Market condition index · Current read

Measures financing stress in commercial real estate: the combination of long-rate pressure on cap rates, credit spread widening for CRE borrowers, lending standards tightening, delinquency stress, and REIT equity weakness confirming market pricing. CRFS answers: "Is CRE financing becoming dangerous, and what's driving it — rate-driven cap-rate expansion, credit-driven spread widening, or direct property stress?" When CRFS is elevated, REITs with near-term maturities, leveraged CRE borrowers, and property types with weak NOI face severe headwinds. The index is inverted: UP = CRE financing stress rising, DOWN = CRE conditions easing. Sprint 10B: First dedicated CRE financing stress index. Designed to separate CRE-specific financing pressure from broad credit stress (CRSI) and from residential housing pressure (REFI/HAFP). CRE financing stress is driven by long rates (cap-rate discount), credit spreads (borrower risk premium), lending standards (credit availability), and delinquencies (realized loss).