US Commercial and Multifamily Mortgage Debt Outstanding Rises in 2025Q4

On Thursday, the Mortgage Bankers Association (MBA) reported that the level of commercial and multifamily mortgage debt outstanding in 2025Q4 was $214 billion, or 4.5%, higher year-over-year.

On a quarterly basis, total commercial and multifamily mortgage debt outstanding rose 1.5%, or $75.2 billion, to $4.99 trillion.

Multifamily mortgage debt increased by $57.3 billion, or 2.6%, to $2.29 trillion in Q4. For all of 2025, multifamily debt rose by $142.9 billion, or 6.6%.

Commercial banks and thrifts remained the largest holders of commercial and multifamily mortgages, accounting for 37% of the total at $1.9 trillion. Agency and GSE portfolios and mortgage-backed securities held 23% at $1.1 trillion, followed by life insurance companies at 16% ($774 billion) and CMBS, CDO, and other asset-backed securities at 13% ($647 billion).

Commenting on the report, MBA Associate Vice President of Commercial Research Reggie Booker said:

“Commercial and multifamily mortgage debt outstanding increased to almost $5.0 trillion in the fourth quarter of 2025, up 4.5% compared to the fourth quarter of 2024. Multifamily debt now totals $2.3 trillion, up 6.6% compared to 2024. Growth was driven largely by multifamily lending and sustained activity from agency and GSE portfolios, which led to both quarterly and annual gains. While banks remain the largest holders overall, the steady pace of growth across investor groups reflects a market that is still active, but increasingly selective as lenders navigate a higher rate environment and evolving property fundamentals.”