Trepp

Trepp is the leading provider of data, insights, and technology to the structured finance, commercial real estate, & banking markets.

[Trepp @TreppWire]

CRE leaders are coming together in NYC this May and you can be in the room.

📅Join us in Rockefeller Center on May 6 and 7 for Trepp Connect (in NYC), a CRE and capital markets conference.

We are bringing together senior leaders from CRE, banking, private credit, and structured finance.

The posted agenda features discussions surrounding:
🔹Capital formation & liquidity trends
🔹Lending dynamics & capital stack evolution
🔹Property sector fundamentals
🔹AI in underwriting & risk strategy

Register early and save: https://t.co/ZGPrGUkgv3

[Trepp @TreppWire]

This week on The TreppWire Podcast: AI sticker shock hits corporate budgets, 60% of 2027 data center capacity isn't under construction yet, and Texas keeps winning with Samsung's HQ move and Dallas's arena shuffle. We close with a REIT 101 and Trepp's new REIT IQ tool.

Tune in: https://t.co/ZgT9fRqvQ5

[Trepp @TreppWire]

A $32.1M CMBS loan transferred to special servicing for payment default.

The collateral is an eight property, 201 unit multifamily portfolio in Jersey City, NJ.

Clients have the story with #TreppWire: https://t.co/8vUu68bD8V

[Trepp @TreppWire]

🔎Trepp identified $76.6 billion of CMBS hard maturities scheduled for 2026 at the start of the year, up from roughly $44 billion in 2025 and $38 billion in 2024.

A hard maturity is a loan with no remaining extension options. At maturity, the borrower must refinance, pay off the loan, or negotiate a resolution.

Our latest June data shows a cohort totaling $2.57 billion across 78 loans. While only 6.7% of the balance is currently non-performing, several large loans exhibit elevated refinance risk.

The key question isn't how much debt is maturing; it's how much can refinance.

Read the June update: https://t.co/qI8KEd6orK

[Trepp @TreppWire]

🆕 The Trepp CMBS Delinquency Rate increased by just one basis point to 7.55% in May 2026.

Industrial and retail led gains, up 35 bps and 30 bps, while multifamily lagged with a 76 bps drop and office edged down 16 bps.

Access the full report: https://t.co/gz048dtSJN

[Trepp @TreppWire]

The 2025 CMBS reappraisal cohort cleared $23B of collateral at a median -53% discount to origination.

Office, retail, and mixed-use accounted for roughly 86% of the balance, with office alone making up more than half.

Download the full report here: https://t.co/yHf5Lv3VVv

[Trepp @TreppWire]

📈LifeComps participants reported a total quarterly return of posted a 0.42% total return during Q1 2026, driven by a 1.20% income return and a -0.78% appreciation return.

Access the Q1 2026 LifeComps report📩https://t.co/KEGwFPXlfH

[Trepp @TreppWire]

General-purpose AI isn’t built for the complexity of the commercial real estate finance markets.

TreppAI combines Trepp’s trusted data with AI designed specifically for these workflows, delivering faster insights and a more direct path to decision-making.

Our report, Building AI that Speaks Commercial Real Estate Finance, explores what it takes to build AI that truly performs in this space.

Learn more: https://t.co/aTGqJG5WD6

[Trepp @TreppWire]

In Episode 398 of The TreppWire Podcast, we break down elevated rates, inflation, and resilient markets, highlight Chicago multifamily sales surging 117%, and dive into the Equity Residential–AvalonBay merger with an implied cap rate analysis, and more.

Tune in now 🔊 https://t.co/0G55WKBWnS

[Trepp @TreppWire]

At valuation declines above 60%, workout economics change materially.

The 2025 CMBS reappraisal cohort suggests the market is increasingly shifting from “extend-and-pretend” to “resolve-and-realize.”

That means more note sales, discounted payoffs, and real estate owned activity.

