# EDGAR Filing Document

**Accession Number:** 0001976927
**File Stem:** 0001976927-26-000033
**Filing Date:** 2026-5
**Character Count:** 242674
**Document Hash:** 0b46aa8c0318c7a3a786ae85577a3379
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001976927-26-000033.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001976927-26-000033

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 94

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Invesco Commercial Real Estate Finance Trust, Inc.
- **CENTRAL INDEX KEY:** 0001976927
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 921080856
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56564
- **FILM NUMBER:** 26962651

**BUSINESS ADDRESS:**
- **STREET 1:** 2300 N FIELD STREET, SUITE 1200
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 972-715-7400

**MAIL ADDRESS:**
- **STREET 1:** 2300 N FIELD STREET, SUITE 1200
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

?xml version='1.0' encoding='ASCII'? incref-20260331

**UNITED STATES**

 **SECURITIES AND EXCHANGE COMMISSION**

&nbsp;&nbsp;&nbsp;&nbsp;**Washington, D.C. 20549**

_______________________________________________

**FORM 10-Q**

_______________________________________________

---

| | |
|:---|:---|
| **(Mark One)** | **(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, 2026**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**Commission File Number 000-56564**

**Invesco Commercial Real Estate Finance Trust, Inc.** 

***(Exact name of registrant as specified in its charter)***

_______________________________________________

---

| | |
|:---|:---|
| **Maryland** | **92-1080856** |
| ***(State or Other Jurisdiction of<br>Incorporation or Organization)*** | ***(I.R.S. Employer<br>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 Class Trading Symbol(s) Name of Each Exchange on Which Registered <br>   

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.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;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).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;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 ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of May 8, 2026, there were 52,967,756 outstanding shares of common stock of Invesco Commercial Real Estate Finance Trust, Inc. comprised of 1,817,036 Class S common stock, 24,390,051 Class S-1 common stock, 1,510,712 Class D common stock, 322,925 Class D-1 common stock, 13,657,812 Class I common stock, 2,167,590 Class E common stock, and 9,101,630 Class F common stock.

------

**Invesco Commercial Real Estate Finance Trust, Inc.**

**Table of Contents**

---

| | | |
|:---|:---|:---|
| | | Page |
| <u>[PART I FINANCIAL INFORMATION](#i2cf43da26e9445508fbab6d161ab5d0a_10)</u> | <u>[PART I FINANCIAL INFORMATION](#i2cf43da26e9445508fbab6d161ab5d0a_10)</u> | [1](#i2cf43da26e9445508fbab6d161ab5d0a_10) |
| Item 1. | <u>[Financial Statements](#i2cf43da26e9445508fbab6d161ab5d0a_13)</u> | [1](#i2cf43da26e9445508fbab6d161ab5d0a_13) |
|  | <u>[Unaudited Condensed Consolidated Balance Sheets as of](#i2cf43da26e9445508fbab6d161ab5d0a_16)</u><u>March 31, 2026</u><u>[and December 31, 2025](#i2cf43da26e9445508fbab6d161ab5d0a_16)</u> | [1](#i2cf43da26e9445508fbab6d161ab5d0a_16) |
|  | <u>[Unaudited Condensed Consolidated Statements of Comprehensive Income for the three months ended](#i2cf43da26e9445508fbab6d161ab5d0a_19)</u><u>March 31, 2026</u><u>[and 2025](#i2cf43da26e9445508fbab6d161ab5d0a_19)</u> | [2](#i2cf43da26e9445508fbab6d161ab5d0a_19) |
|  | <u>[Unaudited Condensed Consolidated Statements of Changes in](#i2cf43da26e9445508fbab6d161ab5d0a_22)[Equity and Redeemable Common Stock for the three months ended March 31, 2026 and 2025](#i2cf43da26e9445508fbab6d161ab5d0a_22)</u> | [3](#i2cf43da26e9445508fbab6d161ab5d0a_22) |
|  | <u>[Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#i2cf43da26e9445508fbab6d161ab5d0a_25)</u> | [4](#i2cf43da26e9445508fbab6d161ab5d0a_25) |
|  | <u>[Notes to Unaudited Condensed Consolidated Financial Statements](#i2cf43da26e9445508fbab6d161ab5d0a_28)</u> | [5](#i2cf43da26e9445508fbab6d161ab5d0a_28) |
| Item 2. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i2cf43da26e9445508fbab6d161ab5d0a_94)</u> | [28](#i2cf43da26e9445508fbab6d161ab5d0a_94) |
| Item 3. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i2cf43da26e9445508fbab6d161ab5d0a_133)</u> | [45](#i2cf43da26e9445508fbab6d161ab5d0a_133) |
| Item 4. | <u>[Controls and Procedures](#i2cf43da26e9445508fbab6d161ab5d0a_136)</u> | [48](#i2cf43da26e9445508fbab6d161ab5d0a_136) |
| <u>[PART II OTHER INFORMATION](#i2cf43da26e9445508fbab6d161ab5d0a_139)</u> | <u>[PART II OTHER INFORMATION](#i2cf43da26e9445508fbab6d161ab5d0a_139)</u> | [49](#i2cf43da26e9445508fbab6d161ab5d0a_139) |
| Item 1. | <u>[Legal Proceedings](#i2cf43da26e9445508fbab6d161ab5d0a_142)</u> | [49](#i2cf43da26e9445508fbab6d161ab5d0a_142) |
| Item 1A. | <u>[Risk Factors](#i2cf43da26e9445508fbab6d161ab5d0a_145)</u> | [49](#i2cf43da26e9445508fbab6d161ab5d0a_145) |
| Item 2. | <u>[Use of Proceeds and Issuer Purchases of Equity Securities](#i2cf43da26e9445508fbab6d161ab5d0a_148)</u> | [49](#i2cf43da26e9445508fbab6d161ab5d0a_148) |
| Item 3. | <u>[Defaults Upon Senior Securities](#i2cf43da26e9445508fbab6d161ab5d0a_151)</u> | [50](#i2cf43da26e9445508fbab6d161ab5d0a_151) |
| Item 4. | <u>[Mine Safety Disclosures](#i2cf43da26e9445508fbab6d161ab5d0a_154)</u> | [50](#i2cf43da26e9445508fbab6d161ab5d0a_154) |
| Item 5. | <u>[Other Information](#i2cf43da26e9445508fbab6d161ab5d0a_157)</u> | [51](#i2cf43da26e9445508fbab6d161ab5d0a_157) |
| Item 6. | <u>[Exhibits](#i2cf43da26e9445508fbab6d161ab5d0a_160)</u> | [52](#i2cf43da26e9445508fbab6d161ab5d0a_160) |

---

<u>[SIGNATURES](#i2cf43da26e9445508fbab6d161ab5d0a_163)</u>

------

**PART I – FINANCIAL INFORMATION**

**ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL STATEMENTS**

**Invesco Commercial Real Estate Finance Trust, Inc.**

**Condensed Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| **$ in thousands except share amounts** | **March 31, 2026** | **December 31, 2025** |
| **ASSETS** | | |
| Commercial real estate loan investments, at fair value (including pledged loans of $5,020,686 and $4,475,009, respectively) | $5200218 | $4702728 |
| Real estate-related securities, at fair value | 17222 | 14818 |
| Cash and cash equivalents | 19405 | 16557 |
| Restricted cash | 34334 | 29058 |
| Interest receivable | 22161 | 20746 |
| Derivative assets, at fair value | 3134 | 615 |
| Other assets | 38429 | 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets**<sup>(1)</sup> | $5334903 | $4785177 |
| **LIABILITIES** |  |  |
| Secured lending agreements, at fair value | $2820938 | $2359543 |
| Term lending agreements, at fair value | 223397 | 223033 |
| Collateralized loan obligations, at fair value | 1004858 | 1005157 |
| Revolving credit facility, at fair value | 16000 | 55000 |
| Interest payable | 13282 | 12795 |
| Derivative liabilities, at fair value | 838 | 1992 |
| Dividends and distributions payable (including $828 and $804 due to related party, respectively) | 7277 | 6536 |
| Accounts payable, accrued expenses and other liabilities | 45390 | 31526 |
| Due to affiliates | 42545 | 47261 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities**<sup>(1)</sup> | 4174525 | 3742843 |
| Commitments and contingencies (See Note 14) |  |  |
| Redeemable common stock - related party (see Note 11) | $131747 | $127691 |
| **EQUITY** |  |  |
| Common stock, Class S shares, $0.01 par value per share, 500,000,000 shares authorized | 3 | 2 |
| Common stock, Class S-1 shares, $0.01 par value per share, 500,000,000 shares authorized | 226 | 203 |
| 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 | 1 |  |
| Common stock, Class I shares, $0.01 par value per share, 500,000,000 shares authorized  | 106 | 85 |
| 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  | 91 | 89 |
| Additional paid-in capital | 1046115 | 930845 |
| Accumulated other comprehensive income | 23 | 94 |
| Accumulated deficit | (18048) | (16676) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 1028518 | 914643 |
| Non-controlling interest | 113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | 1028631 | 914643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, redeemable common stock and equity** | $5334903 | $4785177 |

---

(1) The condensed consolidated balance sheets at March 31, 2026 and December 31, 2025 include assets of $1.2 billion and liabilities of $1.0 billion of a consolidated collateralized loan obligation, which is a variable interest entity ("VIE"). The VIE's assets can only be used to settle the obligations of the VIE. See Note 6 — "Collateralized Loan Obligations", for additional information.

*See accompanying notes to condensed consolidated financial statements.*

------

**Invesco Commercial Real Estate Finance Trust, Inc.**

 **Condensed Consolidated Statements of Comprehensive Income**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **$ in thousands except share and per share amounts** | **2026** | **2025** |
| **Net Interest Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate loan interest income | $77125 | $46841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate-related securities interest income | 234 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest income | 865 | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (51619) | (31297) |
| **Net interest income** | 26605 | 16519 |
| **Other Income (Expense)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on loans, net | (16230) | 12680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on real estate-related securities, net | (46) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on secured financing facilities, net | 10142 | (8474) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on collateralized loan obligations, net | 871 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on derivative instruments, net | 6259 | (2180) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on foreign currency transactions, net | (466) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commitment fee income, net of related party expense of $1,463 and $2,119 for the three months ended March 31, 2026 and 2025, respectively | 4380 | 2119 |
| &nbsp;&nbsp;&nbsp;Other income and (expense), net | 192 | 289 |
| **Total other income (expense), net** | 5102 | 4443 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and performance fees - related party | 3804 | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance and other financing costs related to borrowings, at fair value | 4868 | 4916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organizational costs |  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 3319 | 2550 |
| **Total expenses** | 11991 | 9298 |
| **Net income (loss)** | 19716 | 11664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to non-controlling interest | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends to preferred stockholders |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance and redemption costs of redeemed preferred stock |  | (27) |
| **Net income (loss) attributable to common stockholders** | $19713 | $11635 |
| **Net income (loss)** | $19716 | $11664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency translation adjustment | (71) | 26 |
| **Comprehensive income (loss)** | 19645 | 11690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to non-controlling interest | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends to preferred stockholders |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance and redemption costs of redeemed preferred stock |  | (27) |
| **Comprehensive income (loss) attributable to common stockholders** | $19642 | $11661 |
| **Earnings (loss) per share:** |  |  |
| **Net income (loss) attributable to common stockholders** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.42 | $0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.42 | $0.43 |
| **Weighted average number of shares of common stock** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 46541642 | 27233292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 46541867 | 27233368 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Invesco Commercial Real Estate Finance Trust, Inc.**

**Condensed Consolidated Statements of Changes in Equity and Redeemable Common Stock**

**(Unaudited)**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Series A Preferred Stock** | **Class S Common Stock** | **Class S-1 Common Stock** | **Class D Common Stock** | **Class D-1 Common Stock** | **Class I Common Stock** | **Class E Common Stock** | **Class F<br>Common Stock** | **Additional Paid-in Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Retained Earnings (Accumulated Deficit)** | **Total Stockholders'**<br>**Equity** | **Non-Controlling Interest** | **Total Equity** | **Redeemable Common Stock** |
| **$ in thousands** | **Series A Preferred Stock** | **Class S Common Stock** | **Class S-1 Common Stock** | **Class D Common Stock** | **Class D-1 Common Stock** | **Class I Common Stock** | **Class E Common Stock** | **Class F<br>Common Stock** | **Additional Paid-in Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Retained Earnings (Accumulated Deficit)** | **Total Stockholders'**<br>**Equity** | **Non-Controlling Interest** | **Total Equity** | **Redeemable Common Stock** |
| **Balance as of December 31, 2025** | $— | $2 | $203 | $— | $— | $85 | $1 | $89 | $930845 | $94 | $(16676) | $914643 | $— | $914643 | $127691 |
| Net income (loss) |  |  |  |  |  |  |  |  |  |  | 19713 | 19713 | 3 | 19716 |  |
| Proceeds from issuance of common stock, net of offering costs |  | 1 | 24 |  | 1 | 24 |  |  | 121508 |  |  | 121558 |  | 121558 |  |
| Proceeds from issuance of redeemable common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6804 |
| Common stock distribution reinvestment |  |  | 3 |  |  | 1 |  | 2 | 13104 |  |  | 13110 |  | 13110 |  |
| Common stock dividends |  |  |  |  |  |  |  |  |  |  | (21085) | (21085) |  | (21085) |  |
| Proceeds from non-controlling interest, net of offering costs |  |  |  |  |  |  |  |  |  |  |  |  | 113 | 113 |  |
| Distributions on non-controlling interest |  |  |  |  |  |  |  |  |  |  |  |  | (3) | (3) |  |
| Amortization of equity based compensation |  |  |  |  |  |  |  |  | 62 |  |  | 62 |  | 62 |  |
| Repurchase of common stock |  |  | (4) |  |  | (4) |  |  | (19304) |  |  | (19312) |  | (19312) |  |
| Repurchase of redeemable common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2848) |
| Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  | (71) |  | (71) |  | (71) |  |
| Adjustment to the carrying value of redeemable common stock |  |  |  |  |  |  |  |  | (100) |  |  | (100) |  | (100) | 100 |
| **Balance as of March 31, 2026** | $— | $3 | $226 | $— | $1 | $106 | $1 | $91 | $1046115 | $23 | $(18048) | $1028518 | $113 | $1028631 | $131747 |

---

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Series A Preferred Stock** | **Class S Common Stock** | **Class S-1 Common Stock** | **Class D Common Stock** | **Class D-1 Common Stock** | **Class I Common Stock** | **Class E Common Stock** | **Class F<br>Common Stock** | **Additional Paid-in Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Retained Earnings (Accumulated Deficit)** | **Total Stockholders'**<br>**Equity** | **Non-Controlling Interest** | **Total Equity** | **Redeemable Common Stock** |
| **$ in thousands** | **Series A Preferred Stock** | **Class S Common Stock** | **Class S-1 Common Stock** | **Class D Common Stock** | **Class D-1 Common Stock** | **Class I Common Stock** | **Class E Common Stock** | **Class F<br>Common Stock** | **Additional Paid-in Capital** | **Accumulated Other Comprehensive Income (Loss)** | **Retained Earnings (Accumulated Deficit)** | **Total Stockholders'**<br>**Equity** | **Non-Controlling Interest** | **Total Equity** | **Redeemable Common Stock** |
| **Balance at December 31, 2024** | $205 | $— | $72 | $— | $— | $27 | $1 | $82 | $448947 | $(65) | $(13920) | $435349 | $— | $435349 | $151367 |
| Net income (loss) |  |  |  |  |  |  |  |  |  |  | 11664 | 11664 |  | 11664 |  |
| Proceeds from issuance of common stock, net of offering costs |  |  | 33 |  |  | 11 |  |  | 105624 |  |  | 105668 |  | 105668 |  |
| Proceeds from issuance of redeemable common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2814 |
| Common stock distribution reinvestment |  |  | 1 |  |  |  |  | 2 | 7565 |  |  | 7568 |  | 7568 |  |
| Common stock dividends |  |  |  |  |  |  |  |  |  |  | (12943) | (12943) |  | (12943) |  |
| Preferred stock dividends |  |  |  |  |  |  |  |  |  |  | (2) | (2) |  | (2) |  |
| Amortization of equity based compensation |  |  |  |  |  |  |  |  | 19 |  |  | 19 |  | 19 |  |
| Repurchase of common stock |  |  |  |  |  |  |  |  | (754) |  |  | (754) |  | (754) |  |
| Repurchase of redeemable common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (30000) |
| Redemption of preferred stock | (205) |  |  |  |  |  |  |  |  |  | (27) | (232) |  | (232) |  |
| Foreign currency translation adjustment |  |  |  |  |  |  |  |  |  | 26 |  | 26 |  | 26 |  |
| Adjustment to the carrying value of redeemable common stock |  |  |  |  |  |  |  |  | (160) |  |  | (160) |  | (160) | 160 |
| **Balance at March 31, 2025** | $— | $— | $106 | $— | $— | $38 | $1 | $84 | $561241 | $(39) | $(15228) | $546203 | $— | $546203 | $124341 |

