Invesco Commercial Real Estate Finance Trust, Inc. 8-K

What Happened

• Invesco Commercial Real Estate Finance Trust, Inc. filed an 8‑K on Jan. 15, 2026 providing its net asset value (NAV) breakdown as of December 31, 2025. The company stated the transaction price for each share class on Feb. 1, 2026 equals that class’s NAV per share as of Dec. 31, 2025.
• Total NAV reported: $1,088,965 (amounts presented in the filing are in thousands — approximately $1.089 billion). The company’s commercial real estate loan portfolio had a fair value of $4.7027 billion and an outstanding principal balance of $4.7 billion as of Dec. 31, 2025.

Key Details

• NAV per share by class (Dec. 31, 2025): Class S $24.9275; Class S‑1 $25.0342; Class D $24.9061; Class I $24.9979; Class E $25.7712; Class F $25.9043.
• Portfolio activity in Dec. 2025: three originations — $69.3M (self‑storage, NYC), $150.7M (industrial, Riverside, CA), $80.5M (multifamily, NYC); one repayment — $85.2M (multifamily, Los Angeles, CA).
• Valuation inputs: commercial loan discounted‑cash‑flow weighted average discount rate 6.31% (range 5.14%–11.44%), weighted average life ~0.32 years; secured financing facilities discount rate 5.06% (range 4.12%–6.04%), weighted average life ~0.28 years.
• The company does not apply an illiquidity discount to NAV, and notes NAV does not guarantee realizable sale or market prices nor distributions on liquidation.

Why It Matters

• NAV per share determines the company’s transaction and repurchase prices, so this update directly affects the price at which investors can buy or redeem shares under the company’s published procedures.
• The NAV and loan portfolio figures provide a snapshot of portfolio size, recent lending activity and valuation assumptions (discount rates, short weighted lives), which investors can use to assess current portfolio composition and valuation methodology.
• Important caution: the filing emphasizes NAV is an accounting valuation, not a promise that shares can be sold or will trade at those prices in the market.