According to Morningstar, based on June data:
"the delinquent unpaid balance for commercial mortgage-backed securities, or CMBS, continued its decline to a trailing 12-month low of $32.48 billion (4.32%)"
CS and Barclays both say it's over 8%.
None of the above report non-paying B-notes as delinquent but that's maybe 0.5%
4% versus 8%. What am I missing?