The quick read: Banks and thrifts held the most commercial and multifamily mortgage debt in the United States at the end of the second quarter of 2026. The Mortgage Bankers Association's Q2 2026 Commercial/Multifamily Mortgage Debt Outstanding report puts bank and thrift holdings at $1,899,481 million, 37.5% of a $5,059,192 million total. Agency and GSE portfolios and MBS came second at 23.1%, life insurance companies third at 15.4%, and CMBS, CDO and other ABS issues fourth at 12.9%. In multifamily alone the order flips: agency and GSE portfolios and MBS held 50.0% and banks and thrifts 28.6%. These are balances held, not new loans made, and the bank share is the one that matters most to an investor whose loan matures in 2026 or 2027.
Which lender types held the most commercial real estate debt in Q2 2026?
Banks and thrifts held the largest share of US commercial and multifamily mortgage debt at the end of Q2 2026, 37.5% of a $5.1 trillion total, according to MBA's Q2 2026 report. Agency and GSE portfolios and MBS ranked second at 23.1%, life insurance companies third at 15.4%, and CMBS, CDO and other ABS issues fourth at 12.9%.
MBA calls those four the largest investor groups, and together they held about 89% of the total (our arithmetic from MBA's table). The full table below uses MBA's own holder labels, unchanged, with the first quarter of 2026 shown only as the prior quarter.
Total commercial/multifamily debt, Q2 2026 (MBA): $5,059,192 million Prior quarter, Q1 2026 (MBA): $5,016,281 million Quarterly change (MBA): $42,911 million, 0.9%
| Holder (MBA category) | Q2 2026 ($ millions) | Share Q2 2026 | Q1 2026 ($ millions) | Change ($ millions) | Change (%) |
|---|---|---|---|---|---|
| Holder (MBA category) Bank and Thrift | Q2 2026 ($ millions) 1,899,481 | Share Q2 2026 37.5% | Q1 2026 ($ millions) 1,886,181 | Change ($ millions) 13,300 | Change (%) 0.7% |
| Holder (MBA category) Agency and GSE portfolios and MBS | Q2 2026 ($ millions) 1,168,832 | Share Q2 2026 23.1% | Q1 2026 ($ millions) 1,156,171 | Change ($ millions) 12,661 | Change (%) 1.1% |
| Holder (MBA category) Life insurance companies | Q2 2026 ($ millions) 781,565 | Share Q2 2026 15.4% | Q1 2026 ($ millions) 773,735 | Change ($ millions) 7,830 | Change (%) 1.0% |
| Holder (MBA category) CMBS, CDO and other ABS issues | Q2 2026 ($ millions) 650,777 | Share Q2 2026 12.9% | Q1 2026 ($ millions) 636,854 | Change ($ millions) 13,923 | Change (%) 2.2% |
| Holder (MBA category) Nonfinancial corporate business | Q2 2026 ($ millions) 115,764 | Share Q2 2026 2.3% | Q1 2026 ($ millions) 116,190 | Change ($ millions) -426 | Change (%) -0.4% |
| Holder (MBA category) State and local government | Q2 2026 ($ millions) 119,071 | Share Q2 2026 2.4% | Q1 2026 ($ millions) 119,071 | Change ($ millions) 0 | Change (%) 0.0% |
| Holder (MBA category) Federal government | Q2 2026 ($ millions) 105,719 | Share Q2 2026 2.1% | Q1 2026 ($ millions) 104,931 | Change ($ millions) 788 | Change (%) 0.8% |
| Holder (MBA category) REITs | Q2 2026 ($ millions) 82,150 | Share Q2 2026 1.6% | Q1 2026 ($ millions) 87,661 | Change ($ millions) -5,511 | Change (%) -6.3% |
| Holder (MBA category) Nonfarm noncorporate business | Q2 2026 ($ millions) 42,403 | Share Q2 2026 0.8% | Q1 2026 ($ millions) 41,809 | Change ($ millions) 594 | Change (%) 1.4% |
| Holder (MBA category) Finance companies | Q2 2026 ($ millions) 35,575 | Share Q2 2026 0.7% | Q1 2026 ($ millions) 35,818 | Change ($ millions) -243 | Change (%) -0.7% |
| Holder (MBA category) Other insurance companies | Q2 2026 ($ millions) 33,568 | Share Q2 2026 0.7% | Q1 2026 ($ millions) 33,276 | Change ($ millions) 292 | Change (%) 0.9% |
