Commercial and Multifamily Mortgage Debt Outstanding Crossed $5T in Q1
Multifamily continued to drive growth, with debt outstanding rising to $2.32 trillion.
The level of commercial and multifamily mortgage debt outstanding increased by $26.3 billion (0.5 percent) in the first quarter of 2026, according to Mortgage Bankers Association’s first-quarter Commercial/Multifamily Mortgage Debt Outstanding report.
Total commercial and multifamily mortgage debt outstanding rose to $5.02 trillion at the end of the first quarter. Multifamily mortgage debt alone increased $23.0 billion (1.0 percent) to $2.32 trillion from the fourth quarter of 2025.
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Commercial and multifamily mortgage debt outstanding surpassed $5 trillion in the first quarter of 2026, a milestone that speaks to the resiliency and depth of commercial markets. Multifamily continued to drive growth, with debt outstanding rising to $2.32 trillion as agencies, GSEs and banks steadily expanded their holdings. Despite the modest pullback in CMBS, the overall picture is one of a market that continues to move forward.
Commercial banks continue to hold the largest share (38 percent) of commercial and multifamily mortgages at $1.9 trillion. Agency and GSE portfolios and MBS are the second-largest holders of commercial/multifamily mortgages (23 percent) at $1.2 trillion. Life insurance companies hold $775 billion (15 percent), and CMBS, CDO and another other ABS issues hold $637 billion (13 percent). Many life insurance companies, banks and the GSEs purchase and hold CMBS, CDO and other ABS issues. These loans appear in the report in the “CMBS, CDO and other ABS” category.
Multifamily mortgage debt outstanding
Looking solely at multifamily mortgages in the first quarter of 2026, agency and GSE portfolios and MBS hold the largest share of total multifamily debt outstanding at $1.2 trillion (50 percent), followed by banks and thrifts with $665 billion (29 percent), life insurance companies with $265 billion (11 percent), state and local government with $99 billion (4 percent), and CMBS, CDO and other ABS issues holding $74 billion (3 percent).
In the first quarter, bank and thrifts saw the largest gains in dollar terms in their holdings of commercial and multifamily mortgage debt—an increase of $17.5 billion (0.9 percent). Agency and GSE portfolios and MBS increased their holdings by $12.8 billion (1.1 percent) and life insurance companies increased their holdings by $3.3 billion (0.4 percent). CMBS, CDO and other ABS issues decreased their holdings by $9.6 billion (1.5 percent).
—Posted on July 22, 2026
