CRE Finance Council is a trade association that is...

  • Dedicated exclusively to the over $6 trillion commercial real estate finance industry
  • Committed to promoting strong & liquid debt markets across platforms
  • The meeting place for industry professionals
  • The platform for establishing best practices, industry standards & federal policy
  • Comprised of more than 400 companies and 19,000 individual members

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News

Now Available: CREFC Signal Podcast Episode #3 

September 1, 2026

Two Markets at Once - Inside the CREFC BOG Sentiment Index Survey 

Raj Aidasani, Managing Director of Research at CREFC, is joined by Toby Cobb, Co-Founder and Managing Partner at 3650 Capital, and David Harrison, Chief Operating Officer and Head of Special Servicing at Midland Loan Services, to discuss the latest CREFC Board of Governor’s Sentiment Index Survey. The conversation explores what the Index’s stabilization near its 4Q 2017 baseline says about market sentiment, why new capital is functioning well while legacy credit continues to work through the system, and what these two dynamics mean for the commercial real estate finance market going forward.

Thirty-eight of the 40 members of CREFC’s Board of Governors just told us what they think happens next. On seven of the nine questions we asked, the most popular answer was no change. Since that survey closed, delinquencies have hit their highest level since 2020, while new issue activity is running ahead of last year. Both of those are true. This episode is about why.” – Raj Aidasani, CRE Finance Council

Listen to Episode #3 now. 

Spotify  Apple Podcasts 

Contact 

Mary Beth Ryan
Senior Director,
Communications
646.884.7567
mryan@crefc.org

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.
Episode #3 of the CREFC Signal Podcast Is Now Available
September 1, 2026
Now Available: CREFC Signal Podcast Episode #3: Two Markets at Once - Inside the CREFC BOG Sentiment Index Survey

News

CREFC's July 2026 Monthly CMBS Loan Performance Report

August 14, 2026

Download Report Now

CRE Finance Council has released a report on CMBS loan performance for July.*
  
Key takeaways:
DELINQUENCY JUMPS ON MATURED BALLOONS BUT SPECIAL SERVICING EASES

 

  • Overall CMBS delinquency jumped 51 bps to 7.86% in July, the highest reading since November 2020, as matured loans stopped paying. Newly delinquent loans totaled roughly $6.0B, with the five largest accounting for $2.6B; non-performing matured balloons were the largest cited category, at 66%.
  • Including performing matured balloons, the effective rate was 9.62%, up just 9 bps, narrowing the gap to the headline rate from 218 bps to 176 bps. The compression is the story: loans already past maturity moved from performing to non-performing matured balloon status. The seriously delinquent rate rose 41 bps to 7.57%.
  • Special servicing moved the other way, declining 11 bps to 11.09%, as office (-53 bps) and lodging (-26 bps) resolutions and workouts outpaced new transfers. Roughly $1.69B of new transfers across 41 loans – including $903.6mm of retail as regional malls hit balloon maturities – exceeded just $326.4mm of cures and payoffs across six loans.
  • Rising delinquency alongside easing special servicing marks a new phase of the cycle. Maturity distress is now surfacing in the headline rate, and with more 2015-2016 vintage mall loans reaching balloon dates, retail is the most likely source of further upward pressure.

*Source: Trepp. CMBS data in this report reflect a total outstanding balance of $660.5B: 51% ($336.6B) conduit CMBS, 49% ($323.9B) single-asset/single-borrower (SASB) CMBS.

Click here to download the full report. Contact Raj Aidasani for more information on CMBS loan performance. 

Contact 

Raj Aidasani
Managing Director, Research
646.884.7566
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.
CREFC's July 2026 Monthly CMBS Loan Performance Report
August 14, 2026
CRE Finance Council has released a report on CMBS loan performance for July.

News

Roundtable Summary: Better Property Data Can Strengthen CRE Insurance and Lending

August 13, 2026

As physical climate risks continue to reshape commercial real estate, better property data can help owners, lenders, and insurers make more informed decisions.
 
CREFC, the Urban Land Institute (ULI), and the Insurance Institute for Business & Home Safety (IBHS) have published an article summarizing insights from a recent roundtable that explored how more consistent building and resilience data can help stakeholders better evaluate physical risk, strengthen underwriting, and support investment choices.
 
The discussion brought together more than 30 leaders from the real estate, finance, and insurance industries to examine how the commercial real estate ecosystem can move beyond risk transfer to risk reduction. An overarching theme emerged: greater consistency in how property attributes are collected, categorized, and shared can improve risk assessment, strengthen market signals, and help justify investments in resilience.
 
The article also highlights seven key takeaways, including the importance of standardized property data, early coordination among stakeholders, new tools to evaluate resilience, and innovative approaches to financing risk reduction.

Download

For more information contact Sairah Burki at sburki@crefc.org.

Contact 

Sairah Burki
Managing Director,
Head of Regulatory Affairs
703.201.4294
sburki@crefc.org
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.
Roundtable Summary: Better Property Data Can Strengthen CRE Insurance and Lending
August 13, 2026
As physical climate risks continue to reshape commercial real estate, better property data can help owners, lenders, and insurers make more informed decisions.

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