Fontris Alts · evidence-backed fund research, not investment advice · Invesco Commercial Real Estate Finance Trust, Inc. · CIK 0001976927 Data through 2026-07-31 · rendered 2026-08-10 04:16
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Invesco Commercial Real Estate Finance Trust, Inc.

Data through 2026-07-31 · latest filing 8-K filed 2026-07-31

Sponsored by Invesco. REIT structure focused on private real estate.

REITPrivate Real Estate

Related funds: Apollo Diversified Real Estate Fund · Ares Real Estate Income Trust Inc. · Blackstone Real Estate Income Trust, Inc. · Brookfield Real Estate Income Trust Inc. · Clarion Partners Real Estate Income Fund Inc.

Sponsor
Invesco
CIK
0001976927
Liquidity
Share repurchase plan
Inception
2023
Net assets
$1.16B
source

Quarterly report (Form 10-Q) · filed 2026-05-11 · period 2026-03-31

charter net assets = us-gaap:Assets 5,334,903,000 - us-gaap:Liabilities 4,174,525,000 = 1,160,378,000

Method Matched text template against the filing

Open the filing on SEC.gov · Full observation history

Technical locator

charter net assets = us-gaap:Assets 5,334,903,000 - us-gaap:Liabilities 4,174,525,000 = 1,160,378,000 | accession 0001976927-26-000033 | 10-Q filed 2026-05-11

as of 2026-03-31
NAV / share
Pending
Pending
Net flows, last qtr
+7.0%
qtr ended 2026-03-31
Distribution coverage (FFO, GAAP proxy)
Pending
Pending
Leverage in use
Pending
debt / equity 3.50x
Total return, 12m
Pending
SEC-filed periodic NAV + distributions
01 / Signals

What changed in the latest filings.

Current findings ordered by severity. Each observation remains traceable to its filed source.

Yellow flag

Our NAV generally does not consider exit costs ( e.g. (2026-07-17)

ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

Why it matters and what changed

The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692726000054/incref-20260630.htm | Item 8.01

Yellow flag

Credit facility new or amended: 3 occurrence(s), 2023-12-11 to 2026-06-16

Most recent (2026-06-16): On June 16, 2026 (the “CLO Closing Date”), Invesco Commercial Real Estate Finance Trust, Inc. (the “Company”) entered into a collateralized loan obligation (the “CLO”) through its subsidiary real estate investment trust, INCREF Sub-REIT, LLC (“Sub-REIT”), and a wholly-owned subsidiary of Sub-REIT, INCREF 2026-FL2 LLC, a Delaware limited liability company, as issuer (the “CLO Issuer”).

Why it matters and what changed

Financing terms set the fund's cost of leverage and its dry powder. Amendments also reveal what lenders currently think of the collateral: improving spreads and rising commitments signal lender confidence; shrinking availability or margin increases signal the opposite.

3 occurrence(s) of this event type stored; earlier instances are on the Fired Flags tab.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692726000046/incref-20260616.htm | Item 1.01

Yellow flag

Our NAV generally does not consider exit costs ( e.g. (2026-06-15)

ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

Why it matters and what changed

The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692726000044/incref-20260531.htm | Item 8.01

Yellow flag

Our NAV generally does not consider exit costs ( e.g. (2026-05-14)

ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

Why it matters and what changed

The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692726000036/incref-20260430.htm | Item 8.01

Yellow flag

Our NAV generally does not consider exit costs ( e.g. (2026-04-16)

ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

Why it matters and what changed

The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692726000025/incref-20260331.htm | Item 8.01

Yellow flag

Our NAV generally does not consider exit costs ( e.g. (2026-03-17)

ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

Why it matters and what changed

The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692726000015/incref-20260228.htm | Item 8.01

Yellow flag

Our NAV generally does not consider exit costs ( e.g. (2026-02-12)

ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

Why it matters and what changed

The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692726000009/incref-20260131.htm | Item 8.01

Yellow flag

Our NAV generally does not consider exit costs ( e.g. (2026-01-15)

ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

Why it matters and what changed

The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692726000003/incref-20251231.htm | Item 8.01

Yellow flag

Our NAV generally does not consider exit costs ( e.g. (2025-12-16)

ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

Why it matters and what changed

The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692725000066/incref-20251130.htm | Item 8.01