---

*See accompanying notes to condensed consolidated financial statements.*

------

**Invesco Commercial Real Estate Finance Trust, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **$ in thousands** | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $19716 | $11664 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Adjustments to reconcile net income (loss) to net cash provided by operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on loans, net | 16230 | (12680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on real estate-related securities, net | 46 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on secured financing facilities, net | (10142) | 8474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss on collateralized loan obligations, net | (871) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on derivative instruments, net | (6259) | 2180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on foreign currency transactions | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | 4062 | 3541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of equity based compensation and other | 634 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Change in operating assets and liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in operating assets | (2467) | (1019) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in operating liabilities | 1670 | (458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in due to affiliate | 110 | (450) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | 22734 | 11271 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Originations and fundings of commercial real estate loans | (595601) | (384706) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of real estate-related securities | (1700) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments from commercial real estate loans | 45112 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Settlement of foreign currency forward contracts, net | 2586 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | (549603) | (384589) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from revolving credit facility | 220000 | 135000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of revolving credit facility | (259000) | (135000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from secured financing facilities | 506497 | 286301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of secured financing facilities | (34596) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock, net of offering costs | 95650 | 89741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from non-controlling interest, net of offering costs | 113 | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (13973) | (809) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of redeemable common stock | (2848) | (30000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Redemption of preferred stock |  | (232) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from subscriptions paid in advance | 32095 | 28495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for debt issuance costs | (1674) | (1079) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of dividends | (7234) | (4885) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | 535030 | 367532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalents and restricted cash | (37) | (1) |
| **Net change in cash, cash equivalents and restricted cash** | 8124 | (5787) |
| **Cash, cash equivalents and restricted cash, beginning of period** | 45615 | 100034 |
| **Cash, cash equivalents and restricted cash, end of period** | $53739 | $94247 |
| **Supplemental disclosures:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $50560 | $31770 |
| **Non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and distributions declared not paid | $7277 | $4257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock distribution reinvestment | 13110 | 7568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of redeemable common stock for payment of management and performance fees | 6804 | 2814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued common stock repurchases | 6244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs due to affiliates | 1978 | 3857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate-related securities purchased, not settled | 750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to carrying value of redeemable common stock | 100 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments from commercial real estate loans due from servicer | 36768 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to non-controlling interest, not yet paid | 3 |  |

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*See accompanying notes to condensed consolidated financial statements.*

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**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**

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, 2025.

**Consolidation** 

Our condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and consolidate the financial statements of the Company and its controlled subsidiaries. In determining whether we have a controlling financial interest in a partially owned entity, we consider whether the entity is a variable interest entity ("VIE") and whether we are the primary beneficiary. We are the primary beneficiary of a VIE when we have both the power to direct the most significant activities impacting the economic performance of the VIE and the obligation to absorb losses or receive benefits significant to the VIE. See additional information on our VIEs for the collateralized loan obligations issuer ("CLO Issuer" or "INCREF 2025-FL1") in Note 6 — "Collateralized Loan Obligations." All significant intercompany transactions, balances, revenues and expenses are eliminated in 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 periods presented.

**Use of Estimates**

The preparation of condensed consolidated financial statements in conformity with 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.

**Cash and Cash Equivalents**

We consider all highly liquid investments that have original or remaining maturity dates of three months or less when purchased to be cash equivalents. Certain cash balances may be held in brokerage accounts that also hold our securities investments and may be swept into money market funds that meet the criteria for classification as cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value due to the highly liquid and short-term nature of these

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instruments. We may have cash balances in excess of federally insured amounts. We mitigate our risk of loss by maintaining cash deposits with high credit-quality institutions and by actively monitoring the credit risk of our counterparties.

**Restricted Cash**

Restricted cash represents (i) cash deposited with our transfer agent for investor subscriptions received prior to the date the subscriptions are effective, (ii) cash held by foreign subsidiaries that cannot be used to pay dividends without local regulatory authority approval, and (iii) cash held by the Company's collateralized loan obligations issuer pending reinvestment in eligible collateral. See Note 6 — "Collateralized Loan Obligations" for additional details.

**Due From Servicer**

As of March 31, 2026, the Company had a balance of $37.5 million related to amounts collected by the loan servicer but not yet remitted to the Company's consolidated CLO Issuer and to the Company. These amounts primarily represent principal and interest payments received from a borrower prior to quarter-end but not yet transferred to the Company's consolidated CLO and to the Company. This amount is included in Other Assets on the condensed consolidated balance sheet as of March 31, 2026.

**Income Taxes**

We elect to treat certain of our corporate subsidiaries as taxable REIT subsidiaries ("TRS") which are subject to federal, state and local corporate income tax, as applicable. TRSs hold investments in assets, income streams, operating companies and associated expenses that produce non-qualifying items for purposes of REIT testing. Current income tax expense is recorded within other income (expense), net on our condensed consolidated statements of comprehensive income. Deferred tax assets, valuation allowance, and deferred tax liabilities are recorded within other assets or other liabilities, as applicable, on our condensed consolidated balance sheets.

For the three months ended March 31, 2026, we recorded income tax expense of $13,000 located within other income and (expense), net on our comprehensive statements of comprehensive income. We did not have tax expense in the three months ended March 31, 2025. As of March 31, 2026, our tax years 2023 through 2026 remain subject to examination by the United States tax authorities.

**Fair Value Measurement**

We have elected the fair value option for our commercial real estate loan investments, real estate-related securities, secured lending and term lending agreements (collectively, our "secured financing facilities"), our revolving credit facility, and our CLO. The Company believes the fair value option will provide its financial statements users with reduced complexity, greater consistency, understandability and comparability.

In the month that we originate or acquire a loan that is held outside of the CLO Issuer, the par value of the loan represents its fair value. Thereafter, an independent valuation advisor values our commercial loan investments monthly using a discounted cash flow analysis. The yield used in the discounted cash flow analysis is determined by comparing the features of the loan 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 as well as a comparison of current market and collateral conditions to those present at origination or acquisition. The Company elected to apply the measurement alternative for consolidated collateralized financing entities with respect to the CLO Issuer. Accordingly, commercial real estate loans and loan participations that are collateral assets within the consolidated CLO Issuer are measured using the fair value of the more observable notes as an indicator of the fair value of the assets as a whole. A portion of these notes are related to the retained income notes, which are valued using a discounted cash flow model. The discounted cash flow model estimates expected future cash flows based on the contractual terms and relevant market data, incorporating collateral characteristics, prepayment and default assumptions, loss severity, credit enhancement features, and note specific factors, and discounts these projected cash flows using a market-based yield.

In determining the fair value of a particular real estate-related security, we use pricing service providers, who may use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models to determine the reported price. The pricing service providers' internal models for securities generally consider the attributes applicable to a particular class of the security (*e.g.*, credit rating or seniority), current market data, and estimated cash flows for each class and incorporate deal collateral performance such as prepayment speeds and default rates, as available.

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In the month that we enter into a borrowing arrangement, the par value of the borrowing represents the fair value of the arrangement. Thereafter, an independent valuation advisor values our revolving credit facility and secured financing facilities monthly. The independent valuation advisor calculates the fair value of the revolving credit facility based on a determination of the price that would be paid by another market participant to assume the lender's position in the transaction. The fair value of secured financing facilities is calculated using a discounted cash flow analysis where the remaining debt service cash flow, based on the contractual economics stated in the loan agreement, is valued using a market interest rate which reflects an estimate for how a lender would price an equivalent loan for the remaining term. Additionally, we consider current market rates and conditions by evaluating similar borrowing agreements with comparable loan-to-value ratios and credit profiles. The market rate of interest is adjusted to reflect our own credit risk for recourse borrowings.

We generally determine the fair value of the collateralized loan obligations by utilizing third party pricing services, broker-dealer quotations, and discounted cash flow models. We conduct an ongoing evaluation of their valuation methodologies and processes and review the individual valuations themselves. Our review consists of consideration of a variety of factors, including market transaction information for the particular bond, market transaction information for similar bonds, the bond's ratings and the bond's subordination levels.

Our currency forward contracts are valued by an independent pricing service based on contractual cash flows and quoted foreign currency rates available in an active market. When determining the fair value of our forward currency contracts as of each measurement date, we consider the effect of counterparty nonperformance risk as a part of the valuation process and include a credit risk adjustment where appropriate.

**Real Estate-Related Securities**

We invest in debt securities of real estate companies. We have elected the fair value option for accounting for investments in debt securities. We record changes in fair value of debt securities as unrealized gain (loss) on real estate-related securities and interest income on debt securities as interest income in our condensed consolidated statements of comprehensive income.

**Collateralized Loan Obligations**

The Company financed a pool of loans and loan participations from its existing loan portfolio through a managed collateralized financing entity, INCREF 2025-FL1. The Company consolidates the CLO Issuer because it determined that the CLO issuer is a VIE and that the Company is the primary beneficiary of such VIE. The collateral assets securing the collateralized loan obligations include the pool of loans and loan participations, which are included on the condensed consolidated balance sheets as commercial real estate loan investments, at fair value. The notes issued by the consolidated CLO Issuer are included on the Company's condensed consolidated balance sheets as collateralized loan obligations, at fair value. Collateralized loan obligations consist solely of obligations held by third party rated note holders and exclude the retained tranches held by the Company, which are eliminated in consolidation of the CLO Issuer. The interest income from the CLO Issuer's collateral assets and interest expense on the notes issued by the CLO Issuer are presented on a gross basis within interest income and interest expense, respectively, in the condensed consolidated statements of comprehensive income. Because we elected the fair value option for our collateralized loan obligations, we record any changes in their fair values as unrealized gain (loss) on collateralized loan obligations, net in our condensed consolidated statements of comprehensive income.

**Significant Accounting Policies**

There have been no changes to our accounting policies included 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, 2025.

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**3. Commercial Real Estate Loan Investments**

The table below summarizes our investments in commercial real estate loans as of March 31, 2026 and December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$ in thousands**<br>**Loan Type** |<br>**Loan Amount**<sup>(1)</sup> |<br>**Principal Balance Outstanding** |<br>**Fair Value** |<br>**Weighted Average Interest Rate**<sup>(2)</sup> |<br>**Weighted Average Life (years)**<sup>(3)</sup> |
| **March 31, 2026** | | | | | |
| &nbsp;&nbsp;Senior loans<sup>(4)</sup> | $5545099 | $5167516 | $5174445 | 6.30% | 3.84 |
| &nbsp;&nbsp;Mezzanine loans | 30000 | 25773 | 25773 | 12.00% | 3.59 |
| Total | $5575099 | $5193289 | $5200218 | 6.33% | 3.84 |
| **December 31, 2025** |  |  |  |  |  |
| &nbsp;&nbsp;Senior loans<sup>(4)</sup> | $5025649 | $4670191 | $4677720 | 6.40% | 3.91 |
| &nbsp;&nbsp;Mezzanine loans | 30000 | 25008 | 25008 | 12.00% | 3.84 |
| **Total** | $5055649 | $4695199 | $4702728 | 6.43% | 3.91 |

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(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 loans denominated in British pound sterling earn 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, 2026 and December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **$ in thousands**<br>**Property Type** | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| Multifamily | $2750140 | 52.9% | $2292433 | 48.7% |
| Industrial | 1889528 | 36.3% | 1870741 | 39.8% |
| Student housing | 345945 | 6.7% | 343204 | 7.3% |
| Self-storage | 214605 | 4.1% | 196350 | 4.2% |
| **Total** | $5200218 | 100.0% | $4702728 | 100.0% |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **$ in thousands**<br>**Geographic Location** | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| **United States:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;East | $1447748 | 27.9% | $1409703 | 30.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;South | 1217646 | 23.4% | 1107282 | 23.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;West | 1129770 | 21.7% | 986262 | 21.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Various U.S.<sup>(1)</sup> | 474875 | 9.1% | 474366 | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Midwest | 122797 | 2.4% | 122767 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $4392836 | 84.5% | $4100380 | 87.2% |
| **Non-US:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom<sup>(2)</sup> | $535029 | 10.3% | $324365 | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe<sup>(3)</sup> | 272353 | 5.2% | 277983 | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $807382 | 15.5% | $602348 | 12.8% |
| Total | $5200218 | 100.0% | $4702728 | 100.0% |

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(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 the United Kingdom are denominated in British pounds sterling and have an aggregate fair value of £404.8 million as of March 31, 2026.

(3)Our European loans that are collateralized by industrial commercial real estate in France, Spain and Italy are denominated in Euros and have an aggregate fair value of €236.7 million as of March 31, 2026.

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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, 2026 was approximately 66% based on the loan principal amount and the independent property appraisals.

Interest income earned by our US commercial real estate loans for the three months ended March 31, 2026 and 2025 was $67.0 million and $42.1 million, respectively. Interest income earned by our non-US commercial real estate loans for the three months ended March 31, 2026 and 2025 was $10.1 million and $4.7 million, respectively.

**4. Real Estate-Related Securities** 

The following tables summarize our real estate-related securities as of March 31, 2026 and December 31, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **$ in thousands** | **Principal Balance** | **Unamortized Premium (Discount)** | **Amortized Cost** | **Unrealized Gain (Loss), Net** | **Fair Value** | **Weighted Average Yield** | **Weighted Average Maturity Date** |
| Non-agency CMBS | $17220 | $(38) | $17182 | $40 | $17222 | 6.16% | February 2040 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **$ in thousands** | **Principal Balance** | **Unamortized Premium (Discount)** | **Amortized Cost** | **Unrealized Gain (Loss), Net** | **Fair Value** | **Weighted Average Yield** | **Weighted Average Maturity Date** |
| Non-agency CMBS | $14770 | $(38) | $14732 | $86 | $14818 | 6.29% | March 2040 |

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The following table presents the components of gain (loss) on real estate-related securities, net for the three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **$ in thousands** | **Realized Gain (Loss), Net** | **Unrealized Gain (Loss), Net** | **Gain (Loss), Net** |
| Non-agency CMBS | $— | $(46) | $(46) |

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We did not hold real estate-related securities during the three months ended March 31, 2025.

**5. Borrowings**

The table below summarizes our borrowing arrangements as of March 31, 2026 and December 31, 2025. Our borrowing arrangements include our secured financing facilities and a revolving credit facility.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
|<br>**$ in thousands** |<br>**Current Maturity** |<br>**Extension Options**<sup>(1)</sup> | **Weighted Average Interest Rate**<sup>(2)</sup> | **Maximum Facility Size** | **Available Capacity** | **Amount Outstanding** | **Fair Value** | **Amount Outstanding** | **Fair Value** |
| **Term Lending Agreements** | | | | | | | | | |
| &nbsp;&nbsp;INCREF Lending II | Match-term | Match-term | 5.94% | $300000 | $144603 | $155397 | $155397 | $155027 | $155033 |
| &nbsp;&nbsp;INCREF Lending III | Match-term | Match-term | 5.17% | 72840 | 4840 | 68000 | 68000 | $68000 | $68000 |
| **Secured Lending Agreements** | **Secured Lending Agreements** |  |  |  |  |  |  |  |  |
| Repurchase Agreements |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Morgan Stanley Bank<sup>(3)</sup> | Dec 2027 | Dec 2028 | 5.33% | 750000 | 69430 | 680570 | 680474 | 713335 | 713335 |
| &nbsp;&nbsp;Citibank | Jul 2027 | Jul 2029 | 5.07% | 1000000 | 417996 | 582004 | 582004 | 590301 | 590401 |
| &nbsp;&nbsp;Barclays<sup>(3)</sup> | Apr 2027 | Apr 2029 | 5.15% | 500000 | 77106 | 422894 | 422894 | 328897 | 328897 |
| &nbsp;&nbsp;Wells Fargo<sup>(3)</sup> | Mar 2028 | Mar 2031 | 5.16% | 1200000 | 629095 | 570905 | 570892 | 340663 | 340664 |
| &nbsp;&nbsp;Bank of Montreal<sup>(3)</sup> | Jul 2027 | Jul 2030 | 5.00% | 256600 |  | 256600 | 256600 | 256600 | 256600 |
| &nbsp;&nbsp;INCREF Repurchase I<sup>(3)</sup> | Feb 2027 | Feb 2030 | 5.15% | 250000 | 74964 | 175036 | 175066 | $129589 | $129646 |
| &nbsp;&nbsp;INCREF Repurchase II | Feb 2029 | Feb 2029 | 5.12% | 250000 | 116992 | 133008 | 133008 | N/A | N/A |
| Total secured financing facilities | Total secured financing facilities |  |  | $4579440 | $1535026 | $3044414 | $3044335 | $2582412 | $2582576 |
| Revolving Credit Facility<sup>(4)</sup> |  |  | 6.57% | $162000 | $146000 | $16000 | $16000 | $55000 | $55000 |

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(1)Assumes all available extension options are exercised.

