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NCREIF and CREFC Release Third Quarter 2025 Open-End Debt Fund Aggregate and Open-End Moderate-Yield Debt Fund Index

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

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

• CREFC is the trade association for the commercial real estate finance industry. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers and rating agencies, among others. 
  
• Our industry plays a critical role in the financing of office buildings, industrial and warehouse properties, multifamily housing, retail facilities, hotels, and other types of commercial real estate that help form the backbone of the American economy.
  
• CREFC promotes liquidity, transparency, and efficiency in the commercial real estate finance markets. It does this by acting as a legislative and regulatory advocate for the industry, serving a vital role in setting market standards and best practices, providing education for market participants, and publishing the well tracked CREFC Board of Governors Sentiment Index. Our most recent collaborative effort is working with our friends at NCREIF to develop the NCREIF/CREFC Open End Debt Fund Aggregate.
  
• CREFC hosts major industry conferences that bring together market participants from leading commercial real estate finance companies and organizations. Complementing these major conferences are regular After-Work Seminars and regional conferences held throughout the year on an annual basis

About NCREIF

• NCREIF is the leading provider of investment performance indices and transparent data for US commercial properties. Data Contributor Members submit data to NCREIF for inclusion in its various indices and data products. NCREIF is a member-driven, not-for-profit association that improves private real estate investment industry knowledge by providing transparent and consistent data, performance measurement, analytics, standards, and education.
  
• NCREIF serves the institutional real estate investment community as a non-partisan collector, validator, aggregator, converter and disseminator of commercial real estate performance and benchmarking information. Our members include investment managers, investors, consultants, appraisers, academics, researchers and other professionals in the real estate investment management industry.
  
• NCREIF is a data service provider that meets its members' and the investment and academic community's need for high quality, transparent, timely and accurate commercial real estate data, performance measurement and benchmarking indices, investment analysis, reporting standards, research, education and peer group interaction 

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Government Funding Update

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. 

• “I don’t think either side wants to see that happen,” Senate Majority Leader John Thune (R-SD) said of a shutdown next month. “I think that’s toxic for both parties.”
• “I don’t want to see another government shutdown,” Sen. Dick Durbin (D-IL), the number two Senate Democrat, said about leveraging that deadline to get a health care concession. “I’ve had enough of them.”

Go deeper: While negotiations continue on Capitol Hill, there is still no finalized funding agreement, and the legislative calendar leaves little margin for error. 

• Congress has only passed 3 of the 12 required appropriations bills: Military Construction and Veterans Affairs, Agriculture-FDA, and the Legislative Branch. These only cover a small slice of discretionary spending.
• On Monday, House and Senate appropriators release bipartisan, bicameral spending deals on three additional bills (“minibus”): Commerce-Justice-Science; Interior-Environment; and Energy-Water. The House is expected to vote on the minibus later this week. 
• Before the holidays, the Senate was close to passing a “minibus” package that would fund about two-thirds of discretionary spending, including major departments like Defense, Labor, HHS, Education, Justice, Transportation, and HUD. 
• Democrats pumped the brakes on the deal over Trump’s threat to dismantle the National Center for Atmospheric Research Center in Colorado, seeing it as a warning sign about how funds might be used or ignored.

Bottom line: The majority of government funding is still unresolved, Congress will need to move fast to avoid another shutdown on January 30. 

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Financial Services Committee Advances Housing and 15c2-11 Bills 

January 6, 2026

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. 

• The Housing for the 21st Century Act, which packages together dozens of bipartisan housing bills focused on supply, passed 50-1. Click here for more background on the bill.
• The 15c2-11 bill H.R. 3959, the Protecting Private Job Creators Act, passed 41-11 with 13 Democrats joining all Republicans to advance the bill. Click here for more background on the issue. 
• CREFC has supported both bills with letters and statements to the committee. 

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: 

• The housing bill could potentially move on the “suspension calendar”, which requires a 2/3 majority for passage. Meanwhile, committee and floor leadership will negotiate a deal with the Senate, which had passed its own bill, the ROAD to Housing Act, in October. 
• The Projecting Private Job Creators Act could likely see a floor vote with other legislation from the markup. While Ranking Member Maxine Waters (D-CA) opposed the legislation it its current form, the 75% vote margin gives a strong case for further action.

Please contact David McCarthy at dmccarthy@crefc.org with any questions.

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NYC COPA Bill Vetoed by Outgoing Mayor Adams

January 6, 2026

After a flurry of year-end activity, the New York City Council passed the Community Opportunity to Purchase Act (COPA), but Mayor Eric Adams vetoed the measure among his final official acts. 

Adams released a statement explaining his veto of 19 bills, including COPA: 

Why it matters: As originally drafted, COPA Int 0902-2024 would have applied an additional waiting period and processes to every multifamily building sale in the city. The bill saw several updates that narrowed the scope to distressed buildings and reduced the overall timeframe.

• CREFC submitted a letter to council members highlighting its concerns with the legislation. Click here for the full letter. 
• The bill passed on December 18 by 31-10 margin (not including seven abstaining and three absences), which is short of the 34 votes (2/3 threshold) to overcome a mayoral veto. However, new Mayor Zohran Mamdani has supported the legislation. 

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Regulatory Forecast for 2026

January 6, 2026

We are kicking off the new year with a CRE finance regulatory forecast. 

Overall themes from the first year of the second Trump administration will likely continue:

• Heightened role of executive branch (via Treasury) in regulatory policy;
• Deregulatory focus across all agencies; and
• Reduction of supervisory resources and in enforcement activities.

Who’s in charge? A year into this administration, agency heads are in place, albeit in some cases of very slimmed down leadership structures. See here for our Regulatory Tracker.

