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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________ 
FORM 10-Q
_______________________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission File Number 000-56564
Invesco Commercial Real Estate Finance Trust, Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________
Maryland92-1080856
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
2300 N Field Street, Suite 1200 Dallas, Texas
75201
(Address of principal executive offices)(Zip Code)
(972) 715-7400
(Registrant’s telephone number, including area code)

Not Applicable
(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act: None
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐    No  ☒
As of May 9, 2025, there were 31,219,861 outstanding shares of common stock of Invesco Commercial Real Estate Finance Trust, Inc. comprised of 1,331,468 Class S common stock, 12,641,707 Class S-1 common stock, 1,207,999 Class D common stock, 6,099,897 Class I common stock, 1,506,957 Class E common stock, and 8,431,833 Class F common stock.




Invesco Commercial Real Estate Finance Trust, Inc.
Table of Contents
Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

SIGNATURES















PART I
ITEM 1.                FINANCIAL STATEMENTS
Invesco Commercial Real Estate Finance Trust, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

$ in thousands except share amountsMarch 31, 2025December 31, 2024
ASSETS
Commercial real estate loan investments, at fair value (including pledged loans of $2,764,054 and $2,355,509, respectively)
$2,788,480 $2,391,078 
Cash and cash equivalents65,675 80,221 
Restricted cash28,572 19,813 
Interest receivable13,316 12,600 
Derivative assets, at fair value1,767 4,064 
Other assets735 418 
Total assets$2,898,545 $2,508,194 
LIABILITIES
Secured lending agreements, at fair value$2,015,125 $1,720,350 
Term lending agreement, at fair value134,518 134,518 
Interest payable 7,871 8,344 
Dividends and distributions payable (including $788 and $961 due to related party, respectively)
4,257 3,765 
Accounts payable, accrued expenses and other liabilities34,294 23,159 
Due to affiliates31,936 31,342 
Total liabilities2,228,001 1,921,478 
Commitments and contingencies (See Note 12)
Redeemable common stock - related party (see Note 9)
$124,341 $151,367 
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized:
  12.5% Series A Cumulative Redeemable Preferred Stock, and 228 shares issued and outstanding, respectively ($228 aggregate liquidation preference as of December 31, 2024)
 205 
Common stock, Class S shares, $0.01 par value per share, 500,000,000 shares authorized
  
Common stock, Class S-1 shares, $0.01 par value per share, 500,000,000 shares authorized
106 72 
Common stock, Class D shares, $0.01 par value per share, 500,000,000 shares authorized
  
Common stock, Class D-1 shares, $0.01 par value per share, 500,000,000 shares authorized
  
Common stock, Class I shares, $0.01 par value per share, 500,000,000 shares authorized
38 27 
Common stock, Class E shares, $0.01 par value per share, 500,000,000 shares authorized
1 1 
Common stock, Class F shares, $0.01 par value per share, 500,000,000 shares authorized
84 82 
Additional paid-in capital561,241 448,947 
Accumulated other comprehensive income (loss)(39)(65)
Accumulated deficit(15,228)(13,920)
Total stockholders’ equity546,203 435,349 
Total liabilities, redeemable common stock and stockholders’ equity$2,898,545 $2,508,194 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1

,
Invesco Commercial Real Estate Finance Trust, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

Three Months Ended March 31,
$ in thousands except share and per share amounts20252024
Net Interest Income
Commercial real estate loan interest income$46,841 $15,140 
Other interest income975 241 
Interest expense(31,297)(10,406)
Net interest income 16,519 4,975 
Other Income (Expense)
Unrealized gain (loss) on loans, net (includes $10.8 million of unrealized foreign exchange gains for the three months ended March 31, 2025)
12,680 918 
Unrealized gain (loss) on secured financing facilities, net (includes $8.7 million of unrealized foreign exchange losses for the three months ended March 31, 2025)
(8,474)(723)
Gain (loss) on derivative instruments, net(2,180) 
Gain (loss) on foreign currency transactions, net9  
Commitment fee income, net of related party expense of $2,119 and $1,398 for the three months ended March 31, 2025 and 2024, respectively
2,119 1,398 
Other income289 101 
Total other income (expense), net4,443 1,694 
Expenses
Management and performance fees - related party1,830 350 
Debt issuance and other financing costs related to borrowings, at fair value4,916 469 
Organizational costs2 5 
General and administrative2,550 1,158 
Total expenses9,298 1,982 
Net income (loss)
11,664 4,687 
   Dividends to preferred stockholders(2)(7)
   Issuance and redemption costs of redeemed preferred stock(27) 
Net income (loss) attributable to common stockholders$11,635 $4,680 
Net income (loss)$11,664 $4,687 
   Currency translation adjustment26  
Comprehensive income (loss)11,690 4,687 
   Dividends to preferred stockholders(2)(7)
   Issuance and redemption costs of redeemed preferred stock(27) 
Comprehensive income (loss) attributable to common stockholders$11,661 $4,680 
Earnings (loss) per share:
Net income (loss) attributable to common stockholders
Basic$0.43 $0.65 
Diluted$0.43 $0.65 
Weighted average number of shares of common stock
Basic27,233,292 7,183,194 
Diluted27,233,368 7,183,777 

The accompanying notes are an integral part of these condensed consolidated financial statements.
2

I

Invesco Commercial Real Estate Finance Trust, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Common Stock
(Unaudited)
Series A Preferred StockClass S Common StockClass S-1 Common StockClass D Common StockClass D-1 Common StockClass I Common StockClass E Common StockClass F
Common Stock
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Accumulated Deficit)
Total Stockholders'
Equity
Redeemable Common Stock
$ in thousands
Balance as of December 31, 2024$205 $ $72 $ $ $27 $1 $82 $448,947 $(65)$(13,920)$435,349 $151,367 
Net income (loss)— — — — — — — — — — 11,664 11,664 — 
Proceeds from issuance of common stock, net of offering costs— — 33 — — 11 — — 105,624 — — 105,668 — 
Proceeds from issuance of redeemable common stock— — — — — — — — — — — — 2,814 
Common stock distribution reinvestment— — 1 — — — — 2 7,565 — — 7,568 — 
Common stock dividends— — — — — — — — — — (12,943)(12,943)— 
Preferred stock dividends— — — — — — — — — — (2)(2)— 
Amortization of equity based compensation— — — — — — — — 19 — — 19 — 
Repurchase of common stock— — — — — — — — (754)— — (754)— 
Repurchase of redeemable common stock— — — — — — — — — — — — (30,000)
Redemption of preferred stock(205)— — — — — — — — — (27)(232)— 
Foreign currency translation adjustment— — — — — — — — — 26 — 26 — 
Adjustment to the carrying value of redeemable common stock— — — — — — — — (160)— — (160)160 
Balance as of March 31, 2025$ $ $106 $ $ $38 $1 $84 $561,241 $(39)$(15,228)$546,203 $124,341 


Series A Preferred StockClass S Common StockClass S-1 Common StockClass D Common StockClass D-1 Common StockClass I Common StockClass E Common StockClass F
Common Stock
Additional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Retained Earnings (Accumulated Deficit)
Total Stockholders'
Equity
Redeemable Common Stock
$ in thousands
Balance at December 31, 2023$205 $ $11 $ $ $3 $ $ $32,549 $ $(7,296)$25,472 $105,340 
Net income (loss)— — — — — — — — — — 4,687 4,687 — 
Proceeds from issuance of common stock, net of offering costs— — 14 — — 7 1 — 52,949 — — 52,971 — 
Common stock distribution reinvestment— — — — — — — — 773 — — 773 — 
Common stock dividends— — — — — — — — — — (6,311)(6,311)— 
Preferred stock dividends— — — — — — — — — — (7)(7)— 
Amortization of equity based compensation— — — — — — — — 17 — — 17 — 
Balance at March 31, 2024$205 $ $25 $ $ $10 $1 $ $86,288 $ $(8,927)$77,602 $105,340 

The accompanying notes are an integral part of these condensed consolidated financial statements.
3


Invesco Commercial Real Estate Finance Trust, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
$ in thousands
Cash flows from operating activities:
Net income (loss)$11,664 $4,687 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized (gain) loss on loans, net(12,680)(918)
Unrealized (gain) loss on secured financing facilities, net8,474 723 
(Gain) loss on derivative instruments, net2,180  
Debt issuance costs3,541 469 
Amortization of equity based compensation19 17 
Change in operating assets and liabilities:
Increase in operating assets(1,019)(776)
(Increase) decrease in due from affiliates  (228)
(Decrease) increase in operating liabilities(458)1,355 
(Decrease) increase in due to affiliate(450)3,106 
Net cash provided by operating activities11,271 8,435 
Cash flows from investing activities:
Originations and fundings of commercial real estate loans(384,706)(209,912)
Settlement of foreign currency forward contracts, net117  
Net cash used in investing activities(384,589)(209,912)
Cash flows from financing activities:
Proceeds from revolving credit facility135,000 91,000 
Repayment of revolving credit facility(135,000)(87,000)
Proceeds from secured financing facilities286,301 151,397 
Proceeds from issuance of common stock, net of offering costs89,741 31,213 
Repurchase of common stock(809) 
Repurchase of redeemable common stock(30,000) 
Redemption of preferred stock(232) 
Proceeds from subscriptions paid in advance28,495 14,021 
Cash paid for debt issuance costs(1,079)(228)
Payments of dividends(4,885)(4,486)
Net cash provided by financing activities367,532 195,917 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1) 
Net change in cash, cash equivalents and restricted cash (5,787)(5,560)
Cash, cash equivalents and restricted cash, beginning of period100,034 25,541 
Cash, cash equivalents and restricted cash, end of period$94,247 $19,981 
Supplemental disclosures:
Interest paid$31,770 $9,886 
Non-cash investing and financing activities:
Dividends and distributions declared not paid$4,257 $4,188 
Common stock distribution reinvestment$7,568 $773 
Issuance of redeemable common stock for payment of management and performance fees$2,814 $ 
Deferred offering costs due to affiliate$ $5 
Offering costs due to affiliates$3,857 $1,808 
Debt issuance costs due to affiliate$ $241 
Adjustment to carrying value of redeemable common stock$160 $ 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


Invesco Commercial Real Estate Finance Trust, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
1.Organization and Business Purpose
Invesco Commercial Real Estate Finance Trust, Inc. (the “Company” or “we”) is a Maryland corporation incorporated in October 2022. Our primary investment strategy is to originate, acquire and manage a diversified portfolio of loans and debt-like preferred equity interests secured by, or unsecured but related to, commercial real estate. We commenced investing activities in May 2023. We own substantially all of our assets through Invesco Commercial Real Estate Finance Investments, L.P. (the “Operating Partnership”), a wholly-owned subsidiary. We are externally managed by Invesco Advisers, Inc. (the “Adviser”), a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd. (“Invesco”), an independent global investment management firm.

We qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2023. We have one operating segment. We operate our business in a manner that permits our exclusion from the definition of an “Investment Company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
We are structured as a perpetual-life REIT and are engaging in a continuous, unlimited private placement offering of our common stock to “accredited investors” (as defined by Rule 501 promulgated pursuant to the Securities Act) (the “Continuous Offering”) under exemptions provided by Section 4(a)(2) of the Securities Act and applicable state securities laws. The Class S, Class S-1, Class D, Class D-1, Class I, and Class E shares sold in our Continuous Offering have different upfront selling commissions, ongoing stockholder servicing fees, management fees and performance fees.
2.Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
Certain disclosures included in our Annual Report on Form 10-K are not required to be included on an interim basis in our quarterly reports on Form 10-Q. We have condensed or omitted these disclosures. Therefore, this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024.
Our condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and consolidate the financial statements of the Company and its controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair statement of our financial condition and results of operations for the period presented.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Examples of estimates may include, but are not limited to, estimates of the fair values of financial instruments and estimated payment periods for certain stockholder servicing fee liabilities. Actual results may differ from those estimates.
Significant Accounting Policies
There have been no changes to our accounting policies included in Note 2 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2024.
5


3.Commercial Real Estate Loan Investments
The table below summarizes our investments in commercial real estate loans as of March 31, 2025 and December 31, 2024.
$ in thousands
Loan Type
Loan Amount(1)
Principal Balance OutstandingFair Value
Weighted Average Interest Rate(2)
Weighted Average Life (years)(3)
March 31, 2025
Senior loans(4)
$3,093,858 $2,774,431 $2,777,005 7.21 %4.14
Mezzanine loans30,000 11,475 11,475 12.08 %4.59
Total$3,123,858 $2,785,906 $2,788,480 7.23 %4.14
December 31, 2024
Senior loans(4)
$2,658,628 $2,385,124 $2,385,840 7.37 %4.26
Mezzanine loans30,000 5,238 5,238 12.23 %4.84
Total$2,688,628 $2,390,362 $2,391,078 7.38 %4.27
(1)Loan amount consists of outstanding principal balance plus unfunded loan commitments.
(2)Domestic loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. Euro denominated loans earn interest at three-month Euro Interbank Offered Rate (“Euribor”) plus a spread. Our loan denominated in British pounds sterling earns interest at three-month Sterling Overnight Index Average (“SONIA”) plus a spread.
(3)Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions, as defined in the respective loan agreement.
(4)Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and accommodation mezzanine loans in connection with the senior mortgage financing.
The tables below detail the property type and geographic location of the properties securing our commercial real estate loans as of March 31, 2025 and December 31, 2024.
$ in thousandsMarch 31, 2025December 31, 2024
Property TypeFair ValuePercentageFair ValuePercentage
Multifamily$1,315,929 47.2 %$1,252,147 52.4 %
Industrial1,085,677 38.9 %1,042,720 43.6 %
Self-storage111,016 4.0 %96,211 4.0 %
Student housing275,858 9.9 %  %
Total$2,788,480 100.0 %$2,391,078 100.0 %
$ in thousandsMarch 31, 2025December 31, 2024
Geographic LocationFair ValuePercentageFair ValuePercentage
United States:
West$871,985 31.2 %$738,754 30.7 %
South694,464 24.9 %520,733 21.8 %
East759,863 27.3 %688,518 28.8 %
Midwest37,363 1.3 %30,331 1.3 %
Various U.S.(1)
129,628 4.6 %128,334 5.4 %
Total$2,493,303 89.3 %$2,106,670 88.0 %
Europe:
      France(2)
$88,550 3.2 %$85,019 3.6 %
      Spain(2)
99,111 3.6 %95,159 4.0 %
      United Kingdom(3)
107,516 3.9 %104,230 4.4 %
Total$295,177 10.7 %$284,408 12.0 %
Total$2,788,480 100.0 %$2,391,078 100.0 %
(1) Various U.S. includes self-storage and industrial portfolios with multiple locations throughout the United States.
(2) Our European loans that are collateralized by industrial commercial real estate in France and Spain are denominated in Euros and have a fair value of €81.8 million and €91.6 million, respectively, as of March 31, 2025.
(3) Our European loan that is collateralized by industrial commercial real estate in the United Kingdom is denominated in British pounds sterling and has a fair value of £83.1 million as of March 31, 2025.
The weighted average loan-to-value ratio, a metric utilized in the fair value measurement of our commercial real estate loan investments, for our loan investments at March 31, 2025 was approximately 65% based on the loan principal amount and the independent property appraisals.
6


4.Borrowings

The table below summarizes our borrowing arrangements as of March 31, 2025 and December 31, 2024. Our borrowing arrangements include secured lending and term lending agreements (collectively, our “secured financing facilities”) and a revolving credit facility.
March 31, 2025December 31, 2024
$ in thousandsCurrent Maturity
Extension Options(1)
Weighted Average Interest Rate(2)
Maximum Facility SizeAvailable CapacityAmount OutstandingFair ValueAmount OutstandingFair Value
Term Lending Agreement
INCREF Lending IIMatch-termMatch-term6.61%$300,000 $165,482 $134,518 $134,518 $134,518 $134,518 
Secured Lending Agreements
Term Financing
INCREF Lending IOct 2026Oct 20296.33%837,517 108,806 728,711 728,790 722,672 722,796 
Repurchase Agreements
Morgan Stanley Bank(3)
May 2026May 20276.59%500,000 154,114 345,886 345,887 342,009 342,079 
CitibankSep 2026Sep 20285.65%500,000 215,008 284,992 285,266 276,323 276,653 
Barclays(3)
Apr 2027Apr 20296.23%500,000 300,695 199,305 199,314 199,305 199,326 
Wells FargoMay 2026May 20296.15%300,000 31,276 268,724 268,744 179,462 179,496 
Bank of Montreal(3)
Jul 2025Jul 2028%25,000 25,000     
Capital One(3)
Feb 2027Feb 20305.85%250,000 62,876 187,124 187,124 N/AN/A
Total secured financing facilities$3,212,517 $1,063,257 $2,149,260 $2,149,643 $1,854,289 $1,854,868 
Revolving Credit Facility(4)
8.26%$135,000 $135,000 $ $ $ $ 
(1)    Assumes all available extension options are exercised.
(2)    Represents the weighted average interest rate in effect as of March 31, 2025.
(3)    Certain extension options for these facilities are subject to lender approval and compliance with certain financial and administrative covenants.
(4)    Maturity date is aligned with the Company’s ability to call remaining outstanding capital committed under the Invesco Subscription Agreement, as further explained below.
Borrowings denominated in U.S. dollars under our secured financing facilities and revolving credit facility bear interest at one-month SOFR plus a spread. Euro denominated borrowings bear interest at three-month Euribor plus a spread, and our British pounds Sterling denominated borrowings bear interest at three-month SONIA plus a spread. Our secured financing facilities are subject to certain non-financial and financial covenants, including liquidity, tangible net worth and leverage covenants. We were in compliance with these covenants as of March 31, 2025.

Term Lending Agreement
In August 2024, we entered into a $300.0 million Facility Loan Program and Security Agreement with a financial institution (“INCREF Lending II”) that provides asset-based financing on a non-mark-to-market basis with partial recourse to us and match-term to the underlying loans.
We have pledged certain commercial real estate loan investments with a fair value of approximately $175.8 million as collateral for INCREF Lending II. We segregate the commercial real estate loans that we have pledged as collateral in our books and records. Our term lending agreement counterparty has the right to resell or repledge the collateral posted but has the obligation to return the pledged collateral upon maturity of the term lending agreement.
Secured Lending Agreements
In July 2024, we entered into a $837.5 million Master Repurchase Agreement with a financial institution (“INCREF Lending I”) that provides asset-based financing with partial recourse to us and does not provide the lender with margin call rights. The term of the facility matches the term of the underlying collateral up to two years and is subject to three additional one-year extension options that we may exercise upon satisfaction of certain customary conditions and thresholds. We have pledged certain commercial real estate loan investments with a fair value of approximately $917.5 million as collateral for INCREF Lending I.

7


We have also entered into traditional repurchase agreements with six financial institutions, as detailed in the table above. We have pledged certain commercial real estate loan investments with a fair value of approximately $1.7 billion as collateral for these agreements. Certain borrowings under our Citibank repurchase agreement are collateralized by European commercial real estate loans. The borrowings are denominated in Euros and British pound sterling and have a fair value of €138.7 million and £66.5 million, respectively, as of March 31, 2025. We segregate the commercial real estate loans that we have pledged as collateral in our books and records. Our repurchase agreement counterparties have the right to resell or repledge the collateral posted but have the obligation to return the pledged collateral upon maturity of the repurchase agreement.

We were not required to post any margin under our master repurchase agreements as of March 31, 2025 and December 31, 2024. A margin deficiency may generally result from either a decline in the underlying loan’s market value or a shortfall in operating performance of the property. We may finance multiple commercial loan investments under a repurchase agreement; therefore, a margin excess in one asset could help mitigate a margin deficiency in another asset under the same repurchase agreement. We intend to maintain a level of liquidity that will enable us to meet margin calls. Master repurchase agreements are recourse obligations.
Counterparty Exposure

We have pledged certain commercial real estate loan investments as collateral for our secured financing facilities. If a secured financing counterparty were to default on its obligation to return the collateral, we would be exposed to potential losses to the extent the fair value of the collateral that we have pledged to the counterparty exceeded the amount loaned to us plus interest due to the counterparty. The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of stockholders’ equity as of March 31, 2025 and December 31, 2024.
$ in thousandsOutstanding PrincipalNet Counterparty Exposure
Weighted Average Life (Years)(1)
March 31, 2025
Morgan Stanley Bank$345,886 $99,155 2.15
Citibank1,013,703 260,398 4.26
Wells Fargo268,724 72,693 4.15
Capital One187,124 88,734 4.88
Total$1,815,437 $520,980 3.90
December 31, 2024
Morgan Stanley Bank$342,009 $101,931 2.40
Citibank998,995 260,459 4.51
Barclays199,305 51,591 4.32
Wells Fargo179,462 48,058 4.39
Total$1,719,771 $462,039 4.05
(1) Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants.

The following table shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of March 31, 2025:
$ in thousands
Secured Lending Agreements(1)
Term Lending Agreement(1)
Total
Year
2025 (remaining)$ $ $ 
2026   
2027345,886  345,886 
2028284,992  284,992 
20291,196,740 124,182 1,320,922 
2030187,124 10,336 197,460 
Thereafter   
Total$2,014,742 $134,518 $2,149,260 
(1) Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants.

8


Revolving Credit Facility
Our revolving credit facility is secured by uncalled capital subscriptions under the terms of the Invesco Subscription Agreement, as described in Note 9 - “Redeemable Common Stock - Related Party”. Borrowings under the facility bear interest at one-month Term SOFR or the prime rate plus a spread. The revolving credit facility allows for the ability to obtain tranches of term financing in addition to general borrowings under an Uncommitted Tranche (as defined in the credit agreement). The Uncommitted Tranche is due on demand (15 business days after notice); any Funded Tranche (as defined in the credit agreement) is due no later than (a) three years from issuance or (b) 360 days after notice; and all amounts outstanding under the facility are due 30 days prior to the last date on which capital calls may be issued. The facility is prepayable without penalty.
Our revolving credit facility is subject to certain affirmative and negative non-financial and financial covenants, including a limitation on indebtedness. We were in compliance with these covenants as of March 31, 2025.
5.Derivatives and Hedging Activities
Currency Forward Contracts
We enter into currency forward contracts to help mitigate the impact of changes in foreign currency exchange rates on our investments and financing transactions denominated in currencies other than the U.S. dollar. Despite being economic hedges, we have elected not to treat our foreign currency forwards as hedges for accounting purposes and, therefore, the realized and unrealized gains and losses associated with such instruments are included in gain (loss) on derivative instruments, net in our condensed consolidated statements of comprehensive income. Gain or (loss) on foreign currency transactions, net reflects the net financial impact resulting from changes in exchange rates between the time we enter into foreign currency transactions and when they are settled.
The following table summarizes changes in the notional amount of our currency forward contracts during three months ended March 31, 2025:
Local Currency
In thousandsNotional Amount as of December 31, 2024AdditionsSettlement,
Termination,
Expiration
or Exercise
Notional Amount as of March 31, 2025Notional Amount as of March 31, 2025
Buy USD / Sell EUR Forward39,474  (877)38,597 $43,821 
Buy USD / Sell GBP Forward£19,417 £ £(506)£18,911 $24,978 
The table below presents the fair value of our currency forward contracts, as well as their classification on the condensed consolidated balance sheet as of March 31, 2025:
$ in thousandsFair Value as of
March 31, 2025December 31, 2024
Derivative Assets$1,767 $4,064 
Derivative Liabilities$ $ 
The following table summarizes the effect of currency forward contracts reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income for the three months ended March 31, 2025:
$ in thousandsThree Months Ended March 31, 2025
Derivatives not designated as hedging instrumentsRealized gain (loss) on derivative instruments, netUnrealized gain (loss), netGain (loss) on derivative instruments, net
Currency Forward Contracts$117 $(2,297)$(2,180)

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6.Fair Value of Financial Instruments
A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. The three levels are defined as follows:
Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. We do not adjust the quoted price for these investments.
Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.
Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.
Valuation of Financial Instruments Measured at Fair Value
The following tables detail our financial instruments measured at fair value on a recurring basis:
March 31, 2025
Fair Value Measurements Using:
$ in thousandsLevel 1Level 2Level 3Total at Fair Value
Assets:
Commercial real estate loan investments$ $ $2,788,480 $2,788,480 
Derivative assets 1,767  1,767 
Total assets$ $1,767 $2,788,480 $2,790,247 
Liabilities:
Secured lending agreements$ $ $2,015,125 $2,015,125 
Term lending agreement  134,518 134,518 
Total liabilities$ $ $2,149,643 $2,149,643 
December 31, 2024
Fair Value Measurements Using:
$ in thousandsLevel 1Level 2Level 3Total at Fair Value
Assets:
Commercial real estate loan investments$ $ $2,391,078 $2,391,078 
Derivative assets 4,064  4,064 
Total assets$ $4,064 $2,391,078 $2,395,142 
Liabilities:
Secured lending agreements$ $ $1,720,350 $1,720,350 
Term lending agreements  134,518 134,518 
Total liabilities$ $ $1,854,868 $1,854,868 
Valuation of Commercial Real Estate Loan Investments
The commercial loans are carried at fair value based on significant unobservable inputs. The following table shows a reconciliation of the beginning and ending fair value measurements of our commercial real estate loan investments:
10


$ in thousandsThree Months Ended March 31, 2025
Beginning Balance$2,391,078 
Loan originations and fundings384,706 
Net unrealized gain (loss)1,856 
Foreign currency adjustments(1)
10,840 
Ending Balance$2,788,480 
(1) The foreign currency adjustment in the table above differs from the amount reflected in the condensed consolidated Statement of Comprehensive Income by approximately $16,000 relating to the translation of certain foreign commercial real estate loans that is included in the currency translation adjustment balance of comprehensive income.
The following tables summarize the significant unobservable inputs used in the fair value measurement of our investments in commercial loans:
March 31, 2025
TypeValuation TechniqueUnobservable InputWeighted Average RateRange
Weighted Average Life (years)(1)
Commercial loansDiscounted cash flowDiscount rate6.91%
5.59% - 12.07%
0.49

December 31, 2024
TypeValuation TechniqueUnobservable InputWeighted Average RateRange
Weighted Average Life (years)(1)
Commercial loansDiscounted cash flowDiscount rate7.16%
5.90% - 12.12%
0.56
(1) Based on expected cash flows and potential prepayments.
The discount rate above is subject to change based on changes in economic and market conditions, in addition to changes in the underlying economics of the arrangement, such as changes in the underlying property valuation and debt service. These rates are also based on the location, type and nature of each underlying property and related industry publications. Changes in discount rates result in increases or decreases in the fair values of these investments. The discount rate encompasses, among other things, uncertainties in the valuation models with respect to the amount and timing of cash flows. It is not possible for us to predict the effect of future economic or market conditions based on our estimated fair values.
Valuation of Revolving Credit Facility
Given the uncertainty of future cash flows and our ability to prepay without penalty, we determined the fair value of our revolving credit facility to approximate par.
The following table shows a reconciliation of the beginning and ending fair value measurements of our revolving credit facility:
$ in thousandsThree Months Ended March 31, 2025
Beginning Balance$ 
Proceeds from revolving credit facility135,000 
Repayment of revolving credit facility(135,000)
Net unrealized (gain) loss 
Ending Balance$ 
Valuation of Secured Financing Facilities
We have entered into secured financing facilities to provide floating rate financing for our commercial real estate loan investments. Our secured financing facilities are carried at fair value based on significant unobservable inputs and are classified as Level 3. The following tables show a reconciliation of the beginning and ending fair value measurements of our secured
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financing facilities:
Three Months Ended March 31, 2025
$ in thousandsSecured Lending AgreementsTerm Lending AgreementTotal
Beginning Balance$1,720,350 $134,518 $1,854,868 
Proceeds from secured financing facilities286,301  286,301 
Net unrealized (gain) loss(195) (195)
Unrealized foreign currency (gain) loss8,669  8,669 
Ending Balance$2,015,125 $134,518 $2,149,643 
The following tables summarize the significant unobservable inputs used in the fair value measurement of our secured financing facilities:
March 31, 2025
TypeValuation TechniqueUnobservable InputWeighted Average RateRange
Weighted Average Life (years)(1)
Secured financing facilitiesDiscounted cash flowDiscount rate6.09%
4.56% - 6.67%
0.48
December 31, 2024
TypeValuation TechniqueUnobservable InputWeighted Average RateRangeWeighted Average Life (years)
Secured financing facilitiesDiscounted cash flowDiscount rate6.20%
4.88% - 6.72%
0.56
                                                                    
(1) Based on expected cash flows and potential prepayments.
The discount rate above is subject to change based on changes in economic and market conditions, in addition to changes in the underlying economics of the pledged commercial real estate loan, such as changes in the loan-to-value ratio, credit profile and debt service. These rates are also based on the location, type and nature of each pledged property underlying the commercial real estate loan and related industry publications. Changes in discount rates result in increases or decreases in the fair values of these investments. The discount rate encompasses, among other things, uncertainties in the valuation models with respect to the amount and timing of cash flows. It is not possible for us to predict the effect of future economic or market conditions based on our estimated fair values.
7.Accounts Payable, Accrued Expenses and Other Liabilities
The following table details the components of accounts payable, accrued expenses and other liabilities as of March 31, 2025 and December 31, 2024.
$ in thousandsMarch 31, 2025December 31, 2024
Accounts payable and accrued expenses$4,864 $2,073 
Subscriptions paid in advance (1)
28,495 19,784 
Accrued common stock repurchases 55 
Other liabilities935 1,247 
Total$34,294 $23,159 
(1) Represents subscriptions received by our transfer agent prior to the date the subscriptions are effective.
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8.Related Party Transactions
Due to Affiliates
The following table details the components of due to affiliates as of March 31, 2025 and December 31, 2024.
$ in thousandsMarch 31, 2025December 31, 2024
Advanced organizational, offering and operating expenses$13,379 $14,214 
Reimbursable operating expenses2,248 3,454 
Adviser commitment fee payable2,119 2,357 
Stockholder servicing fees12,360 8,503 
Management fees1,062 746 
Performance fees768 2,068 
Total$31,936 $31,342 
Advanced Organizational, Offering and Operating Expenses
Under the terms of our Amended and Restated Advisory Agreement (“Advisory Agreement”), the Adviser advanced all of our organizational, offering and operating expenses (other than upfront selling commissions and ongoing stockholder servicing fees) incurred through May 31, 2024. Starting in December 2024, we began reimbursing the Adviser for these costs ratably over 52 months. As of March 31, 2025, we owe the Adviser approximately $13.4 million (December 31, 2024: $14.2 million) for the remaining outstanding balance of the expenses advanced by the Adviser under this arrangement.
Reimbursable Operating Expenses
Operating expenses incurred by the Adviser on our behalf after May 31, 2024 are reimbursed quarterly to the Adviser, and the balance outstanding as of March 31, 2025 and December 31, 2024 is listed in the above table as “Reimbursable operating expenses.”