(2)Represents the weighted average interest rate in effect as of March 31, 2026.

(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 Term SOFR plus a spread. Euro denominated borrowings bear interest at three-month Euribor plus a spread, and our British pound 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, 2026.

*Term Lending Agreements*

INCREF Lending II and INCREF Lending III provide asset-based financing on a non-mark-to-market basis with partial recourse to the Company and match-term to the underlying loans. We have pledged certain commercial real estate loan investments with a fair value of approximately $198.7 million and $85.0 million as collateral for INCREF Lending II and INCREF Lending III, respectively. We segregate the commercial real estate loans that we have pledged as collateral in our books and records. Our term lending 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 term lending agreement.

*Secured Lending Agreements*

In February 2026, we entered into a $250.0 million Master Repurchase Agreement with a financial institution ("INCREF Repurchase II") that provides asset-based financing with partial recourse to the Company. We have pledged certain commercial real estate loan investments with a fair value of approximately $166.3 million as collateral for INCREF Repurchase II.

We have entered into traditional repurchase agreements with seven financial institutions, as detailed in the table above. We have pledged certain commercial real estate loan investments with a fair value of approximately $3.5 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 pounds sterling and have a fair value of €189.4 million and £192.8 million, respectively, as of March 31, 2026. In March 2026, we added Euro capacity of €123.0 million and British pound sterling capacity of £255.4 million and upsized the U.S. dollar capacity to $700.0 million under our Wells Fargo repurchase agreement, resulting in a total facility size of $1.2 billion. Certain borrowings under our Wells Fargo agreement are collateralized by European commercial real estate loans, denominated in British pounds sterling, and have a fair value of £125.0 million as of March 31, 2026. 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, 2026 and December 31, 2025. 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 equity as of March 31, 2026 and December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| **$ in thousands** | **Outstanding Principal** | **Net Counterparty Exposure** | **Weighted Average Life (Years)**<sup>(1)</sup> |
| **March 31, 2026** | | | |
| &nbsp;&nbsp;Morgan Stanley Bank | $680570 | $176662 | 2.68 |
| &nbsp;&nbsp;Citibank | 582004 | 145501 | 3.32 |
| &nbsp;&nbsp;Bank of Montreal | 411997 | 107449 | 3.94 |
| &nbsp;&nbsp;Barclays | 422894 | 107993 | 3.07 |
| &nbsp;&nbsp;Wells Fargo | 570905 | 156122 | 3.15 |
| **Total** | $2668370 | $693727 | 3.17 |
| **December 31, 2025** |  |  |  |
| &nbsp;&nbsp;Morgan Stanley Bank | $713335 | $186066 | 2.92 |
| &nbsp;&nbsp;Citibank | 590301 | 148674 | 3.56 |
| &nbsp;&nbsp;Bank of Montreal | 411627 | 107463 | 4.18 |
| **Total** | $1715263 | $442203 | 3.45 |

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(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, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| **$ in thousands** | **Secured Lending Agreements**<sup>(1)</sup> | **Term Lending Agreements**<sup>(1)</sup> | **Revolving Credit Facility**<sup>(1)</sup> | **Total** |
| **Year** | | | | |
| 2026 (remaining) | $— | $— | $16000 | $16000 |
| 2027 |  |  |  |  |
| 2028 | 680570 |  |  | 680570 |
| 2029 | 1137906 | 128369 |  | 1266275 |
| 2030 | 431636 | 95028 |  | 526664 |
| 2031 | 570905 |  |  | 570905 |
| Thereafter |  |  |  |  |
| **Total** | $2821017 | $223397 | $16000 | $3060414 |

---

(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 11 — "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, 2026.

------

**6. Collateralized Loan Obligations**

The table below summarizes our collateralized loan obligations as of March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Facility** | **Facility** | **Facility** | **Facility** | **Collateral** | **Collateral** | **Collateral** |
|<br>**$ in thousands** | **Term** | **Weighted Average Interest Rate**<sup>(1)</sup> | **Amount Outstanding** | **Fair Value** | **Count** | **Principal Balance Outstanding** | **Fair Value** |
| &nbsp;&nbsp;INCREF 2025-FL1 | Oct 2042 | 5.63% | $998234 | $1004858 | 29 | $1180591 | $1187520 |
| Total |  |  | $998234 | $1004858 | 29 | $1180591 | $1187520 |

---

(1)Represents the weighted average interest rate in effect as of March 31, 2026.

In May 2025, the Company financed a pool of loans and loan participations from its existing loan portfolio through the CLO Issuer, contributing $1.2 billion of commercial real estate loan investments to the CLO Issuer and issuing $1.2 billion of notes. The Company retained $219.1 million of the notes issued by the CLO Issuer. The rated notes bear interest at Term SOFR plus a spread. The collateralized loan obligations execution provides the Company with match-term financing on a non-mark-to-market and non-recourse basis. The third-party notes were issued at a discount of $2.5 million, with the Company receiving $995.7 million in proceeds from the transaction.

The CLO Issuer is a VIE primarily because the unrelated investors do not have substantive voting or participating rights. To assess whether the Company has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance, the Company considered, among other factors, its role in establishing the VIE and its ongoing rights and responsibilities. We determined that we are the primary beneficiary as (1) we have the power to direct activities of the VIE that most significantly impact the VIE's economic performance, and (2) through our retained interests, we have the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company considers its variable interests, as well as any variable interests of its related parties in making this determination. The majority of the operations of the VIE are funded with cash flows generated from the loans within the VIE. Assets held by the VIE can be used only to settle obligations of the VIE. The liabilities of the VIE are non-recourse to us and can only be satisfied from the assets of the VIE. We are not obligated to provide, have not provided, and do not intend to provide material financial support to the consolidated VIE.

The consolidation of the CLO Issuer results in an increase in our gross assets, liabilities, revenues and expenses, however the impact to our equity and net income are equivalent to our net retained economic interests in the VIE. During the three months ended March 31, 2026, we recorded $14.7 million of interest expense related to the CLO Issuer.

The following table details the assets and liabilities of the CLO Issuer:

---

| | |
|:---|:---|
| **$ in thousands** | **March 31, 2026** |
| Assets: |  |
| Restricted cash | $150 |
| Commercial real estate loan investments, at fair value | 1187520 |
| Interest receivable | 3672 |
| Other assets | 36992 |
| Total assets | $1228334 |
| Liabilities: |  |
| Collateralized loan obligations, at fair value | $1004858 |
| Interest payable | 2029 |
| Total liabilities | $1006887 |

---

------

**7. 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 (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 illustrates the realized and unrealized foreign exchange impact recognized in the condensed consolidated statements of comprehensive income in the three months ended March 31, 2026 and 2025, of our loans and secured financing arrangements as well as the offsetting gain (loss) on derivative instruments in the periods:

---

| | | |
|:---|:---|:---|
| **$ in thousands** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2025** |
| Unrealized foreign exchange gain (loss) on loans | $(15628) | $10824 |
| Unrealized foreign exchange gain (loss) on secured financing facilities | 9899 | (8669) |
| Gain (loss) on foreign currency transactions, net | (466) | 9 |
| Gain (loss) on derivative instruments, net | 6259 | (2180) |
| Net impact of hedged foreign exchange | $64 | $(16) |

---

The following tables summarize changes in the notional amount of our currency forward contracts during the three months ended March 31, 2026 and 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Local Currency** | **Local Currency** | **Local Currency** | **Local Currency** | |
| **In thousands** | **Notional Amount as of December 31, 2025** | **Additions** | **Settlement,<br>Termination,<br>Expiration<br>or Exercise** | **Notional Amount as of March 31, 2026** |<br>**Notional Amount as of March 31, 2026** |
| Buy USD / Sell EUR Forward | 49889 | 14404 | (14491) | 49802 | $57482 |
| Buy USD / Sell GBP Forward | £50631 | £169424 | £(129467) | £90588 | $122163 |
| Buy EUR / Sell USD Forward |  | 14491 | (14491) |  | $— |
| Buy GBP / Sell USD Forward | £— | £130049 | £(129467) | £582 | $785 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Local Currency** | **Local Currency** | **Local Currency** | **Local Currency** | |
| **In thousands** | **Notional Amount as of December 31, 2024** | **Additions** | **Settlement,<br>Termination,<br>Expiration<br>or Exercise** | **Notional Amount as of March 31, 2025** |<br>**Notional Amount as of March 31, 2025** |
| Buy USD / Sell EUR Forward | 39474 |  | (877) | 38597 | $43821 |
| Buy USD / Sell GBP Forward | £19417 | £— | £(506) | £18911 | $24978 |

---

The table below presents the fair value of our currency forward contracts, as well as their classification on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
| **$ in thousands** | **Fair Value as of** | **Fair Value as of** |
| | **March 31, 2026** | **December 31, 2025** |
| &nbsp;&nbsp;Derivative Assets | $3134 | $615 |
| &nbsp;&nbsp;Derivative Liabilities | $838 | $1992 |

---

------

The following tables summarize 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, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| **$ in thousands**<br>**Derivatives not designated as hedging instruments** | **Realized gain (loss) on derivative instruments, net** | **Unrealized gain (loss), net** | **Gain (loss) on derivative instruments, net** |
| Currency Forward Contracts | $2586 | $3673 | $6259 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| **$ in thousands**<br>**Derivatives not designated as hedging instruments** | **Realized gain (loss) on derivative instruments, net** | **Unrealized gain (loss), net** | **Gain (loss) on derivative instruments, net** |
| Currency Forward Contracts | $117 | $(2297) | $(2180) |

---

**8. 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | |
| **$ in thousands** | **Level 1** | **Level 2** | **Level 3** |<br>**Total at Fair Value** |
| Assets: |  |  |  |  |
| Commercial real estate loan investments | $— | $— | $5200218 | $5200218 |
| Real estate-related securities |  | 17222 |  | 17222 |
| Derivative assets |  | 3134 |  | 3134 |
| Total assets | $— | $20356 | $5200218 | $5220574 |
| Liabilities: |  |  |  |  |
| Secured lending agreements | $— | $— | $2820938 | $2820938 |
| Term lending agreements |  |  | 223397 | 223397 |
| Revolving credit facility |  |  | 16000 | 16000 |
| Collateralized loan obligations |  | 1004858 |  | 1004858 |
| Derivative liabilities |  | 838 |  | 838 |
| Total liabilities | $— | $1005696 | $3060335 | $4066031 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | **Fair Value Measurements Using:** | |
| **$ in thousands** | **Level 1** | **Level 2** | **Level 3** |<br>**Total at Fair Value** |
| Assets: |  |  |  |  |
| Commercial real estate loan investments | $— | $— | $4702728 | $4702728 |
| Real estate-related securities |  | 14818 |  | 14818 |
| Derivative assets |  | 615 |  | 615 |
| Total assets | $— | $15433 | $4702728 | $4718161 |
| Liabilities: |  |  |  |  |
| Secured lending agreements | $— | $— | $2359543 | $2359543 |
| Term lending agreements |  |  | 223033 | 223033 |
| Revolving credit facility |  |  | 55000 | 55000 |
| Collateralized loan obligations |  | 1005157 |  | 1005157 |
| Derivative liabilities |  | 1992 |  | 1992 |
| Total liabilities | $— | $1007149 | $2637576 | $3644725 |

---

**Valuation of Commercial Real Estate Loan Investments**

The following table shows a reconciliation of the beginning and ending fair value measurements of our commercial real estate loan investments classified as Level 3:

---

| | |
|:---|:---|
| **$ in thousands** | **Three Months Ended March 31, 2026** |
| **Beginning Balance** | $4702728 |
| Loan originations and fundings | 595601 |
| Loan principal payments | (81880) |
| Net unrealized gain (loss) | (602) |
| Foreign currency adjustments | (15629) |
| **Ending Balance** | $5200218 |

---

The fair value of collateralized financing assets are measured using the more observable fair value of the collateralized liabilities. See Note 2 — "Summary of Significant Accounting Policies."

The following tables summarize the significant unobservable inputs supporting the fair value measurement of our investments in commercial loans:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **$ in thousands**<br>**Type** | **Fair Value**<sup>(2)</sup> | **Valuation Technique** | **Unobservable Input** | **Weighted Average Rate**<sup>(2)</sup> | **Range** | **Weighted Average Life (years)**<sup>(1)(2)</sup> |
| Commercial loans | $4093348 | Discounted cash flow | Discount rate | 6.23% | 5.15% - 11.32% | 0.25 |

---

(1)Based on expected cash flows and potential prepayments.

(2)Includes $4.0 billion of loans held outside of the CLO and $80.7 million of loans held by the consolidated CLO. Loans of $1.1 billion held by the CLO are valued using the more observable fair value of the notes issued by the CLO. However, because the Company's $80.7 million of retained income notes issued by the CLO are valued using a discounted cash flow model, we are required to classify all loans held by the CLO as Level 3 based on the lowest-level input used in the valuation. Weighted average rate and weighted average life include the Company's loans held outside the CLO and retained income notes issued by the CLO.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **$ in thousands**<br>**Type** | **Fair Value**<sup>(2)</sup> | **Valuation Technique** | **Unobservable Input** | **Weighted Average Rate**<sup>(2)</sup> | **Range** | **Weighted Average Life (years)**<sup>(1)(2)</sup> |
| Commercial loans | $3558722 | Discounted cash flow | Discount rate | 6.36% | 5.14% - 11.44% | 0.31 |

---

(1)Based on expected cash flows and potential prepayments.

------

(2)Includes $3.5 billion of loans held outside of the CLO and $80.7 million of loans held by the consolidated CLO. Loans of $1.1 billion held by the CLO are valued using the more observable fair value of the notes issued by the CLO. However, because the Company's $80.7 million of retained income notes issued by the CLO are valued using a discounted cash flow model, we are required to classify all loans held by the CLO as Level 3 based on the lowest-level input used in the valuation. Weighted average rate and weighted average life include the Company's loans held outside the CLO and retained income notes issued by the CLO.

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 thousands** | **Three Months Ended March 31, 2026** |
| **Beginning Balance** | $55000 |
| Proceeds from revolving credit facility | 220000 |
| Repayment of revolving credit facility | (259000) |
| Net unrealized (gain) loss |  |
| **Ending Balance** | $16000 |

---

**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 table shows a reconciliation of the beginning and ending fair value measurements of our secured financing facilities:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| **$ in thousands** | **Secured Lending Agreements** | **Term Lending Agreements** | **Total** |
| **Beginning Balance** | $2359543 | $223033 | $2582576 |
| Proceeds from secured financing facilities | 506127 | 370 | 506497 |
| Repayments of secured financing facilities | (34596) |  | (34596) |
| Net unrealized (gain) loss | (237) | (6) | (243) |
| Unrealized foreign currency (gain) loss | (9899) |  | (9899) |
| **Ending Balance** | $2820938 | $223397 | $3044335 |

---

The following tables summarize the significant unobservable inputs used in the fair value measurement of our secured financing facilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
|<br>**Type** | **Valuation Technique** | **Unobservable Input** | **Weighted Average Rate** | **Range** | **Weighted Average Life (years)**<sup>(1)</sup> |
| Secured financing facilities | Discounted cash flow | Discount rate | 5.18% | 4.13% - 5.92% | 0.22 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|<br>**Type** | **Valuation Technique** | **Unobservable Input** | **Weighted Average Rate** | **Range** | **Weighted Average Life (years)**<sup>(1)</sup> |
| Secured financing facilities | Discounted cash flow | Discount rate | 5.29% | 4.12% - 6.04% | 0.28 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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.

**9. 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, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
| **$ in thousands** | **March 31, 2026** | **December 31, 2025** |
| Accounts payable and accrued expenses | $5098 | $1828 |
| Subscriptions paid in advance <sup>(1)</sup> | 32095 | 27886 |
| Accrued common stock repurchases | 6244 | 905 |
| Other liabilities | 1953 | 907 |
| **Total** | $45390 | $31526 |

---

(1)Represents subscriptions received by our transfer agent prior to the date the subscriptions are effective.

**10. Related Party Transactions**

**Due to Affiliates**

The following table details the components of due to affiliates as of March 31, 2026 and December 31, 2025:

---

| | | |
|:---|:---|:---|
| **$ in thousands** | **March 31, 2026** | **December 31, 2025** |
| Advanced organizational, offering and operating expenses | $10034 | $10870 |
| Reimbursable operating expenses | 2543 | 2845 |
| Adviser commitment fee payable | 1463 | 4019 |
| Stockholder servicing fees | 24701 | 22723 |
| Management fees | 2218 | 1990 |
| Performance fees | 1586 | 4814 |
| **Total** | $42545 | $47261 |

---

*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, 2026, we owe the Adviser approximately $10.0 million (December 31, 2025: $10.9 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, 2026 and December 31, 2025 is listed in the above table as "Reimbursable operating expenses."

