CRE Finance Council is a trade association that is...

  • Dedicated exclusively to the nearly $6 trillion commercial real estate finance industry
  • Committed to promoting strong & liquid debt markets across platforms
  • The meeting place for industry professionals
  • The platform for establishing best practices, industry standards & federal policy
  • Comprised of approximately 400 companies and 19,000 individual members

CREFC News

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News

Statement from CREFC President & CEO Lisa Pendergast Regarding Kevin Warsh’s Nomination to Serve as Federal Reserve Chair

January 30, 2026

The CRE Finance Council (CREFC) issued the following statement from Lisa Pendergast, President and CEO, on the nomination of Kevin Warsh to serve as Chair of the Federal Reserve:

CREFC congratulates Kevin Warsh on his nomination to lead the Federal Reserve. As a former Federal Reserve Governor with deep experience in financial markets, Mr. Warsh brings valuable perspective at a critical moment for the U.S. economy.

Federal Reserve policy has a direct and significant impact on commercial real estate finance, influencing interest rates, liquidity, and the availability of capital across CRE lending and securitization markets. Strong, transparent leadership at the Fed is essential to maintaining market stability and supporting economic growth.

We look forward to engaging with Mr. Warsh and policymakers throughout the confirmation process and beyond to advance policies that promote a healthy, resilient commercial real estate finance system.

Contact 

Lisa Pendergast
President & CEO
646.884.7570
lpendergast@crefc.org

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2026 CRE Finance Council. All rights reserved.
Statement from CREFC President & CEO Lisa Pendergast Regarding Kevin Warsh’s Nomination
January 30, 2026
The CRE Finance Council (CREFC) issued the following statement from Lisa Pendergast, President and CEO, on the nomination of Kevin Warsh to serve as Chair of the Federal Reserve.

News

CREFC's December 2025 Monthly CMBS Loan Performance Report

January 30, 2026

CRE Finance Council has released a report on CMBS loan performance for December.* 

Key takeaways:
  
DELINQUENCY RATE CLIMBS AGAIN TO END 2025

  • Conduit/SASB CMBS combined delinquency rate of 7.30%
    • Delinquency rate increased 4 bps in December and in eight of 12 months in 2025; On a YOY basis, the overall combined delinquency rate rose 73 bps (7.30% vs. 6.57% in December 2024)
  • Office stabilization gains traction, but retail emerges as the new stress leader
    • Office posted large improvements in both delinquency (−37 bps to 11.31%) and special servicing (−52 bps), marking its second consecutive month of improvement
    • Retail displaced office as the top contributor to new SS transfers, accounting for nearly half of December's $1.9B in new transfers
  • The maturity wall remains the elephant in the room
    • When including performing matured balloons (loans current on payments but past maturity), the effective delinquency rate rises to 8.75%—signaling that extension and modification activity is masking underlying refinancing stress

*Source: Trepp. CMBS data in this report reflect a total outstanding balance of $637.1B: 53.1% ($338.5B) conduit CMBS, 46.9% ($298.6B) single-asset/single-borrower (SASB) CMBS.

Click here to download the full report. Contact Raj Aidasani for more information on CMBS loan performance. 

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2026 CRE Finance Council. All rights reserved.
CREFC's December 2025 Monthly CMBS Loan Performance Report
January 30, 2026
CRE Finance Council has released a report on CMBS loan performance for December.

News

Statement from CREFC President & CEO Lisa Pendergast Regarding Kevin Warsh’s Nomination to Serve as Federal Reserve Chair

January 30, 2026

NEW YORK, NY — January 30, 2026 — The CRE Finance Council (CREFC) issued the following statement from Lisa Pendergast, President and CEO, on the nomination of Kevin Warsh to serve as Chair of the Federal Reserve:

“CREFC congratulates Kevin Warsh on his nomination to lead the Federal Reserve. As a former Federal Reserve Governor with deep experience in financial markets, Mr. Warsh brings valuable perspective at a critical moment for the U.S. economy.

Federal Reserve policy has a direct and significant impact on commercial real estate finance, influencing interest rates, liquidity, and the availability of capital across CRE lending and securitization markets. Strong, transparent leadership at the Fed is essential to maintaining market stability and supporting economic growth.

We look forward to engaging with Mr. Warsh and policymakers throughout the confirmation process and beyond to advance policies that promote a healthy, resilient commercial real estate finance system.”

Contact:
Mary Beth Ryan
Senior Director, Communications
646-884-7567
mryan@crefc.org

Contact 

Mary Beth Ryan
Senior Director,
Communications
646.884.7567
mryan@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2026 CRE Finance Council. All rights reserved.
Statement from CREFC President & CEO Lisa Pendergast Regarding Kevin Warsh’s Nomination
January 30, 2026
The CRE Finance Council (CREFC) issued the following statement from Lisa Pendergast, President and CEO, on the nomination of Kevin Warsh to serve as Chair of the Federal Reserve.

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