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["Unrealized (gain) loss on loans, net",{"v":-12680,"d":"(12,680)"},{"v":-918,"d":"(918)"}]
["Unrealized (gain) loss on secured financing facilities, net",{"v":8474,"d":"8,474 "},{"v":723,"d":"723 "}]
["(Gain) loss on derivative instruments, net",{"v":2180,"d":"2,180 "},{"v":0,"d":"0 "}]
["Debt issuance costs",{"v":3541,"d":"3,541 "},{"v":469,"d":"469 "}]
["Amortization of equity based compensation",{"v":19,"d":"19 "},{"v":17,"d":"17 "}]
["Change in operating assets and liabilities:"," "," "]
["Increase in operating assets",{"v":-1019,"d":"(1,019)"},{"v":-776,"d":"(776)"}]
["(Increase) decrease in due from affiliates",{"v":0,"d":"0 "},{"v":-228,"d":"(228)"}]
["(Decrease) increase in operating liabilities",{"v":-458,"d":"(458)"},{"v":1355,"d":"1,355 "}]
["(Decrease) increase in due to affiliate",{"v":-450,"d":"(450)"},{"v":3106,"d":"3,106 "}]
["Net cash provided by operating activities",{"v":11271,"d":"11,271 "},{"v":8435,"d":"8,435 "}]
["Cash flows from investing activities:"," "," "]
["Originations and fundings of commercial real estate loans",{"v":-384706,"d":"(384,706)"},{"v":-209912,"d":"(209,912)"}]
["Settlement of foreign currency forward contracts, net",{"v":117,"d":"117 "},{"v":0,"d":"0 "}]
["Net cash used in investing activities",{"v":-384589,"d":"(384,589)"},{"v":-209912,"d":"(209,912)"}]
["Cash flows from financing activities:"," "," "]
["Proceeds from revolving credit facility",{"v":135000,"d":"135,000 "},{"v":91000,"d":"91,000 "}]
["Repayment of revolving credit facility",{"v":-135000,"d":"(135,000)"},{"v":-87000,"d":"(87,000)"}]
["Proceeds from secured financing facilities",{"v":286301,"d":"286,301 "},{"v":151397,"d":"151,397 "}]
["Proceeds from issuance of common stock, net of offering costs",{"v":89741,"d":"89,741 "},{"v":31213,"d":"31,213 "}]
["Repurchase of common stock",{"v":-809,"d":"(809)"},{"v":0,"d":"0 "}]
["Repurchase of redeemable common stock",{"v":-30000,"d":"(30,000)"},{"v":0,"d":"0 "}]
["Redemption of preferred stock",{"v":-232,"d":"(232)"},{"v":0,"d":"0 "}]
["Proceeds from subscriptions paid in advance",{"v":28495,"d":"28,495 "},{"v":14021,"d":"14,021 "}]
["Cash paid for debt issuance costs",{"v":-1079,"d":"(1,079)"},{"v":-228,"d":"(228)"}]
["Payments of dividends",{"v":-4885,"d":"(4,885)"},{"v":-4486,"d":"(4,486)"}]
["Net cash provided by financing activities",{"v":367532,"d":"367,532 "},{"v":195917,"d":"195,917 "}]
["Effect of exchange rate changes on cash, cash equivalents and restricted cash",{"v":-1,"d":"(1)"},{"v":0,"d":"0 "}]
["Net change in cash, cash equivalents and restricted cash",{"v":-5787,"d":"(5,787)"},{"v":-5560,"d":"(5,560)"}]
["Cash, cash equivalents and restricted cash, beginning of period",{"v":100034,"d":"100,034 "},{"v":25541,"d":"25,541 "}]
["Cash, cash equivalents and restricted cash, end of period",{"v":94247,"d":"94,247 "},{"v":19981,"d":"19,981 "}]
["Supplemental disclosures:"," "," "]
["Interest paid",{"v":31770,"d":"31,770 "},{"v":9886,"d":"9,886 "}]
["Non-cash investing and financing activities:"," "," "]
["Dividends and distributions declared not paid",{"v":4257,"d":"4,257 "},{"v":4188,"d":"4,188 "}]
["Common stock distribution reinvestment",{"v":7568,"d":"7,568 "},{"v":773,"d":"773 "}]
["Issuance of redeemable common stock for payment of management and performance fees",{"v":2814,"d":"2,814 "},{"v":0,"d":"0 "}]
["Deferred offering costs due to affiliate",{"v":0,"d":"0 "},{"v":5,"d":"5 "}]
["Offering costs due to affiliates",{"v":3857,"d":"3,857 "},{"v":1808,"d":"1,808 "}]
["Debt issuance costs due to affiliate",{"v":0,"d":"0 "},{"v":241,"d":"241 "}]
["Adjustment to carrying value of redeemable common stock",{"v":160,"d":"$ 160"},{"v":0,"d":"$ 0"}]

{"sheet":"Organization and Business Purpo","index":7,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Organization and Business Purpose","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Organization, Consolidation and Presentation of Financial Statements [Abstract]"," "]
["Organization and Business Purpose","Organization and Business Purpose Invesco Commercial Real Estate Finance Trust, Inc. (the “Company” or “we”) is a Maryland corporation incorporated in October 2022. Our primary investment strategy is to originate, acquire and manage a diversified portfolio of loans and debt-like preferred equity interests secured by, or unsecured but related to, commercial real estate. We commenced investing activities in May 2023. We own substantially all of our assets through Invesco Commercial Real Estate Finance Investments, L.P. (the “Operating Partnership”), a wholly-owned subsidiary. We are externally managed by Invesco Advisers, Inc. (the “Adviser”), a registered investment adviser and an indirect, wholly-owned subsidiary of Invesco Ltd. (“Invesco”), an independent global investment management firm. We qualified as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2023. We have one operating segment. We operate our business in a manner that permits our exclusion from the definition of an “Investment Company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). We are structured as a perpetual-life REIT and are engaging in a continuous, unlimited private placement offering of our common stock to “accredited investors” (as defined by Rule 501 promulgated pursuant to the Securities Act) (the “Continuous Offering”) under exemptions provided by Section 4(a)(2) of the Securities Act and applicable state securities laws. The Class S, Class S-1, Class D, Class D-1, Class I, and Class E shares sold in our Continuous Offering have different upfront selling commissions, ongoing stockholder servicing fees, management fees and performance fees."]

{"sheet":"Summary of Significant Accounti","index":8,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Summary of Significant Accounting Policies","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Accounting Policies [Abstract]"," "]
["Summary of Significant Accounting Policies","Summary of Significant Accounting Policies Basis of Presentation and Consolidation Certain disclosures included in our Annual Report on Form 10-K are not required to be included on an interim basis in our quarterly reports on Form 10-Q. We have condensed or omitted these disclosures. Therefore, this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024. Our condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and consolidate the financial statements of the Company and its controlled subsidiaries. All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for a fair statement of our financial condition and results of operations for the period presented. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Examples of estimates may include, but are not limited to, estimates of the fair values of financial instruments and estimated payment periods for certain stockholder servicing fee liabilities. Actual results may differ from those estimates. Significant Accounting Policies"]

{"sheet":"Commercial Real Estate Loan Inv","index":9,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Commercial Real Estate Loan Investments","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Fair Value Disclosures [Abstract]"," "]
["Commercial Real Estate Loan Investments","Commercial Real Estate Loan Investments The table below summarizes our investments in commercial real estate loans as of March 31, 2025 and December 31, 2024. $ in thousands Loan Type Loan Amount (1) Principal Balance Outstanding Fair Value Weighted Average Interest Rate (2) Weighted Average Life (years) (3) March 31, 2025 Senior loans (4) $ 3,093,858 $ 2,774,431 $ 2,777,005 7.21 % 4.14 Mezzanine loans 30,000 11,475 11,475 12.08 % 4.59 Total $ 3,123,858 $ 2,785,906 $ 2,788,480 7.23 % 4.14 December 31, 2024 Senior loans (4) $ 2,658,628 $ 2,385,124 $ 2,385,840 7.37 % 4.26 Mezzanine loans 30,000 5,238 5,238 12.23 % 4.84 Total $ 2,688,628 $ 2,390,362 $ 2,391,078 7.38 % 4.27 (1) Loan amount consists of outstanding principal balance plus unfunded loan commitments. (2) Domestic loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. Euro denominated loans earn interest at three-month Euro Interbank Offered Rate (“Euribor”) plus a spread. Our loan denominated in British pounds sterling earns interest at three-month Sterling Overnight Index Average (“SONIA”) plus a spread. (3) Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions, as defined in the respective loan agreement. (4) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and accommodation mezzanine loans in connection with the senior mortgage financing. The tables below detail the property type and geographic location of the properties securing our commercial real estate loans as of March 31, 2025 and December 31, 2024. $ in thousands March 31, 2025 December 31, 2024 Property Type Fair Value Percentage Fair Value Percentage Multifamily $ 1,315,929 47.2 % $ 1,252,147 52.4 % Industrial 1,085,677 38.9 % 1,042,720 43.6 % Self-storage 111,016 4.0 % 96,211 4.0 % Student housing 275,858 9.9 % — — % Total $ 2,788,480 100.0 % $ 2,391,078 100.0 % $ in thousands March 31, 2025 December 31, 2024 Geographic Location Fair Value Percentage Fair Value Percentage United States: West $ 871,985 31.2 % $ 738,754 30.7 % South 694,464 24.9 % 520,733 21.8 % East 759,863 27.3 % 688,518 28.8 % Midwest 37,363 1.3 % 30,331 1.3 % Various U.S. (1) 129,628 4.6 % 128,334 5.4 % Total $ 2,493,303 89.3 % $ 2,106,670 88.0 % Europe: France (2) $ 88,550 3.2 % $ 85,019 3.6 % Spain (2) 99,111 3.6 % 95,159 4.0 % United Kingdom (3) 107,516 3.9 % 104,230 4.4 % Total $ 295,177 10.7 % $ 284,408 12.0 % Total $ 2,788,480 100.0 % $ 2,391,078 100.0 % (1) Various U.S. includes self-storage and industrial portfolios with multiple locations throughout the United States. (2) Our European loans that are collateralized by industrial commercial real estate in France and Spain are denominated in Euros and have a fair value of €81.8 million and €91.6 million, respectively, as of March 31, 2025. (3) Our European loan that is collateralized by industrial commercial real estate in the United Kingdom is denominated in British pounds sterling and has a fair value of £83.1 million as of March 31, 2025. The weighted average loan-to-value ratio, a metric utilized in the fair value measurement of our commercial real estate loan investments, for our loan investments at March 31, 2025 was approximately 65% based on the loan principal amount and the independent property appraisals."]