Starting with the quarter ending June 30, 2025, we may not reimburse the Adviser at the end of any fiscal quarter for total operating expenses (as defined in the Advisory Agreement) that exceed the greater of 2% of average invested assets or 25% of net income determined without reduction for any non-cash reserves and excluding any gain from the sale of our assets for that period (the “2%/25% Guidelines”) for the four consecutive fiscal quarters then ended. We may reimburse the Adviser for operating expenses in excess of the 2%/25% Guidelines if a majority of our independent directors determines that such excess expenses are justified based on unusual and non-recurring factors.
Adviser Commitment Fee Payable
We charge a commitment fee to borrowers in connection with the origination of each new loan. The commitment fee is calculated as a percentage of the whole loan on a fully-funded basis, as determined by the Adviser at the time of origination. We pay the Adviser 50% (not to exceed 0.5% of the whole loan on a fully funded basis) of any commitment fee charged to borrowers in connection with each new loan as compensation for sourcing, structuring and negotiating the loan. The commitment fee income and related expense to the Adviser is reported as commitment fee income, net of related party expense on the condensed consolidated statements of comprehensive income.
Stockholder Servicing Fees and Other Selling Commissions
Invesco Distributors, Inc. (the “Dealer Manager”) is entitled to receive upfront selling commissions and stockholder servicing fees for Class S, Class S-1, Class D and Class D-1 shares sold in the Continuous Offering. The Dealer Manager reallows (pays) all or a portion of the stockholder servicing fees to participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers and will waive stockholder servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such service. We did not issue any Class D-1 shares as of March 31, 2025.
We accrue the full amount of stockholder servicing fees payable as an offering cost at the time each Class S, Class S-1, Class D and Class D-1 share is sold during the Continuous Offering. The following table summarizes stockholder servicing fees paid for the period ended March 31, 2025 and the year ended December 31, 2024.
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$ in thousandsClass S
Shares
Class S-1 SharesClass D
Shares
Class D-1 Shares
For the period ended March 31, 2025$ $435 $ $ 
For the year ended December 31, 2024$1 $761 $ $ 
The following table summarizes the upfront selling commissions for each class of shares payable at the time of subscription and the stockholder servicing fee we pay the Dealer Manager on an annualized basis as a percentage of the NAV for such class:
Class S
Shares
Class S-1 SharesClass D
Shares
Class D -1
Shares
Class I
 Shares
Class E
Shares
Class F
Shares
Maximum Upfront Selling Commissions
(% of Transaction Price)
up to 3.5%
up to 3.5%
up to 1.5%
up to 1.5%
Stockholder Servicing Fee
(% of NAV)
0.85%0.85%0.25%0.25%
We will cease paying the stockholder servicing fee with respect to any Class S or Class D share held in a stockholder’s account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total upfront selling commissions and stockholder servicing fees paid with respect to the shares held by the stockholder would exceed, in the aggregate, 8.75% of the gross proceeds (7.75% for clients of certain participating broker dealers) from the sale of such shares (including the gross proceeds of any shares issued under our distribution reinvestment plan upon the reinvestment of distributions paid with respect thereto or with respect to any shares issued under our distribution reinvestment plan). At the end of such month, such Class S or Class D share will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such share. Such servicing fee limit does not apply to the Class S-1 and Class D-1 shares.
Management Fee and Performance Fee
Under the terms of our Advisory Agreement, we pay the Adviser a management fee equal to 1.0% per annum of NAV, calculated monthly before giving effect to any accruals for the management fee, stockholder servicing fees, performance fees or any distributions with respect to our Class S, Class S-1, Class D, Class D-1 and Class I shares. We also pay the Adviser a performance fee equal to 10% of our “Performance Fee Income” with respect to our Class S, Class S-1, Class D, Class D-1 and Class I shares.
We will not pay the Adviser a management fee with respect to our Class F shares. We will pay the Adviser a performance fee with respect to the Class F shares. The Class F performance fee payable with respect to each calendar year will be an amount equal to 10% of the excess of Performance Fee Income allocable to Class F shares over a 6% annualized return on the Class F NAV per share. No performance fee is payable if the Performance Fee Income allocable to Class F is below the annualized 6% return in any calendar year or for a rolling two-year period.
We will not pay the Adviser a management or performance fee with respect to our Class E shares.
Performance Fee Income with respect to each class of common shares subject to a performance fee means the net income (determined in accordance with U.S. GAAP) allocable to such class of common shares subject to adjustment as defined under the terms of our Advisory Agreement. During the period that the Adviser advanced our organizational, offering and operating expenses, net income for purposes of the performance fee calculation excluded these advanced expenses. After the period that the Adviser advanced our organizational, offering and operating expenses, net income for purposes of the performance fee calculation includes previously advanced expenses that are to be repaid to the Adviser during the period. We will not pay the Adviser a performance fee with respect to any class of shares that has a negative total return per share for the calendar year, and the Advisory Agreement does not prohibit the Adviser from entering into economic or other arrangements with other persons. For purposes of the performance fee calculation, total return per share is defined as an amount equal to: (i) the cumulative distributions per share accrued with respect to such class of common shares since the beginning of the calendar year plus (ii) the change in NAV per share of such class of common shares since the beginning of the calendar year, prior to giving effect to (y) any accrual for performance fees with respect to such class of common shares or (z) any applicable stockholder servicing fees.

The management fee and the performance fee are payable in cash or Class E shares at the option of the Adviser.
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Management fees and performance fees began to accrue on March 1, 2024. Management fees are accrued monthly and paid quarterly in arrears and performance fees are paid annually. During the three months ended March 31, 2025, we incurred management fees of $1.1 million of which $1.1 million is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of March 31, 2025. During the three months ended March 31, 2025, we incurred performance fees of $768,000, of which $768,000 is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of March 31, 2025. During the three months ended March 31, 2025, we issued 29,300 and 81,185 Class E Redeemable Common Stock shares as payment for the management fees and performance fees earned, respectively. The shares issued to the Adviser for payment of the management fee and performance fee were issued at the applicable NAV per share at the end of each quarter for which the fees were earned.
The current term of our Advisory Agreement expires on March 31, 2026. The Advisory Agreement is subject to automatic renewals for successive one-year periods unless otherwise terminated in accordance with the provisions of the agreement. If the Advisory Agreement is terminated, the Adviser will be entitled to receive its prorated management fee and performance fee owed through the date of termination. If we elect not to renew our Advisory Agreement based on unsatisfactory performance and not for cause, we owe our Adviser a termination fee equal to three times the sum of our average annual management fee during the 24-month period before termination, calculated as of the end of the most recently completed fiscal quarter.
Our Adviser is subject to the supervision and oversight of our board of directors and has only such functions and authority as we delegate to it. The Adviser and its affiliates provide us with our management team, including our officers and appropriate support personnel. Each of our officers is an employee of the Adviser or one of its affiliates. We do not have any employees. We incurred $602,000 of costs for support personnel provided by the Adviser for the three months ended March 31, 2025 that are recorded as a component of due to affiliates on our condensed consolidated balance sheets and as general and administrative expenses on our condensed consolidated statements of comprehensive income. During the three months ended March 31, 2024, we incurred $232,000, of costs for support personnel provided by the Adviser.
Related Party Share Ownership
The tables below summarize the number of shares and the total purchase price of the shares owned by affiliates as of March 31, 2025 and as of December 31, 2024.
March 31, 2025
$ in thousands, except share amountsClass S SharesClass S-1 SharesClass D SharesClass D-1 SharesClass I SharesClass E SharesClass F SharesTotal Purchase Price
Invesco Realty, Inc.(1)
1,196,923  1,197,628  1,194,434 1,189,256  $120,000 
Invesco Advisers, Inc.(2)
     146,422  3,722 
Members of our board of directors (3)
     25,793  658
Total1,196,923  1,197,628  1,194,434 1,361,471  $124,380 
(1) Shares issued to Invesco Realty, Inc. are governed by the terms of the Invesco Subscription Agreement and classified as redeemable common shares on our condensed consolidated balance sheets. See Note 9 - “Redeemable Common Stock - Related Party” for further information.
(2) Shares issued to Invesco Advisers, Inc. are governed by the terms of our Advisory Agreement and classified as redeemable common shares on our condensed consolidated balance sheets. See Note 9 - “Redeemable Common Stock - Related Party” for further information.
(3) Represents shares issued to members of our board of directors, including stock awards under our Share-Based Compensation Plan.

December 31, 2024
$ in thousands, except share amountsClass S SharesClass S-1 SharesClass D SharesClass D-1 SharesClass I SharesClass E SharesClass F SharesTotal Purchase Price
Invesco Realty, Inc.(1)
1,496,143  1,497,041  1,492,906 1,483,196  $150,000 
Invesco Advisers, Inc.(2)
     35,937  908 
Members of our board of directors (3)
     25,416  646 
Total1,496,143  1,497,041  1,492,906 1,544,549  $151,554 
9.Redeemable Common Stock - Related Party
Invesco Realty, Inc. (“Invesco Realty”), an affiliate of Invesco, has committed to purchase up to $300.0 million in shares of our common stock (the “Invesco Subscription Agreement”). We may call $150.0 million in capital under the Invesco Subscription
15


Agreement in one or more closings through March 23, 2028. We may also call up to $150.0 million in additional capital (for a total of $300.0 million) if needed to avoid triggering any concentration limit imposed by a third party in connection with its distribution or placement of our shares or for purposes of repaying indebtedness drawn on the revolving credit facility. As of March 31, 2025, we had called $120.0 million of the total $300.0 million. The remaining uncalled amount serves as collateral for the revolving credit facility.

Invesco Realty may not submit its shares for repurchase under the share repurchase plan described in Note 10 - “Stockholders’ Equity” until the earlier of March 23, 2028 and the date that our aggregate NAV is at least $1.5 billion. We can only accept a repurchase request from Invesco Realty after all requests from unaffiliated stockholders have been fulfilled. We may elect to repurchase all or any portion of the shares acquired by Invesco Realty at any time at a per share price equal to the most recently determined NAV per share for each class (or another transaction price we believe reflects the NAV per share more appropriately than the prior month’s NAV per share). The Adviser or its affiliate must continue to hold at least $200,000 in shares for so long as Invesco or any affiliate thereof serves as our external adviser.
As discussed in Note 8 - “Related Party Transactions”, our management and performance fees are payable in cash or Class E shares at the option of the Adviser. Because the Adviser may elect to have the Company repurchase shares issued as payment for management fees or performance fees, we classify these shares as redeemable common stock. Class E shares issued to the Adviser as payment for management or performance fees are not subject to the repurchase limits of the Company’s share repurchase plan described in Note 10 - “Stockholders’ Equity,” any lockup period applicable to the Adviser, or any reduction penalty for an early repurchase. The Adviser also has the option to exchange Class E shares issued as payment for management or performance fees for Class S, Class S-1, Class D, Class D-1, Class F, or Class I shares. During the three months ended March 31, 2025, we issued 29,300 and 81,185 Class E shares to the Adviser as payment for management fees and performance fees payable as of December 31, 2024, respectively.
The following tables summarize the changes in redeemable common stock for the three months ended March 31, 2025 and 2024:
$ in thousandsClass S Redeemable Common StockClass D Redeemable Common StockClass I Redeemable Common StockClass E Redeemable Common StockTotal Redeemable Common Stock
Balance as of December 31, 2024$37,554 $37,554 $37,565 $38,694 $151,367 
Issuance of redeemable common stock   2,814 2,814 
Repurchase of redeemable common stock(7,500)(7,500)(7,500)(7,500)(30,000)
Adjustment to carrying value of redeemable common stock(4)(5)(1)170 160 
Balance as of March 31, 2025$30,050 $30,049 $30,064 $34,178 $124,341 
$ in thousandsClass S Redeemable Common SharesClass D Redeemable Common SharesClass I Redeemable Common SharesClass E Redeemable Common SharesTotal Redeemable Common Stock
Balance as of December 31, 2023$26,335 $26,335 $26,335 $26,335 $105,340 
Issuance of redeemable common stock     
Adjustment to carrying value of redeemable common stock     
Balance as of March 31, 2024$26,335 $26,335 $26,335 $26,335 $105,340 
The following tables summarize the changes in our outstanding shares of redeemable common stock shares for the three months ended March 31, 2025 and 2024:
Class S Redeemable Common
Shares
Class D Redeemable Common
Shares
Class I Redeemable Common
Shares
Class E Redeemable Common
Shares
Total Redeemable Common Stock
Outstanding Shares as of December 31, 20241,496,143 1,497,041 1,492,906 1,519,133 6,005,223 
Issuance of redeemable common stock    110,485 110,485 
Repurchase of redeemable common stock(299,220)(299,413)(298,472)(293,940)(1,191,045)
Outstanding Shares as of March 31, 20251,196,923 1,197,628 1,194,434 1,335,678 4,924,663 
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Class S Redeemable Common SharesClass D Redeemable Common SharesClass I Redeemable Common SharesClass E Redeemable Common SharesTotal Redeemable Common Stock
Outstanding Shares as of December 31, 20231,052,487 1,052,487 1,052,487 1,052,464 4,209,925 
Issuance of redeemable common stock     
Outstanding Shares as of March 31, 20241,052,487 1,052,487 1,052,487 1,052,464 4,209,925 
10.Stockholders’ Equity
Stapled Unit Offerings of Preferred and Common Stock
On January 31, 2025, we redeemed all 111 Stapled Units and 117 New Stapled Units issued and outstanding. Each Stapled Unit consists of one share of 12.5% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), one Class S Share, one Class D Share and one Class I Share. Each New Stapled Unit consists of one share of Series A Preferred Stock and one Class S-1 Share. The cash redemption price for each share of stapled common stock was the NAV per share for the applicable share class as of December 31, 2024. Through the redemption of all Stapled Units and New Stapled Units, we redeemed all 228 issued and outstanding shares of our Series A Preferred Stock for approximately $232,000, plus accrued and unpaid dividends. The cash redemption price for each share of Series A Preferred Stock was $1,000. The excess of the consideration transferred over carrying value was accounted for as a deemed dividend and resulted in a reduction of approximately $27,000 in net income (loss) attributable to common stockholders for the three months ended March 31, 2025. Prior to redemption, holders of our Series A Preferred Stock were entitled to receive dividends at an annual rate of 12.5% of the liquidation preference of $1,000 per share or $125.00 per share per annum.
Common Stock
The table below summarizes changes in our outstanding shares of common stock for the three months ended March 31, 2025 and 2024. We did not issue any Class D-1 Shares as of March 31, 2025.
Three Months Ended March 31, 2025
Class S
Shares
Class S-1 SharesClass D
Shares
Class D-1
Shares
Class I
Shares
Class E
Shares
Class F SharesTotal
Total Outstanding Shares as of December 31, 20241,502,214 7,226,062 1,499,147  4,171,608 1,635,105 8,218,258 24,252,394 
Issuance of common stock to unaffiliated stockholders3,969 3,261,421 8,211  1,088,268 8,244  4,370,113 
Common stock distribution reinvestment 98,095 99  36,810 1,370 161,371 297,745 
Issuance of redeemable common shares(1)
     110,485  110,485 
Repurchase of common stock(111)(21,833)(111) (8,678)  (30,733)
Repurchase of redeemable common stock(299,220) (299,413) (298,472)(293,940) (1,191,045)
Total Outstanding Shares as of March 31, 2025
1,206,852 10,563,745 1,207,933  4,989,536 1,461,264 8,379,629 27,808,959 
(1) Consists of shares issued to an Invesco affiliate for the payment of management fees and performance fees that are classified as redeemable common stock. See Note 9 - “Redeemable Common Stock - Related Party”.
Three Months Ended March 31, 2024
Class S
Shares
Class S-1 SharesClass D
Shares
Class I
Shares
Class E
Shares
Class F SharesTotal
Total Outstanding Shares as of December 31, 20231,052,598 1,054,174 1,052,598 1,383,506 1,067,805  5,610,681 
Issuance of common stock to unaffiliated stockholders 1,467,311  656,221 57,994  2,181,526 
Common stock distribution reinvestment 21,860  8,245 622  30,727 
Total Outstanding Shares as of March 31, 20241,052,598 2,543,345 1,052,598 2,047,972 1,126,421  7,822,934 
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Distributions
We are generally required to distribute at least 90% our taxable income to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Taxable income does not necessarily equal net income as calculated in accordance with U.S. GAAP.
For the three months ended March 31, 2025 and 2024, we declared distributions of $12.9 million and $6.3 million, respectively. We accrued $4.3 million for distributions payable, of which $788,000 was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of March 31, 2025. We accrued $3.8 million for distributions payable, of which $1.0 million was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of December 31, 2024.
The tables below detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2025 and March 31, 2024:

Three Months Ended March 31, 2025
Class S
Shares
Class S-1
Shares
Class D
Shares
Class D-1
Shares(1)
Class I
Shares
Class E
Shares
Class F
Shares
Aggregate distribution declared per share$0.5000 $0.5000 $0.5000 $ $0.5000 $0.5000 $0.5000 
Stockholder servicing fee per share(0.0003)(0.0528)     
Net distribution declared per share$0.4997 $0.4472 $0.5000 $ $0.5000 $0.5000 $0.5000 
Three Months Ended March 31, 2024
Class S
Shares
Class S-1
Shares
Class D
Shares
Class I
Shares
Class E
Shares
Class F
Shares(3)
Aggregate distribution declared per share$0.8600 $0.8600 $0.8600 $0.8600 $0.8600 $ 
Stockholder servicing fee per share (0.0534)    
Net distribution declared per share$0.8600 $0.8066 $0.8600 $0.8600 $0.8600 $ 
Share Repurchase Plan
We have adopted a share repurchase plan for our common stock. On a monthly basis, our stockholders may request that we repurchase all or any portion of their shares. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to any limitations in the share repurchase plan.

Class F stockholders may not participate in our share repurchase plan until the earlier of (i) the date our NAV reaches $1.5 billion and (ii) March 23, 2028. However, Class F stockholders are entitled to request that we repurchase their shares in the event that there is a key person event or a material strategy change as defined in the terms of the Class F subscription agreement.

During the three months ended March 31, 2025, we fulfilled all requests under the share repurchase plan and repurchased 30,733 shares of common stock. For the three months ended March 31, 2024, we did not repurchase any shares under the share repurchase plan.
Distribution Reinvestment Plan
We have adopted a distribution reinvestment plan whereby common stockholders will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. The per share purchase price for shares purchased (including fractional shares) under the distribution reinvestment plan is equal to the transaction price at the time the distribution is payable.
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11.Earnings per Common Share
Earnings per share for the three months ended March 31, 2025 and 2024 is computed as presented in the table below.
For the Three Months Ended
$ in thousands, except share and per share amountsMarch 31, 2025March 31, 2024
Net income (loss) available to common stockholders$11,635 $4,680 
Weighted average common shares outstanding27,233,292 7,183,194 
Effect of dilutive restricted stock awards76 583 
Diluted weighted average common shares outstanding27,233,368 7,183,777 
Earnings (loss) per share:
Basic$0.43 $0.65 
Diluted$0.43 $0.65 
12.Commitments and Contingencies
Commitments and contingencies may arise in the ordinary course of business. As of March 31, 2025, we had unfunded commitments of $338.0 million for certain of our commercial real estate loan investments. The unfunded commitments consist of funding for leasing costs, interest reserves and capital expenditures. Funding depends on timing of lease-up, renovation and capital improvements as well as satisfaction of certain cash flow tests. Therefore, the exact timing and amounts of such future loan fundings are uncertain. We expect to fund our loan commitments over the weighted average remaining term of the related loans of 1.97 years.
We have also committed to pay counterparty legal, diligence and other fees in connection with new financing facilities in the ordinary course of business.
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2025, the Company was not involved in any material legal proceedings.

13.Segment Reporting

We conduct our business as a single operating segment. Because the accounting policies for the segment are the same as those described in Note 2 “Summary of Significant Accounting Policies,” to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2024, total segment net income and total segment assets are equal to total net income and total assets, as reported on our condensed consolidated statements of comprehensive income and condensed consolidated balance sheets, respectively. All revenues for the segment are derived from external customers.


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14. Subsequent Events
Stockholders’ Equity
Subsequent to March 31, 2025, we issued the following shares of common stock:
$ in thousands except share amountsShares Issued to Third-Parties
Shares Issued to Affiliates(1)(2)
DRP Shares(3)
Class S120,596  25 
Class S-12,047,862  40,124 
Class D  66 
Class D-1   
Class I1,112,073  14,177 
Class E5,671 41,491 485 
Class F  52,204 
Total3,286,202 41,491 107,081 
Total net proceeds(4)
$82,703 $ $2,721 
(1)Affiliates include related parties discussed in Note 8 - “Related Party Transactions”.
(2)Includes 41,491 Class E shares issued to our Adviser as payment for management fees for total consideration of $1.1 million, which is excluded from Total net proceeds.
(3)Represents shares issued under our distribution reinvestment plan.
(4)With respect to DRP Shares, Total net proceeds represents total value of shares issued under our distribution reinvestment plan.
INCREF 2025-FL1 CLO

On May 7, 2025, the Company entered into a collateralized loan obligation (“CLO”), contributing $1.2 billion of commercial real estate loan investments into the CLO and issuing $1.2 billion of Secured Notes and Income Notes. The Company retained $219 million of the CLO, consisting of Classes D, E, F, and G and the Income Notes. The Secured Notes bear interest at Term SOFR plus a spread and will mature at par on the payment date in October 2042, unless redeemed or repaid prior thereto. The proceeds from the issuance, after payment of certain fees and expenses, were primarily used to repay amounts owed to certain repurchase agreement facility lenders, creating $882 million in available warehouse capacity. See Item 5, Other Information, for a summary of the transaction.


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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In this quarterly report on Form 10-Q, or this “Quarterly Report,” we refer to Invesco Commercial Real Estate Finance Trust, Inc. and its consolidated subsidiaries as “we,” “us,” “the Company,” or “our,” unless we specifically state otherwise or the context indicates otherwise. We refer to our external manager, Invesco Advisers, Inc., as our “Adviser,” and we refer to the indirect parent company of our Adviser, Invesco Ltd. together with its consolidated subsidiaries (which does not include us), as “Invesco.”
The following discussion should be read in conjunction with our condensed consolidated financial statements and the accompanying notes to our condensed consolidated financial statements, which are included in Item 1 of this Quarterly Report, as well as the information contained in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”).
Forward Looking Statements
This Quarterly Report may include statements that constitute “forward-looking statements” within the meaning of the United States securities laws and the Private Securities Litigation Reform Act of 1995, and such statements are intended to be covered by the safe harbor provided by the same. These forward-looking statements may include statements about possible or assumed future results of our business, investment strategies, financial condition, liquidity, results of operations, plans and objectives. When we use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “project,” “forecast” or similar expressions and future or conditional verbs such as “will,” “may,” “could,” “should,” and “would,” and any other statement that necessarily depends on future events, we intend to identify forward-looking statements, although not all forward-looking statements may contain such words.
Forward-looking statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are difficult to predict and are generally beyond our control. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. You should not place undue reliance on these forward-looking statements. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. We caution you not to rely unduly on any forward-looking statements and urge you to carefully consider the factors described under the headings "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this Report and our Annual Report on Form 10-K. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Executive Overview
Introduction
We are a Maryland corporation formed in October 2022. Our primary investment strategy is to originate, acquire, and manage a diversified portfolio of loans and debt-like preferred equity interests secured by, or unsecured but related to, commercial real estate. To a lesser extent, we may purchase non-distressed public or private debt securities and invest in private operating companies in the business of or related to commercial real estate credit through debt or equity investment. We commenced investing in commercial real estate loans in May 2023. Prior to investing, we were primarily engaged in organizational activities.
We are externally managed by Invesco Advisers, Inc. (the “Adviser”), a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd., an independent global investment management firm. Our Adviser utilizes the personnel and global resources of Invesco Real Estate to provide investment management services to us. We qualified to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with the taxable year ended December 31, 2023. To maintain our REIT qualifications, we are generally required to distribute at least 90% of our REIT taxable income to our stockholders annually. We generally will not be subject to U.S. federal income taxes on our taxable income to the extent we annually distribute all of our net taxable income (determined without regard to our net capital gain and dividends-paid deduction) to stockholders and maintain our qualification as a REIT. We operate our business in a manner that permits our exclusion from the definition of “Investment Company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
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We are engaging in a continuous, unlimited private offering of our common stock to “accredited investors” (as defined by Rule 501 promulgated pursuant to the Securities Act) (the “Continuous Offering”) under exemptions provided by Section 4(a)(2) of the Securities Act and applicable state securities laws.
Factors Impacting Our Operating Results
Our operating results can be affected by a number of factors and depend on loan origination activity, interest earned on the commercial loan investments held in the portfolio, interest paid on the borrowing facilities of the portfolio and changes in the fair market value of our commercial real estate loan investments and our borrowings. Our net interest income varies primarily as a result of the number of loan originations in the period, the timing of entering into new borrowing arrangements, repayments from the borrower of the outstanding principal balance of our loan assets during the period, and changes in benchmark interest rates and market spreads. Market spreads vary according to the type of investment or borrowing, conditions in the financial markets, competition and other factors, none of which can be predicted with any certainty.
Due to the floating rate nature of our loan portfolio, we are subject to changes in benchmark rates. Decline in benchmark interest rates could ultimately lead to lower interest income received from our floating rate debt investments. To mitigate the impact of reduced interest income as a result of declining benchmark rates, we have structured interest rate floors for each of the loans where the borrower will be required to pay minimum debt service payments should rates fall below a predetermined amount. Additionally, during a falling benchmark interest rate environment, our overall cost of borrowings decreases as well.
We have elected the fair value option for our commercial real estate loan investments and our borrowing facilities. The fair market value of our commercial real estate loans can be impacted by changes in credit spread premiums (yield advantage over a benchmark rate) and the supply of, and demand for, assets in which we invest.
Operating results can also be impacted by foreign currency risk from investments denominated in currencies other than the U.S. dollar (“USD”). We hedge the non-USD exposure in the portfolio via forward contracts with the goal to mitigate foreign currency impacts to the portfolio.
Market Conditions
For the quarter ended March 31, 2025, the Company originated 10 commercial real estate loans with an aggregate total loan commitment amount of $424.4 million and a spot coupon of 7.06% based on the weighted average interest rate on our net committed equity position as of March 31, 2025.
The portfolio saw a slight increase in weighted average net spread, going from 6.75% in the fourth quarter 2024 to 6.82% in the first quarter 2025. The weighted average interest rate spread on our net committed equity position is comprised of the difference between the spread on our commercial real estate loans applied to the committed loan amounts less the spread on our borrowings applied to the total financing. This difference is divided by our net committed equity position. The weighted average interest rate is the spread combined with the applicable benchmark rate (in effect on March 31, 2025) after considering any impact of the interest rate floor.
The United States has recently announced changes to trade policy, including significant increases in tariffs on imports and the potential renegotiation or termination of existing trade agreements. Sharp shifts in tariff policies and the potential for global trade conflict and retaliatory actions have caused disruption and volatility in capital markets globally, particularly in public equities and fixed income markets. While private real estate investments can be better insulated from extreme trading volatility, significant shifts in conditions and uncertainty generally increase risk profiles.
Outlook
We believe that risks around economic growth and inflation have increased, particularly in the near term, but there is limited clarity on the net impact to overall demand, transaction volume, and asset valuations. In certain scenarios, we could see tailwinds like lower interest rates and further reductions in new supply. The full impact of changing U.S. trade policy is difficult to assess at this time, and we will continue to carefully monitor developments and respond appropriately.
Attractive entry points and opportunities can emerge during periods of disruption, volatility, and lower competition. As investors digest tariff implications, our loan selection remains focused on supply and demand fundamentals and originating on quality real estate with strong borrowers. We believe private credit assets secured by commercial real estate remain appealing for several reasons, including historically attractive long-term risk-adjusted returns compared to both fixed income and equity alternatives, security in the capital stack at reset values, downside protection afforded by asset-backed lending, and limited correlation with other fixed income investments.
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Q1 2025 Highlights
Capital Activity and Distributions
Declared monthly net distributions totaling $12.9 million for the quarter ended March 31, 2025.
Raised $105.7 million of net proceeds from the sale of our common stock through our Continuous Offering during the quarter ended March 31, 2025.
Repurchased 1,191,045 shares of our redeemable common stock from Invesco Realty, Inc. under the Invesco Subscription Agreement for an aggregate repurchase price of $30.0 million. The shares were not repurchased under the share repurchase plan.
Redeemed all issued and outstanding shares of our Series A Preferred Stock for approximately $232,000, plus accrued and unpaid dividends.
Investments
Originated 10 floating rate senior commercial real estate loans in the United States with a total commitment amount of $424.4 million and total outstanding principal amount of $369.7 million as of March 31, 2025, including self-storage, student housing, multifamily and industrial properties.
Financing Activity
Entered into a repurchase agreement facility with Capital One. The repurchase agreement has a maximum facility size of $250.0 million and bears interest at a one-month term SOFR plus a spread.
Received net borrowings of $286.3 million from our secured financing facilities for the three months ended March 31, 2025.
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Financial Condition
Investment Activities
We commenced investing in domestic commercial real estate loans in May 2023 and in European loans in September 2024. As of March 31, 2025, we originated 56 commercial real estate loans with a fair value of $2.8 billion. We elected the fair value option for our commercial real estate loan investments and, accordingly, we recognize any origination costs or fees associated with the loans in the period of origination. Our domestic loan investments earn interest at term SOFR plus a spread and had a weighted average interest rate of 7.30% as of March 31, 2025. Our European loans earn interest at either three-month Euribor or three-month SONIA and had a weighted average interest rate of 6.60% at March 31, 2025. During the three months ended March 31, 2025, we earned $46.8 million of interest income on these loans.
The following table details overall statistics for our loan portfolio as of March 31, 2025, December 31, 2024, and March 31, 2024:
$ in thousandsMarch 31, 2025December 31, 2024March 31, 2024
Number of investments56 46 14 
Principal balance$2,785,906 $2,390,362 $823,415 
Fair value$2,788,480 $2,391,078 $824,333 
Unfunded loan commitments(1)
$337,952 $298,266 $131,091 
Weighted-average interest rate(2)
7.23 %7.38 %8.46 %
Weighted-average maximum maturity (years)(3)
4.1 4.3 4.6 
Origination loan-to-value (LTV)(4)
62 %63 %65 %
(1)    Unfunded commitments will primarily be funded to finance construction or development of real estate-related assets, capital improvements of existing assets, or lease-related expenditures. These future commitments will generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)    Represents weighted average interest rate as of period end.
(3)    Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions, as defined in the respective loan agreement.
(4)    LTV is generally based on the initial loan amount and the independent property appraisals at the time of origination.
The following charts illustrate the diversification and composition of our loan portfolio based on fair value as of March 31, 2025:
15871588
The following table details our loan activity:
Three Months EndedThree Months Ended
$ in thousandsMarch 31, 2025March 31, 2024
Loan originations$368,733 $204,439 
Loan fundings15,973 5,473 
Loan repayments and sales— — 
Total net fundings$384,706 $209,912 
The following table provides details of our loan portfolio, on a loan-by-loan basis, as of March 31, 2025:
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$ in thousands
Metropolitan Statistical AreaProperty TypeOrigination Date
Weighted Average Interest Rate(1)
Loan Amount(2)
Principal Balance OutstandingFair ValueCurrent Maturity
Maximum
Maturity(3)
PhoenixIndustrial05/17/20237.67%$136,000 $123,926 $123,926 6/9/20256/9/2028
San JoseMultifamily05/31/20237.47%41,700 41,700 41,700 6/9/20266/9/2028
New York (4)
Multifamily07/26/20237.42%73,600 73,600 73,600 8/9/20268/9/2028
Los AngelesMultifamily08/04/20237.42%85,180 81,037 81,037 8/9/20258/9/2028
MiamiIndustrial08/25/20237.67%42,676 36,700 36,700 9/9/20259/9/2028
RichmondIndustrial09/25/20237.67%38,300 34,718 34,718 10/9/202510/9/2028
AtlantaIndustrial11/06/20237.67%92,950 84,494 84,494 11/9/202511/9/2028
DallasMultifamily12/07/20237.12%70,000 65,224 65,280 12/9/202612/9/2028
SeattleMultifamily12/12/20237.27%68,500 68,500 68,500 12/9/202612/9/2028
New York (5)
Multifamily12/21/20237.32%22,500 22,500 22,500 12/9/202612/9/2028
HoustonMultifamily01/24/20247.32%61,500 61,000 61,000 2/9/20272/9/2029
New YorkMultifamily02/08/20247.32%120,000 76,865 76,865 2/9/20272/9/2029
Orange CountyMultifamily03/05/20247.47%56,600 56,520 56,520 3/9/20273/9/2029
Los AngelesMultifamily03/28/20247.32%45,000 41,535 41,538 4/9/20264/9/2029
Los AngelesMultifamily04/12/20247.37%66,050 61,125 61,163 4/9/20274/9/2029
New YorkMultifamily05/02/20247.32%150,000 40,724 40,935 5/9/20275/9/2029
Fort WorthMultifamily05/15/20247.22%22,500 21,775 21,775 6/9/20266/9/2029
Fort WorthMultifamily05/15/20247.22%23,650 23,500 23,500 6/9/20266/9/2029
Orange CountyIndustrial05/31/20247.17%47,275 43,472 43,497 6/9/20276/9/2029
DallasMultifamily06/07/20247.12%40,740 36,797 36,873 6/9/20276/9/2029
San FranciscoMultifamily06/17/20246.97%33,500 30,653 30,701 7/9/20277/9/2029
JacksonvilleMultifamily06/28/20247.42%40,350 38,903 38,903 7/9/20277/9/2029
Various U.S.Self-Storage07/10/20247.52%42,448 41,439 41,469 8/9/20278/9/2029
HoustonMultifamily07/24/20247.22%50,750 49,750 49,786 8/9/20268/9/2029
TampaMultifamily08/01/20247.02%41,750 41,750 41,780 8/9/20278/9/2029
DallasMultifamily08/01/20247.17%44,000 44,000 44,032 8/9/20268/9/2029
Las VegasIndustrial08/20/20247.12%55,515 53,325 53,373 9/9/20279/9/2029
Various U.S.Self-Storage08/27/20247.52%11,267 10,467 10,476 9/9/20279/9/2029
Washington D.C.Multifamily08/28/20247.07%101,000 98,611 98,796 9/9/20279/9/2029
Various U.S.Industrial08/30/20247.72%83,500 77,576 77,683 9/9/20279/9/2029
Various U.S.Industrial09/12/20247.07%128,010 122,463 122,463 10/9/202710/9/2029
Various U.S.Industrial09/13/20247.07%47,881 47,881 47,881 10/9/202710/9/2029
Barcelona, SpainIndustrial09/26/20245.96%99,014 99,014 99,111 10/9/202710/9/2028
Paris, FranceIndustrial09/26/20245.96%88,463 88,463 88,550 10/9/202710/9/2028
Bristol, United KingdomIndustrial09/26/20247.72%107,366 107,366 107,516 10/9/202710/9/2028
TacomaSelf-Storage10/08/20247.52%13,356 12,829 12,842 10/9/202710/9/2029
GainesvilleSelf-Storage10/08/20247.52%7,030 6,757 6,765 10/9/202710/9/2029
Lynchburg Self-Storage10/08/20247.52%14,225 13,383 13,397 10/9/202710/9/2029
Los AngelesMultifamily10/10/20247.17%22,545 20,360 20,382 10/9/202610/9/2029
Washington D.C.Multifamily10/15/20247.02%98,900 97,570 97,786 10/9/202710/9/2029
San JoseIndustrial10/31/202412.08%30,000 11,475 11,475 10/31/202710/31/2029
New York (6)
Multifamily12/06/20247.07%61,897 61,397 61,421 12/9/202712/9/2029
Orange CountyIndustrial12/13/20247.27%67,832 54,400 54,485 1/9/20281/9/2030
RiversideIndustrial12/17/20247.52%58,092 47,187 47,260 1/9/20281/9/2030
Ft LauderdaleSelf-Storage12/18/20247.52%14,251 13,096 13,117 1/9/20281/9/2030
ChicagoIndustrial12/20/20247.27%31,802 30,415 30,463 1/9/20281/9/2030
AustinIndustrial01/16/20257.37%26,042 22,044 22,082 2/9/20282/9/2030
RaleighStudent Housing01/30/20257.02%43,460 38,500 38,604 2/9/20272/9/2030
Baton RougeStudent Housing02/06/20257.02%29,500 22,750 22,812 2/9/20272/9/2030
ColumbiaStudent Housing02/06/20257.02%29,750 24,780 24,847 2/9/20272/9/2030
PortlandMultifamily02/13/20257.02%60,165 59,483 59,556 3/9/20273/9/2030
AustinStudent Housing02/19/20257.02%49,943 44,800 44,921 3/9/20273/9/2030
EugeneStudent Housing02/19/20257.02%73,053 63,857 64,030 3/9/20273/9/2030
KnoxvilleStudent Housing02/20/20257.02%98,290 80,500 80,644 3/9/20273/9/2030
MinneapolisSelf-Storage03/11/20257.42%7,475 6,900 6,900 4/9/20284/9/2030
PhiladelphiaSelf-Storage03/11/20257.42%6,715 6,050 6,050 4/9/20284/9/2030
7.23%$3,123,858 $2,785,906 $2,788,480 
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(1)Represents weighted average interest rate of the most recent interest period in effect for each loan as of period end. Domestic loans earn interest at the one-month Term SOFR plus a spread. Euro denominated loans earn interest at three-month Euribor plus a spread. Our loan denominated in British pounds sterling earns interest at three-month SONIA plus a spread.
(2)Loan amount consists of outstanding principal balance plus unfunded loan commitments.
(3)Maximum maturity assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions as defined in the respective loan agreement.
(4)The total whole loan is $73.6 million, including (i) a senior mortgage loan of $55.2 million, and (ii) a mezzanine note of $18.4 million.
(5)The total whole loan is $22.5 million, including (i) a senior mortgage loan of $18.0 million and (ii) a mezzanine note of $4.5 million.
(6)The total whole loan is $61.9 million, including (i) a senior mortgage loan of $49.5 million and (ii) a mezzanine note of $12.4 million.
Significant Borrowers/Sponsors
As of March 31, 2025, we have invested in 56 commercial real estate loans with a fair value of $2.8 billion. Our portfolio consists of the following significant borrowers or sponsors:
$ in thousands
CounterpartyLoan CountFair Value% of Loan Portfolio
Borrower A(1)
3295,177 11 %
Sponsor A(2)
7320,596 11 %
Sponsor B - Facility I(3)
6251,160 %
Sponsor B - Facility II(3)
8111,016 %
Sponsor B - Facility III(3)
5195,214 %
(1) These loans are cross collateralized and cross defaulted under a master credit agreement.
(2) These loans are affiliated with a single institutional investment manager as of March 31, 2025.
(3) All of the loans in these Facilities are affiliated with a single institutional investment manager as of March 31, 2025. Within each of the three Facilities, the individual loans may have separate borrowers but are cross collateralized and cross defaulted. The loans are not cross collateralized or cross defaulted across Facilities, however, and the credit exposure of each Facility’s loans is contained within its distinct Facility.
Loan Risk Ratings
We evaluate each loan at origination and assign an overall risk rating based on several factors, including but not limited to, credit metrics and volatility, sponsorship, sector type, property condition and performance, and market to determine the overall health of each loan investment in the portfolio (“Loan Risk Rating”). Loans are rated “1” (very low risk), “2” (low risk), “3” (medium risk), “4” (high risk/potential for loss), or “5” (impaired/loss likely). We re-evaluate the loan risk ratings on our loan portfolio quarterly and update risk ratings as needed.
Our loan portfolio had a weighted-average loan risk rating of 2.8 as of March 31, 2025 and 2.8 as of December 31, 2024.
Financing and Other Liabilities
We utilize a revolving line of credit as a short-term cash management tool to pay fees and expenses and bridge portfolio-level financing arrangements. Our revolving line of credit bears interest at a one-month term SOFR plus a spread and had a weighted average borrowing rate of 8.26% as of March 31, 2025.
We finance the majority of our commercial real estate loan portfolio through secured financing facilities that are structured as repurchase agreements and term lending agreements. These agreements charge interest at one-month term SOFR plus a spread for our USD denominated borrowings, three-month Euribor plus a spread for our Euro denominated borrowings, and three-month SONIA plus a spread for our British pound sterling denominated borrowings. These facilities had a weighted average borrowing rate of 6.22% as of March 31, 2025.
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The below table summarizes our borrowings as of March 31, 2025(1).
$ in thousandsCurrent MaturityExtension OptionsWeighted Average Interest RateMaximum Facility SizeAmount OutstandingAvailable Balance
Term Lending Agreement
INCREF Lending IIMatch-termMatch-term6.61%300,000 134,518 165,482 
Secured Lending Agreements
Term Financing
INCREF Lending IOct 2026Oct 20296.33%837,517 728,711 108,806 
Repurchase Agreements
Morgan Stanley BankMay 2026May 20276.59%500,000 345,886 154,114 
CitibankSep 2026Sep 20285.65%500,000 284,992 215,008 
BarclaysApr 2027Apr 20296.23%500,000 199,305 300,695 
Wells FargoMay 2026May 20296.15%300,000 268,724 31,276 
Bank of MontrealJul 2025Jul 2028—%25,000 — 25,000 
  Capital OneFeb 2027Feb 20305.85%250,000 187,124 62,876 
Total secured financing facilities$3,212,517 $2,149,260 $1,063,257 
Revolving Credit Facility8.26%$135,000 $— $135,000 
(1)    See Note 4 - “Borrowings” for important footnotes to the borrowings table and other disclosures.

