Commercial Real Estate Credit —
Wichita, KS

Wichita, KS shows little evidence of commercial real estate distress on the three measurable legs. Store closures sit at 2 closures (ranked 179th by count, 286th by rate per 100k jobs), with a rate of 0.76 per 100k jobs, and are not elevated. WARN layoff notices are at a floor of 2 notices (0.02% of employment), also not elevated. Bank CRE at lenders over the noncurrent line is $102.4mm, or 1.07% of allocated CRE, and is not elevated. The securitized loans leg, however, is elevated on the count (9 rows), but its rate is unavailable, so whether that is a lot for this metro cannot be said — that is an absence of measurement, not a quiet reading. Of the six possible pairings, three agree quiet, and three disagree, all with the securitized leg hot and the other legs quiet — the classic signature that any distress here is in securitized property, not in retail, employers, or local bank books.

For Wichita, KS, the elevated distress signal is on the securitized side: cmbs_special_servicing_upb reads $0.0mm and cmbs_ss_share_of_metro_upb is 0.0% — but these figures reflect a tape gap, not an absence of distress, as all 9 loans in special servicing carry no balance on their tape rows. The bank side shows no elevated reading, with distressed_bank_assets_bn at 0 and distressed_lender_cre at $102.4mm. The reading for bank CRE at risk is 32.9% (a 90th-percentile measure), but this is not flagged as credit-material. The convergence score is 1, indicating an isolated signal. The reading on bank allocation is 24.4% (exact share), and bank CRE totals $9.53bn. The phase is "watch" — signals are present but neither credit-material nor ground-heavy, with the cmbs side not measured due to the tape gap. No reading is unavailable; all stated figures are quoted above.

Wichita, KS shows ample bank capacity against its visible CMBS maturity wall: maturing_bal is $37.1mm across 4 maturing_loans, while the 21 banks_qualifying leave room_before_committed of $1.22bn falling to room_after_committed of $578.9mm once $1.19bn of committed_draws are honored, giving a wall_to_room of 0.06 and a wall_to_room_before_committed_draws of 0.03. That places the metro at rank_most_strained 209 of 270, and 0.06 is BELOW the median of 0.20, so this metro is LESS strained than the typical ranked metro, with no distress evident (distressed_share 0.0%). The main caveat is that this room is a proxy built from deposit footprint rather than measured lending, and it excludes 5 banks_excluded_here whose deposits do not indicate where they lend, though explained_by_exclusion is false here.

In the Wichita, KS metro over the trailing 365-day window, the on-the-ground reading is thin but not zero: there have been 2 store closures, 2 WARN notices, and 0 CRE bankruptcies, with 72 jobs affected by the layoff notices. The jobs figure is a floor, as notices without stated headcounts are counted but contribute no jobs. No additional granularity on the 2 closures or 2 notices is provided, so the specific store names or employers affected are unavailable from this dataset.