Invesco Commercial Real Estate Finance Trust, Inc.

Non-traded REITNon-traded REIT

Compared against all funds.

1Y return

+7.3%

40th pctile · behind most peersas of 2026-03-26computed from net asset value per share and distributions, which the manager determines

Since inception

not stated in filings

Distribution rate

not stated in filings

Net assets

$1.09B

as of 2026-03-26

Net expenses

not stated yet

Repurchase

2% monthly

6 of 293 peers match

Level 3

99.7%

73th pctile · more model-priced than peers

Last offer

no offer yet

What owning this fund costs per year

Hold period3 yrs

Ongoing costs, determined from the fund's filings2.99%

Class I costs about 3.0% a year: a 1.0% management fee on net assets, about 1.3% of audit, legal, accounting and other running costs, and about 0.7% for the manager's share of loan origination fees. That share was cut from 50% to 25%, which lowers the figure from 3.7%. Borrowing costs of 19.6% and the 10% performance fee sit outside this.

Sales loadnone

Total drag per year2.99%

This is the cost for class I.

The figure above is the ongoing cost. For the period the filing covers it was 3.72%, including 0.73% of one-time costs that will not repeat.

Based on fiscal year2025 annual figures (year ended 12/31/2025) from the 10-K, derived from dollar expenses divided by average NAV of $851.9M (average of $614..

This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.

This fund does not state a single expense ratio that matches this definition, so the figure above was determined by reading its filings and is explained below. Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Performance fee equal to 10% of Performance Fee Income with respect to Class S, S-1, D, D-1 and I shares; no performance fee is paid on any class with a negative total return per share for the calendar year. Class F pays 10% of Performance Fee Income in excess of a 6% annualized return on Class F NA) apply only to returns earned. How this is calculated

Against all funds

Total drag

84th pctile · pricier than most

1Y return

40th pctile · behind most

Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.

Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover FY2025 annual figures (year ended 12/31/2025) from the 10-K, derived from dollar expenses divided by average NAV of $851.9M (average of $614.8M at 12/31/2024 and $1,089.0M at 12/31/2025). Not annualized from a partial period. Adjusted for one persisting change disclosed in the 6/30/2026 10-Q: the adviser's share of borrower loan arrangement fees was cut from 50% to 25% (waived for 2026, made permanent by the amended advisory agreement dated 8/7/2026), which removes 0.73%. H1 2026 annualized on average NAV of $1,229.7M gives about 2.82%, confirming the adjusted figure..

Open the filing on sec.gov (0001976927-26-000018)

Size and leverage

Net assets$1.09B?

Borrowings$3.64B?

Investments held77?

StartedIncorporated October 2022; commenced investing activities May 2023?

What the manager charges

Management feeof net assets1.00%?

Performance fee10% of Performance Fee Income for Class S, S-1, D, D-1 and I shares; for Class F, 10% of Performance Fee Income in excess of a 6% annualized return on Class F NAV per share; no performance fee on Class E shares; no performance fee for any class with a negative total return per share for the calendar year?

Hurdle6.00%?

High water markNo?

Expense cap2.00%?

Adviser is subsidising costsNo?

Getting your money back

Repurchase offersmonthly?

Early repurchase fee5.00%?

Last offer filled in fullYes?

Where distributions come from

Paid out of income100.00%?

Return of your own capital0.00%?

Funded by borrowing0.00%?

What it holds

Floating rate100.00%?

Not paying interestloans on non-accrual0.00%?

Priced by the managerno market price available99.70%?

MostlyMultifamily (48.7% of loan fair value); industrial 39.8%?

Who is involved

AdviserInvesco Advisers, Inc.?

AuditorPricewaterhouseCoopers LLP?

Valuedmonthly?

Independent valuation agentYes?

Deals with affiliatesYes?

