WASHINGTON—The level of commercial/multifamily mortgage debt outstanding increased by $47.1 billion (1.0%) in the second 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 $4.88 trillion at the end of the second quarter. Multifamily mortgage debt alone increased $27.7 billion (1.3%) to $2.19 trillion from the first quarter of 2025.
“Commercial and multifamily mortgage debt outstanding increased modestly in this year’s second quarter,” said Reggie Booker, MBA’s associate vice president of commercial research. “Every major capital source added to its holdings, but growth varied, with life insurance companies increasing their holdings by 2.4% and banks by 0.9%.”
The four largest investor groups are: banks and thrifts; federal agency and government sponsored enterprise (GSE) portfolios and mortgage-backed securities (MBS); life insurance companies; and commercial mortgage-backed securities (CMBS), collateralized debt obligation (CDO) and other asset-backed securities (ABS) issues.
Commercial banks continue to hold the largest share (38%) of commercial/multifamily mortgages at $1.8 trillion.