CRE Finance Council IRP™ (CREFC IRP™)

About the Investor Reporting Package (IRP)

The CRE Finance Council Investor Reporting Package (CREFC IRP) is a transparent, standardized set of loan, property, bond and deal level information including numerous report format standards. It also includes guidelines and methodologies to be used in connection with the loan administration required to aggregate and ultimately report all such information. 

These standards have evolved under the direction of the CREFC Investor Reporting Committee based on feedback from industry stakeholders, which have included Servicers, Certificate Administrators, commercial and investment banks, rating agencies, insurance companies, traders, B-piece buyers and investors. This evolution began with the initial CSSA 100 published in 1996 and has grown to the current CREFC IRP, Version 8.0.  Version 8.0 is further supplemented by several interim updates, superseding specific areas within the CREFC IRP,  Version 8.0.  
A detailed Introductory Guide of the CREFC IRP is available under the Resources section of this website. The primary goal of the Introductory Guide is to assist IRP consumers in better understanding the overall structure of the IRP, what information is available, how it may be derived and where they can find it in the IRPs prepared by the Servicer or Certificate Administrator.  


Introducing the CRE CLO Annex A Standard 

April 28, 2023

The CRE Finance Council (CREFC) released its new Commercial Real Estate Collateralized Loan Obligation (CRE CLO) Standardized Annex A (Click here). The release of the Annex A represents an important step in the ongoing maturation of the CRE CLO marketplace.   

CREFC and the committee have enjoyed significant participation from investors, issuers, placement agents and all involved parties.  And the effort has benefitted greatly from the numerous conversations and input with key industry stakeholders, including investors, issuers, attorneys and due-diligence providers.

In particular we would like to recognize the work of the drafting committee, with special thanks to Michael Barbieri, Executive Director at UBS (through STS Structured Products) for guiding the process as our member chair of the committee. 

Why it matters: CREFC and its members embarked on this important market initiative with two main goals in mind:

  • Standardize the data fields to be used by all CRE CLO issuers at issuance; and
  • Establish a best practice for issuers to update the Annex A when a reinvestment is made and a new asset added to the pool.

Key Benefits

  • CRE CLO annexes are extremely robust and often include almost all fields found in the comfort tape. This effort compiled those CRE CLO fields and provided guidance behind field names and inputs to ensure heightened transparency and ease-of-use for investors.
  • The standardized annex allows for greater inclusivity of information, with 268 data points provided compared to the average of 212 data points provided today.
  • A key benefit to investors is the heightened efficiency standardization brings to their investment due-diligence efforts. Such heightened efficiencies will assist both on the new-issue front and when reinvestments occur within the CRE CLO pool.

CRE CLO vs. Conduit CMBS Annex-A

Given that many of the loans contributed to CRE CLOs are floating-rate and transitional in nature, CRE CLO Annex-As require more data fields than those found in conduit CMBS. The additional fields capture:

  • Loan details such as the floating-rate benchmark, loan extension options/description, margin, lookback periods, etc.) and
  • Additional balance and reserve fields given the transitional nature of the assets.

In all other aspects, the new CRE CLO Annex A is largely in line with the fixed-rate conduit CMBS Annex.

What’s next: CREFC will move soon to the second phase of CRE CLO reporting that addresses the non-static nature of pool collateral given the ability to add new loans and remove existing loans. A monthly CRE CLO Loan Periodic Update and other files would contain specialized fields necessary for a full picture of these transactions.

We Want to Hear from You

CREFC and its issuer members strive to provide heightened transparency and collateral and structural detail that ensures investors have all the information necessary to make informed and appropriate investment decisions. We do that best when we hear directly from our investor community. We hope you find this effort supportive to your investment success.

Please reach out to Kathleen Olin with any questions you may have on this important project.


Kathleen Olin
Managing Director, Industry Initiatives

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.
Introducing the CRE CLO Annex A Standard
April 28, 2023
The CRE Finance Council (CREFC) released its new Commercial Real Estate Collateralized Loan Obligation (CRE CLO) Standardized Annex A.

Access the Commercial Real Estate Collateralized Loan Obligation (CRE CLO) Standardized Annex A here


Access the form CMBS Standardized Annex A (April 2021) here.

Current IRP

View the current IRP and its recent updates below. Access the full list of documents in the Archives.

  • CRE Finance Council IRP™ (CREFC IRP™)
  • CREFC Europe Investor Reporting Package
  • No content found

    No content found

    No content found

    No content found

    No content found

    New IRP User?

    Learn more about the IRP and how to use it with our helpful Introductory Guide. Download the PDF by clicking the button below.
    Get the Intro Guide

    Want More Resources?

    Join now to access the full library of resources that the CREFC offers to members! Click below to get started.
    Join Now