The level of commercial/multifamily mortgage debt outstanding increased by $26.3 billion in the first quarter of 2026, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report. The tally has now crossed the $5-trillion threshold.

“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,” said Reggie Booker, MBA’s associate VP of commercial research. “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.”

The four largest lending sources are: banks and thrifts; federal agency and GSE portfolios and MBS; life insurance companies; and CMBS, collateralized debt obligations and other ABS issues. Commercial banks continued to hold the largest share at $1.9 trillion, followed by agency/GSE portfolios at $1.2 trillion.

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