DFX Intelligence tracker
CMBS loans in distress: not current or in special servicing
923 of 17,287 CMBS loans ($19.9bn of $296.3bn) were not current on their trusts' latest remittance, and 737 ($17.5bn) were in special servicing.
Latest reading: 15,691 loans last reported for the period ending 11 September 2026; newest remittance read 13 October 2026; 379 trusts.
The largest distressed loans
The 25 largest loans by scheduled balance that are not current or in special servicing. Open the loan or the property where DFX holds its record; every row links to the trustee's SEC filing it was read from. 12 of these 25 have a DFX record.
| Property | Type | Balance | Status | Special servicing | Matures | DSCR | Occupancy | Next step |
|---|---|---|---|---|---|---|---|---|
| 650 Madison Avenue New York, NY · CITIGROUP COMMERCIAL MORTGAGE TRUST 2020-GC46 | Mixed use | $115.0m | payment not received but within grace period | no | 2029-12-08 | 1.01 | 61% | Ask DFX about this loan · SEC filing |
| SOMA Teleco Office San Francisco, CA · Benchmark 2021-B25 Mortgage Trust | Office | $102.5m | payment not received but within grace period | no | 2031-04-06 | 1.53 | 55% | Ask DFX about this loan · SEC filing |
| PARK SQUARE Boston, MA · BANK 2017-BNK8 | Office | $100.0m | 90 or more days delinquent | since 2024-09-13, REO | 2027-11-01 | 0.57 | 40% | Ask DFX about this loan · SEC filing |
| WORLDWIDE PLAZA New York, NY · GS Mortgage Securities Trust 2017-GS8 | Office | $100.0m | 90 or more days delinquent | since 2024-09-13, foreclosure | 2027-11-06 | 1.49 | 62% | Ask DFX about this property · SEC filing |
| 685 FIFTH AVENUE RETAIL New York, NY · BANK 2018-BNK14 | Retail | $100.0m | current | since 2026-05-06, other or TBD | 2028-07-01 | 3.13 | 100% | Ask DFX about this loan · SEC filing |
| Starwood Hotel Portfolio St. Louis, MO · BANK 2018-BNK15 | Hotel | $100.0m | late payment but under 30 days | since 2026-01-28, other | 2028-09-11 | 0.93 | 63% | Ask DFX about this loan · SEC filing |
| The Assembly San Jose, CA · BBCMS Mortgage Trust 2026-5C43 | Industrial | $97.5m | payment not received but within grace period | no | 2031-10-06 | n/a | n/a | Ask DFX about this loan · SEC filing |
| Marriott Dallas Las Colinas Irving, TX · BANK 2025-BNK49 | Hotel | $91.0m | payment not received but within grace period | no | 2035-03-11 | n/a | n/a | Ask DFX about this loan · SEC filing |
| 1384 Broadway New York, NY · CD 2017-CD3 Mortgage Trust | Office | $88.0m | current | since 2025-12-08, discounted payoff | 2027-01-06 | 0.90 | 78% | Ask DFX about this property · SEC filing |
| Lafayette Centre Washington, DC · GS Mortgage Securities Trust 2017-GS5 | Office | $82.5m | late payment but under 30 days | since 2024-05-16, other | 2027-03-06 | n/a | n/a | Ask DFX about this property · SEC filing |
| Lafayette Centre Washington, DC · GS Mortgage Securities Trust 2017-GS6 | Office | $80.3m | late payment but under 30 days | since 2024-05-16, other | 2027-03-06 | n/a | n/a | Ask DFX about this property · SEC filing |
| LAFAYETTE CENTRE Washington, DC · GS Mortgage Securities Trust 2017-GS7 | Office | $80.3m | late payment but under 30 days | since 2024-05-16, other or TBD | 2027-03-06 | 1.92 | 73% | Ask DFX about this property · SEC filing |
| FRESNO FASHION FAIR MALL Fresno, CA · JPMCC Commercial Mortgage Securities Trust 2016-JP4 | Retail | $80.0m | late payment but under 30 days | since 2026-07-29, other or TBD | 2026-11-01 | 2.16 | 94% | Ask DFX about this property · SEC filing |