Each of our secured financing facilities contains customary terms and conditions, including but not limited to, negative covenants relating to restrictions on our operations with respect to our status as a REIT, and financial covenants, such as a minimum interest coverage ratio covenant, minimum tangible net worth covenant, cash liquidity covenant and maximum Leverage Ratio covenant.
With respect to our revolving credit facility, we are required to comply with customary loan covenants and event of default provisions that include, but are not limited to, negative covenants relating to restrictions on operations with respect to our status as a REIT, and financial covenants. Such financial covenants include a minimum aggregate net capital contributions to net costs of investments ratio covenant and a maximum Leverage Ratio covenant.
As of March 31, 2025, we were in compliance with the covenants of our financing facilities.
On May 7, 2025, the Company entered into a collateralized loan obligation (“CLO”), contributing $1.2 billion of commercial real estate loan investments into the CLO and issuing $1.2 billion of Secured Notes and Income Notes. The Company retained $219 million of the CLO, consisting of Classes D, E, F, and G and the Income Notes. The Secured Notes bear interest at Term SOFR plus a spread and will mature at par on the payment date in October 2042, unless redeemed or repaid prior thereto. The proceeds from the issuance, after payment of certain fees and expenses, were primarily used to repay amounts owed to certain repurchase agreement facility lenders, creating $882 million in available warehouse capacity. See Item 5, Other Information, for a summary of the transaction.
27


Results of Operations
For the three months ended March 31, 2025 and 2024, our results of operations consisted of:
Three Months Ended March 31,
$ in thousands except per share amount20252024$ Change
Net Interest Income  
Commercial real estate loan interest income$46,841 $15,140 $31,701 
Other interest income975 241 734 
Interest expense(31,297)(10,406)(20,891)
Net interest income 16,519 4,975 11,544 
Other Income (Expense)
Unrealized gain (loss) on loans, net12,680 918 11,762 
Unrealized gain (loss) on secured financing facilities, net(8,474)(723)(7,751)
Gain (loss) on derivative instruments, net(2,180)— (2,180)
Gain (loss) on foreign currency transactions, net— 
Commitment fee income, net of related party expense of $2,119 and $1,398 for the three months ended March 31, 2025 and 2024, respectively
2,119 1,398 721 
Other income289 101 188 
Total other income (expense), net4,443 1,694 2,749 
Expenses
Management and performance fees - related party1,830 350 1,480 
Debt issuance and other financing costs related to borrowings, at fair value4,916 469 4,447 
Organizational costs(3)
General and administrative2,550 1,158 1,392 
Total expenses9,298 1,982 7,316 
Net income (loss)$11,664 $4,687 $6,977 
Dividends to preferred stockholders(2)(7)
Issuance and redemption costs of redeemed preferred stock(27)— (27)
Net income (loss) attributable to common stockholders$11,635 $4,680 $6,955 
Earnings (loss) per share:
Net income (loss) attributable to common stockholders
Basic$0.43 $0.65 $(0.22)
Diluted$0.43 $0.65 $(0.22)
Weighted average number of shares of common stock
Basic27,233,292 7,183,194 20,050,098 
Diluted27,233,368 7,183,777 20,049,591 

(1) Net income in the above table differs from comprehensive income in the condensed consolidated statements of comprehensive income due to the $26,000 currency translation adjustment, which represents gains or losses from converting consolidated foreign subsidiaries' financial statements into the parent company's reporting currency for financial reporting purposes. These amounts do not result from operations and are not reflected above in net income.
Net Income (Loss) attributable to Common Stockholders
Net income (loss) attributable to common stockholders increased by $7.0 million during the three months ended March 31, 2025, as compared to March 31, 2024. The increase was primarily due to the increase in the number of commercial real estate loan originations during the period, which resulted in an increase in net interest income and commitment fee income, net of related party expenses, as compared to March 31, 2024.
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Net Interest Income
Interest Income and Average Earning Asset Yields
The table below presents information related to our average earning assets and earning asset yields for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
$ in thousands20252024
Average earning assets(1)
$2,663,955 $740,952 
Average earning assets yield(2)
7.03 %8.17 %
(1)    Average earning assets are based on weighted month-end balances.
(2)    Average earning asset yield is calculated by dividing interest income by average earning assets. All yields are annualized. Average earning assets yield decreased compared to the prior period due to a combination of reduced benchmark rates and reduced pricing on our commercial real estate loan investments.
Interest Expense and Cost of Funds
The table below presents information related to our borrowings and cost of funds for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
$ in thousands20252024
Average borrowings(1)
$2,043,460 $569,169 
Maximum borrowings (2)
$2,149,259 $627,258 
Average cost of funds(3)
6.13 %7.31 %
(1) Average borrowings are based on weighted month-end balances. Average borrowings increased to finance new investments which grew correspondingly during the period.
(2)    Amount represents the maximum borrowings at each month-end within the period.
(3)    Average cost of funds is calculated by dividing annualized interest expense by average borrowings. Average cost of funds decreased compared to the prior period due to a combination of reduced benchmark rates and reduced pricing on our secured financing facilities.
Our interest expense for the three months ended March 31, 2025 and 2024 is summarized below:
Three Months Ended March 31,
$ in thousands 20252024
Secured financing facilities interest expense$31,072 $10,134 
Revolving credit agreement interest expense225 272 
Total interest expense$31,297 $10,406 
Other Income (Expense), Net
For the three months ended March 31, 2025, we did not observe material changes in the collateral risks in our portfolio. We compared the features of our loans to the interest rates and terms required by lenders in the new loan origination market for similar loans, and the yield required by investors acquiring similar loans in the secondary market. We also compared current market and collateral conditions to those present at origination or acquisition. Similarly, for our secured financing facilities, we reviewed market interest rates, which reflect estimates for how lenders would price equivalent loans for the remaining terms, for similar borrowing agreements with comparable loan-to-value ratios and credit profiles.
Unrealized gain (loss) on loans, net, was a net gain of $12.7 million during the three months ended March 31, 2025, comprised of a net unrealized gain of $1.9 million related to fair value marks in the period and an unrealized foreign exchange gain of $10.8 million relating to foreign exchange rate movements on our non-U.S. dollar denominated commercial real estate loan investments and intercompany loans used to fund loan investments in certain foreign jurisdictions. For the three months ended March 31, 2024, unrealized gain (loss) on loans, net was a net gain of $0.9 million related to the fair value marks in the period on the portfolio. There were no foreign exchange gains or losses in the three months ended March 31, 2024, as there were no foreign currency-denominated loans in the portfolio in the comparative period.
29



Unrealized gain (loss) on secured financing facilities, net was a net loss of $8.5 million during the three months ended March 31, 2025, comprised of a net unrealized gain of $0.2 million related to fair value marks in the period and unrealized foreign exchange losses of $8.7 million from foreign exchange rate movements on our non-U.S. dollar secured financing facilities. For the three months ended March 31, 2024, unrealized gain (loss) on secured financing facilities, net was a net loss of $0.7 million related to the fair value marks in the period. There were no foreign exchange gains or losses in the three months ended March 31, 2024 as there were no foreign currency-denominated borrowings in the comparative period.
We enter into currency forward contracts to help mitigate the impact of changes in foreign currency exchange rates on our investments and financing transactions denominated in currencies other than the United States dollar. Despite being economic hedges, we have elected not to treat our foreign currency forwards as hedges for accounting purposes and, therefore, the realized and unrealized gains and losses associated with such instruments are included in gain (loss) on derivative instruments, net and may not fully offset the foreign exchange gains and losses on the loans and secured financing facilities. For the three months ended March 31, 2025, we recorded an unrealized loss on currency forward contracts of $2.3 million.

We generally seek to charge each borrower a commitment fee that is calculated as a percent of the whole loan on a fully-funded basis, as determined by the Adviser at the time of origination. We pay our Adviser 50% (not to exceed 0.5% of the whole loan amount on a fully-funded basis) of any commitment fee charged to borrowers in connection with each new loan. We recognize commitment fees immediately in earnings because we elected the fair value option for our loan investments. For the three months ended March 31, 2025, we earned approximately $2.1 million of commitment fee income, after related party expenses, and $289,000 of other income on our loan investments. We originated 10 loans during the three months ended March 31, 2025, compared to four loan originations during the three months ended March 31, 2024.
Expenses
Our expenses for the three months ended March 31, 2025 totaled $9.3 million and primarily consisted of debt issuance and other financing costs, and general and administrative expenses. Expenses increased by $7.3 million as compared to the three months ended March 31, 2024, due to the increase in the Company’s business activities since March 31, 2024. The number of commercial real estate loan investments had increased to 56 at March 31, 2025 from 14 at March 31, 2024.

Management fees and performance fees began to accrue on March 1, 2024. Management fees are accrued monthly and paid quarterly in arrears and performance fees are paid annually. The management fee is based on our NAV and is paid to the Adviser as compensation for services provided under the Advisory Agreement. The performance fee is based on Performance Fee Income, as defined in our Advisory Agreement. We will not pay the Adviser a performance fee with respect to any class of shares that has a negative total return per share for the calendar year. Total return is determined based on total distributions plus the change in NAV. During the three months ended March 31, 2025, we incurred management fees of $1.1 million and performance fees of $768,000, compared to management fees of $145,000 and performance fees of $205,000 incurred in the three months ended March 31, 2024.

We expense debt issuance costs as incurred because we elected the fair value option for our secured financing facilities and revolving credit facility. When we incur debt issuance costs prior to a debt facility closing, we expense the costs as incurred if we intend to elect the fair value option to account for the debt facility and the closing is probable as of the balance sheet date. Our debt issuance and other financing costs primarily consist of upfront lender fees and legal costs directly associated with entering into our debt facilities. For the three months ended March 31, 2025, debt issuance and other financing costs increased by $4.4 million, as compared to the three months ended March 31, 2024 due to increased business activity. For the three months ended March 31, 2025, average borrowings were $2.0 billion, as compared to $569.2 million for the three months ended March 31, 2024.
Our general and administrative expenses primarily consisted of accounting, auditing, legal and other professional fees. Our general and administrative expenses for the three months ended March 31, 2025 increased by $1.4 million, as compared to the three months ended March 31, 2024. The increase is primarily due to accounting, legal and other professional fees reflective of the increase in activity over the comparative period. As mentioned above, we commenced investing in commercial real estate loans in May 2023 and had originated 14 loans by March 31, 2024. At March 31, 2025, we had originated 56 loans.
30


Net Asset Value (“NAV”)
We calculate our NAV each month in accordance with valuation guidelines approved by our board of directors. We calculate our NAV for each class of shares based on the net asset values of our investments (including but not limited to commercial real estate loans and debt securities), the addition of any other assets (such as cash, restricted cash, receivables, and other assets obtained in the ordinary course of business), and the deduction of any liabilities (including but not limited to financing facilities, Company-level credit facilities, securitized loans, payables, and other liabilities incurred in the ordinary course of business). NAV is not a measure used under U.S. GAAP and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV differs from U.S. GAAP. NAV is not equivalent to stockholders’ equity or any other U.S. GAAP measure.
The following table details the major components of our NAV as of March 31, 2025 and December 31, 2024:
$ in thousands, except share dataMarch 31,
2025
December 31,
2024
Commercial real estate loan investments, at fair value$2,788,480 2,391,078 
Cash and cash equivalents65,675 80,221 
Restricted cash28,572 19,813 
Interest receivable13,316 12,600 
Derivative assets, at fair value1,767 4,064 
Other assets(1)
727 5,780 
Unamortized debt costs
9,608 332 
Secured lending agreements, at fair value(2,015,125)(1,720,350)
Term lending agreement, at fair value(134,518)(134,518)
Interest payable(7,871)(8,344)
Dividends and distributions payable(4,257)(3,765)
Accounts payable, accrued expenses and other liabilities(34,294)(23,159)
Due to affiliates(2)
(6,389)(8,756)
Preferred stock liquidation preference— (228)
Net asset value$705,691 $614,768 
Number of outstanding shares(3)
27,808,959 24,252,394 
(1)    Excludes $8,000 and $86,000 of certain prepaid expenses advanced by the Adviser that are classified as other assets in our U.S. GAAP condensed consolidated financial statements as of March 31, 2025 and December 31, 2024, respectively.
(2)    Excludes (i) amounts advanced by the Adviser of $13.4 million and $14.2 million for organizational, offering and operating expenses as of March 31, 2025 and December 31, 2024, respectively and (ii) accrued stockholder servicing fees not currently payable to the Dealer Manager of $12.2 million and $8.4 million as of March 31, 2025 and December 31, 2024, respectively.
(3)    Includes 4,924,663 and 6,005,223 shares of common stock held by an Invesco affiliate that are classified as redeemable common stock as of March 31, 2025 and December 31, 2024, respectively.
The following table provides a breakdown of our total NAV and NAV per share by class as of March 31, 2025:

$ in thousands, except per share data
Class S SharesClass S-1 SharesClass D SharesClass I SharesClass E SharesClass F SharesTotal
Net asset value$30,299 $266,239 $30,307 $125,584 $37,394 $215,868 $705,691 
Number of outstanding shares(1)
1,206,852 10,563,745 1,207,933 4,989,536 1,461,264 8,379,629 27,808,959 
NAV Per Share(2)
$25.11 $25.20 $25.09 $25.17 $25.59 $25.76 
(1) Includes 1,196,923 Class S shares, 1,197,628 Class D shares, 1,194,434 Class I shares and 1,335,678 Class E shares that are classified as redeemable common stock.
(2)    As of March 31, 2025, we had not sold any Class D-1 shares.





31


Reconciliation of Stockholders’ Equity to NAV

Despite being a well-recognized term across many industries as a practical expedient for measuring the fair value of certain investments, NAV is not a measure used under generally accepted accounting principles in the United States (“U.S. GAAP”). As described above, our monthly NAV is determined in accordance with valuation guidelines that we believe are consistent with industry practice and have been approved by our board of directors, but the treatment of certain assets and liabilities used for the determination of NAV under these guidelines differs from U.S. GAAP. Thus, our NAV is not equivalent to Stockholders’ equity or any other U.S. GAAP measure.
The following table reconciles U.S. GAAP stockholders’ equity per our condensed consolidated balance sheets to our NAV:
$ in thousandsMarch 31,
2025
December 31,
2024
Stockholders' equity$546,203 435,349 
Adjustments:
Redeemable common stock - related party124,341 151,367 
Advanced organizational, offering and operating expenses(1)
13,371 14,128 
Accrued stockholder servicing fees not currently payable(2)
12,168 8,372 
Unamortized debt issuance costs9,608 5,780 
Preferred stock liquidation preference— (228)
NAV$705,691 $614,768 
(1)    Excludes $8,000 and $86,000 of certain prepaid expenses advanced by the Adviser that are classified as other assets in our U.S. GAAP condensed consolidated financial statements as of March 31, 2025 and December 31, 2024, respectively.
(2)    We have accrued stockholder servicing fees totaling $12.4 million of which $192,000 is currently payable to the Dealer Manager as of March 31, 2025 and totaling $8.5 million of which $131,000 was payable to the Dealer Manager as of December 31, 2024.
We classify common stock held by Invesco Realty, Inc., an affiliate, as redeemable common stock, which is not a component of stockholders’ equity on our U.S. GAAP condensed consolidated balance sheets. Due to the redemption terms and other features of these shares described in Note 9 - “Redeemable Common Stock - Related Party” of our Condensed Consolidated Financial Statements, we include the redemption value of these shares in our NAV as of each reporting date.

Given their timing and substantial size, reflecting organizational, offering and operating expense in NAV when incurred can be overly punitive to the NAV per share of early investors and reduce cash available for new investments that will inure to the benefit of later investors. To help mitigate the impact of this timing difference, the Adviser incurred the bulk of these costs on our behalf and agreed to allow them to be repaid after a reasonable initial period over a fixed period of time. Under the terms of our Advisory Agreement, the Adviser advanced all of our organizational, offering and operating expenses (other than upfront selling commissions and ongoing stockholder servicing fees) incurred through May 31, 2024. Starting in December of 2024, we began reimbursing the Adviser for these costs ratably over 52 months. We will decrease our NAV by the amount of each monthly repayment made to the Adviser during the reimbursement period. These costs were expensed as incurred in our U.S. GAAP financial statements.

Under the terms of our agreement, the Dealer Manager is entitled to receive upfront selling commissions and stockholder servicing fees for Class S, Class S-1, Class D, and Class D-1 shares sold in the Continuous Offering. Under U.S. GAAP, we accrue the full amount of stockholder servicing fees payable over an estimated investor holding period as an offering cost at the time each Class S, Class S-1, Class D and Class D-1 share is sold during the Continuous Offering and treat the amount as an offset (reduction) to Additional Paid-In Capital. As the actual monthly amounts are remitted to the Dealer Manager, the NAV is reduced by a corresponding amount.

We have elected the fair value option for our financing facilities and expense debt issuance costs in accordance with U.S. GAAP. However, when calculating our NAV, we capitalize debt issuance and other financing costs as incurred and expense the costs over the life of the financing facility so that the costs to maintain the facility are borne by all investors who benefit from its use, rather than just those who were invested during the period in which the facility was implemented.
Distributions
32


We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with U.S. GAAP, to our stockholders each year to comply with the REIT provisions of the Code. Distributions are at the discretion of our board of directors and include a review of earnings, cash flow, liquidity and capital resources.
The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor.
The following table summarizes our distributions declared during the three months ended March 31, 2025 and 2024.
Three Months EndedThree Months Ended
March 31, 2025March 31, 2024
$ in thousandsAmountPercentageAmountPercentage
Distributions
Payable in cash$4,915 38 %$4,779 76 %
Reinvested in shares 8,028 62 %1,532 24 %
Total distributions$12,943 100 %$6,311 100 %
Sources of Distributions
Cash flows from operating activities$11,271 87 %$6,311 100 %
Offering proceeds 1,672 13 %— — 
Total sources of distribution $12,943 100 %$6,311 100 %
Net cash provided by operating activities $11,271 $8,435 

The table below details the net distribution per share for each of our common share classes for the three months ended March 31, 2025:
Declaration DateClass S
Shares
Class S-1
Shares
Class D
Shares
Class I
Shares
Class E
Shares
Class F
Shares
January 31, 2025$0.1599 $0.1418 $0.1600 $0.1600 $0.1600 $0.1600 
February 28, 20250.1599 0.1436 0.1600 0.1600 0.1600 0.1600 
February 28, 2025(1)
0.0200 0.0200 0.0200 0.0200 0.0200 0.0200 
March 31, 20250.1599 0.1418 0.1600 0.1600 0.1600 0.1600 
Total(2)
$0.4997 $0.4472 $0.5000 $0.5000 $0.5000 $0.5000 
(1)    Includes a special distribution that was paid in addition to the monthly distribution declared for the month.
(2) The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the monthly distribution per share and paid directly to the applicable distributor. Certain investors began purchasing Class S shares subject to the stockholder servicing fee in June 2024.

Liquidity and Capital Resources
Liquidity is a measure of our ability to meet potential cash requirements, including ongoing commitments to pay dividends, fund investments, repay borrowings, and fund other general business needs, including our offering and operating expenses. Our offering and operating expenses include, among other things, the management and performance fees we pay to the Adviser, selling commissions, dealer manager fees and stockholder servicing fees we pay to the Dealer Manager, legal, audit and valuation expenses, federal and state filing fees, printing expenses, administrative fees, and transfer agent fees. The Adviser and its affiliates provide us with our management team, including our officers and appropriate support personnel. The Adviser or the Adviser's affiliates may provide us services that would otherwise be performed by third parties. In such event, we will reimburse the Adviser or the Adviser's affiliate the cost of performing such services provided that such reimbursements will not exceed the amount that would be payable if such services were provided by a third party in an arms-length transaction.

Our sources of funds for liquidity consist of the net proceeds from our continuous private offering, net cash provided by operating activities, proceeds and available borrowings from our secured financing facilities and our revolving credit facility, loan repayments, uncalled capital commitments, and future issuances of equity and/or debt securities.
33


We currently believe that we have sufficient liquidity and capital resources available for the acquisition of additional investments, repayments on borrowings, the payment of cash dividends as required for continued qualification as a REIT, and to repurchase shares of our common stock under our share repurchase plan. Cash needs for items other than loan originations and asset acquisitions are generally met from operations, and cash needs for loan originations and asset acquisitions are funded by our continuous private offering and debt financings. However, there may be a delay between the sale of our shares and our origination of loan assets or purchase of assets that could result in a delay in the benefits to our stockholders, if any, of returns generated from our investment operations.
We held cash and cash equivalents of $65.7 million and restricted cash of $28.6 million as of March 31, 2025. Our cash and cash equivalents change due to normal fluctuations in cash balances related to the timing of principal and interest payments and loan origination and funding activity. Our restricted cash changes based on the volume of new subscriptions for our shares and for payment of dividends by foreign subsidiaries after regulatory approval has been obtained.
The following table sets forth changes in cash and cash equivalents and restricted cash:
Three Months Ended March 31,
$ in thousands20252024
Cash flows from operating activities$11,271 $8,435 
Cash flows from investing activities(384,589)(209,912)
Cash flows from financing activities367,532 195,917 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1)— 
Net change in cash, cash equivalents and restricted cash$(5,787)$(5,560)
Our operating activities provided net cash of $11.3 million for the three months ended March 31, 2025, primarily driven by the increase from the prior period in net interest income, which is income generated by our investments less financing costs.
Our investing activities used net cash of $384.6 million in the three months ended March 31, 2025, and consisted of originating 10 commercial real estate loan investments during the period.
Our financing activities provided net cash of $367.5 million in the three months ended March 31, 2025. During the three months ended March 31, 2025, we received net proceeds from our secured financing facilities of $286.3 million and net proceeds from the issuance of common stock of $89.7 million. We also received net proceeds of $28.5 million from retail investor subscriptions paid in advance. We used cash of $4.9 million and $1.1 million during the three months ended March 31, 2025 to pay dividends and debt issuance costs, respectively. Additionally, we used cash of $30.0 million to repurchase redeemable common stock.
As of March 31, 2025, our total assets were approximately $2.9 billion and consisted primarily of 56 investments in commercial real estate loans totaling $2.8 billion, restricted cash of $28.6 million and cash and cash equivalents of $65.7 million. We financed our commercial real estate loan investments with $2.1 billion of secured financing facility borrowings.
Our primary sources of liquidity as of March 31, 2025 and December 31, 2024 are summarized in the following table:
$ in thousandsMarch 31, 2025December 31, 2024
Cash and cash equivalents$65,675 $80,221 
Available borrowings under revolving credit agreements135,000 135,000 
Available borrowings under secured financing facilities1,063,257 1,008,228 
$1,263,932 $1,223,449 
Our target Leverage Ratio is 50% to 65% of the aggregate value of the underlying collateral of our senior Credit Assets, and our maximum permitted Leverage Ratio is 65%. “Leverage Ratio” calculated for portfolio management purposes is measured by dividing (x) the sum of our outstanding liabilities under our direct leverage portfolio-level financing facilities by (y) the aggregate of the underlying collateral securing the loans in our portfolio that are not subordinated loans at the time such leverage is incurred.
We also may use Company-level credit facilities or other financing arrangements that are not secured by Credit Assets or other investments as short-term cash management tools to pay fees and expenses and bridge portfolio-level financing arrangements. There is no limit on the short-term indebtedness we may incur under revolving credit facilities, but any of these amounts outstanding for 12 months or longer will be factored into the Leverage Ratio.
34


We may call $150.0 million in capital under the Invesco Subscription Agreement in one or more closings through March 23, 2028. We may also call up to $150.0 million in additional capital (for a total of $300.0 million) if needed to avoid triggering any concentration limit imposed by a third party in connection with its distribution or placement of our shares or for purposes of repaying indebtedness drawn on the revolving credit facility. As of March 31, 2025, we had called $120.0 million of the total $300.0 million. Invesco Realty may not submit its shares for repurchase under our share repurchase plan until the earlier of March 23, 2028 and the date that our aggregate NAV is at least $1.5 billion. We can only accept a repurchase request from Invesco Realty after all requests from unaffiliated stockholders have been fulfilled. We may elect to repurchase all or any portion of the shares acquired by Invesco’s affiliate at any time at a per share price equal to the most recently determined NAV per share for the applicable share class.
An institutional investor purchased $200 million of our Class F shares during 2024. The Class F stockholder may not submit its shares for repurchase under our share repurchase plan until the earlier of (i) the date our NAV reaches $1.5 billion and (ii) March 23, 2028. However, the Class F stockholder is entitled to request that we repurchase its shares in the event that there is a key person event or a material strategy change, as defined in the terms of the Class F subscription agreement.
If we are unable to continue raising substantial funds in our Continuous Offering, we will make fewer investments resulting in less diversification in terms of the type, number, and size of investments we make. Our inability to raise substantial funds would increase our fixed operating expenses as a percentage of gross income, reduce our net income, and limit our ability to make distributions.
Reimbursement of Certain Costs Paid by the Adviser
Under the terms of our Advisory Agreement, the Adviser advanced all of our organizational, offering and operating expenses (other than upfront selling commissions and ongoing stockholder servicing fees) incurred through May 31, 2024. Starting in December 2024, we began reimbursing the Adviser for these costs ratably over 52 months. As of March 31, 2025, we owe the Adviser approximately $13.4 million for the remaining outstanding balance of the expenses advanced by the Adviser under this arrangement. Any operating expenses incurred by the Adviser on behalf of the fund after May 31, 2024 are reimbursed quarterly to the Adviser.

Starting with the quarter ending June 30, 2025, we may not reimburse the Adviser at the end of any fiscal quarter for total operating expenses (as defined in the Advisory Agreement) that exceed the greater of 2% of average invested assets or 25% of net income determined without reduction for any non-cash reserves and excluding any gain from the sale of our assets for that period (the “2%/25% Guidelines”) for the four consecutive fiscal quarters then ended. We may reimburse the Adviser for expenses in excess of the 2%/25% Guidelines if a majority of our independent directors determines that such excess expenses are justified based on unusual and non-recurring factors.
Refer to Note 8 - “Related Party Transactions” of our Notes to Condensed Consolidated Financial Statements.

