Special servicing on CMBS loans took an 80-basis point jump between March and April to land at 8.11%, according to Trepp. It was the biggest month-over-month gain in almost four years. The only higher increases were in the middle of 2020 in the heat of the pandemic. It was also the first time since 2021 that the monthly rate was higher than 8.00%.

"There were some big movers when analyzing by property type, with three up by at least 100 basis points," Trepp wrote. The special servicing percentages by property type were — retail (up 105 basis points to 10.85%); office (up 53 basis points to 10.84%); mixed-use (down 28 basis points to 8.25%); lodging (up 5 basis points to 7.40%); multifamily (up 269 basis points to 5.10%); and industrial (flat at 0.41%). The multifamily rate passed "the 5.00% mark for the first time since June 2017."

Overall CMBS 2.0 special servicing rate was 8.00%, up year over year from 5.39%. For CMBS 1.0, it was 24.86%, down year over year from 34.70%.