Yellow flag

Our NAV generally does not consider exit costs ( e.g. (2025-11-13)

ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

Why it matters and what changed

The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692725000059/incref-20251031.htm | Item 8.01

Yellow flag

Our NAV generally does not consider exit costs ( e.g. (2025-10-17)

ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

Why it matters and what changed

The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692725000050/incref-20250930.htm | Item 8.01

Yellow flag

On October 14, 2025, Hubert J. (2025-10-14)

On October 14, 2025, Hubert J. Crouch, Chief Executive Officer and member of the Board of Directors of Invesco Commercial Real Estate Finance Trust, Inc. (the “Company”), notified the Company of his resignation as our Chief Executive Officer and member of the Board of Directors, effective October 14, 2025, in connection with his resignation from his employment with Invesco Ltd., effective December 12, 2025. Mr. Crouch’s resignation is not due to any

Why it matters and what changed

Key-person changes at externally managed funds are one of the few governance signals these structures emit. A single departure is usually routine; a pattern (or a departure near other stress signals) is not.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000119312525243654/d32049d8k.htm | Item 5.02

Yellow flag

Our NAV generally does not consider exit costs ( e.g. (2025-09-16)

ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

Why it matters and what changed

The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692725000039/incref-20250831.htm | Item 8.01

Yellow flag

Our NAV generally does not consider exit costs ( e.g. (2025-08-15)

ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

Why it matters and what changed

The rules governing how investors exit changed. For a semi-liquid fund the repurchase program IS the liquidity; any change to caps, frequency, or pricing deserves a direct read.

Occurrence event; see the filing text for terms vs the prior arrangement.

Source: https://www.sec.gov/Archives/edgar/data/1976927/000197692725000034/incref-20250731.htm | Item 8.01

Historical findings (8)

Our NAV generally does not consider exit costs ( e.g. (2025-07-17)
ncluding the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs ( e.g. , selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we ma

On February 5, 2025, James H. (2025-02-05)
On February 5, 2025, James H. Forson, a member of the Board of Directors ("Board") of Invesco Commercial Real Estate Finance Trust, Inc. (the "Company") since 2023, informed the Company that he will retire from the Board and the Audit Committee, effective June 30, 2025. Mr. Forson's retirement is due to his outside professional duties and obligations, and not as a result of a disagreement with the Company on any matter relating to the Company’s oper

On October 2, 2024, R. (2024-10-02)
On October 2, 2024, R. Lee Phegley, Jr., Chief Financial Officer of Invesco Real Estate Income Trust Inc. (the “Company”) notified the Company of his intention to resign from the Company to pursue other opportunities. On October 7, 2024, the Board of Directors of the Company appointed Courtney Popelka as Chief Financial Officer, effective as of such date. Courtney Popelka was recently appointed as Chief Financial Officer (CFO) for Private Markets fo

On August 20, 2024, the Company filed Articles of Amendment (the “Articles of Amendment”) to the Articles of Amendment and Restatement of the Company dated March 23, 2023 (the... (2024-08-20)
On August 20, 2024, the Company filed Articles of Amendment (the “Articles of Amendment”) to the Articles of Amendment and Restatement of the Company dated March 23, 2023 (the “Charter”) with the State Department of Assessments and Taxation of Maryland (“SDAT”) to increase the number of shares of capital stock that the Company has authority to issue to 3,550,000,000 and the number of shares of common stock, par value $0.01 per share, that the Company has authority to issue to 3,500,000,000.

On April 24, 2024, Invesco Commercial Real Estate Finance Trust, Inc. (2024-04-24)
On April 24, 2024, Invesco Commercial Real Estate Finance Trust, Inc. (the “Company”), Invesco Commercial Real Estate Finance Investments, LP, and Invesco Advisers, Inc. (the "Adviser"), entered into an Amended and Restated Advisory Agreement (the "Amended and Restated Advisory Agreement").

Gross share sales: Inflow stall (fundraising flywheel): gross sales down >= 50% vs same period prior year [Notify, 2024-03-31]
Gross share sales triggered rule C13 for the period ending 2024-03-31.

