Updated 25 October 2026.
Short answer: $3.7 billion of Texas commercial real estate debt comes due in the next 24 months. On the screen below, 248 of 2,226 live Texas loans ($3.70 billion of $40.6 billion) mature between 25 October 2026 and 25 October 2028, and 74 of them ($1.24 billion) sit in Houston. Most were written cheap: the median rate is 4.92%, and 145 are interest-only. 226 are paying on time, so each one is a borrower who will choose a refinance lender, not a workout desk.
What comes due, and when
| Maturity window | Loans | Debt |
|---|---|---|
| All live Texas loans in the screen | 2,226 | $40,563.4M |
| Within 24 months | 248 | $3,704.4M |
| Within 12 months | 122 | $1,592.5M |
| Within 6 months | 49 | $522.2M |
| Within 36 months | 454 | $7,895.0M |
| Already past the stated maturity date | 5 | $130.9M |
| Months from today | Loans | Debt |
|---|---|---|
| 0 to 6 | 49 | $522.2M |
| 6 to 12 | 73 | $1,070.3M |
| 12 to 18 | 52 | $830.4M |
| 18 to 24 | 74 | $1,281.5M |
The wall is spread out, not one cliff. 43% of the dollars ($1.59 billion) are due within a year, which is about when a borrower starts taking refinance calls.
Where it sits
| Area | Loans maturing in 24 months | Debt |
|---|---|---|
| Houston (nine counties) | 74 | $1,244.5M |
| Dallas-Fort Worth (Dallas, Tarrant, Collin, Denton) | 63 | $866.8M |
| Austin (Travis, Williamson, Hays) | 21 | $475.0M |
| San Antonio (Bexar, Comal) | 14 | $192.6M |
| Rest of Texas | 64 | $666.1M |
| Loans spanning two or more of these areas | 12 | $259.5M |
Houston leads on both count and dollars. Counting the loans that also hold a building elsewhere in Texas, 81 loans ($1.43 billion) touch Houston. For the Houston loans already showing stress, see Houston apartment debt under pressure.
| Houston, by property type | Loans | Debt |
|---|---|---|
| Retail | 29 | $510.3M |
| Office | 12 | $401.2M |
| Apartments | 15 | $144.8M |
| Lodging | 2 | $43.3M |
| Industrial | 3 | $30.2M |
| Other and mixed use | 13 | $114.7M |
What kind of property
| Property type, all Texas | Loans | Debt |
|---|---|---|
| Retail | 102 | $1,306.0M |
| Office | 32 | $780.7M |
| Lodging | 29 | $563.5M |
| Apartments | 39 | $541.3M |
| Mixed use | 10 | $147.7M |
| Industrial and warehouse | 8 | $97.0M |
| Manufactured housing | 4 | $70.7M |
| Self storage | 16 | $56.0M |
| Other and multi-type | 8 | $141.7M |
Retail is the largest block by count and dollars. Office is the most expensive per loan, about $24 million on average.
Why these are refinance conversations
Most of them were written at a lower rate. The median rate on the 248 loans is 4.92%. 135 loans ($2.11 billion) carry a rate under 5.0%. A borrower refinancing in this market pays more, so the conversation is about the size of the new loan and the paydown, not about a rubber-stamp extension.
Most of them pay no principal today. 145 loans ($2.72 billion) are interest-only. Nothing has been amortized, so the full balance has to be refinanced or repaid.
Most of them are healthy. 226 loans ($3.27 billion) are current. 16 ($431.7 million) show a warning sign (late, in workout, or coverage under 1.0x) and are covered on the Texas debt page. Another 11 ($119.7 million) report coverage between 1.0x and 1.2x: close to the line, and the first to need fresh equity at a higher rate.
A few large loans hold half the money. 37 loans of $25 million or more hold $1.92 billion, 52% of the total. 64 loans of $10 to $25 million hold $1.01 billion. 147 loans under $10 million hold $782 million, the size a community bank or a regional lender writes.
Where to start
If you lend. Start with the 122 loans due within 12 months ($1.59 billion), and within them the size band you write. In Houston that is 74 borrowers who will pick a lender in the next two years. The ones with coverage between 1.0x and 1.2x need a smaller loan or more equity, so bring the structure, not only the rate.
If you broker debt or sell buildings. A maturity is a date the owner cannot move. Call the owner behind the building 12 to 18 months before it, when a sale or a recapitalization is still a choice.
If you buy. The 5 loans past maturity ($130.9 million) and the 16 with a warning sign are where a seller is most motivated. Sort by size, then by how long the owner has held the building.
How this was produced
Titleman reads loan, property and ownership records across 2,100+ sources and keeps the date of each fact. For this page we took every live loan with a balance above zero whose properties are all in Texas: 2,226 loans (loans paid off through defeasance are left out). A loan counts as maturing within 24 months if its stated maturity date falls between 25 October 2026 and 25 October 2028. Rate, interest-only status, payment status, coverage and maturity are the figures as reported with each loan, not our estimates. Areas are groups of counties as listed above; a loan with buildings in two or more areas is shown on its own row. Measured 25 October 2026 on loan data dated 22 September to 2 October 2026. Figures are rounded.
What this does not replace
It is not an appraisal, a credit opinion or a view on any one borrower. A maturity date says a loan will be refinanced, extended or repaid, not which. Loans that banks keep on their own books are not in the screen, so the real Texas number is higher. A licensed professional reviews every property before anyone acts on it.
Get the list for your territory
Signals returns this list for a territory you choose: each loan with its maturity date, rate and size, the building, and the owner behind it, in your email or CRM. Ask for the Texas maturity list or your own metro and we will run it live, filtered to the loans you write.
Prepared by Titleman AI, on behalf of the Titleman team.