Debt Aggregate

NCREIF/CREFC Open-End Debt Fund Aggregate

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.

For questions or to get involved, contact Lisa Pendergast

NCREIF/CREFC Open-end Debt Fund Aggregate Fourth Quarter 2024 Public Snapshot Report
NCREIF/CREFC Open-end Debt Fund Aggregate Fourth Quarter 2024 Membership Report

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)   

News Archive

News

NCREIF and CREFC Release Fourth Quarter 2024 Debt Fund Aggregate Report

April 17, 2025

We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Fourth Quarter 2024. The full Membership Report is located in the CREFC Resource Center for CREFC Members only. This Snapshot Report is available to the public and also can be found on the CREFC website.

For any questions or suggestions and/or if you wish to become a debt fund contributor to the Aggregate, please contact Lisa Pendergast.


The NCREIF/CREFC Open-End Debt Fund Aggregate 
 
The NCREIF/CREFC Open-End Debt Fund Aggregate is a fund-level aggregate comprising open-end funds that provide credit and financing to commercial real estate owners. This report will be issued in a draft “consultation” format for at least one year to obtain the appropriate level of industry feedback before it is rolled out as an official NCREIF/CREFC product. 
 
About the NCREIF/CREFC Open-End Debt Fund Aggregate

  • Is a project by the industry for the industry that has been in the works for several years with input from NCREIF, CREFC and its members, and data contributing managers, investors, and consultants. 
  • Is anticipated to be published quarterly. Results will never reveal individual fund performance. 
  • Is NOT a BENCHMARK, yet, but is a major step toward the goal of creating a more focused index/benchmark of funds that meets certain investment inclusion criteria (which are to be determined)
  • Will enhance investors’ interest and understanding of the rewards and risks of private real estate debt funds, which may lead to increased allocations to debt, benefiting managers, investors, and commercial real estate finance industry professionals. 
  • Contains funds with various strategies and styles ranging from core to value-add, as reported by the managers. The performance metric is a time-weighted return. The returns are equally weighted across the funds since the aggregate contains a few large funds that would dominate the results if it they were value weighted. 

Aggregate Furthers CREFC’s and NCREIF’s Missions

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 
NCREIF Debt Fund Aggregate Fund Inclusion
Investment Managers must:
  • Offer an open-end debt fund product to institutional investors that includes predominantly private U.S. commercial and multifamily real estate debt. Specifically, 80% of total assets must be invested in private commercial and multifamily debt real estate.
  • Calculate quarterly net asset values and returns on a market-value basis.
  • Agree to submit all requested data and do so within the time frame required.

Funds included have different: 

  • Structures, strategies, liquidity provisions, dividends, accounting, and valuation policies, all of which affect performance and comparability. As a result, this product is not a benchmark.  

Contact  

Lisa Pendergast
President & CEO
646.884.7570
lpendergast@crefc.org

News Archive

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. © 2025 CRE Finance Council. All rights reserved.
NCREIF and CREFC Release Fourth Quarter 2024 Debt Fund Aggregate Report
April 17, 2025
We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Fourth Quarter 2024.
More info...

News

NCREIF and CREFC Release Third Quarter 2024 Debt Fund Aggregate Report 

January 2, 2025

We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Third Quarter 2024. The full Membership Report is located in the CREFC Resource Center for CREFC Members only. This Snapshot Report is available to the public and also can be found on the CREFC website.

For any questions or suggestions and/or if you wish to become a debt fund contributor to the Aggregate, please contact Lisa Pendergast.

The NCREIF/CREFC Open-End Debt Fund Aggregate

The NCREIF/CREFC Open-End Debt Fund Aggregate is a fund-level aggregate comprising open-end funds that provide credit and financing to commercial real estate owners. This report will be issued in a draft “consultation” format for at least one year to obtain the appropriate level of industry feedback before it is rolled out as an official NCREIF/CREFC product.

About the NCREIF/CREFC Open-End Debt Fund Aggregate

  • Is a project by the industry for the industry that has been in the works for several years with input from NCREIF, CREFC and its members, and data contributing managers, investors, and consultants.
  • Is anticipated to be published quarterly. Results will never reveal individual fund performance.
  • Is NOT a BENCHMARK, yet, but is a major step toward the goal of creating a more focused index/benchmark of funds that meets certain investment inclusion criteria (which are to be determined)
  • Will enhance investors’ interest and understanding of the rewards and risks of private real estate debt funds, which may lead to increased allocations to debt, benefiting managers, investors, and commercial real estate finance industry professionals.
  • Contains funds with various strategies and styles ranging from core to value-add, as reported by the managers. The performance metric is a time-weighted return. The returns are equally weighted across the funds since the aggregate contains a few large funds that would dominate the results if it they were value weighted.
  • Furthers NCREIF’s and CREFC’s missions:
    • CREFC is the trade association for the commercial real estate finance industry. It promotes liquidity, transparency, and efficiency in the commercial real estate finance markets. It does this by developing benchmarks such as the NCREIF/CREFC Open End Debt Fund Aggregate, acting 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. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, and rating agencies, among others.
    • 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.

