Outstanding U.S. CRE Mortgage Debt Rises to $5.1 Trillion

U.S. commercial/multifamily mortgage debt outstanding increased by $42.9 billion in the second quarter of 2026, a 0.9% increase over Q1, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report. Total CRE mortgage debt outstanding rose to $5.1 trillion at the end of Q2, with nearly half the increase ($20.7 billion) coming from multifamily mortgage debt.

“Commercial and multifamily mortgage debt outstanding continued to expand in the second quarter, reaching a record $5.1 trillion as stronger borrowing activity and capital availability supported growth in the market,” said Reggie Booker, MBA’s associate VP of commercial research “Growth was broad-based across the major capital sources, with banks and thrifts, agency and GSE portfolios and MBS, and CMBS, CDO and other ABS all increasing their holdings. The continued increases across these capital sources point to a commercial real estate finance market that is steadily expanding its capacity to support property investment and refinancing activity.”

Commercial banks continue to hold the largest share (38%) of commercial/multifamily mortgages at $1.9 trillion. Agency and GSE portfolios and MBS are the second-largest holders (22%) at $1.2 trillion. Life insurance companies hold $782 billion (15%), while CMBS, CDO and another other ABS issues hold $651 billion (13%).