CREFC's May 2026 Monthly CMBS Loan Performance Report
June 29, 2026
CRE Finance Council has released a report on CMBS loan performance for May.*
Key takeaways:
DELINQUENCY HOLDS FLAT AS LARGE OFFICE CURE PULLS SPECIAL SERVICING LOWER
- Overall CMBS delinquency edged up 1 bp to 7.55% in May, flat for a third straight month. Including performing matured balloons, the effective rate was 9.17%, a 162 bp gap that continues to signal refinancing friction. The seriously delinquent rate rose 3 bps to 7.30%.
- Newly delinquent volume totaled roughly $4.04B, with the five largest loans accounting for $1.86B. The mix was again maturity-default dominated: 70% were non-performing matured balloons, 28% were 30-days delinquent, and the balance was mostly foreclosure.
- Office delinquency declined 16 bps to 11.53%, and office special servicing (SS) fell 91 bps to 16.75%, led by One New York Plaza returning to the master servicer. Overall SS dropped 52 bps to 10.86% on that return plus denominator growth, though new transfers ($2.9B) still outpaced cures ($1.03B).
- Multifamily reversed April's spike, down 76 bps to 6.95%. Lodging fell 51 bps to 6.01%, retail rose 30 bps to 6.61%, and industrial jumped 35 bps to 1.31%.
*Source: Trepp. CMBS data in this report reflect a total outstanding balance of $644.1B: 52.1% ($335.4B) conduit CMBS, 47.9% ($308.7B) single-asset/single-borrower (SASB) CMBS.
Click here to download the full report. Contact Raj Aidasani for more information on CMBS loan performance.