{"sheet":"Borrowings","index":10,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Borrowings","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Debt Disclosure [Abstract]"," "]
["Borrowings","Borrowings The table below summarizes our borrowing arrangements as of March 31, 2025 and December 31, 2024. Our borrowing arrangements include secured lending and term lending agreements (collectively, our “secured financing facilities”) and a revolving credit facility. March 31, 2025 December 31, 2024 $ in thousands Current Maturity Extension Options (1) Weighted Average Interest Rate (2) Maximum Facility Size Available Capacity Amount Outstanding Fair Value Amount Outstanding Fair Value Term Lending Agreement INCREF Lending II Match-term Match-term 6.61% $ 300,000 $ 165,482 $ 134,518 $ 134,518 $ 134,518 $ 134,518 Secured Lending Agreements Term Financing INCREF Lending I Oct 2026 Oct 2029 6.33% 837,517 108,806 728,711 728,790 722,672 722,796 Repurchase Agreements Morgan Stanley Bank (3) May 2026 May 2027 6.59% 500,000 154,114 345,886 345,887 342,009 342,079 Citibank Sep 2026 Sep 2028 5.65% 500,000 215,008 284,992 285,266 276,323 276,653 Barclays (3) Apr 2027 Apr 2029 6.23% 500,000 300,695 199,305 199,314 199,305 199,326 Wells Fargo May 2026 May 2029 6.15% 300,000 31,276 268,724 268,744 179,462 179,496 Bank of Montreal (3) Jul 2025 Jul 2028 —% 25,000 25,000 — — — — Capital One (3) Feb 2027 Feb 2030 5.85% 250,000 62,876 187,124 187,124 N/A N/A Total secured financing facilities $ 3,212,517 $ 1,063,257 $ 2,149,260 $ 2,149,643 $ 1,854,289 $ 1,854,868 Revolving Credit Facility (4) 8.26% $ 135,000 $ 135,000 $ — $ — $ — $ — (1) Assumes all available extension options are exercised. (2) Represents the weighted average interest rate in effect as of March 31, 2025 . (3) Certain extension options for these facilities are subject to lender approval and compliance with certain financial and administrative covenants. (4) Maturity date is aligned with the Company’s ability to call remaining outstanding capital committed under the Invesco Subscription Agreement, as further explained below. Borrowings denominated in U.S. dollars under our secured financing facilities and revolving credit facility bear interest at one-month SOFR plus a spread. Euro denominated borrowings bear interest at three-month Euribor plus a spread, and our British pounds Sterling denominated borrowings bear interest at three-month SONIA plus a spread. Our secured financing facilities are subject to certain non-financial and financial covenants, including liquidity, tangible net worth and leverage covenants. We were in compliance with these covenants as of March 31, 2025. Term Lending Agreement In August 2024, we entered into a $300.0 million Facility Loan Program and Security Agreement with a financial institution (“INCREF Lending II”) that provides asset-based financing on a non-mark-to-market basis with partial recourse to us and match-term to the underlying loans. We have pledged certain commercial real estate loan investments with a fair value of approximately $175.8 million as collateral for INCREF Lending II. We segregate the commercial real estate loans that we have pledged as collateral in our books and records. Our term lending agreement counterparty has the right to resell or repledge the collateral posted but has the obligation to return the pledged collateral upon maturity of the term lending agreement. Secured Lending Agreements In July 2024, we entered into a $837.5 million Master Repurchase Agreement with a financial institution (“INCREF Lending I”) that provides asset-based financing with partial recourse to us and does not provide the lender with margin call rights. The term of the facility matches the term of the underlying collateral up to two years and is subject to three additional one-year extension options that we may exercise upon satisfaction of certain customary conditions and thresholds. We have pledged certain commercial real estate loan investments with a fair value of approximately $917.5 million as collateral for INCREF Lending I. We have also entered into traditional repurchase agreements with six financial institutions, as detailed in the table above. We have pledged certain commercial real estate loan investments with a fair value of approximately $1.7 billion as collateral for these agreements. Certain borrowings under our Citibank repurchase agreement are collateralized by European commercial real estate loans. The borrowings are denominated in Euros and British pound sterling and have a fair value of €138.7 million and £66.5 million, respectively, as of March 31, 2025. We segregate the commercial real estate loans that we have pledged as collateral in our books and records. Our repurchase agreement counterparties have the right to resell or repledge the collateral posted but have the obligation to return the pledged collateral upon maturity of the repurchase agreement. We were not required to post any margin under our master repurchase agreements as of March 31, 2025 and December 31, 2024. A margin deficiency may generally result from either a decline in the underlying loan’s market value or a shortfall in operating performance of the property. We may finance multiple commercial loan investments under a repurchase agreement; therefore, a margin excess in one asset could help mitigate a margin deficiency in another asset under the same repurchase agreement. We intend to maintain a level of liquidity that will enable us to meet margin calls. Master repurchase agreements are recourse obligations. Counterparty Exposure We have pledged certain commercial real estate loan investments as collateral for our secured financing facilities. If a secured financing counterparty were to default on its obligation to return the collateral, we would be exposed to potential losses to the extent the fair value of the collateral that we have pledged to the counterparty exceeded the amount loaned to us plus interest due to the counterparty. The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of stockholders’ equity as of March 31, 2025 and December 31, 2024. $ in thousands Outstanding Principal Net Counterparty Exposure Weighted Average Life (Years) (1) March 31, 2025 Morgan Stanley Bank $ 345,886 $ 99,155 2.15 Citibank 1,013,703 260,398 4.26 Wells Fargo 268,724 72,693 4.15 Capital One 187,124 88,734 4.88 Total $ 1,815,437 $ 520,980 3.90 December 31, 2024 Morgan Stanley Bank $ 342,009 $ 101,931 2.40 Citibank 998,995 260,459 4.51 Barclays 199,305 51,591 4.32 Wells Fargo 179,462 48,058 4.39 Total $ 1,719,771 $ 462,039 4.05 (1) Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants. The following table shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of March 31, 2025: $ in thousands Secured Lending Agreements (1) Term Lending Agreement (1) Total Year 2025 (remaining) $ — $ — $ — 2026 — — — 2027 345,886 — 345,886 2028 284,992 — 284,992 2029 1,196,740 124,182 1,320,922 2030 187,124 10,336 197,460 Thereafter — — — Total $ 2,014,742 $ 134,518 $ 2,149,260 (1) Assumes all extension options are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants. Revolving Credit Facility Our revolving credit facility is secured by uncalled capital subscriptions under the terms of the Invesco Subscription Agreement, as described in Note 9 - “Redeemable Common Stock - Related Party”. Borrowings under the facility bear interest at one-month Term SOFR or the prime rate plus a spread. The revolving credit facility allows for the ability to obtain tranches of term financing in addition to general borrowings under an Uncommitted Tranche (as defined in the credit agreement). The Uncommitted Tranche is due on demand (15 business days after notice); any Funded Tranche (as defined in the credit agreement) is due no later than (a) three years from issuance or (b) 360 days after notice; and all amounts outstanding under the facility are due 30 days prior to the last date on which capital calls may be issued. The facility is prepayable without penalty. Our revolving credit facility is subject to certain affirmative and negative non-financial and financial covenants, including a limitation on indebtedness. We were in compliance with these covenants as of March 31, 2025."]