Forward-Looking Statements Regarding Liquidity
During the periods when we are selling more shares than we are repurchasing, we primarily use our capital to acquire our investments, which we also fund with other capital resources. During periods when we are repurchasing more shares than we are selling, we may use our capital to fund repurchases. We continue to believe that our current liquidity position is sufficient to meet the needs of our business.
In addition, we may have other funding obligations, which we expect to satisfy with the cash flows generated from our investments and our capital resources described above. Such obligations may include distributions to our stockholders, operating expenses, repayment of indebtedness, and debt service on our outstanding indebtedness. Our operating expenses include, among other things, the management fee and performance fee we pay to the Adviser, both of which will impact our liquidity to the extent the Adviser elects to receive such payments in cash, or subsequently redeems Class E shares previously issued to them. To date, the Adviser has elected to be paid in Class E shares, resulting in a non-cash expense.
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Contractual Obligations and Commitments
Commitments and contingencies may arise in the ordinary course of business. As of March 31, 2025, we had unfunded commitments of $338.0 million for 46 of our commercial real estate loan investments. The unfunded commitments generally consist of funding for leasing costs, interest reserves and capital expenditures. Funding depends on timing of lease-up, renovation and capital improvements as well as satisfaction of certain cash flow tests. Therefore, the exact timing and amounts of such future loan fundings are uncertain. We expect to fund our loan commitments over the remaining current maturity of the related loans of 1.97 years.
We have also committed to pay counterparty legal, diligence and other fees in connection with new financing facilities in the ordinary course of business.

From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2025, we were not involved in any material legal proceedings.
Critical Accounting Policies and Estimates
There have been no significant changes to our critical accounting policies and estimates that are disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.
Recent Accounting Standards
There have been no significant changes to the status of our adoption of the recently issued accounting pronouncement that is disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.
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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The Company may be exposed to market risk with respect to the fair value of commercial real estate loans and borrowings due to changes in market conditions, including spreads, benchmark interest rates, property cash flows, and commercial property values that serve as collateral. While we do not seek to avoid risk completely, we believe that risk can be quantified from historical experience, and we seek to actively manage that risk, to earn sufficient compensation to justify taking those risks and to maintain capital levels consistent with the risks we undertake.
Interest Rate Risk
Interest rate risk is highly sensitive to many factors, including governmental, monetary and tax policies, domestic and international economic and political considerations, and other factors beyond our control. We are exposed to interest rate volatility primarily as a result of the floating rate nature of the commercial real estate loans we hold and the financing we place on them. Additionally, we may use Company-level credit facilities featuring floating interest rates for liquidity and working capital purposes. Furthermore, we may make investments in fixed and floating rate debt securities; the value of our positions may increase or decrease depending on interest rate movements. Finally, interest rate changes may impact the availability of financing needed to expand our investment portfolio.
A rise in benchmark interest rates, such as SOFR, can be expected to lead to higher interest income earned (calculated as benchmark interest rate plus spread) on any variable rate commercial real estate loan we may hold and to declines in the value of any fixed rate commercial real estate loan we may hold. Rising benchmark interest rates carry default risk to our borrowers, because debt service payments may increase relative to cash flows from underlying properties, triggering borrower liquidity covenants. Therefore, we expect to protect interest income by requiring borrowers to purchase benchmark interest rate caps, which provides a hedge against rising benchmark interest rates, whereby the borrower will receive excess cash if benchmark interest rates exceed predetermined strike prices. Furthermore, rising benchmark interest rates also cause our overall cost of borrowing to increase, partially offsetting any increase in elevated interest income earned on our variable rate commercial real estate loan. We may use derivative financial instruments to hedge benchmark interest rate exposure on our borrowings to mitigate the impact on our debt service payments. An increase in benchmark interest rates may result in an increase in our net interest income and the amount of performance fees payable to the Adviser.
A decline in benchmark interest rates can be expected to lead to lower interest income earned from any variable rate commercial real estate loan we hold and increases in the value of any fixed rate commercial real estate loan we may hold. To mitigate the impact of reduced earnings as a result of declining benchmark interest rates, we expect to structure benchmark interest rate floors into each loan where the borrower will be required to pay minimum debt service payments should benchmark interest rates fall below a predetermined rate. Additionally, reduced benchmark interest rates also cause our overall cost of borrowings to decrease. Because our borrowings do not feature interest rate floors, but our variable rate commercial real estate loan feature minimum debt service payments due to us, declining benchmark interest rates below the structured floors may result in an increase to the net interest income received and an increase in the amount of performance fees payable to the Adviser.
As of March 31, 2025, we had $2.8 billion of floating rate commercial real estate loans, $2.1 billion of floating rate secured financing facilities and no balance outstanding on our revolving credit facility.
The net interest income sensitivity analysis table presented below shows the estimated impact over a twelve-month period of an instantaneous parallel shift in the yield curve, up and down by 100 basis points on our net interest income, assuming no changes in the composition of our commercial real estate loan investment portfolio and our outstanding borrowings in effect as of March 31, 2025. The analysis presented utilized assumptions, models and estimates of our Adviser based on our Adviser’s judgment and experience. Actual results could differ significantly from those estimated in the interest rate sensitivity table.
$ in thousands
At March 31, 2025
Change in Interest Rates
Projected Increase (Decrease) in Net Interest Income
Percentage Change in Projected Net Interest Income
+1.00%$6,326 9.80 %
-1.00%$(921)(1.40)%
Certain assumptions have been made in calculating the interest rate risk sensitivities and, as such, there can be no assurance that assumed events will occur or that other events will not occur that would affect the outcomes. The interest rate scenarios assume interest rates at March 31, 2025. Furthermore, while the analysis reflects the estimated impact of interest rate increases and
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decreases on a static portfolio, we actively manage the size and composition of our investments, which can result in material changes to our interest rate risk in the portfolio.
Credit Risk
We are exposed to credit risk in our commercial real estate loans with respect to a borrower’s ability to make required debt service payments to us and repay the unpaid principal balance in accordance with the terms of the applicable loan agreement. We manage this risk by conducting a credit analysis prior to making an investment and by actively monitoring our portfolio and the underlying credit quality, including subordination and diversification, of our commercial real estate loans. In addition, we re-evaluate the credit risk inherent in our commercial real estate loans on a regular basis under fundamental considerations such as gross domestic product, unemployment, interest rates, retail sales, store closing/openings, corporate earnings, housing inventory, affordability and regional home price trends.
While our investment objectives include avoiding excess sponsor/borrower concentration, we expect to experience some level of sponsor/borrower concentration prior to the time that we have raised substantial offering proceeds and acquired a broad portfolio of Credit Assets. As of March 31, 2025, we have invested in 56 commercial real estate loans with a fair value of $2.8 billion. Our portfolio includes the following loans that are cross collateralized and cross defaulted under master credit agreements with a single borrower.
CounterpartyLoan CountFair Value% of Loan Portfolio
Borrower A(1)
3295,177 11 %
(1) These loans are cross collateralized and cross defaulted under a master credit agreement.
We are exposed to credit risk with respect to the tenants that occupy properties that serve as collateral to our commercial real estate loans. To mitigate this risk, we seek to avoid large single tenant exposure and we undertake a credit evaluation of major tenants prior to making a loan. This analysis includes extensive due diligence of a potential tenant’s creditworthiness and business, as well as an assessment of the strategic importance of the property to the tenant’s core business operations.
We may be exposed to counterparty credit risk under the terms of a derivative contract. If the fair value of a derivative contract is positive, the counterparty will owe us, which creates credit risk for us. If the fair value of a derivative contract is negative, we will owe the counterparty and, therefore, do not have credit risk. We seek to minimize the credit risk in derivative instruments by entering into transactions with high-quality counterparties.
Further, there is counterparty risk associated with the future creditworthiness of our foreign currency hedge counterparties. When determining the fair value of our currency forward contracts, we consider the effect of nonperformance risk as a part of the valuation process and include a credit risk adjustment where appropriate.
Market Risk
Market Value Risk
We may also be exposed to market risk with respect to the fair value of our commercial real estate loans, debt securities and borrowings due to changes in market conditions, including spreads, benchmark interest rates, property cash flows, and commercial property values that serve as collateral. We seek to manage our exposure to market risk by originating or acquiring commercial real estate loans secured by different property types located in diverse, but liquid markets with stable credit ratings. The fair value of our commercial real estate loans, debt securities and borrowings may fluctuate, therefore the amount we will realize upon any repayment, sale, or an alternative liquidation event is unknown.
The investment portfolio value sensitivity analysis table presented below shows the estimated impact of a change in market benchmark spreads, up and down 100 basis points, on the fair value of our benchmark spread-sensitive investments and borrowings as of March 31, 2025, assuming a static portfolio and constant financing. When evaluating the impact of changes in benchmark spreads, prepayment assumptions and principal reinvestment rates are adjusted based on our Adviser’s expectations. The analysis presented utilized assumptions, models and estimates of our Adviser based on our Adviser’s judgment and experience. Actual results could differ significantly from those estimated in the benchmark spread sensitivity table.
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$ in thousands
At March 31, 2025
Change in Market Spreads
Projected Increase (Decrease) in Net Portfolio Value
Percentage Change in Projected Net Portfolio Value
+1.00%$(1,509)(0.24)%
-1.00%$5,479 0.86 %
Certain assumptions have been made in calculating the market value risk sensitivities and, as such, there can be no assurance that assumed events will occur or that other events will not occur that would affect the outcomes. Furthermore, while the analysis reflects the estimated impact of benchmark spread increases and decreases on a static portfolio, we actively manage the size and composition of our investments, which can result in material changes to our benchmark spread risk portfolio.
Real Estate Risk
Commercial property values are subject to volatility and may be adversely affected by a number of factors, including: national, regional and local economic conditions; local real estate conditions; changes or continued weakness in specific industry segments; construction quality, age and design; demographic factors; and retroactive changes to building or similar codes and/or tax and legal considerations. Changes in commercial property values are difficult to predict with accuracy. We model a range of valuation scenarios and the resulting impacts to our business.
Currency Risk
Our commercial real estate loan investments and secured financing facility borrowings that are denominated in a foreign currency are subject to risks related to fluctuations in foreign currency exchange rates. We mitigate this risk by entering into a series of foreign currency forward contracts to fix the U.S. dollar amount of foreign currency denominated cash flows (primarily interest income and principal payments) we expect to receive from our foreign currency investments.
Although we expect to substantially reduce our exposure to changes in portfolio value related to changes in foreign currency exchange rates, there can be no assurance that our hedges will eliminate all of our currency risk. For example, if actual repayments of our foreign currency-denominated loans occur sooner or later than expected, the hedge instruments are unlikely to fully protect us from changes in the valuation of such foreign currency. Additionally, we may be required under certain circumstances to collateralize our currency hedges for the benefit of a hedge counterparty, which could adversely affect our liquidity.
Despite being economic hedges, we have elected not to treat our foreign currency forwards as hedges for accounting purposes and, therefore, the changes in the value of such instruments, including actual and accrued payments, are included in our net income.
The following table represents our assets and liabilities that are denominated in a foreign currency (amounts in thousands):
March 31, 2025
EuroGBP
Foreign currency assets175,602 £84,439 
Foreign currency liabilities(140,098)(67,323)
Foreign currency contracts - notional, net(38,597)(18,911)
Net exposure to exchange rate fluctuations(3,093)£(1,795)
Net exposure to exchange rate fluctuations in USD(1)
$(3,347)$(2,322)
(1) Represents the U.S. dollar equivalent based on the Euro closing rate of 1.08212 and GBP closing rate of 1.29356 as of March 31, 2025.
For further information regarding our foreign currency forward contracts, see Note 5 - “Derivatives and Hedging Activities” of our condensed consolidated financial statements in Part I. Item 1 of this Report.
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ITEM 4.    CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
An evaluation of the effectiveness of the design and operation of our “disclosure controls and procedures” (as defined in Rule 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), as of the end of the period covered by this Quarterly Report was made under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”). Based upon this evaluation, our CEO and CFO have concluded that as of the end of the period covered by this Quarterly Report our disclosure controls and procedures (a) are effective to reasonably ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosure.
There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.
Changes in Internal Controls over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarter ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION
ITEM 1.    LEGAL PROCEEDINGS
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2025, we were not involved in any material legal proceedings.
ITEM 1A.    RISK FACTORS
There were no material changes during the period covered by this Quarterly Report to the risk factors previously disclosed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024.
ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Unregistered Sales of Equity Securities
The following table details the common shares issued under our distribution reinvestment plan for the three months ended March 31, 2025:
$ in thousands, except share and per share amountsIssuance DateNumber of SharesPrice per ShareTotal Value
Class S-1January 16, 202526,237 $25.1648 $660 
Class DJanuary 16, 202512 $25.0440 $— 
Class IJanuary 16, 202510,737 $25.1302 $270 
Class EJanuary 16, 2025427 $25.4005 $11 
Class FJanuary 16, 202551,391 $25.5864 $1,315 
Class S-1February 12, 202531,892 $25.1951 $804 
Class DFebruary 12, 202513 $25.0840 $— 
Class IFebruary 12, 202511,724 $25.1623 $295 
Class EFebruary 12, 2025428 $25.4712 $11 
Class FFebruary 12, 202551,589 $25.6480 $1,323 
Class S-1March 14, 202539,966 $25.1612 $1,005 
Class DMarch 14, 202574 $25.0527 $
Class IMarch 14, 202514,349 $25.1292 $361 
Class EMarch 14, 2025515 $25.4785 $13 
Class FMarch 14, 202558,391 $25.6517 $1,498 
The transactions reflected above were exempt from the registration provisions of the Securities Act by virtue of Section 4(a)(2) thereof.
Issuer Purchases of Equity Securities
We have adopted a share repurchase plan, whereby on a monthly basis, stockholders may request that we repurchase all or any portion of their shares of our common stock, subject to the terms and conditions of the share repurchase plan. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to any limitations in the share repurchase plan.
The total amount of share repurchases under the plan is limited to 2% of our aggregate NAV per month and 5% of our aggregate NAV per calendar quarter.
Shares will be repurchased at a price equal to the transaction price on the applicable repurchase date, subject to any early repurchase deduction. Our transaction price will generally equal our prior month's NAV per share for that share class. Shares repurchased within one year of the date of issuance generally will be repurchased at 95% of the current transaction price, subject to certain limited exceptions. Due to the illiquid nature of investments in commercial real estate loans, we may not have
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sufficient liquid resources to fund repurchase requests. Our board of directors may modify or suspend the share repurchase plan.
During the three months ended March 31, 2025, we repurchased shares of our common stock in the following amounts:
Month of:Total Number of Shares Repurchased
Average Price Paid per Share(1)
Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs(2)
Maximum Number of Shares Pending Repurchase Pursuant to Publicly Announced Plans or Programs (3)
January 202514,028 $24.33 14,028 — 
February 202516,705 $24.70 16,705 — 
March 2025(4)
1,191,045 $25.19 — — 
1,221,778 $25.17 30,733 — 
(1)Shares repurchased within one year of the date of issuance generally will be repurchased at 95% of the current transaction price, subject to certain limited exceptions.
(2)Number of shares repurchased as part of publicly announced plans or programs include share repurchases, if any, under our share repurchase plan.
(3)All repurchase requests under our share repurchase plan were satisfied.
(4)The Total Number of Shares Repurchased and Average Price Paid per Share includes 1,191,045 shares of our redeemable common stock held by Invesco Realty, Inc. repurchased outside of the share repurchase plan, with an average price paid per share of $25.19, related to shares that were previously issued pursuant to the Invesco Subscription Agreement. Invesco’s affiliate may not submit its shares for repurchase under our share repurchase plan until the earlier of March 23, 2028 and the date that our aggregate NAV is at least $1.5 billion. See Item 2. “Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” for additional information regarding share repurchases from Invesco’s affiliate.
ITEM 3.    DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.    MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5.    OTHER INFORMATION
Entry Into a Material Definitive Agreement

INCREF 2025-FL1 CLO Transaction Overview

On May 7, 2025 (the “CLO Closing Date”), Invesco Commercial Real Estate Finance Trust, Inc. (the “Company”) entered into a collateralized loan obligation (the “CLO”) through its subsidiary real estate investment trust, INCREF Sub-REIT LLC (“Sub-REIT”), and a wholly-owned subsidiary of Sub-REIT, INCREF 2025-FL1 LLC, a Delaware limited liability company, as issuer (the “CLO Issuer”). On the CLO Closing Date, the CLO Issuer issued six classes of notes, the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes (the “Offered Notes”), and three additional classes of notes, the Class F Notes and the Class G Notes (together with the Offered Notes, the “Secured Notes”) and the Income Notes (together with the Secured Notes, the “Notes”), each in the principal amount and having the characteristics and designations set forth in the table and description below.

The CLO Issuer issued the Notes pursuant to the terms of an indenture, dated as of May 7, 2025 (the “Indenture”), among the Issuer, Invesco Commercial Real Estate Finance Investments, LP, as advancing agent (in such capacity, together with its permitted successors and assigns, the “Advancing Agent”), Wilmington Trust, National Association, as trustee (in such capacity, together with its permitted successors and assigns, the “Trustee”), and Computershare Trust Company, National Association, as note administrator (together with its permitted successors and assigns, the “Note Administrator”) and as custodian. The Note Administrator will also act as paying agent, calculation agent, transfer agent, backup advancing agent and notes registrar for the Issuer. Invesco Advisers, Inc. will serve as the collateral manager for the Issuer (in such capacity, together with its permitted successors and assigns, the “Collateral Manager”).


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Class of NotesPrincipal or Notional AmountPercentage of the Aggregate Notional Amount of all NotesRatings (Moody's/Fitch)
Initial Weighted Average Life of Notes(1)
Fully Extended Weighted Average Life of Notes(1)
Class A Notes$ 706,068,0058.000%Aaa(sf) / AAAsf3.37 years3.88 years
Class A-S Notes$ 129,344,0010.625%NR / AAAsf3.96 years4.59 years
Class B Notes$ 91,302,007.500%NR / AA-sf4.12 years4.73 years
Class C Notes$ 71,520,005.875%NR / A-sf4.20 years4.84 years
Class D Notes$ 42,608,003.500%NR / BBBsf4.41 years4.87 years
Class E Notes$ 22,825,001.875%NR / BBB-sf4.45 years4.87 years
Class F Notes$ 42,608,003.500%NR / BB-sf4.45 years4.87 years
Class G Notes$ 30,434,002.500%NR / B-sf4.45 years4.87 years
Income Notes$ 80,650,326.625%NR / NRN/AN/A
(1)The Initial Weighted Average Life of Notes and the Fully Extended Weighted Average Life of Notes have been calculated assuming certain collateral characteristics and based on assumptions that there are no prepayments, defaults or other delinquencies and certain other modeling assumptions. In addition, with respect to the Fully Extended Weighted Average Life of Notes, it is assumed that each commercial real estate loan is fully extended to its maximum contracted extended term. There are no assurances that such assumptions will be met.

Each Class of Notes will mature at par on the payment date in October 2042, unless redeemed or repaid prior thereto. Principal payments on each class of Notes will be paid at the stated maturity in accordance with the priority of payments set forth in the Indenture. It is anticipated, however, that the Notes will be paid in advance of the stated maturity date in accordance with the priority of payments set forth in the Indenture. The initial weighted average life of each class of Offered Notes and certain assumptions underlying their calculations are set forth in the table above. There can be no assurance that such assumptions will be met.

The Offered Notes were placed pursuant to a Placement Agreement, dated as of April 29, 2025, among the Issuer, Invesco Commercial Real Estate Finance Investments, LP, and Morgan Stanley & Co. LLC, Barclays Capital Inc., Wells Fargo Securities, LLC, Citigroup Global Markets Inc., BMO Capital Markets Corp. and Capital One Securities, Inc, as placement agents. INCREF 2025-FL1 Retention Holder LLC, which is an indirect subsidiary of the Company and wholly-owned subsidiary of Sub-REIT, acquired 100% of the Class D Notes, Class E Notes, Class F Notes, the Class G Notes and the Income Notes issued on the CLO Closing Date.

The Secured Notes represent limited recourse obligations of the Issuer payable solely from collateral interests acquired by the Issuer on and after the CLO Closing Date and pledged under the Indenture. To the extent the collateral is insufficient to make payments in respect of the Secured Notes, none of the Issuer, any of its affiliates or any other person will have any obligation to pay any further amounts in respect of the Secured Notes. The Income Notes are not secured.

The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

The proceeds from the issuance of the Notes on the CLO Closing Date, after payment of certain fees and expenses, were used to (i) purchase an initial portfolio of collateral interests, (ii) fund an unused proceeds account for the purchase of ramp-up collateral interests during the ramp-up acquisition period, (iii) repay amounts owed in respect of certain pre-closing financings, including under repurchase facilities with affiliates of certain placement agents, and (iv) undertake certain related activities.

The initial portfolio of collateral interests was purchased by the Issuer from INCREF CLO Seller LLC (“Seller”) pursuant to a Collateral Interest Purchase Agreement (the “Collateral Interest Purchase Agreement”), dated as of May 7, 2025, among the Issuer, the Seller, Invesco Commercial Real Estate Finance Investments, LP and, solely with regard to certain tax covenants, Sub-REIT. Pursuant to the Collateral Interest Purchase Agreement, the Seller made certain representations and warranties to the Issuer with respect to the collateral interests. In the event that a material breach of a representation or warranty or material document defect with respect to any collateral interest exists, the Seller (or Invesco Commercial Real Estate Finance Investments, LP, as guarantor of such obligations) will have to either (a) correct or cure such breach of representation or warranty or material document defect in all material respects, within 90 days (or in certain cases, 180 days) of discovery by the Seller or written notice from any party to the Indenture (to the extent such breach or defect is capable of being corrected or cured), (b) subject to the consent of a majority of each class of Notes (excluding any Notes held by the Seller or any of its affiliates), make a cash payment to the Issuer or (c) repurchase such collateral interest at a repurchase price calculated as set forth in the Collateral Interest Purchase Agreement.
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The Notes

Collateral

The Offered Notes will be secured by, among other things, (i) the collateral interests (mortgage loans, combined loans (consisting of mortgage loans and mezzanine loans), senior portions of mortgage loans or combined loans and participations in mortgage loans or combined loans) acquired by the Issuer, including the CLO Closing Date collateral interests and any collateral interests acquired by the Issuer after the CLO Closing Date, (ii) the collection account, the partitioned loan collection account, the payment account, the expense reserve account, the unused proceeds account, the reinvestment account, the custodial account and the related security entitlements and all income from the investment of funds in any of the foregoing at any time credited to any of the foregoing accounts, (iii) the eligible investments purchased from deposits in certain accounts, (iv) the Issuer’s rights under certain agreements (including the Collateral Management Agreement, the Collateral Interest Purchase Agreement and the Servicing Agreement, each as defined herein), (v) all amounts delivered to the Note Administrator or its bailee (directly or through a securities intermediary), (vi) all other investment property, instruments and general intangibles in which the Issuer has an interest, (vii) the Issuer’s ownership interests in and rights in all permitted subsidiaries and (viii) all proceeds of the foregoing (collectively, the “Collateral”).

Maturity

The Notes will mature at par on the payment date in October 2042, unless redeemed or repaid prior thereto.

Interest Rate

For purposes of the below, “Benchmark” means, initially, Term SOFR; provided that if Term SOFR or the then-current alternative benchmark is replaced, then “Benchmark” means the applicable replacement.

Class A Notes. The Class A Notes will bear interest at a per annum rate equal to the sum of (a) the Benchmark plus (b)(i) with respect to each payment date (and related interest accrual period), 1.72838% plus, (ii) with respect to each payment date (and related interest accrual period) on and after the payment date in October 2030, 0.25%.

Class A-S Notes. The Class A-S Notes will bear interest during each interest accrual period at a per annum rate equal to the sum of (a) the Benchmark plus, (b)(i) with respect to each payment date (and related interest accrual period), 2.13766% plus, (ii) with respect to each payment date (and related interest accrual period) on and after the payment date in October 2030, 0.25%.

Class B Notes. The Class B Notes will bear interest during each interest accrual period at a per annum rate equal to the sum of (a) the Benchmark plus, (b)(i) with respect to each payment date (and related interest accrual period), 2.58861% plus, (ii) with respect to each payment date (and related interest accrual period) on and after the payment date in October 2030, 0.50%.

Class C Notes. The Class C Notes will bear interest during each interest accrual period at a per annum rate equal to the sum of (a) the Benchmark plus, (b)(i) with respect to each payment date (and related interest accrual period), 3.08897% plus, (ii) with respect to each payment date (and related interest accrual period) on and after the payment date in October 2030, 0.50%.

Class D Notes. The Class D Notes will bear interest during each interest accrual period at a per annum rate equal to the sum of (a) the Benchmark plus, (b)(i) with respect to each payment date (and related interest accrual period), 4.18769% plus, (ii) with respect to each payment date (and related interest accrual period) on and after the payment date in October 2030, 0.50%.

Class E Notes. The Class E Notes will bear interest during each interest accrual period at a per annum rate equal to the sum of (a) the Benchmark plus, (b)(i) with respect to each payment date (and related interest accrual period), 4.93660% plus, (ii) with respect to each payment date (and related interest accrual period) on and after the payment date in October 2030, 0.50%.

Class F Notes. The Class F Notes will bear interest during each interest accrual period at a per annum rate equal to the sum of (a) the Benchmark plus, (b) with respect to each payment date (and related interest accrual period), 6.00000%.

Class G Notes. The Class G Notes will bear interest during each interest accrual period at a per annum rate equal to the sum of (a) the Benchmark plus, (b) with respect to each payment date (and related interest accrual period), 7.00000%.

Interest on the Notes will be calculated based on the actual number of days in the related interest accrual period, assuming a 360-day year.

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The failure to pay interest on the Class A Notes, the Class A-S Notes or the Class B Notes at any time or, if no Class A Notes, Class A-S Notes or Class B Notes are outstanding, on any other class of Notes at the time such class of Notes is the most senior class of Notes outstanding, will constitute an event of default under the Indenture (following any applicable grace period).

For so long as any class of Notes with a higher priority is outstanding, any interest due on the Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes and the Class G Notes that is not paid as a result of the operation of the priority of payments on any payment date (any such interest, “Deferred Interest”) will be deferred, will not be considered “due and payable” and the failure to pay such Deferred Interest will not be an event of default under the Indenture. Any Deferred Interest will be added to the outstanding principal balance of such class of Notes, will have the effect of increasing the notional amount of the related notes and will accrue interest at the applicable rate.

Principal payments on each class of Notes will be paid in accordance with the priority of payments set forth in the Indenture.

Subordination of the Notes

In general, payments of interest and principal on any class of Notes are subordinate to all payments of interest and principal on any class of Notes with a more senior priority. Generally, all payments on the Notes will be subordinate to certain payments required to be made in respect of any interest advances and certain other expenses.

Note Protection Tests

The Notes are subject to note protection tests (the “Note Protection Tests”), which will be used primarily to determine whether and to what extent interest received on the collateral interests may be used to make certain payments subordinate to interest and principal payments to the Offered Notes in the priority of payments set forth in the Indenture.

If either of the Note Protection Tests are not satisfied as of any determination date, then on the next payment date, interest proceeds and, to the extent necessary after such application of interest proceeds, principal proceeds will be used to redeem the Offered Notes in accordance with the priority of payments until such Note Protection Tests are satisfied.

The following chart specifies the minimum ratios required for each Note Protection Test to be satisfied for the Offered Notes.

Note Protection TestRatio
Minimum Par Value112.16%
Minimum Interest Coverage120.00%

The par value ratio is, as of any measurement date, the number (expressed as a percentage) calculated by dividing (a) the net outstanding portfolio balance on such measurement date by (b) the sum of the aggregate outstanding amount of the Offered Notes and the amount of any unreimbursed interest advances.

The interest coverage ratio is generally equal to the interest proceeds from the collateral portfolio divided by the interest payable on the Offered Notes.

Redemption

The Notes are subject to a clean-up call redemption (at the option of and at the direction of the Collateral Manager), in whole but not in part, on any interest payment date on which the aggregate outstanding principal amount of the Offered Notes has been reduced to 10% or less of the aggregate outstanding principal amount of the Offered Notes outstanding on the CLO Closing Date.

Subject to certain conditions described in the Indenture, on the payment date in October 2027, and on any payment date thereafter, the Issuer may redeem the Notes at the direction of the holders of a majority of the Income Notes.

The Notes are also subject to a mandatory redemption on any interest payment date on which certain note protection tests set forth in the Indenture are not satisfied or if ratings assigned to the Notes as of the Closing Date are not confirmed after a 180-day period for the purchase of additional assets. Any mandatory redemption of the Notes is to be paid from interest and principal proceeds of the collateral interests in accordance with the priority of payments set forth in the Indenture, until the applicable note protection tests are satisfied or the applicable ratings are reinstated.

If certain events occur that would make the Issuer subject to paying U.S. federal income taxes or would make certain payments to or from the Issuer subject to withholding tax, then the holders of a majority of the Income Notes may require that the Issuer prepay all of the Notes.
45



The redemption price for each Class of Secured Notes is generally the aggregate outstanding principal amount of such Class, plus accrued and unpaid interest (including any defaulted interest amounts and deferred interest amounts, as applicable).

Collateral Management Agreement

Certain advisory, administrative and monitoring functions relating to the collateral interests will be performed by the Collateral Manager, pursuant to a Collateral Management Agreement, dated as of May 7, 2025, between the Issuer, Invesco Commercial Real Estate Finance Investments, LP and the Collateral Manager (the “Collateral Management Agreement”).

As compensation for the performance of its obligations as Collateral Manager, the Collateral Manager is entitled to receive a fee, payable monthly in arrears, equal to (unless waived) 0.10% per annum of the sum of the net outstanding portfolio balance to the extent funds are available. Invesco Advisers, Inc. has agreed to waive its entitlement to such Collateral Manager fee for so long as Invesco Advisers, Inc. or an affiliate is the Collateral Manager under the Collateral Management Agreement and also an affiliate of the Company.

The Collateral Manager may be removed upon at least 30 days’ prior written notice if certain termination events have occurred, by the Issuer or the Trustee, if the holders of at least 66-2/3% in aggregate outstanding amount of each class of Notes then outstanding give written notice to the Collateral Manager, the Issuer and the Trustee directing such removal. The Collateral Manager cannot be removed without cause but may resign as Collateral Manager upon 90 days’ prior written notice.

Except with respect to the limitations set forth in the Indenture, the Collateral Manager is not obligated to pursue any particular investment strategy or opportunity with respect to the collateral interests.

Reinvestment Period

The CLO includes a 30-month reinvestment period (unless, before such date, all of the Notes are redeemed or an event of default occurs and is continuing) during which the Issuer may acquire additional collateral interests, subject to the satisfaction of certain conditions set forth in the Indenture.

Ramp-Up Collateral Interests and Ramp-Up Acquisition Period

The CLO includes a 6-month ramp-up acquisition period (unless, before such date, all of the funds in the unused proceeds account have been used to purchase ramp-up collateral interests, the Collateral Manager has notified the Trustee and Note Administrator that it is no longer practical or desirable to invest in ramp-up collateral interests, or an event of default occurs and is continuing) during which the Issuer may acquire additional collateral interests, which will comprise the remainder of the initial portfolio of collateral interests.

The Servicing Agreement

Except for certain non-serviced loans, the commercial real estate loans will be serviced by KeyBank National Association, as servicer (the “Servicer”), and Bellwether Asset Services, LLC, as special servicer (the “Special Servicer”), pursuant to a Servicing Agreement (the “Servicing Agreement”), dated as of May 7, 2025, among the Issuer, the Collateral Manager, the Servicer, the Special Servicer, the Advancing Agent, the Trustee and the Note Administrator.

The Servicing Agreement requires each of the Servicer and the Special Servicer to diligently service and administer the commercial real estate loans (other than certain non-serviced loans) and any applicable mortgaged property acquired directly or indirectly by the Special Servicer for the benefit of the note holders and certain related parties under the Indenture. In connection with their respective duties under the Servicing Agreement, the Servicer and the Special Servicer (or any replacement servicer or special servicer) are entitled to monthly servicing and special servicing fees, as described in the Servicing Agreement.

Net Asset Value Calculation

For purposes of the net asset value calculation, the fair value of any collateralized financing assets and securitized liabilities will generally be measured using the more observable of the fair value of the securitized assets and liabilities. We intend to hold our retained interests in the CLO through maturity. Therefore, we will exclude the impact of any unrealized gains or losses on our retained interests from the NAV calculation as long as such interest is not impaired. The Adviser will evaluate the retained interest for impairment at least quarterly. If any retained interest is deemed impaired, the corresponding loss will be recognized in NAV.

