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Debt outstanding ยท MBA, FDIC, NCUA

Who holds U.S. commercial mortgage debt

U.S. commercial and multifamily mortgage debt reached a record $5.1 trillion1 at June 30, 2026, up $42.9 billion (0.9%) in Q2 20262 (MBA). Banks hold $1.9 trillion (38% of the total)2; CMBS holds $651 billion (13% of the total)2.

Updated . Latest edition: MBA Q2 2026 (released September 2026). The Q3 2026 edition is expected around the end of December.

Holders of all commercial and multifamily mortgage debt

The exact table total is $5.06 trillion2. Each holder's balance and share of it at June 30, 2026:

HolderBalance and shareChange in Q2 2026
Banks and thrifts $1.9 trillion (38% of the total)2 Banks and thrifts added $13.3 billion (0.7%) in Q2 20263
Fannie Mae, Freddie Mac and other agency portfolios and MBS $1.2 trillion (23% of the total)2 n/a
Life insurance companies $782 billion (15% of the total)2 n/a
CMBS, CDO and other asset-backed securities $651 billion (13% of the total)2 up $13.9 billion (2.2%), the largest gain of any holder in Q2 20262
Real estate investment trusts $82.2 billion, down $5.5 billion (6.3%) in Q2 20262 Shown with the balance
Source: Mortgage Bankers Association, Commercial/Multifamily Mortgage Debt Outstanding, Q2 2026. Other holders: State and local government $119.1 billion, nonfinancial corporations $115.8 billion, federal government $105.7 billion, finance companies $35.6 billion, private pension funds $19.4 billion2.

Multifamily debt is a different market

Multifamily mortgage debt was $2.3 trillion, up $20.7 billion (0.9%) in Q2 20262. The agencies hold half of it, and CMBS barely figures:

Holder of multifamily debtShare and balance
Fannie Mae, Freddie Mac and other agency portfolios and MBS50% ($1.2 trillion)2
Banks and thrifts$668 billion (29%)2
Life insurance companies$269 billion (12%)2
State and local government$99 billion (4%)2
CMBS, CDO and other asset-backed securities$75 billion (3%)2

For an apartment owner that split is the practical answer to "who should I call." On a stabilized building the realistic lenders are an agency small-loan or conventional program and a bank or credit union, with a life company if leverage is low and the building is strong. See agency versus bank loans and Fannie Mae small loans.

Bank and credit union books, from their regulators

The FDIC and the NCUA publish bank and credit union books by loan type. Credit unions are a smaller but real lender for small-balance commercial property:

BookBalanceAs of
Bank loans on commercial property (nonfarm nonresidential)$1.94 trillion4June 30, 2026
Bank multifamily loans$668 billion4June 30, 2026
Bank construction and development loans$453 billion4June 30, 2026
Unused bank CRE lines (committed, not yet drawn)$538 billion4June 30, 2026
Credit union real-estate-secured commercial loans$190 billion5June 30, 2026
Credit union multifamily loans$48 billion5June 30, 2026
Credit union non-owner-occupied commercial property loans$88 billion5June 30, 2026
Credit union owner-occupied commercial property loans$40 billion5June 30, 2026
Credit union commercial construction and development loans$11 billion5June 30, 2026
Credit unions holding real-estate-secured commercial loans1,596 credit unions hold real-estate-secured commercial loans5June 30, 2026
 FDIC Quarterly Banking Profile and NCUA 5300 call report data, Q2 2026.

Life insurers count their own books differently: the ACLI's fact book put total life insurer mortgage holdings at $873 billion6 at year-end 2024 (9.4%6 of life insurer assets), of which $708 billion6 were commercial mortgages. The MBA and ACLI numbers measure different things on different dates, so use one or the other, not both.

Stock versus flow: who is making new loans

Debt outstanding is the stock. New lending moves differently. The MBA's originations index stood at 348 (2001 average quarter = 100); first half 2026 up 31% from first half 20257. Year over year by lender: CMBS up 68%, depositories (banks) up 61%, investor-driven lenders up 18%, Fannie Mae and Freddie Mac down 17%, life companies down 27%7. From the first quarter: CMBS up 55%, depositories up 22%, life companies up 15%, investor-driven lenders up 5%, Fannie Mae and Freddie Mac down 7% from Q1 20267. By property type, year over year: Retail up 61%, office up 47%, hotel up 19%, multifamily up 8%, industrial up 6%, health care down 19%7.

