The 30+ day delinquency rate among KBRA-rated U.S. private label commercial mortgage-backed securities (CMBS) remained relatively stable at 7.7% in October, down 2 basis points (bps) from September, while the distress rate (reflecting delinquent plus current-but-specially-serviced loans) increased marginally by 4 bps.1 Compared to a year ago, delinquency is down 24 bps and the distress rate is 52 bps lower.
Loans totaling $973.6 million were newly added to the distress rate, of which 64.0% ($623.2 million) involved imminent or actual maturity default. The office sector experienced the highest volume of newly distressed loans (43.1%, $420 million), followed by mixed-use (23.3%, $226.9 million) and retail (18.3%, $178.2 million).
In this report, KBRA provides observations across our $344.5 billion rated universe of U.S. private label CMBS, including conduits, single-asset single borrower (SASB), and large loan (LL) transactions. These transactions…
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