Private company

Invesco Commercial Real Estate Finance Trust, Inc.

American real estate investment trust based in Dallas, incorporated in Maryland1

In its 2026 annual report the company says: “We are a Maryland corporation incorporated in October 2022. We own substantially all of our assets through Invesco Commercial Real Estate Finance Investments, L.P. and have one operating segment. We are externally managed by Invesco Advisers, Inc., a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd., an independent global investment management firm.”5

Last updated Oct 20, 2026.

Overview

$62.3MNet income, fiscal 20252
  • IndustryReal Estate Investment Trusts1
  • HeadquartersDallas, Texas1
  • Incorporated inMD3
  • Business address2300 N Field Street, Suite 1200, Dallas, Tx 752013
  • Filer category, Emerging growth company3
  • Legal formCorporation
  • Kind of organizationReal estate investment trust1

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References herein to “Invesco Commercial Real Estate Finance Trust,” the “Company,” “INCREF,” “we,” “us,” or “our” refer to Invesco Commercial Real Estate Finance Trust, Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.8%Return on equity2

Financial statements

Net income2$62.3M in 2025+13425% since 2023
0$20.0M$40.0M$60.0M$80.0M2023: $461.0K$461.0K20232024: $26.1M$26.1M2024+5556%2025: $62.3M$62.3M2025+139%
Fiscal year2022202320242025
Interest$13.5M10
Income tax$200.0K2
Net income$461.0K2$26.1M2$62.3M2
Earnings per share$0.292$1.952$1.822
Earnings per share (diluted)$0.292$1.952$1.822
Shares (weighted, basic)1.6M shares213.4M shares234.2M shares2
Shares (weighted, diluted)1.6M shares213.4M shares234.2M shares2

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Corporate structure

Invesco Commercial Real Estate Finance Trust, Inc. sits at the top of its group. 29 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Invesco Commercial Real Estate Finance Trust, Inc.

  • Invesco Realty, Inc. Filed SCHEDULE 13D/A on Invesco Commercial Real Estate Finance Trust, Inc., latest Sep 3, 2026 (24 filings since Sep 18, 2023)
  • Municipal Retirement System Texas Filed SCHEDULE 13G/A on Invesco Commercial Real Estate Finance Trust, Inc., latest Feb 11, 2025 (3 filings since Apr 10, 2024)
  • Invesco Commercial Real Estate Finance Trust, Inc. Dallas, Texas
    • INCREF 2025-FL1 LLC Subsidiary · Delaware, United States
    • INCREF 2025-FL1 Retention Holder LLC Subsidiary · Delaware, United States
    • INCREF Borrower, LLC Subsidiary · Delaware, United States
    • INCREF CLO Seller LLC Subsidiary · Delaware, United States
    • INCREF EII LLC Subsidiary · Delaware, United States
    • INCREF Finance Holdings LLC Subsidiary · Delaware, United States
    • INCREF Investments BB Seller, LLC Subsidiary · Delaware, United States
    • INCREF Investments BMO NoN Borrower, LLC Subsidiary · Delaware, United States
    • INCREF Investments BMO NoN Pledgor, LLC Subsidiary · Delaware, United States
    • INCREF Investments BMO Pledgor, LLC Subsidiary · Delaware, United States
    • INCREF Investments BMO Seller, LLC Subsidiary · Delaware, United States
    • INCREF Investments CB Pledgor, LLC Subsidiary · Delaware, United States
    • INCREF Investments CB Seller, LLC Subsidiary · Delaware, United States
    • INCREF Investments CB Term Seller, LLC Subsidiary · Delaware, United States
    • INCREF Investments CONA Pledgor, LLC Subsidiary · Delaware, United States
    • INCREF Investments CONA Seller, LLC Subsidiary · Delaware, United States
    • INCREF Investments HSBC Borrower, LLC Subsidiary · Delaware, United States
    • INCREF Investments MS Pledgor, LLC Subsidiary · Delaware, United States
    • INCREF Investments MS Seller, LLC Subsidiary · Delaware, United States
    • INCREF Investments WF Pledgor, LLC Subsidiary · Delaware, United States
    • INCREF Investments WF Seller, LLC Subsidiary · Delaware, United States
    • INCREF Neptune FPS-FCP Subsidiary · France
    • INCREF Neptune GP LLC Subsidiary · Delaware, United States
    • INCREF Neptune LP Subsidiary · Delaware, United States
    • INCREF Sub-REIT LLC Subsidiary · Delaware, United States
    • and 3 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Invesco Commercial Real Estate Finance Trust, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$16.6M2 Dec 31, 2025$80.2M2 Dec 31, 2024−79.4%