Fund Inclusion

Investment Managers must:

  • Offer an open-end debt fund product to institutional investors that includes predominantly private U.S. commercial and multifamily real estate debt. Specifically, 80% of total assets must be invested in private commercial and multifamily debt real estate.
  • Calculate quarterly net asset values and returns on a market-value basis.
  • Agree to submit all requested data and do so within the time frame required.

Funds included have different:

  • Structures, strategies, liquidity provisions, dividend, accounting, and valuation policies, all of which affect performance and comparability. As a result, this product is not a benchmark.

Contact 

Lisa Pendergast
Executive Director
646.884.7570

News Archive

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. © 2025 CRE Finance Council. All rights reserved.
NCREIF and CREFC Release Third Quarter 2024 Debt Fund Aggregate Report
January 2, 2025
We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Third Quarter 2024.
More info...

News

NCREIF and CREFC Release Second Quarter 2024 Debt Fund Aggregate Report 

September 30, 2024

We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Second Quarter 2024. The full Membership Report is located in the CREFC Resource Center for CREFC Members only. This Snapshot Report is available to the public and also can be found on the CREFC website.

For any questions or suggestions and/or if you wish to become a debt fund contributor to the Aggregate, please contact Lisa Pendergast.


The NCREIF/CREFC Open-End Debt Fund Aggregate

The NCREIF/CREFC Open-End Debt Fund Aggregate is a fund-level aggregate comprising open-end funds that provide credit and financing to commercial real estate owners. This report will be issued in a draft “consultation” format for at least one year to obtain the appropriate level of industry feedback before it is rolled out as an official NCREIF/CREFC product.


About the NCREIF/CREFC Open-End Debt Fund Aggregate

  • Is a project by the industry for the industry that has been in the works for several years with input from NCREIF, CREFC and its members, and data contributing managers, investors, and consultants.
  • Is anticipated to be published quarterly. Results will never reveal individual fund performance.
  • Is NOT a BENCHMARK, yet, but is a major step toward the goal of creating a more focused index/benchmark of funds that meets certain investment inclusion criteria (which are to be determined)
  • Will enhance investors’ interest and understanding of the rewards and risks of private real estate debt funds, which may lead to increased allocations to debt, benefiting managers, investors, and commercial real estate finance industry professionals.
  • Contains funds with various strategies and styles ranging from core to value-add, as reported by the managers. The performance metric is a time-weighted return. The returns are equally weighted across the funds since the aggregate contains a few large funds that would dominate the results if it they were value weighted.
  • Furthers NCREIF’s and CREFC’s missions:
    • CREFC is the trade association for the commercial real estate finance industry. It promotes liquidity, transparency, and efficiency in the commercial real estate finance markets. It does this by developing benchmarks such as the NCREIF/CREFC Open End Debt Fund Aggregate, acting 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. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, and rating agencies, among others.
    • 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.

Fund Inclusion

Investment Managers must:

  • Offer an open-end debt fund product to institutional investors that includes predominantly private U.S. commercial and multifamily real estate debt. Specifically, 80% of total assets must be invested in private commercial and multifamily debt real estate.
  • Calculate quarterly net asset values and returns on a market-value basis.
  • Agree to submit all requested data and do so within the time frame required.

Funds included have different:

  • Structures, strategies, liquidity provisions, dividend, accounting, and valuation policies, all of which affect performance and comparability. As a result, this product is not a benchmark.

Contact  

Lisa Pendergast
Executive Director
646.884.7570

News Archive

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. © 2024 CRE Finance Council. All rights reserved.
NCREIF and CREFC Release Second Quarter 2024 Debt Fund Aggregate Report
September 30, 2024
We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Second Quarter 2024.
More info...

News

NCREIF and CREFC Release First Quarter 2024 Debt Fund Aggregate Report 

July 2, 2024

We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for First Quarter 2024. The full Membership Report is located in the CREFC Resource Center for CREFC Members only. This Snapshot Report is available to the public and also can be found on the CREFC website.

For any questions or suggestions and/or if you wish to become a debt fund contributor to the Aggregate, please contact Lisa Pendergast.


The NCREIF/CREFC Open-End Debt Fund Aggregate

The NCREIF/CREFC Open-End Debt Fund Aggregate is a fund-level aggregate comprising open-end funds that provide credit and financing to commercial real estate owners. This report will be issued in a draft “consultation” format for at least one year to obtain the appropriate level of industry feedback before it is rolled out as an official NCREIF/CREFC product.


