{"id":1004775144,"date":"2025-10-24T01:00:00","date_gmt":"2025-10-24T09:00:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004775144"},"modified":"2025-11-28T01:39:29","modified_gmt":"2025-11-28T09:39:29","slug":"commercial-mortgage-debt-outstanding-increased-in-second-quarter-2025","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/commercial-mortgage-debt-outstanding-increased-in-second-quarter-2025\/","title":{"rendered":"How CRE Mortgage Debt Trended in Q2"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a3a0fe12b3bc&quot;}\" data-wp-interactive=\"core\/image\" class=\"aligncenter size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"588\" data-attachment-id=\"1004775145\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/commercial-mortgage-debt-outstanding-increased-in-second-quarter-2025\/1125_cpe_mba\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1125_CPE_MBA.jpg\" data-orig-size=\"800,588\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1125_CPE_MBA\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1125_CPE_MBA.jpg?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1125_CPE_MBA.jpg\" alt=\"A chart of multifamily debt holdings through 2025\" class=\"wp-image-1004775145\" style=\"width:550px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1125_CPE_MBA.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1125_CPE_MBA.jpg?resize=300,221 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/10\/1125_CPE_MBA.jpg?resize=768,564 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Source: Mortgage Bankers Association <\/figcaption><\/figure><\/div>\n\n\n<p>The level of commercial\/multifamily mortgage debt outstanding increased by $47.1 billion (1.0 percent) in the second quarter of 2025, according to the Mortgage Bankers Association\u2019s latest Commercial\/Multifamily Mortgage Debt Outstanding quarterly report.<\/p>\n\n\n\n<p>Total commercial\/multifamily mortgage debt outstanding rose to $4.88 trillion at the end of the second quarter. Multifamily mortgage debt alone increased $27.7 billion (1.3 percent) to $2.19 trillion from the first quarter of 2025.<\/p>\n\n\n\n<p>Commercial and multifamily mortgage debt outstanding increased modestly in this year\u2019s second quarter. Every major capital source added to its holdings, but growth varied, with life insurance companies increasing their holdings by 2.4 percent and banks by 0.9 percent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-largest-investor-groups\">Largest investor groups<\/h2>\n\n\n\n<p>The four largest investor groups are: banks and thrifts; federal agency and government sponsored enterprise portfolios and mortgage-backed securities; life insurance companies; and commercial mortgage-backed securities, collateralized debt obligation and other asset-backed securities issues.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/4-key-trends-in-a-borrowers-market\/\">4 Key Trends in a Borrower\u2019s Market&nbsp;<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Commercial banks continue to hold the largest share (38 percent) of commercial\/multifamily mortgages at $1.8 trillion. Agency and GSE portfolios and MBS are the second-largest holders of commercial\/multifamily mortgages (22 percent) at $1.08 trillion. <\/p>\n\n\n\n<p>Life insurance companies hold $769 billion (16 percent), and CMBS, CDO and another other ABS issues hold $643 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 \u201cCMBS, CDO and other ABS\u201d category.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-changes-in-commercial-mortgage-debt-outstanding\">Changes in<strong> <\/strong>commercial mortgage debt outstanding<\/h2>\n\n\n\n<p>In the second quarter, life insurance companies saw the largest gains in dollar terms in their holdings of commercial\/multifamily mortgage debt\u2014an increase of $17.7 billion (2.4 percent). Bank and thrifts increased their holdings by $16.3 billion (0.9 percent), agency and GSE portfolios and MBS increased their holdings by $8.7 billion (0.8 percent), and REITs increased their holdings by $1.9 billion (2.2 percent).<\/p>\n\n\n\n<p>In percentage terms, private pension funds saw the largest increase\u20143.0 percent\u2014in their holdings of commercial\/multifamily mortgages. Conversely, state and local government retirement funds saw their holdings decrease 1.9 percent.<\/p>\n\n\n\n<p>For more information on this report, <a href=\"https:\/\/www.mba.org\/news-and-research\/research-and-economics\/commercial-multifamily-research\/commercial-multifamily-mortgage-debt-outstanding-x44535.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">click here<\/a>.<\/p>\n\n\n\n<p>\u2014Posted on October 24, 2025<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Read the findings of the Mortgage Bankers Association\u2019s latest quarterly report.<\/p>\n","protected":false},"author":3703,"featured_media":1004775145,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,37753,21742,37749],"tags":[47726],"class_list":["post-1004775144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-research-center-finance","category-latest","category-research-center-cpe","tag-mortgage-bankers-assocation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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