**Outstanding U.S. Commercial Real Estate Mortgage Debt Nears $5 Trillion**
The amount of commercial and multifamily mortgage debt outstanding in the United States increased by 1.1%, or $53.4 billion, in the third quarter of 2025, according to the Mortgage Bankers Association’s (MBA) latest quarterly report on Commercial/Multifamily Mortgage Debt Outstanding.
By the end of Q3 2025, total commercial and multifamily mortgage debt had reached $4.93 trillion. Multifamily mortgage debt alone contributed significantly to this growth, rising by $40.3 billion (1.8%) to a total of $2.24 trillion.
“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 Vice President 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 remain the largest holders of commercial and multifamily mortgages, controlling 37% of the total, or $1.8 trillion. Agency and Government-Sponsored Enterprise (GSE) portfolios and mortgage-backed securities collectively account for 23%, or $1.11 trillion. Life insurance companies hold 16% with $783 billion, while commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDOs), and other asset-backed securities (ABS) account for 13%, totaling $642 billion.