Properties, in its own words

Our principal executive office is located at 2300 N Field Street, Suite 1200, Dallas TX, 75201. As part of our advisory agreement, our Adviser is responsible for providing office space and office services required in rendering services to us. We consider our principal executive office to be suitable and adequate for the management and operations of the business.

Item 2 of the 10-K filed Mar 26, 2026.5

Leadership

Who has led Invesco Commercial Real Estate Finance Trust, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Hubert Crouch2023–2025

Chief financial officer

  1. Richard Lee Phegley Jr.2023
  2. Courtney Popelka2024

Chief operating officer

  1. Beth Zayicek2023
2025
Board members and other officers (9)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Director, Chief Executive Officer and PresidentCharlie Ray Rose named Apr 9, 202623
  • Chief Executive OfficerBert J. Crouch named Jun 26, 2023 to Nov 15, 202324
  • PresidentCharlie Lee Rose named Jun 26, 2023 to Nov 15, 202324
  • Chief Financial Officer and TreasurerR. Lee Phegley, Jr. named Jun 26, 2023 to Nov 15, 202324
  • Independent DirectorJ. Ray Nixon named Jun 26, 2023 to Apr 9, 202623
  • Lead Independent DirectorR. David Kelly named Jun 26, 2023 to Apr 9, 202623
  • Director and Chairperson of the BoardR. Scott Dennis named Jun 26, 2023 to Apr 9, 202623

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • INCREF 2025-FL1 LLC Delaware4
  • INCREF 2025-FL1 Retention Holder LLC Delaware4
  • INCREF Borrower, LLC Delaware4
  • INCREF CLO Seller LLC Delaware4
  • INCREF EII LLC Delaware4
  • INCREF Finance Holdings LLC Delaware4
  • INCREF Investments BB Seller, LLC Delaware4
  • INCREF Investments BMO NoN Borrower, LLC Delaware4
  • INCREF Investments BMO NoN Pledgor, LLC Delaware4
  • INCREF Investments BMO Pledgor, LLC Delaware4
  • INCREF Investments BMO Seller, LLC Delaware4
  • INCREF Investments CB Pledgor, LLC Delaware4
  • INCREF Investments CB Seller, LLC Delaware4
  • INCREF Investments CB Term Seller, LLC Delaware4
  • INCREF Investments CONA Pledgor, LLC Delaware4
  • INCREF Investments CONA Seller, LLC Delaware4
  • INCREF Investments HSBC Borrower, LLC Delaware4
  • INCREF Investments MS Pledgor, LLC Delaware4
  • INCREF Investments MS Seller, LLC Delaware4
  • INCREF Investments WF Pledgor, LLC Delaware4
  • INCREF Investments WF Seller, LLC Delaware4
  • INCREF Neptune FPS-FCP France4
  • INCREF Neptune GP LLC Delaware4
  • INCREF Neptune LP Delaware4
All 28 listed subsidiaries
  • INCREF Sub-REIT LLC Delaware4
  • Invesco Commercial Real Estate Finance Investments, LP Delaware4
  • Invesco Commercial Real Estate Finance Trust Investments GP, LLC Delaware4
  • Invesco Commercial Real Estate Finance Trust Securities, LLC Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 7, 20268-K Unregistered sale of shares25
  2. Sep 30, 20268-K Other events26
  3. Sep 16, 20268-K Other events27
  4. Sep 8, 20268-K Unregistered sale of shares28
  5. Aug 31, 20268-K Other events29
  6. Aug 17, 20268-K Other events30
  7. Aug 7, 20268-K Unregistered sale of shares31
  8. Jul 31, 20268-K Other events32
  9. Jul 17, 20268-K Other events33
  10. Jul 15, 20268-K Shareholder vote34
  11. Jul 8, 20268-K Unregistered sale of shares35
  12. Jun 30, 20268-K Other events36
  13. Aug 28, 2023New chief executive Hubert Crouch becomes CEO12

