The 30+ day delinquency rate among KBRA-rated U.S. private label commercial mortgage-backed securities (CMBS) increased 9 basis points (bps) to 7.7% in September from 7.6% in August, while the distress rate (reflecting delinquent plus current-but-specially-serviced loans) declined 4 bps.1
Loans totaling $1.6 billion were newly added to the distress rate, of which 74.9% ($1.2 billion) involved imminent or actual maturity default. The office sector experienced the highest volume of newly distressed loans (47.7%, $757.5 million), followed by multifamily (14.6%, $231.5 million) and mixed-use (13.6%, $216 million).
In this report, KBRA provides observations across our $344.4 billion rated universe of U.S. private label CMBS, including conduits, single-asset single borrower (SASB), and large loan (LL) transactions. These transactions collectively are collateralized by $9.2 billion fully defeased and $335.3 billion non-fully defeased loans. All the…
Log in or Subscribe to KBRA Premium to view this report.
Trusted Ratings. Actionable Intelligence.
With a KBRA Premium subscription, you gain full access to KBRA’s authoritative ratings, deep research, and industry-leading analytics. Built for market professionals who require clarity, context, and confidence in every decision.