Trepp: CMBS Delinquency Rate Dips in June

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Trepp, New York, reported the CMBS Delinquency Rate decreased by 20 basis points in June to 7.35%.

That compares with June 2025, when the CMBS delinquency rate was 7.13%.

If loans past their maturity rate but current on interest were included (performing matured balloons), the delinquency rate would register 9.53%, up 36 basis points from May.

The seriously delinquent rate–including 60-plus days delinquent, in foreclosure, real-estate owned or nonperforming balloons–decreased to 7.16% from 7.3%.

The percentage of loan balance in the 30-day delinquent bucket is 0.19%, down six basis points from May.

If defeased loans were taken out of the equation, the overall headline delinquency rate would be 7.55%, down 18 basis points from May.

Non-performing matured balloons once again dominated the newly delinquent loan list, with 65% of newly delinquent balances.

Rates for three of the five major property types increased. Retail rose 30 basis points to 6.91%, largely driven by a few regional malls and outlet centers becoming newly delinquent.

The multifamily rate rose 28 basis points to 7.23% and office edged up four basis points to 11.57%.

Lodging decreased 79 basis points to 5.22% and industrial fell 11 basis points to 1.2%.  

The CMBS 2.0+ delinquency rate fell 18 basis points to 7.28%.