Filings

239 filings to the SEC since October 2021: 3 annual reports, 9 quarterly reports, 107 major events, 63 insider forms, 27 large holders, 6 private raises, 24 other. The latest 20:

  1. Oct 7, 20268-K EDGAR
  2. Sep 30, 20268-K EDGAR
  3. Sep 16, 20268-K EDGAR
  4. Sep 8, 20268-K EDGAR
  5. Sep 3, 2026SCHEDULE 13D/A EDGAR
  6. Sep 2, 20264 EDGAR
  7. Aug 31, 20268-K EDGAR
  8. Aug 17, 20268-K EDGAR
  9. Aug 10, 202610-Q EDGAR
  10. Aug 7, 20268-K EDGAR
  11. Aug 5, 20264 EDGAR
  12. Jul 31, 20268-K EDGAR
  13. Jul 17, 20268-K EDGAR
  14. Jul 15, 20268-K EDGAR
  15. Jul 8, 20268-K EDGAR
  16. Jun 30, 20268-K EDGAR
  17. Jun 23, 20268-K EDGAR
  18. Jun 15, 20268-K EDGAR
  19. Jun 5, 20268-K EDGAR
  20. Jun 2, 20264 EDGAR

The 239 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

8 open-market trades by officers, directors and large owners since October 2021: 8 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 1, 2026Rose CharlieCEO and PresidentBuy1,499$25.80$38.7KForm 4
Jul 1, 2025Rose CharlieCEO and PresidentBuy2,500$25.58$64.0KForm 4
Feb 3, 2025Forson James H.DirectorBuy3,926$25.47$100.0KForm 4
Jul 1, 2024Crouch HubertChief Executive OfficerBuy9,931$25.17$250.0KForm 4
Jan 1, 2024Dennis Richard ScottDirectorBuy7,928$25.23$200.0KForm 4
Oct 2, 2023Invesco Realty, Inc.DirectorBuy796,323$25.11$20.0MForm 4
Sep 5, 2023INVESCO HOLDING CO LTDDirectorBuy2,800,000$25.00$70.0MForm 4
Sep 5, 2023Invesco Realty, Inc.DirectorBuy2,800,000$25.00$70.0MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • Invesco Realty, Inc.SCHEDULE 13D/A, 24 filings Sep 18, 2023 to Sep 3, 202637
  • Municipal Retirement System TexasSCHEDULE 13G/A, 3 filings Apr 10, 2024 to Feb 11, 202538

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Nov 1, 2023Raised $119,928 in a private offering of equity Form D: $128,128 offered in all Form D
  2. Oct 1, 2023Raised $922.6 million in a private offering of equity Form D: 6,093 investors so far Form D
  3. Jun 14, 2023Raised $119,325 in a private offering of equity Form D: $134,375 offered in all Form D

SEC filer profile

How Invesco Commercial Real Estate Finance Trust, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARInvesco Commercial Real Estate Finance Trust, Inc.1
  • CIK0001976927
  • Employer ID (EIN)92-10808565
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inMaryland5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address2300 N Field Street, Suite 1200, Dallas, TX 752011
  • Phone972-715-74001
  • Shares outstanding1,509,598 Common Class S shares; 22,757,772 Common Class S1 shares; 1,208,781 Common Class D shares; 121,204 Common Class D1 shares; 11,882,929 Common Class I shares; 1,787,328 Common Class E shares; 9,045,809 Common Class F shares as of Mar 23, 20265
  • Public float$0 as of Jun 30, 20252
  • AuditorPricewaterhouseCoopers LLP, Atlanta, Georgia PCAOB ID 238; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJun 26, 20231
  • Filings239 in all: 8-K (105), 4 (45), 3 (14), SC 13D/A (10), SCHEDULE 13D/A (10), 10-Q (9), CORRESP (5), UPLOAD (5)1
    All 22 form types

    10-12G/A (4), 5 (4), SC 13D (4), 10-K (3), ARS (3), D (3), D/A (3), DEF 14A (3), DEFA14A (3), 8-K/A (2), 10-12G (1), SC 13G (1), SC 13G/A (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Mar 27, 2026
    Latest 8-K (8-K) Oct 7, 2026

