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CRE Finance Council to Host Annual Conference in New York This June

May 14, 2026

Industry conference features Colin Jost, Spencer Levy, Julie Ingersoll, and Allie K. Miller as keynote speakers

NEW YORK, NY — May 14, 2026 — The CRE Finance Council (CREFC) will bring together once again the commercial real estate finance industry’s foremost leaders at its Annual Conference, taking place June 8–10, 2026, in New York City. Widely recognized as the largest gathering of senior CRE finance leaders, the event features three days of timely market insights, high-value networking, and forward-looking discussion.

As the recognized voice of the commercial real estate finance industry, CREFC represents lenders, investors, servicers, issuers, and the full range of professionals powering the commercial real estate debt markets. CREFC plays a vital role in shaping industry standards, delivering trusted research and data, providing education, and advocating for policy and regulatory issues critical to market participants and the industry.

CREFC’s Annual Conference provides an opportunity for candid, real-time dialogue among industry leaders. Attendees will gain perspective from senior executives whose experience spans multiple market cycles, offering clarity on the forces shaping commercial real estate assets and the commercial real estate debt markets.

“CREFC’s Annual Conference comes at a pivotal moment for commercial real estate finance,” said Lisa Pendergast, President and CEO of CREFC. “This is where the industry comes together to exchange insights and better understand how evolving market dynamics are influencing CRE investment, lending, and servicing strategies. There is simply no substitute for being in the room.”

In addition to CREFC’s seven industry-sector forum sessions, the conference will feature a robust lineup of sessions addressing the most pressing issues facing the industry, including:

• In the Thick of It: Downstream Impact on the Servicer Playbook
• Borrower Perspectives: CRE Market Realities and Opportunities
• Disrupting the Debt Market: Private Credit’s Expanding Role in CRE
• Modernizing Securitization: Key Developments to Watch
• Government Impact on the Business of CRE and Its Asset Classes
• Industry Leaders Roundtable

The program will also feature four high-profile keynote speakers offering distinct perspectives on leadership, innovation, markets, and change.

• Colin Jost, co-anchor of Saturday Night Live’s “Weekend Update” and host of Netflix’s new season of Pop Culture Jeopardy!, will deliver a keynote session blending humor, storytelling, and audience engagement. A longtime SNL writer and performer, Jost brings a unique lens on culture, communication, and current events shaped by his career in comedy and media.
• Spencer Levy, Global Client Strategist and Senior Economic Advisor for CBRE, and Julie Ingersoll, Chief Investment Officer, Americas Direct for CBRE Investment Management, will open the conference with a keynote on the state of the market. Levy and Ingersoll will share perspectives on transaction volumes, cap rate movements, and where opportunities are emerging amid today’s complex financing landscape.
• Allie K. Miller, CEO of Open Machine and a leading AI advisor to Fortune 500 companies, will present a keynote focused on the transformative impact of artificial intelligence across industries. Her session will provide a practical AI-first playbook, helping organizations move from experimentation to meaningful implementation across strategy, operations, and decision-making.
  

Pendergast added, “From the continued evolution of private credit to the role of technology and policy in shaping our markets, this year’s program reflects the full breadth of issues influencing the commercial real estate finance industry. CREFC has always been defined by the strength and engagement of its members, and this event reflects that spirit.”

In addition to its programming, the Annual Conference will recognize outstanding contributions to the industry and the association made by CREFC members. CREFC will present its Founders, Woman of Distinction, and ‘20 Under 40’ awards, celebrating leadership, innovation, and the next generation of talent in commercial real estate finance. The organization will also announce its new Board leadership, including members of its Executive Committee and Board.

Event Details:
When: June 8-10, 2025

Where: New York Marriott Marquis |1535 Broadway |New York, NY 10036

Program:

• Monday
• Tuesday
• Wednesday
  

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

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

May 13, 2026

NEW YORK, NY — May 13, 2026 — The CRE Finance Council (CREFC) issued the following statement from Lisa Pendergast, President and CEO, on the confirmation of Kevin Warsh as Chair of the Federal Reserve:

“CREFC congratulates Kevin Warsh on his confirmation to lead the Federal Reserve. Chair Warsh brings valuable perspective at a critical moment for the U.S. economy. We look forward to working with him and policymakers to advance policies that promote a resilient and healthy commercial real estate finance system. 

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

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

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Introducing Spotlight on Servicing: Understanding CMBS Appraisal Reductions

May 12, 2026

CREFC is pleased to share the release of Understanding CMBS Appraisal Reductions as the first report in a new Spotlight on Servicing educational series focused on the servicing business.

Appraisal Reductions are a fundamental component of CMBS servicing, with direct implications for cash flow, bond performance, and investor control. The concept was created to limit the amount of servicer advancing that might not ultimately be recovered at disposition after a loan default.

