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July 23, 2025 CRE Finance Council has released a report on CMBS loan performance for June.*
News Archive
July 22, 2025
The House passed a trio of cryptocurrency, tokenization, and digital commodity-related bills last week after some midweek drama and false starts that delayed action.
Why it matters: Crypto has been a key priority for the administration and has attracted bipartisan support. The Stablecoin bill, which had previously passed the Senate, will become law with the President’s signature.
By the numbers: The House Freedom Caucus delayed consideration of the bills over concerns with central bank digital currency (CBDC), but joined to advance the legislation after assurances from the White House and GOP leadership.
What's next: The GENIUS Act will head to the President's desk, while the CLARITY Act and the Anti-CBDC Surveillance State Act will head to the Senate for consideration. Go deeper: The CLARITY Act would set up a regulatory framework for digital assets split between the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC). Click here for a Congressional Research Services overview of the legislation.
The bottom line: The GENIUS Act is the first significant step toward a federal regulatory apparatus on digital assets. House proponents hope to press the Senate to act expediently on the market structure portions, though some Democrats have been skeptical of crypto and critical of President Donald Trump’s business dealings in the space.
Four transactions totaling $2.1 billion priced last week:
By the numbers: Year-to-date private-label CMBS and CRE CLO issuance totaled $84.1 billion, representing a 65% increase from the $51.1 billion recorded for same-period 2024.
Spreads Narrow
Agency CMBS
June 2025 Delinquency Update
CMBS
CREFC’s Government Relations team serves as the primary interface between the CRE Finance industry and policymakers. Through a collaborative process with our members, CREFC engages with legislators, regulators, and other policy stakeholders to advocate for policies that promote the interests of our membership and the broader industry. CREFC members who would like to engage actively in advocacy are encouraged to join one or both of the following committees, which help CREFC respond to evolving legal, legislative, and policy developments:
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Read the latest issue of CREFC's weekly Policy and Capital Markets Briefing
CREFC’s Policy Tracker includes a variety of visual aids and updates to help members understand, track, and analyze key policy issues affecting the CRE and multifamily finance industry.
CREFC’s Property Risk & Resilience Committee serves as both an educational resource and advocate for the commercial real estate finance industry, providing insight into how macro-level environmental and regulatory trends intersect with financing decisions.
For our weekly government relations and industry policy briefings, please visit our Document Resource Center. The Document Resource Center contains CREFC position papers, analyses, testimony, and other policy tools.
CREFC has teamed up with NCREIF to produce and promote the NCREIF/CREFC Open-end Debt Fund Aggregate (the “Debt Aggregate”). In short, this product will deliver a fund-level compilation of open-end debt funds providing financing to commercial and multifamily real estate borrowers/owners. The Debt Aggregate will be issued in a draft “consultation” format for at least one year, which allows time for industry feedback before it is rolled out as an official product. For questions or to get involved, contact Lisa Pendergast
Overview of Debt Fund Index (presentation slides from CREFC's September 28, 2023 Capital Markets Conference)
Watch the Video (video replay from CREFC's September 28, 2023 Capital Markets Conference)
The affairs of CRE Finance Council are managed by a Board of Governors, selected from the general membership, which meets at least two times a year. During the periods the Board is not convened, the Executive Committee has full authority to transact all CRE Finance Council business. The Executive Committee is made up of the chair, chair-elect, vice chair, secretary, treasurer, membership chair, administrative executive, as well as four additional Executive Committee members. View the CREFC By-Laws.
The mission of the Young Professionals (YP) Network is to provide a platform for junior CRE finance professionals to foster meaningful business relationships and gain relevant industry knowledge through networking events, seminars and panels.
YP programming events are developed by YPs – so the content is current and applicable in their daily work. Each YP educational event includes a networking aspect to build and foster industry relationships with both peers and seasoned industry leaders. YPs are surveyed by region for ideas for future programming to ensure educational and industry needs are met.
Additionally, there are networking only events held in a more relaxed atmosphere where YPs can mingle among their peers.
There is a discounted rate to conferences and seminars for those CREFC Members 30 years of age or younger. To sign up for the 30 and Under Program Rate join the network and ensure that you check off the box “I would like to sign up to receive the “30 and Under Program Rate”. You will be required to submit photo ID to be approved for the discounted program rate. Sign up TodayCREFC members Only
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The CRE Finance Council holds two premier conferences each year in the United States: the January Conference in Miami and the June Annual Conference in New York. Conference programming addresses the most relevant topics facing the industry, presented by recognized finance leaders.
Complementing these major conferences are After-Work Seminars, Young Professional, Women's Network, and Educational events held regularly throughout the calendar year, each of which is tailored to fit the constituencies served by CREFC.
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