Risk factors and legal proceedings

The risks Invesco Commercial Real Estate Finance Trust, Inc. names in Item 1A of its 10-K filed Mar 26, 2026: 77 risks under these headings, as written.5

  • Risks Related to Our Organizational Structure
  • We have a limited operating history and there is no assurance that we will be able to successfully achieve our investment objectives.
  • There is no public trading market for shares of our common stock and therefore your ability to dispose of your shares will likely be limited to repurchase by us. If you do sell your shares to us, you may receive less than the price you paid.
  • Your ability to have your shares repurchased through our share repurchase plan is limited. In addition, our Board may modify or suspend our share repurchase plan at any time.
  • The amount and source of distributions we may make to our stockholders is uncertain, and we may be unable to generate sufficient cash flows from our operations to make distributions to our stockholders at any time in the future.
  • We may pay distributions from sources other than our cash flow from operations, including, without limitation, loan repayments, borrowings or offering proceeds, and we have no limits on the amounts we may pay from such sources.
  • Events that may cause our stockholders to request that we repurchase their common stock may materially adversely affect our cash flow and our results of operations and financial condition.
  • The Adviser manages our portfolio pursuant to broad origination and investment guidelines and generally is not required to seek the approval of the Board for each Credit Asset or other investment, financing or asset allocation decision it makes, which may result in our making riskier investments and which could adversely affect our results of operations and financial condition.
  • We face risks associated with the deployment of our capital.
  • If we are unable to raise substantial additional funds, we will be limited in the number and type of investments we make which will result in lower levels of diversification of our portfolio.
  • Certain provisions of Maryland law could inhibit changes in control.
  • Ownership limitations may restrict change of control or business combination opportunities in which our stockholders might receive a premium for their shares.
The other 66 risks
  • Our authorized but unissued shares of capital stock may prevent a change in our control.
  • Maryland law and our organizational documents limit our rights and the rights of our stockholders to recover claims against our directors and officers.
  • The issuance of additional shares by us will dilute a stockholder’s interest.
  • Our bylaws designate the Circuit Court for Baltimore City, Maryland, or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division, as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to bring a claim in a judicial forum that the stockholders believe is a more favorable judicial forum for disputes with us or our directors, officers or other employees.
  • We depend on the Adviser to develop appropriate systems and procedures to control operational risk.
  • We are highly dependent on information technology, and any and failures of or damage to, attack on or unauthorized access to our Adviser’s information technology systems or facilities, or those of third parties with which we do business or that facilitate our business activities, including as a result of cyber-attacks, could result in significant limits on our ability to conduct our operations and activities, costs and reputational damage.
  • The recent advancements in and increased use of AI present risks and challenges that may adversely impact our business.
  • We may change our investment and operational policies without stockholder consent.
  • Legislative, regulatory or administrative changes could adversely affect us, our stockholders or our borrowers.
  • Purchases and repurchases of our common stock are not made based on the current NAV per share.
  • Valuations of our investments may reflect estimates of fair value and may not necessarily correspond to realizable value, which could adversely affect the value of your investment.
  • Our NAV per share may change materially if the values of our investments materially change, if the actual operating results for a particular month differ from what we originally estimated for that month or if there are fluctuations in interest rates.
  • The NAV per share that we publish may not necessarily reflect changes in our NAV that are not immediately quantifiable.
  • NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
  • Stockholders have no right to participate in management of the Company.
  • Our ability to conduct our continuous offering successfully depends, in part, on the ability of the Dealer Manager to successfully establish, operate and maintain a network of broker-dealers.
  • Risks Related to Investments in Real Estate Credit Assets
  • We will originate or purchase Credit Assets, such as loans, which involve risks.
  • Real estate-related investments, such as Credit Assets, generally have a high degree of risk.
  • Our success will depend on the availability of, and the degree of competition for, attractive financing opportunities.
  • Our success is dependent on general market and economic conditions.
  • We face risks related to the origination or acquisition of whole loans, and securitization of loans.
  • B-Notes and A/B structures may pose additional risks that may adversely affect our results of operations and financial condition.