Download the full report here: https://t.co/tQF137eA08

[Trepp @TreppWire]

What Structural Factors Contribute to GSE Maturity Risk in the 2028–2030 Cohorts?
https://t.co/FiamL3SUrS

[Trepp @TreppWire]

Episode 397 is out! We cover Treasury yields breaking past 4.5%, the LA mansion tax backfire, and Google and Blackstone's AI cloud venture. We also discuss the $910M Ares-Scion student housing deal, a 101 on the Fed's hidden benchmarks, and retail's underwriting comeback.

We also dig into the $52B Equity Residential & AvalonBay merger and AT&T's move to Plano. Tune in now: https://t.co/VhpGyCvvQq

[Trepp @TreppWire]

The 2017–2018 office vintage is emerging as the most impaired cohort in CMBS.

Why?

Peak-cycle underwriting + limited amortization cushion + post-COVID demand destruction.

The result: median reappraisal declines of -71% and -67%.

New Trepp research: https://t.co/nYn1L9J4GK

[Trepp @TreppWire]

🔎The 2025 CMBS reappraisal cohort cleared $23 billion of collateral at a median 53% discount to origination.

Office, retail, and mixed-use accounted for roughly 86% of the reappraised balance.

Trepp’s latest research examines 495 single-property CMBS loans reappraised in 2025 and finds that the deepest impairment remains concentrated in urban office and enclosed malls...

Download here: https://t.co/H3zpZWtgrI

[Trepp @TreppWire]

🏘️Multifamily continues to be one of the most debated sectors in CRE, especially as investors weigh newer vintage assets against older properties facing rising operational and capital expenditure pressures.

During Trepp Connect (in NYC)’s "Bifurcation & Recovery: CRE Property Sector Realities" panel, @TenenbaumCRE (@CushWakeUS) shared why investor demand has continued to gravitate toward newer multifamily assets, particularly those trading below replacement cost and requiring less near-term CapEx investment.

In this clip, Sam explains why today’s pricing dynamics are less about a “bubble” and more about how investors are evaluating value, operational risk, and long-term fundamentals across an increasingly bifurcated multifamily market.

[Trepp @TreppWire]

🆕 The Trepp CMBS Delinquency Rate decreased by 1 basis point to 7.54% in April 2026.

Two of the five major property type rates increased while three moved lower.

Access the full report: https://t.co/G0V04Xeu09

[Trepp @TreppWire]

🔊“Never, never bet against the American consumer. They’re just amazing.”

At Trepp Connect (in NYC), rimont CEO Bill Sexton joined Lonnie Hendry to discuss the CRE servicing landscape

In this clip, Bill explains why rate-driven stress, not fundamentals, has defined this cycle, and why he stays optimistic as capital continues to deploy. 👇

[Trepp @TreppWire]

$2.57B in CMBS loans hit hard maturity in May (74 loans).

Around 36% carry a debt yield of 8% or below, where refi pressure is highest, especially in office, retail & multifamily.
https://t.co/DpQiQJktPs

[Trepp @TreppWire]

The “office problem” is increasingly an urban office problem.

Urban office loans in the 2025 CMBS reappraisal cohort marked at a median -64%, materially worse than suburban office at -52%.

The concentration story matters more than the aggregate headline.

Download the full report here: https://t.co/64TMIPDwTx

[Trepp @TreppWire]

📽️At Trepp Connect (in NYC), @ScottRechler joined Trepp CEO Annemarie DiCola to discuss shifts across CRE, from office to infrastructure to housing.

In this clip, Scott breaks down how RXR approached the changing office landscape👇

[Trepp @TreppWire]

🚨TreppWire Trading Alert: Manhattan Office Loan Transfers to Special Servicing

The $150.2M CMBS loan transferred to special servicing for balloon payment and maturity default.

The collateral is a 588,512 square foot office and showroom property.

Clients have the story with #Trepp: https://t.co/4ZHpNT97ks