Total mortgage debt on commercial and apartment properties, loans that have been originated but have not paid off yet, reached a record $5.1 trillion at the end of the second quarter of 2026. Overall commercial debt outstanding was four percent higher than a year earlier. Most of the largest holders of these loans added to their holdings over the year, but at varying speeds.
Agency and GSE portfolios and mortgage-backed securities (MBS) that finance apartment buildings grew the fastest at 8.2 percent. Their holdings rose about twice as fast as the market overall and accounted for nearly half of the past year’s growth. Banks, which hold more than a third of commercial and multifamily loans, and life insurance companies, which invest the premiums they collect in long-term property loans, grew at a slightly slower pace than the market.
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