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Outstanding U.S. CRE Mortgage Debt Nears $5T
The level of commercial/multifamily mortgage debt outstanding ticked up by 1.1% or $53.4 billion in the third quarter of 2025, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report.
Total commercial/multifamily mortgage debt outstanding rose to $4.93 trillion at the end of Q3. Multifamily mortgage debt alone increased $40.3 billion (1.8%) to $2.24 trillion from Q2 2025.
“Commercial and multifamily mortgage debt continued to grow during last year’s third quarter, driven by strong increases in multifamily lending,” said Reggie Booker, MBA’s associate VP of commercial research. “While economic and market uncertainty persists, agency and GSE portfolios once again led the market, with banks and life insurance companies also posting solid gains.”
Commercial banks continue to hold the largest share (37%) of commercial/multifamily mortgages at $1.8 trillion. Agency and GSE portfolios and MBS are the second-largest holders of commercial/multifamily mortgages (23%) at $1.11 trillion. Life insurance companies hold $783 billion (16%), and CMBS, CDO and other ABS issues hold $642 billion (13%).
- ◦Financing