Understanding appraisal reductions is essential to interpreting CMBS deal performance across the capital stack, particularly in periods of asset stress.  Our recently published Spotlight on Servicing is an entry level discussion that highlights the mechanics of Appraisal Reductions, including typical trigger events.

Additionally, a sample Appraisal Reduction Amount (ARA) calculation is provided, and the concept of Appraisal Subordinate Entitlement Reduction (ASER) is introduced.  Because an ASER will decrease the proportion of the monthly payment to be advanced on the loan, the potential impact of the effect on bondholder payments and bond ratings is discussed.

Download report here.

Contact Rich Carlson (rcarlson@crefc.org) with any questions.

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Private Credit on Regulatory Radar

May 12, 2026

Authorities are seeking better visibility into the private credit markets, now estimated at $1.5 to $2 trillion, particularly where life insurers are involved. Private credit is generally defined as loans originated by nonbanks and negotiated on a bilateral basis between borrowers and lenders.

Why it matters: Private credit has become a meaningful source of financing for mid-sized companies and, increasingly, larger borrowers and AI infrastructure projects. Regulators and policymakers are assessing whether insurers' shift toward private credit introduces opaque risks that could affect policyholders or trigger rapid asset sales.

Driving the news

• The FSB: The global body coordinating financial regulation released a report on May 6 examining the private-credit ecosystem, bank interlinkages, borrower credit quality, and data gaps. The report notes that the sector can support economic activity by offering alternative credit solutions to borrowers, but remains untested to a prolonged economic downturn.
• Treasury: On May 7, Treasury Secretary Scott Bessent met with state insurance commissioners and the National Association of Insurance Commissioners (NAIC) to discuss recent developments in private credit markets.
• Federal Reserve: On May 8, the U.S. central bank released its biannual Financial Stability Report. It noted strong household balance sheets and well-capitalized banks. However, “a wide range of market contacts who participated in the Survey of Salient Risks in March and April most frequently cited geopolitical risks, oil shocks, risks from artificial intelligence (AI), private credit, and persistent inflation.”
  • The report added the following new sections: “Updates in the Classification of Nonbank Financial Institutions” and “Developments in Private Credit.”
  • Survey respondents viewed private credit as:

Market Size and Composition

• The FSB estimates the global private-credit market to be $1.5 trillion –$2 trillion as of year-end 2024, with the United States having the largest market, with an estimated size of around $1 trillion. 
  • Bank exposure to private credit funds is a relatively small share of banks' total assets and capital, with member data capturing about $220 billion in drawn and undrawn credit lines. However, other estimates suggest the amounts could be more than twice as large.
  • Private equity-backed insurers in the U.S. now control nearly $900 billion in insurance liabilities, a significant rise from $67 billion in 2012.
• Private credit’s growth, according to the FSB, has been driven by the increased demand for high-yield and tailored credit due to:
  • Prolonged low-interest rate environment;
  • Changes in post-crisis bank regulation; and 
  • Expansion of private equity.

Regulators are focused increasingly on transparency, particularly as it relates to private credit in the insurance sector. 

• The FSB found that borrowers that are predominantly in private credit typically lack public ratings, and that valuations are often conducted less frequently and may involve significant discretion. 
• According to American Banker, Secretary Bessent said Treasury is monitoring the growing exposure of insurers to private credit to ensure that state-based oversight remains effective. 
• State regulators also shared their efforts to monitor private credit and protect policyholders. Elizabeth Dwyer, director of Rhode Island's Department of Business Regulation Director and NAIC president-elect, stated in a press release:

What's next 

• The FSB outlined four follow-up work areas:
  • Continuing to assess vulnerabilities related to interlinkages between a range of nonbanks within the private finance ecosystem;
  • Mapping the components of the complex and evolving ecosystem;
  • Facilitating supervisory discussions to enhance authorities’ ability to assess and supervise vulnerabilities and risks; and 
  • Addressing data challenges that make it difficult to monitor vulnerabilities. 
• On the insurance side, NAIC adopted a challenge process to so-called private letter ratings, which are confidential credit opinions issued by rating agencies for privately-placed securities. 
  • According to American Banker, this challenge process is the culmination of a multi-year effort that would allow the NAIC to challenge any rating. 
  • NAIC has a team of 30 analysts that review individual transactions to ensure compliance with regulatory standards. No rating challenges have been processed to date. 
  • A rating challenge would have to be a "material," requiring a three-notch downgrade or more for regulators to determine if a rating needs to be changed.

Please contact Sairah Burki (sburki@crefc.org) with questions.

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Redistricting Update: Court Decisions Upend More Congressional Maps

May 12, 2026

Early polling on the 2026 generic congressional ballot shows Democrats with a consistent national edge of four to six points, and in a favorable position to retake the House. However, with two recent court victories, Republicans have improved their chances of holding onto the House. 