Key Areas for CREFC

Consumer Finance Protection Bureau (CFPB) Section 1071 

• At the tail-end of 2025, the CFPB extended compliance timing for Rule 1071 small business data collection requirements and then issued a scaled-back proposal that would narrow coverage and raise thresholds. See CREFC’s comment letter here. 
• 2026 will likely see the finalizing of scope and timing (post-proposal).

Securities and Exchange Commission (SEC) 

• Continued push to rationalize regulations and allow for great market efficiencies. 
• CREFC led the effort to revisit Rule 17g-5’s ABS information-posting requirement and submitted to the SEC a Petition for Rulemaking. We will follow up with the SEC in the coming months. 
• CREFC submitted a response to the SEC’s ABS Concept Release. We urged reduction of undue reporting burdens, thereby improving the feasibility of registered conduit CMBS (e.g., cadence changes for significant obligor disclosures; restoring automatic 15(d) suspension under <300 holders). We expect the SEC to issue a formal proposal (or small sub-proposals) in 2026.
• CREFC continued to discuss Rule 15c2-11 with the SEC, advocating for a rulemaking to exclude fixed income from 15c2-11 requirements. The 2025 Unified Agenda of Regulatory and Deregulatory Actions states that the SEC will issue a 15c2-11 proposal in 2026.

Banking Agencies

• In 2025, the banking regulators focused on bank capital requirements (e.g., modifying the enhanced Supplementary Leverage Ratio for the G-SIBs, seeking to reduce stress-test volatility, and proposing an increase in asset thresholds for heightened regulatory standards.)
• We expect the release of a Basel 3 Endgame proposal very soon. CREFC will submit comments, focusing on implications for CRE Finance.

2026 promises to be another busy year on the regulatory front. Let us know if you would like to join any of the above advocacy efforts. 

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

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CREFC Set to Host Largest Gathering of Commercial Real Estate Finance Leaders Next Month in Miami

December 16, 2025

MIAMI, FL — December 16, 2025 — The CRE Finance Council (CREFC) will gather the commercial real estate finance industry's foremost leaders at its flagship CREFC Miami conference, January 11-14, 2026. Widely recognized as the largest and most influential event in commercial real estate finance, CREFC Miami brings together more than 4,000 industry leaders for four days of market insights, high-value connection-building, 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 capital markets. CREFC plays a vital role in shaping industry standards, delivering trusted research and data, and advocating the policy and regulatory issues that matter most to market participants.

Renowned for its member-driven, content-focused programming, CREFC Miami is the one event that brings the entire CRE finance ecosystem together in one place. Whether attendees are focused on capital markets, CRE loan origination, credit, loan servicing, policy, or investment strategy, the conference offers an unmatched environment in which relationships are strengthened, ideas are exchanged, and the direction of the market comes into focus.

“Those in commercial real estate finance are entering 2026 with both caution and optimism, and CREFC Miami is where those perspectives come together,” said Lisa Pendergast, President and CEO of CREFC. “Our conference delivers candid, member-driven dialogue that reflects real market conditions. This is where industry leaders gain clarity on emerging trends, share what they’re seeing on the ground, and prepare for the year ahead.”

Chris Voss, former Lead International Hostage Negotiator for the FBI and bestselling author of Never Split the Difference, will kick off the conference with the keynote session ─ "Tactical Empathy: Negotiation Secrets from an FBI Negotiator." As CEO of The Black Swan Group, Voss brings battle-tested strategies that empower executives to transform high-stakes standoffs into collaborative victories, a critical skillset as the commercial real estate sector navigates complex restructurings, uncertain capital markets, and approaching debt maturities. 

Scott Galloway, renowned entrepreneur and NYU Stern School of Business marketing professor, will share his annual predictions in a keynote session examining consumer, tech, and business trends that will have the biggest impact in 2026. Using data-informed insights, he will share his vision for the trends and opportunities that will define the year ahead and reflect on his previous year’s predictions.

Pendergast added, "CREFC Miami 2026 delivers precisely what our industry needs: keynote visionaries like Chris Voss and Scott Galloway unveiling high-stakes negotiation frameworks and market trends, paired with deep-dive sessions on today's most pressing industry issues: private credit's evolution, global capital flows, and transformative approaches to distressed office assets. Other sessions will unpack portfolio rebalancing tactics, alternative housing finance models, and data center capital demands.”

Key sessions at CREFC Miami include:

• Private Credit Playbook: Evolving Players in the Debt Stack
• Global Capital Flows: Navigating International Investments in U.S. Real Estate
• Industry Leaders Roundtable
• Portfolio Rebalancing Strategies: Loan Sales, Modifications, and Enforcement
• From Vacancy to Value: Repositioning, Financing and Opportunities in Distressed Office
• Beyond Traditional Multifamily: Exploring Alternative and Affordable Housing
• Powering Digital Infrastructure: Growing Demand for Data Center Capital
• A comprehensive lineup of Forums representing the various market constituents addressing key issues and trends
• Updates on CREFC’s research, policy/regulatory issues, and initiatives supporting transparency and best practices in CRE finance

Event Details: 

• When: January 11-14, 2026
• Where: Loews Miami Beach Hotel | 1601 Collins Avenue | Miami Beach, FL 33139
• Conference Program
• Registration 

About CREFC

The CRE Finance Council (CREFC) is the trade association for the nearly $6 trillion commercial real estate finance industry with a membership that includes approximately 400 companies and 19,000 individuals. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, rating agencies, and borrowers. For over 30 years, CREFC has promoted liquidity, transparency, and efficiency in the commercial real estate finance markets and acts as a legislative and regulatory advocate for the industry, playing a vital role in setting market standards and best practices and providing education for market participants. For more information visit www.crefc.org

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

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