Where do these CMBS statistics come from?

From the loan-level data every public CMBS trust files with the SEC each month on Form ABS-EE (Schedule AL), compiled by cmbs.news. Pieces of one loan held in several trusts are counted once. The methodology page explains every definition.

Can I quote these numbers?

Yes. Cite cmbs.loan with the as-of date and a link to this page; the compilation is licensed CC BY 4.0. Each fact is written to be quoted as a full sentence.

How current are the figures?

Data as of October 28, 2026. The page updates monthly after the latest ABS-EE filings are loaded. Recent months fill in as newly closed loans reach trusts.

CMBS statistics 2026: rates, leverage, lenders and maturities

CMBS loan rates

The median rate on CMBS loans originated from July 21 to October 19, 2026 was 6.63%, across 155 loans securitized so far.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
The median rate on CMBS loans originated in the 12 months to October 19, 2026 was 6.40%, across 1,047 loans; the middle half ranged from 6.06% to 6.72%.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
Ten-year CMBS loans from the last 12 months had a median rate of 6.19% (294 loans); five-year loans 6.46% (753 loans).

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
Hotel loans carried the highest median CMBS rate of any commercial property type over the last 12 months, 7.02%; self-storage the lowest, 6.11%.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
The monthly median CMBS rate moved from 6.84% for loans originated in November 2024 to 6.67% for loans originated in July 2026.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
Multifamily CMBS loans from the last 12 months had a median rate of 6.35% across 292 loans, the most of any property type.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link

More: CMBS loan rates

Leverage, coverage and debt yield

Whole CMBS loans from the last 12 months were written at a median loan-to-value of 63.9%; one in ten exceeded 70.9%.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Co-op housing left out. Link
The median debt service coverage ratio on new CMBS loans was 1.47x on net cash flow; one in ten was below 1.26x.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
The median debt yield on new CMBS loans was 10.1%; the 25th percentile was 8.8%.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
Hotel CMBS loans were sized to a median debt yield of 15.0%, against 8.8% for multifamily.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
Multifamily loans had the thinnest coverage of any commercial property type: a median DSCR of 1.33x on new loans.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
The median physical occupancy of properties behind new CMBS loans was 94.4% at securitization; for hotels it was 72.8%.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link

More: CMBS loans by property type

Loan sizes and volume

$26.5 billion of CMBS loans originated in the 12 months to October 19, 2026 had been securitized by October 28, 2026, across 1,047 loans.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
The median new CMBS loan was $15.0 million; the middle half ran from $8.4 million to $33.0 million.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Co-op housing left out. Link
30% of new CMBS loans were under $10 million, and 141 were $50 million or more.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Co-op housing left out; split loans counted at the securitized amount. Link

More: CMBS loan minimums

CMBS lenders

Citi originated the most CMBS loan volume in the 12 months to October 19, 2026: $4.5 billion across 113 loans, followed by Wells Fargo ($3.6 billion) and Goldman Sachs ($3.3 billion).

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
28 lenders originated at least one securitized CMBS loan in the last 12 months.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
The five largest CMBS originators accounted for 51% of 12-month securitized volume credited to originators.

Source: SEC Form ABS-EE filings, as of October 28, 2026. A loan with co-originators is credited in full to each, so shares are of credited volume. Link
National Cooperative Bank originated 84 co-op housing loans that reached CMBS trusts in the last 12 months, almost the entire co-op market.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link

More: CMBS lenders

Terms and interest-only

72% of CMBS loans originated in the last 12 months had five-year terms and 28% ten-year terms.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
82% of new CMBS loans were interest-only for the full term, and 4% for part of it.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
92% of new multifamily CMBS loans had five-year terms; for self-storage it was 56%.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link

More: CMBS loan terms

Maturities

12,062 CMBS loans with $280.4 billion outstanding were still reporting in trusts.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
1,420 CMBS loans with $32.3 billion outstanding mature in 2027; 1,720 with $41.1 billion in 2028.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
CMBS loans maturing in 2027 carry a median coupon of 4.63%, 200 basis points below the 6.63% median on loans from the last 90 days.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
9% of testable CMBS loans maturing in 2027 would fail a 9% debt yield test on their NOI at securitization against today's balance, a rough sign of a refinance shortfall; on the latest reported NOI, 17% would.

Source: SEC Form ABS-EE filings, as of October 28, 2026. See the maturity wall page for the method and its limits. Link
79 CMBS loans with $3.3 billion were past their maturity date and still outstanding.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link

More: CMBS maturity wall

Delinquency and special servicing

3.0% of live CMBS loans were 60 or more days delinquent or past maturity and not paying, 3.7% by balance.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
513 CMBS loans, 4.3% of live loans and 6.2% of balance, were with a special servicer.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
Office had the highest special servicing share of any property type: 9.5% of loans, 11.6% of balance.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
Self-storage had the lowest 60-day delinquency of any commercial property type: 0.3% of loans.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link
New York held the most CMBS debt of any state, $55.1 billion across 2,317 loans; California was second with $46.3 billion.

Source: SEC Form ABS-EE filings, as of October 28, 2026. Link

More: Special servicing

Source: SEC Form ABS-EE asset-level filings (Schedule AL) for CMBS trusts, compiled by cmbs.news; data as of October 28, 2026. Pari passu pieces of one loan are counted once. Loans are counted by origination date; securitized loans only, so balance-sheet loans held by banks and life companies are not included. How each figure is built: methodology. Download the tables: CMBS data (CSV).

Loan-level detail for every securitized loan: cmbs.news. Downloads: CMBS data (CSV).

CMBS statistics