CREFC/NCREIF

 

CREFC/NCREIF Open-End Moderate-Yield Debt Fund Index & Open-End Debt Fund Aggregate

 

NCREIF/CREFC Open-End Moderate-Yield Debt Fund Index

NCREIF and CREFC announce the launch of the NCREIF/CREFC Fund Index Open-end Moderate-Yield Debt, the first-ever institutional fund-level benchmark for private real estate debt funds. As of June 30, 2025, the Index comprises 12 open-end debt funds representing more than $30 billion in assets and over 500 underlying loans with posted returns since the fourth-quarter 2017, providing a robust, representative measure of performance for the sector.

Developed jointly by the National Council of Real Estate Investment Fiduciaries and the CRE Finance Council, the Moderate- Yield Debt Index fills a long-standing market need for a standardized, transparent benchmark that reflects the risk-return characteristics of actively managed open-end commercial real estate debt strategies.

Consultation Phase. The Moderate-Yield Debt Index will be issued in a consultation phase for one to two years to solicit the appropriate level of feedback from industry professionals and ensure the index’s methodology and governance align with market expectations. During this period NCREIF and CREFC will engage stakeholders on methodology refinements, data standards, and reporting practices. After the initial consultation, if appropriate, the NCREIF/CREFC Fund Index Open-end Moderate-Yield Debt will be memorialized as an official NCREIF/CREFC product.

 

NCREIF/CREFC Open-End Moderate-Yield Debt Fund Index Snapshot Report
  
NCREIF/CREFC Open-End Moderate-Yield Debt Fund Index Membership Report

 

 

 

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.

NCREIF/CREFC Open-end Debt Fund Aggregate Third Quarter 2025 Public Snapshot Report
NCREIF/CREFC Open-end Debt Fund Aggregate Third Quarter 2025 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)   

 

For questions or to get involved, contact Lisa Pendergast

 

News Archive

News

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


3Q2025 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. 

 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 

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. © 2026 CRE Finance Council. All rights reserved.
NCREIF and CREFC Release Third Quarter 2025 Open-End Debt Fund Aggregate and Open-End Moderate-Yield
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.
More info...

News

CREFC and NCREIF Launch Open-End Moderate-Yield Debt Fund Index

December 5, 2025

NEW YORK, December 5, 2025 – The CRE Finance Council (CREFC) and the National Council of Real Estate Investment Fiduciaries (NCREIF) announce the launch of the NCREIF/CREFC Fund Index Open-End Moderate-Yield Debt, the first-ever institutional fund-level benchmark for private real estate debt funds. As of June 30, 2025, the Index comprises 12 open-end debt funds representing more than $30 billion in assets and over 500 underlying loans with posted returns since the fourth-quarter 2017, providing a robust, representative measure of performance for the sector. 

Developed jointly by NCREIF and CREFC, the Moderate-Yield Debt Index fills a long-standing market need for a standardized, transparent benchmark that reflects the risk-return characteristics of actively managed open-end commercial real estate debt strategies.

Consultation Phase. The Moderate-Yield Debt Index will be issued in a consultation phase for one to two years to solicit the appropriate level of feedback from industry professionals and ensure the index’s methodology and governance align with market expectations. During this period NCREIF and CREFC will engage stakeholders on methodology refinements, data standards, and reporting practices. After the initial consultation, if appropriate, the NCREIF/CREFC Fund Index Open-End Moderate-Yield Debt will be memorialized as an official NCREIF/CREFC product. 

CREFC and NCREIF also publish an Open-End Debt Fund Aggregate, a research database of funds with a mix of Core, Moderate-Yield and High-Yield investment styles. New data contributors are welcome for both the Aggregate and the Moderate-Yield Debt Index. Depending on market demand and growth of the open-end private real estate debt fund space, Core-Yield and/or High-Yield Debt Indices may be possible in the future. 

For more information or to provide feedback, please contact Lisa Pendergast at LPendergast@CREFC.org or Dan Dierking at DDierking@NCREIF.org.

 

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

Contact 

Mary Beth Ryan
Senior Director,
Communications
646.884.7567
mryan@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.
CREFC and NCREIF Launch Open-End Moderate-Yield Debt Fund Index
December 5, 2025
The CRE Finance Council (CREFC) and the National Council of Real Estate Investment Fiduciaries (NCREIF) announce the launch of the NCREIF/CREFC Fund Index Open-End Moderate-Yield Debt.
More info...

News

NCREIF and CREFC Release 2Q 2025 Open-end Debt Fund Aggregate Report

October 30, 2025

We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Second Quarter 2025. 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 2Q 2025 Open-end Debt Fund Aggregate Report
October 30, 2025
We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for Second Quarter 2025.
More info...

News

NCREIF/CREFC Release First Quarter 2025 Debt Fund Aggregate Report

July 9, 2025

We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for the First Quarter 2025. 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. 

Snapshot Report

Membership Report


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-CREFC Release First Quarter 2025 Debt Fund Aggregate Report
July 9, 2025
We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for the First Quarter 2025.
More info...

News

NCREIF - CREFC Debt Fund Aggregate Announcement

May 13, 2025

As you know, we have been producing the NCREIF / CREFC Open-end Debt Fund Aggregate for approximately two years. Today, the Aggregate includes funds with sharply different styles and strategies of debt investing, making it useful for understanding the overall risk and return characteristics of the open-end debt fund market. Currently, the Aggregate is too varied to serve as an index or a benchmarking tool. Nevertheless, it represents a crucial first step in developing a more targeted index of funds operating within a specific style or strategy.

Introducing Open-End Debt Fund Investment Styles and Criteria

A task force and the data contributing managers have been working diligently for the past few years to create index parameters / fund inclusion criteria, for three different styles of open-end debt fund investment. 
 
These parameters will be used to categorize the funds included in the Aggregate into their respective style indices. The Aggregate will continue to be produced and will include open-end debt funds regardless of the fund’s style or strategy. In addition, we anticipate creating the first focused open-end debt fund index later this year. 

We are seeking NCREIF and CREFC member feedback on both the naming of the three style indices and the related inclusion criteria parameters.

In addition to developing the inclusion criteria, getting the names right is critical as these will become the official names of the NCREIF / CREFC Open-End Debt Fund Index products. Please keep in mind that the proposed fund index inclusion criteria will not be perfect from the start, but we must start somewhere, and this is it. Once the first debt fund style index is launched, we will monitor it, continue to seek and receive feedback from participants, make changes as necessary, and look forward to more open-end debt funds being created in order to improve and expand the suite of open-end debt fund indices. 
 
Attached via the link below is a document that outlines the full proposal. We urge you to review and provide feedback to us on our progress thus far as this is the most optimal method for ensuring its success. 
 

 

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-CREFC Debt Fund Aggregate Announcement
May 13, 2025
We are seeking NCREIF and CREFC member feedback on both the naming of the three style indices and the related inclusion criteria parameters.
More info...

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