US Commercial and Multifamily Mortgage Debt Outstanding Surpasses $5 Trillion in Q1

On Thursday, the Mortgage Bankers Association (MBA) reported that commercial and multifamily mortgage debt outstanding rose 0.5%, or $26.3 billion, in Q1 to $5.02 trillion.

Multifamily mortgage debt alone increased 1.0%, or $23.0 billion, from Q4 to $2.32 trillion.

Commercial banks held the largest share of commercial and multifamily mortgages, at 38%, or $1.9 trillion. Agency and GSE portfolios and mortgage-backed securities held 23%, or $1.2 trillion; life insurance companies held 15%, or $775 billion; and CMBS, CDO, and other ABS issues held 13%, or $637 billion.

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

“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. 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.”