Distress hit a new record for the third consecutive month according to a new report from CRED iQ. It was up 14 basis points in May and reached 8.49%.

"The CRED iQ team evaluated payment statuses reported for each loan, along with special servicing status as part of our monthly distress update," they wrote. "CRED iQ's special servicing rate now stands at 8.09% and the CRED iQ delinquency rate is at 5.8% for this month."

The delinquency rating includes "all CMBS properties that are securitized in conduits and single-borrower large loan deal types" but not Freddie Mac, Fannie Mae, Ginnie Mae, and CRE CLO loan metrics, which are treated in separate analyses.

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