Starting with the quarter ended 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. Operating expenses for the four consecutive fiscal quarters ended March 31, 2026 did not exceed the 2%/25% Guidelines.

------

*Adviser Commitment Fee Payable*

Borrowers pay a commitment fee 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 Adviser elected to irrevocably waive half of the commitment fees payable to the Adviser in connection with each new loan originated during the period commencing January 1, 2026 through December 31, 2026. 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 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 three months ended March 31, 2026 and 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **$ in thousands** | **Class S <br>Shares** | **Class S-1 Shares** | **Class D <br>Shares** | **Class D-1 Shares** |
| For the three months ended March 31, 2026 | $13 | $1099 | $– $| 1 |
| For the three months ended March 31, 2025 | $— | $435 | $– $|  |

---

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 <br>Shares** | **Class S-1 Shares** | **Class D <br>Shares** | **Class D -1<br>Shares** | **Class I<br> Shares** | **Class E<br>Shares** | **Class F<br>Shares** |
| Maximum Upfront Selling Commissions<br>(% of Transaction Price) | up to 3.5% | up to 3.5% | up to 1.5% | up to 1.5% |  |  |  |
| Stockholder Servicing Fee<br>(% 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 within such account 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 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 do 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 do 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 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, 2026, we incurred management fees of $2.2 million, of which $2.2 million is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of March 31, 2026. During the three months ended March 31, 2026, we incurred performance fees of $1.6 million, of which $1.6 million is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of March 31, 2026. During the three months ended March 31, 2026, we issued 77,219 Class E Redeemable Common Stock shares as payment for the management fees earned. During the three months ended March 31, 2026, we issued 186,805 Class E Redeemable Common Stock shares as payment for the performance fees earned. 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, 2027. 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 $0.7 million of costs for support personnel provided by the Adviser for the three months ended March 31, 2026 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, 2025, we incurred $0.6 million of costs for support personnel provided by the Adviser.

The Adviser serves as Collateral Manager to the Company's consolidated CLO and has waived any and all fees payable to the Adviser or any of its affiliates for this service for so long as it or any of its affiliates acts as the Collateral Manager and as manager of the Operating Partnership.

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**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, 2026 and December 31, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **$ in thousands, except share amounts** | **Class S Shares** | **Class S-1 Shares** | **Class D Shares** | **Class D-1 Shares** | **Class I Shares** | **Class E Shares** | **Class F Shares** | **Total Purchase Price** |
| Invesco Realty, Inc.<sup>(1)</sup> | 1196923 |  | 1197628 |  | 1194434 | 1189256 |  | $120000 |
| Invesco Advisers, Inc.<sup>(2)</sup> |  |  |  |  |  | 423807 |  | 10851 |
| Members of our board of directors <sup>(3)</sup> |  |  |  |  |  | 26474 |  | 683 |
| Total | 1196923 |  | 1197628 |  | 1194434 | 1639537 |  | $131534 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **$ in thousands, except share amounts** | **Class S Shares** | **Class S-1 Shares** | **Class D Shares** | **Class D-1 Shares** | **Class I Shares** | **Class E Shares** | **Class F Shares** | **Total Purchase Price** |
| Invesco Realty, Inc.<sup>(1)</sup> | 1196923 |  | 1197628 |  | 1194434 | 1189255 |  | $120000 |
| Invesco Advisers, Inc.<sup>(2)</sup> |  |  |  |  |  | 270269 |  | 6895 |
| Members of our board of directors <sup>(3)</sup> |  |  |  |  |  | 26248 |  | 675 |
| Total | 1196923 |  | 1197628 |  | 1194434 | 1485772 |  | $127570 |

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(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 11 — "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 11 — "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. Total Purchase Price for stock awards issued under our share-based compensation plan represents the value of shares issued as equity compensation.

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**11. 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"). Invesco Realty has committed to purchase $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, 2026, 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 12 — "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 10 — "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 12 — "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, 2026, we issued 77,219 and 186,805 Class E shares to the Adviser as payment for management fees and performance fees payable as of December 31, 2025, respectively.

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The following tables summarize the changes in redeemable common stock for the three months ended March 31, 2026 and 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$ in thousands** | **Class S Redeemable Common Stock** | **Class D Redeemable Common Stock** | **Class I Redeemable Common Stock** | **Class E Redeemable Common Stock** | **Total Redeemable Common Stock** |
| **Balance as of December 31, 2025** | $30027 | $30027 | $30023 | $37614 | $127691 |
| Issuance of redeemable common stock |  |  |  | 6804 | 6804 |
| Repurchase of redeemable common stock |  |  |  | (2848) | (2848) |
| Adjustment to carrying value of redeemable common stock |  |  |  | 100 | 100 |
| **Balance as of March 31, 2026** | $30027 | $30027 | $30023 | $41670 | $131747 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **$ in thousands** | **Class S Redeemable Common Shares** | **Class D Redeemable Common Shares** | **Class I Redeemable Common Shares** | **Class E Redeemable Common Shares** | **Total Redeemable Common Stock** |
| **Balance as of December 31, 2024** | $37554 | $37554 | $37565 | $38694 | $151367 |
| Issuance of redeemable common stock |  |  |  | 2814 | 2814 |
| Repurchase of redeemable common stock | (7500) | (7500) | (7500) | (7500) | (30000) |
| Adjustment to carrying value of redeemable common stock | (4) | (5) | (1) | 170 | 160 |
| **Balance as of March 31, 2025** | $30050 | $30049 | $30064 | $34178 | $124341 |

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The following tables summarize the changes in our outstanding shares of redeemable common stock shares for the three months ended March 31, 2026 and 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class S Redeemable Common <br>Shares** | **Class D Redeemable Common <br>Shares** | **Class I Redeemable Common <br>Shares** | **Class E Redeemable Common <br>Shares** | **Total Redeemable Common Stock** |
| **Outstanding Shares as of December 31, 2025** | 1196923 | 1197628 | 1194434 | 1459524 | 5048509 |
| Issuance of redeemable common stock |  |  |  | 264024 | 264024 |
| Repurchase of redeemable common stock |  |  |  | (110485) | (110485) |
| **Outstanding Shares as of March 31, 2026** | 1196923 | 1197628 | 1194434 | 1613063 | 5202048 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class S Redeemable Common Shares** | **Class D Redeemable Common Shares** | **Class I Redeemable Common Shares** | **Class E Redeemable Common Shares** | **Total Redeemable Common Stock** |
| | **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, 2024** | 1496143 | 1497041 | 1492906 | 1519133 | 6005223 |
| Issuance of redeemable common stock |  |  |  | 110485 | 110485 |
| Repurchase of redeemable common stock | (299220) | (299413) | (298472) | (293940) | (1191045) |
| **Outstanding Shares as of March 31, 2025** | 1196923 | 1197628 | 1194434 | 1335678 | 4924663 |

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**12. 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 following table summarizes changes in our outstanding shares of common stock for the three months ended March 31, 2026 and 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Class S<br>Shares** | **Class S-1 Shares** | **Class D<br>Shares** | **Class D-1<br>Shares** | **Class I<br>Shares** | **Class E<br>Shares** | **Class F Shares** | **Total** |
| **Balance at December 31, 2025** | 1416104 | 20330131 | 1208568 |  | 9702409 | 1631350 | 8880172 | 43168734 |
| Issuance of common stock | 91980 | 2346272 |  | 120452 | 2436888 | 388 |  | 4995980 |
| Common stock distribution reinvestment | 1514 | 253222 | 212 | 752 | 94842 | 2051 | 165637 | 518230 |
| Issuance of redeemable common shares<sup>(1)</sup> |  |  |  |  |  | 264024 |  | 264024 |
| Repurchase of common stock |  | (363564) |  |  | (410594) |  |  | (774158) |
| Repurchase of redeemable common stock |  |  |  |  |  | (110485) |  | (110485) |
| **Balance at March 31, 2026** | 1509598 | 22566061 | 1208780 | 121204 | 11823545 | 1787328 | 9045809 | 48062325 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Class S<br>Shares** | **Class S-1 Shares** | **Class D<br>Shares** | **Class D-1<br>Shares** | **Class I<br>Shares** | **Class E<br>Shares** | **Class F Shares** | **Total** |
| **Balance at December 31, 2024** | 1502214 | 7226062 | 1499147 |  | 4171608 | 1635105 | 8218258 | 24252394 |
| Issuance of common stock | 3969 | 3261421 | 8211 |  | 1088268 | 8244 |  | 4370113 |
| Common stock distribution reinvestment |  | 98095 | 99 |  | 36810 | 1370 | 161371 | 297745 |
| Issuance of redeemable common shares<sup>(1)</sup> |  |  |  |  |  | 110485 |  | 110485 |
| Repurchase of common stock | (111) | (21833) | (111) |  | (8678) |  |  | (30733) |
| Repurchase of redeemable common stock | (299220) |  | (299413) |  | (298472) | (293940) |  | (1191045) |
| **Balance at March 31, 2025** | 1206852 | 10563745 | 1207933 |  | 4989536 | 1461264 | 8379629 | 27808959 |

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(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 11 — "Redeemable Common Stock - Related Party".

**Distributions** 

We are generally required to distribute at least 90% of 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 GAAP.

For the three months ended March 31, 2026, we declared distributions of $21.1 million. We accrued $7.3 million for distributions payable, of which $0.8 million was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of March 31, 2026. For the three months ended March 31, 2025, we declared distributions of

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$12.9 million. We accrued $4.3 million for distributions payable, of which $0.8 million was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of March 31, 2025.

The following tables detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2026 and 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Class S<br>Shares** | **Class S-1<br>Shares** | **Class D<br>Shares** | **Class D-1<br>Shares** | **Class I<br>Shares** | **Class E<br>Shares** | **Class F<br>Shares** |
| Aggregate distribution declared per share | $0.4800 | $0.4800 | $0.4800 | $0.3200 | $0.4800 | $0.4800 | $0.4800 |
| Stockholder servicing fee per share | (0.0099) | (0.0524) | (0.0001) | (0.0101) |  |  |  |
| Net distribution declared per share | $0.4701 | $0.4276 | $0.4799 | $0.3099 | $0.4800 | $0.4800 | $0.4800 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Class S<br>Shares** | **Class S-1<br>Shares** | **Class D<br>Shares** | **Class D-1<br>Shares** | **Class I<br>Shares** | **Class E<br>Shares** | **Class F**<br>**Shares**<sup>(3)</sup> |
| 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 |

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**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 March 23, 2028 and the date our NAV reaches $1.5 billion. 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 such terms are defined in the Class F subscription agreement.

During the three months ended March 31, 2026, we fulfilled all requests under the share repurchase plan and repurchased 774,158 shares of common stock for $19.3 million. For the three months ended March 31, 2025, we repurchased 30,733 shares of common stock for $0.8 million and fulfilled all repurchase requests that were made under the share repurchase plan.

**Distribution Reinvestment Plan** 

We have adopted a distribution reinvestment plan ("DRP") 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.

**Share-Based Compensation Plan** 

For the three months ended March 31, 2026 and 2025, we recognized compensation expense of $62,000 and $19,000, respectively, related to restricted shares of Class E common stock awarded to independent members of our board of directors under the terms of our 2023 Equity Incentive Plan (the "Incentive Plan"). As of March 31, 2026 and 2025, we had 1,083,889 and 1,093,671 shares of common stock available for future issuance under the Incentive Plan, respectively.

**Noncontrolling Interest in Subsidiary** 

On January 29, 2026, a subsidiary issued 125 shares of 12.0% Series A Preferred Stock, par value $0.01 per share, with an aggregate liquidation preference of $1,000. The Series A preferred stock ranks senior to the Company's interest in our subsidiary with respect to dividend rights and rights upon liquidation, dissolution and other considerations. The Series A Preferred Stock has no maturity date and will remain outstanding unless redeemed. The Series A Preferred Stock may be redeemed by the Company in whole or in part at any time; however, a redemption premium will also be required if redeemed on or before December 31, 2027. Upon consolidation, the issued and outstanding preferred share interest is shown as Non-controlling interest on our condensed consolidated balance sheets as of March 31, 2026 and net income (loss) is reflected as Net

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income (loss) attributable to non-controlling interest in our condensed consolidated statement of comprehensive income during the three months ended March 31, 2026.

**13. Earnings per Common Share**

The following table summarizes our earnings per share for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **$ in thousands, except share and per share amounts** | **2026** | **2025** |
| Net income (loss) available to common stockholders | $19713 | $11635 |
| Weighted average common shares outstanding | 46541642 | 27233292 |
| Effect of dilutive restricted stock awards | 225 | 76 |
| Diluted weighted average common shares outstanding | 46541867 | 27233368 |
| Earnings (loss) per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.42 | $0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.42 | $0.43 |

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**14. Commitments and Contingencies**

Commitments and contingencies may arise in the ordinary course of business. As of March 31, 2026, we had unfunded commitments of $381.8 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 1.39 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, 2026, the Company was not involved in any material legal proceedings.

**15. Segment Reporting**

We conduct our business as a single operating segment. Our chief operating decision maker ("CODM") is a group comprised of the Company's Chief Executive Officer and President, and Chief Financial Officer. The CODM uses net income as the basis for measuring segment profitability, allocating resources and assessing performance. 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, 2025, 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.

The significant segment expenses regularly provided to the CODM, generally, include interest expense, debt issuance costs, management fees and general and administrative expenses, as separately presented on our condensed consolidated statements of comprehensive income. General and administrative expenses consist of directors' and officers' insurance, legal costs, investing, accounting, auditing and tax services, filing fees and miscellaneous general and administrative costs.

**16. Subsequent Events**

**Due From Servicer**

The $37.5 million related to amounts collected by the loan servicer but not yet remitted to the Company's consolidated CLO and to the Company that were included in other assets was repaid in full in April 2026.

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**Redeemable Common Stock - Related Party** 

On May 1, 2026, Invesco Realty purchased an additional $30.0 million in shares of our common stock under the Invesco Subscription Agreement resulting in a total of $150.0 million owned.

**Revolving Credit Facility** 

On May 7, 2026, the Operating Partnership (the "Initial Borrower") entered into a Revolving Credit Agreement with NatWest Markets PLC ("NatWest"), as lender, lead arranger, and administrative agent. The Credit Agreement provides for a two-tranche revolving credit facility consisting of (i) a Tranche A facility with no initial committed amount and (ii) a $100.0 million Tranche B facility.

Tranche A, if and when activated, provides for a revolving line of credit denominated in U.S. dollars bearing interest at Term SOFR plus 1.90% and maturing in January 2028. Tranche B provides for a revolving line of credit denominated in U.S. dollars, Euros, or British pounds sterling bearing interest at the applicable benchmark rate plus a margin ranging from 2.75% to 3.25%, depending on the advance rate elected, and maturing in May 2028 following the closing date. Unused commitments under Tranche A and Tranche B are subject to a commitment fee of 0.25% per annum and 1.00% per annum, respectively. The Company incurred an arranger fee equal to 0.50% of the Tranche B facility commitment.

The Credit Agreement includes an accordion feature permitting aggregate commitments to be increased up to a maximum of $330.0 million, with Tranche A not exceeding $150.0 million and Tranche B not exceeding $330.0 million, in each case subject to lender consent. Maturity dates may also be extended by up to twelve months with lender approval. Tranche A availability, if increased from zero, would be based on unfunded capital commitments of the included investors, while Tranche B availability is based on the net asset value of the Company's eligible portfolio investments plus secured cash collateral. Borrowings are secured by a first-priority lien on certain collateral accounts, and the Company has provided a full and unconditional guaranty of the Initial Borrower's obligations.

The Credit Agreement contains customary representations, warranties, and covenants, including financial covenants requiring a minimum adjusted tangible net worth, a minimum interest coverage ratio, minimum liquidity of the Initial Borrower based on net asset value, and a minimum fair value-to-cost ratio. In connection with the closing, the Company's existing credit agreement was terminated, and all related liens were released.

As of the date of this filing, no amount was outstanding under the Credit Agreement.

**Redeemable Common Stock - Related Party** 

On May 7, 2026, the Company cancelled the additional $150.0 million capital commitment from Invesco Realty. The additional capital commitment was only available 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 existing credit agreement, which we terminated in conjunction with closing on the NatWest revolving credit agreement.