{"sheet":"Derivatives and Hedging Activit","index":11,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Derivatives and Hedging Activities","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Derivative Instruments and Hedging Activities Disclosure [Abstract]"," "]
["Derivatives and Hedging Activities","Derivatives and Hedging Activities Currency Forward Contracts We enter into currency forward contracts to help mitigate the impact of changes in foreign currency exchange rates on our investments and financing transactions denominated in currencies other than the U.S. dollar. Despite being economic hedges, we have elected not to treat our foreign currency forwards as hedges for accounting purposes and, therefore, the realized and unrealized gains and losses associated with such instruments are included in gain (loss) on derivative instruments, net in our condensed consolidated statements of comprehensive income. Gain or (loss) on foreign currency transactions, net reflects the net financial impact resulting from changes in exchange rates between the time we enter into foreign currency transactions and when they are settled. The following table summarizes changes in the notional amount of our currency forward contracts during three months ended March 31, 2025: Local Currency In thousands Notional Amount as of December 31, 2024 Additions Settlement, Notional Amount as of March 31, 2025 Notional Amount as of March 31, 2025 Buy USD / Sell EUR Forward € 39,474 € — € (877) € 38,597 $ 43,821 Buy USD / Sell GBP Forward £ 19,417 £ — £ (506) £ 18,911 $ 24,978 The table below presents the fair value of our currency forward contracts, as well as their classification on the condensed consolidated balance sheet as of March 31, 2025: $ in thousands Fair Value as of March 31, 2025 December 31, 2024 Derivative Assets $ 1,767 $ 4,064 Derivative Liabilities $ — $ — The following table summarizes the effect of currency forward contracts reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income for the three months ended March 31, 2025: $ in thousands Three Months Ended March 31, 2025 Derivatives not designated as hedging instruments Realized gain (loss) on derivative instruments, net Unrealized gain (loss), net Gain (loss) on derivative instruments, net Currency Forward Contracts $ 117 $ (2,297) $ (2,180)"]

{"sheet":"Fair Value of Financial Instrum","index":12,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Fair Value of Financial Instruments","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Fair Value Disclosures [Abstract]"," "]
["Fair Value of Financial Instruments","Fair Value of Financial Instruments A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. The three levels are defined as follows: Level 1 — quoted prices are available in active markets for identical investments as of the measurement date. We do not adjust the quoted price for these investments. Level 2 — quoted prices are available in markets that are not active or model inputs are based on inputs that are either directly or indirectly observable as of the measurement date. Level 3 — pricing inputs are unobservable and include instances where there is minimal, if any, market activity for the investment. These inputs require significant judgment or estimation by management or third parties when determining fair value and generally represent anything that does not meet the criteria of Levels 1 and 2. Due to the inherent uncertainty of these estimates, these values may differ materially from the values that would have been used had a ready market for these investments existed. Valuation of Financial Instruments Measured at Fair Value The following tables detail our financial instruments measured at fair value on a recurring basis: March 31, 2025 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Commercial real estate loan investments $ — $ — $ 2,788,480 $ 2,788,480 Derivative assets — 1,767 — 1,767 Total assets $ — $ 1,767 $ 2,788,480 $ 2,790,247 Liabilities: Secured lending agreements $ — $ — $ 2,015,125 $ 2,015,125 Term lending agreement — — 134,518 134,518 Total liabilities $ — $ — $ 2,149,643 $ 2,149,643 December 31, 2024 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Commercial real estate loan investments $ — $ — $ 2,391,078 $ 2,391,078 Derivative assets — 4,064 — 4,064 Total assets $ — $ 4,064 $ 2,391,078 $ 2,395,142 Liabilities: Secured lending agreements $ — $ — $ 1,720,350 $ 1,720,350 Term lending agreements — — 134,518 134,518 Total liabilities $ — $ — $ 1,854,868 $ 1,854,868 Valuation of Commercial Real Estate Loan Investments The commercial loans are carried at fair value based on significant unobservable inputs. The following table shows a reconciliation of the beginning and ending fair value measurements of our commercial real estate loan investments: $ in thousands Three Months Ended March 31, 2025 Beginning Balance $ 2,391,078 Loan originations and fundings 384,706 Net unrealized gain (loss) 1,856 Foreign currency adjustments (1) 10,840 Ending Balance $ 2,788,480 (1) The foreign currency adjustment in the table above differs from the amount reflected in the condensed consolidated Statement of Comprehensive Income by approximately $16,000 relating to the translation of certain foreign commercial real estate loans that is included in the currency translation adjustment balance of comprehensive income. The following tables summarize the significant unobservable inputs used in the fair value measurement of our investments in commercial loans: March 31, 2025 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Commercial loans Discounted cash flow Discount rate 6.91% 5.59% - 12.07% 0.49 December 31, 2024 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Commercial loans Discounted cash flow Discount rate 7.16% 5.90% - 12.12% 0.56 (1) Based on expected cash flows and potential prepayments. The discount rate above is subject to change based on changes in economic and market conditions, in addition to changes in the underlying economics of the arrangement, such as changes in the underlying property valuation and debt service. These rates are also based on the location, type and nature of each underlying property and related industry publications. Changes in discount rates result in increases or decreases in the fair values of these investments. The discount rate encompasses, among other things, uncertainties in the valuation models with respect to the amount and timing of cash flows. It is not possible for us to predict the effect of future economic or market conditions based on our estimated fair values. Valuation of Revolving Credit Facility Given the uncertainty of future cash flows and our ability to prepay without penalty, we determined the fair value of our revolving credit facility to approximate par. The following table shows a reconciliation of the beginning and ending fair value measurements of our revolving credit facility: $ in thousands Three Months Ended March 31, 2025 Beginning Balance $ — Proceeds from revolving credit facility 135,000 Repayment of revolving credit facility (135,000) Net unrealized (gain) loss — Ending Balance $ — Valuation of Secured Financing Facilities We have entered into secured financing facilities to provide floating rate financing for our commercial real estate loan investments. Our secured financing facilities are carried at fair value based on significant unobservable inputs and are classified as Level 3. The following tables show a reconciliation of the beginning and ending fair value measurements of our secured financing facilities: Three Months Ended March 31, 2025 $ in thousands Secured Lending Agreements Term Lending Agreement Total Beginning Balance $ 1,720,350 $ 134,518 $ 1,854,868 Proceeds from secured financing facilities 286,301 — 286,301 Net unrealized (gain) loss (195) — (195) Unrealized foreign currency (gain) loss 8,669 — 8,669 Ending Balance $ 2,015,125 $ 134,518 $ 2,149,643 The following tables summarize the significant unobservable inputs used in the fair value measurement of our secured financing facilities: March 31, 2025 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Secured financing facilities Discounted cash flow Discount rate 6.09% 4.56% - 6.67% 0.48 December 31, 2024 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) Secured financing facilities Discounted cash flow Discount rate 6.20% 4.88% - 6.72% 0.56 (1) Based on expected cash flows and potential prepayments. The discount rate above is subject to change based on changes in economic and market conditions, in addition to changes in the underlying economics of the pledged commercial real estate loan, such as changes in the loan-to-value ratio, credit profile and debt service. These rates are also based on the location, type and nature of each pledged property underlying the commercial real estate loan and related industry publications. Changes in discount rates result in increases or decreases in the fair values of these investments. The discount rate encompasses, among other things, uncertainties in the valuation models with respect to the amount and timing of cash flows. It is not possible for us to predict the effect of future economic or market conditions based on our estimated fair values."]

{"sheet":"Accounts Payable, Accrued Expen","index":13,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Accounts Payable, Accrued Expenses and Other Liabilities","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Payables and Accruals [Abstract]"," "]
["Accounts Payable, Accrued Expenses and Other Liabilities","Accounts Payable, Accrued Expenses and Other Liabilities The following table details the components of accounts payable, accrued expenses and other liabilities as of March 31, 2025 and December 31, 2024. $ in thousands March 31, 2025 December 31, 2024 Accounts payable and accrued expenses $ 4,864 $ 2,073 Subscriptions paid in advance (1) 28,495 19,784 Accrued common stock repurchases — 55 Other liabilities 935 1,247 Total $ 34,294 $ 23,159 (1) Represents subscriptions received by our transfer agent prior to the date the subscriptions are effective."]

