The Trepp CMBS Delinquency Rate decreased by one basis point to 7.54% in April 2026. At the property-type level, delinquency rates for two of the five major property type increased while three decreased.

Industrial moved modestly higher by 31 basis points to 0.96%, due to one portfolio loan going 30 days delinquent. Multifamily increased 56 bps to 7.71%, exceeding last month’s high-water mark. This was due primarily to two large multifamily loans, one in San Francisco and one in New York City and both going 30 days delinquent.

Lodging posted the largest decrease of 79 bps to 6.52%, reversing the March increase as two large loans changed status. Retail had a 31-bp drop to 6.31% as two premium outlet loans also became performing, matured balloons. The office rate is largely in line with March, declining two bps to 11.69%.

The five largest newly delinquent loans accounted for just over $1.26 billion of the roughly $2.63 billion in newly delinquent loans. They included a Houston office loan, a New York City office loan, the two large multifamily loans mentioned previously and a national warehouse and distribution portfolio.

The Trepp CMBS Special Servicing Rate dropped by six basis points in December 2023, falling to 6.78%. However, the long-term trend is still up: Trepp said the special servicing rate closed out 2023 with a total increase of 167 bps year over year.

Most property types actually saw reductions in their special servicing rate last month, aside from the mixed-use category, Trepp reported. After falling 104 bps in November to 6.66%, the mixed-use rate reversed in December, increasing 108 bps to 7.74%.

Most notable was office, which saw its first decline in more than a year, falling 42 bps from 8.87% to 8.45% in December. The retail rate also saw a substantial decline, falling 46 basis points to 9.37% in December.

Similarly, Kroll Bond Rating Agency (KBRA) reported earlier this month that the delinquency rate for KBRA-rated U.S. CMBS pulled back to 4.21%, fully offsetting November’s 19-bp increase. The total delinquent and specially serviced loan rate (the KBRA distress rate) also declined from November to 6.65%, a drop of 25 bps.

KBRA said the improved distress rate was broad-based, with five of seven sectors experiencing declines. The exceptions were multifamily and industrial, which increased for a second straight month.