46



ITEM 6.    EXHIBITS

Exhibit No.Description
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9
3.10
3.11
4.1
31.1*
31.2*
32.1**
32.2**
101
The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in iXBRL (inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Comprehensive Income; (iii) Condensed Consolidated Statements of Changes in Equity and Redeemable Equity Instruments; and (iv) Condensed Consolidated Statements of Cash Flows
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
* Filed herewith
** Furnished herewith


47


The agreements and other documents filed as exhibits to this Quarterly Report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

48



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.



INVESCO COMMERCIAL REAL ESTATE FINANCE TRUST, INC.
May 12, 2025By:/s/ Hubert J. Crouch
Hubert J. Crouch
Chief Executive Officer
(Principal Executive Officer)
May 12, 2025By:/s/ Courtney Popelka
Courtney Popelka
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
49


Exhibit 31.1
CERTIFICATION
PURSUANT TO 17 CFR 240.13a-14
PROMULGATED UNDER
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Hubert J. Crouch, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Invesco Commercial Real Estate Finance Trust, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.




Date: May 12, 2025
/s/ Hubert J. Crouch
Hubert J. Crouch
Chief Executive Officer
(Principal Executive Officer)


Exhibit 31.2
CERTIFICATION
PURSUANT TO 17 CFR 240.13a-14
PROMULGATED UNDER
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Courtney Popelka, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Invesco Commercial Real Estate Finance Trust, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.




Date: May 12, 2025
/s/ Courtney Popelka
Courtney Popelka
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)


Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Invesco Commercial Real Estate Finance Trust, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Hubert J. Crouch, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Hubert J. Crouch
Hubert J. Crouch
Chief Executive Officer
(Principal Executive Officer)
May 12, 2025
This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.


Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Invesco Commercial Real Estate Finance Trust, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Courtney Popelka, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Courtney Popelka
Courtney Popelka
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
May 12, 2025
This certification accompanies each Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
A signed original of this written statement required by Section 906 has been provided by the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

v3.25.1
Cover - shares
3 Months Ended
Mar. 31, 2025
May 09, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 000-56564  
Entity Registrant Name Invesco Commercial Real Estate Finance Trust, Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 92-1080856  
Entity Address, Address Line One 2300 N Field Street  
Entity Address, Address Line Two Suite 1200  
Entity Address, City or Town Dallas  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75201  
City Area Code 972  
Local Phone Number 715-7400  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period true  
Entity Shell Company false  
Entity Central Index Key 0001976927  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class S Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,331,468
Class S-1 Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   12,641,707
Class D Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,207,999
Class I Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   6,099,897
Class E Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,506,957
Class F Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   8,431,833

v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Commercial real estate loan investments, at fair value (including pledged loans of $2,764,054 and $2,355,509, respectively) $ 2,788,480 $ 2,391,078
Cash and cash equivalents 65,675 80,221
Restricted cash 28,572 19,813
Interest receivable 13,316 12,600
Derivative assets, at fair value 1,767 4,064
Total assets 2,898,545 2,508,194
LIABILITIES    
Secured lending agreements, at fair value 2,015,125 1,720,350
Term lending agreement, at fair value 134,518 134,518
Interest payable 7,871 8,344
Dividends and distributions payable (including $788 and $961 due to related party, respectively) 4,257 3,765
Accounts payable, accrued expenses and other liabilities 34,294 23,159
Due to affiliates 31,936 31,342
Total liabilities 2,228,001 1,921,478
Commitments and contingencies (See Note 12)
Redeemable common stock - related party (see Note 9) 124,341 151,367
STOCKHOLDERS’ EQUITY    
Additional paid-in capital 561,241 448,947
Accumulated other comprehensive income (loss) (39) (65)
Accumulated deficit (15,228) (13,920)
Total stockholders’ equity 546,203 435,349
Total liabilities, redeemable common stock and stockholders’ equity 2,898,545 2,508,194
Affiliated Entity    
LIABILITIES    
Due to affiliates 31,936 31,342
Nonrelated Party    
ASSETS    
Other assets 735 418
Series A Preferred Stock    
STOCKHOLDERS’ EQUITY    
12.5% Series A Cumulative Redeemable Preferred Stock, — and 228 shares issued and outstanding, respectively ($228 aggregate liquidation preference as of December 31, 2024) 0 205
Class S Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 0 0
Class S-1 Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 106 72
Class D Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 0 0
Class D-1 Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 0 0
Class I Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 38 27
Class E Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock 1 1
Class F Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock $ 84 $ 82

v3.25.1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Loans pledged as collateral $ 2,764,054 $ 2,355,509
Dividends and distributions payable $ 4,257 $ 3,765
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 50,000,000 50,000,000
Related Party    
Dividends and distributions payable $ 788 $ 961
Series A Preferred Stock    
Preferred stock, dividend rate (in percent) 12.50% 12.50%
Preferred stock, issued (in shares) 0 228
Preferred stock, outstanding (in shares) 0 228
Preferred stock, liquidation preference   $ 228
Class S Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Class S-1 Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Class D Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Class D-1 Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Class I Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Class E Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000
Class F Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 500,000,000 500,000,000

v3.25.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net Interest Income    
Commercial real estate loan interest income $ 46,841 $ 15,140
Other interest income 975 241
Interest expense (31,297) (10,406)
Net interest income 16,519 4,975
Other Income (Expense)    
Unrealized gain (loss) on loans, net (includes $10.8 million of unrealized foreign exchange gains for the three months ended March 31, 2025) 12,680 918
Unrealized gain (loss) on secured financing facilities, net (includes $8.7 million of unrealized foreign exchange losses for the three months ended March 31, 2025) (8,474) (723)
Gain (loss) on derivative instruments, net (2,180) 0
Gain (loss) on foreign currency transactions, net 9 0
Commitment fee income, net of related party expense of $2,119 and $1,398 for the three months ended March 31, 2025 and 2024, respectively 2,119 1,398
Other income 289 101
Total other income (expense), net 4,443 1,694
Expenses    
Management and performance fees - related party 1,830 350
Debt issuance and other financing costs related to borrowings, at fair value 4,916 469
Organizational costs 2 5
General and administrative 2,550 1,158
Total expenses 9,298 1,982
Net income (loss) 11,664 4,687
Dividends to preferred stockholders (2) (7)
Issuance and redemption costs of redeemed preferred stock (27) 0
Net income (loss) attributable to common stockholders, basic 11,635 4,680
Net income (loss) attributable to common stockholders, diluted 11,635 4,680
Currency translation adjustment 26 0
Comprehensive income (loss) 11,690 4,687
Issuance and redemption costs of redeemed preferred stock (27) 0
Comprehensive income (loss) attributable to common stockholders $ 11,661 $ 4,680
Earnings (loss) per share:    
Basic (in dollars per share) $ 0.43 $ 0.65
Diluted (in dollars per share) $ 0.43 $ 0.65
Weighted average number of shares of common stock    
Basic (in shares) 27,233,292 7,183,194
Diluted (in shares) 27,233,368 7,183,777

v3.25.1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Unrealized foreign exchange gains $ 10,800  
Unrealized foreign exchange losses (8,700)  
Related Party    
Commitment and other fee expense $ 2,119 $ 1,398

v3.25.1
Condensed Consolidated Statements of Changes in Stockholders’ Equity and Redeemable Common Stock (Unaudited) - USD ($)
$ in Thousands
Total
Series A Preferred Stock
Series A Preferred Stock
Common Stock
Class S Common Stock
Common Stock
Class S-1 Common Stock
Common Stock
Class D Common Stock
Common Stock
Class D-1 Common Stock
Common Stock
Class I Common Stock
Common Stock
Class E Common Stock
Common Stock
Class F Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings (Accumulated Deficit)
Beginning balance at Dec. 31, 2023 $ 25,472 $ 205 $ 0 $ 11 $ 0 $ 0 $ 3 $ 0 $ 0 $ 32,549 $ 0 $ (7,296)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 4,687                     4,687
Proceeds from issuance of common stock, net of offering costs 52,971     14     7 1   52,949    
Common stock distribution reinvestment 773                 773    
Common stock dividends (6,311)                     (6,311)
Preferred stock dividends (7)                     (7)
Amortization of equity based compensation 17                 17    
Foreign currency translation adjustment 0                      
Ending balance at Mar. 31, 2024 77,602 205 0 25 0 0 10 1 0 86,288 0 (8,927)
Beginning balance at Dec. 31, 2023 105,340                      
Redeemable Common Stock                        
Proceeds from issuance of redeemable common stock 0                      
Adjustment to the carrying value of redeemable common stock 0                      
Ending balance at Mar. 31, 2024 105,340                      
Beginning balance at Dec. 31, 2024 435,349 205 0 72 0 0 27 1 82 448,947 (65) (13,920)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income (loss) 11,664                     11,664
Proceeds from issuance of common stock, net of offering costs 105,668     33     11     105,624    
Common stock distribution reinvestment 7,568     1         2 7,565    
Common stock dividends (12,943)                     (12,943)
Preferred stock dividends (2)                     (2)
Amortization of equity based compensation 19                 19    
Repurchase of common stock (754)                 (754)    
Redemption of preferred stock (232) (205)                   (27)
Foreign currency translation adjustment 26                   26  
Adjustment to the carrying value of redeemable common stock (160)                 (160)    
Ending balance at Mar. 31, 2025 546,203 $ 0 $ 0 $ 106 $ 0 $ 0 $ 38 $ 1 $ 84 $ 561,241 $ (39) $ (15,228)
Beginning balance at Dec. 31, 2024 151,367                      
Redeemable Common Stock                        
Proceeds from issuance of redeemable common stock 2,814                      
Repurchase of redeemable common stock (30,000)                      
Adjustment to the carrying value of redeemable common stock 160                      
Ending balance at Mar. 31, 2025 $ 124,341                      

v3.25.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 11,664 $ 4,687
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized (gain) loss on loans, net (12,680) (918)
Unrealized (gain) loss on secured financing facilities, net 8,474 723
(Gain) loss on derivative instruments, net 2,180 0
Debt issuance costs 3,541 469
Amortization of equity based compensation 19 17
Change in operating assets and liabilities:    
Increase in operating assets (1,019) (776)
(Increase) decrease in due from affiliates 0 (228)
(Decrease) increase in operating liabilities (458) 1,355
(Decrease) increase in due to affiliate (450) 3,106
Net cash provided by operating activities 11,271 8,435
Cash flows from investing activities:    
Originations and fundings of commercial real estate loans (384,706) (209,912)
Settlement of foreign currency forward contracts, net 117 0
Net cash used in investing activities (384,589) (209,912)
Cash flows from financing activities:    
Proceeds from revolving credit facility 135,000 91,000
Repayment of revolving credit facility (135,000) (87,000)
Proceeds from secured financing facilities 286,301 151,397
Proceeds from issuance of common stock, net of offering costs 89,741 31,213
Repurchase of common stock (809) 0
Repurchase of redeemable common stock (30,000) 0
Redemption of preferred stock (232) 0
Proceeds from subscriptions paid in advance 28,495 14,021
Cash paid for debt issuance costs (1,079) (228)
Payments of dividends (4,885) (4,486)
Net cash provided by financing activities 367,532 195,917
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1) 0
Net change in cash, cash equivalents and restricted cash (5,787) (5,560)
Cash, cash equivalents and restricted cash, beginning of period 100,034 25,541
Cash, cash equivalents and restricted cash, end of period 94,247 19,981
Supplemental disclosures:    
Interest paid 31,770 9,886
Non-cash investing and financing activities:    
Dividends and distributions declared not paid 4,257 4,188
Common stock distribution reinvestment 7,568 773
Issuance of redeemable common stock for payment of management and performance fees 2,814 0
Deferred offering costs due to affiliate 0 5
Offering costs due to affiliates 3,857 1,808
Debt issuance costs due to affiliate 0 241
Adjustment to carrying value of redeemable common stock $ 160 $ 0

v3.25.1
Organization and Business Purpose
3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Business Purpose Organization and Business Purpose
Invesco Commercial Real Estate Finance Trust, Inc. (the “Company” or “we”) is a Maryland corporation incorporated in October 2022. Our primary investment strategy is to originate, acquire and manage a diversified portfolio of loans and debt-like preferred equity interests secured by, or unsecured but related to, commercial real estate. We commenced investing activities in May 2023. We own substantially all of our assets through Invesco Commercial Real Estate Finance Investments, L.P. (the “Operating Partnership”), a wholly-owned subsidiary. We are externally managed by Invesco Advisers, Inc. (the “Adviser”), a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd. (“Invesco”), an independent global investment management firm.

We qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2023. We have one operating segment. We operate our business in a manner that permits our exclusion from the definition of an “Investment Company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”).
We are structured as a perpetual-life REIT and are engaging in a continuous, unlimited private placement offering of our common stock to “accredited investors” (as defined by Rule 501 promulgated pursuant to the Securities Act) (the “Continuous Offering”) under exemptions provided by Section 4(a)(2) of the Securities Act and applicable state securities laws. The Class S, Class S-1, Class D, Class D-1, Class I, and Class E shares sold in our Continuous Offering have different upfront selling commissions, ongoing stockholder servicing fees, management fees and performance fees.

v3.25.1
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
Certain disclosures included in our Annual Report on Form 10-K are not required to be included on an interim basis in our quarterly reports on Form 10-Q. We have condensed or omitted these disclosures. Therefore, this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024.
Our condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and consolidate the financial statements of the Company and its controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair statement of our financial condition and results of operations for the period presented.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Examples of estimates may include, but are not limited to, estimates of the fair values of financial instruments and estimated payment periods for certain stockholder servicing fee liabilities. Actual results may differ from those estimates.
Significant Accounting Policies
There have been no changes to our accounting policies included in Note 2 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2024.

v3.25.1
Commercial Real Estate Loan Investments
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Commercial Real Estate Loan Investments Commercial Real Estate Loan Investments
The table below summarizes our investments in commercial real estate loans as of March 31, 2025 and December 31, 2024.
$ in thousands
Loan Type
Loan Amount(1)
Principal Balance OutstandingFair Value
Weighted Average Interest Rate(2)
Weighted Average Life (years)(3)
March 31, 2025
Senior loans(4)
$3,093,858 $2,774,431 $2,777,005 7.21 %4.14
Mezzanine loans30,000 11,475 11,475 12.08 %4.59
Total$3,123,858 $2,785,906 $2,788,480 7.23 %4.14
December 31, 2024
Senior loans(4)
$2,658,628 $2,385,124 $2,385,840 7.37 %4.26
Mezzanine loans30,000 5,238 5,238 12.23 %4.84
Total$2,688,628 $2,390,362 $2,391,078 7.38 %4.27
(1)Loan amount consists of outstanding principal balance plus unfunded loan commitments.
(2)Domestic loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. Euro denominated loans earn interest at three-month Euro Interbank Offered Rate (“Euribor”) plus a spread. Our loan denominated in British pounds sterling earns interest at three-month Sterling Overnight Index Average (“SONIA”) plus a spread.
(3)Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions, as defined in the respective loan agreement.
(4)Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and accommodation mezzanine loans in connection with the senior mortgage financing.
The tables below detail the property type and geographic location of the properties securing our commercial real estate loans as of March 31, 2025 and December 31, 2024.
$ in thousandsMarch 31, 2025December 31, 2024
Property TypeFair ValuePercentageFair ValuePercentage
Multifamily$1,315,929 47.2 %$1,252,147 52.4 %
Industrial1,085,677 38.9 %1,042,720 43.6 %
Self-storage111,016 4.0 %96,211 4.0 %
Student housing275,858 9.9 %— — %
Total$2,788,480 100.0 %$2,391,078 100.0 %
$ in thousandsMarch 31, 2025December 31, 2024
Geographic LocationFair ValuePercentageFair ValuePercentage
United States:
West$871,985 31.2 %$738,754 30.7 %
South694,464 24.9 %520,733 21.8 %
East759,863 27.3 %688,518 28.8 %
Midwest37,363 1.3 %30,331 1.3 %
Various U.S.(1)
129,628 4.6 %128,334 5.4 %
Total$2,493,303 89.3 %$2,106,670 88.0 %
Europe:
      France(2)
$88,550 3.2 %$85,019 3.6 %
      Spain(2)
99,111 3.6 %95,159 4.0 %
      United Kingdom(3)
107,516 3.9 %104,230 4.4 %
Total$295,177 10.7 %$284,408 12.0 %
Total$2,788,480 100.0 %$2,391,078 100.0 %
(1) Various U.S. includes self-storage and industrial portfolios with multiple locations throughout the United States.
(2) Our European loans that are collateralized by industrial commercial real estate in France and Spain are denominated in Euros and have a fair value of €81.8 million and €91.6 million, respectively, as of March 31, 2025.
(3) Our European loan that is collateralized by industrial commercial real estate in the United Kingdom is denominated in British pounds sterling and has a fair value of £83.1 million as of March 31, 2025.
The weighted average loan-to-value ratio, a metric utilized in the fair value measurement of our commercial real estate loan investments, for our loan investments at March 31, 2025 was approximately 65% based on the loan principal amount and the independent property appraisals.

v3.25.1
Borrowings
3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
The table below summarizes our borrowing arrangements as of March 31, 2025 and December 31, 2024. Our borrowing arrangements include secured lending and term lending agreements (collectively, our “secured financing facilities”) and a revolving credit facility.
March 31, 2025December 31, 2024
$ in thousandsCurrent Maturity
Extension Options(1)
Weighted Average Interest Rate(2)
Maximum Facility SizeAvailable CapacityAmount OutstandingFair ValueAmount OutstandingFair Value
Term Lending Agreement
INCREF Lending IIMatch-termMatch-term6.61%$300,000 $165,482 $134,518 $134,518 $134,518 $134,518 
Secured Lending Agreements
Term Financing
INCREF Lending IOct 2026Oct 20296.33%837,517 108,806 728,711 728,790 722,672 722,796 
Repurchase Agreements
Morgan Stanley Bank(3)
May 2026May 20276.59%500,000 154,114 345,886 345,887 342,009 342,079 
CitibankSep 2026Sep 20285.65%500,000 215,008 284,992 285,266 276,323 276,653 
Barclays(3)
Apr 2027Apr 20296.23%500,000 300,695 199,305 199,314 199,305 199,326 
Wells FargoMay 2026May 20296.15%300,000 31,276 268,724 268,744 179,462 179,496 
Bank of Montreal(3)
Jul 2025Jul 2028—%25,000 25,000 — — — — 
Capital One(3)
Feb 2027Feb 20305.85%250,000 62,876 187,124 187,124 N/AN/A
Total secured financing facilities$3,212,517 $1,063,257 $2,149,260 $2,149,643 $1,854,289 $1,854,868 
Revolving Credit Facility(4)
8.26%$135,000 $135,000 $— $— $— $— 
(1)    Assumes all available extension options are exercised.
(2)    Represents the weighted average interest rate in effect as of March 31, 2025.
(3)    Certain extension options for these facilities are subject to lender approval and compliance with certain financial and administrative covenants.
(4)    Maturity date is aligned with the Company’s ability to call remaining outstanding capital committed under the Invesco Subscription Agreement, as further explained below.
Borrowings denominated in U.S. dollars under our secured financing facilities and revolving credit facility bear interest at one-month SOFR plus a spread. Euro denominated borrowings bear interest at three-month Euribor plus a spread, and our British pounds Sterling denominated borrowings bear interest at three-month SONIA plus a spread. Our secured financing facilities are subject to certain non-financial and financial covenants, including liquidity, tangible net worth and leverage covenants. We were in compliance with these covenants as of March 31, 2025.

Term Lending Agreement
In August 2024, we entered into a $300.0 million Facility Loan Program and Security Agreement with a financial institution (“INCREF Lending II”) that provides asset-based financing on a non-mark-to-market basis with partial recourse to us and match-term to the underlying loans.
We have pledged certain commercial real estate loan investments with a fair value of approximately $175.8 million as collateral for INCREF Lending II. We segregate the commercial real estate loans that we have pledged as collateral in our books and records. Our term lending agreement counterparty has the right to resell or repledge the collateral posted but has the obligation to return the pledged collateral upon maturity of the term lending agreement.
Secured Lending Agreements
In July 2024, we entered into a $837.5 million Master Repurchase Agreement with a financial institution (“INCREF Lending I”) that provides asset-based financing with partial recourse to us and does not provide the lender with margin call rights. The term of the facility matches the term of the underlying collateral up to two years and is subject to three additional one-year extension options that we may exercise upon satisfaction of certain customary conditions and thresholds. We have pledged certain commercial real estate loan investments with a fair value of approximately $917.5 million as collateral for INCREF Lending I.
We have also entered into traditional repurchase agreements with six financial institutions, as detailed in the table above. We have pledged certain commercial real estate loan investments with a fair value of approximately $1.7 billion as collateral for these agreements. Certain borrowings under our Citibank repurchase agreement are collateralized by European commercial real estate loans. The borrowings are denominated in Euros and British pound sterling and have a fair value of €138.7 million and £66.5 million, respectively, as of March 31, 2025. We segregate the commercial real estate loans that we have pledged as collateral in our books and records. Our repurchase agreement counterparties have the right to resell or repledge the collateral posted but have the obligation to return the pledged collateral upon maturity of the repurchase agreement.

We were not required to post any margin under our master repurchase agreements as of March 31, 2025 and December 31, 2024. A margin deficiency may generally result from either a decline in the underlying loan’s market value or a shortfall in operating performance of the property. We may finance multiple commercial loan investments under a repurchase agreement; therefore, a margin excess in one asset could help mitigate a margin deficiency in another asset under the same repurchase agreement. We intend to maintain a level of liquidity that will enable us to meet margin calls. Master repurchase agreements are recourse obligations.
Counterparty Exposure

We have pledged certain commercial real estate loan investments as collateral for our secured financing facilities. If a secured financing counterparty were to default on its obligation to return the collateral, we would be exposed to potential losses to the extent the fair value of the collateral that we have pledged to the counterparty exceeded the amount loaned to us plus interest due to the counterparty. The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of stockholders’ equity as of March 31, 2025 and December 31, 2024.
$ in thousandsOutstanding PrincipalNet Counterparty Exposure
Weighted Average Life (Years)(1)
March 31, 2025
Morgan Stanley Bank$345,886 $99,155 2.15
Citibank1,013,703 260,398 4.26
Wells Fargo268,724 72,693 4.15
Capital One187,124 88,734 4.88
Total$1,815,437 $520,980 3.90
December 31, 2024
Morgan Stanley Bank$342,009 $101,931 2.40
Citibank998,995 260,459 4.51
Barclays199,305 51,591 4.32
Wells Fargo179,462 48,058 4.39
Total$1,719,771 $462,039 4.05
(1) Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants.

The following table shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of March 31, 2025:
$ in thousands
Secured Lending Agreements(1)
Term Lending Agreement(1)
Total
Year
2025 (remaining)$— $— $— 
2026— — — 
2027345,886 — 345,886 
2028284,992 — 284,992 
20291,196,740 124,182 1,320,922 
2030187,124 10,336 197,460 
Thereafter— — — 
Total$2,014,742 $134,518 $2,149,260 
(1) Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants.
Revolving Credit Facility
Our revolving credit facility is secured by uncalled capital subscriptions under the terms of the Invesco Subscription Agreement, as described in Note 9 - “Redeemable Common Stock - Related Party”. Borrowings under the facility bear interest at one-month Term SOFR or the prime rate plus a spread. The revolving credit facility allows for the ability to obtain tranches of term financing in addition to general borrowings under an Uncommitted Tranche (as defined in the credit agreement). The Uncommitted Tranche is due on demand (15 business days after notice); any Funded Tranche (as defined in the credit agreement) is due no later than (a) three years from issuance or (b) 360 days after notice; and all amounts outstanding under the facility are due 30 days prior to the last date on which capital calls may be issued. The facility is prepayable without penalty.
Our revolving credit facility is subject to certain affirmative and negative non-financial and financial covenants, including a limitation on indebtedness. We were in compliance with these covenants as of March 31, 2025.

v3.25.1
Derivatives and Hedging Activities
3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities Derivatives and Hedging Activities
Currency Forward Contracts
We enter into currency forward contracts to help mitigate the impact of changes in foreign currency exchange rates on our investments and financing transactions denominated in currencies other than the U.S. dollar. Despite being economic hedges, we have elected not to treat our foreign currency forwards as hedges for accounting purposes and, therefore, the realized and unrealized gains and losses associated with such instruments are included in gain (loss) on derivative instruments, net in our condensed consolidated statements of comprehensive income. Gain or (loss) on foreign currency transactions, net reflects the net financial impact resulting from changes in exchange rates between the time we enter into foreign currency transactions and when they are settled.
The following table summarizes changes in the notional amount of our currency forward contracts during three months ended March 31, 2025:
Local Currency
In thousandsNotional Amount as of December 31, 2024AdditionsSettlement,
Termination,
Expiration
or Exercise
Notional Amount as of March 31, 2025Notional Amount as of March 31, 2025
Buy USD / Sell EUR Forward39,474 — (877)38,597 $43,821 
Buy USD / Sell GBP Forward£19,417 £— £(506)£18,911 $24,978 
The table below presents the fair value of our currency forward contracts, as well as their classification on the condensed consolidated balance sheet as of March 31, 2025:
$ in thousandsFair Value as of
March 31, 2025December 31, 2024
Derivative Assets$1,767 $4,064 
Derivative Liabilities$— $— 
The following table summarizes the effect of currency forward contracts reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income for the three months ended March 31, 2025:
$ in thousandsThree Months Ended March 31, 2025
Derivatives not designated as hedging instrumentsRealized gain (loss) on derivative instruments, netUnrealized gain (loss), netGain (loss) on derivative instruments, net
Currency Forward Contracts$117 $(2,297)$(2,180)

v3.25.1
Fair Value of Financial Instruments
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. The three levels are defined as follows:
Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. We do not adjust the quoted price for these investments.
Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date.
Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed.
Valuation of Financial Instruments Measured at Fair Value
The following tables detail our financial instruments measured at fair value on a recurring basis:
March 31, 2025
Fair Value Measurements Using:
$ in thousandsLevel 1Level 2Level 3Total at Fair Value
Assets:
Commercial real estate loan investments$— $— $2,788,480 $2,788,480 
Derivative assets— 1,767 — 1,767 
Total assets$— $1,767 $2,788,480 $2,790,247 
Liabilities:
Secured lending agreements$— $— $2,015,125 $2,015,125 
Term lending agreement— — 134,518 134,518 
Total liabilities$— $— $2,149,643 $2,149,643 
December 31, 2024
Fair Value Measurements Using:
$ in thousandsLevel 1Level 2Level 3Total at Fair Value
Assets:
Commercial real estate loan investments$— $— $2,391,078 $2,391,078 
Derivative assets— 4,064 — 4,064 
Total assets$— $4,064 $2,391,078 $2,395,142 
Liabilities:
Secured lending agreements$— $— $1,720,350 $1,720,350 
Term lending agreements— — 134,518 134,518 
Total liabilities$— $— $1,854,868 $1,854,868 
Valuation of Commercial Real Estate Loan Investments
The commercial loans are carried at fair value based on significant unobservable inputs. The following table shows a reconciliation of the beginning and ending fair value measurements of our commercial real estate loan investments:
$ in thousandsThree Months Ended March 31, 2025
Beginning Balance$2,391,078 
Loan originations and fundings384,706 
Net unrealized gain (loss)1,856 
Foreign currency adjustments(1)
10,840 
Ending Balance$2,788,480 
(1) The foreign currency adjustment in the table above differs from the amount reflected in the condensed consolidated Statement of Comprehensive Income by approximately $16,000 relating to the translation of certain foreign commercial real estate loans that is included in the currency translation adjustment balance of comprehensive income.
The following tables summarize the significant unobservable inputs used in the fair value measurement of our investments in commercial loans:
March 31, 2025
TypeValuation TechniqueUnobservable InputWeighted Average RateRange
Weighted Average Life (years)(1)
Commercial loansDiscounted cash flowDiscount rate6.91%
5.59% - 12.07%
0.49

December 31, 2024
TypeValuation TechniqueUnobservable InputWeighted Average RateRange
Weighted Average Life (years)(1)
Commercial loansDiscounted cash flowDiscount rate7.16%
5.90% - 12.12%
0.56
(1) Based on expected cash flows and potential prepayments.
The discount rate above is subject to change based on changes in economic and market conditions, in addition to changes in the underlying economics of the arrangement, such as changes in the underlying property valuation and debt service. These rates are also based on the location, type and nature of each underlying property and related industry publications. Changes in discount rates result in increases or decreases in the fair values of these investments. The discount rate encompasses, among other things, uncertainties in the valuation models with respect to the amount and timing of cash flows. It is not possible for us to predict the effect of future economic or market conditions based on our estimated fair values.
Valuation of Revolving Credit Facility
Given the uncertainty of future cash flows and our ability to prepay without penalty, we determined the fair value of our revolving credit facility to approximate par.
The following table shows a reconciliation of the beginning and ending fair value measurements of our revolving credit facility:
$ in thousandsThree Months Ended March 31, 2025
Beginning Balance$— 
Proceeds from revolving credit facility135,000 
Repayment of revolving credit facility(135,000)
Net unrealized (gain) loss— 
Ending Balance$— 
Valuation of Secured Financing Facilities
We have entered into secured financing facilities to provide floating rate financing for our commercial real estate loan investments. Our secured financing facilities are carried at fair value based on significant unobservable inputs and are classified as Level 3. The following tables show a reconciliation of the beginning and ending fair value measurements of our secured
financing facilities:
Three Months Ended March 31, 2025
$ in thousandsSecured Lending AgreementsTerm Lending AgreementTotal
Beginning Balance$1,720,350 $134,518 $1,854,868 
Proceeds from secured financing facilities286,301 — 286,301 
Net unrealized (gain) loss(195)— (195)
Unrealized foreign currency (gain) loss8,669 — 8,669 
Ending Balance$2,015,125 $134,518 $2,149,643 
The following tables summarize the significant unobservable inputs used in the fair value measurement of our secured financing facilities:
March 31, 2025
TypeValuation TechniqueUnobservable InputWeighted Average RateRange
Weighted Average Life (years)(1)
Secured financing facilitiesDiscounted cash flowDiscount rate6.09%
4.56% - 6.67%
0.48
December 31, 2024
TypeValuation TechniqueUnobservable InputWeighted Average RateRangeWeighted Average Life (years)
Secured financing facilitiesDiscounted cash flowDiscount rate6.20%
4.88% - 6.72%
0.56
                                                                    
(1) Based on expected cash flows and potential prepayments.
The discount rate above is subject to change based on changes in economic and market conditions, in addition to changes in the underlying economics of the pledged commercial real estate loan, such as changes in the loan-to-value ratio, credit profile and debt service. These rates are also based on the location, type and nature of each pledged property underlying the commercial real estate loan and related industry publications. Changes in discount rates result in increases or decreases in the fair values of these investments. The discount rate encompasses, among other things, uncertainties in the valuation models with respect to the amount and timing of cash flows. It is not possible for us to predict the effect of future economic or market conditions based on our estimated fair values.

v3.25.1
Accounts Payable, Accrued Expenses and Other Liabilities
3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Accounts Payable, Accrued Expenses and Other Liabilities Accounts Payable, Accrued Expenses and Other Liabilities
The following table details the components of accounts payable, accrued expenses and other liabilities as of March 31, 2025 and December 31, 2024.
$ in thousandsMarch 31, 2025December 31, 2024
Accounts payable and accrued expenses$4,864 $2,073 
Subscriptions paid in advance (1)
28,495 19,784 
Accrued common stock repurchases— 55 
Other liabilities935 1,247 
Total$34,294 $23,159 
(1) Represents subscriptions received by our transfer agent prior to the date the subscriptions are effective.

v3.25.1
Related Party Transactions
3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Due to Affiliates
The following table details the components of due to affiliates as of March 31, 2025 and December 31, 2024.
$ in thousandsMarch 31, 2025December 31, 2024
Advanced organizational, offering and operating expenses$13,379 $14,214 
Reimbursable operating expenses2,248 3,454 
Adviser commitment fee payable2,119 2,357 
Stockholder servicing fees12,360 8,503 
Management fees1,062 746 
Performance fees768 2,068 
Total$31,936 $31,342 
Advanced Organizational, Offering and Operating Expenses
Under the terms of our Amended and Restated Advisory Agreement (“Advisory Agreement”), the Adviser advanced all of our organizational, offering and operating expenses (other than upfront selling commissions and ongoing stockholder servicing fees) incurred through May 31, 2024. Starting in December 2024, we began reimbursing the Adviser for these costs ratably over 52 months. As of March 31, 2025, we owe the Adviser approximately $13.4 million (December 31, 2024: $14.2 million) for the remaining outstanding balance of the expenses advanced by the Adviser under this arrangement.
Reimbursable Operating Expenses
Operating expenses incurred by the Adviser on our behalf after May 31, 2024 are reimbursed quarterly to the Adviser, and the balance outstanding as of March 31, 2025 and December 31, 2024 is listed in the above table as “Reimbursable operating expenses.”