{"sheet":"Related Party Transactions","index":14,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Related Party Transactions","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Related Party Transactions [Abstract]"," "]
["Related Party Transactions","Related Party Transactions Due to Affiliates The following table details the components of due to affiliates as of March 31, 2025 and December 31, 2024. $ in thousands March 31, 2025 December 31, 2024 Advanced organizational, offering and operating expenses $ 13,379 $ 14,214 Reimbursable operating expenses 2,248 3,454 Adviser commitment fee payable 2,119 2,357 Stockholder servicing fees 12,360 8,503 Management fees 1,062 746 Performance fees 768 2,068 Total $ 31,936 $ 31,342 Advanced Organizational, Offering and Operating Expenses Under the terms of our Amended and Restated Advisory Agreement (“Advisory Agreement”), the Adviser advanced all of our organizational, offering and operating expenses (other than upfront selling commissions and ongoing stockholder servicing fees) incurred through May 31, 2024. Starting in December 2024, we began reimbursing the Adviser for these costs ratably over 52 months. As of March 31, 2025 , we owe the Adviser approximately $13.4 million (December 31, 2024: $14.2 million) for the remaining outstanding balance of the expenses advanced by the Adviser under this arrangement. Reimbursable Operating Expenses Operating expenses incurred by the Adviser on our behalf after May 31, 2024 are reimbursed quarterly to the Adviser, and the balance outstanding as of March 31, 2025 and December 31, 2024 is listed in the above table as “Reimbursable operating expenses.” Starting with the quarter ending June 30, 2025, we may not reimburse the Adviser at the end of any fiscal quarter for total operating expenses (as defined in the Advisory Agreement) that exceed the greater of 2% of average invested assets or 25% of net income determined without reduction for any non-cash reserves and excluding any gain from the sale of our assets for that period (the “2%/25% Guidelines”) for the four consecutive fiscal quarters then ended. We may reimburse the Adviser for operating expenses in excess of the 2%/25% Guidelines if a majority of our independent directors determines that such excess expenses are justified based on unusual and non-recurring factors. Adviser Commitment Fee Payable We charge a commitment fee to borrowers in connection with the origination of each new loan. The commitment fee is calculated as a percentage of the whole loan on a fully-funded basis, as determined by the Adviser at the time of origination. We pay the Adviser 50% (not to exceed 0.5% of the whole loan on a fully funded basis) of any commitment fee charged to borrowers in connection with each new loan as compensation for sourcing, structuring and negotiating the loan. The commitment fee income and related expense to the Adviser is reported as commitment fee income, net of related party expense on the condensed consolidated statements of comprehensive income. Stockholder Servicing Fees and Other Selling Commissions Invesco Distributors, Inc. (the “Dealer Manager”) is entitled to receive upfront selling commissions and stockholder servicing fees for Class S, Class S-1, Class D and Class D-1 shares sold in the Continuous Offering. The Dealer Manager reallows (pays) all or a portion of the stockholder servicing fees to participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers and will waive stockholder servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such service. We did not issue any Class D-1 shares as of March 31, 2025. We accrue the full amount of stockholder servicing fees payable as an offering cost at the time each Class S, Class S-1, Class D and Class D-1 share is sold during the Continuous Offering. The following table summarizes stockholder servicing fees paid for the period ended March 31, 2025 and the year ended December 31, 2024. $ in thousands Class S Class S-1 Shares Class D Class D-1 Shares For the period ended March 31, 2025 $ — $ 435 $ — $ — For the year ended December 31, 2024 $ 1 $ 761 $ — $ — The following table summarizes the upfront selling commissions for each class of shares payable at the time of subscription and the stockholder servicing fee we pay the Dealer Manager on an annualized basis as a percentage of the NAV for such class: Class S Class S-1 Shares Class D Class D -1 Class I Class E Class F Maximum Upfront Selling Commissions up to 3.5% up to 3.5% up to 1.5% up to 1.5% — — — Stockholder Servicing Fee 0.85% 0.85% 0.25% 0.25% — — — We will cease paying the stockholder servicing fee with respect to any Class S or Class D share held in a stockholder’s account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total upfront selling commissions and stockholder servicing fees paid with respect to the shares held by the stockholder would exceed, in the aggregate, 8.75% of the gross proceeds (7.75% for clients of certain participating broker dealers) from the sale of such shares (including the gross proceeds of any shares issued under our distribution reinvestment plan upon the reinvestment of distributions paid with respect thereto or with respect to any shares issued under our distribution reinvestment plan). At the end of such month, such Class S or Class D share will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such share. Such servicing fee limit does not apply to the Class S-1 and Class D-1 shares. Management Fee and Performance Fee Under the terms of our Advisory Agreement, we pay the Adviser a management fee equal to 1.0% per annum of NAV, calculated monthly before giving effect to any accruals for the management fee, stockholder servicing fees, performance fees or any distributions with respect to our Class S, Class S-1, Class D, Class D-1 and Class I shares. We also pay the Adviser a performance fee equal to 10% of our “Performance Fee Income” with respect to our Class S, Class S-1, Class D, Class D-1 and Class I shares. We will not pay the Adviser a management fee with respect to our Class F shares. We will pay the Adviser a performance fee with respect to the Class F shares. The Class F performance fee payable with respect to each calendar year will be an amount equal to 10% of the excess of Performance Fee Income allocable to Class F shares over a 6% annualized return on the Class F NAV per share. No performance fee is payable if the Performance Fee Income allocable to Class F is below the annualized 6% return in any calendar year or for a rolling two-year period. We will not pay the Adviser a management or performance fee with respect to our Class E shares. Performance Fee Income with respect to each class of common shares subject to a performance fee means the net income (determined in accordance with U.S. GAAP) allocable to such class of common shares subject to adjustment as defined under the terms of our Advisory Agreement. During the period that the Adviser advanced our organizational, offering and operating expenses, net income for purposes of the performance fee calculation excluded these advanced expenses. After the period that the Adviser advanced our organizational, offering and operating expenses, net income for purposes of the performance fee calculation includes previously advanced expenses that are to be repaid to the Adviser during the period. We will not pay the Adviser a performance fee with respect to any class of shares that has a negative total return per share for the calendar year, and the Advisory Agreement does not prohibit the Adviser from entering into economic or other arrangements with other persons. For purposes of the performance fee calculation, total return per share is defined as an amount equal to: (i) the cumulative distributions per share accrued with respect to such class of common shares since the beginning of the calendar year plus (ii) the change in NAV per share of such class of common shares since the beginning of the calendar year, prior to giving effect to (y) any accrual for performance fees with respect to such class of common shares or (z) any applicable stockholder servicing fees. The management fee and the performance fee are payable in cash or Class E shares at the option of the Adviser. Management fees and performance fees began to accrue on March 1, 2024. Management fees are accrued monthly and paid quarterly in arrears and performance fees are paid annually. During the three months ended March 31, 2025, we incurred management fees of $1.1 million of which $1.1 million is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of March 31, 2025. During the three months ended March 31, 2025, we incurred performance fees of $768,000, of which $768,000 is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of March 31, 2025. During the three months ended March 31, 2025, we issued 29,300 and 81,185 Class E Redeemable Common Stock shares as payment for the management fees and performance fees earned, respectively. The shares issued to the Adviser for payment of the management fee and performance fee were issued at the applicable NAV per share at the end of each quarter for which the fees were earned. The current term of our Advisory Agreement expires on March 31, 2026. The Advisory Agreement is subject to automatic renewals for successive one-year periods unless otherwise terminated in accordance with the provisions of the agreement. If the Advisory Agreement is terminated, the Adviser will be entitled to receive its prorated management fee and performance fee owed through the date of termination. If we elect not to renew our Advisory Agreement based on unsatisfactory performance and not for cause, we owe our Adviser a termination fee equal to three times the sum of our average annual management fee during the 24-month period before termination, calculated as of the end of the most recently completed fiscal quarter. Our Adviser is subject to the supervision and oversight of our board of directors and has only such functions and authority as we delegate to it. The Adviser and its affiliates provide us with our management team, including our officers and appropriate support personnel. Each of our officers is an employee of the Adviser or one of its affiliates. We do not have any employees. We incurred $602,000 of costs for support personnel provided by the Adviser for the three months ended March 31, 2025 that are recorded as a component of due to affiliates on our condensed consolidated balance sheets and as general and administrative expenses on our condensed consolidated statements of comprehensive income. During the three months ended March 31, 2024, we incurred $232,000, of costs for support personnel provided by the Adviser. Related Party Share Ownership The tables below summarize the number of shares and the total purchase price of the shares owned by affiliates as of March 31, 2025 and as of December 31, 2024. March 31, 2025 $ in thousands, except share amounts Class S Shares Class S-1 Shares Class D Shares Class D-1 Shares Class I Shares Class E Shares Class F Shares Total Purchase Price Invesco Realty, Inc. (1) 1,196,923 — 1,197,628 — 1,194,434 1,189,256 — $ 120,000 Invesco Advisers, Inc. (2) — — — — — 146,422 — 3,722 Members of our board of directors (3) — — — — — 25,793 — 658 Total 1,196,923 — 1,197,628 — 1,194,434 1,361,471 — $ 124,380 (1) Shares issued to Invesco Realty, Inc. are governed by the terms of the Invesco Subscription Agreement and classified as redeemable common shares on our condensed consolidated balance sheets. See Note 9 - “ Redeemable Common Stock - Related Party ” for further information. (2) Shares issued to Invesco Advisers, Inc. are governed by the terms of our Advisory Agreement and classified as redeemable common shares on our condensed consolidated balance sheets. See Note 9 - “ Redeemable Common Stock - Related Party ” for further information. (3) Represents shares issued to members of our board of directors, including stock awards under our Share-Based Compensation Plan. December 31, 2024 $ in thousands, except share amounts Class S Shares Class S-1 Shares Class D Shares Class D-1 Shares Class I Shares Class E Shares Class F Shares Total Purchase Price Invesco Realty, Inc. (1) 1,496,143 — 1,497,041 — 1,492,906 1,483,196 — $ 150,000 Invesco Advisers, Inc. (2) — — — — — 35,937 — 908 Members of our board of directors (3) — — — — — 25,416 — 646 Total 1,496,143 — 1,497,041 — 1,492,906 1,544,549 — $ 151,554 "]

