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CMBS credit surveillance & early warning

The securitized tape, two ways: the shape of the whole book, and one page per building with a loan reported against it.

The tape Every building · 13,859 Methodology →

The whole book every loan on the CMBS tape

Total CMBS loans

12,149

loan records

Total UPB

$271.1B

unpaid principal balance

Delinquent loans

623

30+ days past due

Maturing 24mo

3,022

upcoming maturities

Delinquency is counted from the days-past-due each trust filed. 1,006 of the 12,149 loans report no days-past-due at all; they are not counted as delinquent and not counted as current.

What kind of building share of loans

retail 2,866 · 23.59%
multifamily 2,046 · 16.84%
office 1,864 · 15.34%
hospitality 1,267 · 10.43%
self storage 1,139 · 9.38%
mixed use 872 · 7.18%
cooperative housing 764 · 6.29%
industrial 717 · 5.9%
manufactured housing 387 · 3.19%
warehouse 116 · 0.95%
other 102 · 0.84%
healthcare 9 · 0.07%

All 12 property types the trusts filed, so the ring totals the loan count above it exactly.

When it comes due whole calendar years

Final maturity as each trust filed it, over whole calendar years 2026–2036 — so every column is a full year and comparable to the one beside it. Distressed is special servicing or 60+ days delinquent, the definition every distress figure on this site uses.

With a special servicer as the trustee reports filed it

In special servicing

528

loans transferred

Total UPB

$16.8B

unpaid principal

Liquidation / REO

176

on the loss path

With commentary

394

servicer narrative filed

REO 62 Liquidation in Process 114 Enforcement / Legal / BK 175 Active Workout 31 Monetary Default 58 In SS - Early/Imminent 64 Returning / Cured 24

Ordered by loss-path depth, from the workout stage in the monthly trustee report where one was filed and from the reported workout strategy where it was not. The ribbon is loan count and totals the 528 loans above.

On the forward watch model output, not a filed fact

High risk

568

loans in the top tier

Elevated

2,126

loans one tier below

UPB at risk

$66.3B

High + Elevated balance

In the top tier

$16.4B

of the balance at risk

Currently-performing loans the transfer-risk model places in its High or Elevated tier, excluding anything already with a special servicer — which is what makes the watch forward-looking rather than a second count of the row above. The model reads four things: debt service coverage, months to maturity, occupancy and property type. How we validate it →

One page per commercial building with a securitized loan reported against it — 13,859 of them — showing every trust that holds a piece, the balance each reports, the maturity, the servicer and the named tenants, exactly as each trust filed them. A building is the grain, not the loan: 2,402 of these are collateral in more than one trust at once, and they appear here once. Buildings whose filings carry no coverage ratio, no operating income and no named tenant are reachable at their own address but are not listed.

Outside the United States

2 buildings financed in a U.S. trust but not located in the United States, filed under the jurisdiction code each trust used.

1 building

See the whole picture, not just the tape.

These pages publish the CMBS tape in aggregate, and one page for every building on it. The platform goes loan‑by‑loan: stress scores, special‑servicing transfers and the servicer's own filed commentary, the originators and trusts behind each loan, and your own book against all of it.

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Built on statutorily-open public data — CMBS disclosure, bank call reports, court and bankruptcy filings. Every figure traces to a source you can pull yourself.