**Equity**

*Issuances*

Subsequent to March 31, 2026, we issued the following shares of common stock:

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| | | | |
|:---|:---|:---|:---|
| **$ in thousands except share amounts** | **Shares Issued to Third Parties** | **Shares Issued to Affiliates**<sup>(1)(2)</sup> | **DRP Shares**<sup>(3)</sup> |
| Class S | 5090 | 301575 | 773 |
| Class S-1 | 1783305 |  | 90044 |
| Class D |  | 301860 | 72 |
| Class D-1 | 200968 |  | 753 |
| Class I | 1628457 | 300693 | 35499 |
| Class E | 3434 | 376191 | 638 |
| Class F |  |  | 55821 |
| Total | 3621254 | 1280319 | 183600 |
| Total net proceeds<sup>(4)</sup> | $90391 | $30000 | $4639 |

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(1)Affiliates include related parties discussed in Note 10 — "Related Party Transactions".

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(2)Includes 85,861 Class E shares issued to our Adviser as payment for management fees of $2.2 million which is excluded from total net proceeds.

(3)Represents shares issued under our distribution reinvestment plan.

(4)With respect to Shares Issued to Affiliates, total net proceeds represents the total value of shares of our common stock purchased by Invesco Realty under the Invesco Subscription agreement. With respect to DRP Shares, total net proceeds represents the total value of shares issued under our distribution reinvestment plan.

*Repurchases*

Subsequent to March 31, 2026, we repurchased the following stock:

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| | | |
|:---|:---|:---|
| **$ in thousands except share amounts** | **Shares Repurchased from <br>Third-Parties** | **Shares Repurchased from Affiliates**<sup>(1)</sup> |
| Class S |  |  |
| Class S-1 | 49359 |  |
| Class D |  |  |
| Class D-1 |  |  |
| Class I | 130382 |  |
| Class E |  |  |
| Class F |  |  |
| Total | 179741 |  |
| Total repurchases | $4485 | $— |

---

(1)Affiliates include related parties discussed in Note 10 — "Related Party Transactions".

Subsequent to March 31, 2026, all repurchase requests under our share repurchase plan were satisfied.

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**ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;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, distributions, repurchases 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 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, real estate-related securities, secured lending and term lending agreements (collectively, our "secured financing facilities"), our revolving credit facility, and our collateralized loan obligations. The fair 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*

Private real estate credit markets entered the first quarter of 2026 with continued capital availability, though deployment remained selective and focused on transactions meeting conservative underwriting and structural requirements. Benchmark interest rates were relatively stable during the quarter, remaining within a narrow range, despite notable movement in the forward interest-rate curve.

While multiple lender types remained active across the broader commercial real estate debt market, effective competition within private real estate credit continued to be segmented by asset quality, leverage profile, and execution certainty, limiting overlap in higher-risk or more structured transactions. Refinancing activity remained a key driver of private real estate credit demand, as borrowers continued to address upcoming maturities to help bridge sales in the future or allow additional time for business plan implementation.

*Outlook*

We expect the private real estate credit market to remain supported by a meaningful pipeline of loan maturities and continued balance-sheet constraints among certain traditional lenders. While near-term volatility in benchmark rates, including SOFR, may persist, private real estate lenders are well positioned to structure investments that prioritize downside protection through conservative leverage, senior-secured positions, and active asset management.

We believe the Company is well positioned to navigate the current market environment through a disciplined "credit-over-yield" investment approach and a prudently managed portfolio that emphasizes sponsorship quality and structural protections. By originating or acquiring loans secured by commercial real estate, we benefit from several structural advantages, including security in the capital stack at reset values, downside protection afforded by asset-backed lending, and limited correlation with traditional fixed income investments.

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**Q1 2026 Highlights**

*Capital Activity and Distributions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declared monthly net distributions totaling $21.1 million for the quarter ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raised $121.6 million of net proceeds from the sale of our common stock through our Continuous Offering during the quarter ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All repurchase requests under our share repurchase plan were satisfied.

*Investments*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Originated five floating rate senior commercial real estate loans in the United States with a total commitment amount of $392.7 million and total outstanding principal amount of $364.4 million as of March 31, 2026, including multifamily and industrial properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Originated one floating rate senior commercial real estate loan with a total commitment amount of $222.5 million (£168.4 million) and total outstanding principal amount of $216.5 million (£163.8 million) secured by a multifamily portfolio located in the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchased $2.5 million in real estate-related securities during the three months ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One commercial real estate loan was fully repaid during the three months ended March 31, 2026. Principal and interest proceeds of $41.7 million were received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One commercial real estate loan, primarily serving as collateral for our collateralized loan obligations with a stub-piece held by the Operating Partnership or a wholly-owned subsidiary of the Company, was fully repaid during the three months ended March 31, 2026. Principal and interest proceeds of $37.5 million were due from our loan servicer as of March 31, 2026. The $37.5 million due from our loan servicer was repaid in full in April 2026.

*Financing Activity*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repaid net borrowings of $39.0 million on our revolving credit facility for the three months ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Received net borrowings of $471.9 million from our secured financing facilities for the three months ended March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Entered into one additional secured lending agreement. The secured lending agreement has a maximum facility size of $250.0 million and bears interest at a one-month term SOFR plus a spread.

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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, 2026, our portfolio consists of 81 commercial real estate loans with a fair value of $5.2 billion. We elected the fair value option for our commercial real estate loan investments and, accordingly, 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 6.37% as of March 31, 2026. Our European loans earn interest at either three-month Euribor or three-month SONIA and had a weighted average interest rate of 6.09% at March 31, 2026. During the three months ended March 31, 2026, we earned $77.1 million of interest income on these loans, of which we earned $67.0 million and $10.1 million from our US and non-US loans, respectively.

The following table details overall statistics for our loan portfolio as of March 31, 2026, December 31, 2025, and March 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| **$ in thousands** | **March 31, 2026** | **December 31, 2025** | **March 31, 2025** |
| Number of investments | 81 | 77 | 56 |
| Principal balance | $5193289 | $4695199 | $2785906 |
| Fair value | $5200218 | $4702728 | $2788480 |
| Unfunded loan commitments<sup>(1)</sup> | $381810 | $360450 | $337952 |
| Weighted-average interest rate<sup>(2)</sup> | 6.33% | 6.43% | 7.23% |
| Weighted-average maximum maturity (years)<sup>(3)</sup> | 3.8 | 3.9 | 4.1 |
| Origination loan-to-value<sup>(4)</sup> | 65% | 65% | 62% |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;Represents weighted average interest rate as of period end.

(3)&nbsp;&nbsp;&nbsp;&nbsp;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)&nbsp;&nbsp;&nbsp;&nbsp;Origination loan-to-value 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, 2026:

![1549](incref-20260331_g1.jpg)![1550](incref-20260331_g2.jpg)

The following table details our loan activity:

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| | |
|:---|:---|
| **$ in thousands** | **Three Months Ended**<br>**March 31, 2026** |
| Loan originations | $585706 |
| Loan fundings | 9895 |
| Loan repayments and sales | (81880) |
| Total net fundings | $513721 |

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For the three months ended March 31, 2026, the Company closed on five U.S. loan originations and one European loan origination, with an aggregate total loan commitment amount of $615.2 million, resulting in $131.2 million of net committed equity and a net spot coupon of 9.87% based on the weighted average interest rate on our net committed equity position as of March 31, 2026. Net committed equity represents the Company's whole loan commitments less the related secured financing.

While the portfolio saw a slight increase in weighted average net spread quarter-over-quarter, going from 6.68% as of December 31, 2025, to 6.70% as of March 31, 2026, the overall weighted average interest rate declined quarter-over quarter. 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, 2026) after considering any impact of the interest rate floor.

The following table provides details of our loan portfolio, on a loan-by-loan basis, as of March 31, 2026:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **$ in thousands** | **$ in thousands** | | | | | | | |
| **Metropolitan Statistical Area** | **Property Type** |<br>**Origination Date** |<br>**Weighted Average Interest Rate**<sup>(1)</sup> |<br>**Loan Amount**<sup>(2)</sup> |<br>**Principal Balance Outstanding** |<br>**Fair Value** |<br>**Current Maturity** |<br>**Maximum**<br>**Maturity**<sup>(3)</sup> |
| New York <sup>(4)</sup> | Multifamily | 07/26/2023 | 6.78% | $73600 | $73600 | $73600 | 8/9/2026 | 8/9/2028 |
| Richmond | Industrial | 09/25/2023 | 7.02% | 38300 | 34621 | 34824 | 10/9/2026 | 10/9/2028 |
| Atlanta | Industrial | 11/06/2023 | 7.02% | 92950 | 83740 | 84231 | 11/9/2026 | 11/9/2028 |
| Dallas | Multifamily | 12/07/2023 | 6.48% | 70000 | 67580 | 67580 | 12/9/2026 | 12/9/2028 |
| Seattle | Multifamily | 12/12/2023 | 6.63% | 68500 | 68500 | 68500 | 12/9/2026 | 12/9/2028 |
| New York | Multifamily | 02/08/2024 | 6.68% | 120000 | 76865 | 77316 | 02/9/2027 | 02/9/2029 |
| Orange County | Multifamily | 03/05/2024 | 6.83% | 56600 | 56600 | 56932 | 03/9/2027 | 03/9/2029 |
| Los Angeles | Multifamily | 03/28/2024 | 6.68% | 45000 | 42058 | 42302 | 04/9/2026 | 04/9/2029 |
| Los Angeles | Multifamily | 04/12/2024 | 6.73% | 66050 | 59782 | 60125 | 04/9/2027 | 04/9/2029 |
| New York | Multifamily | 05/02/2024 | 6.68% | 150000 | 74600 | 75038 | 5/9/2027 | 5/9/2029 |
| Fort Worth | Multifamily | 05/15/2024 | 6.58% | 23650 | 23500 | 23500 | 6/9/2026 | 6/9/2029 |
| Fort Worth | Multifamily | 05/15/2024 | 6.58% | 22500 | 21775 | 21775 | 6/9/2026 | 6/9/2029 |
| Orange County | Industrial | 05/31/2024 | 6.53% | 47275 | 44772 | 44944 | 6/9/2027 | 6/9/2029 |
| Dallas | Multifamily | 06/07/2024 | 6.48% | 40740 | 39990 | 39990 | 6/9/2027 | 6/9/2029 |
| San Francisco | Multifamily | 06/17/2024 | 6.33% | 33500 | 31719 | 31899 | 7/9/2027 | 7/9/2029 |
| Jacksonville | Multifamily | 06/28/2024 | 6.78% | 40350 | 39727 | 39868 | 7/9/2027 | 7/9/2029 |
| Various U.S. | Self-Storage | 07/10/2024 | 6.88% | 42448 | 41999 | 41999 | 8/9/2027 | 8/9/2029 |
| Houston | Multifamily | 07/24/2024 | 6.58% | 50750 | 49750 | 49741 | 8/9/2026 | 8/9/2029 |
| Dallas | Multifamily | 08/01/2024 | 6.53% | 44000 | 44000 | 44000 | 8/9/2026 | 8/9/2029 |
| Tampa | Multifamily | 08/01/2024 | 6.38% | 41750 | 41750 | 41750 | 8/9/2027 | 8/9/2029 |
| Las Vegas | Industrial | 08/20/2024 | 6.48% | 55515 | 53325 | 53536 | 9/9/2027 | 9/9/2029 |
| Various U.S. | Self-Storage | 08/27/2024 | 6.88% | 11267 | 10702 | 10702 | 9/9/2027 | 9/9/2029 |
| Washington D.C. | Multifamily | 08/28/2024 | 6.43% | 101000 | 99327 | 99327 | 9/9/2027 | 9/9/2029 |
| Various U.S. | Industrial | 08/30/2024 | 7.08% | 83500 | 77809 | 77809 | 9/9/2027 | 9/9/2029 |
| Various U.S. | Industrial | 09/12/2024 | 6.43% | 128010 | 122576 | 123293 | 10/9/2027 | 10/9/2029 |
| Bristol, United Kingdom | Industrial | 09/26/2024 | 6.90% | 109699 | 109699 | 109699 | 10/9/2027 | 10/9/2028 |
| Various U.S. | Industrial | 09/13/2024 | 6.43% | 47881 | 47881 | 48162 | 10/9/2027 | 10/9/2029 |
| Europe | Industrial | 09/26/2024 | 5.21% | 94048 | 94048 | 94048 | 10/9/2027 | 10/9/2028 |
| Europe | Industrial | 09/26/2024 | 5.21% | 105265 | 105265 | 105265 | 10/9/2027 | 10/9/2028 |
| Gainesville | Self-Storage | 10/08/2024 | 6.88% | 7030 | 6981 | 6981 | 10/9/2027 | 10/9/2029 |
| Lynchburg | Self-Storage | 10/08/2024 | 6.88% | 14225 | 13869 | 13869 | 10/9/2027 | 10/9/2029 |
| Tacoma | Self-Storage | 10/08/2024 | 6.88% | 13356 | 13307 | 13307 | 10/9/2027 | 10/9/2029 |
| Los Angeles | Multifamily | 10/10/2024 | 6.53% | 22545 | 21028 | 21148 | 10/9/2026 | 10/9/2029 |
| Washington D.C. | Multifamily | 10/15/2024 | 6.38% | 98900 | 97570 | 97576 | 10/9/2027 | 10/9/2029 |
| San Jose <sup>(5)</sup> | Industrial | 10/31/2024 | 12.00% | 30000 | 25773 | 25773 | 10/31/2027 | 10/31/2029 |
| New York <sup>(4)</sup> | Multifamily | 12/06/2024 | 6.43% | 61897 | 61397 | 61757 | 12/9/2027 | 12/9/2029 |
| Orange County | Industrial | 12/13/2024 | 6.63% | 67832 | 54711 | 54879 | 1/9/2028 | 1/9/2030 |
| Riverside | Industrial | 12/17/2024 | 6.88% | 58092 | 51556 | 51744 | 1/9/2028 | 1/9/2030 |
| Ft Lauderdale | Self-Storage | 12/18/2024 | 6.88% | 14251 | 14006 | 14006 | 1/9/2028 | 1/9/2030 |
| Chicago | Industrial | 12/20/2024 | 6.63% | 31802 | 30426 | 30546 | 1/9/2028 | 1/9/2030 |
| Austin | Industrial | 01/16/2025 | 6.73% | 26042 | 22961 | 23048 | 2/9/2028 | 2/9/2030 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **$ in thousands** | **$ in thousands** | | | | | | | |
| **Metropolitan Statistical Area** | **Property Type** |<br>**Origination Date** |<br>**Weighted Average Interest Rate**<sup>(1)</sup> |<br>**Loan Amount**<sup>(2)</sup> |<br>**Principal Balance Outstanding** |<br>**Fair Value** |<br>**Current Maturity** |<br>**Maximum**<br>**Maturity**<sup>(3)</sup> |
| Raleigh | Student Housing | 01/30/2025 | 6.38% | 43460 | 40704 | 40842 | 2/9/2027 | 2/9/2030 |
| Columbia | Student Housing | 02/06/2025 | 6.38% | 29750 | 26786 | 26876 | 2/9/2027 | 2/9/2030 |
| Baton Rouge | Student Housing | 02/06/2025 | 6.38% | 29500 | 25288 | 25370 | 2/9/2027 | 2/9/2030 |
| Portland | Multifamily | 02/13/2025 | 6.38% | 60165 | 59483 | 59832 | 3/9/2027 | 3/9/2030 |
| Eugene | Student Housing | 02/19/2025 | 6.38% | 73053 | 68659 | 68888 | 3/9/2027 | 3/9/2030 |
| Austin | Student Housing | 02/19/2025 | 6.38% | 49943 | 47990 | 48151 | 3/9/2027 | 3/9/2030 |
| Knoxville | Student Housing | 02/20/2025 | 6.38% | 98290 | 88812 | 89284 | 3/9/2027 | 3/9/2030 |
| Philadelphia | Self-Storage | 03/11/2025 | 6.78% | 6715 | 6454 | 6448 | 4/9/2028 | 4/9/2030 |
| Minneapolis | Self-Storage | 03/11/2025 | 6.78% | 7475 | 7265 | 7251 | 4/9/2028 | 4/9/2030 |
| Athens | Student Housing | 04/01/2025 | 6.18% | 27200 | 25324 | 25398 | 4/9/2027 | 4/9/2030 |
| Athens | Student Housing | 04/01/2025 | 6.18% | 22000 | 21069 | 21134 | 4/9/2027 | 4/9/2030 |
| New York | Multifamily | 04/15/2025 | 6.03% | 25682 | 22445 | 22445 | 5/9/2028 | 5/9/2030 |
| Boston | Self-Storage | 05/19/2025 | 6.53% | 9276 | 9083 | 9128 | 6/9/2028 | 6/9/2030 |
| Portland | Multifamily | 05/21/2025 | 6.08% | 50110 | 50110 | 50110 | 6/9/2027 | 6/9/2030 |
| Various U.S. | Industrial | 06/09/2025 | 5.98% | 354550 | 344365 | 344365 | 6/9/2028 | 6/9/2030 |
| London, United Kingdom | Industrial | 06/17/2025 | 6.58% | 208825 | 208825 | 208825 | 7/10/2027 | 7/10/2028 |
| Seattle | Self-Storage | 07/08/2025 | 6.48% | 6776 | 6324 | 6324 | 7/9/2028 | 7/9/2030 |
| Orlando | Industrial | 07/10/2025 | 6.38% | 80150 | 69927 | 69927 | 7/9/2028 | 7/9/2030 |
| Europe | Industrial | 07/28/2025 | 5.28% | 50894 | 50894 | 50894 | 10/7/2027 | 10/7/2029 |
| Raleigh | Multifamily | 08/08/2025 | 6.18% | 47870 | 40550 | 40550 | 8/9/2028 | 8/9/2030 |
| Seattle | Multifamily | 08/20/2025 | 6.23% | 24240 | 23000 | 23000 | 9/9/2028 | 9/9/2030 |
| San Antonio | Industrial | 09/11/2025 | 6.23% | 39546 | 33860 | 33860 | 10/9/2028 | 10/9/2030 |
| Chicago | Multifamily | 09/16/2025 | 6.08% | 91050 | 85000 | 85000 | 10/9/2028 | 10/9/2030 |
| Various U.S. | Multifamily | 09/30/2025 | 5.93% | 255500 | 254000 | 254000 | 10/9/2028 | 10/9/2030 |
| Europe | Industrial | 09/30/2025 | 5.53% | 22146 | 22146 | 22146 | 10/15/2027 | 10/15/2029 |
| Salt Lake City | Self-Storage | 10/14/2025 | 6.43% | 9780 | 9355 | 9355 | 11/9/2028 | 11/9/2030 |
| New York <sup>(4)</sup> | Multifamily | 10/14/2025 | 6.08% | 140500 | 134496 | 134496 | 10/9/2028 | 10/9/2030 |
| Atlanta | Self-Storage | 10/14/2025 | 6.43% | 8928 | 8533 | 8533 | 11/9/2028 | 11/9/2030 |
| New York <sup>(4)</sup> | Multifamily | 10/15/2025 | 5.78% | 280000 | 280000 | 280000 | 11/9/2028 | 11/9/2030 |
| Sarasota | Multifamily | 10/15/2025 | 6.08% | 40750 | 40750 | 40750 | 11/9/2028 | 11/9/2030 |
| San Francisco | Multifamily | 11/25/2025 | 6.08% | 115150 | 87570 | 87570 | 12/9/2027 | 12/9/2030 |
| New York | Self-Storage | 12/03/2025 | 6.28% | 69300 | 66701 | 66701 | 12/9/2028 | 12/9/2030 |
| Riverside | Industrial | 12/23/2025 | 6.53% | 150730 | 117443 | 117443 | 1/9/2029 | 1/9/2031 |
| New York <sup>(4)</sup> | Multifamily | 12/30/2025 | 5.96% | 80500 | 78000 | 78000 | 1/9/2029 | 1/9/2031 |
| Phoenix | Multifamily | 01/23/2026 | 6.08% | 54000 | 53400 | 53400 | 2/9/2028 | 2/9/2031 |
| Baltimore | Industrial | 02/03/2026 | 6.33% | 42100 | 37500 | 37500 | 2/9/2028 | 2/9/2031 |
| Brighton, United Kingdom | Multifamily | 02/27/2026 | 6.28% | 222505 | 216505 | 216505 | 4/9/2029 | 4/9/2031 |
| San Francisco | Multifamily | 03/12/2026 | 6.03% | 136532 | 128760 | 128760 | 4/9/2029 | 4/9/2031 |
| Various U.S. | Multifamily | 03/26/2026 | 6.28% | 109400 | 102000 | 102000 | 4/9/2029 | 4/9/2031 |
| Miami | Industrial | 03/30/2026 | 6.28% | 50638 | 42768 | 42768 | 4/9/2028 | 4/9/2031 |
|  |  |  | 6.33% | $5575099 | $5193289 | $5200218 |  |  |