{"sheet":"Redeemable Common Stock - Relat","index":15,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Redeemable Common Stock - Related Party","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Temporary Equity Disclosure [Abstract]"," "]
["Redeemable Common Stock - Related Party","Redeemable Common Stock - Related Party Invesco Realty, Inc. (“Invesco Realty”), an affiliate of Invesco, has committed to purchase up to $300.0 million in shares of our common stock (the “Invesco Subscription Agreement”). We may call $150.0 million in capital under the Invesco Subscription Agreement in one or more closings through March 23, 2028. We may also call up to $150.0 million in additional capital (for a total of $300.0 million) if needed to avoid triggering any concentration limit imposed by a third party in connection with its distribution or placement of our shares or for purposes of repaying indebtedness drawn on the revolving credit facility. As of March 31, 2025, we had called $120.0 million of the total $300.0 million. The remaining uncalled amount serves as collateral for the revolving credit facility. Invesco Realty may not submit its shares for repurchase under the share repurchase plan described in Note 10 - “Stockholders’ Equity” until the earlier of March 23, 2028 and the date that our aggregate NAV is at least $1.5 billion. We can only accept a repurchase request from Invesco Realty after all requests from unaffiliated stockholders have been fulfilled. We may elect to repurchase all or any portion of the shares acquired by Invesco Realty at any time at a per share price equal to the most recently determined NAV per share for each class (or another transaction price we believe reflects the NAV per share more appropriately than the prior month’s NAV per share). The Adviser or its affiliate must continue to hold at least $200,000 in shares for so long as Invesco or any affiliate thereof serves as our external adviser. As discussed in Note 8 - “Related Party Transactions”, our management and performance fees are payable in cash or Class E shares at the option of the Adviser. Because the Adviser may elect to have the Company repurchase shares issued as payment for management fees or performance fees, we classify these shares as redeemable common stock. Class E shares issued to the Adviser as payment for management or performance fees are not subject to the repurchase limits of the Company’s share repurchase plan described in Note 10 - “Stockholders’ Equity,” any lockup period applicable to the Adviser, or any reduction penalty for an early repurchase. The Adviser also has the option to exchange Class E shares issued as payment for management or performance fees for Class S, Class S-1, Class D, Class D-1, Class F, or Class I shares. During the three months ended March 31, 2025, we issued 29,300 and 81,185 Class E shares to the Adviser as payment for management fees and performance fees payable as of December 31, 2024, respectively. The following tables summarize the changes in redeemable common stock for the three months ended March 31, 2025 and 2024: $ in thousands Class S Redeemable Common Stock Class D Redeemable Common Stock Class I Redeemable Common Stock Class E Redeemable Common Stock Total Redeemable Common Stock Balance as of December 31, 2024 $ 37,554 $ 37,554 $ 37,565 $ 38,694 $ 151,367 Issuance of redeemable common stock — — — 2,814 2,814 Repurchase of redeemable common stock (7,500) (7,500) (7,500) (7,500) (30,000) Adjustment to carrying value of redeemable common stock (4) (5) (1) 170 160 Balance as of March 31, 2025 $ 30,050 $ 30,049 $ 30,064 $ 34,178 $ 124,341 $ in thousands Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares Total Redeemable Common Stock Balance as of December 31, 2023 $ 26,335 $ 26,335 $ 26,335 $ 26,335 $ 105,340 Issuance of redeemable common stock — — — — — Adjustment to carrying value of redeemable common stock — — — — — Balance as of March 31, 2024 $ 26,335 $ 26,335 $ 26,335 $ 26,335 $ 105,340 The following tables summarize the changes in our outstanding shares of redeemable common stock shares for the three months ended March 31, 2025 and 2024: Class S Redeemable Common Class D Redeemable Common Class I Redeemable Common Class E Redeemable Common Total Redeemable Common Stock Outstanding Shares as of December 31, 2024 1,496,143 1,497,041 1,492,906 1,519,133 6,005,223 Issuance of redeemable common stock — — — 110,485 110,485 Repurchase of redeemable common stock (299,220) (299,413) (298,472) (293,940) (1,191,045) Outstanding Shares as of March 31, 2025 1,196,923 1,197,628 1,194,434 1,335,678 4,924,663 Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares Total Redeemable Common Stock Outstanding Shares as of December 31, 2023 1,052,487 1,052,487 1,052,487 1,052,464 4,209,925 Issuance of redeemable common stock — — — — — Outstanding Shares as of March 31, 2024 1,052,487 1,052,487 1,052,487 1,052,464 4,209,925 Stockholders’ Equity Stapled Unit Offerings of Preferred and Common Stock On January 31, 2025, we redeemed all 111 Stapled Units and 117 New Stapled Units issued and outstanding. Each Stapled Unit consists of one share of 12.5% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), one Class S Share, one Class D Share and one Class I Share. Each New Stapled Unit consists of one share of Series A Preferred Stock and one Class S-1 Share. The cash redemption price for each share of stapled common stock was the NAV per share for the applicable share class as of December 31, 2024. Through the redemption of all Stapled Units and New Stapled Units, we redeemed all 228 issued and outstanding shares of our Series A Preferred Stock for approximately $232,000, plus accrued and unpaid dividends. The cash redemption price for each share of Series A Preferred Stock was $1,000. The excess of the consideration transferred over carrying value was accounted for as a deemed dividend and resulted in a reduction of approximately $27,000 in net income (loss) attributable to common stockholders for the three months ended March 31, 2025. Prior to redemption, holders of our Series A Preferred Stock were entitled to receive dividends at an annual rate of 12.5% of the liquidation preference of $1,000 per share or $125.00 per share per annum. Common Stock The table below summarizes changes in our outstanding shares of common stock for the three months ended March 31, 2025 and 2024. We did not issue any Class D-1 Shares as of March 31, 2025. Three Months Ended March 31, 2025 Class S Class S-1 Shares Class D Class D-1 Class I Class E Class F Shares Total Total Outstanding Shares as of December 31, 2024 1,502,214 7,226,062 1,499,147 — 4,171,608 1,635,105 8,218,258 24,252,394 Issuance of common stock to unaffiliated stockholders 3,969 3,261,421 8,211 — 1,088,268 8,244 — 4,370,113 Common stock distribution reinvestment — 98,095 99 — 36,810 1,370 161,371 297,745 Issuance of redeemable common shares (1) — — — — — 110,485 — 110,485 Repurchase of common stock (111) (21,833) (111) — (8,678) — — (30,733) Repurchase of redeemable common stock (299,220) — (299,413) — (298,472) (293,940) — (1,191,045) Total Outstanding Shares as of March 31, 2025 1,206,852 10,563,745 1,207,933 — 4,989,536 1,461,264 8,379,629 27,808,959 (1) Consists of shares issued to an Invesco affiliate for the payment of management fees and performance fees that are classified as redeemable common stock. See Note 9 - “Redeemable Common Stock - Related Party”. Three Months Ended March 31, 2024 Class S Class S-1 Shares Class D Class I Class E Class F Shares Total Total Outstanding Shares as of December 31, 2023 1,052,598 1,054,174 1,052,598 1,383,506 1,067,805 — 5,610,681 Issuance of common stock to unaffiliated stockholders — 1,467,311 — 656,221 57,994 — 2,181,526 Common stock distribution reinvestment — 21,860 — 8,245 622 — 30,727 Total Outstanding Shares as of March 31, 2024 1,052,598 2,543,345 1,052,598 2,047,972 1,126,421 — 7,822,934 Distributions We are generally required to distribute at least 90% our taxable income to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Taxable income does not necessarily equal net income as calculated in accordance with U.S. GAAP. For the three months ended March 31, 2025 and 2024, we declared distributions of $12.9 million and $6.3 million, respectively. We accrued $4.3 million for distributions payable, of which $788,000 was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of March 31, 2025. We accrued $3.8 million for distributions payable, of which $1.0 million was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of December 31, 2024. The tables below detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2025 and March 31, 2024: Three Months Ended March 31, 2025 Class S Class S-1 Class D Class D-1 Shares (1) Class I Class E Class F Aggregate distribution declared per share $ 0.5000 $ 0.5000 $ 0.5000 $ — $ 0.5000 $ 0.5000 $ 0.5000 Stockholder servicing fee per share (0.0003) (0.0528) — — — — — Net distribution declared per share $ 0.4997 $ 0.4472 $ 0.5000 $ — $ 0.5000 $ 0.5000 $ 0.5000 Three Months Ended March 31, 2024 Class S Class S-1 Class D Class I Class E Class F Shares (3) Aggregate distribution declared per share $ 0.8600 $ 0.8600 $ 0.8600 $ 0.8600 $ 0.8600 $ — Stockholder servicing fee per share — (0.0534) — — — — Net distribution declared per share $ 0.8600 $ 0.8066 $ 0.8600 $ 0.8600 $ 0.8600 $ — Share Repurchase Plan We have adopted a share repurchase plan for our common stock. On a monthly basis, our stockholders may request that we repurchase all or any portion of their shares. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to any limitations in the share repurchase plan. Class F stockholders may not participate in our share repurchase plan until the earlier of (i) the date our NAV reaches $1.5 billion and (ii) March 23, 2028. However, Class F stockholders are entitled to request that we repurchase their shares in the event that there is a key person event or a material strategy change as defined in the terms of the Class F subscription agreement. During the three months ended March 31, 2025, we fulfilled all requests under the share repurchase plan and repurchased 30,733 shares of common stock. For the three months ended March 31, 2024, we did not repurchase any shares under the share repurchase plan. Distribution Reinvestment Plan "]

