January 9, 2026
We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate and the Open-End Moderate-Yield Debt Fund Index for Third Quarter 2025
Snapshot Reports are available to the public and also can be found on the CREFC website.
Membership Reports are located in the CREFC Resource Center for CREFC Members only.
3Q2025 Open- End Debt Fund Aggregate
Snapshot Report
Membership Report
Please visit CREFC's Website for more information and to view past reports. For any questions or suggestions and/or if you wish to become a debt fund contributor, please contact Lisa Pendergast.
About CREFC
About NCREIF
News Archive
January 6, 2026
With the January 30 funding deadline approaching, lawmakers have limited time to pass a spending deal to avert a partial shutdown. There are only twelve legislative days between now and January 30, when current funding runs out.
Why it matters: Nobody wants a repeat of the longest shutdown in US history from late last year, which set the record at 43 days. However, it is uncertain how quickly legislators will be able to agree on a deal before the end of the month.
What they’re saying: According to Politico, Leaders from both parties emphasized their support to works towards a deal last week.
Go deeper: While negotiations continue on Capitol Hill, there is still no finalized funding agreement, and the legislative calendar leaves little margin for error.
Bottom line: The majority of government funding is still unresolved, Congress will need to move fast to avoid another shutdown on January 30.
The House Financial Services Committee advanced a housing supply package and a bill to codify fixed income exemptions for certain broker dealer reporting after a marathon markup session over Dec. 16-17.
Why it matters: The strong bipartisan support in committee will make passage on the House floor easier, especially given the continue political emphasis on affordability.
What’s next:
Please contact David McCarthy at dmccarthy@crefc.org with any questions.
NCREIF and CREFC announce the launch of the NCREIF/CREFC Fund Index Open-end Moderate-Yield Debt, the first-ever institutional fund-level benchmark for private real estate debt funds. As of June 30, 2025, the Index comprises 12 open-end debt funds representing more than $30 billion in assets and over 500 underlying loans with posted returns since the fourth-quarter 2017, providing a robust, representative measure of performance for the sector.
Developed jointly by the National Council of Real Estate Investment Fiduciaries and the CRE Finance Council, the Moderate- Yield Debt Index fills a long-standing market need for a standardized, transparent benchmark that reflects the risk-return characteristics of actively managed open-end commercial real estate debt strategies.
Consultation Phase. The Moderate-Yield Debt Index will be issued in a consultation phase for one to two years to solicit the appropriate level of feedback from industry professionals and ensure the index’s methodology and governance align with market expectations. During this period NCREIF and CREFC will engage stakeholders on methodology refinements, data standards, and reporting practices. After the initial consultation, if appropriate, the NCREIF/CREFC Fund Index Open-end Moderate-Yield Debt will be memorialized as an official NCREIF/CREFC product.
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.
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)
For questions or to get involved, contact Lisa Pendergast
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
Take your career to the next level with our programming, mentoring, career planning, and continuing education. Sign up
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.
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.
View CREFC's Advocacy resources below, and get involved today!
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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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