As of the March 31, 2026 NCUA call reports, 330 credit unions across 50 states reported delinquent investor commercial real estate — non-owner-occupied, multifamily, and construction — totaling roughly $1.38 billion. Of that, about $859 million (62%) is 180 or more days past due, the point at which a credit is a workout problem rather than a late payment. Credit unions rarely maintain a dedicated OREO or special-assets desk, so a concentration of aged commercial paper is a materially different burden than the same balance at a bank.
Investor CRE here means the business-purpose categories: non-owner-occupied commercial, multifamily, and construction. Owner-occupied commercial real estate is excluded, because repayment there depends on the operating business rather than the property. Commercial non-accrual is reported separately by the credit union and is shown for context; it is not a subset of the delinquency column.
| State | Credit unions reporting | Delinquent investor CRE | Of which 180+ days | Commercial non-accrual |
|---|---|---|---|---|
| NY | 24 | $129.9M | $95.6M | $166.4M |
| IA | 7 | $103.7M | $78.6M | $122.6M |
| WA | 12 | $96.6M | $21.3M | $73.9M |
| CA | 16 | $94.6M | $74.7M | $137.2M |
| VA | 7 | $93.1M | $52.8M | $151.2M |
| NH | 2 | $81.5M | $52.7M | $110.3M |
| FL | 13 | $73.6M | $63.5M | $79.0M |
| NM | 4 | $61.9M | $57.8M | $106.8M |
| KS | 2 | $54.5M | $15.6M | $124.7M |
| PA | 22 | $51.8M | $43.3M | $85.8M |
| IL | 12 | $50.7M | $19.8M | $51.7M |
| MA | 11 | $39.2M | $27.0M | $30.0M |
| WI | 9 | $39.1M | $34.0M | $73.6M |
| TX | 9 | $32.3M | $16.2M | $25.4M |
| CO | 5 | $30.6M | $0.1M | $42.0M |
| MI | 21 | $28.7M | $19.8M | $51.9M |
| AK | 3 | $28.4M | $11.4M | $34.1M |
| OH | 28 | $27.6M | $9.4M | $53.2M |
| IN | 10 | $25.8M | $10.6M | $29.2M |
| NC | 7 | $25.7M | $25.4M | $28.2M |
| ND | 6 | $19.8M | $14.7M | $29.8M |
| NV | 1 | $17.3M | $17.3M | $61.5M |
| MN | 6 | $16.8M | $15.4M | $75.2M |
| UT | 4 | $16.7M | $1.1M | $75.6M |
| GA | 5 | $16.5M | $2.7M | $25.7M |
Remaining states carry smaller balances. Nationwide totals: 330 credit unions, $1.38B delinquent investor CRE, $859M aged 180+ days.
A credit union is built for consumer and member business lending. Commercial workouts require specialists, and taking title to an income property requires a management capability most do not have. That is why aged investor CRE tends to sit: the balance is small relative to a bank of comparable size, but the resolution cost is not. Member business lending is also capped by statute for most institutions, which makes a non-performing commercial balance expensive in a second way — it occupies capacity that could otherwise be lent.
The practical options are the same ones a bank has: work it out, foreclose and hold, or sell the note. See how a note sale works and loan sale vs. receivership.
Computed from the National Credit Union Administration’s public 5300 Call Report data, March 31, 2026 cycle, schedule FS220P (“Delinquent Loans by Collateral Type”). Investor CRE is the sum of the non-owner-occupied, multifamily, and construction collateral categories across all delinquency buckets; the 180+ figure sums the 180–359 day and 360+ day buckets across those same categories, so the two columns are directly comparable. Commercial non-accrual is the separately reported commercial non-accrual balance. Source: NCUA Call Report data. Refreshed each quarterly cycle.
Individual institutions are not identified here. For the same analysis on the banking side, see SBA 504 loan distress by state and the CRE distress statistics hub.
On the March 31, 2026 call reports, New York leads by balance, followed by Iowa, Washington, California, and Virginia. Balance concentration does not track institution count — two credit unions in New Hampshire account for more delinquent investor CRE than twenty in Pennsylvania.
Not necessarily. Many credits cure or are restructured. But a balance aged past 180 days has usually exhausted the informal options, and it is carried by an institution that rarely has a dedicated workout desk.
Yes — participations and whole-loan sales are both routine, and a single-credit sale is often the cleanest resolution where there is no internal workout capability. Standing Bid Capital purchases commercial credits from credit unions directly, all-cash. Request a confidential review.