Tenant Risk Index
The quarterly benchmark for commercial tenant credit risk.
Industry-level composite scores, dimension averages, and quarter-over-quarter deltas — derived from real CRE underwriting workflows on the TenantIQ platform. The Tenant Risk Index (TRI) gives lenders, REITs, and brokerage research teams an apples-to-apples view of how any industry's tenant base is trending.
The Tenant Risk Index is a quarterly benchmark of commercial tenant credit risk published by CRELYTIC iQ Intel. It aggregates de-identified underwriting activity from the TenantIQ network into p25 / median / p75 composite distributions per NAICS industry, with four dimension sub-scores (financial, operational, litigation, market position) and QoQ deltas. Every bucket is min-N protected (N ≥ 3 reports per industry-quarter).
Each quarter you receive a governed PDF report plus the underlying CSV. Drop the CSV into your risk models, cite the PDF in investment committee memos. Every bucket is min-N protected, so you can publish externally without re-identifying individual customers.
What's in every quarterly report
Six sections. Every industry with sufficient sample. Every number traceable to the underlying methodology.
Composite distributions
p25 / median / p75 composite scores for every industry with at least 3 reports in the quarter. Compare your book to the industry center of mass.
Dimension averages
Financial, operational, litigation, and market-position dimension averages per industry. Identify which risk vector is driving the composite.
Top improvers / deteriorators
The ten industries with the largest positive and negative QoQ composite deltas. Early signal for sector rotation in your portfolio.
QoQ deltas
Full history of quarter-over-quarter movement per dimension. Distinguish persistent stress from one-quarter noise.
Methodology appendix
Sample sizes, min-N thresholds, weighting, and source-event definitions. Designed to survive audit, compliance, and investor due diligence.
CSV + PDF delivery
Get the polished PDF for committee memos and the raw CSV for your risk models. Email delivery, 7-day early drafts on higher tiers.
Built for three kinds of teams
TRI is already used in live underwriting memos, asset-management reviews, and sector strategy decks.
CRE lenders
Benchmark your tenant book against the industry distribution before quarter-end. Adjust reserves or concentration limits with a defensible, externally-produced dataset.
REIT asset managers
Compare your top-10 industry exposures to the TRI distribution. Spot sectors where your roster is drifting relative to the benchmark before lease renewals hit.
Brokerage research teams
Ship a quarterly market commentary without building the data layer yourself. Cite TRI in investor updates, listing decks, and sector theses.
Frequently asked questions
Where does the underlying data come from?
Every data point originates from a real TenantIQ research event — a CRE professional running an underwriting workflow on a live prospect. We aggregate those events under strict minimum-N thresholds so no individual report, researcher, or tenant is ever identifiable in TRI outputs.
What industries are covered?
TRI covers every NAICS industry with at least 3 reports in a given quarter. Low-volume industries are suppressed for the period and resume coverage once sample size returns. The methodology appendix lists coverage by quarter.
How is a composite score constructed?
The composite is a weighted combination of four dimensions: financial, operational, litigation, and market position. Weights and dimension definitions are documented in the methodology appendix included with every report. We version the methodology and flag any changes explicitly.
Can I cite TRI externally?
Yes. TRI is licensed for citation in investor memos, board decks, research notes, and marketing material. Attribution format: ‘Source: CRELYTIC Tenant Risk Index, [quarter] [year].’ See Terms of Service for the full license.
What's the difference between TRI tiers?
Single Industry tracks one NAICS industry. All Industries gets you the full report, raw CSV, and 7-day early drafts. Team adds five seats and priority support. See the pricing page for full feature breakdown.
Start with the next quarterly report
Trial the current quarter free for 7 days. Lock in early-access cohort pricing if you subscribe before the next release.