The Trepp CMBS Delinquency Rate increased by 51 basis points to 7.86% in July 2026. The increase was led by a group of very large loans whose status moved to non-performing matured balloon or foreclosure.
The five largest newly delinquent loans accounted for $2.6 billion of the $6.0 billion in newly delinquent balances, or roughly 44%, Trepp reported. These included a showroom and exhibition-space portfolio split between North Carolina and Nevada, two Times Square properties in New York, a Chicago office tower and a Seattle office portfolio. Most of these transferred because of refinancing challenges rather than property performance.
Non-performing matured balloon loans accounted for 66% of newly delinquent balances, 30-day delinquent loans comprised 23% and loans in foreclosure made up 19%. At the property-type level, four of the five major property types increased while one
moved lower. Multifamily posted the largest increase, rising 46 bps to 7.69% as a series of loans backed by multifamily properties in Ohio, Texas, and New York became 30 days delinquent. Industrial decreased by seven bps to 1.13%.
Pictured: The Aon Center in Chicago, which backs one of the five largest newly delinquent CMBS loans.
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