Invesco Commercial REIT Reports $1.13B NAV, Up 3.7% in January
Invesco Commercial Real Estate Finance Trust Inc., or INCREF, a perpetual-life real estate investment trust focused on private credit secured by real estate, announced that its aggregate net asset value increased by nearly 3.7% month over month in January.
Total NAV was approximately $1.13 billion as of Jan. 31, 2026, compared with approximately $1.09 billion as of Dec. 31 2025.
The monthly NAV per share for its classes of common stock, as of Jan. 31, 2026, was as follows:
Class S shares had a NAV per share of $24.8944, compared to $24.9275 the previous month, a decrease of approximately 0.13%.
Class S-1 shares had a NAV per share of $25.0017, compared to $25.0342 the previous month, a decrease of 0.13%.
Class D shares had a NAV per share of $24.873, compared to $24.9061 the previous month, a decrease of approximately 0.13%.
Class I shares had a NAV per share of $24.965, compared to $24.9979 the previous month, a decrease of approximately 0.13%.
Class E shares had a NAV per share of $25.7799, compared to $25.7712 the previous month, an increase of approximately 0.03%.
Class F shares had a NAV per share of $25.909, compared to $25.9043 the previous month, an increase of nearly 0.02%.
The increase in aggregate NAV occurred despite modest month-over-month declines across most share classes, reflecting growth in shares outstanding during the period.
The REIT had approximately 44.81 million shares outstanding at the end of January, approximately 1.61 million more than as of the end of December.
The month-over-month increase in total shares outstanding — rather than appreciation in per-share NAV — appears to account for the rise in aggregate NAV between December and January.
As of Jan. 31, INCREF’s commercial real estate loan portfolio had a fair value of $4.8 billion and an outstanding principal balance of $4.8 billion.
In January 2026, the company closed on one U.S. loan origination: a $54 million whole loan secured by a multifamily property in Phoenix.
In December, the REIT originated three loans totaling more than $300 million, including a $69.3 million whole loan secured by a portfolio of three self-storage properties in New York, N.Y., a $150.7 million whole loan secured by an industrial property in Riverside, Calif., and an $80.5 million whole loan secured by a multifamily property in New York City.
The REIT also received repayment of an $85.2 million whole loan secured by a multifamily property in Los Angeles.
Invesco has identified six specific leaders – Chase Bolding, Scott Dennis, Greg Kraus, Courtney Popelka, Charlie Rose, and Teresa Zien – as “key persons” for the company’s share repurchase plan.
A “key person triggering event” would occur if four or more of the named executives (or their successors) cease daily management responsibilities and a replacement is not appointed within 90 days.
If disclosed publicly, the REIT would waive its early repurchase deduction fee.
The waiver would apply to shares purchased in the 12 months preceding the announcement and remain in effect for six months following disclosure.
Invesco Commercial Real Estate Finance Trust originates, acquires, and manages a portfolio of loans secured by commercial real estate (and similar investments) primarily located in North America. It is managed by Invesco Advisers Inc., a subsidiary of Invesco Ltd. and the registered investment adviser for Invesco Real Estate, the real estate investment center of Invesco Ltd.
Previously reported by AltsWire, the REIT’s total NAV increased 4.2% between July 2025 and August 2025.
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