Lenders continue to extend loans into the future, with $384 billion worth carrying over into 2025. That surpasses the total of loans extended in 2024, which was $270 billion, according to Mortgage Bankers Association data.

Extensions now account for 40% of debt maturing this year, said Colliers' research director for capital markets, Aaron Jodka. Colliers benchmarked the 2024 MBA loan maturity report against this year’s total to arrive at its estimate. Jodka said the analysis may not be perfect because loans can be refinanced, renegotiated, or newly issued, but it is clear that many loans are not paying off at maturity.

Commercial Mortgage-Backed Securities (CMBS) and banks were the most likely to extend loans, according to Jodka. Fifty-four percent of 2025 CMBS maturities, amounting to $125 billion in extensions, were due in prior years. Forty-four percent, or $199 billion, of bank loans were due in prior years. Meanwhile, life insurance and agency loans were paid off, which reduced total maturities by $8 billion.

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