According to the Mortgage Bankers Association’s latest Commercial Delinquency Report, commercial mortgage delinquency rates were mixed across investor groups in the fourth quarter of 2025. MBA’s analysis, which covers commercial banks and thrifts, CMBS, life insurance companies, and government-sponsored enterprises Fannie Mae and Freddie Mac, found that most capital sources experienced modest improvements, while others saw slight increases or remain unchanged. Together, these groups account for more than 80 percent of outstanding commercial mortgage debt, offering a comprehensive view of market performance.
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