On December 5, 2023, the Company filed Articles Supplementary with the State Department of Assessments and Taxation of Maryland which classified and designated five hundred... (2023-12-05)
On December 5, 2023, the Company filed Articles Supplementary with the State Department of Assessments and Taxation of Maryland which classified and designated five hundred million (500,000,000) Class F Common Shares.

On October 16, 2023, Invesco Commercial Real Estate Finance Trust, Inc. (2023-10-16)
On October 16, 2023, Invesco Commercial Real Estate Finance Trust, Inc. (the “Company”) filed Articles Supplementary (the “Articles Supplementary”) with the State Department of Assessments and Taxation of Maryland which classified and designated an additional one hundred eleven (111) authorized but unissued shares (the “Shares”) of preferred stock without designation as to series, $0.01 par value per share, of the Corporation as shares of 12.5% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share, of the Corporation (the “Series A Preferred Shares”).

03 / Portfolio

What moved inside the book.

Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.

Pending

04 / Redemptions

Where exit demand met the cap.

Stated cap: 2% of net assets/month; 5% of net assets/quarter. The disclosed history shows no rationed period.

Requested redemptions versus cap
0%0.03%0.05%0.07%0.10%2024-06-30: 0.01% of shares requestedQ2 '242024-09-30: 0.06% of shares requestedQ3 '242025-03-31: 0.1% of shares requested0.1%Q1 '25Rationed periods are oxblood; all other requested bars are ocean.
PeriodRequestedFilledCap usedStatus
2026-03-31Pending100%Pendingfilled
2026-02-28Pending100%Pendingfilled
2026-01-31 quarterPending100%Pendingfilled
2025-09-30Pending100%Pendingfilled
2025-08-31Pending100%Pendingfilled
2025-07-31Pending100%Pendingfilled
2025-06-30Pending100%Pendingfilled
2025-05-31Pending100%Pendingfilled
2025-04-30Pending100%Pendingfilled
2025-03-310.1% of shares
source

Quarterly report (Form 10-Q) · filed 2026-05-11 · period 2025-03-31

explicit_full_fill_repurchased_shares / same_date_filed_shares_outstanding * 100; numerator 0001976927-26-000033; denominator 0001976927-25-000018

“Full-fill identity: 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. | Repurchased quantity: 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.”

Why this source
Both constituents are filed for the same fund and pass the recorded date, scale, and basis assertions.

Method Derived: computed from other stored facts

Open the filing on SEC.gov · Full observation history

Technical locator

{"assertions":{"basis":"shares_outstanding","candidate_artifact_sha256":"89e62c05bb5a338d60af7156df2384304f6e55782dbae9b5edc4875fa308c61e","full_fill_statement":{"accession":"0001976927-26-000033","cap_inference":"none","locator":"https://www.sec.gov/Archives/edgar/data/1976927/000197692726000033/incref-20260331.htm","raw_snippet":"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.","strict":true},"identity_yields_number_only":true,"no_under_cap_inference":true,"quantity_unit":"shares","same_date":true,"same_fund":true,"same_scale":true},"denominator":{"accession":"0001976927-25-000018","locator":"https://www.sec.gov/Archives/edgar/data/1976927/000197692725000018/incref-20250331.htm","name":"filed_shares_outstanding","period_end":"2025-03-31","raw_snippet":"{'end': '2025-03-31', 'val': 27808959, 'accn': '0001976927-25-000018', 'fy': 2025, 'fp': 'Q1', 'form': '10-Q', 'filed': '2025-05-12', 'unit': 'shares'}","value":27808959.0},"formula":"explicit_full_fill_repurchased_shares / same_date_filed_shares_outstanding * 100","kind":"derived_redemption_demand","metric":"redemptions_requested_pct","numerator":{"accession":"0001976927-26-000033","locator":"https://www.sec.gov/Archives/edgar/data/1976927/000197692726000033/incref-20260331.htm","name":"explicit_full_fill_repurchased_shares","period_end":"2025-03-31","raw_snippet":"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.","value":30733}}

shares formula
Numerator: 30,733.00 as of 2025-03-31; SEC source 0001976927-26-000033
Denominator: 27,808,959.00 as of 2025-03-31; SEC source 0001976927-25-000018
PendingPendingPending
2025-02-28Pending100%Pendingfilled
2025-01-31 quarterPending100%Pendingfilled
2024-09-300.06% of shares
source