| 2 Washington Street New York, NY · Benchmark 2021-B29 Mortgage Trust | Multifamily | $80.0m | 90 or more days delinquent | since 2026-05-12, other | 2031-08-06 | n/a | n/a | Ask DFX about this loan · SEC filing |
| Central Park of Lisle Lisle, IL · BENCHMARK 2018-B2 Mortgage Trust | Office | $79.5m | non performing matured balloon | since 2022-09-01, REO | 2023-01-06 | 2.65 | 58% | Ask DFX about this loan · SEC filing |
| 8 Times Square & 1460 Broadway New York, NY · CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-P6 | Mixed use | $75.0m | late payment but under 30 days | no | 2026-11-06 | 2.01 | 100% | Ask DFX about this property · SEC filing |
| 85 Tenth Avenue New York, NY · CD 2017-CD3 Mortgage Trust | Mixed use | $75.0m | late payment but under 30 days | since 2026-07-31, other | 2026-12-06 | 1.91 | 89% | Ask DFX about this property · SEC filing |
| 250 Livingston Street Brooklyn, NY · GS Mortgage Securities Trust 2019-GC40 | Office | $75.0m | 90 or more days delinquent | since 2025-12-08, note sale | 2029-06-06 | n/a | n/a | Ask DFX about this property · SEC filing |
| 4th & Battery Seattle, WA · CSAIL 2019-C17 Commercial Mortgage Trust | Office | $75.0m | 90 or more days delinquent | since 2025-02-03, other | 2029-06-05 | n/a | n/a | Ask DFX about this loan · SEC filing |
| BRAVERN OFFICE COMMONS Bellevue, WA · BANK 2020-BNK26 | Office | $75.0m | 90 or more days delinquent | since 2025-09-04, other or TBD | 2027-01-11 | 3.54 | 100% | Ask DFX about this loan · SEC filing |
| ONE SOHO SQUARE New York, NY · BANK 2021-BNK37 | Office | $75.0m | current | since 2026-08-27 | 2028-08-06 | 1.78 | 86% | Ask DFX about this loan · SEC filing |
| Starburst Apartments Austin, TX · Benchmark 2023-V2 Mortgage Trust | Multifamily | $75.0m | 90 or more days delinquent | since 2025-05-07, other | 2028-05-06 | n/a | n/a | Ask DFX about this loan · SEC filing |
| ONE DAG New York, NY · BANK 2026-BNK52 | Office | $74.9m | late payment but under 30 days | no | 2036-06-06 | n/a | n/a | Ask DFX about this loan · SEC filing |
| 214-224 WEST 29TH STREET New York, NY · BANK 2019-BNK20 | Office | $74.0m | 90 or more days delinquent | since 2024-09-10, other or TBD | 2029-07-01 | -0.92 | 5% | Ask DFX about this loan · SEC filing |
| 55 Prospect Street Brooklyn, NY · Benchmark 2018-B7 Mortgage Trust | Office | $72.9m | performing matured balloon | since 2026-02-10, other or TBD | 2026-09-06 | n/a | n/a | Ask DFX about this loan · SEC filing |
By property type
| Property type | Loans | Balance | Not current | Special servicing | Distressed share of balance | DSCR under 1.0 |
|---|---|---|---|---|---|---|
| Office | 2,556 | $72.2bn | 246 ($7.5bn) | 254 | 13.0% | 209 |
| Retail | 3,281 | $57.3bn | 112 ($1.8bn) | 81 | 3.8% | 82 |
| Multifamily | 2,147 | $37.6bn | 216 ($4.1bn) | 146 | 11.7% | 94 |
| Hotel | 1,482 | $29.3bn | 93 ($1.8bn) | 90 | 8.2% | 124 |
| Mixed use | 1,041 | $25.2bn | 87 ($2.1bn) | 58 | 9.8% | 61 |
| Industrial | 914 | $18.1bn | 52 ($964.6m) | 27 | 5.4% | 25 |
| Self storage | 1,169 | $12.9bn | 20 ($125.2m) | 3 | 1.0% | 14 |
| Special purpose | 540 | $6.0bn | 2 ($16.4m) | 0 | 0.3% | 0 |
| Manufactured housing | 397 | $3.8bn | 11 ($91.2m) | 3 | 2.4% | 6 |
| Healthcare | 11 | $236.4m | 0 ($0) | 0 | 0.0% | 0 |
| Not stated on the tape | 3,749 | $33.7bn | 84 ($1.4bn) | 75 | 5.2% | 53 |
By state
The 15 states with the most distressed balance, of 49 with at least one distressed loan. A loan secured by properties in several states is counted once, under "several states".
