SF Credit Brief: U.S. CMBS Delinquency Rate Increased 59 Bps To 6.1% In April 2025; Lodging Rate Climbed To 6.67%

In this report, S&P Global Ratings provides its observations and analyses of the U.S. private-label commercial mortgage-backed securities (CMBS) universe, which totaled $665.3 billion as of April 2025 (a net decrease of $3.0 billion month over month). The overall U.S. CMBS delinquency rate (DQ) increased 58.6 bps month over month to 6.1% in April and 143 bps year over year. By dollar amount, total delinquencies were $40.35 billion, representing a net month-over-month increase of $3.74 billion (10.2%) and year-over-year increase of $11.1 billion (38.2%) (see charts 1A and 1B). Lodging loan delinquency rates jumped to 6.7%--the highest level since February 2022. Meanwhile, multifamily loan delinquency rates reached the highest level since December 2015, but they are still well below the

...- The overall U.S. CMBS delinquency rate rose 59 bps month over month to 6.1% in April. - By balance, delinquency rates increased for lodging (138 bps to 6.7%), multifamily (87 bps to 5.6%), and office (56 bps to 8.9%), and decreased for retail (68 bps to 6.1%) and industrial (10 bps to 0.5%). - Special servicing rates rose for lodging, multifamily, retail, and industrial, and decreased for office. Meanwhile, the share of loans that were either modified or extended increased 10 bps to 8.6%. - Our delinquency rate does not include performing matured balloon loans, which represent 129 loans (1.5% by balance)....

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