Aeris is excited to announce its new Director of Ratings! Aeris is excited to introduce Aeris’ new Director of Ratings, Jen Miller. Jen joined Aeris in 2021, first as a contract ratings analyst, transitioning to a full-time staff member in early 2025. Since then, she has assumed growing responsibilities for Aeris’ [...]
CDFIs have solid 2025 operating results, showing resilience despite numerous challenges. While capital foundations remain strong, growth appears to slow. CDFI Loan Funds Trends Report based on December 31, 2025 Financial Data 2025 was a difficult year for CDFIs and the communities they serve. While the entire economy suffered from [...]
STRESS? YES. CLEAR DECLINE? NOT YET... While numerous factors begin to weigh against CDFIs, their borrowers, and the communities they serve, capital structures remain strong and most CDFIs are profitable. Nonetheless, some indications of stress are showing. CDFI Loan Funds Trends Report based on June 30, 2025 Financial Data [...]
THE CALM BEFORE THE STORM With solid foundations, CDFI Loan Funds head into unprecedented turbulence for the industry and its markets. CDFI Loan Funds Trends Report based on December 31, 2024 Financial Data As of December 31, 2024, CDFIs had strong capital structures, with solid net asset levels and manageable leverage. CDFI [...]
CDFIs face uncertainty and change with strong performance overall, high deployment, and growing market demand. CDFI Loan Funds Trends Report based on September 30, 2024 Financial Data As of September 30, 2024, Small Business and Micro Lenders and Housing Development Lenders, the two largest peer groups in Aeris’ analysis, [...]
CDFI Loan Funds continue to be a stable force for community development impacts during economic uncertainty. CDFI Loan Funds Trends Report for December 31, 2023 As of December 31, 2023, CDFI loan funds (CDFIs) continue to grow and perform despite high market interest rates and an uncertain and turbulent economy, [...]
More Than Lending: The Business Model of CDFI Loan Funds CDFI Loan Funds Trends Report for Q3 2023 While on-balance-sheet lending is always a leading focus for CDFI loan funds, other activities are critical to achieve impact and earn revenue. Investors need to understand a CDFI’s full business model. CDFI loan funds are [...]
CDFI Loan Funds Financial Performance: Back to the Future CDFI Loan Funds Trends Report for Q2 2023 As of June 30, 2023, CDFI loan funds lending activity and portfolio performance returned to pre-pandemic levels. Median loan portfolios, (excluding Paycheck Protection Program [PPP] loans), which had flattened or decreased during the pandemic, once again showed [...]
How has CDFIs’ cost of debt changed over time, and what might the future hold in a rising interest rate environment? CDFI Loan Funds Trends Report, July 2023 An analysis of CDFI loan fund capitalization data from the past decade and a half shows that CDFIs have demonstrated a remarkable ability to maintain [...]
CDFI loan funds have emerged from the pandemic strong and ready to meet the next challenges and opportunities CDFI Loan Funds Trends Report for 12/31/2022 Aeris’ most recent industry data analysis found that CDFI loan funds’ Median Operating Surpluses have moderated through calendar year end (CYE) 2022, after reaching record [...]
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