What This Dashboard Tracks
The CRE Stress Tracker monitors publicly available commercial real estate credit quality indicators across the CMBS and bank lending channels. Data is sourced from SEC-required CMBS servicer reports and FDIC/OCC regulatory filings.
Key Metrics
CMBS Delinquency Rate by Property Type: The percentage of CMBS loans 30+ days delinquent, broken out by property type (office, retail, multifamily, industrial, hotel). Property-type delinquency rates reflect the differential credit stress across CRE sectors and are a leading indicator of realized losses in CMBS structures.
Special Servicing Transfer Rate: Loans transferred to special servicing have triggered default or imminent default triggers. The special servicing rate is a broader stress indicator than formal delinquency alone.
Bank CRE Criticized/Classified Loans: FDIC Statistics on Depository Institutions and OCC bank examination data provide periodic insight into the credit quality of CRE loans held on bank balance sheets.
Implied Cap Rate Trends: Cap rate movements — derived from publicly disclosed transaction data — affect property valuations, loan-to-value ratios, and the economics of refinancing maturing CRE debt.
Data Sources
CMBS data draws from SEC-required servicer advance reports (made publicly available through EDGAR and servicer websites). Bank data draws from FDIC call reports and OCC examination findings.
Sources: FDIC Statistics on Depository Institutions; OCC CRE Concentration Guidance; SEC EDGAR CMBS Reports; Federal Reserve Financial Stability Report.