First quarter commercial/multifamily mortgage debt outstanding increased by $26.3 billion (0.5%) from the previous quarter to reach a total of $5.02 trillion, according to the Mortgage Bankers Association (MBA). Multifamily mortgage debt alone increased $23 billion (1.0%) to $2.32 trillion.
Commercial banks held the largest share (38%) of first quarter commercial/multifamily mortgages at $1.9 trillion. Agency and GSE portfolios and MBS are the second-largest holders of commercial/multifamily mortgages (23%) at $1.2 trillion, followed by life insurance companies at $775 billion (15%), and CMBS, CDO and another other ABS issues at $637 billion (13%).
“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,” said Reggie Booker, MBA’s associate vice president of commercial research. “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.”
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