Invesco’s INCREF Originations Slow to $192M in July as NAV Growth Cools

Invesco Commercial Real Estate Finance Trust Inc., or INCREF, a perpetual-life nontraded real estate investment trust focused on private credit secured by real estate, closed two loan originations totaling approximately $192.3 million in July, a slower pace than the prior two months.
The July originations included a $138.8 million whole loan secured by an industrial portfolio across various U.S. markets and a $53.5 million whole loan secured by a multifamily property in Phoenix.
The pace trails June, when the company closed five loan originations totaling approximately $582.7 million, and May, when AltsWire reported nearly $480 million in new originations.
INCREF’s commercial real estate loan portfolio had a fair value of $6.2 billion as of July 31, up from $6.1 billion a month earlier.
The company’s aggregate net asset value grew to $1.4 billion as of July 31, up 2.4% from $1.37 billion at the end of June — a slower pace than the 3.7% monthly increase AltsWire reported for January. As in January, the July increase was driven primarily by growth in shares outstanding rather than per-share appreciation.
NAV per share was little changed across the REIT’s seven share classes, ranging from $24.88 to $26.15, with total shares outstanding growing to approximately 55.6 million from 54.3 million a month earlier.