Starting with the quarter ending June 30, 2025, we may not reimburse the Adviser at the end of any fiscal quarter for total operating expenses (as defined in the Advisory Agreement) that exceed the greater of 2% of average invested assets or 25% of net income determined without reduction for any non-cash reserves and excluding any gain from the sale of our assets for that period (the “2%/25% Guidelines”) for the four consecutive fiscal quarters then ended. We may reimburse the Adviser for operating expenses in excess of the 2%/25% Guidelines if a majority of our independent directors determines that such excess expenses are justified based on unusual and non-recurring factors.
Adviser Commitment Fee Payable
We charge a commitment fee to borrowers in connection with the origination of each new loan. The commitment fee is calculated as a percentage of the whole loan on a fully-funded basis, as determined by the Adviser at the time of origination. We pay the Adviser 50% (not to exceed 0.5% of the whole loan on a fully funded basis) of any commitment fee charged to borrowers in connection with each new loan as compensation for sourcing, structuring and negotiating the loan. The commitment fee income and related expense to the Adviser is reported as commitment fee income, net of related party expense on the condensed consolidated statements of comprehensive income.
Stockholder Servicing Fees and Other Selling Commissions
Invesco Distributors, Inc. (the “Dealer Manager”) is entitled to receive upfront selling commissions and stockholder servicing fees for Class S, Class S-1, Class D and Class D-1 shares sold in the Continuous Offering. The Dealer Manager reallows (pays) all or a portion of the stockholder servicing fees to participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers and will waive stockholder servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such service. We did not issue any Class D-1 shares as of March 31, 2025.
We accrue the full amount of stockholder servicing fees payable as an offering cost at the time each Class S, Class S-1, Class D and Class D-1 share is sold during the Continuous Offering. The following table summarizes stockholder servicing fees paid for the period ended March 31, 2025 and the year ended December 31, 2024.
$ in thousandsClass S
Shares
Class S-1 SharesClass D
Shares
Class D-1 Shares
For the period ended March 31, 2025$— $435 $— $— 
For the year ended December 31, 2024$$761 $— $— 
The following table summarizes the upfront selling commissions for each class of shares payable at the time of subscription and the stockholder servicing fee we pay the Dealer Manager on an annualized basis as a percentage of the NAV for such class:
Class S
Shares
Class S-1 SharesClass D
Shares
Class D -1
Shares
Class I
 Shares
Class E
Shares
Class F
Shares
Maximum Upfront Selling Commissions
(% of Transaction Price)
up to 3.5%
up to 3.5%
up to 1.5%
up to 1.5%
Stockholder Servicing Fee
(% of NAV)
0.85%0.85%0.25%0.25%
We will cease paying the stockholder servicing fee with respect to any Class S or Class D share held in a stockholder’s account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total upfront selling commissions and stockholder servicing fees paid with respect to the shares held by the stockholder would exceed, in the aggregate, 8.75% of the gross proceeds (7.75% for clients of certain participating broker dealers) from the sale of such shares (including the gross proceeds of any shares issued under our distribution reinvestment plan upon the reinvestment of distributions paid with respect thereto or with respect to any shares issued under our distribution reinvestment plan). At the end of such month, such Class S or Class D share will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such share. Such servicing fee limit does not apply to the Class S-1 and Class D-1 shares.
Management Fee and Performance Fee
Under the terms of our Advisory Agreement, we pay the Adviser a management fee equal to 1.0% per annum of NAV, calculated monthly before giving effect to any accruals for the management fee, stockholder servicing fees, performance fees or any distributions with respect to our Class S, Class S-1, Class D, Class D-1 and Class I shares. We also pay the Adviser a performance fee equal to 10% of our “Performance Fee Income” with respect to our Class S, Class S-1, Class D, Class D-1 and Class I shares.
We will not pay the Adviser a management fee with respect to our Class F shares. We will pay the Adviser a performance fee with respect to the Class F shares. The Class F performance fee payable with respect to each calendar year will be an amount equal to 10% of the excess of Performance Fee Income allocable to Class F shares over a 6% annualized return on the Class F NAV per share. No performance fee is payable if the Performance Fee Income allocable to Class F is below the annualized 6% return in any calendar year or for a rolling two-year period.
We will not pay the Adviser a management or performance fee with respect to our Class E shares.
Performance Fee Income with respect to each class of common shares subject to a performance fee means the net income (determined in accordance with U.S. GAAP) allocable to such class of common shares subject to adjustment as defined under the terms of our Advisory Agreement. During the period that the Adviser advanced our organizational, offering and operating expenses, net income for purposes of the performance fee calculation excluded these advanced expenses. After the period that the Adviser advanced our organizational, offering and operating expenses, net income for purposes of the performance fee calculation includes previously advanced expenses that are to be repaid to the Adviser during the period. We will not pay the Adviser a performance fee with respect to any class of shares that has a negative total return per share for the calendar year, and the Advisory Agreement does not prohibit the Adviser from entering into economic or other arrangements with other persons. For purposes of the performance fee calculation, total return per share is defined as an amount equal to: (i) the cumulative distributions per share accrued with respect to such class of common shares since the beginning of the calendar year plus (ii) the change in NAV per share of such class of common shares since the beginning of the calendar year, prior to giving effect to (y) any accrual for performance fees with respect to such class of common shares or (z) any applicable stockholder servicing fees.

The management fee and the performance fee are payable in cash or Class E shares at the option of the Adviser.
Management fees and performance fees began to accrue on March 1, 2024. Management fees are accrued monthly and paid quarterly in arrears and performance fees are paid annually. During the three months ended March 31, 2025, we incurred management fees of $1.1 million of which $1.1 million is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of March 31, 2025. During the three months ended March 31, 2025, we incurred performance fees of $768,000, of which $768,000 is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of March 31, 2025. During the three months ended March 31, 2025, we issued 29,300 and 81,185 Class E Redeemable Common Stock shares as payment for the management fees and performance fees earned, respectively. The shares issued to the Adviser for payment of the management fee and performance fee were issued at the applicable NAV per share at the end of each quarter for which the fees were earned.
The current term of our Advisory Agreement expires on March 31, 2026. The Advisory Agreement is subject to automatic renewals for successive one-year periods unless otherwise terminated in accordance with the provisions of the agreement. If the Advisory Agreement is terminated, the Adviser will be entitled to receive its prorated management fee and performance fee owed through the date of termination. If we elect not to renew our Advisory Agreement based on unsatisfactory performance and not for cause, we owe our Adviser a termination fee equal to three times the sum of our average annual management fee during the 24-month period before termination, calculated as of the end of the most recently completed fiscal quarter.
Our Adviser is subject to the supervision and oversight of our board of directors and has only such functions and authority as we delegate to it. The Adviser and its affiliates provide us with our management team, including our officers and appropriate support personnel. Each of our officers is an employee of the Adviser or one of its affiliates. We do not have any employees. We incurred $602,000 of costs for support personnel provided by the Adviser for the three months ended March 31, 2025 that are recorded as a component of due to affiliates on our condensed consolidated balance sheets and as general and administrative expenses on our condensed consolidated statements of comprehensive income. During the three months ended March 31, 2024, we incurred $232,000, of costs for support personnel provided by the Adviser.
Related Party Share Ownership
The tables below summarize the number of shares and the total purchase price of the shares owned by affiliates as of March 31, 2025 and as of December 31, 2024.
March 31, 2025
$ in thousands, except share amountsClass S SharesClass S-1 SharesClass D SharesClass D-1 SharesClass I SharesClass E SharesClass F SharesTotal Purchase Price
Invesco Realty, Inc.(1)
1,196,923 — 1,197,628 — 1,194,434 1,189,256 — $120,000 
Invesco Advisers, Inc.(2)
— — — — — 146,422 — 3,722 
Members of our board of directors (3)
— — — — — 25,793 — 658
Total1,196,923 — 1,197,628 — 1,194,434 1,361,471 — $124,380 
(1) Shares issued to Invesco Realty, Inc. are governed by the terms of the Invesco Subscription Agreement and classified as redeemable common shares on our condensed consolidated balance sheets. See Note 9 - “Redeemable Common Stock - Related Party” for further information.
(2) Shares issued to Invesco Advisers, Inc. are governed by the terms of our Advisory Agreement and classified as redeemable common shares on our condensed consolidated balance sheets. See Note 9 - “Redeemable Common Stock - Related Party” for further information.
(3) Represents shares issued to members of our board of directors, including stock awards under our Share-Based Compensation Plan.

December 31, 2024
$ in thousands, except share amountsClass S SharesClass S-1 SharesClass D SharesClass D-1 SharesClass I SharesClass E SharesClass F SharesTotal Purchase Price
Invesco Realty, Inc.(1)
1,496,143 — 1,497,041 — 1,492,906 1,483,196 — $150,000 
Invesco Advisers, Inc.(2)
— — — — — 35,937 — 908 
Members of our board of directors (3)
— — — — — 25,416 — 646 
Total1,496,143 — 1,497,041 — 1,492,906 1,544,549 — $151,554 

v3.25.1
Redeemable Common Stock - Related Party
3 Months Ended
Mar. 31, 2025
Temporary Equity Disclosure [Abstract]  
Redeemable Common Stock - Related Party Redeemable Common Stock - Related Party
Invesco Realty, Inc. (“Invesco Realty”), an affiliate of Invesco, has committed to purchase up to $300.0 million in shares of our common stock (the “Invesco Subscription Agreement”). We may call $150.0 million in capital under the Invesco Subscription
Agreement in one or more closings through March 23, 2028. We may also call up to $150.0 million in additional capital (for a total of $300.0 million) if needed to avoid triggering any concentration limit imposed by a third party in connection with its distribution or placement of our shares or for purposes of repaying indebtedness drawn on the revolving credit facility. As of March 31, 2025, we had called $120.0 million of the total $300.0 million. The remaining uncalled amount serves as collateral for the revolving credit facility.

Invesco Realty may not submit its shares for repurchase under the share repurchase plan described in Note 10 - “Stockholders’ Equity” until the earlier of March 23, 2028 and the date that our aggregate NAV is at least $1.5 billion. We can only accept a repurchase request from Invesco Realty after all requests from unaffiliated stockholders have been fulfilled. We may elect to repurchase all or any portion of the shares acquired by Invesco Realty at any time at a per share price equal to the most recently determined NAV per share for each class (or another transaction price we believe reflects the NAV per share more appropriately than the prior month’s NAV per share). The Adviser or its affiliate must continue to hold at least $200,000 in shares for so long as Invesco or any affiliate thereof serves as our external adviser.
As discussed in Note 8 - “Related Party Transactions”, our management and performance fees are payable in cash or Class E shares at the option of the Adviser. Because the Adviser may elect to have the Company repurchase shares issued as payment for management fees or performance fees, we classify these shares as redeemable common stock. Class E shares issued to the Adviser as payment for management or performance fees are not subject to the repurchase limits of the Company’s share repurchase plan described in Note 10 - “Stockholders’ Equity,” any lockup period applicable to the Adviser, or any reduction penalty for an early repurchase. The Adviser also has the option to exchange Class E shares issued as payment for management or performance fees for Class S, Class S-1, Class D, Class D-1, Class F, or Class I shares. During the three months ended March 31, 2025, we issued 29,300 and 81,185 Class E shares to the Adviser as payment for management fees and performance fees payable as of December 31, 2024, respectively.
The following tables summarize the changes in redeemable common stock for the three months ended March 31, 2025 and 2024:
$ in thousandsClass S Redeemable Common StockClass D Redeemable Common StockClass I Redeemable Common StockClass E Redeemable Common StockTotal Redeemable Common Stock
Balance as of December 31, 2024$37,554 $37,554 $37,565 $38,694 $151,367 
Issuance of redeemable common stock— — — 2,814 2,814 
Repurchase of redeemable common stock(7,500)(7,500)(7,500)(7,500)(30,000)
Adjustment to carrying value of redeemable common stock(4)(5)(1)170 160 
Balance as of March 31, 2025$30,050 $30,049 $30,064 $34,178 $124,341 
$ in thousandsClass S Redeemable Common SharesClass D Redeemable Common SharesClass I Redeemable Common SharesClass E Redeemable Common SharesTotal Redeemable Common Stock
Balance as of December 31, 2023$26,335 $26,335 $26,335 $26,335 $105,340 
Issuance of redeemable common stock— — — — — 
Adjustment to carrying value of redeemable common stock— — — — — 
Balance as of March 31, 2024$26,335 $26,335 $26,335 $26,335 $105,340 
The following tables summarize the changes in our outstanding shares of redeemable common stock shares for the three months ended March 31, 2025 and 2024:
Class S Redeemable Common
Shares
Class D Redeemable Common
Shares
Class I Redeemable Common
Shares
Class E Redeemable Common
Shares
Total Redeemable Common Stock
Outstanding Shares as of December 31, 20241,496,143 1,497,041 1,492,906 1,519,133 6,005,223 
Issuance of redeemable common stock — — — 110,485 110,485 
Repurchase of redeemable common stock(299,220)(299,413)(298,472)(293,940)(1,191,045)
Outstanding Shares as of March 31, 20251,196,923 1,197,628 1,194,434 1,335,678 4,924,663 
Class S Redeemable Common SharesClass D Redeemable Common SharesClass I Redeemable Common SharesClass E Redeemable Common SharesTotal Redeemable Common Stock
Outstanding Shares as of December 31, 20231,052,487 1,052,487 1,052,487 1,052,464 4,209,925 
Issuance of redeemable common stock— — — — — 
Outstanding Shares as of March 31, 20241,052,487 1,052,487 1,052,487 1,052,464 4,209,925 
Stockholders’ Equity
Stapled Unit Offerings of Preferred and Common Stock
On January 31, 2025, we redeemed all 111 Stapled Units and 117 New Stapled Units issued and outstanding. Each Stapled Unit consists of one share of 12.5% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), one Class S Share, one Class D Share and one Class I Share. Each New Stapled Unit consists of one share of Series A Preferred Stock and one Class S-1 Share. The cash redemption price for each share of stapled common stock was the NAV per share for the applicable share class as of December 31, 2024. Through the redemption of all Stapled Units and New Stapled Units, we redeemed all 228 issued and outstanding shares of our Series A Preferred Stock for approximately $232,000, plus accrued and unpaid dividends. The cash redemption price for each share of Series A Preferred Stock was $1,000. The excess of the consideration transferred over carrying value was accounted for as a deemed dividend and resulted in a reduction of approximately $27,000 in net income (loss) attributable to common stockholders for the three months ended March 31, 2025. Prior to redemption, holders of our Series A Preferred Stock were entitled to receive dividends at an annual rate of 12.5% of the liquidation preference of $1,000 per share or $125.00 per share per annum.
Common Stock
The table below summarizes changes in our outstanding shares of common stock for the three months ended March 31, 2025 and 2024. We did not issue any Class D-1 Shares as of March 31, 2025.
Three Months Ended March 31, 2025
Class S
Shares
Class S-1 SharesClass D
Shares
Class D-1
Shares
Class I
Shares
Class E
Shares
Class F SharesTotal
Total Outstanding Shares as of December 31, 20241,502,214 7,226,062 1,499,147 — 4,171,608 1,635,105 8,218,258 24,252,394 
Issuance of common stock to unaffiliated stockholders3,969 3,261,421 8,211 — 1,088,268 8,244 — 4,370,113 
Common stock distribution reinvestment— 98,095 99 — 36,810 1,370 161,371 297,745 
Issuance of redeemable common shares(1)
— — — — — 110,485 — 110,485 
Repurchase of common stock(111)(21,833)(111)— (8,678)— — (30,733)
Repurchase of redeemable common stock(299,220)— (299,413)— (298,472)(293,940)— (1,191,045)
Total Outstanding Shares as of March 31, 2025
1,206,852 10,563,745 1,207,933 — 4,989,536 1,461,264 8,379,629 27,808,959 
(1) Consists of shares issued to an Invesco affiliate for the payment of management fees and performance fees that are classified as redeemable common stock. See Note 9 - “Redeemable Common Stock - Related Party”.
Three Months Ended March 31, 2024
Class S
Shares
Class S-1 SharesClass D
Shares
Class I
Shares
Class E
Shares
Class F SharesTotal
Total Outstanding Shares as of December 31, 20231,052,598 1,054,174 1,052,598 1,383,506 1,067,805 — 5,610,681 
Issuance of common stock to unaffiliated stockholders— 1,467,311 — 656,221 57,994 — 2,181,526 
Common stock distribution reinvestment— 21,860 — 8,245 622 — 30,727 
Total Outstanding Shares as of March 31, 20241,052,598 2,543,345 1,052,598 2,047,972 1,126,421 — 7,822,934 
Distributions
We are generally required to distribute at least 90% our taxable income to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Taxable income does not necessarily equal net income as calculated in accordance with U.S. GAAP.
For the three months ended March 31, 2025 and 2024, we declared distributions of $12.9 million and $6.3 million, respectively. We accrued $4.3 million for distributions payable, of which $788,000 was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of March 31, 2025. We accrued $3.8 million for distributions payable, of which $1.0 million was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of December 31, 2024.
The tables below detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2025 and March 31, 2024:

Three Months Ended March 31, 2025
Class S
Shares
Class S-1
Shares
Class D
Shares
Class D-1
Shares(1)
Class I
Shares
Class E
Shares
Class F
Shares
Aggregate distribution declared per share$0.5000 $0.5000 $0.5000 $— $0.5000 $0.5000 $0.5000 
Stockholder servicing fee per share(0.0003)(0.0528)— — — — — 
Net distribution declared per share$0.4997 $0.4472 $0.5000 $— $0.5000 $0.5000 $0.5000 
Three Months Ended March 31, 2024
Class S
Shares
Class S-1
Shares
Class D
Shares
Class I
Shares
Class E
Shares
Class F
Shares(3)
Aggregate distribution declared per share$0.8600 $0.8600 $0.8600 $0.8600 $0.8600 $— 
Stockholder servicing fee per share— (0.0534)— — — — 
Net distribution declared per share$0.8600 $0.8066 $0.8600 $0.8600 $0.8600 $— 
Share Repurchase Plan
We have adopted a share repurchase plan for our common stock. On a monthly basis, our stockholders may request that we repurchase all or any portion of their shares. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to any limitations in the share repurchase plan.

Class F stockholders may not participate in our share repurchase plan until the earlier of (i) the date our NAV reaches $1.5 billion and (ii) March 23, 2028. However, Class F stockholders are entitled to request that we repurchase their shares in the event that there is a key person event or a material strategy change as defined in the terms of the Class F subscription agreement.

During the three months ended March 31, 2025, we fulfilled all requests under the share repurchase plan and repurchased 30,733 shares of common stock. For the three months ended March 31, 2024, we did not repurchase any shares under the share repurchase plan.
Distribution Reinvestment Plan
We have adopted a distribution reinvestment plan whereby common stockholders will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. The per share purchase price for shares purchased (including fractional shares) under the distribution reinvestment plan is equal to the transaction price at the time the distribution is payable.

v3.25.1
Stockholders’ Equity
3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders’ Equity Redeemable Common Stock - Related Party
Invesco Realty, Inc. (“Invesco Realty”), an affiliate of Invesco, has committed to purchase up to $300.0 million in shares of our common stock (the “Invesco Subscription Agreement”). We may call $150.0 million in capital under the Invesco Subscription
Agreement in one or more closings through March 23, 2028. We may also call up to $150.0 million in additional capital (for a total of $300.0 million) if needed to avoid triggering any concentration limit imposed by a third party in connection with its distribution or placement of our shares or for purposes of repaying indebtedness drawn on the revolving credit facility. As of March 31, 2025, we had called $120.0 million of the total $300.0 million. The remaining uncalled amount serves as collateral for the revolving credit facility.

Invesco Realty may not submit its shares for repurchase under the share repurchase plan described in Note 10 - “Stockholders’ Equity” until the earlier of March 23, 2028 and the date that our aggregate NAV is at least $1.5 billion. We can only accept a repurchase request from Invesco Realty after all requests from unaffiliated stockholders have been fulfilled. We may elect to repurchase all or any portion of the shares acquired by Invesco Realty at any time at a per share price equal to the most recently determined NAV per share for each class (or another transaction price we believe reflects the NAV per share more appropriately than the prior month’s NAV per share). The Adviser or its affiliate must continue to hold at least $200,000 in shares for so long as Invesco or any affiliate thereof serves as our external adviser.
As discussed in Note 8 - “Related Party Transactions”, our management and performance fees are payable in cash or Class E shares at the option of the Adviser. Because the Adviser may elect to have the Company repurchase shares issued as payment for management fees or performance fees, we classify these shares as redeemable common stock. Class E shares issued to the Adviser as payment for management or performance fees are not subject to the repurchase limits of the Company’s share repurchase plan described in Note 10 - “Stockholders’ Equity,” any lockup period applicable to the Adviser, or any reduction penalty for an early repurchase. The Adviser also has the option to exchange Class E shares issued as payment for management or performance fees for Class S, Class S-1, Class D, Class D-1, Class F, or Class I shares. During the three months ended March 31, 2025, we issued 29,300 and 81,185 Class E shares to the Adviser as payment for management fees and performance fees payable as of December 31, 2024, respectively.
The following tables summarize the changes in redeemable common stock for the three months ended March 31, 2025 and 2024:
$ in thousandsClass S Redeemable Common StockClass D Redeemable Common StockClass I Redeemable Common StockClass E Redeemable Common StockTotal Redeemable Common Stock
Balance as of December 31, 2024$37,554 $37,554 $37,565 $38,694 $151,367 
Issuance of redeemable common stock— — — 2,814 2,814 
Repurchase of redeemable common stock(7,500)(7,500)(7,500)(7,500)(30,000)
Adjustment to carrying value of redeemable common stock(4)(5)(1)170 160 
Balance as of March 31, 2025$30,050 $30,049 $30,064 $34,178 $124,341 
$ in thousandsClass S Redeemable Common SharesClass D Redeemable Common SharesClass I Redeemable Common SharesClass E Redeemable Common SharesTotal Redeemable Common Stock
Balance as of December 31, 2023$26,335 $26,335 $26,335 $26,335 $105,340 
Issuance of redeemable common stock— — — — — 
Adjustment to carrying value of redeemable common stock— — — — — 
Balance as of March 31, 2024$26,335 $26,335 $26,335 $26,335 $105,340 
The following tables summarize the changes in our outstanding shares of redeemable common stock shares for the three months ended March 31, 2025 and 2024:
Class S Redeemable Common
Shares
Class D Redeemable Common
Shares
Class I Redeemable Common
Shares
Class E Redeemable Common
Shares
Total Redeemable Common Stock
Outstanding Shares as of December 31, 20241,496,143 1,497,041 1,492,906 1,519,133 6,005,223 
Issuance of redeemable common stock — — — 110,485 110,485 
Repurchase of redeemable common stock(299,220)(299,413)(298,472)(293,940)(1,191,045)
Outstanding Shares as of March 31, 20251,196,923 1,197,628 1,194,434 1,335,678 4,924,663 
Class S Redeemable Common SharesClass D Redeemable Common SharesClass I Redeemable Common SharesClass E Redeemable Common SharesTotal Redeemable Common Stock
Outstanding Shares as of December 31, 20231,052,487 1,052,487 1,052,487 1,052,464 4,209,925 
Issuance of redeemable common stock— — — — — 
Outstanding Shares as of March 31, 20241,052,487 1,052,487 1,052,487 1,052,464 4,209,925 
Stockholders’ Equity
Stapled Unit Offerings of Preferred and Common Stock
On January 31, 2025, we redeemed all 111 Stapled Units and 117 New Stapled Units issued and outstanding. Each Stapled Unit consists of one share of 12.5% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), one Class S Share, one Class D Share and one Class I Share. Each New Stapled Unit consists of one share of Series A Preferred Stock and one Class S-1 Share. The cash redemption price for each share of stapled common stock was the NAV per share for the applicable share class as of December 31, 2024. Through the redemption of all Stapled Units and New Stapled Units, we redeemed all 228 issued and outstanding shares of our Series A Preferred Stock for approximately $232,000, plus accrued and unpaid dividends. The cash redemption price for each share of Series A Preferred Stock was $1,000. The excess of the consideration transferred over carrying value was accounted for as a deemed dividend and resulted in a reduction of approximately $27,000 in net income (loss) attributable to common stockholders for the three months ended March 31, 2025. Prior to redemption, holders of our Series A Preferred Stock were entitled to receive dividends at an annual rate of 12.5% of the liquidation preference of $1,000 per share or $125.00 per share per annum.
Common Stock
The table below summarizes changes in our outstanding shares of common stock for the three months ended March 31, 2025 and 2024. We did not issue any Class D-1 Shares as of March 31, 2025.
Three Months Ended March 31, 2025
Class S
Shares
Class S-1 SharesClass D
Shares
Class D-1
Shares
Class I
Shares
Class E
Shares
Class F SharesTotal
Total Outstanding Shares as of December 31, 20241,502,214 7,226,062 1,499,147 — 4,171,608 1,635,105 8,218,258 24,252,394 
Issuance of common stock to unaffiliated stockholders3,969 3,261,421 8,211 — 1,088,268 8,244 — 4,370,113 
Common stock distribution reinvestment— 98,095 99 — 36,810 1,370 161,371 297,745 
Issuance of redeemable common shares(1)
— — — — — 110,485 — 110,485 
Repurchase of common stock(111)(21,833)(111)— (8,678)— — (30,733)
Repurchase of redeemable common stock(299,220)— (299,413)— (298,472)(293,940)— (1,191,045)
Total Outstanding Shares as of March 31, 2025
1,206,852 10,563,745 1,207,933 — 4,989,536 1,461,264 8,379,629 27,808,959 
(1) Consists of shares issued to an Invesco affiliate for the payment of management fees and performance fees that are classified as redeemable common stock. See Note 9 - “Redeemable Common Stock - Related Party”.
Three Months Ended March 31, 2024
Class S
Shares
Class S-1 SharesClass D
Shares
Class I
Shares
Class E
Shares
Class F SharesTotal
Total Outstanding Shares as of December 31, 20231,052,598 1,054,174 1,052,598 1,383,506 1,067,805 — 5,610,681 
Issuance of common stock to unaffiliated stockholders— 1,467,311 — 656,221 57,994 — 2,181,526 
Common stock distribution reinvestment— 21,860 — 8,245 622 — 30,727 
Total Outstanding Shares as of March 31, 20241,052,598 2,543,345 1,052,598 2,047,972 1,126,421 — 7,822,934 
Distributions
We are generally required to distribute at least 90% our taxable income to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Taxable income does not necessarily equal net income as calculated in accordance with U.S. GAAP.
For the three months ended March 31, 2025 and 2024, we declared distributions of $12.9 million and $6.3 million, respectively. We accrued $4.3 million for distributions payable, of which $788,000 was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of March 31, 2025. We accrued $3.8 million for distributions payable, of which $1.0 million was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of December 31, 2024.
The tables below detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2025 and March 31, 2024:

Three Months Ended March 31, 2025
Class S
Shares
Class S-1
Shares
Class D
Shares
Class D-1
Shares(1)
Class I
Shares
Class E
Shares
Class F
Shares
Aggregate distribution declared per share$0.5000 $0.5000 $0.5000 $— $0.5000 $0.5000 $0.5000 
Stockholder servicing fee per share(0.0003)(0.0528)— — — — — 
Net distribution declared per share$0.4997 $0.4472 $0.5000 $— $0.5000 $0.5000 $0.5000 
Three Months Ended March 31, 2024
Class S
Shares
Class S-1
Shares
Class D
Shares
Class I
Shares
Class E
Shares
Class F
Shares(3)
Aggregate distribution declared per share$0.8600 $0.8600 $0.8600 $0.8600 $0.8600 $— 
Stockholder servicing fee per share— (0.0534)— — — — 
Net distribution declared per share$0.8600 $0.8066 $0.8600 $0.8600 $0.8600 $— 
Share Repurchase Plan
We have adopted a share repurchase plan for our common stock. On a monthly basis, our stockholders may request that we repurchase all or any portion of their shares. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to any limitations in the share repurchase plan.

Class F stockholders may not participate in our share repurchase plan until the earlier of (i) the date our NAV reaches $1.5 billion and (ii) March 23, 2028. However, Class F stockholders are entitled to request that we repurchase their shares in the event that there is a key person event or a material strategy change as defined in the terms of the Class F subscription agreement.