---

(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 loans denominated in British pound sterling earn 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)Whole loan includes a senior mortgage loan and mezzanine note.

(5)This loan is a mezzanine loan.

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*Significant Borrowers/Sponsors*

As of March 31, 2026, we have invested in 81 commercial real estate loans with a fair value of $5.2 billion. Within our loan portfolio, we have exposure to over 30 individual sponsors. Approximately 31% of the portfolio is sponsored by firms included in the PERE Top 10 and approximately 49% is sponsored by firms in the PERE Top 100 list of the largest 100 real estate private equity firms. PERE (Private Equity Real Estate), published by Private Equity International, is a recognized industry publication and data provider covering the global private real estate investment sector. Our largest individual Sponsor exposure represents 13.4% of our loan portfolio across four facilities and an individual loan. A facility may contain individual loans that are cross-collateralized and cross-defaulted, but loans are not cross-collateralized nor cross-defaulted across facilities, and the credit exposure of each facility's loans is contained within its distinct structure. No single facility or loan is greater than 10% of the portfolio.

*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, 2026 and December 31, 2025.

*Real Estate-Related Securities*

As of March 31, 2026, our liquid real estate-related securities portfolio consisted of investments in commercial mortgage-backed securities ("CMBS"). The following table details overall statistics for our investments in real estate-related securities as of March 31, 2026:

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| | |
|:---|:---|
| **$ in thousands** | **March 31, 2026** |
| Number of investments | 11 |
| Principal balance | $17220 |
| Amortized cost | $17182 |
| Fair value | $17222 |
| Period-end weighted average yield | 6.16% |
| Weighted average maturity date | February 2040 |

---

*Financing and Other Liabilities*

We finance the majority of our commercial real estate loan portfolio through collateralized loan obligations and secured financing facilities, which are structured as repurchase agreements and term lending agreements. Pursuant to our fair value option election described in the notes to our financial statements, we mark to market assets and liabilities associated with our financing arrangements for financial reporting purposes. For repurchase agreements with defined credit mark-to-market features, lenders may require us to provide additional margin in the form of cash or other forms of collateral in connection with underlying collateral value decreases, as is customary for agreements of this type. We have not received margin calls on any of our repurchase agreements to date. Certain of our financing arrangements, however, are not contractually subject to credit or capital markets mark-to-market provisions with respect to margin call rights (i.e., liability repayment) and are referred in the below table as "Non-Mark-to-Market" financing arrangements.

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 6.57% as of March 31, 2026.

The table below summarizes our financing liabilities as of March 31, 2026<sup>(1)</sup>. These facilities 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. Secured financing facilities had a weighted average borrowing rate of 5.20% as of March 31, 2026.

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| | | | | |
|:---|:---|:---|:---|:---|
| **$ in thousands** | **Non-/Mark-to-Market on Collateral** | **Maximum Facility Size** | **Amount Outstanding** | **Available Balance** |
| **Collateralized Loan Obligations** | | | | |
| &nbsp;&nbsp;INCREF 2025-FL1 | Non-Mark-to-Market | $998234 | $998234 | $— |
| **Term Lending Agreements** |  |  |  |  |
| &nbsp;&nbsp;INCREF Lending II | Non-Mark-to-Market | 300000 | 155397 | 144603 |
| &nbsp;&nbsp;INCREF Lending III | Non-Mark-to-Market | 72840 | 68000 | 4840 |
| **Secured Lending Agreements** | **Secured Lending Agreements** |  |  |  |
| &nbsp;&nbsp;Morgan Stanley Bank | Mark-to-Market | 750000 | 680570 | 69430 |
| &nbsp;&nbsp;Citibank | Mark-to-Market | 1000000 | 582004 | 417996 |
| &nbsp;&nbsp;Barclays | Mark-to-Market | 500000 | 422894 | 77106 |
| &nbsp;&nbsp;Wells Fargo | Mark-to-Market | 1200000 | 570905 | 629095 |
| &nbsp;&nbsp;Bank of Montreal | Mark-to-Market | 256600 | 256600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;INCREF Repurchase I | Mark-to-Market | 250000 | 175036 | 74964 |
| &nbsp;&nbsp;INCREF Repurchase II | Mark-to-Market | 250000 | 133008 | 116992 |
|  |  | $5577674 | $4042648 | $1535026 |
| Revolving Credit Facility |  | $162000 | $16000 | $146000 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;See Note 5 — "Borrowings" and Note 6 — "Collateralized Loan Obligations" 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, a minimum tangible net worth covenant, a cash liquidity covenant and a leverage 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 covenant.

As of March 31, 2026, we were in compliance with the covenants of our financing facilities.

On May 7, 2025, the Company financed a pool of loans and loan participations from its existing loan portfolio through a managed collateralized financing entity, "INCREF 2025-FL1" or "CLO Issuer", contributing $1.2 billion of commercial real estate loan investments into the CLO Issuer and issuing $1.2 billion of notes. The Company retained $219.1 million of the CLO Issuer. The rated 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.

The table below summarizes our collateralized loan obligations as of March 31, 2026.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Facility** | **Facility** | **Facility** | **Facility** | **Collateral** | **Collateral** | **Collateral** |
|<br>**$ in thousands** | **Term** | **Weighted Average Interest Rate**<sup>(1)</sup> | **Amount Outstanding** | **Fair Value** | **Count** | **Principal Balance Outstanding** | **Fair Value** |
| &nbsp;&nbsp;INCREF 2025-FL1 | Oct 2042 | 5.63% | $998234 | $1004858 | 29 | $1180591 | $1187520 |
| Total |  |  | $998234 | $1004858 | 29 | $1180591 | $1187520 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Represents the weighted average interest rate in effect as of March 31, 2026.

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**Results of Operations**

For the three months ended March 31, 2026 and 2025, our results of operations consisted of:

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | |
| **$ in thousands except per share amount** | **2026** | **2025** | **$ Change** |
| **Net Interest Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate loan interest income | $77125 | $46841 | $30284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate related-securities interest income | 234 |  | 234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other interest income | 865 | 975 | (110) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (51619) | (31297) | (20322) |
| **Net interest income** | 26605 | 16519 | 10086 |
| **Other Income (Expense)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on loans, net | (16230) | 12680 | (28910) |
| &nbsp;&nbsp;&nbsp;Gain (loss) on real estate-related securities, net | (46) |  | (46) |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on secured financing facilities, net | 10142 | (8474) | 18616 |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on collateralized loan obligations, net | 871 |  | 871 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on derivative instruments, net | 6259 | (2180) | 8439 |
| &nbsp;&nbsp;&nbsp;Gain (loss) on foreign currency transactions, net | (466) | 9 | (475) |
| &nbsp;&nbsp;&nbsp;Commitment fee income, net of related party expense of $1,463 and $2,119 for the three months ended March 31, 2026 and 2025, respectively | 4380 | 2119 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income and (expense), net | 192 | 289 | (97) |
| **Total other income (expense), net** | 5102 | 4443 | 659 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management and performance fees - related party | 3804 | 1830 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance and other financing costs related to borrowings, at fair value | 4868 | 4916 | (48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Organizational costs |  | 2 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 3319 | 2550 | 769 |
| **Total expenses** | 11991 | 9298 | 2693 |
| **Net income (loss)** | $19716 | $11664 | $8052 |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to non-controlling interest | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;Dividends to preferred stockholders |  | (2) | 2 |
| &nbsp;&nbsp;&nbsp;Issuance and redemption costs of redeemed preferred stock |  | (27) | 27 |
| **Net income (loss) attributable to common stockholders** | $19713 | $11635 | $8078 |
| **Earnings (loss) per share:** |  |  |  |
| **Net income (loss) attributable to common stockholders** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.42 | $0.43 | $(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.42 | $0.43 | $(0.01) |
| **Weighted average number of shares of common stock** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 46541642 | 27233292 | 19308350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 46541867 | 27233368 | 19308499 |

---

(1) Net income in the above table differs from comprehensive income in the condensed consolidated statements of comprehensive income due to the currency translation adjustment of $(71,000) and $26,000 for the three months ended March 31, 2026 and 2025, respectively. The currency translation adjustment 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 $8.1 million during the three months ended March 31, 2026, as compared to March 31, 2025. We originated or acquired six loans during the three months ended March 31, 2026, compared to 10 loan originations during the three months ended March 31, 2025. The increase across periods was primarily due to the increase in average earning assets during the period, as compared to March 31, 2025 and as illustrated in the table below.

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*Net Interest Income*

<u>Interest Income and Average Earning Asset Yields</u>

The table below presents information related to our average earning assets and earning asset yields for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **$ in thousands** | **2026** | **2025** |
| Average earning assets<sup>(1)</sup> | $5003495 | $2663955 |
| Average earning assets yield<sup>(2)</sup> | 6.18% | 7.03% |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;Average earning assets are based on weighted month-end balances.

(2)&nbsp;&nbsp;&nbsp;&nbsp;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.

<u>Interest Expense</u>

The table below presents information related to our borrowings and cost of funds for the three months ended March 31, 2026 and 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** | **2025** |
| **$ in thousands** | **Average Borrowings**<sup>(1)</sup> | **Interest Expense** | **Average Cost of Funds**<sup>(2)</sup> | **Maximum Borrowings**<sup>(3)</sup> | **Average Borrowings**<sup>(1)</sup> | **Interest Expense** | **Average Cost of Funds**<sup>(2)</sup> | **Maximum Borrowings**<sup>(3)</sup> |
| Secured financing facilities | $2884924 | $36479 | 5.06% | $3044413 | $2043460 | $31072 | 6.08% | $2149259 |
| Revolving credit agreement | 29744 | 482 | 6.48% | 156000 | 13233 | 225 | 6.82% |  |
| Collateralized loan obligations | 998234 | 14658 | 5.87% | 998234 |  |  | —% |  |
| **Total** | $3912902 | $51619 | 5.28% | $4198647 | $2056693 | $31297 | 6.09% | $2149259 |

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(1) Average borrowings are generally based on weighted month-end balances. In the absence of month-end balances, average daily balances are used. Average borrowings increased to finance new investments which grew correspondingly during the period.

(2)&nbsp;&nbsp;&nbsp;&nbsp;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.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Amount represents the maximum borrowings at each month-end within the period.

*Other Income (Expense), Net*

<u>Unrealized gain (loss) on loans, net, and Unrealized gain (loss) on secured financing facilities, net</u>

Unrealized gains (losses) on loans and secured financing facilities are comprised of unrealized fair value market price changes and unrealized changes in foreign exchange rates. The tables below present these components for the three months ended March 31, 2026 and 2025:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **$ in thousands** | **2026** | **2025** |
| **Loans** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on fair value marks | $(602) | $1856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on foreign exchange revaluation | (15628) | 10824 |
| **Unrealized gain (loss) on loans, net** | $(16230) | $12680 |
| **Secured financing facilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on fair value marks | $243 | $195 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on foreign exchange revaluation | 9899 | (8669) |
| **Unrealized gain (loss) on secured financing facilities, net** | $10142 | $(8474) |

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<u>Unrealized gain (loss) on collateralized loan obligations, net</u>

Unrealized gain (loss) on collateralized loan obligations, net was a net gain of $0.9 million for the three months ended March 31, 2026. As the Company entered into the related CLO in May 2025, there were no unrealized gains or losses on collateralized loan obligations for the three months ended March 31, 2025.

<u>Gain (loss) on derivatives, net</u>

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, 2026, we recorded a realized gain of $2.6 million and an unrealized gain of $3.7 million on currency forward contracts. For the three months ended March 31, 2025, we recorded a realized gain of $0.1 million and an unrealized loss of $2.3 million on currency forward contracts.

The following table illustrates the realized and unrealized foreign exchange impact recognized in the condensed consolidated statements of comprehensive income in the three months ended March 31, 2026 and 2025, of our loans and secured financing arrangements as well as the offsetting gain (loss) on derivative instruments in the periods:

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| | | |
|:---|:---|:---|
| **$ in thousands** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2025** |
| Unrealized foreign exchange gain (loss) on loans | $(15628) | $10824 |
| Unrealized foreign exchange gain (loss) on secured financing facilities | 9899 | (8669) |
| Gain (loss) on foreign currency transactions net | (466) | 9 |
| Gain (loss) on derivative instruments, net | 6259 | (2180) |
| Net impact of hedged foreign exchange | $64 | $(16) |

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<u>Commitment fee income, net of related party expense</u>

Borrowers pay 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. As part of the Adviser's ongoing commitment to our continued success and to benefit the Company and its stockholders, the Adviser elected to irrevocably waive half of the commitment fees payable to the Adviser in connection with each new loan originated during the period commencing January 1, 2026 through December 31, 2026. For the quarter ended March 31, 2026, the amount waived equaled $1.5 million.

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, 2026 and 2025, respectively, we earned approximately $4.4 million and $2.1 million of commitment fee income, after related party expenses. We originated six loans during the three months ended March 31, 2026, compared to 10 loan originations during the three months ended March 31, 2025.