{"sheet":"Stockholders_ Equity","index":16,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Stockholders’ Equity","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Equity [Abstract]"," "]
["Stockholders’ Equity","Redeemable Common Stock - Related Party Invesco Realty, Inc. (“Invesco Realty”), an affiliate of Invesco, has committed to purchase up to $300.0 million in shares of our common stock (the “Invesco Subscription Agreement”). We may call $150.0 million in capital under the Invesco Subscription Agreement in one or more closings through March 23, 2028. We may also call up to $150.0 million in additional capital (for a total of $300.0 million) if needed to avoid triggering any concentration limit imposed by a third party in connection with its distribution or placement of our shares or for purposes of repaying indebtedness drawn on the revolving credit facility. As of March 31, 2025, we had called $120.0 million of the total $300.0 million. The remaining uncalled amount serves as collateral for the revolving credit facility. Invesco Realty may not submit its shares for repurchase under the share repurchase plan described in Note 10 - “Stockholders’ Equity” until the earlier of March 23, 2028 and the date that our aggregate NAV is at least $1.5 billion. We can only accept a repurchase request from Invesco Realty after all requests from unaffiliated stockholders have been fulfilled. We may elect to repurchase all or any portion of the shares acquired by Invesco Realty at any time at a per share price equal to the most recently determined NAV per share for each class (or another transaction price we believe reflects the NAV per share more appropriately than the prior month’s NAV per share). The Adviser or its affiliate must continue to hold at least $200,000 in shares for so long as Invesco or any affiliate thereof serves as our external adviser. As discussed in Note 8 - “Related Party Transactions”, our management and performance fees are payable in cash or Class E shares at the option of the Adviser. Because the Adviser may elect to have the Company repurchase shares issued as payment for management fees or performance fees, we classify these shares as redeemable common stock. Class E shares issued to the Adviser as payment for management or performance fees are not subject to the repurchase limits of the Company’s share repurchase plan described in Note 10 - “Stockholders’ Equity,” any lockup period applicable to the Adviser, or any reduction penalty for an early repurchase. The Adviser also has the option to exchange Class E shares issued as payment for management or performance fees for Class S, Class S-1, Class D, Class D-1, Class F, or Class I shares. During the three months ended March 31, 2025, we issued 29,300 and 81,185 Class E shares to the Adviser as payment for management fees and performance fees payable as of December 31, 2024, respectively. The following tables summarize the changes in redeemable common stock for the three months ended March 31, 2025 and 2024: $ in thousands Class S Redeemable Common Stock Class D Redeemable Common Stock Class I Redeemable Common Stock Class E Redeemable Common Stock Total Redeemable Common Stock Balance as of December 31, 2024 $ 37,554 $ 37,554 $ 37,565 $ 38,694 $ 151,367 Issuance of redeemable common stock — — — 2,814 2,814 Repurchase of redeemable common stock (7,500) (7,500) (7,500) (7,500) (30,000) Adjustment to carrying value of redeemable common stock (4) (5) (1) 170 160 Balance as of March 31, 2025 $ 30,050 $ 30,049 $ 30,064 $ 34,178 $ 124,341 $ in thousands Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares Total Redeemable Common Stock Balance as of December 31, 2023 $ 26,335 $ 26,335 $ 26,335 $ 26,335 $ 105,340 Issuance of redeemable common stock — — — — — Adjustment to carrying value of redeemable common stock — — — — — Balance as of March 31, 2024 $ 26,335 $ 26,335 $ 26,335 $ 26,335 $ 105,340 The following tables summarize the changes in our outstanding shares of redeemable common stock shares for the three months ended March 31, 2025 and 2024: Class S Redeemable Common Class D Redeemable Common Class I Redeemable Common Class E Redeemable Common Total Redeemable Common Stock Outstanding Shares as of December 31, 2024 1,496,143 1,497,041 1,492,906 1,519,133 6,005,223 Issuance of redeemable common stock — — — 110,485 110,485 Repurchase of redeemable common stock (299,220) (299,413) (298,472) (293,940) (1,191,045) Outstanding Shares as of March 31, 2025 1,196,923 1,197,628 1,194,434 1,335,678 4,924,663 Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares Total Redeemable Common Stock Outstanding Shares as of December 31, 2023 1,052,487 1,052,487 1,052,487 1,052,464 4,209,925 Issuance of redeemable common stock — — — — — Outstanding Shares as of March 31, 2024 1,052,487 1,052,487 1,052,487 1,052,464 4,209,925 Stockholders’ Equity Stapled Unit Offerings of Preferred and Common Stock On January 31, 2025, we redeemed all 111 Stapled Units and 117 New Stapled Units issued and outstanding. Each Stapled Unit consists of one share of 12.5% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”), one Class S Share, one Class D Share and one Class I Share. Each New Stapled Unit consists of one share of Series A Preferred Stock and one Class S-1 Share. The cash redemption price for each share of stapled common stock was the NAV per share for the applicable share class as of December 31, 2024. Through the redemption of all Stapled Units and New Stapled Units, we redeemed all 228 issued and outstanding shares of our Series A Preferred Stock for approximately $232,000, plus accrued and unpaid dividends. The cash redemption price for each share of Series A Preferred Stock was $1,000. The excess of the consideration transferred over carrying value was accounted for as a deemed dividend and resulted in a reduction of approximately $27,000 in net income (loss) attributable to common stockholders for the three months ended March 31, 2025. Prior to redemption, holders of our Series A Preferred Stock were entitled to receive dividends at an annual rate of 12.5% of the liquidation preference of $1,000 per share or $125.00 per share per annum. Common Stock The table below summarizes changes in our outstanding shares of common stock for the three months ended March 31, 2025 and 2024. We did not issue any Class D-1 Shares as of March 31, 2025. Three Months Ended March 31, 2025 Class S Class S-1 Shares Class D Class D-1 Class I Class E Class F Shares Total Total Outstanding Shares as of December 31, 2024 1,502,214 7,226,062 1,499,147 — 4,171,608 1,635,105 8,218,258 24,252,394 Issuance of common stock to unaffiliated stockholders 3,969 3,261,421 8,211 — 1,088,268 8,244 — 4,370,113 Common stock distribution reinvestment — 98,095 99 — 36,810 1,370 161,371 297,745 Issuance of redeemable common shares (1) — — — — — 110,485 — 110,485 Repurchase of common stock (111) (21,833) (111) — (8,678) — — (30,733) Repurchase of redeemable common stock (299,220) — (299,413) — (298,472) (293,940) — (1,191,045) Total Outstanding Shares as of March 31, 2025 1,206,852 10,563,745 1,207,933 — 4,989,536 1,461,264 8,379,629 27,808,959 (1) Consists of shares issued to an Invesco affiliate for the payment of management fees and performance fees that are classified as redeemable common stock. See Note 9 - “Redeemable Common Stock - Related Party”. Three Months Ended March 31, 2024 Class S Class S-1 Shares Class D Class I Class E Class F Shares Total Total Outstanding Shares as of December 31, 2023 1,052,598 1,054,174 1,052,598 1,383,506 1,067,805 — 5,610,681 Issuance of common stock to unaffiliated stockholders — 1,467,311 — 656,221 57,994 — 2,181,526 Common stock distribution reinvestment — 21,860 — 8,245 622 — 30,727 Total Outstanding Shares as of March 31, 2024 1,052,598 2,543,345 1,052,598 2,047,972 1,126,421 — 7,822,934 Distributions We are generally required to distribute at least 90% our taxable income to our stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Taxable income does not necessarily equal net income as calculated in accordance with U.S. GAAP. For the three months ended March 31, 2025 and 2024, we declared distributions of $12.9 million and $6.3 million, respectively. We accrued $4.3 million for distributions payable, of which $788,000 was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of March 31, 2025. We accrued $3.8 million for distributions payable, of which $1.0 million was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of December 31, 2024. The tables below detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2025 and March 31, 2024: Three Months Ended March 31, 2025 Class S Class S-1 Class D Class D-1 Shares (1) Class I Class E Class F Aggregate distribution declared per share $ 0.5000 $ 0.5000 $ 0.5000 $ — $ 0.5000 $ 0.5000 $ 0.5000 Stockholder servicing fee per share (0.0003) (0.0528) — — — — — Net distribution declared per share $ 0.4997 $ 0.4472 $ 0.5000 $ — $ 0.5000 $ 0.5000 $ 0.5000 Three Months Ended March 31, 2024 Class S Class S-1 Class D Class I Class E Class F Shares (3) Aggregate distribution declared per share $ 0.8600 $ 0.8600 $ 0.8600 $ 0.8600 $ 0.8600 $ — Stockholder servicing fee per share — (0.0534) — — — — Net distribution declared per share $ 0.8600 $ 0.8066 $ 0.8600 $ 0.8600 $ 0.8600 $ — Share Repurchase Plan We have adopted a share repurchase plan for our common stock. On a monthly basis, our stockholders may request that we repurchase all or any portion of their shares. We may choose, in our discretion, to repurchase all, some or none of the shares that have been requested to be repurchased at the end of any month, subject to any limitations in the share repurchase plan. Class F stockholders may not participate in our share repurchase plan until the earlier of (i) the date our NAV reaches $1.5 billion and (ii) March 23, 2028. However, Class F stockholders are entitled to request that we repurchase their shares in the event that there is a key person event or a material strategy change as defined in the terms of the Class F subscription agreement. During the three months ended March 31, 2025, we fulfilled all requests under the share repurchase plan and repurchased 30,733 shares of common stock. For the three months ended March 31, 2024, we did not repurchase any shares under the share repurchase plan. Distribution Reinvestment Plan "]

{"sheet":"Earnings per Common Share","index":17,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Earnings per Common Share","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Earnings Per Share [Abstract]"," "]
["Earnings per Common Share","Earnings per Common Share Earnings per share for the three months ended March 31, 2025 and 2024 is computed as presented in the table below. For the Three Months Ended $ in thousands, except share and per share amounts March 31, 2025 March 31, 2024 Net income (loss) available to common stockholders $ 11,635 $ 4,680 Weighted average common shares outstanding 27,233,292 7,183,194 Effect of dilutive restricted stock awards 76 583 Diluted weighted average common shares outstanding 27,233,368 7,183,777 Earnings (loss) per share: Basic $ 0.43 $ 0.65 Diluted $ 0.43 $ 0.65 "]

{"sheet":"Commitments and Contingencies","index":18,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Commitments and Contingencies","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Commitments and Contingencies Disclosure [Abstract]"," "]
["Commitments and Contingencies","Commitments and Contingencies Commitments and contingencies may arise in the ordinary course of business. As of March 31, 2025, we had unfunded commitments of $338.0 million for certain of our commercial real estate loan investments. The unfunded commitments consist of funding for leasing costs, interest reserves and capital expenditures. Funding depends on timing of lease-up, renovation and capital improvements as well as satisfaction of certain cash flow tests. Therefore, the exact timing and amounts of such future loan fundings are uncertain. We expect to fund our loan commitments over the weighted average remaining term of the related loans of 1.97 years. We have also committed to pay counterparty legal, diligence and other fees in connection with new financing facilities in the ordinary course of business. From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of March 31, 2025, the Company was not involved in any material legal proceedings."]

