CMBS monthly changes

What changed in the latest reporting month, September 2026, against August 2026, computed from the trusts' own monthly loan reports and the rating records in the dataset. Rating actions are shown on two bases: agency releases carry their own publication dates, while the complete rating histories are published under Rule 17g-7(b) with a lag, so the history table below covers the latest month of recorded actions and shows when each action became publicly knowable.

Newly delinquent loans

Loans reported 30 or more days delinquent, in foreclosure or in REO in September 2026 that were not delinquent in August 2026, including loans reporting for the first time.

Newly transferred to special servicing

Loans whose filings record a transfer to the special servicer dated in September 2026.

New modifications

Modifications dated in September 2026 in the asset-level filings, with the terms after modification where the filings report them.

None recorded for September 2026.

Newly reported with a modification in effect

Loans whose monthly report carries the modification indicator in September 2026 and did not in August 2026. Servicers report modifications in the monthly indicator before the dated modification record appears in the asset-level filings.

Liquidations

Loans whose filings record a liquidation dated in September 2026. Severity is the realized loss divided by the last balance reported in or before the liquidation month.

Matured and not paid off

Loans whose scheduled maturity (origination date plus original term) fell in September 2026 and that are still reported with a balance, including loans extended at maturity.

Rating downgrades

No downgrades appear in the agency releases collected in the dataset for the latest month.

Downgrade actions dated in November 2025, the latest month in the published rating histories. The publicly knowable date is the publication date of the agency's current history file, in which the action is recorded; see the methods note on the market page.