CRE CLO Update
December 9, 2025
Implementation Update: Collateral Manager Data Report (CMDR)
Since its launch in late October, the CREFC CMDR has gained significant traction. Implementation is progressing smoothly, with several issuers—including Argentic, Bridge Investment Group, Invesco, and Limekiln/MF1—successfully rolling out the report across multiple transactions in Q4 2025 (covering data through September 30, 2025).
Adoption is set to accelerate in Q1 2026, with issuers such as Arbor, Blackstone, Benefit Street, LoanCore, Prime Finance, and TPG scheduled to release reports covering data through December 31, 2025.
Jointly developed by issuers and investors, CREFC estimates the CMDR report is now available for approximately 25% of all CRE CLOs by transaction balance. CREFC expects this standardized, Excel-based tool to cover a majority of outstanding transactions in the near future, significantly enhancing transparency and efficiency within the marketplace.
View the CMDR Template Here
Recap: CRE CLO Issuer/Investor Advisory Roundtable
On Wednesday, December 3, CREFC convened a roundtable dinner for CRE CLO issuers and investors. The event enjoyed robust attendance from industry leaders, including representatives from A10 Capital, Argentic, Citi, Ellington, Goldman Sachs, Greystone, J.P. Morgan, LoanCore, Lument, Prime Finance, Rialto Capital, TPG, and Webster Bank.
The discussion focused on the current state of the CRE CLO market and strategic opportunities to improve market mechanics and broaden both investor and issuer participation. CREFC is very grateful to all that attended this productive evening and look forward to further such events as we move forward.
Upcoming Event: CRE CLO Investor Reporting Meeting
As part of the CRE Finance Council January Conference, CREFC will host a dedicated meeting to discuss ongoing enhancements to CRE CLO investor reporting. This session is open to all market participants.
When: Monday, January 12, 2026 | 1:00 PM – 2:00 PM
Where: Loews Miami Beach Hotel, 1601 Collins Avenue, Miami, FL
Register for the event here
Please contact
Rohit Narayanan (
rnarayanan@crefc.org) with any questions.