| Holder (MBA category) Private pension funds | Q2 2026 ($ millions) 19,362 | Share Q2 2026 0.4% | Q1 2026 ($ millions) 19,665 | Change ($ millions) -303 | Change (%) -1.5% |
| Holder (MBA category) State and local government retirement funds | Q2 2026 ($ millions) 3,320 | Share Q2 2026 0.1% | Q1 2026 ($ millions) 3,320 | Change ($ millions) 0 | Change (%) 0.0% |
| Holder (MBA category) Household sector | Q2 2026 ($ millions) 1,605 | Share Q2 2026 0.0% | Q1 2026 ($ millions) 1,599 | Change ($ millions) 6 | Change (%) 0.4% |
| Holder (MBA category) Total | Q2 2026 ($ millions) 5,059,192 | Share Q2 2026 100% | Q1 2026 ($ millions) 5,016,281 | Change ($ millions) 42,911 | Change (%) 0.9% |
Source: MBA, Commercial/Multifamily Mortgage Debt Outstanding, Q2 2026, built from Federal Reserve, FDIC and Trepp data. Two reading notes from MBA's own text matter. First, MBA counts a loan under whoever holds the note, so a life insurer's whole loans sit under life insurance companies while the CMBS bonds it buys sit under CMBS, CDO and other ABS. Second, MBA's bank figure is narrower than the Federal Reserve's. MBA's appendix says the Fed attributed $3.3 trillion of commercial and multifamily mortgages to banks and thrifts for Q2 2026, and MBA excludes $711 billion of owner-occupied commercial loans and $696 billion of acquisition, development and construction loans to reach the income-property balance in the table.
Who held the most multifamily mortgage debt in Q2 2026?
Agency and GSE portfolios and MBS held half of all US multifamily mortgage debt at the end of Q2 2026, $1,168,832 million of a $2,337,773 million total, MBA's Q2 2026 report shows. Banks and thrifts held 28.6%, life insurance companies 11.5%, state and local government 4.2%, and CMBS, CDO and other ABS issues 3.2%.
Multifamily debt alone rose $20,693 million (0.9%) from the first quarter of 2026. The agency and GSE line is the same $1,168,832 million in both of MBA's tables, so in MBA's count that holder type's whole commercial and multifamily book is apartment debt.
| Holder (MBA category) | Q2 2026 ($ millions) | Share Q2 2026 | Q1 2026 ($ millions) | Change ($ millions) | Change (%) |
|---|---|---|---|---|---|
| Holder (MBA category) Agency and GSE portfolios and MBS | Q2 2026 ($ millions) 1,168,832 | Share Q2 2026 50.0% | Q1 2026 ($ millions) 1,156,171 | Change ($ millions) 12,661 | Change (%) 1.1% |
| Holder (MBA category) Bank and Thrift | Q2 2026 ($ millions) 667,641 | Share Q2 2026 28.6% | Q1 2026 ($ millions) 665,254 | Change ($ millions) 2,387 | Change (%) 0.4% |
| Holder (MBA category) Life insurance companies | Q2 2026 ($ millions) 268,532 | Share Q2 2026 11.5% | Q1 2026 ($ millions) 264,301 | Change ($ millions) 4,231 | Change (%) 1.6% |
| Holder (MBA category) State and local government | Q2 2026 ($ millions) 99,226 | Share Q2 2026 4.2% | Q1 2026 ($ millions) 99,226 | Change ($ millions) 0 | Change (%) 0.0% |
| Holder (MBA category) CMBS, CDO and other ABS issues | Q2 2026 ($ millions) 75,127 | Share Q2 2026 3.2% | Q1 2026 ($ millions) 74,428 | Change ($ millions) 699 | Change (%) 0.9% |
| Holder (MBA category) Nonfarm noncorporate business | Q2 2026 ($ millions) 23,628 | Share Q2 2026 1.0% | Q1 2026 ($ millions) 23,297 | Change ($ millions) 331 | Change (%) 1.4% |
| Holder (MBA category) Finance companies | Q2 2026 ($ millions) 10,865 | Share Q2 2026 0.5% | Q1 2026 ($ millions) 10,996 | Change ($ millions) -131 | Change (%) -1.2% |
| Holder (MBA category) Federal government | Q2 2026 ($ millions) 9,526 | Share Q2 2026 0.4% | Q1 2026 ($ millions) 9,618 | Change ($ millions) -92 | Change (%) -1.0% |
| Holder (MBA category) REITs | Q2 2026 ($ millions) 7,994 | Share Q2 2026 0.3% | Q1 2026 ($ millions) 7,439 | Change ($ millions) 555 | Change (%) 7.5% |
