INCREF
Invesco Commercial Real Estate Finance Trust, Inc. (“INCREF”) is a perpetual life real estate investment trust that originates, acquires, and manages a diversified portfolio of loans and debt-like preferred equity interests secured by, or unsecured but related to, commercial real estate.
Transaction price
as of 03/01/2026
| Share class | Price |
|---|---|
| Class S | $24.89 |
| Class S-1 | $25.00 |
| Class D | $24.87 |
| Class D-1 | $24.87 |
| Class I | $24.97 |
| Class E | $25.78 |
| Class F | $25.91 |
*Equals the NAV per share as of January 31, 2026 rounded to two decimal places. NAV is calculated in accordance with valuation guidelines adopted by our board of directors and is not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). For more information regarding the calculation of INCREF's NAV and its valuation procedures, please see INCREF's most recent Annual Report on Form 10-K and subsequent periodic and current reports filed with the Securities and Exchange Commission ("SEC").
Leadership team
As part of Invesco Real Estate, the INCREF management team seeks the best opportunities in the most attractive markets. The team integrates regional specialists with the global organizational strength of one of the world’s largest real estate managers.
Resources
Form 1099-DIV
Taxable distributions are reported to you on IRS Form 1099-DIV. The tax character of these distributions as a percent of each total distribution is listed in the table below:
| 1099-DIV | 1A Ordinary Dividends |
1B Qualified Dividends |
2A Capital Gains |
2B Unrecaptured Section 1250 Gain |
3 Non-Dividend Distribution |
5 Section 199A Dividends |
|---|---|---|---|---|---|---|
| 2025 | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 100.00% |
| 2024 | 80.93% | 0.00% | 0.00% | 0.00% | 19.07% | 80.93% |
| 2023 | 76.26% | 0.00% | 0.00% | 0.00% | 23.74% | 76.26% |
IRS Forms
Forms to report the income, gains, losses, deductions, credits, certain penalties; and to figure the income tax liability.
Stockholder Information
We support the rights of stockholders to help ensure that we adhere to the highest standards of accountability, transparency, and ethical conduct.
Governance
We earn our investors’ trust by ensuring that everything we do is reliable, consistent, and executed with the highest level of quality, ethics, security, and sound governance.
Filings
Review our reports and other filings.
January 31, 2025 NAV per Share
Our NAV per share is calculated in accordance with valuation guidelines that have been approved by our board of directors (the “Board”). Our NAV per share, which is updated as of the last calendar day of each month, is made available to our current stockholders on our website at www.invesco.com/INCREF and is on our toll-free, automated telephone line at 833-834-4924.
Please see the Section in the Memorandum entitled “Net Asset Value Calculation and Valuation Guidelines” for additional information on how our NAV is determined.
Transactions or events have occurred since January 31, 2025 that could have a material impact on our NAV per share, upon which our transaction and repurchase price is based. We have included a breakdown of the components of total NAV and NAV per share for January 31, 2025.
Our total NAV presented in the following tables includes the aggregate NAV of our outstanding shares of common stock. The following table provides a breakdown of the major components of our total NAV as of January 31, 2025:
$ in thousands |
January 31, 2025 |
| Commercial real estate loan investments | $2,452,624 |
| Cash and cash equivalents | 102,844 |
| Restricted cash | 13,640 |
| Interest receivable | 9,412 |
| Derivative assets | 4,174 |
| Other assets | 6,014 |
| Secured financing facilities | (1,898,082) |
| Revolving credit facility | — |
| Interest payable | (5,587) |
| Due to affiliates | (6,786) |
| Due to affiliate - Management fee | (1,090) |
| Due to affiliate - Performance fee | (2,339) |
| Accounts payable, accrued expenses and other liabilities | (16,776) |
| Derivative liabilities | — |
| Common stock dividends payable | (3,979) |
| Preferred stock dividend payable | — |
| Preferred stock liquidation preference | — |
| Net asset value | $654,069 |
The following table provides a breakdown of our total NAV and NAV per share by class as January 31, 2025. We did not issue any Class D-1 shares as of January 31, 2025.
| $ in thousands, except per share data | Class S |
Class S-1 |
Class D |
Class I |
Class E |
Class F | Total |
Net asset value |
$37,656 |
$213,019 |
$37,555 |
$112,037 |
$41,671 |
$212,131 |
$654,069 |
Number of outstanding common shares |
1,502,103 |
8,466,178 |
1,499,048 |
4,458,437 |
1,635,532 |
8,269,650 |
25,830,948 |
NAV Per Share |
$25.0689 |
$25.1612 |
$25.0527 |
$25.1292 |
$25.4785 |
$25.6517 |
|
Valuation of Commercial Real Estate Loan Investments
The following table summarizes the significant unobservable inputs used in the fair value measurement of our commercial real estate loan investments:
Valuation Technique |
Unobservable Input |
Weighted Average Rate |
Range |
Weighted Average Life(1) |
Discounted cash flow |
Discount rate |
7.10% |
5.84% - 12.06% |
0.52 years |
(1) Based on expected cash flows and potential prepayments.
The discount rate is subject to change based on changes in economic and market conditions both current and anticipated, in addition to changes in use or timing of exit, if applicable. 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 the Company's 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 the Company to predict the effect of future economic or market conditions based on our estimated fair values.
Valuation of Secured Financing Agreements
The following table summarizes the significant unobservable inputs used in the fair value measurement of our secured financing agreements:
Valuation Technique |
Unobservable Input |
Weighted Average Rate |
Range |
Weighted Average Life(1) |
Discounted cash flow |
Discount rate |
6.13% |
4.81% - 6.59% |
0.51 years |
(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.
Valuation of Revolving Credit Facility
Given the uncertainty of future cash flows, including our ability to prepay without penalty, we determined the fair value of our revolving credit facility to approximate par.