The Trepp CMBS Delinquency Rate increased by 41 basis points to 7.55% in March 2026, reversing February’s decline. Four of the five major property types saw increases in their delinquencies, led by lodging with a 137-bp increase to 7.31.
The five largest newly delinquent loans accounted for just over $2 billion of the almost $5.1 billion in newly delinquent loans, Trepp reported. They included a West Coast hotel portfolio, a Midwest office
loan, a Northeast retail center loan, a national hotel portfolio and a Pacific Northwest office portfolio, which pushed the rate higher.
In addition, roughly 40% of the newly delinquent loans this month were considered performing matured balloon last month. Among all newly delinquent loans, non-performing matured balloon was the most
common delinquency classification, consistent with prior months.
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