| Holder (MBA category) Private pension funds | Q2 2026 ($ millions) 3,308 | Share Q2 2026 0.1% | Q1 2026 ($ millions) 3,237 | Change ($ millions) 71 | Change (%) 2.2% |
| Holder (MBA category) State and local government retirement funds | Q2 2026 ($ millions) 1,556 | Share Q2 2026 0.1% | Q1 2026 ($ millions) 1,556 | Change ($ millions) 0 | Change (%) 0.0% |
| Holder (MBA category) Nonfinancial corporate business | Q2 2026 ($ millions) 1,538 | Share Q2 2026 0.1% | Q1 2026 ($ millions) 1,557 | Change ($ millions) -19 | Change (%) -1.2% |
| Holder (MBA category) Total | Q2 2026 ($ millions) 2,337,773 | Share Q2 2026 100% | Q1 2026 ($ millions) 2,317,080 | Change ($ millions) 20,693 | Change (%) 0.9% |
The practical read for an apartment owner: half of the existing multifamily debt in the country sits with the agency (GSE) channel, so an agency execution is the default comparison for a stabilized building, and banks are the second-largest pool.
What changed between Q1 2026 and Q2 2026?
Every one of the four largest holder types grew its commercial and multifamily book in Q2 2026, led in dollars by CMBS, CDO and other ABS issues at $13,923 million (2.2%), MBA reports. Banks and thrifts added $13,300 million (0.7%), agency and GSE portfolios and MBS $12,661 million (1.1%), and REITs cut $5,511 million (6.3%).
Life insurance companies added $7,830 million (1.0%). MBA's own summary, quoting Reggie Booker, its Associate Vice President of Commercial Research, calls the growth broad-based across the major capital sources and describes a record $5.1 trillion. In multifamily, agency and GSE portfolios and MBS posted the largest dollar gain, $12,661 million (1.1%), followed by life insurance companies at $4,231 million (1.6%) and banks and thrifts at $2,387 million (0.4%). REITs posted the largest percentage increase in multifamily holdings, 7.5%, and finance companies the largest decline, 1.2%.
Two lines held flat from the first quarter to the second: state and local government, and state and local government retirement funds, both unchanged in MBA's tables. MBA does not explain the flat lines, so read them as reported rather than as a measured standstill.
Why does holding debt differ from making new loans?
Debt outstanding is a stock, the balance of loans each holder type carries on a given date, while originations are a flow, the new loans made during a period, so a holder type can keep a large share long after it slows new lending. MBA's Q2 2026 report measures the stock only.
A holder's balance moves for several reasons at once. New loans add to it. Scheduled amortization and payoffs at maturity subtract from it. Securitization moves loans from a lender's balance sheet into the CMBS, CDO and other ABS line, because MBA counts a securitized loan under the security, not under the lender that wrote it. So the $13,923 million rise in that line in Q2 2026 says more loans sat inside securitizations at quarter end; it does not say which lender types originated them.
That is why this page pairs with our evergreen guide to which lender types fund which CRE deals, which maps lender types to deal types. Use this table to see where existing debt sits, and that guide to see which lender type fits the deal you are financing now.
Why does the bank share matter if your loan matures in 2026 or 2027?
The bank share matters because banks hold the largest pool of commercial mortgages and a large slice of it comes due soon: MBA's loan maturity survey, released February 9, 2026, says $396 billion, 21% of the outstanding balance of mortgages serviced by depositories, is scheduled to mature in 2026.