During the three months ended March 31, 2025, we fulfilled all requests under the share repurchase plan and repurchased 30,733 shares of common stock. For the three months ended March 31, 2024, we did not repurchase any shares under the share repurchase plan.
Distribution Reinvestment Plan
We have adopted a distribution reinvestment plan whereby common stockholders will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. The per share purchase price for shares purchased (including fractional shares) under the distribution reinvestment plan is equal to the transaction price at the time the distribution is payable.

v3.25.1
Earnings per Common Share
3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
Earnings per share for the three months ended March 31, 2025 and 2024 is computed as presented in the table below.
For the Three Months Ended
$ in thousands, except share and per share amountsMarch 31, 2025March 31, 2024
Net income (loss) available to common stockholders$11,635 $4,680 
Weighted average common shares outstanding27,233,292 7,183,194 
Effect of dilutive restricted stock awards76 583 
Diluted weighted average common shares outstanding27,233,368 7,183,777 
Earnings (loss) per share:
Basic$0.43 $0.65 
Diluted$0.43 $0.65 

v3.25.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments and contingencies may arise in the ordinary course of business. As of March 31, 2025, we had unfunded commitments of $338.0 million for certain of our commercial real estate loan investments. The unfunded commitments consist of funding for leasing costs, interest reserves and capital expenditures. Funding depends on timing of lease-up, renovation and capital improvements as well as satisfaction of certain cash flow tests. Therefore, the exact timing and amounts of such future loan fundings are uncertain. We expect to fund our loan commitments over the weighted average remaining term of the related loans of 1.97 years.
We have also committed to pay counterparty legal, diligence and other fees in connection with new financing facilities in the ordinary course of business.
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2025, the Company was not involved in any material legal proceedings.

v3.25.1
Segment Reporting
3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment ReportingWe conduct our business as a single operating segment. Because the accounting policies for the segment are the same as those described in Note 2 “Summary of Significant Accounting Policies,” to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2024, total segment net income and total segment assets are equal to total net income and total assets, as reported on our condensed consolidated statements of comprehensive income and condensed consolidated balance sheets, respectively. All revenues for the segment are derived from external customers.

v3.25.1
Subsequent Events
3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Stockholders’ Equity
Subsequent to March 31, 2025, we issued the following shares of common stock:
$ in thousands except share amountsShares Issued to Third-Parties
Shares Issued to Affiliates(1)(2)
DRP Shares(3)
Class S120,596 — 25 
Class S-12,047,862 — 40,124 
Class D— — 66 
Class D-1— — — 
Class I1,112,073 — 14,177 
Class E5,671 41,491 485 
Class F— — 52,204 
Total3,286,202 41,491 107,081 
Total net proceeds(4)
$82,703 $— $2,721 
(1)Affiliates include related parties discussed in Note 8 - “Related Party Transactions”.
(2)Includes 41,491 Class E shares issued to our Adviser as payment for management fees for total consideration of $1.1 million, which is excluded from Total net proceeds.
(3)Represents shares issued under our distribution reinvestment plan.
(4)With respect to DRP Shares, Total net proceeds represents total value of shares issued under our distribution reinvestment plan.
INCREF 2025-FL1 CLO
On May 7, 2025, the Company entered into a collateralized loan obligation (“CLO”), contributing $1.2 billion of commercial real estate loan investments into the CLO and issuing $1.2 billion of Secured Notes and Income Notes. The Company retained $219 million of the CLO, consisting of Classes D, E, F, and G and the Income Notes. The Secured Notes bear interest at Term SOFR plus a spread and will mature at par on the payment date in October 2042, unless redeemed or repaid prior thereto. The proceeds from the issuance, after payment of certain fees and expenses, were primarily used to repay amounts owed to certain repurchase agreement facility lenders, creating $882 million in available warehouse capacity. See Item 5, Other Information, for a summary of the transaction.

v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) $ 11,664 $ 4,687

v3.25.1
Insider Trading Arrangements
3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false

v3.25.1
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation
Certain disclosures included in our Annual Report on Form 10-K are not required to be included on an interim basis in our quarterly reports on Form 10-Q. We have condensed or omitted these disclosures. Therefore, this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024.
Our condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and consolidate the financial statements of the Company and its controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair statement of our financial condition and results of operations for the period presented.
Use of Estimates
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Examples of estimates may include, but are not limited to, estimates of the fair values of financial instruments and estimated payment periods for certain stockholder servicing fee liabilities. Actual results may differ from those estimates.

v3.25.1
Commercial Real Estate Loan Investments (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Investments in Commercial Real Estate Loans
The table below summarizes our investments in commercial real estate loans as of March 31, 2025 and December 31, 2024.
$ in thousands
Loan Type
Loan Amount(1)
Principal Balance OutstandingFair Value
Weighted Average Interest Rate(2)
Weighted Average Life (years)(3)
March 31, 2025
Senior loans(4)
$3,093,858 $2,774,431 $2,777,005 7.21 %4.14
Mezzanine loans30,000 11,475 11,475 12.08 %4.59
Total$3,123,858 $2,785,906 $2,788,480 7.23 %4.14
December 31, 2024
Senior loans(4)
$2,658,628 $2,385,124 $2,385,840 7.37 %4.26
Mezzanine loans30,000 5,238 5,238 12.23 %4.84
Total$2,688,628 $2,390,362 $2,391,078 7.38 %4.27
(1)Loan amount consists of outstanding principal balance plus unfunded loan commitments.
(2)Domestic loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. Euro denominated loans earn interest at three-month Euro Interbank Offered Rate (“Euribor”) plus a spread. Our loan denominated in British pounds sterling earns interest at three-month Sterling Overnight Index Average (“SONIA”) plus a spread.
(3)Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions, as defined in the respective loan agreement.
(4)Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and accommodation mezzanine loans in connection with the senior mortgage financing.
The tables below detail the property type and geographic location of the properties securing our commercial real estate loans as of March 31, 2025 and December 31, 2024.
$ in thousandsMarch 31, 2025December 31, 2024
Property TypeFair ValuePercentageFair ValuePercentage
Multifamily$1,315,929 47.2 %$1,252,147 52.4 %
Industrial1,085,677 38.9 %1,042,720 43.6 %
Self-storage111,016 4.0 %96,211 4.0 %
Student housing275,858 9.9 %— — %
Total$2,788,480 100.0 %$2,391,078 100.0 %
$ in thousandsMarch 31, 2025December 31, 2024
Geographic LocationFair ValuePercentageFair ValuePercentage
United States:
West$871,985 31.2 %$738,754 30.7 %
South694,464 24.9 %520,733 21.8 %
East759,863 27.3 %688,518 28.8 %
Midwest37,363 1.3 %30,331 1.3 %
Various U.S.(1)
129,628 4.6 %128,334 5.4 %
Total$2,493,303 89.3 %$2,106,670 88.0 %
Europe:
      France(2)
$88,550 3.2 %$85,019 3.6 %
      Spain(2)
99,111 3.6 %95,159 4.0 %
      United Kingdom(3)
107,516 3.9 %104,230 4.4 %
Total$295,177 10.7 %$284,408 12.0 %
Total$2,788,480 100.0 %$2,391,078 100.0 %
(1) Various U.S. includes self-storage and industrial portfolios with multiple locations throughout the United States.
(2) Our European loans that are collateralized by industrial commercial real estate in France and Spain are denominated in Euros and have a fair value of €81.8 million and €91.6 million, respectively, as of March 31, 2025.
(3) Our European loan that is collateralized by industrial commercial real estate in the United Kingdom is denominated in British pounds sterling and has a fair value of £83.1 million as of March 31, 2025.

v3.25.1
Borrowings (Tables)
3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
The table below summarizes our borrowing arrangements as of March 31, 2025 and December 31, 2024. Our borrowing arrangements include secured lending and term lending agreements (collectively, our “secured financing facilities”) and a revolving credit facility.
March 31, 2025December 31, 2024
$ in thousandsCurrent Maturity
Extension Options(1)
Weighted Average Interest Rate(2)
Maximum Facility SizeAvailable CapacityAmount OutstandingFair ValueAmount OutstandingFair Value
Term Lending Agreement
INCREF Lending IIMatch-termMatch-term6.61%$300,000 $165,482 $134,518 $134,518 $134,518 $134,518 
Secured Lending Agreements
Term Financing
INCREF Lending IOct 2026Oct 20296.33%837,517 108,806 728,711 728,790 722,672 722,796 
Repurchase Agreements
Morgan Stanley Bank(3)
May 2026May 20276.59%500,000 154,114 345,886 345,887 342,009 342,079 
CitibankSep 2026Sep 20285.65%500,000 215,008 284,992 285,266 276,323 276,653 
Barclays(3)
Apr 2027Apr 20296.23%500,000 300,695 199,305 199,314 199,305 199,326 
Wells FargoMay 2026May 20296.15%300,000 31,276 268,724 268,744 179,462 179,496 
Bank of Montreal(3)
Jul 2025Jul 2028—%25,000 25,000 — — — — 
Capital One(3)
Feb 2027Feb 20305.85%250,000 62,876 187,124 187,124 N/AN/A
Total secured financing facilities$3,212,517 $1,063,257 $2,149,260 $2,149,643 $1,854,289 $1,854,868 
Revolving Credit Facility(4)
8.26%$135,000 $135,000 $— $— $— $— 
(1)    Assumes all available extension options are exercised.
(2)    Represents the weighted average interest rate in effect as of March 31, 2025.
(3)    Certain extension options for these facilities are subject to lender approval and compliance with certain financial and administrative covenants.
(4)    Maturity date is aligned with the Company’s ability to call remaining outstanding capital committed under the Invesco Subscription Agreement, as further explained below.
Schedule of Net Exposure With Counterparties Where Amount At Risk Exceeded 10.0% of Stockholders’ Equity The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of stockholders’ equity as of March 31, 2025 and December 31, 2024.
$ in thousandsOutstanding PrincipalNet Counterparty Exposure
Weighted Average Life (Years)(1)
March 31, 2025
Morgan Stanley Bank$345,886 $99,155 2.15
Citibank1,013,703 260,398 4.26
Wells Fargo268,724 72,693 4.15
Capital One187,124 88,734 4.88
Total$1,815,437 $520,980 3.90
December 31, 2024
Morgan Stanley Bank$342,009 $101,931 2.40
Citibank998,995 260,459 4.51
Barclays199,305 51,591 4.32
Wells Fargo179,462 48,058 4.39
Total$1,719,771 $462,039 4.05
(1) Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants.
Schedule of Maturities of Long-Term Debt
The following table shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of March 31, 2025:
$ in thousands
Secured Lending Agreements(1)
Term Lending Agreement(1)
Total
Year
2025 (remaining)$— $— $— 
2026— — — 
2027345,886 — 345,886 
2028284,992 — 284,992 
20291,196,740 124,182 1,320,922 
2030187,124 10,336 197,460 
Thereafter— — — 
Total$2,014,742 $134,518 $2,149,260 
(1) Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants.

v3.25.1
Derivatives and Hedging Activities (Tables)
3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table summarizes changes in the notional amount of our currency forward contracts during three months ended March 31, 2025:
Local Currency
In thousandsNotional Amount as of December 31, 2024AdditionsSettlement,
Termination,
Expiration
or Exercise
Notional Amount as of March 31, 2025Notional Amount as of March 31, 2025
Buy USD / Sell EUR Forward39,474 — (877)38,597 $43,821 
Buy USD / Sell GBP Forward£19,417 £— £(506)£18,911 $24,978 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The table below presents the fair value of our currency forward contracts, as well as their classification on the condensed consolidated balance sheet as of March 31, 2025:
$ in thousandsFair Value as of
March 31, 2025December 31, 2024
Derivative Assets$1,767 $4,064 
Derivative Liabilities$— $— 
Schedule of Gain (Loss) on Derivative Instruments
The following table summarizes the effect of currency forward contracts reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income for the three months ended March 31, 2025:
$ in thousandsThree Months Ended March 31, 2025
Derivatives not designated as hedging instrumentsRealized gain (loss) on derivative instruments, netUnrealized gain (loss), netGain (loss) on derivative instruments, net
Currency Forward Contracts$117 $(2,297)$(2,180)

v3.25.1
Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables detail our financial instruments measured at fair value on a recurring basis:
March 31, 2025
Fair Value Measurements Using:
$ in thousandsLevel 1Level 2Level 3Total at Fair Value
Assets:
Commercial real estate loan investments$— $— $2,788,480 $2,788,480 
Derivative assets— 1,767 — 1,767 
Total assets$— $1,767 $2,788,480 $2,790,247 
Liabilities:
Secured lending agreements$— $— $2,015,125 $2,015,125 
Term lending agreement— — 134,518 134,518 
Total liabilities$— $— $2,149,643 $2,149,643 
December 31, 2024
Fair Value Measurements Using:
$ in thousandsLevel 1Level 2Level 3Total at Fair Value
Assets:
Commercial real estate loan investments$— $— $2,391,078 $2,391,078 
Derivative assets— 4,064 — 4,064 
Total assets$— $4,064 $2,391,078 $2,395,142 
Liabilities:
Secured lending agreements$— $— $1,720,350 $1,720,350 
Term lending agreements— — 134,518 134,518 
Total liabilities$— $— $1,854,868 $1,854,868 
Schedule Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation The following table shows a reconciliation of the beginning and ending fair value measurements of our commercial real estate loan investments:
$ in thousandsThree Months Ended March 31, 2025
Beginning Balance$2,391,078 
Loan originations and fundings384,706 
Net unrealized gain (loss)1,856 
Foreign currency adjustments(1)
10,840 
Ending Balance$2,788,480 
(1) The foreign currency adjustment in the table above differs from the amount reflected in the condensed consolidated Statement of Comprehensive Income by approximately $16,000 relating to the translation of certain foreign commercial real estate loans that is included in the currency translation adjustment balance of comprehensive income.
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables summarize the significant unobservable inputs used in the fair value measurement of our investments in commercial loans:
March 31, 2025
TypeValuation TechniqueUnobservable InputWeighted Average RateRange
Weighted Average Life (years)(1)
Commercial loansDiscounted cash flowDiscount rate6.91%
5.59% - 12.07%
0.49

December 31, 2024
TypeValuation TechniqueUnobservable InputWeighted Average RateRange
Weighted Average Life (years)(1)
Commercial loansDiscounted cash flowDiscount rate7.16%
5.90% - 12.12%
0.56
(1) Based on expected cash flows and potential prepayments.
The following tables summarize the significant unobservable inputs used in the fair value measurement of our secured financing facilities:
March 31, 2025
TypeValuation TechniqueUnobservable InputWeighted Average RateRange
Weighted Average Life (years)(1)
Secured financing facilitiesDiscounted cash flowDiscount rate6.09%
4.56% - 6.67%
0.48
December 31, 2024
TypeValuation TechniqueUnobservable InputWeighted Average RateRangeWeighted Average Life (years)
Secured financing facilitiesDiscounted cash flowDiscount rate6.20%
4.88% - 6.72%
0.56
                                                                    
(1) Based on expected cash flows and potential prepayments.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table shows a reconciliation of the beginning and ending fair value measurements of our revolving credit facility:
$ in thousandsThree Months Ended March 31, 2025
Beginning Balance$— 
Proceeds from revolving credit facility135,000 
Repayment of revolving credit facility(135,000)
Net unrealized (gain) loss— 
Ending Balance$— 
The following tables show a reconciliation of the beginning and ending fair value measurements of our secured
financing facilities:
Three Months Ended March 31, 2025
$ in thousandsSecured Lending AgreementsTerm Lending AgreementTotal
Beginning Balance$1,720,350 $134,518 $1,854,868 
Proceeds from secured financing facilities286,301 — 286,301 
Net unrealized (gain) loss(195)— (195)
Unrealized foreign currency (gain) loss8,669 — 8,669 
Ending Balance$2,015,125 $134,518 $2,149,643 

v3.25.1
Accounts Payable, Accrued Expenses and Other Liabilities (Tables)
3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
The following table details the components of accounts payable, accrued expenses and other liabilities as of March 31, 2025 and December 31, 2024.
$ in thousandsMarch 31, 2025December 31, 2024
Accounts payable and accrued expenses$4,864 $2,073 
Subscriptions paid in advance (1)
28,495 19,784 
Accrued common stock repurchases— 55 
Other liabilities935 1,247 
Total$34,294 $23,159 
(1) Represents subscriptions received by our transfer agent prior to the date the subscriptions are effective.

v3.25.1
Related Party Transactions (Tables)
3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Components of Due to Affiliates
The following table details the components of due to affiliates as of March 31, 2025 and December 31, 2024.
$ in thousandsMarch 31, 2025December 31, 2024
Advanced organizational, offering and operating expenses$13,379 $14,214 
Reimbursable operating expenses2,248 3,454 
Adviser commitment fee payable2,119 2,357 
Stockholder servicing fees12,360 8,503 
Management fees1,062 746 
Performance fees768 2,068 
Total$31,936 $31,342 
$ in thousandsClass S
Shares
Class S-1 SharesClass D
Shares
Class D-1 Shares
For the period ended March 31, 2025$— $435 $— $— 
For the year ended December 31, 2024$$761 $— $— 
The following table summarizes the upfront selling commissions for each class of shares payable at the time of subscription and the stockholder servicing fee we pay the Dealer Manager on an annualized basis as a percentage of the NAV for such class:
Class S
Shares
Class S-1 SharesClass D
Shares
Class D -1
Shares
Class I
 Shares
Class E
Shares
Class F
Shares
Maximum Upfront Selling Commissions
(% of Transaction Price)
up to 3.5%
up to 3.5%
up to 1.5%
up to 1.5%
Stockholder Servicing Fee
(% of NAV)
0.85%0.85%0.25%0.25%
The tables below summarize the number of shares and the total purchase price of the shares owned by affiliates as of March 31, 2025 and as of December 31, 2024.
March 31, 2025
$ in thousands, except share amountsClass S SharesClass S-1 SharesClass D SharesClass D-1 SharesClass I SharesClass E SharesClass F SharesTotal Purchase Price
Invesco Realty, Inc.(1)
1,196,923 — 1,197,628 — 1,194,434 1,189,256 — $120,000 
Invesco Advisers, Inc.(2)
— — — — — 146,422 — 3,722 
Members of our board of directors (3)
— — — — — 25,793 — 658
Total1,196,923 — 1,197,628 — 1,194,434 1,361,471 — $124,380 
(1) Shares issued to Invesco Realty, Inc. are governed by the terms of the Invesco Subscription Agreement and classified as redeemable common shares on our condensed consolidated balance sheets. See Note 9 - “Redeemable Common Stock - Related Party” for further information.
(2) Shares issued to Invesco Advisers, Inc. are governed by the terms of our Advisory Agreement and classified as redeemable common shares on our condensed consolidated balance sheets. See Note 9 - “Redeemable Common Stock - Related Party” for further information.
(3) Represents shares issued to members of our board of directors, including stock awards under our Share-Based Compensation Plan.

December 31, 2024
$ in thousands, except share amountsClass S SharesClass S-1 SharesClass D SharesClass D-1 SharesClass I SharesClass E SharesClass F SharesTotal Purchase Price
Invesco Realty, Inc.(1)
1,496,143 — 1,497,041 — 1,492,906 1,483,196 — $150,000 
Invesco Advisers, Inc.(2)
— — — — — 35,937 — 908 
Members of our board of directors (3)
— — — — — 25,416 — 646 
Total1,496,143 — 1,497,041 — 1,492,906 1,544,549 — $151,554 

v3.25.1
Redeemable Common Stock - Related Party (Tables)
3 Months Ended
Mar. 31, 2025
Temporary Equity Disclosure [Abstract]  
Schedule of Stock by Class
The following tables summarize the changes in redeemable common stock for the three months ended March 31, 2025 and 2024:
$ in thousandsClass S Redeemable Common StockClass D Redeemable Common StockClass I Redeemable Common StockClass E Redeemable Common StockTotal Redeemable Common Stock
Balance as of December 31, 2024$37,554 $37,554 $37,565 $38,694 $151,367 
Issuance of redeemable common stock— — — 2,814 2,814 
Repurchase of redeemable common stock(7,500)(7,500)(7,500)(7,500)(30,000)
Adjustment to carrying value of redeemable common stock(4)(5)(1)170 160 
Balance as of March 31, 2025$30,050 $30,049 $30,064 $34,178 $124,341 
$ in thousandsClass S Redeemable Common SharesClass D Redeemable Common SharesClass I Redeemable Common SharesClass E Redeemable Common SharesTotal Redeemable Common Stock
Balance as of December 31, 2023$26,335 $26,335 $26,335 $26,335 $105,340 
Issuance of redeemable common stock— — — — — 
Adjustment to carrying value of redeemable common stock— — — — — 
Balance as of March 31, 2024$26,335 $26,335 $26,335 $26,335 $105,340 
The following tables summarize the changes in our outstanding shares of redeemable common stock shares for the three months ended March 31, 2025 and 2024:
Class S Redeemable Common
Shares
Class D Redeemable Common
Shares
Class I Redeemable Common
Shares
Class E Redeemable Common
Shares
Total Redeemable Common Stock
Outstanding Shares as of December 31, 20241,496,143 1,497,041 1,492,906 1,519,133 6,005,223 
Issuance of redeemable common stock — — — 110,485 110,485 
Repurchase of redeemable common stock(299,220)(299,413)(298,472)(293,940)(1,191,045)
Outstanding Shares as of March 31, 20251,196,923 1,197,628 1,194,434 1,335,678 4,924,663 
Class S Redeemable Common SharesClass D Redeemable Common SharesClass I Redeemable Common SharesClass E Redeemable Common SharesTotal Redeemable Common Stock
Outstanding Shares as of December 31, 20231,052,487 1,052,487 1,052,487 1,052,464 4,209,925 
Issuance of redeemable common stock— — — — — 
Outstanding Shares as of March 31, 20241,052,487 1,052,487 1,052,487 1,052,464 4,209,925 

v3.25.1
Stockholders’ Equity (Tables)
3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Common Stock Outstanding Roll Forward
The table below summarizes changes in our outstanding shares of common stock for the three months ended March 31, 2025 and 2024. We did not issue any Class D-1 Shares as of March 31, 2025.
Three Months Ended March 31, 2025
Class S
Shares
Class S-1 SharesClass D
Shares
Class D-1
Shares
Class I
Shares
Class E
Shares
Class F SharesTotal
Total Outstanding Shares as of December 31, 20241,502,214 7,226,062 1,499,147 — 4,171,608 1,635,105 8,218,258 24,252,394 
Issuance of common stock to unaffiliated stockholders3,969 3,261,421 8,211 — 1,088,268 8,244 — 4,370,113 
Common stock distribution reinvestment— 98,095 99 — 36,810 1,370 161,371 297,745 
Issuance of redeemable common shares(1)
— — — — — 110,485 — 110,485 
Repurchase of common stock(111)(21,833)(111)— (8,678)— — (30,733)
Repurchase of redeemable common stock(299,220)— (299,413)— (298,472)(293,940)— (1,191,045)
Total Outstanding Shares as of March 31, 2025
1,206,852 10,563,745 1,207,933 — 4,989,536 1,461,264 8,379,629 27,808,959 
(1) Consists of shares issued to an Invesco affiliate for the payment of management fees and performance fees that are classified as redeemable common stock. See Note 9 - “Redeemable Common Stock - Related Party”.
Three Months Ended March 31, 2024
Class S
Shares
Class S-1 SharesClass D
Shares
Class I
Shares
Class E
Shares
Class F SharesTotal
Total Outstanding Shares as of December 31, 20231,052,598 1,054,174 1,052,598 1,383,506 1,067,805 — 5,610,681 
Issuance of common stock to unaffiliated stockholders— 1,467,311 — 656,221 57,994 — 2,181,526 
Common stock distribution reinvestment— 21,860 — 8,245 622 — 30,727 
Total Outstanding Shares as of March 31, 20241,052,598 2,543,345 1,052,598 2,047,972 1,126,421 — 7,822,934 
Schedule of Dividends Declared
The tables below detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2025 and March 31, 2024:

Three Months Ended March 31, 2025
Class S
Shares
Class S-1
Shares
Class D
Shares
Class D-1
Shares(1)
Class I
Shares
Class E
Shares
Class F
Shares
Aggregate distribution declared per share$0.5000 $0.5000 $0.5000 $— $0.5000 $0.5000 $0.5000 
Stockholder servicing fee per share(0.0003)(0.0528)— — — — — 
Net distribution declared per share$0.4997 $0.4472 $0.5000 $— $0.5000 $0.5000 $0.5000 
Three Months Ended March 31, 2024
Class S
Shares
Class S-1
Shares
Class D
Shares
Class I
Shares
Class E
Shares
Class F
Shares(3)
Aggregate distribution declared per share$0.8600 $0.8600 $0.8600 $0.8600 $0.8600 $— 
Stockholder servicing fee per share— (0.0534)— — — — 
Net distribution declared per share$0.8600 $0.8066 $0.8600 $0.8600 $0.8600 $— 

v3.25.1
Earnings per Common Share (Tables)
3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Earnings per share for the three months ended March 31, 2025 and 2024 is computed as presented in the table below.
For the Three Months Ended
$ in thousands, except share and per share amountsMarch 31, 2025March 31, 2024
Net income (loss) available to common stockholders$11,635 $4,680 
Weighted average common shares outstanding27,233,292 7,183,194 
Effect of dilutive restricted stock awards76 583 
Diluted weighted average common shares outstanding27,233,368 7,183,777 
Earnings (loss) per share:
Basic$0.43 $0.65 
Diluted$0.43 $0.65 

v3.25.1
Subsequent Events (Tables)
3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Schedule of Stockholders Equity
Subsequent to March 31, 2025, we issued the following shares of common stock:
$ in thousands except share amountsShares Issued to Third-Parties
Shares Issued to Affiliates(1)(2)
DRP Shares(3)
Class S120,596 — 25 
Class S-12,047,862 — 40,124 
Class D— — 66 
Class D-1— — — 
Class I1,112,073 — 14,177 
Class E5,671 41,491 485 
Class F— — 52,204 
Total3,286,202 41,491 107,081 
Total net proceeds(4)
$82,703 $— $2,721 
(1)Affiliates include related parties discussed in Note 8 - “Related Party Transactions”.
(2)Includes 41,491 Class E shares issued to our Adviser as payment for management fees for total consideration of $1.1 million, which is excluded from Total net proceeds.
(3)Represents shares issued under our distribution reinvestment plan.
(4)With respect to DRP Shares, Total net proceeds represents total value of shares issued under our distribution reinvestment plan.

v3.25.1
Organization and Business Purpose (Details)
3 Months Ended
Mar. 31, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of operating segments 1

v3.25.1
Commercial Real Estate Loan Investments - Investments in Commercial Real Estate Loans (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loan Amount $ 3,123,858 $ 2,688,628
Principal Balance Outstanding 2,785,906 2,390,362
Fair Value $ 2,788,480 $ 2,391,078
Weighted Average Interest Rate 7.23% 7.38%
Weighted Average Life (years) 4 years 1 month 20 days 4 years 3 months 7 days
Senior loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loan Amount $ 3,093,858 $ 2,658,628
Principal Balance Outstanding 2,774,431 2,385,124
Fair Value $ 2,777,005 $ 2,385,840
Weighted Average Interest Rate 7.21% 7.37%
Weighted Average Life (years) 4 years 1 month 20 days 4 years 3 months 3 days
Mezzanine loans    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loan Amount $ 30,000 $ 30,000
Principal Balance Outstanding 11,475 5,238
Fair Value $ 11,475 $ 5,238
Weighted Average Interest Rate 12.08% 12.23%
Weighted Average Life (years) 4 years 7 months 2 days 4 years 10 months 2 days

v3.25.1
Commercial Real Estate Loan Investments - Property Type And Geographic Distribution (Details)
$ in Thousands, € in Millions, £ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Mar. 31, 2025
EUR (€)
Mar. 31, 2025
GBP (£)
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 2,788,480 $ 2,391,078    
Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 100.00% 100.00%    
Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 100.00% 100.00%    
United States:        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 2,493,303 $ 2,106,670    
United States: | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 89.30% 88.00%    
West        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 871,985 $ 738,754    
West | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 31.20% 30.70%    
South        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 694,464 $ 520,733    
South | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 24.90% 21.80%    
East        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 759,863 $ 688,518    
East | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 27.30% 28.80%    
Midwest        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 37,363 $ 30,331    
Midwest | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 1.30% 1.30%    
Various U.S        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 129,628 $ 128,334    
Various U.S | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 4.60% 5.40%    
Europe:        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 295,177 $ 284,408    
Europe: | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 10.70% 12.00%    
France        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 88,550 $ 85,019 € 81.8  
France | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 3.20% 3.60%    
Spain        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 99,111 $ 95,159 € 91.6  
Spain | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 3.60% 4.00%    
United Kingdom        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 107,516 $ 104,230   £ 83.1
United Kingdom | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 3.90% 4.40%    
Multifamily        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 1,315,929 $ 1,252,147    
Multifamily | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 47.20% 52.40%    
Industrial        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 1,085,677 $ 1,042,720    
Industrial | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 38.90% 43.60%    
Self-storage        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 111,016 $ 96,211    
Self-storage | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 4.00% 4.00%    
Student housing        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Fair Value $ 275,858 $ 0    
Student housing | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk        
Fair Value, Option, Quantitative Disclosures [Line Items]        
Concentration risk (in percent) 9.90% 0.00%    

v3.25.1
Commercial Real Estate Loan Investments - Narrative (Details)
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Weighted average loan-to-value ratio 65.00%

v3.25.1
Borrowings - Summary of Repurchase Agreement and Revolving Line of Credit Borrowings (Details)
$ in Thousands, € in Millions, £ in Millions
Mar. 31, 2025
USD ($)
Mar. 31, 2025
EUR (€)
Mar. 31, 2025
GBP (£)
Dec. 31, 2024
USD ($)
Aug. 31, 2024
USD ($)
Jul. 31, 2024
USD ($)
Debt Instrument [Line Items]            
Amount Outstanding $ 2,149,260          
Secured Debt | Line of Credit            
Debt Instrument [Line Items]            
Maximum Facility Size 3,212,517          
Available Capacity 1,063,257          
Amount Outstanding 2,149,260     $ 1,854,289    
Fair Value 2,149,643     1,854,868    
Secured Debt | Term Lending Agreement            
Debt Instrument [Line Items]            
Amount Outstanding 134,518          
Secured Debt | Term Lending Agreement | Line of Credit            
Debt Instrument [Line Items]            
Maximum Facility Size         $ 300,000  
Fair Value $ 134,518     134,518    
Secured Debt | Term Lending Agreement | Line of Credit | INCREF Lending II            
Debt Instrument [Line Items]            
Weighted Average Interest rate (in percent) 6.61% 6.61% 6.61%      
Maximum Facility Size $ 300,000          
Available Capacity 165,482          
Amount Outstanding 134,518     134,518    
Fair Value $ 134,518     134,518    
Secured Debt | Term Financing | Line of Credit | INCREF Lending I            
Debt Instrument [Line Items]            
Weighted Average Interest rate (in percent) 6.33% 6.33% 6.33%      
Maximum Facility Size $ 837,517          
Available Capacity 108,806          
Amount Outstanding 728,711     722,672    
Fair Value $ 728,790     722,796    
Secured Debt | Repurchase Agreements | Line of Credit | INCREF Lending I            
Debt Instrument [Line Items]            
Maximum Facility Size           $ 837,500
Secured Debt | Repurchase Agreements | Line of Credit | Morgan Stanley Bank            
Debt Instrument [Line Items]            
Weighted Average Interest rate (in percent) 6.59% 6.59% 6.59%      
Maximum Facility Size $ 500,000          
Available Capacity 154,114          
Amount Outstanding 345,886     342,009    
Fair Value $ 345,887     342,079    
Secured Debt | Repurchase Agreements | Line of Credit | Citibank            
Debt Instrument [Line Items]            
Weighted Average Interest rate (in percent) 5.65% 5.65% 5.65%      
Maximum Facility Size $ 500,000          
Available Capacity 215,008          
Amount Outstanding 284,992     276,323    
Fair Value $ 285,266 € 138.7 £ 66.5 276,653    
Secured Debt | Repurchase Agreements | Line of Credit | Barclays            
Debt Instrument [Line Items]            
Weighted Average Interest rate (in percent) 6.23% 6.23% 6.23%      
Maximum Facility Size $ 500,000          
Available Capacity 300,695          
Amount Outstanding 199,305     199,305    
Fair Value $ 199,314     199,326    
Secured Debt | Repurchase Agreements | Line of Credit | Wells Fargo            
Debt Instrument [Line Items]            
Weighted Average Interest rate (in percent) 6.15% 6.15% 6.15%      
Maximum Facility Size $ 300,000          
Available Capacity 31,276          
Amount Outstanding 268,724     179,462    
Fair Value $ 268,744     179,496    
Secured Debt | Repurchase Agreements | Line of Credit | Bank of Montreal            
Debt Instrument [Line Items]            
Weighted Average Interest rate (in percent) 0.00% 0.00% 0.00%      
Maximum Facility Size $ 25,000          
Available Capacity 25,000          
Amount Outstanding 0     0    
Fair Value $ 0     0    
Secured Debt | Repurchase Agreements | Line of Credit | Capital One            
Debt Instrument [Line Items]            
Weighted Average Interest rate (in percent) 5.85% 5.85% 5.85%      
Maximum Facility Size $ 250,000          
Available Capacity 62,876          
Amount Outstanding 187,124          
Fair Value $ 187,124          
Revolving Credit Facility | Line of Credit            
Debt Instrument [Line Items]            
Weighted Average Interest rate (in percent) 8.26% 8.26% 8.26%      
Maximum Facility Size $ 135,000          
Available Capacity 135,000          
Amount Outstanding 0     0    
Fair Value $ 0     $ 0    

v3.25.1
Borrowings - Narrative (Details)
$ in Thousands, € in Millions, £ in Millions
3 Months Ended
Mar. 31, 2025
USD ($)
lender
d
Mar. 31, 2025
EUR (€)
lender
Mar. 31, 2025
GBP (£)
lender
Dec. 31, 2024
USD ($)
Aug. 31, 2024
USD ($)
Jul. 31, 2024
USD ($)
extensionOption
Line of Credit Facility [Line Items]            
Loans pledged as collateral $ 2,764,054     $ 2,355,509    
Secured Debt | Line of Credit            
Line of Credit Facility [Line Items]            
Maximum borrowings 3,212,517          
Borrowings 2,149,643     1,854,868    
Secured Debt | Term Lending Agreement | Line of Credit            
Line of Credit Facility [Line Items]            
Maximum borrowings         $ 300,000  
Loans pledged as collateral 175,800          
Borrowings 134,518     134,518    
Secured Debt | Secured Lending Agreements | Line of Credit            
Line of Credit Facility [Line Items]            
Loans pledged as collateral $ 1,700,000          
Number of financial institutions | lender 6 6 6      
Secured Debt | Secured Lending Agreements | Line of Credit | INCREF Lending I            
Line of Credit Facility [Line Items]            
Maximum borrowings           $ 837,500
Loans pledged as collateral $ 917,500          
Debt term (in years)           2 years
Number of extension options | extensionOption           3
Extension option term (in years)           1 year
Secured Debt | Secured Lending Agreements | Line of Credit | Citibank            
Line of Credit Facility [Line Items]            
Maximum borrowings 500,000          
Borrowings 285,266 € 138.7 £ 66.5 276,653    
Revolving Credit Facility | Line of Credit            
Line of Credit Facility [Line Items]            
Maximum borrowings 135,000          
Borrowings $ 0     $ 0    
Revolving Credit Facility | Subscription Agreements Credit Facility | Line of Credit            
Line of Credit Facility [Line Items]            
Threshold days | d 30          
Revolving Credit Facility | Uncommitted Tranche, Subscription Agreements Credit Facility | Line of Credit            
Line of Credit Facility [Line Items]            
Threshold business days | d 15          
Revolving Credit Facility | Funded Tranche, Subscription Agreements Credit Facility | Line of Credit            
Line of Credit Facility [Line Items]            
Threshold years from issuance 3 years          
Threshold years from after notice | d 360          

