Maturity Wall Grows With $440B Coming Due in Next Two Years

The CRED iQ research team wanted to offer an initial glimpse of our upcoming 2025 almanac, which is set for publication in early February. 

We analyzed the securitized commercial mortgages with maturity dates scheduled in 2025 and 2026. Within the securitized universe, approximately $277 billion in commercial mortgages are scheduled to mature in 2025, with an additional $163 billion maturing in 2026. In total, CRED iQ has aggregated and organized a total of $440 billion of commercial mortgages slated to mature within the next 24 months. 

The scope of CRED iQ’s analysis is composed of loans securitized in CMBS conduit trusts, single-borrower large loan securitizations (SBLL) and commercial real estate collateralized loan obligations (CLOs), as as well as multifamily mortgages securitized through government-sponsored entities.

Thanks in part to the $36 billion in loan modifications executed over the course of the past three years, the next 12 months have the highest volume of scheduled maturities for securitized CRE loans over a period of 10 years ending 2034. 

In the securitized universe, 2025 and 2029 have the largest aggregate balances of maturing loans over the next five years. Some $275 billion of CRE debt will mature in 2025, and 2029 will see $211 billion of maturing debt. 

The CMBS sector comprises a majority of the maturity throughout 2025 and 2026, logging $174 billion and $92 billion in each year, respectively. The Freddie Mac and CRE CLO sectors round out the top four.

Office properties represent 24 percent of all maturing loans across 2025 and 2026 ($64 billion). Right behind the office sector is the multifamily segment, which comprises 23 percent of the maturing loans during the period ($61 billion).   

Hotel properties will see $48 billion in loans maturing during the next 24 months. The industrial and retail segments follow with roughly $42 billion each.   

Mike Haas is the founder and CEO of CRED iQ.