*Expenses*

Our expenses for the three months ended March 31, 2026 totaled $12.0 million and primarily consisted of management and performance fees, debt issuance and other financing costs, and general and administrative expenses. Expenses increased by $2.7 million as compared to the three months ended March 31, 2025, due primarily to an increase in the Company's business activities since the prior-year period. The number of commercial real estate loan investments increased to 81 at March 31, 2026 from 56 at March 31, 2025.

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, 2026, we incurred management fees of $2.2 million and performance fees of $1.6 million compared to management fees of $1.1 million and performance fees of $0.8 million incurred in the three months ended March 31, 2025.

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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. During the three months ended March 31, 2026 and 2025, we incurred debt issuance and other financing costs of $4.9 million. In the 2026 period, we incurred upfront costs due to a new repurchase facility and upsizing an existing repurchase facility; whereas in the 2025 period, we incurred upfront costs for the CLO Issuer and a new repurchase facility. For the three months ended March 31, 2026, average secured financing facilities borrowings were $2.9 billion as compared to $2.0 billion for the three months ended March 31, 2025.

Our general and administrative expenses primarily consisted of investing, accounting, auditing, legal and other professional fees. Our general and administrative expenses for the three months ended March 31, 2026 increased by $0.8 million as compared to the three months ended March 31, 2025. The increase is reflective of the increase in activity over the comparative period.

**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 generally accepted accounting principles in the United States of America ("GAAP") and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV differs from GAAP. NAV is not equivalent to equity or any other GAAP measure.

The following table details the major components of our NAV as of March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
| **$ in thousands, except share data** | **March 31, 2026** | **December 31, 2025** |
| Commercial real estate loan investments, at fair value | $5200218 | $4702728 |
| Real estate-related securities, at fair value | 17222 | 14818 |
| Cash and cash equivalents | 19405 | 16557 |
| Restricted cash | 34334 | 29058 |
| Interest receivable | 22161 | 20746 |
| Derivative assets, at fair value | 3134 | 615 |
| Other assets<sup>(1)</sup> | 38607 | 736 |
| Unamortized debt costs  | 15417 | 13329 |
| Secured lending agreements, at fair value | (2820938) | (2359543) |
| Term lending agreements, at fair value | (223397) | (223033) |
| Collateralized loan obligations, at fair value | (1004858) | (1005157) |
| Revolving credit facility, at fair value | (16000) | (55000) |
| Interest payable | (13282) | (12795) |
| Derivative liabilities, at fair value | (838) | (1992) |
| Dividends and distributions payable | (7277) | (6536) |
| Accounts payable, accrued expenses and other liabilities | (45390) | (31526) |
| Due to affiliates<sup>(2)</sup> | (8223) | (14039) |
| Non-controlling interest liquidation preference | (125) |  |
| Net asset value | $1210170 | $1088966 |
| Number of outstanding shares<sup>(3)</sup> | 48062325 | 43168734 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;Other assets include $0.9 million of prepaid expenses, $37.5 million principal and interest due from servicer, and $0.2 million related to the elimination of the impact of the net mark-to-market on retained CLO interests as of March 31, 2026. As of December 31, 2025, other assets include $0.4 million of prepaid expenses, $0.2 million of deferred offering costs and $0.1 million related to the elimination of the impact of the net mark-to-market on retained CLO interests.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Excludes (i) amounts advanced by the Adviser of $10.0 million and $10.9 million for organizational, offering and operating expenses as of March 31, 2026 and December 31, 2025, respectively and (ii) accrued stockholder servicing fees not currently payable to the Dealer Manager of $24.3 million and $22.4 million as of March 31, 2026 and December 31, 2025, respectively.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Includes 5,202,048 and 5,048,509 shares of common stock held by an Invesco affiliate that are classified as redeemable common stock as of March 31, 2026 and December 31, 2025, respectively.

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The following table provides a breakdown of our total NAV and NAV per share by class as of March 31, 2026:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **$ in thousands, except per share data** | **Class S Shares** | **Class S-1 Shares** | **Class D Shares** | **Class D-1 Shares** | **Class I Shares** | **Class E Shares** | **Class F Shares** | **Total** |
| Net asset value | $37543 | $563686 | $30033 | $3016 | $294908 | $46171 | $234813 | $1210170 |
| Number of outstanding shares<sup>(1)</sup> | 1509598 | 22566061 | 1208780 | 121204 | 11823545 | 1787328 | 9045809 | 48062325 |
| NAV Per Share<sup>(2)</sup> | $24.87 | $24.98 | $24.85 | $24.88 | $24.94 | $25.83 | $25.96 |  |

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(1) Includes 1,196,923 Class S shares, 1,197,628 Class D shares, 1,194,434 Class I shares and 1,613,063 Class E shares that are classified as redeemable common stock.

*Reconciliation of Equity to NAV*

NAV is not a measure used under GAAP. In addition, there is no rule or regulation that requires we calculate NAV in a certain way. As a result, other REITs may use different methodologies or assumptions to determine NAV. Our monthly NAV is determined in accordance with valuation guidelines that have been approved by our board of directors. The treatment of certain assets and liabilities used for the determination of NAV under these guidelines differs from GAAP. NAV is not equivalent to equity or any other GAAP measure.

The following table reconciles GAAP equity per our condensed consolidated balance sheets to our NAV:

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| | | |
|:---|:---|:---|
| **$ in thousands** | **March 31, 2026** | **December 31, 2025** |
| Equity | $1028631 | $914643 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable common stock - related party | 131747 | 127691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced organizational, offering and operating expenses | 10034 | 10870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued stockholder servicing fees not currently payable<sup>(1)</sup> | 24288 | 22352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt costs | 15417 | 13329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elimination of impact of net mark-to-market on retained CLO interests | 178 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest liquidation preference | (125) |  |
| NAV | $1210170 | $1088966 |

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(1)&nbsp;&nbsp;&nbsp;&nbsp;We have accrued stockholder servicing fees totaling $24.7 million of which $0.4 million is currently payable to the Dealer Manager as of March 31, 2026 and totaling $22.4 million of which $0.4 million was payable to the Dealer Manager as of December 31, 2025.

We classify common stock held by Invesco Realty, Inc., an affiliate, as redeemable common stock, which is not a component of equity on our GAAP condensed consolidated balance sheets. Due to the redemption terms and other features of these shares described in Note 11 — "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 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 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.

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

The consolidated CLO assets and notes held by third parties are presented on the condensed consolidated balance sheet at fair value and are also included in our NAV as assets and liabilities at fair value. The difference between the consolidated CLO's assets and the third-party liabilities is equivalent to the Company's retained interest, which is eliminated in consolidation. The net changes in valuation of the CLO's loan assets and third party notes from period to period is adjusted from GAAP when presenting NAV, as the Company will hold its retained interests until maturity, unless deemed permanently impaired. If the Adviser deems any portion of its retained interest impaired, such credit loss will be recognized in the net asset value calculation. Impairment is indicated when it is deemed probable that we will not be able to collect all amounts due to us pursuant to the terms of our retained interest.

**Distributions**

We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as calculated in accordance with 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.

For the three months ended March 31, 2026 and 2025, we declared distributions of $21.1 million and $12.9 million, respectively.

The following tables summarize our distributions declared during the three months ended March 31, 2026 and 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| **$ in thousands** | **Amount** | **Percentage** | **Amount** | **Percentage** |
| **Distributions** |  |  |  |  |
| &nbsp;&nbsp;Payable in cash | $7571 | 36% | $4915 | 38% |
| &nbsp;&nbsp;Reinvested in shares | 13514 | 64% | 8028 | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributions | $21085 | 100% | $12943 | 100% |
| **Sources of Distributions** |  |  |  |  |
| &nbsp;&nbsp;Cash flows from operating activities | $21085 | 100% | $11271 | 87% |
| &nbsp;&nbsp;Offering proceeds |  | —% | 1672 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sources of distribution | $21085 | 100% | $12943 | 100% |
| **Net cash provided by operating activities** | $22734 |  | $11271 |  |

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The table below details the net distribution per share for each of our common share classes for the three months ended March 31, 2026:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Declaration Date** | **Class S<br>Shares** | **Class S-1<br>Shares** | **Class D<br>Shares** | **Class D-1<br>Shares** | **Class I<br>Shares** | **Class E<br>Shares** | **Class F<br>Shares** |
| January 31, 2026 | $0.1571 | $0.1419 | $0.1600 | $— | $0.1600 | $0.1600 | $0.1600 |
| February 28, 2026 | 0.1567 | 0.1437 | 0.1600 | 0.1552 | 0.1600 | 0.1600 | 0.1600 |
| March 31, 2026 | 0.1563 | 0.1420 | 0.1599 | 0.1547 | 0.1600 | 0.1600 | 0.1600 |
| Total<sup>(1)</sup> | $0.4701 | $0.4276 | $0.4799 | $0.3099 | $0.4800 | $0.4800 | $0.4800 |

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(1) 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 Dealer Manager.

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**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, 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 Offering, net cash provided by operating activities, proceeds and available borrowings from our secured financing facilities, collateralized loan obligations, and our revolving credit facility, loan repayments, uncalled capital commitments, and future issuances of equity and/or debt securities.

As of March 31, 2026, we had unfunded commitments of $381.8 million for certain of our commercial real estate loan investments. We currently believe that we have sufficient liquidity and capital resources available to settle these unfunded commitments, 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, including distributions, 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 $19.4 million and restricted cash of $34.3 million as of March 31, 2026. 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, for payment of dividends by foreign subsidiaries after regulatory approval has been obtained, and for cash held by the Company's collateralized loan obligations issuer pending reinvestment in eligible collateral.

The following table sets forth changes in cash and cash equivalents and restricted cash:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **$ in thousands** | **2026** | **2025** |
| Cash flows provided by operating activities | $22734 | $11271 |
| Cash flows used in investing activities | (549603) | (384589) |
| Cash flows provided by financing activities | 535030 | 367532 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (37) | (1) |
| Net change in cash, cash equivalents and restricted cash | $8124 | $(5787) |

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*Operating activities —* Cash flows provided by operating activities increased $11.5 million during the three months ended March 31, 2026 compared to the corresponding period in 2025 primarily driven by the increase in net interest income, which is income generated by our investments less financing costs.

*Investing activities —* Cash flows used in investing activities increased $165.0 million during the three months ended March 31, 2026 compared to the corresponding period in 2025 and consisted of originating six commercial real estate loan investments during the period and the purchase of real estate-related securities. Originations and fundings of loans during the three months ended March 31, 2026 totaled $595.6 million compared to $384.7 million during the corresponding period in 2025. The increase was partially offset by principal payments received from commercial real estate loan repayments.

*Financing activities —* Cash flows provided by financing activities increased $167.5 million during the three months ended March 31, 2026 compared to the corresponding period in 2025 primarily driven by net proceeds from our secured financing facilities, net proceeds from the issuance of common stock and repurchases of redeemable common stock in the prior-year period. The increase was partially offset by the net repayment of proceeds from our revolving credit facility, repurchases of common stock and payments of dividends.

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As of March 31, 2026, our total assets were approximately $5.3 billion and consisted primarily of 81 investments in commercial real estate loans totaling $5.2 billion, restricted cash of $34.3 million and cash and cash equivalents of $19.4 million. We financed our commercial real estate loan investments with $3.0 billion of secured financing facility borrowings and $1.0 billion of collateralized loan obligations.

Our primary sources of liquidity as of March 31, 2026 and December 31, 2025 are summarized in the following table:

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| | | |
|:---|:---|:---|
| **$ in thousands** | **March 31, 2026** | **December 31, 2025** |
| Cash and cash equivalents | $19405 | $16557 |
| Available borrowings under revolving credit agreements | 146000 | 107000 |
| Available borrowings under secured financing facilities | 1535026 | 997028 |
| Total sources of liquidity | $1700431 | $1120585 |

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Our target Leverage Ratio is 50% to 65% of the aggregate value of the underlying collateral of our senior loan investments, and our maximum permitted Leverage Ratio is 65%. "Leverage Ratio," defined by the investment guidelines adopted by our Board, 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.

The collateralized loan obligation financing includes a 30-month reinvestment period beginning in May 2025 (unless, before such date, all of the notes are redeemed or an event of default occurs and is continuing) during which we may acquire additional collateral interests, subject to the satisfaction of certain conditions set forth in the indenture, allowing us to generate incremental liquidity and maintain the aggregate amount of collateral assets in the CLO and the related financing that is outstanding.

We also may use Company-level credit facilities or other financing arrangements that are not secured by our loan portfolio 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.

Invesco has committed to purchase $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, 2026, 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 March 23, 2028 and the date our aggregate NAV reaches $1.5 billion. 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 such terms are defined in 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, 2026, we owe the Adviser approximately $10.0 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.

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Starting with the quarter ended 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. Operating expenses for the four consecutive fiscal quarters ended March 31, 2026 did not exceed the 2%/25% Guidelines.

Refer to Note 10 — "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. At certain times, the Adviser has redeemed previously issued Class E shares in cash.

**Contractual Obligations and Commitments**

Commitments and contingencies may arise in the ordinary course of business. As of March 31, 2026, we had unfunded commitments of $381.8 million for 66 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 1.39 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, 2026, 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, 2025.

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**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;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 loans 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, 2026, we had $5.2 billion of floating rate commercial real estate loans, $3.0 billion of floating rate secured financing facilities, $1.0 billion of floating rate collateralized loan obligations, $16.0 million balance outstanding on our revolving credit facility, and $12.9 million of floating rate real-estate related securities.

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 50 basis points and 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, 2026. 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.

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| | | |
|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** |
| **$ in thousands**<br>**Change in Interest Rates** | **Projected Increase (Decrease) in <br>Net Interest Income** | **Percentage Change in Projected <br>Net Interest Income** |
| +1.00% | $11660 | 9.73% |
| +0.50% | $5776 | 4.82% |
| -0.50% | $(5345) | (4.46)% |
| -1.00% | $(705) | (0.59)% |

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As mentioned above, all of our variable rate commercial real estate loans have interest rate floors while our borrowings do not have floors. As a result, a decline in benchmark rates decreases our borrowing costs while loan income decreases only to the floor, which we anticipate would result in an increase in net interest income should benchmark interest rates fall below a predetermined rate.

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, 2026. Furthermore, while the analysis reflects the estimated impact of interest rate 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 interest rate risk in the portfolio. The analysis does not consider the potential effects of sustained or prolonged interest rate fluctuations, as it reflects estimated conditions only at a specific point in time.

**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, 2026, we have invested in 81 commercial real estate loans with a fair value of $5.2 billion.

Where applicable, we seek to avoid large single tenant exposure and we generally 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 are exposed to credit risk in the real estate-related debt investments that we make with respect to a borrower's ability to make required interest and principal payments on scheduled due dates. We manage this risk by conducting a credit analysis prior to making an investment and by actively monitoring our portfolio and its underlying credit quality. In addition, we re-evaluate the credit risk inherent in our investments on a regular basis pursuant to fundamental considerations such as GDP, unemployment, interest rates, retail sales, store closings/openings and corporate earnings. Where applicable, we also review key property and loan-level metrics including, but not limited to, payment status, debt-service coverage ratios, debt yields, current loan-to-value ratios, occupancy rates, and tenant rent rolls along with property sponsorship. These characteristics assist in determining the likelihood and severity of underlying loan losses as well as prepayment and extension expectations. We then perform structural analysis to project investment cash flows and assess subordination levels relative to underlying collateral performance expectations. This analysis allows us to quantify our opinions of credit quality and fundamental value, which are key drivers of portfolio management decisions.

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 counterparty credit risk, including the risk associated with the future creditworthiness of our foreign currency hedge counterparties, by entering into transactions with high-quality counterparties. When determining the fair value of our currency forward contracts, including 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. As of March 31, 2026, we held derivative instruments with a fair value asset balance of $3.1 million and a liability balance of $0.8 million.

In addition to the credit risks outlined above, we own retained interests in certain rated notes and the subordinated tranches of a consolidated CLO. Such interests have been eliminated in consolidation. Holding retained interests in our CLO exposes us to potential losses and earnings volatility due to credit deterioration in the underlying loan portfolio.

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**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 non-CLO investment portfolio value sensitivity analysis table presented below shows the estimated impact of a change in market benchmark spreads, up and down 50 basis points and 100 basis points, on the fair value of our benchmark spread-sensitive investments and borrowings as of March 31, 2026, 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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| | | |
|:---|:---|:---|
| | **At March 31, 2026** | **At March 31, 2026** |
| **$ in thousands**<br>**Change in Benchmark Spreads** | **Projected Increase (Decrease) in <br>Net Portfolio Value** | **Percentage Change in Projected <br>Net Portfolio Value** |
| +1.00% | $(16884) | (0.79)% |
| +0.50% | $(7899) | (0.37)% |
| -0.50% | $1677 | 0.08% |
| -1.00% | $3343 | 0.16% |

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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.

