CREFC's June 2026 Monthly CMBS Loan Performance Report
July 28, 2026
CRE Finance Council has released a report on CMBS loan performance for June.*
Key takeaways:
DELINQUENCY FALLS BUT SPECIAL SERVICING CLIMBS ON HEAVY NEW TRANSFERS
- Overall CMBS delinquency fell 20 bps to 7.35% in June, led by a large lodging cure. Including performing matured balloons, the effective rate was 9.53%, a 218 bp gap that continues to signal refinancing friction. The seriously delinquent rate declined 14 bps to 7.16%.
- Newly delinquent volume totaled roughly $2.64B, with the five largest loans accounting for ~$1B. The mix remained maturity-default-dominated: 65% were non-performing matured balloons, 22% were 30 days delinquent, and the balance was mostly in foreclosure.
- Special servicing rose 34 bps to 11.20%, reversing May’s decline, as roughly $3.08B of new transfers across 42 loans outpaced $1.16B of cures and payoffs across 15 loans. Office special servicing climbed 36 bps to 17.11%, and lodging rose 44 bps to 8.89%, both driven by large new transfers.
- Falling delinquency alongside rising special servicing captures the current phase of the cycle. Loans are curing or being modified out of delinquent status while a heavy slate of maturing loans enters special servicing ahead of default.
*Source: Trepp. CMBS data in this report reflect a total outstanding balance of $650B: 51.5% ($335.1B) conduit CMBS, 48.5% ($314.9B) single-asset/single-borrower (SASB) CMBS.
Click here to download the full report. Contact Raj Aidasani for more information on CMBS loan performance.