v3.25.1
Borrowings - Net Exposure With Counterparties Where Amount At Risk Exceeded 10.0% of Stockholders’ Equity (Details) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]    
Outstanding Principal $ 2,149,260  
Net Counterparty Exposure $ 520,980 $ 462,039
Weighted Average Life (in years) 3 years 10 months 24 days 4 years 18 days
Secured Debt    
Line of Credit Facility [Line Items]    
Outstanding Principal $ 1,815,437 $ 1,719,771
Morgan Stanley Bank    
Line of Credit Facility [Line Items]    
Net Counterparty Exposure $ 99,155 $ 101,931
Weighted Average Life (in years) 2 years 1 month 24 days 2 years 4 months 24 days
Morgan Stanley Bank | Secured Debt    
Line of Credit Facility [Line Items]    
Outstanding Principal $ 345,886 $ 342,009
Citibank    
Line of Credit Facility [Line Items]    
Net Counterparty Exposure $ 260,398 $ 260,459
Weighted Average Life (in years) 4 years 3 months 3 days 4 years 6 months 3 days
Citibank | Secured Debt    
Line of Credit Facility [Line Items]    
Outstanding Principal $ 1,013,703 $ 998,995
Wells Fargo    
Line of Credit Facility [Line Items]    
Net Counterparty Exposure $ 72,693 $ 48,058
Weighted Average Life (in years) 4 years 1 month 24 days 4 years 4 months 20 days
Wells Fargo | Secured Debt    
Line of Credit Facility [Line Items]    
Outstanding Principal $ 268,724 $ 179,462
Capital One    
Line of Credit Facility [Line Items]    
Net Counterparty Exposure $ 88,734  
Weighted Average Life (in years) 4 years 10 months 17 days  
Capital One | Secured Debt    
Line of Credit Facility [Line Items]    
Outstanding Principal $ 187,124  
Barclays    
Line of Credit Facility [Line Items]    
Net Counterparty Exposure   $ 51,591
Weighted Average Life (in years)   4 years 3 months 25 days
Barclays | Secured Debt    
Line of Credit Facility [Line Items]    
Outstanding Principal   $ 199,305

v3.25.1
Borrowings - Maturities of Outstanding Borrowings (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Debt Instrument [Line Items]  
2025 (remaining) $ 0
2026 0
2027 345,886
2028 284,992
2029 1,320,922
2030 197,460
Thereafter 0
Total 2,149,260
Secured Debt | Secured Lending Agreements  
Debt Instrument [Line Items]  
2025 (remaining) 0
2026 0
2027 345,886
2028 284,992
2029 1,196,740
2030 187,124
Thereafter 0
Total 2,014,742
Secured Debt | Term Lending Agreement  
Debt Instrument [Line Items]  
2025 (remaining) 0
2026 0
2027 0
2028 0
2029 124,182
2030 10,336
Thereafter 0
Total $ 134,518

v3.25.1
Derivatives and Hedging Activities - Changes in the Notional Amount of our Currency Forward Contracts (Details) - 3 months ended Mar. 31, 2025 - Foreign Exchange Forward - Not Designated as Hedging Instrument
€ in Thousands, £ in Thousands, $ in Thousands
EUR (€)
USD ($)
GBP (£)
Derivative, Notional Amount [Roll Forward]      
Beginning balance € 39,474   £ 19,417
Additions 0   0
Settlement, Termination, Expiration or Exercise (877)   (506)
Ending balance € 38,597   £ 18,911
Euro Member Countries, Euro      
Derivative, Notional Amount [Roll Forward]      
Ending balance   $ 43,821  
United Kingdom, Pounds      
Derivative, Notional Amount [Roll Forward]      
Ending balance   $ 24,978  

v3.25.1
Derivatives and Hedging Activities - Fair Value of our Currency Forward Contracts (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative assets $ 1,767 $ 4,064
Foreign Exchange Forward | Not Designated as Hedging Instrument    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative assets 1,767 4,064
Derivative liabilities $ 0 $ 0

v3.25.1
Derivatives and Hedging Activities - Effect of Currency Forward Contracts Reported in Gain (Loss) on Derivative Instruments (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Unrealized gain (loss), net $ (2,180) $ 0
Gain (loss) on derivative instruments, net (2,180) $ 0
Foreign Exchange Forward    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Realized gain (loss) on derivative instruments, net 117  
Unrealized gain (loss), net (2,297)  
Gain (loss) on derivative instruments, net $ (2,180)  

v3.25.1
Fair Value of Financial Instruments - Assets and Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Commercial real estate loan investments $ 2,788,480 $ 2,391,078
Derivative assets 1,767 4,064
Total assets 2,790,247 2,395,142
Liabilities:    
Total liabilities 2,149,643 1,854,868
Line of Credit | Secured Debt    
Liabilities:    
Borrowings 2,149,643 1,854,868
Line of Credit | Secured Lending Agreements | Secured Debt    
Liabilities:    
Borrowings 2,015,125 1,720,350
Line of Credit | Term Lending Agreement | Secured Debt    
Liabilities:    
Borrowings 134,518 134,518
Level 1    
Assets:    
Commercial real estate loan investments 0 0
Derivative assets 0 0
Total assets 0 0
Liabilities:    
Total liabilities 0 0
Level 1 | Line of Credit | Secured Lending Agreements | Secured Debt    
Liabilities:    
Borrowings 0 0
Level 1 | Line of Credit | Term Lending Agreement | Secured Debt    
Liabilities:    
Borrowings 0 0
Level 2    
Assets:    
Commercial real estate loan investments 0 0
Derivative assets 1,767 4,064
Total assets 1,767 4,064
Liabilities:    
Total liabilities 0 0
Level 2 | Line of Credit | Secured Lending Agreements | Secured Debt    
Liabilities:    
Borrowings 0 0
Level 2 | Line of Credit | Term Lending Agreement | Secured Debt    
Liabilities:    
Borrowings 0 0
Level 3    
Assets:    
Commercial real estate loan investments 2,788,480 2,391,078
Derivative assets 0 0
Total assets 2,788,480 2,391,078
Liabilities:    
Total liabilities 2,149,643 1,854,868
Level 3 | Line of Credit | Secured Lending Agreements | Secured Debt    
Liabilities:    
Borrowings 2,015,125 1,720,350
Level 3 | Line of Credit | Term Lending Agreement | Secured Debt    
Liabilities:    
Borrowings $ 134,518 $ 134,518

v3.25.1
Fair Value of Financial Instruments - Reconciliation (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Foreign currency adjustments $ 26 $ 0
Revolving Credit Facility | Long-Term Debt | Line of Credit    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Balance 0  
Proceeds 135,000  
Repayments (135,000)  
Net unrealized (gain) loss 0  
Ending Balance 0  
Secured Debt | Long-Term Debt | Line of Credit    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Balance 1,854,868  
Proceeds 286,301  
Net unrealized (gain) loss (195)  
Unrealized foreign currency (gain) loss 8,669  
Ending Balance 2,149,643  
Secured Debt | Secured Lending Agreements | Long-Term Debt | Line of Credit    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Balance 1,720,350  
Proceeds 286,301  
Net unrealized (gain) loss (195)  
Unrealized foreign currency (gain) loss 8,669  
Ending Balance 2,015,125  
Secured Debt | Term Lending Agreement | Long-Term Debt | Line of Credit    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Balance 134,518  
Proceeds 0  
Net unrealized (gain) loss 0  
Unrealized foreign currency (gain) loss 0  
Ending Balance 134,518  
Commercial Real Estate Loan Investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning Balance 2,391,078  
Loan originations and fundings 384,706  
Net unrealized gain (loss) 1,856  
Foreign currency adjustments 10,840  
Ending Balance 2,788,480  
Certain Foreign Commercial Real Estate Loan Investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Foreign currency adjustments $ 16  

v3.25.1
Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - Discounted cash flow
Mar. 31, 2025
yr
Dec. 31, 2024
yr
Weighted Average Life (years) | Long-Term Debt    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Repurchase agreements, measurement input 0.48 0.56
Weighted Average Life (years) | Commercial Real Estate Loan Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Commercial loans, measurement input 0.49 0.56
Weighted Average | Discount rate | Long-Term Debt    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Repurchase agreements, measurement input 0.0609 0.0620
Weighted Average | Discount rate | Commercial Real Estate Loan Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Commercial loans, measurement input 0.0691 0.0716
Minimum | Discount rate | Long-Term Debt    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Repurchase agreements, measurement input 0.0456 0.0488
Minimum | Discount rate | Commercial Real Estate Loan Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Commercial loans, measurement input 0.0559 0.059
Maximum | Discount rate | Long-Term Debt    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Repurchase agreements, measurement input 0.0667 0.0672
Maximum | Discount rate | Commercial Real Estate Loan Investments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Commercial loans, measurement input 0.1207 0.1212

v3.25.1
Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accounts payable and accrued expenses $ 4,864 $ 2,073
Subscriptions paid in advance 28,495 19,784
Accrued common stock repurchases 0 55
Other liabilities 935 1,247
Total $ 34,294 $ 23,159

v3.25.1
Related Party Transactions - Components of Due to Affiliates (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Other liabilities $ 31,936 $ 31,342
Affiliated Entity    
Related Party Transaction [Line Items]    
Other liabilities 31,936 31,342
Affiliated Entity | Advanced organizational, offering and operating expenses    
Related Party Transaction [Line Items]    
Other liabilities 13,379 14,214
Affiliated Entity | Reimbursable operating expenses    
Related Party Transaction [Line Items]    
Other liabilities 2,248 3,454
Affiliated Entity | Adviser commitment fee payable    
Related Party Transaction [Line Items]    
Other liabilities 2,119 2,357
Affiliated Entity | Stockholder servicing fees    
Related Party Transaction [Line Items]    
Other liabilities 12,360 8,503
Affiliated Entity | Management fees    
Related Party Transaction [Line Items]    
Other liabilities 1,062 746
Affiliated Entity | Performance fees    
Related Party Transaction [Line Items]    
Other liabilities $ 768 $ 2,068

v3.25.1
Related Party Transactions - Narrative (Details)
$ in Thousands
1 Months Ended 3 Months Ended
Dec. 31, 2024
USD ($)
Mar. 31, 2025
USD ($)
fiscalQuarter
shares
Mar. 31, 2024
USD ($)
Related Party Transaction [Line Items]      
Other liabilities $ 31,342 $ 31,936  
Advisory agreement, automatic renewals, term per renewal (in years)   1 year  
Termination fee, average annual management fee, multiplier   3  
Termination fee, term before termination (in months)   24 months  
Adviser      
Related Party Transaction [Line Items]      
Management fees   $ 1,100  
Accrued management fees   1,100  
Performance fees   768  
Accrued performance fees   $ 768  
Subsidiaries | Adviser      
Related Party Transaction [Line Items]      
Organization and offering expenses, reimbursement term (in months) 52 months    
Operating expenses reimbursement, average invested assets (in percent)   2.00%  
Operating expenses reimbursement, net income (in percent)   25.00%  
Reimbursement period, number of consecutive quarters | fiscalQuarter   4  
Adviser commitment fee, base rate (in percent)   0.50  
Adviser commitment fee, base rate, loan origination (in percent)   0.005  
Management and service fees, base rate (in percent)   1.00%  
Management and service fees, incentive rate (in percent)   10.00%  
Support personnel costs   $ 602 $ 232
Subsidiaries | Adviser | Class F Common Stock      
Related Party Transaction [Line Items]      
Management and service fees, base rate (in percent)   10.00%  
Management and service fees, incentive rate (in percent)   6.00%  
Performance fee, period to measure performance fee income   2 years  
Subsidiaries | Adviser | Class E Redeemable Common Stock      
Related Party Transaction [Line Items]      
Issuance of redeemable common stock, management fees (in shares) | shares   29,300  
Issuance of redeemable common stock, performance fees (in shares) | shares   81,185  
Affiliated Entity      
Related Party Transaction [Line Items]      
Other liabilities $ 31,342 $ 31,936  
Affiliated Entity | Advanced organizational, offering and operating expenses      
Related Party Transaction [Line Items]      
Other liabilities $ 14,214 $ 13,379  
Affiliated Entity | Dealer Manager | Common Class S And Class D      
Related Party Transaction [Line Items]      
Gross proceeds from sale of shares (in percent)   8.75%  
Affiliated Entity | Dealer Manager, Certain Participating Broker Dealers | Common Class S And Class D      
Related Party Transaction [Line Items]      
Gross proceeds from sale of shares (in percent)   7.75%  

v3.25.1
Related Party Transactions - Stockholder Servicing Fees (Details) - Dealer Manager - Affiliated Entity - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Class S Common Stock    
Related Party Transaction [Line Items]    
Stockholder service fee $ 0 $ 1
Class S-1 Common Stock    
Related Party Transaction [Line Items]    
Stockholder service fee 435 761
Class D Common Stock    
Related Party Transaction [Line Items]    
Stockholder service fee 0 0
Class D-1 Common Stock    
Related Party Transaction [Line Items]    
Stockholder service fee $ 0 $ 0

v3.25.1
Related Party Transactions - Upfront Selling Commissions and Stockholder Servicing Fee (Details) - Dealer Manager - Affiliated Entity
3 Months Ended
Mar. 31, 2025
Class S Common Stock  
Related Party Transaction [Line Items]  
Maximum Upfront Selling Commissions (% of Transaction Price) 3.50%
Stockholder Servicing Fee (% of NAV) 0.85%
Class S-1 Common Stock  
Related Party Transaction [Line Items]  
Maximum Upfront Selling Commissions (% of Transaction Price) 3.50%
Stockholder Servicing Fee (% of NAV) 0.85%
Class D Common Stock  
Related Party Transaction [Line Items]  
Maximum Upfront Selling Commissions (% of Transaction Price) 1.50%
Stockholder Servicing Fee (% of NAV) 0.25%
Class D-1 Common Stock  
Related Party Transaction [Line Items]  
Maximum Upfront Selling Commissions (% of Transaction Price) 1.50%
Stockholder Servicing Fee (% of NAV) 0.25%
Class I Common Stock  
Related Party Transaction [Line Items]  
Maximum Upfront Selling Commissions (% of Transaction Price) 0.00%
Stockholder Servicing Fee (% of NAV) 0.00%
Class E Common Stock  
Related Party Transaction [Line Items]  
Maximum Upfront Selling Commissions (% of Transaction Price) 0.00%
Stockholder Servicing Fee (% of NAV) 0.00%
Class F Common Stock  
Related Party Transaction [Line Items]  
Maximum Upfront Selling Commissions (% of Transaction Price) 0.00%
Stockholder Servicing Fee (% of NAV) 0.00%

v3.25.1
Related Party Transactions - Shares Purchased By Affiliates (Details) - Affiliated Entity - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Total Purchase Price $ 124,380 $ 151,554
Invesco Realty, Inc.    
Related Party Transaction [Line Items]    
Total Purchase Price 120,000 150,000
Invesco Advisers, Inc.    
Related Party Transaction [Line Items]    
Total Purchase Price 3,722 908
Members of our board of directors    
Related Party Transaction [Line Items]    
Total Purchase Price $ 658 $ 646
Class S Common Stock    
Related Party Transaction [Line Items]    
Shares (in shares) 1,196,923 1,496,143
Class S Common Stock | Invesco Realty, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 1,196,923 1,496,143
Class S Common Stock | Invesco Advisers, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class S Common Stock | Members of our board of directors    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class S-1 Common Stock    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class S-1 Common Stock | Invesco Realty, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class S-1 Common Stock | Invesco Advisers, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class S-1 Common Stock | Members of our board of directors    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class D Common Stock    
Related Party Transaction [Line Items]    
Shares (in shares) 1,197,628 1,497,041
Class D Common Stock | Invesco Realty, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 1,197,628 1,497,041
Class D Common Stock | Invesco Advisers, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class D Common Stock | Members of our board of directors    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class D-1 Common Stock    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class D-1 Common Stock | Invesco Realty, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class D-1 Common Stock | Invesco Advisers, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class D-1 Common Stock | Members of our board of directors    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class I Common Stock    
Related Party Transaction [Line Items]    
Shares (in shares) 1,194,434 1,492,906
Class I Common Stock | Invesco Realty, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 1,194,434 1,492,906
Class I Common Stock | Invesco Advisers, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class I Common Stock | Members of our board of directors    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class E Common Stock    
Related Party Transaction [Line Items]    
Shares (in shares) 1,361,471 1,544,549
Class E Common Stock | Invesco Realty, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 1,189,256 1,483,196
Class E Common Stock | Invesco Advisers, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 146,422 35,937
Class E Common Stock | Members of our board of directors    
Related Party Transaction [Line Items]    
Shares (in shares) 25,793 25,416
Class F Common Stock    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class F Common Stock | Invesco Realty, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class F Common Stock | Invesco Advisers, Inc.    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0
Class F Common Stock | Members of our board of directors    
Related Party Transaction [Line Items]    
Shares (in shares) 0 0

v3.25.1
Redeemable Common Stock - Related Party - Narrative (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2025
USD ($)
shares
Affiliated Entity | Invesco Subscription Agreement  
Temporary Equity [Line Items]  
Maximum purchase commitment $ 300,000
Capital callable under purchase commitment 150,000
Additional capital callable under purchase commitment 150,000
Called capital under purchase commitment 120,000
Stock repurchase, minimum net asset value threshold to submit 1,500,000
Amount of shares to be held by related party $ 200
Subsidiaries | Adviser | Class E Redeemable Common Stock  
Temporary Equity [Line Items]  
Issuance of redeemable common stock, performance fees (in shares) | shares 81,185
Issuance of redeemable common stock, management fees (in shares) | shares 29,300

v3.25.1
Redeemable Common Stock - Related Party - Changes In Redeemable Common Stock (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Increase (Decrease) in Temporary Equity [Roll Forward]    
Beginning balance $ 151,367 $ 105,340
Issuance of redeemable common stock 2,814 0
Repurchase of redeemable common stock (30,000)  
Adjustment to the carrying value of redeemable common stock 160 0
Ending balance 124,341 105,340
Class S Redeemable Common Stock    
Increase (Decrease) in Temporary Equity [Roll Forward]    
Beginning balance 37,554 26,335
Issuance of redeemable common stock 0 0
Repurchase of redeemable common stock (7,500)  
Adjustment to the carrying value of redeemable common stock (4) 0
Ending balance 30,050 26,335
Class D Redeemable Common Stock    
Increase (Decrease) in Temporary Equity [Roll Forward]    
Beginning balance 37,554 26,335
Issuance of redeemable common stock 0 0
Repurchase of redeemable common stock (7,500)  
Adjustment to the carrying value of redeemable common stock (5) 0
Ending balance 30,049 26,335
Class I Redeemable Common Stock    
Increase (Decrease) in Temporary Equity [Roll Forward]    
Beginning balance 37,565 26,335
Issuance of redeemable common stock 0 0
Repurchase of redeemable common stock (7,500)  
Adjustment to the carrying value of redeemable common stock (1) 0
Ending balance 30,064 26,335
Class E Redeemable Common Stock    
Increase (Decrease) in Temporary Equity [Roll Forward]    
Beginning balance 38,694 26,335
Issuance of redeemable common stock 2,814 0
Repurchase of redeemable common stock (7,500)  
Adjustment to the carrying value of redeemable common stock 170 0
Ending balance $ 34,178 $ 26,335

v3.25.1
Redeemable Common Stock - Related Party - Changes In Outstanding Shares Of Redeemable Common Stock (Details) - shares
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Increase (Decrease) in Temporary Equity [Roll Forward]    
Beginning balance (in shares) 6,005,223 4,209,925
Issuance of redeemable common stock (in shares) 110,485 0
Repurchase of redeemable common stock (in shares) (1,191,045)  
Ending balance (in shares) 4,924,663 4,209,925
Class S Redeemable Common Stock    
Increase (Decrease) in Temporary Equity [Roll Forward]    
Beginning balance (in shares) 1,496,143 1,052,487
Issuance of redeemable common stock (in shares) 0 0
Repurchase of redeemable common stock (in shares) (299,220)  
Ending balance (in shares) 1,196,923 1,052,487
Class D Redeemable Common Stock    
Increase (Decrease) in Temporary Equity [Roll Forward]    
Beginning balance (in shares) 1,497,041 1,052,487
Issuance of redeemable common stock (in shares) 0 0
Repurchase of redeemable common stock (in shares) (299,413)  
Ending balance (in shares) 1,197,628 1,052,487
Class I Redeemable Common Stock    
Increase (Decrease) in Temporary Equity [Roll Forward]    
Beginning balance (in shares) 1,492,906 1,052,487
Issuance of redeemable common stock (in shares) 0 0
Repurchase of redeemable common stock (in shares) (298,472)  
Ending balance (in shares) 1,194,434 1,052,487
Class E Redeemable Common Stock    
Increase (Decrease) in Temporary Equity [Roll Forward]    
Beginning balance (in shares) 1,519,133 1,052,464
Issuance of redeemable common stock (in shares) 110,485 0
Repurchase of redeemable common stock (in shares) (293,940)  
Ending balance (in shares) 1,335,678 1,052,464

v3.25.1
Stockholders’ Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 12 Months Ended
Jan. 31, 2025
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Class of Stock [Line Items]        
Issuance and redemption costs of redeemed preferred stock   $ 27 $ 0  
Dividends   12,900 $ 6,300  
Dividends and distributions payable   4,257   $ 3,765
Share repurchase plan participation, NAV threshold   $ 1,500,000    
Repurchase of common stock (in shares)   (30,733)    
Common Stock        
Class of Stock [Line Items]        
Repurchase of common stock (in shares)     0  
Related Party        
Class of Stock [Line Items]        
Dividends and distributions payable   $ 788   $ 961
Class S Common Stock | Common Stock        
Class of Stock [Line Items]        
Repurchase of common stock (in shares)   (111)    
Class D Common Stock | Common Stock        
Class of Stock [Line Items]        
Repurchase of common stock (in shares)   (111)    
Class I Common Stock | Common Stock        
Class of Stock [Line Items]        
Repurchase of common stock (in shares)   (8,678)    
Series A Preferred Stock        
Class of Stock [Line Items]        
Preferred stock, dividend rate (in percent) 12.50% 12.50%   12.50%
Redemption price per share (in dollars per share) $ 1,000      
Liquidation preference (in dollars per share) 1,000      
Dividend rate, per annum (in dollars per share) $ 125      
Class S-1 Common Stock | Common Stock        
Class of Stock [Line Items]        
Repurchase of common stock (in shares)   (21,833)    
Private Placement        
Class of Stock [Line Items]        
Redeemed during period (in shares) 228      
Private Placement | Stapled Units        
Class of Stock [Line Items]        
Redeemed during period (in shares) 111      
Private Placement | Class S Common Stock        
Class of Stock [Line Items]        
Redeemed during period (in shares) 1      
Private Placement | Class D Common Stock        
Class of Stock [Line Items]        
Redeemed during period (in shares) 1      
Private Placement | Class I Common Stock        
Class of Stock [Line Items]        
Redeemed during period (in shares) 1      
Private Placement | New Stapled Units        
Class of Stock [Line Items]        
Redeemed during period (in shares) 117      
Private Placement | Series A Preferred Stock        
Class of Stock [Line Items]        
Redeemed during period (in shares) 1      
Preferred stock, dividend rate (in percent) 12.50%      
Proceeds from issuance of private placement $ 232      
Private Placement | Class S-1 Common Stock        
Class of Stock [Line Items]        
Redeemed during period (in shares) 1      

v3.25.1
Stockholders’ Equity - Changes in Shares of Common Stock (Details) - shares
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares) 24,252,394  
Issuance of common stock (in shares) 4,370,113  
Common stock distribution reinvestment (in shares) 297,745  
Issuance of redeemable common stock (in shares) 110,485 0
Repurchase of common stock (in shares) (30,733)  
Repurchase of redeemable common stock (1,191,045)  
Ending balance (in shares) 27,808,959  
Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares)   5,610,681
Issuance of common stock (in shares)   2,181,526
Common stock distribution reinvestment (in shares)   30,727
Repurchase of common stock (in shares)   0
Ending balance (in shares)   7,822,934
Class S Common Stock | Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares) 1,502,214 1,052,598
Issuance of common stock (in shares) 3,969 0
Common stock distribution reinvestment (in shares) 0 0
Issuance of redeemable common stock (in shares) 0  
Repurchase of common stock (in shares) (111)  
Repurchase of redeemable common stock (299,220)  
Ending balance (in shares) 1,206,852 1,052,598
Class S-1 Common Stock | Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares) 7,226,062 1,054,174
Issuance of common stock (in shares) 3,261,421 1,467,311
Common stock distribution reinvestment (in shares) 98,095 21,860
Issuance of redeemable common stock (in shares) 0  
Repurchase of common stock (in shares) (21,833)  
Repurchase of redeemable common stock 0  
Ending balance (in shares) 10,563,745 2,543,345
Class D Common Stock | Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares) 1,499,147 1,052,598
Issuance of common stock (in shares) 8,211 0
Common stock distribution reinvestment (in shares) 99 0
Issuance of redeemable common stock (in shares) 0  
Repurchase of common stock (in shares) (111)  
Repurchase of redeemable common stock (299,413)  
Ending balance (in shares) 1,207,933 1,052,598
Class D-1 Common Stock | Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares) 0  
Issuance of common stock (in shares) 0  
Common stock distribution reinvestment (in shares) 0  
Issuance of redeemable common stock (in shares) 0  
Repurchase of common stock (in shares) 0  
Repurchase of redeemable common stock 0  
Ending balance (in shares) 0  
Class I Common Stock | Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares) 4,171,608 1,383,506
Issuance of common stock (in shares) 1,088,268 656,221
Common stock distribution reinvestment (in shares) 36,810 8,245
Issuance of redeemable common stock (in shares) 0  
Repurchase of common stock (in shares) (8,678)  
Repurchase of redeemable common stock (298,472)  
Ending balance (in shares) 4,989,536 2,047,972
Class E Common Stock | Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares) 1,635,105 1,067,805
Issuance of common stock (in shares) 8,244 57,994
Common stock distribution reinvestment (in shares) 1,370 622
Issuance of redeemable common stock (in shares) 110,485  
Repurchase of common stock (in shares) 0  
Repurchase of redeemable common stock (293,940)  
Ending balance (in shares) 1,461,264 1,126,421
Class F Common Stock | Common Stock    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Beginning balance (in shares) 8,218,258 0
Issuance of common stock (in shares) 0 0
Common stock distribution reinvestment (in shares) 161,371 0
Issuance of redeemable common stock (in shares) 0  
Repurchase of common stock (in shares) 0  
Repurchase of redeemable common stock 0  
Ending balance (in shares) 8,379,629 0

v3.25.1
Stockholders’ Equity - Distributions Declared Per Share (Details) - $ / shares
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]        
Common stock, outstanding (in shares) 27,808,959   24,252,394  
Common Stock        
Class of Stock [Line Items]        
Common stock, outstanding (in shares)   7,822,934   5,610,681
Class S Common Stock        
Class of Stock [Line Items]        
Aggregate distribution declared per share (in dollars per share) $ 0.5000 $ 0.8600    
Stockholder servicing fee per share (in dollars per share) (0.0003) 0    
Net distribution declared per share (in dollars per share) $ 0.4997 $ 0.8600    
Class S Common Stock | Common Stock        
Class of Stock [Line Items]        
Common stock, outstanding (in shares) 1,206,852 1,052,598 1,502,214 1,052,598
Class S-1 Common Stock        
Class of Stock [Line Items]        
Aggregate distribution declared per share (in dollars per share) $ 0.5000 $ 0.8600    
Stockholder servicing fee per share (in dollars per share) (0.0528) (0.0534)    
Net distribution declared per share (in dollars per share) $ 0.4472 $ 0.8066    
Class S-1 Common Stock | Common Stock        
Class of Stock [Line Items]        
Common stock, outstanding (in shares) 10,563,745 2,543,345 7,226,062 1,054,174
Class D Common Stock        
Class of Stock [Line Items]        
Aggregate distribution declared per share (in dollars per share) $ 0.5000 $ 0.8600    
Stockholder servicing fee per share (in dollars per share) 0 0    
Net distribution declared per share (in dollars per share) $ 0.5000 $ 0.8600    
Class D Common Stock | Common Stock        
Class of Stock [Line Items]        
Common stock, outstanding (in shares) 1,207,933 1,052,598 1,499,147 1,052,598
Class D-1 Common Stock        
Class of Stock [Line Items]        
Aggregate distribution declared per share (in dollars per share) $ 0      
Stockholder servicing fee per share (in dollars per share) 0      
Net distribution declared per share (in dollars per share) $ 0      
Class D-1 Common Stock | Common Stock        
Class of Stock [Line Items]        
Common stock, outstanding (in shares) 0   0  
Class I Common Stock        
Class of Stock [Line Items]        
Aggregate distribution declared per share (in dollars per share) $ 0.5000 $ 0.8600    
Stockholder servicing fee per share (in dollars per share) 0 0    
Net distribution declared per share (in dollars per share) $ 0.5000 $ 0.8600    
Class I Common Stock | Common Stock        
Class of Stock [Line Items]        
Common stock, outstanding (in shares) 4,989,536 2,047,972 4,171,608 1,383,506
Class E Common Stock        
Class of Stock [Line Items]        
Aggregate distribution declared per share (in dollars per share) $ 0.5000 $ 0.8600    
Stockholder servicing fee per share (in dollars per share) 0 0    
Net distribution declared per share (in dollars per share) $ 0.5000 $ 0.8600    
Class E Common Stock | Common Stock        
Class of Stock [Line Items]        
Common stock, outstanding (in shares) 1,461,264 1,126,421 1,635,105 1,067,805
Class F Common Stock        
Class of Stock [Line Items]        
Aggregate distribution declared per share (in dollars per share) $ 0.5000 $ 0    
Stockholder servicing fee per share (in dollars per share) 0 0    
Net distribution declared per share (in dollars per share) $ 0.5000 $ 0    
Class F Common Stock | Common Stock        
Class of Stock [Line Items]        
Common stock, outstanding (in shares) 8,379,629 0 8,218,258 0

v3.25.1
Earnings per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Net income (loss) available to common stockholders $ 11,635 $ 4,680
Weighted average common shares outstanding (in shares) 27,233,292 7,183,194
Effect of dilutive restricted stock awards (in shares) 76 583
Diluted weighted average common shares outstanding (in shares) 27,233,368 7,183,777
Earnings (loss) per share:    
Basic (in dollars per share) $ 0.43 $ 0.65
Diluted (in dollars per share) $ 0.43 $ 0.65

v3.25.1
Commitments and Contingencies (Details) - Unfunded Loan Commitment
$ in Millions
3 Months Ended
Mar. 31, 2025
USD ($)
Other Commitments [Line Items]  
Unfunded loan commitment $ 338.0
Term of related loan (in years) 1 year 11 months 19 days

v3.25.1
Subsequent Events - Stock Issuance (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 12 Months Ended
May 12, 2025
Mar. 31, 2025
Dec. 31, 2024
Subsequent Event | DRP Shares      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 107,081    
Total consideration $ 2,721    
Class S Common Stock | Subsequent Event | DRP Shares      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 25    
Class S-1 Common Stock | Subsequent Event | DRP Shares      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 40,124    
Class D Common Stock | Subsequent Event | DRP Shares      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 66    
Class D-1 Common Stock | Subsequent Event | DRP Shares      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 0    
Class I Common Stock | Subsequent Event | DRP Shares      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 14,177    
Class E Common Stock | Subsequent Event | DRP Shares      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 485    
Class F Common Stock | Subsequent Event | DRP Shares      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 52,204    
Related Party | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 3,286,202    
Total consideration $ 82,703    
Related Party | Class S Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 120,596    
Related Party | Class S-1 Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 2,047,862    
Related Party | Class D Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 0    
Related Party | Class D-1 Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 0    
Related Party | Class I Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 1,112,073    
Related Party | Class E Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 5,671    
Related Party | Class F Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 0    
Affiliated Entity      
Subsequent Event [Line Items]      
Total consideration   $ 124,380 $ 151,554
Affiliated Entity | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 41,491    
Total consideration $ 0    
Affiliated Entity | Class S Common Stock      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares)   1,196,923 1,496,143
Affiliated Entity | Class S Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 0    
Affiliated Entity | Class S-1 Common Stock      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares)   0 0
Affiliated Entity | Class S-1 Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 0    
Affiliated Entity | Class D Common Stock      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares)   1,197,628 1,497,041
Affiliated Entity | Class D Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 0    
Affiliated Entity | Class D-1 Common Stock      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares)   0 0
Affiliated Entity | Class D-1 Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 0    
Affiliated Entity | Class I Common Stock      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares)   1,194,434 1,492,906
Affiliated Entity | Class I Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 0    
Affiliated Entity | Class E Common Stock      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares)   1,361,471 1,544,549
Affiliated Entity | Class E Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 41,491    
Affiliated Entity | Class F Common Stock      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares)   0 0
Affiliated Entity | Class F Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 0    
Advisor | Class E Common Stock | Subsequent Event      
Subsequent Event [Line Items]      
Sale of stock, number of shares issued in transaction (in shares) 41,491    
Total consideration $ 1,100    

v3.25.1
Subsequent Events - Narrative (Details) - USD ($)
$ in Thousands
May 07, 2025
Mar. 31, 2025
Dec. 31, 2024
Subsequent Event [Line Items]      
Loan Amount   $ 3,123,858 $ 2,688,628
Subsequent Event | Collateralized Loan Obligations      
Subsequent Event [Line Items]      
Issuance of notes $ 1,200,000    
Retention 219,000    
Repayments 882,000    
Asset Pledged as Collateral | Subsequent Event | Collateralized Loan Obligations      
Subsequent Event [Line Items]      
Loan Amount $ 1,200,000    

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