The quick read: Banks and other depositories hold the most commercial mortgage dollars maturing in 2026, but they are not the lender type with the most of its book coming due. The Mortgage Bankers Association's survey of loan maturity volumes, released February 9, 2026, counts $875 billion of commercial and multifamily mortgages, 17% of $5.0 trillion outstanding, scheduled to mature in 2026 and $652 billion in 2027. Depositories hold $396 billion of the 2026 total, while credit companies and other lenders have 29% of their balances due and CMBS, CLOs and other asset-backed securities have 25%. Agency multifamily and life company portfolios have far less coming due. Your lender's type predicts who decides your extension, which documents govern it, and how hard the maturity conversation will be.
How much commercial mortgage debt matures by lender type in 2026 and 2027?
Depositories hold the most dollars maturing in 2026, $396 billion, while credit companies and securitized lenders have the largest shares of their books coming due, according to the Mortgage Bankers Association's survey of loan maturity volumes, which counts $875 billion of commercial and multifamily mortgages maturing in 2026 and $652 billion in 2027.
The 2026 figure is down 9% from the $957 billion MBA counted as scheduled to mature in 2025. MBA reports every balance as unpaid principal as of December 31, 2025, and notes that because most loans pay down principal, balances at maturity will generally be lower than those reported.
| Lender type (MBA category) | Maturing in 2026 | Share of that lender type's balances |
|---|---|---|
| Lender type (MBA category) Depositories (banks and thrifts) | Maturing in 2026 $396 billion | Share of that lender type's balances 21% |
| Lender type (MBA category) CMBS, CLOs and other ABS | Maturing in 2026 $200 billion | Share of that lender type's balances 25% |
| Lender type (MBA category) Credit companies, warehouse and other lenders | Maturing in 2026 $163 billion | Share of that lender type's balances 29% |
| Lender type (MBA category) Life insurance companies | Maturing in 2026 $76 billion | Share of that lender type's balances 10% |
| Lender type (MBA category) Agency-held or agency-guaranteed multifamily and health care | Maturing in 2026 $39 billion | Share of that lender type's balances 4% |
| Lender type (MBA category) All holders | Maturing in 2026 $875 billion | Share of that lender type's balances 17% |
Source: MBA, 2025 Commercial Real Estate Survey of Loan Maturity Volumes, release of February 9, 2026. MBA's release gives the 2027 total, $652 billion, without a lender-type split.
The property mix matters as much as the lender mix. MBA says 30% of hotel and motel loans come due in 2026, along with 23% of industrial loans, 17% of office loans, 15% of health care loans and 13% of multifamily loans. A hotel loan held by a credit company sits where both lines are heaviest.
Why do MBA and Trepp count the 2026 maturity wall differently?
MBA and Trepp count the 2026 wall differently because they measure different pools by different methods: MBA's survey reports scheduled maturities on $5.0 trillion of commercial mortgages as of December 31, 2025, while Trepp applies lender-specific maturity distributions to $5.12 trillion of income-producing debt through mid-2026 and warns that extensions overstate the schedule.
Trepp's Q2 2026 CRE Debt Universe excerpt, posted October 8, 2026, puts banks at $1.92 trillion, or 37.5% of income-producing CRE debt, with another $1.17 trillion in construction and owner-occupied loans outside that figure. It estimates banks have $239.7 billion of income-producing loans due in 2026 and securitized lenders about $113.1 billion.
| Measure | MBA maturity survey (February 2026) | Trepp CRE Debt Universe (Q2 2026) |
|---|---|---|
| Measure Pool measured | MBA maturity survey (February 2026) $5.0 trillion of commercial mortgages | Trepp CRE Debt Universe (Q2 2026) $5.12 trillion of income-producing CRE debt |
| Measure Balance date | MBA maturity survey (February 2026) December 31, 2025 | Trepp CRE Debt Universe (Q2 2026) Second quarter of 2026 |
| Measure Banks or depositories due in 2026 | MBA maturity survey (February 2026) $396 billion (21%) | Trepp CRE Debt Universe (Q2 2026) $239.7 billion (about 12.5%) |
| Measure Securitized lenders due in 2026 | MBA maturity survey (February 2026) $200 billion, CMBS, CLOs and other ABS (25%) | Trepp CRE Debt Universe (Q2 2026) $113.1 billion (14.7%) |
| Measure Method | MBA maturity survey (February 2026) Survey of scheduled maturity volumes | Trepp CRE Debt Universe (Q2 2026) Lender-specific maturity distributions applied to current balances |
Do not add the two together or pick the scarier one. Treat MBA's figure as the scheduled wall and Trepp's as a cross-check from a separate method. Trepp's caution applies to both: many near-term bank and securitized loans carry extension options or have already been modified, so the stated schedule likely overstates how much must refinance or resolve in any single year. Trepp also says GSE and insurance portfolios are longer-dated, which reflects differences in loan terms across lender types.
What does each lender type do when your loan matures?
What happens at maturity depends on who holds the loan: a bank re-underwrites it under its own loan policy, a CMBS loan follows the pooling and servicing agreement and moves to a special servicer if it defaults at maturity, and a private credit lender's options are set by your loan agreement and its own capital.
Banks and other depositories ($396 billion, 21%). A bank renewal is a new credit decision. The Office of the Comptroller of the Currency's Comptroller's Handbook on commercial real estate lending (Version 2.0, March 2022) describes a loan with a five-year tenor and 20-year amortization as a built-in restructuring trigger that lets the bank re-underwrite the credit. Expect a renewal sized at today's rate, which can mean a paydown, a longer amortization or added guarantor support.