  • We may sponsor and purchase the more junior securities of CLOs and such instruments involve significant risks, including that these securities receive distributions from the CLO only if the CLO generates enough income to first pay all the investors holding senior tranches and all CLO expenses.
  • In our due diligence review of potential loans, investments and financing opportunities, we may rely on third-party consultants and advisors, and we may not identify all relevant facts that may be necessary or helpful in evaluating potential loans, investments or financing opportunities.
  • We face legal risks when originating or refinancing loans or making investments.
  • We face the risk of default or insolvency of Credit Assets.
  • We face creditor risks with respect to our portfolio.
  • The success of our investment strategy depends, in part, on our ability to successfully effectuate loan modifications and/or restructurings.
  • We may invest in commercial mortgage loans which are non-recourse in nature and include limited options for financial recovery in the event of default. An event of default may adversely affect our results of operations and financial condition.
  • We may find it necessary or desirable to foreclose on certain of the loans or CMBS we may acquire, and the foreclosure process may be lengthy and expensive.
  • Subordinated or mezzanine investments may be non-recourse and have inherent risks relative to collateral value.
  • We face varying collateral risks.
  • Prepayment rates may adversely affect the value of our investment portfolio.
  • Difficulty in redeploying the proceeds from repayments of our loans and investments may cause our financial performance and returns to investors to suffer.
  • Our investments may be concentrated and are subject to risk of default.
  • We face risks associated with the ownership of real property.
  • If we acquire a controlling interest in a security it may be exposed to additional risk of loss.
  • We may not have control over our investments.
  • We will not have operating control of underlying investments.
  • We face risks due to our dependence on loan servicers and other third parties.
  • Our investments in Credit Assets may be risky and illiquid.
  • There are inherent risks in investments outside the United States, generally.
  • Transactions denominated in foreign currencies subject us to foreign currency risks.
  • Investments may be subject to usury limitations.
  • Risks Related to Investments in Real Estate-Related Debt Securities
  • We may invest in a wide range of real estate-related securities pursuant to our broad investment guidelines.
  • Investments in real estate-related debt securities are subject to risks including various creditor risks and early redemption features which may materially adversely affect our results of operations and financial condition.
  • Some of our investments in CRE Debt Securities may become distressed resulting in securities with a high risk of default and/or illiquidity.
  • Our debt investments will face prepayment risk and interest rate fluctuations that may adversely affect our results of operations and financial condition.
  • Our CMBS and other CRE Debt Securities face risks associated with extensions that may adversely affect our results of operations and financial condition.
  • Certain risks associated with CMBS may adversely affect our results of operations and financial condition.
  • We will face “credit spread widening” risk related to our investment in securities.
  • There are certain risks associated with the insolvency of obligations backing mortgage-backed securities and other investments.
  • There are certain risks associated with CMBS interest shortfalls.
  • The lack of liquidity in our securities investments may adversely affect our business.
  • We may invest in structured products or similar products that may include structural and legal risks.
  • We may invest in real estate corporate debt, which consists of secured and unsecured obligations issued by companies in the business of owning and/or operating real estate-related businesses.
  • We may invest in high yield securities which are subject to more risk than higher rated securities.
  • We may invest in real estate-related preferred equity, which is subordinate to any indebtedness, but involves different rights.
  • We may invest in equity or preferred equity securities of REITs and other real estate-related companies, which subjects us to certain risks including those risks associated with an investment in our own common stock.
  • We will face risks related to our investments in commercial real estate collateralized loan obligations.
  • We may invest in subordinated debt, which is subject to greater credit risk than senior debt.
  • Our investments in operating companies are subject to unique risk and these companies may not be profitable.
  • There are certain risks associated with the servicers of commercial real estate loans underlying CMBS and other investments in CRE Debt Securities.
  • We may engage in hedging transactions, which involve numerous risks.
  • We may acquire CMBS affiliated with Invesco.
  • Any indirect investment we make, including in the Affiliated Funds, will be subject to similar business, real estate and real estate debt risks.

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 December 31, 2025, we were not involved in any such legal proceedings.

The opening of Item 3, Legal Proceedings.5

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events
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    SEC EDGAROther events
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