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July 2025
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July 2025 »
themortgagepoint.com
Quarterly Commercial & Multifamily Mortgage Debt Outstanding — by Sector
Debt by Sector
Number of
millions (Q1
2025)
% of total (Q1
2025)
Number of
millions (Q4
2024)
% of total (Q4
2024)
Change in
millions
Sector share
of $ change
Bank and thrift $1,813,689 37.7% $1,800,564 37.8% 13,125 28.1%
Agency & GSE portfolios & MBS $1,071,733 22.3% $1,064,242 22.3% 7,491 16.0%
Life insurance companies $751,814 15.6% $745,707 15.7% 6,107 13.1%
CMBS, CDO & other ABS issues $641,769 13.3% $625,523 13.1% 16,246 34.7%
Nonfinancial corporate business $115,914 2.4% $115,861 2.4% 53 0.1%
State and local government $112,802 2.3% $112,163 2.4% 639 1.4%
Federal government $101,685 2.1% $100,331 2.1% 1,354 2.9%
REITs $85,988 1.8% $82,710 1.7% 3,278 7.0%
Non-farm non-corporate busi-
ness
$35,037 0.7% $34,820 0.7% 217 0.5%
Finance companies $33,992 0.7% $34,348 0.7% -356 -0.8%
Other insurance companies $32,064 0.7% $32,440 0.7% -376 -0.8%
Private pension funds $9,177 0.2% $10,268 0.2% -1,091 -2.3%
State & local government funds $3,492 0.1% $3,398 0.1% 94 0.2%
Household sector $1,531 0.0% $1,529 0.0% 2 0.0%
Total $4,810,687 $4,763,904 46,783
Source: MBA, Federal Reserve Board of Governors, Trepp LLC, and FDIC
