KBRA Releases Research – CMBS Loan Performance Trends: July 2026
KBRA releases a report on U.S. commercial mortgage-backed securities (CMBS) loan performance trends observed in the July 2026 servicer reporting period. The 30+ day delinquency rate among KBRA-rated U.S. private label CMBS increased 29 basis points (bps) to 7.8% in July from 7.5% in June, while the distress rate (reflecting delinquent plus current-but-specially-serviced loans) climbed 18 bps.
Key observations of the July 2026 performance data are as follows:
The overall delinquency rate increased 29 bps to 7.8% ($26.1 billion) this month, driven by an increase in conduits that are partially offset by a decline in the SB/LL category.
The distress rate climbed to 10.1% as both conduit and single borrower (SB)/large loan (LL) saw slight increases this month; however, the rate remains lower by 49 bps year-over-year (YoY).