Quarterly report (Form 10-Q) · filed 2024-11-13 · period 2024-09-30

explicit_full_fill_repurchased_shares / same_date_filed_shares_outstanding * 100; numerator 0001976927-24-000043; denominator 0001976927-24-000043

“Full-fill identity: For the three and nine months ended September 30, 2024, we repurchased 10,643 and 11,843 shares of common stock, respectively and fulfilled all repurchase requests that were made under the share repurchase plan. | Repurchased quantity: For the three and nine months ended September 30, 2024, we repurchased 10,643 and 11,843 shares of common stock, respectively and fulfilled all repurchase requests that were made under the share repurchase plan.”

Why this source
Both constituents are filed for the same fund and pass the recorded date, scale, and basis assertions.

Method Derived: computed from other stored facts

Open the filing on SEC.gov · Full observation history

Technical locator

{"assertions":{"basis":"shares_outstanding","candidate_artifact_sha256":"89e62c05bb5a338d60af7156df2384304f6e55782dbae9b5edc4875fa308c61e","full_fill_statement":{"accession":"0001976927-24-000043","cap_inference":"none","locator":"https://www.sec.gov/Archives/edgar/data/1976927/000197692724000043/incref-20240930.htm","raw_snippet":"For the three and nine months ended September 30, 2024, we repurchased 10,643 and 11,843 shares of common stock, respectively and fulfilled all repurchase requests that were made under the share repurchase plan.","strict":true},"identity_yields_number_only":true,"no_under_cap_inference":true,"quantity_unit":"shares","same_date":true,"same_fund":true,"same_scale":true},"denominator":{"accession":"0001976927-24-000043","locator":"https://www.sec.gov/Archives/edgar/data/1976927/000197692724000043/incref-20240930.htm","name":"filed_shares_outstanding","period_end":"2024-09-30","raw_snippet":"{'end': '2024-09-30', 'val': 17708686, 'accn': '0001976927-24-000043', 'fy': 2024, 'fp': 'Q3', 'form': '10-Q', 'filed': '2024-11-13', 'frame': 'CY2024Q3I', 'unit': 'shares'}","value":17708686.0},"formula":"explicit_full_fill_repurchased_shares / same_date_filed_shares_outstanding * 100","kind":"derived_redemption_demand","metric":"redemptions_requested_pct","numerator":{"accession":"0001976927-24-000043","locator":"https://www.sec.gov/Archives/edgar/data/1976927/000197692724000043/incref-20240930.htm","name":"explicit_full_fill_repurchased_shares","period_end":"2024-09-30","raw_snippet":"For the three and nine months ended September 30, 2024, we repurchased 10,643 and 11,843 shares of common stock, respectively and fulfilled all repurchase requests that were made under the share repurchase plan.","value":10643}}

shares formula
Numerator: 10,643.00 as of 2024-09-30; SEC source 0001976927-24-000043
Denominator: 17,708,686.00 as of 2024-09-30; SEC source 0001976927-24-000043
PendingPendingPending
2024-08-31 quarterPending100%Pendingfilled
2024-06-300.01% of shares
source

Quarterly report (Form 10-Q) · filed 2024-08-14 · period 2024-06-30

explicit_full_fill_repurchased_shares / same_date_filed_shares_outstanding * 100; numerator 0001976927-24-000034; denominator 0001976927-24-000043

“Full-fill identity: For the three and six months ended June 30, 2024, we repurchased 1,200 shares of common stock and fulfilled all repurchase requests that were made under the share repurchase plan. | Repurchased quantity: For the three and six months ended June 30, 2024, we repurchased 1,200 shares of common stock and fulfilled all repurchase requests that were made under the share repurchase plan.”

Why this source
Both constituents are filed for the same fund and pass the recorded date, scale, and basis assertions.

