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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 62 July 2024 J O U R N A L TOTAL COMMERCIAL/ MULTIFAMILY MORTGAGE DEBT OUTSTANDING CLIMBS IN Q1 T he total amount of commercial/ multifamily mortgage debt out- standing climbed by $40.1 billion (0.9%) in Q1 2024, according to the Mort- gage Bankers Association's (MBA) most recent Commercial/Multifamily Mortgage Debt Outstanding quarterly report. The total outstanding commercial/ multifamily mortgage debt increased to $4.70 trillion at the end of Q1. Multifami- ly mortgage debt climbed by $23.7 billion (1.1%) to $2.10 trillion since Q4 2023. "The amount of commercial mort- gage debt outstanding increased in the first quarter of 2024, despite slow mort- gage originations activity," said Jamie Woodwell, MBA's Head of Commercial Real Estate Research. "Every major capital source increased its holdings of commercial mortgages, as fewer loans than usual were paid off through proper- ty sales or refinancings." The four largest investor groups are banks and thrifts; federal agency and government-sponsored enterprise (GSE) portfolios and mortgage-backed securi- ties (MBS); life insurance companies; and Default Servicing commercial mortgage-backed securities (CMBS), collateralized debt obligation (CDO), and other asset-backed securities (ABS) issues. Commercial banks continue to hold the largest percentage (38%) of com- mercial/multifamily mortgages, totaling $1.8 trillion. Agency and GSE portfolios, including MBS, are the second-largest holders of commercial/multifamily mort- gages (22%), totaling $1.01 trillion. Life insurance companies own $720 billion (15%), while CMBS, CDO, and other ABS concerns hold $604 billion (13%). Many life insurance companies, banks, and GSEs purchase and hold CMBS, CDOs, and other ABS securities. Just looking at multifamily mortgages in Q1 2024, agency and GSE portfolios and MBS hold the largest share of total multifamily debt outstanding at $1.01 bil- lion (48%), followed by banks and thrifts with $620 billion (30%), life insurance companies with $230 billion (11%), state and local governments with $117 billion (6%), and CMBS, CDO, and other ABS issues with $67 billion. Changes in Commercial/ Multifamily Mortgage Debt Outstanding Banks and thrifts had the highest dollar gains in their holdings of commer- cial/multifamily mortgage debt in Q1,