The Dallas-based non-traded REIT closed two whole-loan originations across the U.K., Germany, and the Netherlands totaling nearly $395 million during April.

May 15, 2026

Invesco Commercial Real Estate Finance Trust reported a net asset value of approximately $1.26 billion as of April 30, 2026, with per-share values ranging from $24.85 to $26.00 across its seven share classes, according to a regulatory disclosure released this week.

The Dallas-based non-traded REIT, which originates and holds commercial real estate debt rather than directly owning property, said the per-share NAVs disclosed for April 30 will also serve as the June 1, 2026 transaction price for purchases and repurchases of its common stock. The trust updates its NAV on the last calendar day of each month under valuation guidelines approved by its board of directors.

NAV by share class

The trust’s seven share classes posted the following NAVs per share at month-end:

• Class S: $24.8692
• Class S-1: $24.9801
• Class D: $24.8455
• Class D-1: $24.8794
• Class I: $24.9430
• Class E: $25.8768
• Class F: $25.9972

Combined, the company had roughly 49.9 million common shares outstanding across all classes, with Class S-1 representing the largest pool at approximately 23.7 million shares.

Portfolio composition

The bulk of the trust’s value sits in its commercial real estate loan book, which carried a fair value of about $5.66 billion at month-end. That figure was complemented by roughly $17.8 million in real estate-related securities, $80.3 million in cash and equivalents, and $24.7 million in restricted cash.

Those gross assets were offset by approximately $3.49 billion in secured financing facilities, $1.01 billion in collateralized loan obligation borrowings, and other liabilities including dividends payable, accrued expenses, and management and performance fees owed to affiliated parties. The trust reported no balance drawn on its revolving credit facility.

Valuation inputs

The commercial real estate loans were valued primarily using discounted cash flow analysis, with a weighted average discount rate of 6.12% and a range running from 4.64% to 11.16%. The weighted average life of the portfolio came in at just 0.28 years — a notably short duration that reflects expected cash flows and potential prepayments.

The trust noted that of the loans held by its consolidated collateralized loan obligation vehicle, the roughly $1.1 billion underlying pool is valued using the more observable fair value of the notes issued by the CLO, while the $80.7 million in retained income notes is measured with a discounted cash flow model. Because the retained piece sits at the bottom of the valuation hierarchy, the entire CLO loan book is classified as Level 3 under fair value accounting standards.

On the liability side, secured financing facilities were valued with a discounted cash flow approach using a weighted average discount rate of 5.07%, a range of 3.64% to 5.76%, and a weighted average life of 0.34 years.

European industrial originations

The trust also flagged two new whole-loan originations completed in April, both backed by European industrial real estate:

• A $214.6 million loan secured by a portfolio of properties in the United Kingdom.
• A $179.9 million loan secured by an industrial portfolio spanning Germany and the Netherlands.

Together, the deals brought roughly $394.5 million of fresh commitments onto the books and underscored the trust’s continued appetite for European logistics assets — a property type that has remained one of the more resilient corners of the commercial real estate market through the prolonged higher-rate environment.

The trust cautioned that its monthly NAV does not include discounts for the illiquid nature of its shares or for exit costs such as commissions, and does not represent any guarantee that shareholders could realize the per-share value upon a sale, liquidation, or arm’s-length transaction. The disclosure also noted that NAV is not derived from market pricing for exchange-listed real estate debt funds, and that transactions occurring after April 30 could materially affect future calculations.