{"sheet":"Segment Reporting","index":19,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Segment Reporting","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Segment Reporting [Abstract]"," "]
["Segment Reporting","Segment Reporting"]

{"sheet":"Subsequent Events","index":20,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Subsequent Events","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Subsequent Events [Abstract]"," "]
["Subsequent Events","Subsequent Events Stockholders’ Equity Subsequent to March 31, 2025, we issued the following shares of common stock: $ in thousands except share amounts Shares Issued to Third-Parties Shares Issued to Affiliates (1)(2) DRP Shares (3) Class S 120,596 — 25 Class S-1 2,047,862 — 40,124 Class D — — 66 Class D-1 — — — Class I 1,112,073 — 14,177 Class E 5,671 41,491 485 Class F — — 52,204 Total 3,286,202 41,491 107,081 Total net proceeds (4) $ 82,703 $ — $ 2,721 (1) Affiliates include related parties discussed in Note 8 - “Related Party Transactions”. (2) Includes 41,491 Class E shares issued to our Adviser as payment for management fees for total consideration of $1.1 million, which is excluded from Total net proceeds. (3) Represents shares issued under our distribution reinvestment plan. (4) With respect to DRP Shares, Total net proceeds represents total value of shares issued under our distribution reinvestment plan. INCREF 2025-FL1 CLO "]

{"sheet":"Pay vs Performance Disclosure","index":21,"n_rows":4,"n_cols":3,"rows_kept":4,"merged":[[0,0,1,0],[0,1,0,2]]}
["Pay vs Performance Disclosure - USD ($) $ in Thousands","3 Months Ended"]
[null,"Mar. 31, 2025","Mar. 31, 2024"]
["Pay vs Performance Disclosure"," "," "]
["Net income (loss)",{"v":11664,"d":"$ 11,664"},{"v":4687,"d":"$ 4,687"}]

{"sheet":"Insider Trading Arrangements","index":22,"n_rows":7,"n_cols":2,"rows_kept":7,"merged":[[0,0,1,0]]}
["Insider Trading Arrangements","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Trading Arrangements, by Individual"," "]
["Rule 10b5-1 Arrangement Adopted","false"]
["Non-Rule 10b5-1 Arrangement Adopted","false"]
["Rule 10b5-1 Arrangement Terminated","false"]
["Non-Rule 10b5-1 Arrangement Terminated","false"]

{"sheet":"Summary of Significant Accoun_2","index":23,"n_rows":5,"n_cols":2,"rows_kept":5,"merged":[[0,0,1,0]]}
["Summary of Significant Accounting Policies (Policies)","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Accounting Policies [Abstract]"," "]
["Basis of Presentation and Consolidation","Basis of Presentation and Consolidation Certain disclosures included in our Annual Report on Form 10-K are not required to be included on an interim basis in our quarterly reports on Form 10-Q. We have condensed or omitted these disclosures. Therefore, this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024."]
["Use of Estimates","Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Examples of estimates may include, but are not limited to, estimates of the fair values of financial instruments and estimated payment periods for certain stockholder servicing fee liabilities. Actual results may differ from those estimates."]

{"sheet":"Commercial Real Estate Loan I_2","index":24,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Commercial Real Estate Loan Investments (Tables)","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Fair Value Disclosures [Abstract]"," "]
["Schedule of Investments in Commercial Real Estate Loans","The table below summarizes our investments in commercial real estate loans as of March 31, 2025 and December 31, 2024. $ in thousands Loan Type Loan Amount (1) Principal Balance Outstanding Fair Value Weighted Average Interest Rate (2) Weighted Average Life (years) (3) March 31, 2025 Senior loans (4) $ 3,093,858 $ 2,774,431 $ 2,777,005 7.21 % 4.14 Mezzanine loans 30,000 11,475 11,475 12.08 % 4.59 Total $ 3,123,858 $ 2,785,906 $ 2,788,480 7.23 % 4.14 December 31, 2024 Senior loans (4) $ 2,658,628 $ 2,385,124 $ 2,385,840 7.37 % 4.26 Mezzanine loans 30,000 5,238 5,238 12.23 % 4.84 Total $ 2,688,628 $ 2,390,362 $ 2,391,078 7.38 % 4.27 (1) Loan amount consists of outstanding principal balance plus unfunded loan commitments. (2) Domestic loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. Euro denominated loans earn interest at three-month Euro Interbank Offered Rate (“Euribor”) plus a spread. Our loan denominated in British pounds sterling earns interest at three-month Sterling Overnight Index Average (“SONIA”) plus a spread. (3) Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions, as defined in the respective loan agreement. (4) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and accommodation mezzanine loans in connection with the senior mortgage financing. The tables below detail the property type and geographic location of the properties securing our commercial real estate loans as of March 31, 2025 and December 31, 2024. $ in thousands March 31, 2025 December 31, 2024 Property Type Fair Value Percentage Fair Value Percentage Multifamily $ 1,315,929 47.2 % $ 1,252,147 52.4 % Industrial 1,085,677 38.9 % 1,042,720 43.6 % Self-storage 111,016 4.0 % 96,211 4.0 % Student housing 275,858 9.9 % — — % Total $ 2,788,480 100.0 % $ 2,391,078 100.0 % $ in thousands March 31, 2025 December 31, 2024 Geographic Location Fair Value Percentage Fair Value Percentage United States: West $ 871,985 31.2 % $ 738,754 30.7 % South 694,464 24.9 % 520,733 21.8 % East 759,863 27.3 % 688,518 28.8 % Midwest 37,363 1.3 % 30,331 1.3 % Various U.S. (1) 129,628 4.6 % 128,334 5.4 % Total $ 2,493,303 89.3 % $ 2,106,670 88.0 % Europe: France (2) $ 88,550 3.2 % $ 85,019 3.6 % Spain (2) 99,111 3.6 % 95,159 4.0 % United Kingdom (3) 107,516 3.9 % 104,230 4.4 % Total $ 295,177 10.7 % $ 284,408 12.0 % Total $ 2,788,480 100.0 % $ 2,391,078 100.0 % (1) Various U.S. includes self-storage and industrial portfolios with multiple locations throughout the United States. (2) Our European loans that are collateralized by industrial commercial real estate in France and Spain are denominated in Euros and have a fair value of €81.8 million and €91.6 million, respectively, as of March 31, 2025. (3) Our European loan that is collateralized by industrial commercial real estate in the United Kingdom is denominated in British pounds sterling and has a fair value of £83.1 million as of March 31, 2025."]

{"sheet":"Borrowings (Tables)","index":25,"n_rows":6,"n_cols":2,"rows_kept":6,"merged":[[0,0,1,0]]}
["Borrowings (Tables)","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Debt Disclosure [Abstract]"," "]
["Schedule of Debt","The table below summarizes our borrowing arrangements as of March 31, 2025 and December 31, 2024. Our borrowing arrangements include secured lending and term lending agreements (collectively, our “secured financing facilities”) and a revolving credit facility. March 31, 2025 December 31, 2024 $ in thousands Current Maturity Extension Options (1) Weighted Average Interest Rate (2) Maximum Facility Size Available Capacity Amount Outstanding Fair Value Amount Outstanding Fair Value Term Lending Agreement INCREF Lending II Match-term Match-term 6.61% $ 300,000 $ 165,482 $ 134,518 $ 134,518 $ 134,518 $ 134,518 Secured Lending Agreements Term Financing INCREF Lending I Oct 2026 Oct 2029 6.33% 837,517 108,806 728,711 728,790 722,672 722,796 Repurchase Agreements Morgan Stanley Bank (3) May 2026 May 2027 6.59% 500,000 154,114 345,886 345,887 342,009 342,079 Citibank Sep 2026 Sep 2028 5.65% 500,000 215,008 284,992 285,266 276,323 276,653 Barclays (3) Apr 2027 Apr 2029 6.23% 500,000 300,695 199,305 199,314 199,305 199,326 Wells Fargo May 2026 May 2029 6.15% 300,000 31,276 268,724 268,744 179,462 179,496 Bank of Montreal (3) Jul 2025 Jul 2028 —% 25,000 25,000 — — — — Capital One (3) Feb 2027 Feb 2030 5.85% 250,000 62,876 187,124 187,124 N/A N/A Total secured financing facilities $ 3,212,517 $ 1,063,257 $ 2,149,260 $ 2,149,643 $ 1,854,289 $ 1,854,868 Revolving Credit Facility (4) 8.26% $ 135,000 $ 135,000 $ — $ — $ — $ — (1) Assumes all available extension options are exercised. (2) Represents the weighted average interest rate in effect as of March 31, 2025 . (3) Certain extension options for these facilities are subject to lender approval and compliance with certain financial and administrative covenants. (4) Maturity date is aligned with the Company’s ability to call remaining outstanding capital committed under the Invesco Subscription Agreement, as further explained below."]
["Schedule of Net Exposure With Counterparties Where Amount At Risk Exceeded 10.0% of Stockholders’ Equity","The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of stockholders’ equity as of March 31, 2025 and December 31, 2024. $ in thousands Outstanding Principal Net Counterparty Exposure Weighted Average Life (Years) (1) March 31, 2025 Morgan Stanley Bank $ 345,886 $ 99,155 2.15 Citibank 1,013,703 260,398 4.26 Wells Fargo 268,724 72,693 4.15 Capital One 187,124 88,734 4.88 Total $ 1,815,437 $ 520,980 3.90 December 31, 2024 Morgan Stanley Bank $ 342,009 $ 101,931 2.40 Citibank 998,995 260,459 4.51 Barclays 199,305 51,591 4.32 Wells Fargo 179,462 48,058 4.39 Total $ 1,719,771 $ 462,039 4.05"]
["Schedule of Maturities of Long-Term Debt","The following table shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of March 31, 2025: $ in thousands Secured Lending Agreements (1) Term Lending Agreement (1) Total Year 2025 (remaining) $ — $ — $ — 2026 — — — 2027 345,886 — 345,886 2028 284,992 — 284,992 2029 1,196,740 124,182 1,320,922 2030 187,124 10,336 197,460 Thereafter — — — Total $ 2,014,742 $ 134,518 $ 2,149,260 "]

