Commercial Mortgage Borrowing Reaches Record High | Carol Strom real estate broker. Founder of USAfitpros.com 50 state Telehealth and Labs bolt-on virtual LegitScript business

In Q2 2026, US commercial and multifamily mortgage debt outstanding ↑$42.9B, or ~1%, reaching a record $5.1T by quarter's end across the market.
Multifamily mortgage debt alone ↑$20.7B, also ~1%, to $2.3T from Q1 2026, extending growth within a larger commercial Real Estate finance market.
The expansion reflected stronger borrowing activity and more capital availability, conditions that supported broader market growth and pushed outstanding debt to a new high.
Commercial banks held the largest share at $1.9T, or ~40%, followed by agency-backed portfolios and MBS at $1.2T, or ~25% in Q2 nationally.
Life insurers held $782B and CMBS, CDO, and other ABS held $651B, while agency-backed sources held half of outstanding multifamily debt nationally.