MBA's survey puts total 2026 maturities at $875 billion, 17% of $5.0 trillion of outstanding commercial mortgages held by lenders and investors, down 9% from the $957 billion scheduled for 2025, and MBA's release cites $652 billion of scheduled maturities in 2027. The split by holder type is uneven:
Depositories (MBA maturity survey, Feb 9, 2026): $396 billion, 21% of balance, maturing in 2026 CMBS, CLOs or other ABS (same survey): $200 billion, 25% of balance Credit companies, warehouse and other lenders (same survey): $163 billion, 29% of balance Life insurance companies (same survey): $76 billion, 10% of balance Agency (GSE), FHA and Ginnie Mae multifamily and health care (same survey): $39 billion, 4% of balance
MBA notes those are unpaid balances as of Dec. 31, 2025, and that balances at maturity will generally be lower because most loans pay down principal. The mechanism for a borrower is simple. When a bank loan reaches its maturity date or balloon payment, the bank that holds it can extend it, refinance it on new terms or decline, and the borrower needs another holder type ready if it declines. Agency multifamily debt has the smallest share coming due, so the refinance pressure in 2026 sits mostly with bank, securitized and credit-company loans.
Bank credit conditions are easing but not back to normal. The FDIC's Quarterly Banking Profile for Q2 2026 (August 25, 2026) says the past-due and nonaccrual rate on non-owner-occupied CRE loans at banks with more than $250 billion in assets fell for the seventh consecutive quarter to 3.08%, below the 4.99% peak in the third quarter of 2024 but well above the 0.59% pre-pandemic average. Industry-wide, past-due and nonaccrual non-owner-occupied CRE loans fell $2.0 billion, or 8.9%, from the prior quarter. Expect a maturing bank loan to be re-underwritten on today's rent, value and rate, not rolled forward on the old file. Our maturity wall guide sets out the steps.
Who is most likely to refinance your maturing commercial loan?
The lender type most likely to refinance a maturing commercial loan is the one whose current program fits the property and the new loan size, so test several holder types at once instead of waiting on the one that holds your note. YieldStack is an AI-native commercial mortgage brokerage that arranges financing for commercial real estate investors.
Here is how the routes compare, with the brokerage route first because it is our recommendation as the publisher of this page, for the reasons given:
- Brokerage route (YieldStack, our pick): one package is matched against a catalog of 20,000+ loan programs, which is a count of programs, not of lenders, and human brokers structure the request, negotiate for the borrower and carry the deal toward closing. Speed: median first offer in under an hour, from an institutional lender. It costs Zero upfront to submit a deal and review offers; YieldStack's broker fee is 0.50–1.00% of the loan amount and is paid only at closing.
- Your current bank: it knows the property and the payment history, but it is one balance sheet, and its answer depends on its own concentration limits at the moment your loan matures.
- One other lender type, approached directly: an agency, life insurance or CMBS execution can price well when the deal fits its box, but each lender type sees only its own program, so you learn about the alternatives one quote at a time.
Every credit decision is made by the lender; YieldStack arranges the introductions and negotiates on the borrower's side, and no loan, rate, or closing is guaranteed.
What to have ready before maturity:
- The current note, maturity date, payoff statement and any extension terms
- A current rent roll and trailing twelve months of operating statements
- The last appraisal or a broker opinion of value, and the property tax bill
- The target loan amount and how much cash you can add if proceeds fall short
When the package is ready, send the refinance for review.
The bottom line
Banks and thrifts held 37.5% of the $5.1 trillion of US commercial and multifamily mortgage debt at the end of Q2 2026, ahead of agency and GSE portfolios and MBS at 23.1%, life insurance companies at 15.4% and CMBS, CDO and other ABS issues at 12.9%, MBA reports. In multifamily, the agency (GSE) channel held half. Those are balances, not new lending. For an investor with a 2026 or 2027 maturity, the number to act on is the bank share: MBA's survey shows $396 billion of depository-serviced balances scheduled to mature in 2026, so start the refinance early and put more than one lender type in front of the deal.