The quick read: Two CMBS delinquency rates for the same month can both be right, because each publisher counts a different set of loans and statuses. For March 2026, Trepp's monthly rate was 7.55%, as MBA NewsLink reported on April 3, 2026, while MBA's quarterly Loan Performance Survey put 5.21% of CMBS balances 30 or more days delinquent at March 31, as MBA NewsLink reported on April 28, 2026. That is a gap of 2.34 points. Before you compare any headline to your own loan, check four things: the day threshold, whether matured balloons count, whether REO counts, and what sits in the denominator. Trepp's October 2026 rate, posted November 2, 2026, was 7.87%.
This page is the reading guide. What the October print means for a borrower facing a refinance is covered in what the October 2026 CMBS delinquency rate means for borrowers, and the status that moves these numbers most is explained in what a performing matured balloon is.
What does a CMBS delinquency rate measure?
A CMBS delinquency rate measures the share of securitized commercial mortgage balances that are late by a stated number of days, or in a stated distress status, divided by a stated pool of loans, so every rate is only as comparable as its day threshold, status list and denominator. Read those three before the headline.
Trepp's guide to its own report, dated June 29, 2023, spells out its recipe. The rate is updated monthly and is "calculated by dividing the delinquent balance by the total balance of loans outstanding." Six statuses go in the numerator, in ascending severity:
30 days delinquent: in the numerator
60 days delinquent: in the numerator
90 days delinquent: in the numerator
Non-performing matured balloon (missed the balloon and stopped paying interest): in the numerator
Foreclosure: in the numerator
REO (the lender now owns the property): in the numerator
Performing matured balloon (missed the balloon but current on interest): left out of the headline, reported separately in the write-up
Trepp also states that defeased loans stay in the denominator, and that its universe is US CMBS conduit, single-asset single-borrower and certain large floating-rate issues. It excludes CRE CLOs, GSE loans, cell tower deals and other non-traditional CRE loans.
In March 2026, leaving performing matured balloons out lowered Trepp's headline by 1.52 points, and keeping defeased loans in the denominator lowered it by 0.19 points (7.55% versus 7.74% without them, per MBA NewsLink on April 3, 2026). Leaving performing matured balloons out keeps loans that are paying interest but could not refinance out of the headline. Keeping defeased loans in the denominator adds balances that can no longer go delinquent, which pulls the rate down a little. Neither choice is wrong; each answers a slightly different question.
Why did March 2026 print 7.55% and 5.21%?
March 2026 printed 7.55% and 5.21%, both reported by MBA NewsLink, because the two figures come from different publishers with different loan sets and status lists: Trepp's monthly rate counts its six distress statuses across its CMBS universe, while MBA's quarterly survey reports CMBS balances 30 or more days delinquent among participating institutions.
The figures, each with its release date:
Trepp, March 2026 (MBA NewsLink, April 3, 2026): 7.55%, up 41 basis points
Trepp, March 2026, including loans past maturity but current on interest (MBA NewsLink, April 3, 2026): 9.07%
Trepp, March 2026 seriously delinquent, meaning 60+ days, foreclosure, REO or non-performing balloons (MBA NewsLink, April 3, 2026): 7.29%
MBA CREF Loan Performance Survey, March 31, 2026 (MBA NewsLink, April 28, 2026): 5.21% of CMBS balances 30 or more days delinquent
MBA Commercial Delinquency Report, first quarter 2026 (MBA NewsLink, June 2, 2026): 7.28% of CMBS balances 30 or more days delinquent or in REO
The arithmetic shows how large the gaps are:
Monthly headline minus quarterly survey: 7.55% minus 5.21% = 2.34 points
Headline with performing matured balloons minus headline: 9.07% minus 7.55% = 1.52 points
Quarterly report (30+ days or REO) minus quarterly survey (30+ days): 7.28% minus 5.21% = 2.07 points
The middle line is the clean one: same publisher, same month, and the only change is adding loans that missed their balloon but still pay interest. That single status is worth 1.52 points. The last line shows that MBA itself publishes two CMBS readings for the same quarter, 2.07 points apart. They come from different releases with different loan sets, and the survey release does not say how it treats REO, so that gap cannot be read as the effect of REO alone. The survey release describes participants reporting on $2.93 trillion of loans, 59% of commercial and multifamily mortgage debt outstanding, so it measures the portfolios of the institutions that answered, not a full CMBS census.
