Commercial Mortgage Debt Outstanding Increased by $42.9B in Q2

The level of commercial/multifamily mortgage debt outstanding increased by $42.9 billion (0.9 percent) in the second quarter of 2026, according to MBA’s latest commercial/multifamily mortgage debt outstanding quarterly report.

Total commercial/multifamily mortgage debt outstanding rose to $5.1 trillion at the end of the second quarter. Multifamily mortgage debt alone increased $20.7 billion (0.9 percent) to $2.3 trillion from the first quarter of 2026.

Commercial and multifamily mortgage debt outstanding continued to expand in the second quarter, reaching a record $5.1 trillion as stronger borrowing activity and capital availability supported growth in the market.

---

READ ALSO: How Higher Rates Are Reshuffling CRE’s Financing Deck

---

Growth was broad-based across the major capital sources, with banks and thrifts, agency and GSE portfolios and MBS, and CMBS, CDO and other ABS all increasing their holdings. Multifamily debt also rose, reaching $2.3 trillion, with agency and GSE financing accounting for half of all outstanding multifamily mortgage debt. The continued increases across these capital sources point to a commercial real estate finance market that is steadily expanding its capacity to support property investment and refinancing activity.

Commercial banks continue to hold the largest share (38 percent) of commercial/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 $782 billion (15 percent), and CMBS, CDO and another other ABS issues hold $651 billion (13 percent). Many life insurance companies, banks and the GSEs purchase and hold CMBS, CDO and other ABS issues.

—Posted on Oct. 20, 2026