Kroll Bond Rating Agency reported the 30+ day delinquency rate among KBRA-rated U.S. private label CMBS increased to 8.1% in January from 7.6% in December 2025. The distress rate, reflecting delinquent plus current-but-specially-serviced loans, increased 30 basis points to 10.7%.
The office delinquency rate increased 156 bps in January to 13.9%. KBRA attributed this mainly to One New York Plaza ($835 million in ONYP 2020-1NYP), which transferred to special servicing for imminent monetary default ahead of its January 2026 maturity and became nonperforming matured balloon, after which a modification with an extension was executed.
Loans totaling $2.3 billion were newly added to the distress rate, of which 52.7% ($1.2 billion) involved imminent or actual maturity default. Office experienced the highest volume of newly distressed loans (68.5%, or $1.6 billion), followed by multifamily (14.5%, $331.4 million) and lodging (6.6%, $150.2 million). Conversely, retail distress declined by 54 bps during January.
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