About the NCREIF/CREFC Open-End Debt Fund Aggregate

  • Is a project by the industry for the industry that has been in the works for several years with input from NCREIF, CREFC and its members, and data contributing managers, investors, and consultants.
  • Is anticipated to be published quarterly. Results will never reveal individual fund performance.
  • Is NOT a BENCHMARK, yet, but is a major step toward the goal of creating a more focused index/benchmark of funds that meets certain investment inclusion criteria (which are to be determined)
  • Will enhance investors’ interest and understanding of the rewards and risks of private real estate debt funds, which may lead to increased allocations to debt, benefiting managers, investors, and commercial real estate finance industry professionals.
  • Contains funds with various strategies and styles ranging from core to value-add, as reported by the managers. The performance metric is a time-weighted return. The returns are equally weighted across the funds since the aggregate contains a few large funds that would dominate the results if it they were value weighted.
  • Furthers NCREIF’s and CREFC’s missions:
    • CREFC is the trade association for the commercial real estate finance industry. It promotes liquidity, transparency, and efficiency in the commercial real estate finance markets. It does this by developing benchmarks such as the NCREIF/CREFC Open End Debt Fund Aggregate, acting 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. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, and rating agencies, among others.
    • 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.

Fund Inclusion

Investment Managers must:

  • Offer an open-end debt fund product to institutional investors that includes predominantly private U.S. commercial and multifamily real estate debt. Specifically, 80% of total assets must be invested in private commercial and multifamily debt real estate.
  • Calculate quarterly net asset values and returns on a market-value basis.
  • Agree to submit all requested data and do so within the time frame required.

Funds included have different:

  • Structures, strategies, liquidity provisions, dividend, accounting, and valuation policies, all of which affect performance and comparability. As a result, this product is not a benchmark.

Contact 

Lisa Pendergast
Executive Director
646.884.7570

News Archive

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. © 2024 CRE Finance Council. All rights reserved.
NCREIF and CREFC Release First Quarter 2024 Debt Fund Aggregate Report
July 2, 2024
We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for First Quarter 2024.
More info...

News

NCREIF and CREFC Release Fourth Quarter 2023 Debt Fund Aggregate Report 

May 2, 2024

We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Fourth Quarter 2023. The full Membership Report is located in the CREFC Resource Center for Members only. This Snapshot Report is available to the public and can be found on the CREFC website.

For any questions or suggestions and/or if you wish to be a debt fund contributor to the Aggregate please contact Lisa Pendergast.


The NCREIF/CREFC Open-end Debt Fund Aggregate

The NCREIF/CREFC Open-end Debt Fund Aggregate is a fund-level aggregate comprising open-end funds that provide credit and financing to borrowers who own commercial real estate. This report will be issued in a draft “consultation” format for at least one year to obtain industry feedback before it is rolled out as an official NCREIF/CREFC product.

About the NCREIF/CREFC Open-end Debt Fund Aggregate

  • Is a project by the industry for the industry that has been in the works for several years with input from NCREIF, CREFC leaders and data contributing managers, investors, consultants and CREFC.
  • Is anticipated to be published quarterly. Results will never reveal individual fund performance.
  • Is NOT a BENCHMARK, yet, but is a major step toward the goal of creating a more focused index/benchmark of funds that meets certain investment inclusion criteria (which are to be determined).
  • Will enhance investors’ interest and understanding of the rewards and risks of private real estate debt funds, which may lead to increased allocations to debt, benefiting managers, investors, and commercial real estate finance industry professionals.
  • Contains funds with various strategies and styles ranging from core to value-add, as reported by the managers. The performance metric is a time-weighted return. The returns are equal-weighted across the funds since the aggregate contains a few large funds that would dominate the results if it they were value-weighted.
  • Furthers NCREIF’s and CREFC’s mission:
    • CREFC is the trade association for the commercial real estate finance industry. It 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, playing a vital role in setting market standards and best practices, and providing education for market participants. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, and rating agencies, among others.
    • 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.


Fund Inclusion

Investment Managers must:

  • Offer an open-end debt fund product to institutional investors that includes predominantly private U.S. commercial and multifamily real estate debt. Specifically, 80% of total assets must be invested in private commercial and multifamily debt real estate.
  • Calculate quarterly net asset values and returns on a market-value basis.
  • Agree to submit all requested data and do so within the time frame required.
  • Be a NCREIF data contributing member once this becomes an official product.


Funds included have different:

  • Structures, strategies, liquidity provisions, dividend, accounting, and valuation policies, all of which affect performance and comparability. As a result, this product is not a benchmark.

Contact  

Lisa Pendergast
Executive Director
646.884.7570

News Archive

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. © 2023 CRE Finance Council. All rights reserved.
NCREIF and CREFC Release Fourth Quarter 2023 Debt Fund Aggregate Report
May 2, 2024
We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Fourth Quarter 2023.
More info...

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