CMBS delinquency rate (30+ days)
7.7%
+9 bp from August (7.6%)
Distress rate, delinquent plus current but in special servicing: 10.3% (down 4 bp).
As of September 2026. KBRA, CMBS Loan Performance Trends (KBRA-rated U.S. private-label CMBS)
CMBS
KBRA put the 30-day-plus delinquency rate on the U.S. private-label CMBS it rates at 7.7% in September 2026, up from 7.6% in August. Its distress rate, which adds loans that are current but already with a special servicer, was 10.3%.
Latest figures
Private-label CMBS issuance, year to date
$103.5bn
+11.9% from the same period of 2025
September alone: 19 deals, $13.3bn (18 single-borrower, one conduit).
As of Through September 2026. KBRA, CMBS Trend Watch, September 2026
Why different firms report different CMBS delinquency rates
Every CMBS delinquency rate is a share of some pool of loans, and the pools differ. KBRA's covers the deals KBRA rates; Trepp's covers its own universe of conduit and single-borrower deals; the MBA reports rates by lender group on yet another basis, so the rates rarely match to the decimal. This page shows KBRA's because we could read it at the source; we don't repeat figures that we've only seen restated by trade press.
The distress rate is the more useful of KBRA's two numbers. A loan that has been sent to the special servicer is often headed for a modification, an extension or a foreclosure even while it's still paying, which is why distress can run ahead of delinquency.
Issuance
Private-label CMBS issuance reached $103.5 billion through September 2026, up 11.9% from a year earlier, by KBRA's count. Of September's 19 deals, 18 were single-borrower transactions and one was a conduit.
Both KBRA figures update monthly; the tiles above say so when the next release is overdue.
Is a CMBS loan right for your property?
Send the deal to Janover Capital and a person there will talk it through against bank, life company, agency and debt fund options.