After producing $26.3 billion in new commercial and multifamily mortgage debt in the first quarter of 2026, the industry's total amount of mortgage debt outstanding rose to $5.02 trillion, according to data from the Mortgage Bankers Association.
The industry association said total multifamily mortgage debt alone increased by $23 billion, or 1% in Q1, representing a $2.32 trillion increase from Q4 2025, the MBA said.
It is "a milestone that speaks to the resiliency and depth of commercial markets," according to a statement from Reggie Booker, the MBA's associate vice president of commercial research. "Agencies, GSEs, and banks steadily expanded their holdings. Despite modest pullback in CMBS, the overall picture is one of a market that continues to move forward."
As an investor group, commercial banks held the largest share of commercial or multifamily mortgages, with $1.9 trillion, or 38%, the MBA said. Agencies and GSEs followed, with $1.2 trillion, or 23%.
Life insurance companies and commercial mortgage-backed securities, CDs and other ABS issues hold $775 billion and $637 billion, respectively, representing 15% and 13% of the total, respectively.
For the multifamily mortgage sector alone agency and GSE, and GSE portfolios dominate holdings, with $1.2 trillion total multifamily debt outstanding, or half. Banks and thrifts followed, with $665 billion, or 29%, the MBA said.
When examined by changes in commercial/multifamily mortgages outstanding, banks and thrifts once again came out on top, the MBA research found. This group had an increase of $17.5 billion, or 0.9%, followed by agency and GSE portfolios and MBS, which increased their holdings by $3.3 billion.
