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NCREIF and CREFC Release First Quarter 2026 Open-End Debt Fund Aggregate and Open-End Moderate-Yield Debt Fund Index Reports

July 14, 2026

Dear CREFC Member,
  
NCREIF and CREFC released the First Quarter 2026 Reports for the Open-End Debt Fund Aggregate and the Open-End Moderate-Yield Debt Fund Index.

As of March 31, 2026, the Aggregate now reflects 17 active funds, representing $36.1 billion in loan investments at fair value across 739 loans, with a 1.5% gross quarterly return and a 7.1% return over the trailing 12 months. The Moderate-Yield Index, our newer and more tightly defined index, captures 12 funds, $30.5 billion in loan investments at fair value, and a 1.4% gross quarterly return with a 7.0% trailing year. Returns are gross of fees and net of fund costs. See below for links to these reports or visit the NCREIF or CREFC websites for the reports. 

Here's What We Want You to Know: The project is still in the consultation phase. That means the inclusion criteria, the reporting standards, and the shape of this index are not locked in yet. So, there is still time for your company to participate in this effort by becoming a data contributor now. Doing so means that you don't just get a seat at the table… you help build the table.

Concretely, that means:

• Visibility to the institutional investors increasingly asking for standardized debt fund benchmarks.
• A real hand in defining how core, moderate, and high-yield debt strategies are developed and classified.
• Early positioning in what we expect to become the industry's reference point for open-end debt fund performance – once the index is frozen, new entrants will need five consecutive quarters of compliant data to qualify and participate.

This has been years in the making, built by the industry for the industry via the collaboration between both CREFC and NCREIF. Note that the Aggregate and Index will never reveal individual fund performance. It's designed to give your investors greater confidence in allocating to private real estate debt, and to provide all market participants with highly enhanced data and insights to make the case for this important and growing asset class.

If you are interested in becoming a data contributor, or just want to ask questions before committing, please reach out to me directly. I would love to talk you through it.

NCREIF and CREFC Release First Quarter 2026 Open-End Debt Fund Aggregate and Open-End Moderate-Yield Debt Fund Index Reports

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. 

1Q26 Open-End Debt Fund Aggregate

Snapshot Report Membership Report

1Q26 Open-End Moderate-Yield Debt Fund Index

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. 

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CRE/CLO Update

May 5, 2026

Progress on CREFC’s Collateral Manager Data Report (CMDR) and Upcoming June Meeting

CREFC continues to spearhead efforts to enhance transparency and standardization across the CRE CLO landscape. As we approach the mid-year mark, significant strides have been made in the adoption of the Collateral Manager Data Report (CMDR), alongside new opportunities for industry-wide collaboration.

Save the Date: CRE CLO / IRP Joint Meeting

The upcoming CREFC Annual Conference will feature a dedicated in-person joint lunch meeting of the CRE CLO Working Group and the Investor Reporting Package (IRP) Committee. This session is geared for participants to provide comments and suggestions on CRE CLO and IRP reporting.

• When: Monday, June 8, 2026 | 12:30 PM – 1:30 PM
• Registration: Register Here
• Note: Registration for the full CREFC Annual Conference is not required to participate in this specific meeting.

Collateral Manager Data Report (CMDR) Implementation

Adoption of the CMDR is gaining significant momentum. This quarter marks a turning point as several additional firms have begun active reporting. The integration into major data platforms is also moving forward rapidly:

• Intex: Active reporting is underway.
• Trepp: Scheduled to begin reporting by the end of May.
• Bloomberg: Now reviewing requirements to facilitate this reporting in the future.

Furthermore, CREFC is actively developing CMDR v2. Our goal is to circulate this updated version for review by the working group prior to the June Annual meeting, ensuring that the latest feedback from market participants is incorporated into the draft.

What's Next: Advancing CRE CLO Financials Reporting

Streamlining the reporting of financials remains the next top priority for the working group. Recent discussions with a diverse group of Issuers, Investors, and Servicers revealed a variety of perspectives on the most efficient path forward.

Given the importance of achieving a consensus that serves all market participants, we will be hosting a live discussion during the June 8th meeting at the Conference. This will be an essential opportunity to weigh different viewpoints and determine the best strategy for streamlining these critical data sets.

Get Involved 

Your feedback is vital to the success of these initiatives. For any questions or comments regarding these updates, please reach out to Rohit Narayanan at rnarayanan@CREFC.org.

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

April 16, 2026

We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate and Open-End Moderate-Yield Debt Fund Index Reports for Fourth 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. 

4Q25 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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