The level of commercial/multifamily mortgage debt outstanding reached $4.88 trillion by the end of the second quarter, an increase of $47.1 billion (1%) from the first quarter, according to data from the Mortgage Bankers Association (MBA). Multifamily mortgage debt alone increased $27.7 billion (1.3%) to $2.19 trillion from the first quarter of 2025.
The four largest investor groups are: banks and thrifts; federal agency and government sponsored enterprise (GSE) portfolios and mortgage-backed securities (MBS); life insurance companies; and commercial mortgage-backed securities (CMBS), collateralized debt obligation (CDO) and other asset-backed securities (ABS) issues.
Commercial banks continue to hold the largest share (38%) of commercial/multifamily mortgages at $1.8 trillion, followed by agency and GSE portfolios and MBS (22%) at $1.08 trillion. Life insurance companies hold $769 billion (16%), and CMBS, CDO and other ABS issues hold $643 billion (13%).
“Commercial and multifamily mortgage debt outstanding increased modestly in this year’s second quarter,” said Reggie Booker, MBA’s associate vice president of commercial research. “Every major capital source added to its holdings, but growth varied, with life insurance companies increasing their holdings by 2.4% and banks by 0.9%.”