In the loans CBRE closed outside the agencies in Q2 2026, alternative lenders had 38%8, banks 30%8, life companies 21%8 and CMBS 11%8. Debt funds and mortgage REITs are a small slice of the stock (the REIT and finance company lines above), partly because their bridge loans are short and get refinanced out, yet they closed the largest share of CBRE's non-agency loans. CMBS issuance through September was $103.5 billion10 (KBRA), and single-asset deals were 76%11 of it (CRED iQ).

The MBA's February 2026 forecast called for $805.5 billion forecast for 2026 (MBA, February 2026), up from $633.7 billion expected for 20259 in total originations and $399.2 billion forecast for 2026 (MBA, February 2026), up from $330.6 billion expected for 20259 in multifamily. It assumed 4.2% average for 2026 (MBA forecast, February 2026)9, below where the 10-year has traded this fall; see the rate survey.

Questions people ask

Who holds the most commercial real estate debt?

Banks and thrifts: $1.9 trillion (38% of the total) at June 30, 2026, more than the agencies and more than life companies and CMBS combined. For apartments the order flips: the agencies hold 50% ($1.2 trillion) of multifamily mortgage debt.

Is CMBS a big part of the commercial mortgage market?

CMBS holds $651 billion (13% of the total) of all commercial and multifamily debt, and $75 billion (3%) of multifamily debt. It matters most for hotel, retail and office loans that banks and life companies are less eager to hold, and for very large single-asset loans.

How often is this data updated?

The MBA publishes debt outstanding quarterly; the Q2 2026 edition came out at the end of September 2026. The FDIC Quarterly Banking Profile follows each quarter by about two months.

  • Commercial mortgage lender types compared side by sideBanks, life companies, CMBS, agency and debt funds compared: what each lends on, its index, spread range, leverage limits and the catch.
  • Loan maturitiesHow much commercial mortgage debt matures in 2026 and 2027, which lenders and property types hold it, and what a maturing borrower should check first.
  • Delinquency and credit qualityBank noncurrent and charge-off rates, CMBS delinquency from Trepp, KBRA and MBA, and life company loan performance, with each measure defined and dated.
  • Commercial Mortgage Rate Survey (November 2026)Indicative rates by loan program, Treasury and SOFR readings, HMDA medians, SBA 504 and CMBS and bridge coupons, each with its source and date.
  • Bank vs CMBSA bank loan against a CMBS conduit loan on retail, office or industrial: recourse, proceeds, the cost of selling early and which borrower each suits.
  • Agency vs bank loansFannie Mae and Freddie Mac small loans against a bank loan on a 5 to 50 unit building: proceeds, recourse, the balloon, prepayment and hidden costs.
  • Life company vs bankA life insurance company mortgage against a bank loan on a low-leverage, stabilized property: rate, term, recourse, the balloon and ten-year cost.
  • Credit union commercial loansHow credit unions lend on investment property: NCUA Part 723, the one-borrower and business-loan caps, membership and when they beat a bank.

Sources

  1. MBA NewsLink, Commercial/Multifamily Mortgage Debt Outstanding Increased by $42.9B in Second Quarter, as of June 30, 2026
  2. MBA, Commercial/Multifamily Mortgage Debt Outstanding, Q2 2026, as of June 30, 2026
  3. MBA press release, Commercial/Multifamily Mortgage Debt Outstanding, Q2 2026 (Sept. 29, 2026), as of June 30, 2026
  4. FDIC Quarterly Banking Profile Q2 2026, time series spreadsheets, as of June 30, 2026
  5. NCUA 5300 Call Report quarterly data, June 30, 2026 (bulk file FS220L), as of June 30, 2026
  6. ACLI Life Insurers Fact Book 2025 (80th ed.), as of December 31, 2024
  7. MBA, Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, Q2 2026, as of June 30, 2026
  8. CBRE Lending Momentum Index, Q2 2026 press release (Aug 3, 2026), as of June 30, 2026
  9. MBA NewsLink, MBA CREF Forecast: Total Commercial Mortgage Originations to Increase 27% to $805 Billion in 2026, as of February 10, 2026
  10. KBRA CMBS Trend Watch, September 2026 (Oct 5, 2026), as of September 30, 2026
  11. CRED iQ, The Power of One: Why SASB Outruns Conduits 3 to 1 (Oct 22, 2026), as of September 30, 2026

How we check figures: methodology and editorial policy.

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