Table: How each publisher's CMBS delinquency rate is built (Trepp guide, June 29, 2023; MBA NewsLink, April 28 and June 2, 2026)
| Definition | Trepp monthly rate | MBA CREF Loan Performance Survey (quarterly) | MBA Commercial Delinquency Report (quarterly) | Effect on the number |
|---|---|---|---|---|
| Definition Days late | Trepp monthly rate 30 or more days | MBA CREF Loan Performance Survey (quarterly) 30 or more days | MBA Commercial Delinquency Report (quarterly) 30 or more days | Effect on the number Same threshold for CMBS in all three |
| Definition Matured balloons | Trepp monthly rate Non-performing counted; performing left out of headline | MBA CREF Loan Performance Survey (quarterly) Not stated in the release | MBA Commercial Delinquency Report (quarterly) Not stated in the release | Effect on the number Counting performing balloons added 1.52 points to Trepp's March rate |
| Definition REO | Trepp monthly rate Counted | MBA CREF Loan Performance Survey (quarterly) Not stated in the release | MBA Commercial Delinquency Report (quarterly) Counted | Effect on the number Not isolated: MBA's two CMBS readings (5.21% survey, 7.28% report) come from different releases and loan sets, so their 2.07-point gap is not a measure of REO alone |
| Definition Defeased loans | Trepp monthly rate Kept in the denominator | MBA CREF Loan Performance Survey (quarterly) Not stated in the release | MBA Commercial Delinquency Report (quarterly) Not stated in the release | Effect on the number Lowers the rate slightly |
| Definition Loan universe | Trepp monthly rate US conduit, SASB and certain large floating-rate CMBS; no CRE CLOs or GSE loans | MBA CREF Loan Performance Survey (quarterly) Portfolios of surveyed participants ($2.93 trillion reported) | MBA Commercial Delinquency Report (quarterly) Measures used by each capital source; construction loans generally excluded | Effect on the number Different pools, different denominators |
| Definition Frequency | Trepp monthly rate Monthly | MBA CREF Loan Performance Survey (quarterly) Quarterly | MBA Commercial Delinquency Report (quarterly) Quarterly | Effect on the number Monthly data moves first |
MBA's June 2 report says it outright: "delinquency rates are not directly comparable from one group to another." Its own table uses 30 days or REO for CMBS, 60 days for life company and agency portfolios, and 90 days or non-accrual for banks and thrifts. The 1.24% bank figure and the 7.28% CMBS figure in that same MBA NewsLink report are not two readings of the same thing.
Is special servicing the same as delinquency?
Special servicing is not the same as delinquency, because a delinquency rate counts loans by payment status while a special servicing rate counts loans that have been transferred from the master servicer to a special servicer, which can happen before a payment is missed or after a loan has matured unpaid.
A loan typically moves to special servicing when it defaults or a default is judged imminent, including a maturity the borrower cannot refinance. That means a loan can be specially serviced while still paying interest, and it will not show in Trepp's headline delinquency rate if it is a performing matured balloon. The two series run separately: Trepp reported on November 9, 2026 that its CMBS special servicing rate rose 25 basis points to 11.74% in October 2026, its highest since December 2012, a separate figure from the 7.87% delinquency rate.
For a borrower, the practical difference is who you talk to. On a current loan you deal with the master servicer, which has limited authority to change terms. Once a loan is transferred, the special servicer can negotiate an extension, a modification or a discounted payoff, and it charges its own fees along the way. Read the pooling and servicing agreement terms that apply to your loan, or ask your servicer, before a maturity approaches, not after the transfer.
Which number should a borrower watch?
A borrower should watch the measure that matches the risk on their own loan: the Trepp rate including performing matured balloons if the loan is near maturity, the property-type rate for their asset, and the monthly trend, because a refinance lender reads the same data when it sizes and prices a takeout loan.
The headline is a market thermometer, not a forecast for one building. Three readings carry more information for an individual loan:
Near maturity: the rate including loans past maturity but current on interest, because that is the group your loan joins if the refinance does not close on time
By property type: Trepp's October 2026 release put office at 12.33%, multifamily at 8.09%, retail at 7.21%, lodging at 5.94% and industrial at 1.10%
Direction: the monthly change, since the October 2026 headline fell 15 basis points to 7.87%, mainly on one large cure, while office, retail and multifamily rose, per Trepp
This worked example is illustrative, not a forecast. Take a $12 million office loan in a CMBS trust, maturing in eight months, current on every payment. The October headline of 7.87% tells its owner almost nothing about that loan. The October office rate of 12.33% tells them how crowded the refinance line is for their asset, and the gap between Trepp's headline and its matured-balloon-inclusive rate (1.69 points in October 2026: 9.56% versus 7.87%, as MBA NewsLink reported on November 4, 2026) shows how much loan balance has missed a balloon but kept paying. If the loan has not refinanced by maturity, it moves into exactly that group, and the conversation shifts to the special servicer.
The number that matters most is the one you control: how early you start the refinance. Our CMBS loan page explains how a CMBS loan is structured and what a takeout lender will ask for.
How do you get lenders competing to refinance a CMBS loan before maturity?
You get lenders competing to refinance a CMBS loan before maturity by putting one complete file, with the rent roll, trailing operating statements, the current loan terms and the maturity date, in front of several lenders early, because each lender sizes the same property differently when delinquency is high and credit is selective.
There are two ways to run that process, and the brokerage route comes first:
- Brokerage route. YieldStack is an AI-native commercial mortgage brokerage that arranges financing for commercial real estate investors. Its software matches the deal against 20,000+ loan programs and typically returns 5–8 matches, so you see several takeout structures side by side instead of one. Its brokers then structure the request, negotiate proceeds, rate and reserves on your side, and carry the deal toward closing. It is a 5-minute submit, with a median first offer in under an hour, from an institutional lender. It costs Zero upfront to submit a deal and review offers; YieldStack's broker fee is 0.50–1.00% of the loan amount and is paid only at closing.
- Direct route. Approach one bank, life company or debt fund yourself. You get that lender's appetite for your asset type, and you repeat the package for every comparison.
Every credit decision is made by the lender; YieldStack arranges the introductions and negotiates on the borrower's side, and no loan, rate, or closing is guaranteed.
Submit your CMBS refinance for lender offers
The bottom line
A CMBS delinquency rate is a ratio, and every publisher picks its own numerator and denominator. Trepp's March 2026 rate of 7.55% and MBA's survey reading of 5.21%, both as MBA NewsLink reported them, count different loans and statuses. The gap is 2.34 points, and adding performing matured balloons alone lifted the March headline by 1.52 points. Read the day threshold, the balloon and REO treatment and the loan universe before comparing a headline to your loan, watch the property-type and matured-balloon readings, and start the refinance early.