighter by 2 - 4 bps to a range of +103 to +130, depending on property type.
  • CRE CLO AAA and BBB- spreads were unchanged at +135 and +375, respectively.

Agency CMBS

  • Agency issuance totaled $4.5 billion last week, comprising $2.5 billion of Fannie DUS, $1.7 billion of Freddie K, SB, and Multi-PC transactions, and $273.2 million of Ginnie Mae transactions.
  • Agency issuance for the year totaled $76 billion, 38% higher than the $54.9 billion for the same period last year

June 2025 Delinquency Update

CMBS

  • The combined conduit and SASB delinquency rate was 7.13% in June, up 5 bps from the prior month. This was the fourth consecutive monthly increase, following increases of 5 bps and 38 bps in May and April, respectively.
  • The office delinquency rate rose 49 bps in June to 11.08% and remains the highest delinquency rate among all property types.
  • Loans in special servicing increased 27 bps to 10.57% in June. The special servicing rate has increased in 16 of the last 18 months and is up 234 bps year-over-year.
CRE CLOs
  • The share of CRE CLO loans at least 30 days delinquent declined 70 bps in June to 5.35%, while transfers to special servicing dropped 94 bps to 6.11%, according to KBRA Credit Profile, a division of KBRA Analytics.
  • The improvements in delinquency and special servicing rates can be attributed to increased issuance in the CRE CLO market, which drives the denominator used to calculate the rates higher.
Contact Raj Aidasani (raidasani@crefc.org) with any questions.

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566
Data chart representing CRE Securitized Debt Update
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
CRE Securitized Debt Update
July 22, 2025
Four transactions totaling $2.1 billion priced last week.

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