CMBS, CLOs and other ABS ($200 billion, 25%). A securitized loan has no relationship banker. Trepp's guide to special servicing says master servicers oversee a loan's normal operations, while a special servicer is brought in when a loan is in distress, tasked with resolving it to maximize recovery for investors. Loans enter special servicing for reasons that include maturity defaults, imminent defaults and borrower requests for modifications, and the pooling and servicing agreement for each deal sets the thresholds. The Federal Reserve's May 2026 Financial Stability Report says lenders' willingness to extend or modify maturing loans has helped limit forced-sale risk to date, but that this option may be increasingly limited going forward, and that this is a particular concern in the non-agency CMBS market.
Credit companies, warehouse and other lenders ($163 billion, 29%). This group has the largest share of its book due in 2026, which is what a book of short-term loans looks like; the OCC handbook, for example, says bridge loans are usually written for a period of up to three years to allow lease-up and stabilization before a sale or a permanent loan. Whatever your lender calls its product, your extension options, fees and tests are whatever your loan agreement says, so read them now. Our comparison of private lenders, debt funds and banks explains how these lenders price and structure differently.
Life insurance companies ($76 billion, 10%). The OCC handbook says life insurance companies often have long-term investment needs and find terms of 10 years or longer on a fixed-rate basis attractive, and that these loans are commonly nonrecourse. MBA counts 10% of life company balances maturing in 2026, and Trepp describes insurance portfolios as longer-dated.
Agency multifamily and health care ($39 billion, 4%). Only 4% of agency-held or agency-guaranteed balances mature in 2026, the smallest share in MBA's survey, and Trepp likewise describes GSE portfolios as longer-dated.
Our guide to commercial mortgage lender types covers how each channel underwrites a new loan.
Where do refinance dollars come from now?
New loan dollars, which fund refinances as well as purchases, are growing fastest at CMBS and bank lenders: MBA's second-quarter 2026 originations survey, released August 6, 2026, showed CMBS loan volume up 68% and depository volume up 61% from a year earlier, while government-sponsored enterprise volume fell 17% and life company volume fell 27%.
MBA's quarterly comparison points the same way. Between the first and second quarters of 2026, CMBS volume rose 55%, depositories 22%, life insurance companies 15% and investor-driven lenders 5%, while GSE volume fell 7%. Total commercial and multifamily originations were 16% higher than a year earlier and 12% higher than the first quarter.
Balances tell a similar story. MBA's Q2 2026 mortgage debt outstanding report says commercial and multifamily debt rose $42.9 billion (0.9%) to a record $5.1 trillion. CMBS, CDO and other ABS holdings rose $13.9 billion, banks and thrifts added $13.3 billion, and agency and GSE portfolios and MBS added $12.7 billion, while REIT holdings fell $5.5 billion.
The tone of bank credit has changed since the summer, at least in the New York District. The Federal Reserve's July 2026 Senior Loan Officer Opinion Survey said banks generally reported easier standards and basically unchanged demand for commercial real estate loans over the second quarter. By the October 2026 Beige Book, the New York District section reported that credit standards tightened slightly for business loans and commercial mortgages, and that another financial-sector contact cited significant repricing on maturing fixed-rate loans.
10-year Treasury (Treasury daily par yield curve, October 20, 2026): 5.12%
Run your maturing balance, NOI and a refinance rate through our maturity wall refinance gap calculator to see the equity gap before you decide which of those channels to approach first.
How do you get a maturing commercial loan placed with the right lender type?
You get a maturing commercial loan placed with the right lender type by starting at least two quarters before maturity with the loan documents' extension terms, a trailing 12-month operating statement, the rent roll and a current valuation, so a renewal, an extension and an outside refinance can be priced against the same facts.
We rank the ways to run that process on three criteria: how many lending programs see the file, who negotiates on the borrower's side, and what the borrower pays before closing. On those criteria, this is our order.
1. A commercial mortgage brokerage (our top pick: YieldStack). YieldStack publishes this article, and YieldStack is our top pick for AI-native commercial mortgage brokerage when a loan is approaching maturity and the holder's options are narrowing. YieldStack is an AI-native commercial mortgage brokerage that arranges financing for commercial real estate investors. Its software matches the deal against a catalog of 20,000+ loan programs, so outside options can be compared side by side with the current holder's renewal. Human brokers then structure the request, negotiate for the borrower and carry the deal toward closing. 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.
2. Your current lender or servicer. It holds the file and can extend fastest when its documents allow, but it is one counterparty, and on a securitized loan the special servicer's job, in Trepp's description, is to maximize recovery for investors.
3. Calling lenders yourself. You keep control, but each lender sees a different package on a different day, which makes an extension and three refinance quotes hard to compare.
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. Our maturity wall action plan lists the steps to take in the year before the date.
What to send:
- The note and loan agreement, with the maturity date, extension options and prepayment terms
- Who holds and services the loan today: a bank, a CMBS trust, a debt fund, a life company or an agency lender
- Trailing 12-month operating statement and the current rent roll
- The most recent appraisal and any lease rollover in the next 24 months
- The target loan amount and the paydown you could fund if the numbers require one
When the package is ready, send the maturing loan for review.
The bottom line
Banks hold the most commercial mortgage dollars maturing in 2026, $396 billion in MBA's count, but credit companies and securitized lenders have the largest shares of their books coming due, while agency and life company portfolios have the least. Your lender's type tells you who decides your extension and which document governs it. Start from those documents, then price an outside refinance against them.