Share classes

Class	Ongoing fee	Entry charge	Expense ratio	Minimum
Class S	1.85%	3.50%	-	-
Class S-1	1.85%	3.50%	-	-
Class D	1.25%	1.50%	-	-
Class D-1	1.25%	1.50%	-	-
Class I	1.00%	0.00%	-	-
Class E	0.00%	0.00%	-	-
Class F	0.00%	0.00%	-	-

Also worth knowing

The adviser's share of borrower loan arrangement fees was reduced from 50% to 25% of the fee (cap cut from 0.5% to 0.25% of the whole loan), waived for all 2026 originations and made permanent by the amended advisory agreement dated August 7, 2026.
All share repurchase requests were satisfied in full in FY2025 and in the first half of 2026; no proration occurred.
The adviser advanced organizational, offering and operating expenses through May 31, 2024; $10.9 million remained owed at 12/31/2025 and is being repaid ratably over 52 months, reducing NAV each month.
Unfunded loan commitments were $360.5 million at 12/31/2025 and $558.5 million at 6/30/2026, expected to be funded over about 1.8 to 2.4 years.
Sponsor origination fee split and permanent reduction: 50% of borrower fee cut to 25%, capped at 0.25% of the whole loan percent of loan (This is the largest sponsor fee borne indirectly by investors, $12.3 million in 2025 or about 1.45% of average net assets; halving it cuts ongoing cost by roughly 0.7% a year.)
Unfunded loan commitments: 558,500,000 USD (Future funding obligations equal roughly 41% of net asset value and must be met from operating cash flow, borrowings or new subscriptions, competing with repurchase requests for liquidity.)
Debt issuance and financing costs expensed: 12,654,000 USD (FY2025) (Equal to about 1.49% of average net assets and expensed as incurred rather than amortized under GAAP, so it depresses reported earnings in years of heavy facility formation; it is excluded from drag as a debt financing expense.)
Adviser expense advances still being repaid: 10,900,000 USD outstanding at 12/31/2025 (Repayment reduces NAV each month over the remaining amortization period, an ongoing drag not visible in the management fee rate.)
Accrued stockholder servicing fees not yet payable: 22,400,000 USD at 12/31/2025 (The full future servicing fee liability is accrued against paid-in capital under GAAP but only reduces NAV as paid, so Class S and S-1 investors carry an unpaid distribution cost of about 2% of net assets.)
Collateralized loan obligation financing and retained interests: INCREF 2025-FL1: $1.2B notes issued, $219.1M retained; INCREF 2026-FL2: $1.2B notes issued, $150.2M retained USD (Match-term non-recourse leverage lowers margin call risk but the retained junior tranches concentrate first-loss exposure and their values are excluded from the market spread sensitivity analysis.)
Sponsor concentration: 14.7 percent of loan portfolio (A single sponsor relationship across four cross collateralized facilities plus one loan represents nearly 15% of the portfolio, a concentration that a diversification mandate would normally cap.)
Adviser fees taken in shares rather than cash: 270,268 Class E shares issued in FY2025 for management and performance fees shares (Paying fees in stock preserves fund cash and inflates reported cash flow, but the adviser can and does have those shares repurchased for cash outside the share repurchase plan limits.)

Fees

Management fee1%

Incentive fee

Performance fee equal to 10% of Performance Fee Income with respect to Class S, S-1, D, D-1 and I shares; no performance fee is paid on any class with a negative total return per share for the calendar year. Class F pays 10% of Performance Fee Income in excess of a 6% annualized return on Class F NA

Sales load0%

Interest on borrowings19.61%

Incentive fees accrued0.57%

Liquidity terms

Repurchase frequencymonthly

Repurchase percentage of shares outstanding2%

Minimum investment$500

Valuation

Independent valuation firmunchanged, 4 filingsEngaged, name in filing

Valuation frequencychanged from Monthly · Mar 2026 monthly

Structure

Legal structurechanged · Mar 2026

Maryland corporation; taxed as a real estate investment trust (REIT); externally managed; owns substantially all assets through Invesco Commercial Real Estate Finance Investments, L.P. (Operating Partnership)

Share classesunchanged, 2 filings

Class S, Class S-1, Class D, Class D-1, Class I, Class E, Class F

Leverage limitchanged · Mar 2026

Adviser will not, without Board approval, incur new direct portfolio-level financing if the Leverage Ratio would exceed 65%

Use of derivativesunchanged, 2 filingsyes

Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.

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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.