• These two actions taken together give the GOP a double digit advantage from redistricting, and have left Democrats reeling.
• Democrats are still favored to win control given the historic and current political tailwinds, but they will not be able to count on as many safe seats.

On May 8, the Virginia state supreme court invalidated the referendum that voters had approved just a few weeks prior.

• This reversed the new 10-1 map that would have netted Democrats four more seats. Instead, the current 6-5 map is likely to be in effect this fall, though two of those GOP seats are in play.

As we covered last week, the Supreme Court struck down Section 2 of the Voting Rights Act in a 6-3 decision.

• The Court held that Section 2 of the Voting Rights Act (VRA) of 1965 only applies to “intentional” racial discrimination in the drawing of congressional maps.
• This ruling invalidated the provision that required minority voters not be divided into multiple districts in a manner that dilutes their voting power.
• Consequently, many southern states with large minority populations immediately began efforts to redraw their maps in ways that were not previously legal prior to the ruling.
• The maps in southern states are likely to face legal challenges and there is still a chance that redrawn maps in multiple states could be invalidated prior to election day.

The big picture: Over the past year, Republican states across the country began a flurry of redistricting at the direction of President Trump to try and shore up GOP seats ahead of the 2026 midterms. Democrats responded with their own efforts in California and Virginia.

By the numbers: Thirteen states that have enacted new maps or are currently working on passing new maps are listed on the chart below. 

Source: Cook Political Report *The maps have not been formally approved, but are currently under consideration within the state legislatures. **In Virginia, the state put a new map before voters and it was approved via special election but struck down by the Virginia Supreme Court on May 8.*** Legislation has been signed into law but is currently being litigated at the Missouri Supreme Court in multiple lawsuits. 

• Notably, in Missouri, the bill to redraw the maps has been signed into law, but is being litigated at the Missouri Supreme Court in multiple cases. These cases both challenge the legitimacy of the map and the referendum language that was put in front of voters last year.
  
• The projected delegations are the most optimistic totals based on historical voting data that each party has claimed their new map will help flip.
  
• If these maps hold, the net gain of all redistricting efforts will be a thirteen seat gain for the GOP, assuming similar voting patterns.
  
• Yes, but: State lawmakers have had to break up very safe seats in some cases, which could make other districts more vulnerable in cycles that heavily favor one party. 

The bottom line: Early polling on the 2026 generic congressional ballot shows Democrats with a national edge. 

• As President Trump’s approval ratings are stuck in the 30’s, the environment for Democrats to retake the House looks promising. 
  
• Republicans have narrowed the margin of victory possible for Dems through redistricting, but Democrats remain the favorites to retake control this fall.
  

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Trump Urges Passage of Senate Housing Bill

May 12, 2026

Last night, President Donald Trump urged the House to swiftly pass the Senate version of the 21st Century ROAD to Housing Act (H.R. 6644) that includes a ban on large institutional investors owning single-family rental (SFR) housing. 

Why it matters: Trump has remained largely silent on the issues since the Senate passed the bill 89-9 on March 12. The House has delayed considering the bill after objections to the treatment of build-to-rent (BTR) properties and other provisions; the committee had been close to releasing amended text. 

Go deeper: We have previously covered the Section 901 provisions passed in the Senate that would ban investors from owning 350 or more SFR homes.

• While the purchase ban would exempt BTR, it would force owners to sell new BTR to consumers within seven years.
• The bill also would have unintended consequences on other forms of multifamily housing and create a confusing compliance regime. Reports indicate that BTR investment has slowed or stopped in some areas. 
• The Senate passed the provision unchanged despite strong objections from the real estate industry, including homebuilders.

Yes, but: The House continues to work on its counteroffer to the Senate bill. Reports from Politico over the weekend indicate the Section 901 ban on large institutional investors ownership of single family rental homes is likely to change in a House version. 

• A bipartisan group of 76 House members sent a letter to leadership last month indicating their opposition to the BTR provisions.
• No official text has been released and it is not clear that House GOP and Democratic negotiators have signed off on the final text. 
• The reported GOP amendments would eliminate the seven-year build-to-rent (BTR) divestment requirement and revise the definition of single-family home. 
• If an amended bill is released this week, the House could vote on the bill as soon as next week. 
• It is not clear if or when the Senate would act on a changed housing bill should the House pass an amended bill.

What they’re saying: Prior to Trump’s post, Politico reported President Donald Trump has privately expressed his opposition to the seven-year BTR divestment and considered posting his thoughts before backing down.

• The President’s reported hesitancy bolstered the House position against the Senate, but the latest post may derail changing the bill. 
• House leadership has not yet responded to the President’s demand. 
• The SFR ban has been the White House’s central demand to any housing bill, though the Senate language went far beyond the January 2026 executive order. 

What's next: CREFC and other industry groups continue to work with lawmakers and staff on Section 901 issues and the broader housing bill. 

Contact David McCarthy (dmccarthy@crefc.org) with questions.

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