Method Derived: computed from other stored facts

Open the filing on SEC.gov · Full observation history

Technical locator

{"assertions":{"basis":"shares_outstanding","candidate_artifact_sha256":"89e62c05bb5a338d60af7156df2384304f6e55782dbae9b5edc4875fa308c61e","full_fill_statement":{"accession":"0001976927-24-000034","cap_inference":"none","locator":"https://www.sec.gov/Archives/edgar/data/1976927/000197692724000034/incref-20240630.htm","raw_snippet":"For the three and six months ended June 30, 2024, we repurchased 1,200 shares of common stock and fulfilled all repurchase requests that were made under the share repurchase plan.","strict":true},"identity_yields_number_only":true,"no_under_cap_inference":true,"quantity_unit":"shares","same_date":true,"same_fund":true,"same_scale":true},"denominator":{"accession":"0001976927-24-000043","locator":"https://www.sec.gov/Archives/edgar/data/1976927/000197692724000043/incref-20240930.htm","name":"filed_shares_outstanding","period_end":"2024-06-30","raw_snippet":"{'end': '2024-06-30', 'val': 10415093, 'accn': '0001976927-24-000043', 'fy': 2024, 'fp': 'Q3', 'form': '10-Q', 'filed': '2024-11-13', 'frame': 'CY2024Q2I', 'unit': 'shares'}","value":10415093.0},"formula":"explicit_full_fill_repurchased_shares / same_date_filed_shares_outstanding * 100","kind":"derived_redemption_demand","metric":"redemptions_requested_pct","numerator":{"accession":"0001976927-24-000034","locator":"https://www.sec.gov/Archives/edgar/data/1976927/000197692724000034/incref-20240630.htm","name":"explicit_full_fill_repurchased_shares","period_end":"2024-06-30","raw_snippet":"For the three and six months ended June 30, 2024, we repurchased 1,200 shares of common stock and fulfilled all repurchase requests that were made under the share repurchase plan.","value":1200}}

shares formula
Numerator: 1,200.00 as of 2024-06-30; SEC source 0001976927-24-000034
Denominator: 10,415,093.00 as of 2024-06-30; SEC source 0001976927-24-000043
100%Pendingfilled
05 / Financing

How the balance sheet is funded.

Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.

Borrowing sourceAmount
Secured financing stack (repo, term loans, CLOs, revolver)$4,066,031,000
less: derivative liabilities−$838,000
Total borrowings$4,065,193,000
How to read these financing entries

Borrowings are balance-sheet obligations. An undrawn facility is standby liquidity and is not debt until used. Synthetic notional describes market exposure rather than an amount owed, while unconsolidated joint-venture carrying value is shown as context and is not added to fund debt.

06 / Share classes

How the offering is divided.

A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.

Not attributed 100.0%

Share of total net assets ($1,028,518,000) as of 2026-03-31; the hatched band is net assets the filings do not attribute to a captured class.

ClassTerms-based role descriptionLoadServicingMinimumAssets
Class IPendingPendingPendingPendingPending

Management fee: 1.00% of nav per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001193125-26-129126.

Filed fee conditions

We will pay the adviser a management fee equal to 1.00% per annum of NAV, calculated monthly in arrears as of the end of the immediately preceding month, with respect to our Class S, Class S-1, Class D, Class D-1 and Class I Shares. We will also pay the adviser a performance fee equal to 10% of our 'Performance Fee Income.'

Canonical-class fee profile
ClassManagementIncentiveLoadServicingGross expensesNet expenses
Class I 1.00% 10% of income
*
performance fee: 10.00% of Performance Fee Income; No separate percentage hurdle applies to Class I and the other listed standard classes.
SEC source 0001976927-26-000033
Pending Pending Pending Pending
Fee componentRateBasis / classCondition
Performance · performance fee10.00%Performance Fee IncomeNo separate percentage hurdle applies to Class I and the other listed standard classes.

SEC source 0001193125-26-129126 · SEC source 0001976927-26-000033

07 / Sources

The evidence beneath the page.

Filed terms and recent documents remain available without crowding the primary research flow.

Term register (1)
TermDescriptionValueEffective
advisory_fee_scheduleWe will pay the adviser a management fee equal to 1.00% per annum of NAV, calculated monthly in arrears as of the end of the immediately preceding month, with respect to our Class S, Class S-1, Class D, Class D-1 and Class I Shares. We will also pay the adviser a performance fee equal to 10% of our 'Performance Fee Income.'1.0 pct_annual_of_navPending
Recent filings
FiledFormAccession
2026-07-318-K0001976927-26-000056
2026-07-178-K0001976927-26-000054
2026-07-158-K0001976927-26-000052
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