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.