| State | Loans | Balance | Distressed | Distressed balance | Share of balance |
|---|---|---|---|---|---|
| New York | 2,818 | $52.7bn | 212 | $5.3bn | 10.0% |
| California | 2,041 | $46.4bn | 150 | $3.5bn | 7.6% |
| Texas | 1,120 | $19.3bn | 92 | $2.0bn | 10.1% |
| Illinois | 486 | $8.9bn | 60 | $1.4bn | 15.2% |
| Ohio | 424 | $7.2bn | 51 | $986.7m | 13.6% |
| New Jersey | 435 | $9.8bn | 40 | $932.3m | 9.5% |
| NA | 818 | $11.5bn | 54 | $785.5m | 6.8% |
| Pennsylvania | 484 | $9.4bn | 43 | $772.8m | 8.2% |
| Washington, DC | 78 | $3.0bn | 18 | $754.2m | 25.4% |
| Missouri | 157 | $2.7bn | 22 | $718.8m | 27.0% |
| Virginia | 341 | $7.5bn | 21 | $564.1m | 7.6% |
| Washington | 257 | $6.0bn | 18 | $535.7m | 9.0% |
| Florida | 855 | $15.1bn | 30 | $500.8m | 3.3% |
| Connecticut | 141 | $2.5bn | 23 | $439.1m | 17.9% |
| Maryland | 216 | $4.7bn | 18 | $427.5m | 9.0% |
The maturity wall
Scheduled balance by the quarter each loan matures, from today (15 October 2026), with the part already distressed. Past maturity counts loans whose maturity date has passed and that are still on their trust's tape.
| Matures | Loans | Balance | Already distressed | DSCR under 1.0 | Balance bar |
|---|---|---|---|---|---|
| Past maturity | 439 | $3.6bn | 120 ($3.0bn) | 21 | |
| 2026 Q4 | 358 | $5.2bn | 58 ($1.2bn) | 13 | |
| 2027 Q1 | 475 | $8.2bn | 45 ($1.7bn) | 32 | |
| 2027 Q2 | 643 | $10.5bn | 49 ($1.1bn) | 30 | |
| 2027 Q3 | 609 | $9.5bn | 38 ($772.2m) | 28 | |
| 2027 Q4 | 538 | $9.1bn | 32 ($991.4m) | 24 | |
| 2028 Q1 | 490 | $8.2bn | 45 ($1.1bn) | 40 | |
| 2028 Q2 | 669 | $11.2bn | 43 ($1.0bn) | 31 | |
| 2028 Q3 | 693 | $11.6bn | 65 ($1.5bn) | 34 |
Payment status
- 90 or more days delinquent: 365 loans, $8.2bn
- non performing matured balloon: 81 loans, $2.1bn
- 60 to 89 days delinquent: 24 loans, $366.2m
- 30 to 59 days delinquent: 76 loans, $1.3bn
- late payment but under 30 days: 326 loans, $6.5bn
- payment not received but within grace period: 51 loans, $1.4bn
- performing matured balloon: 28 loans, $731.5m
- current: 14,006 loans, $253.2bn
- not reported: 2,330 loans, $22.6bn (left out of not current, not counted as current)
Download every table on this page: data.csv (free to reuse with attribution, CC BY 4.0).
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A free DFX account keeps the distressed loan list with you: filter by state, property type and maturity, follow a loan or a building, and get a digest when a servicer reports a change.
Method
Source: the asset-level data file (ABS-EE, exhibit 102) each CMBS trust's depositor files on SEC EDGAR with the trust's monthly distribution report. It carries every loan's scheduled balance, payment status, maturity, servicer, special servicing transfer, workout strategy and the servicer's most recent operating figures. DFX reads every filing of the trusts it tracks and keeps each month as a reading; nothing here is estimated.
Which loans: each loan as it appears on its trust's most recent tape. A loan that has paid off or been liquidated leaves its trust's tape and leaves this board. A trust whose newest tape is more than 100 days older than the newest one read is treated as no longer reporting and left out. A large loan split into notes held by several trusts appears once per note, at the balance that trust holds.
Not current is a reported payment status other than current or performing matured balloon: within the grace period, late under 30 days, 30 to 59, 60 to 89 and 90 or more days delinquent, and non performing matured balloon. A loan whose status the servicer left blank is counted in neither group. In special servicing is a reported transfer to the special servicer with no later return to the master servicer. DSCR is the debt service coverage ratio the servicer most recently reported; servicers leave it blank for months after a fiscal year end, so loans with no figure are not counted under 1.0. Maturity is the loan's current maturity date on the tape, after any extension the servicer reported.
Freshness: trustees file monthly, around the middle of the month. This page reads the tape every six hours; it was last computed on 15 October 2026. Other datasets are on the datasets page.
Cite or embed
Recommended citation:
DFX Intelligence. (2026). DFX CMBS Distress Board [Data set]. Retrieved 13 October 2026, from https://dfxintel.com/trackers/cmbs-distress
Embed the headline figures and the largest distressed loans. The frame stays hosted here, updates with the tape and carries its own source line:
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