Commercial real estate loans and loan participations that are collateral assets within the consolidated CLO are measured using the fair value of the more observable CLO notes as an indicator of the fair value of the CLO assets as a whole; therefore, fair values of CLO assets and liabilities will move in an offsetting direction. The difference between the consolidated CLO's assets and the third-party liabilities is equivalent to the Company's retained interest, which is eliminated in consolidation. The net changes in valuation of the CLO's loan assets and third party notes impact the Company's results of operations in an amount equivalent to its eliminated retained interests. The sensitivity analysis excludes retained interests in commercial real estate CLOs due to the absence of a reliable market benchmark and the structural variability of these positions, which limits the comparability and relevance of modeled outcomes.

*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.

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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):

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** |
| | **Euro** | **GBP** |
| Foreign currency assets | 239598 | £409276 |
| Foreign currency liabilities | (191404) | (320401) |
| Foreign currency contracts - notional, net | (49802) | (90588) |
| Net exposure to exchange rate fluctuations | (1608) | £(1713) |
| Net exposure to exchange rate fluctuations in USD<sup>(1)</sup> | $(1850) | $(2264) |

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(1) Represents the U.S. dollar equivalent based on the Euro closing rate of 1.15044 and GBP closing rate of 1.32168 as of March 31, 2026.

For further information regarding our foreign currency forward contracts, see Note 7 — "Derivatives and Hedging Activities" of our condensed consolidated financial statements in Part I. Item 1 of this Report.

**ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp;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, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**PART II – OTHER INFORMATION**

**ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;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, 2026, we were not involved in any material legal proceedings.

**ITEM 1A.&nbsp;&nbsp;&nbsp;&nbsp;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, 2025.

**ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp;USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES**

**Issuer Purchases of Equity Securities**

*Share Repurchase Plan*

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 any class, subject to the terms and conditions of the share repurchase plan. We may choose to repurchase all, some or none of the shares that have been requested to be repurchased in any month, in our discretion. In addition, our ability to fulfill repurchase requests is subject to a number of limitations. As a result, share repurchases may not be available each month. To the extent we choose to repurchase shares in any particular month, we will only repurchase shares as of the opening of the last calendar day of that quarter (each such date, a "Repurchase Date"). Repurchases will be made at the transaction price in effect on the applicable Repurchase Date, except that shares that have not been outstanding for at least one year will be repurchased at 95% of the transaction price (the "Early Repurchase Deduction"), as further described below.

While stockholders may request on a monthly basis that we repurchase all or any portion of their shares pursuant to our share repurchase plan, we are not obligated to repurchase any shares and may choose to repurchase only some, or even none, of the shares that have been requested to be repurchased in any particular month in the discretion of our board of trustees.

The total amount of shares that we will repurchase is limited, in any calendar month, to no more than 2% of our aggregate NAV (measured using the aggregate NAV as of the end of the immediately preceding month) and, in any calendar quarter, to no more than 5% of our aggregate NAV (measured using the average aggregate NAV as of the end of the immediately preceding three months).

If the transaction price for the applicable month is not made available by the tenth business day prior to the last business day of the month (or is changed after such date), then no repurchase requests will be accepted for such month and stockholders who wish to have their shares repurchased the following month must resubmit their repurchase requests.

In the event that any stockholder fails to maintain the minimum balance of $500 of shares of our common stock, we may seek to repurchase all of the shares held by that stockholder at the transaction price in effect on the date we determine that the stockholder has failed to meet the minimum balance, less any Early Repurchase Deduction.

Shares issued to the Adviser as payment of the management fee and performance fees are not subject to these repurchase limitations.

*Early Repurchase Deduction*

There is no minimum holding period for shares of our common stock and stockholders can request that we repurchase their shares at any time. However, subject to limited exceptions, shares that have not been outstanding for at least one year will be repurchased at 95% of the transaction price. This Early Repurchase Deduction will also generally apply to minimum account repurchases. The Early Repurchase Deduction will not apply to shares acquired through our distribution reinvestment plan.

The Early Repurchase Deduction will inure indirectly to the benefit of our remaining stockholders and is intended to offset the trading costs, market impact and other costs associated with short-term trading in our common stock. We may, from time to time, waive the Early Repurchase Deduction in the following circumstances (subject to certain conditions described below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repurchases resulting from death, qualifying disability or divorce; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the event that a stockholder's shares are repurchased because the stockholder has failed to maintain the $500 minimum account balance.

------

As set forth above, we may waive the Early Repurchase Deduction in respect of repurchase of shares resulting from the death, qualifying disability (as such term is defined in Section 72(m)(7) of the Code) or divorce of a stockholder who is a natural person, including shares held by such stockholder through a trust or an individual retirement account or other retirement or profit-sharing plan, after (1) in the case of death, receiving written notice from the estate of the stockholder, the recipient of the shares through bequest or inheritance, or, in the case of a trust, the trustee of such trust, who shall have the sole ability to request repurchase on behalf of the trust, (2) in the case of qualified disability, receiving written notice from such stockholder, provided that the condition causing the qualifying disability was not pre-existing on the date that the stockholder became a stockholder or (3) in the case of divorce, receiving written notice from the stockholder of the divorce and the stockholder's instructions to effect a transfer of the shares (through the repurchase of the shares by us and the subsequent purchase by the stockholder) to a different account held by the stockholder (including trust or an individual retirement account or other retirement or profit-sharing plan). We must receive the written repurchase request within 12 months after the death of the stockholder, the initial determination of the stockholder's disability or divorce in order for the requesting party to rely on any of the special treatment described above that may be afforded in the event of the death, disability or divorce of a stockholder. In the case of death, such a written request must be accompanied by a certified copy of the official death certificate of the stockholder. If spouses are joint registered holders of shares, the request to have the shares repurchased may be made if either of the registered holders dies or acquires a qualified disability. If the stockholder is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right to waiver of the Early Repurchase Deduction upon death, disability or divorce does not apply.

Our board of directors has designated the following persons as "Key Persons" under our share repurchase plan: Chase Bolding, Scott Dennis, Greg Kraus, Courtney Popelka, Charlie Rose, and Teresa Zien, and any individual that replaces such persons. Our share repurchase plan provides that, upon a Key Person Triggering Event, then the Early Repurchase Deduction will be waived with respect to shares that have been purchased in the 12 months preceding the expiration of five business days after the public disclosure of the occurrence of such Key Person Triggering Event until the completion of six full calendar months from the time the Key Person Triggering Event is publicly disclosed. The waiver of the Early Repurchase Deduction set forth in this paragraph will not apply to shares acquired through our distribution reinvestment plan.

During the three months ended March 31, 2026, we repurchased shares of our common stock in the following amounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Month of:** | **Total Number of Shares Repurchased** | **Average Price Paid per Share**<sup>(1)</sup> | **Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs**<sup>(2)</sup> | **Maximum Number of Shares Pending Repurchase Pursuant to Publicly Announced Plans or Programs** <sup>(3)</sup> |
| January 2026 | 142956 | $25.02 | 142956 |  |
| February 2026<sup>(4)</sup> | 490540 | $25.15 | 380055 |  |
| March 2026 | 251147 | $24.86 | 251147 |  |
|  | 884643 | $25.05 | 774158 |  |

---

(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 110,485 shares of our redeemable common stock held by the Adviser repurchased outside of the share repurchase plan, with an average price paid per share of $25.78, related to shares that were previously issued to the Adviser as payment for management fees and performance fees.

**ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp;DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp;MINE SAFETY DISCLOSURES**

Not applicable.

------

**ITEM 5.&nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION**

*Revolving Credit Facility* 

On May 7, 2026, the Operating Partnership, as borrower, the Company, Invesco Commercial Real Estate Finance Trust Investments GP, LLC, and the Adviser, entered into a revolving credit agreement with NatWest Markets PLC ("NatWest"), as administrative agent and lender (the "Credit Agreement").

The Credit Agreement provides for revolving loans in two tranches, one supported by uncalled capital commitments ("Tranche A") and one supported by investment distributions ("Tranche B"). Aggregate commitment as of the closing date are $100 million and are fully allocated to Tranche B. The total commitment may be increased to an amount not exceeding $330 million. The Operating Partnership's obligations under the Credit Agreement are secured by the uncalled capital commitments of any institutional investors and pledges of capital contribution and investment distribution accounts.

Tranche A matures on January 23, 2028 or, if sooner, 45 days prior to the last date on which the Company can issue capital calls to the investors to repay obligations under the Credit Agreement. Tranche B matures on May 5, 2028.

The Company will pay (1) an unused commitment fee of 0.25% of the Tranche A facility limit, (2) an unused commitment fee of 1.00% of the Tranche B facility limit, (3) an annualized interest rate on any drawn amounts equal to, for SOFR-based loans, one-month Term SOFR plus 1.90% for Tranche A loans and a margin ranging from 2.75% to 3.25% for Tranche B loans dependent on the chosen advance rate for Tranche B and (4) an arranger fee equal to 0.25% of the Tranche A facility limit and 0.50% of the Tranche B facility limit. The Credit Agreement provides for the payment of a fee to NatWest in the event the Company refinances the Tranche B commitment under the Credit Agreement, under specified circumstances.

The Credit Agreement contains various restrictions and covenants applicable to the Company and the other credit parties. Among other requirements, the Company may not exceed certain debt limitations and must satisfy certain net worth tests and other financial covenants.

The Credit Agreement also contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then NatWest may declare any outstanding obligations under the Credit Agreement to be immediately due and payable. In addition, if the Company or the Adviser becomes the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency or similar law, then any outstanding obligations under the Credit Agreement will automatically become immediately due and payable.

*Termination of Revolving Credit Facility*

On May 6, 2026, we satisfied all outstanding obligations under and terminated the credit agreement, dated December 11, 2023, by and among INCREF Borrower, LLC, the Company, the Adviser and Goldman Sachs Bank USA, in accordance with our termination rights thereunder.

*Redeemable Common Stock - Related Party* 

On May 7, 2026, the Company cancelled the additional $150.0 million capital commitment from Invesco Realty. The additional capital commitment was only available 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 existing credit agreement, which we terminated on May 6, 2026.

*Rule 10b5-1 Trading Plans*

During the fiscal quarter ended March 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" as each term is defined in Item 408 of Regulation S-K.

------

**ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | <u>[Articles of Amendment and Restatement of the Company, incorporated by reference to Exhibit 3.1 to the Company's Registration Statement on Form 10, filed with the SEC on June 29, 2023.](https://www.sec.gov/Archives/edgar/data/1976927/000119312523178722/d447344dex31.htm)</u> |
| 3.2 | <u>[Articles of Amendment of the Company, incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form 10/A, filed with the SEC on August 25, 2023.](https://www.sec.gov/Archives/edgar/data/1976927/000119312523221576/d447344dex32.htm)</u> |
| 3.3 | <u>[Articles of Amendment of the Company, incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K, filed with the SEC on August 21, 2024.](https://www.sec.gov/Archives/edgar/data/1976927/000197692724000035/ex31articlesofamendment-cl.htm)</u> |
| 3.4 | <u>[Certificate of Correction to the Articles of Amendment and Restatement of the Company, incorporated by reference to Exhibit 3.4 of our Quarterly Report on Form 10-Q, filed with the SEC on November 13, 2024.](https://www.sec.gov/Archives/edgar/data/1976927/000197692724000043/incref093024-exx34.htm)</u> |
| 3.5 | <u>[Articles Supplementary Classifying and Designating a Class of Common Stock as Class S-1 Common Stock and Fixing Distribution and Other Preferences and Rights of Such Class, incorporated by reference to Exhibit 3.4 to the Company's Registration Statement on Form 10/A, filed with the SEC on August 25, 2023.](https://www.sec.gov/Archives/edgar/data/1976927/000119312523221576/d447344dex34.htm)</u> |
| 3.6 | <u>[Articles Supplementary filed with the State Department of Assessments and Taxation of Maryland effective on October 16, 2023, incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K, filed with the SEC on October 19, 2023.](https://www.sec.gov/Archives/edgar/data/1976927/000197692723000008/exhibit31articlessupplemen.htm)</u> |
| 3.7 | <u>[Articles Supplementary Classifying and Designating a Class of Common Stock as Class F Common Stock and Fixing Distribution and Other Preferences and Rights of Such Class, incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K, filed with the SEC on December 11, 2023.](https://www.sec.gov/Archives/edgar/data/1976927/000197692723000015/exhibit31incref-articlessu.htm)</u> |
| 3.8 | <u>[Articles Supplementary Classifying and Designating a Class of Common Stock as Class D-1 Common Stock and Fixing Distribution and Other Preferences and Rights of Such Class, incorporated by reference to Exhibit 3.2 of our Current Report on Form 8-K, filed with the SEC on August 21, 2024.](https://www.sec.gov/Archives/edgar/data/1976927/000197692724000035/ex32articlessupplementary-.htm)</u> |
| 3.9 | <u>[Articles Supplementary Classifying and Designating a Class of Preferred Stock as 12.5% Series A Cumulative Redeemable Preferred Stock and Fixing Distribution and Other Preferences and Rights of Such Class, incorporated by reference to Exhibit 3.2 to the Company's Registration Statement on Form 10, filed with the SEC on June 29, 2023.](https://www.sec.gov/Archives/edgar/data/1976927/000119312523178722/d447344dex32.htm)</u> |
| 3.10 | <u>[Articles Supplementary Classifying and Designating a Class of Preferred Stock as 12.5% Series A Cumulative Redeemable Preferred Stock and Fixing Distribution and Other Preferences and Rights of Such Class, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K, filed with the SEC on October 19, 2023.](https://www.sec.gov/Archives/edgar/data/1976927/000197692723000008/exhibit31articlessupplemen.htm)</u> |
| 3.11 | <u>[Bylaws of the Company, incorporated by reference to Exhibit 3.3 to the Company's Registration Statement on Form 10, filed with the SEC on June 29, 2023.](https://www.sec.gov/Archives/edgar/data/1976927/000119312523178722/d447344dex33.htm)</u> |
| 4.1 | <u>[Second Amended and Restated Distribution Reinvestment Plan adopted by the Company, effective as of August 20, 2024, incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K, filed with the SEC on August 21, 2024.](https://www.sec.gov/Archives/edgar/data/1976927/000197692724000035/incref-secondardistributio.htm)</u> |
| 10.1 | <u>[Amendment No. 1 to Subscription Agreement, dated as of January 21, 2026, by and between Texas Municipal Retirement System and the Company. incorporated by reference to Exhibit 10-8 to the Company's Annual Report on Form 10-K, filed with the SEC on March 26, 2026.](https://www.sec.gov/Archives/edgar/data/1976927/000197692726000018/exhibit108-amendment1totmr.htm)</u> |
| 31.1\* | <u>[Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](incref033126-exx311ceo.htm)</u> |
| 31.2\* | <u>[Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](incref033126-exx312cfo.htm)</u> |
| 32.1\*\* | <u>[Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](incref033126-exx321ceo.htm)</u> |
| 32.2\*\* | <u>[Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](incref033126-exx322cfo.htm)</u> |
| 101 | The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, 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<br>\*\* Furnished herewith | \* Filed herewith<br>\*\* Furnished herewith |

---

------

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.

------

**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. | INVESCO COMMERCIAL REAL ESTATE FINANCE TRUST, INC. |
| May 11, 2026 | By: | /s/ Charlie Rose |
|  |  | Charlie Rose |
|  |  | Chief Executive Officer and President |
|  |  | (Principal Executive Officer) |
| May 11, 2026 | By: | /s/ Courtney Popelka |
|  |  | Courtney Popelka |
|  |  | Chief Financial Officer and Treasurer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION**

**PURSUANT TO 17 CFR 240.13a-14**

**PROMULGATED UNDER**

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Charlie Rose, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Invesco Commercial Real Estate Finance Trust, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 11, 2026 | |
| | /s/ Charlie Rose |
| | Charlie Rose |
| | Chief Executive Officer and President |
| | (Principal Executive Officer) |

---

## Exhibit 31.2

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of Invesco Commercial Real Estate Finance Trust, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 11, 2026 | |
| | /s/ Courtney Popelka |
| | Courtney Popelka |
| | Chief Financial Officer and Treasurer |
| | (Principal Financial Officer) |

---

## Exhibit 32.1

**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 "<u>Company</u>") on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "<u>Report</u>"), I, Charlie Rose, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Charlie Rose |
| Charlie Rose |
| Chief Executive Officer and President |
| (Principal Executive Officer) |
| May 11, 2026 |

---

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

**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 "<u>Company</u>") on Form 10-Q for the period ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "<u>Report</u>"), 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| |
|:---|
| /s/ Courtney Popelka |
| Courtney Popelka |
| Chief Financial Officer and Treasurer |
| (Principal Financial Officer) |
| May 11, 2026 |

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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.

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