{"sheet":"Derivatives and Hedging Activ_2","index":26,"n_rows":6,"n_cols":2,"rows_kept":6,"merged":[[0,0,1,0]]}
["Derivatives and Hedging Activities (Tables)","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Derivative Instruments and Hedging Activities Disclosure [Abstract]"," "]
["Schedule of Notional Amounts of Outstanding Derivative Positions","The following table summarizes changes in the notional amount of our currency forward contracts during three months ended March 31, 2025: Local Currency In thousands Notional Amount as of December 31, 2024 Additions Settlement, Notional Amount as of March 31, 2025 Notional Amount as of March 31, 2025 Buy USD / Sell EUR Forward € 39,474 € — € (877) € 38,597 $ 43,821 Buy USD / Sell GBP Forward £ 19,417 £ — £ (506) £ 18,911 $ 24,978 "]
["Schedule of Derivative Instruments in Statement of Financial Position, Fair Value","The table below presents the fair value of our currency forward contracts, as well as their classification on the condensed consolidated balance sheet as of March 31, 2025: $ in thousands Fair Value as of March 31, 2025 December 31, 2024 Derivative Assets $ 1,767 $ 4,064 Derivative Liabilities $ — $ — "]
["Schedule of Gain (Loss) on Derivative Instruments","The following table summarizes the effect of currency forward contracts reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income for the three months ended March 31, 2025: $ in thousands Three Months Ended March 31, 2025 Derivatives not designated as hedging instruments Realized gain (loss) on derivative instruments, net Unrealized gain (loss), net Gain (loss) on derivative instruments, net Currency Forward Contracts $ 117 $ (2,297) $ (2,180)"]

{"sheet":"Fair Value of Financial Instr_2","index":27,"n_rows":7,"n_cols":2,"rows_kept":7,"merged":[[0,0,1,0]]}
["Fair Value of Financial Instruments (Tables)","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Fair Value Disclosures [Abstract]"," "]
["Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis","The following tables detail our financial instruments measured at fair value on a recurring basis: March 31, 2025 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Commercial real estate loan investments $ — $ — $ 2,788,480 $ 2,788,480 Derivative assets — 1,767 — 1,767 Total assets $ — $ 1,767 $ 2,788,480 $ 2,790,247 Liabilities: Secured lending agreements $ — $ — $ 2,015,125 $ 2,015,125 Term lending agreement — — 134,518 134,518 Total liabilities $ — $ — $ 2,149,643 $ 2,149,643 December 31, 2024 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Commercial real estate loan investments $ — $ — $ 2,391,078 $ 2,391,078 Derivative assets — 4,064 — 4,064 Total assets $ — $ 4,064 $ 2,391,078 $ 2,395,142 Liabilities: Secured lending agreements $ — $ — $ 1,720,350 $ 1,720,350 Term lending agreements — — 134,518 134,518 Total liabilities $ — $ — $ 1,854,868 $ 1,854,868 "]
["Schedule Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation","The following table shows a reconciliation of the beginning and ending fair value measurements of our commercial real estate loan investments: $ in thousands Three Months Ended March 31, 2025 Beginning Balance $ 2,391,078 Loan originations and fundings 384,706 Net unrealized gain (loss) 1,856 Foreign currency adjustments (1) 10,840 Ending Balance $ 2,788,480 (1)"]
["Schedule of Fair Value Measurement Inputs and Valuation Techniques","The following tables summarize the significant unobservable inputs used in the fair value measurement of our investments in commercial loans: March 31, 2025 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Commercial loans Discounted cash flow Discount rate 6.91% 5.59% - 12.07% 0.49 December 31, 2024 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Commercial loans Discounted cash flow Discount rate 7.16% 5.90% - 12.12% 0.56 (1) Based on expected cash flows and potential prepayments. The following tables summarize the significant unobservable inputs used in the fair value measurement of our secured financing facilities: March 31, 2025 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Secured financing facilities Discounted cash flow Discount rate 6.09% 4.56% - 6.67% 0.48 December 31, 2024 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) Secured financing facilities Discounted cash flow Discount rate 6.20% 4.88% - 6.72% 0.56 (1) Based on expected cash flows and potential prepayments."]
["Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation","The following table shows a reconciliation of the beginning and ending fair value measurements of our revolving credit facility: $ in thousands Three Months Ended March 31, 2025 Beginning Balance $ — Proceeds from revolving credit facility 135,000 Repayment of revolving credit facility (135,000) Net unrealized (gain) loss — Ending Balance $ — financing facilities: Three Months Ended March 31, 2025 $ in thousands Secured Lending Agreements Term Lending Agreement Total Beginning Balance $ 1,720,350 $ 134,518 $ 1,854,868 Proceeds from secured financing facilities 286,301 — 286,301 Net unrealized (gain) loss (195) — (195) Unrealized foreign currency (gain) loss 8,669 — 8,669 Ending Balance $ 2,015,125 $ 134,518 $ 2,149,643 "]

{"sheet":"Accounts Payable, Accrued Exp_2","index":28,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Accounts Payable, Accrued Expenses and Other Liabilities (Tables)","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Payables and Accruals [Abstract]"," "]
["Schedule of Accounts Payable and Accrued Liabilities","The following table details the components of accounts payable, accrued expenses and other liabilities as of March 31, 2025 and December 31, 2024. $ in thousands March 31, 2025 December 31, 2024 Accounts payable and accrued expenses $ 4,864 $ 2,073 Subscriptions paid in advance (1) 28,495 19,784 Accrued common stock repurchases — 55 Other liabilities 935 1,247 Total $ 34,294 $ 23,159 (1) Represents subscriptions received by our transfer agent prior to the date the subscriptions are effective."]

{"sheet":"Related Party Transactions (Tab","index":29,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Related Party Transactions (Tables)","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Related Party Transactions [Abstract]"," "]
["Schedule of Components of Due to Affiliates","The following table details the components of due to affiliates as of March 31, 2025 and December 31, 2024. $ in thousands March 31, 2025 December 31, 2024 Advanced organizational, offering and operating expenses $ 13,379 $ 14,214 Reimbursable operating expenses 2,248 3,454 Adviser commitment fee payable 2,119 2,357 Stockholder servicing fees 12,360 8,503 Management fees 1,062 746 Performance fees 768 2,068 Total $ 31,936 $ 31,342 $ in thousands Class S Class S-1 Shares Class D Class D-1 Shares For the period ended March 31, 2025 $ — $ 435 $ — $ — For the year ended December 31, 2024 $ 1 $ 761 $ — $ — The following table summarizes the upfront selling commissions for each class of shares payable at the time of subscription and the stockholder servicing fee we pay the Dealer Manager on an annualized basis as a percentage of the NAV for such class: Class S Class S-1 Shares Class D Class D -1 Class I Class E Class F Maximum Upfront Selling Commissions up to 3.5% up to 3.5% up to 1.5% up to 1.5% — — — Stockholder Servicing Fee 0.85% 0.85% 0.25% 0.25% — — — The tables below summarize the number of shares and the total purchase price of the shares owned by affiliates as of March 31, 2025 and as of December 31, 2024. March 31, 2025 $ in thousands, except share amounts Class S Shares Class S-1 Shares Class D Shares Class D-1 Shares Class I Shares Class E Shares Class F Shares Total Purchase Price Invesco Realty, Inc. (1) 1,196,923 — 1,197,628 — 1,194,434 1,189,256 — $ 120,000 Invesco Advisers, Inc. (2) — — — — — 146,422 — 3,722 Members of our board of directors (3) — — — — — 25,793 — 658 Total 1,196,923 — 1,197,628 — 1,194,434 1,361,471 — $ 124,380 (1) Shares issued to Invesco Realty, Inc. are governed by the terms of the Invesco Subscription Agreement and classified as redeemable common shares on our condensed consolidated balance sheets. See Note 9 - “ Redeemable Common Stock - Related Party ” for further information. (2) Shares issued to Invesco Advisers, Inc. are governed by the terms of our Advisory Agreement and classified as redeemable common shares on our condensed consolidated balance sheets. See Note 9 - “ Redeemable Common Stock - Related Party ” for further information. (3) Represents shares issued to members of our board of directors, including stock awards under our Share-Based Compensation Plan. December 31, 2024 $ in thousands, except share amounts Class S Shares Class S-1 Shares Class D Shares Class D-1 Shares Class I Shares Class E Shares Class F Shares Total Purchase Price Invesco Realty, Inc. (1) 1,496,143 — 1,497,041 — 1,492,906 1,483,196 — $ 150,000 Invesco Advisers, Inc. (2) — — — — — 35,937 — 908 Members of our board of directors (3) — — — — — 25,416 — 646 Total 1,496,143 — 1,497,041 — 1,492,906 1,544,549 — $ 151,554 "]

{"sheet":"Redeemable Common Stock - Rel_2","index":30,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Redeemable Common Stock - Related Party (Tables)","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Temporary Equity Disclosure [Abstract]"," "]
["Schedule of Stock by Class","The following tables summarize the changes in redeemable common stock for the three months ended March 31, 2025 and 2024: $ in thousands Class S Redeemable Common Stock Class D Redeemable Common Stock Class I Redeemable Common Stock Class E Redeemable Common Stock Total Redeemable Common Stock Balance as of December 31, 2024 $ 37,554 $ 37,554 $ 37,565 $ 38,694 $ 151,367 Issuance of redeemable common stock — — — 2,814 2,814 Repurchase of redeemable common stock (7,500) (7,500) (7,500) (7,500) (30,000) Adjustment to carrying value of redeemable common stock (4) (5) (1) 170 160 Balance as of March 31, 2025 $ 30,050 $ 30,049 $ 30,064 $ 34,178 $ 124,341 $ in thousands Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares Total Redeemable Common Stock Balance as of December 31, 2023 $ 26,335 $ 26,335 $ 26,335 $ 26,335 $ 105,340 Issuance of redeemable common stock — — — — — Adjustment to carrying value of redeemable common stock — — — — — Balance as of March 31, 2024 $ 26,335 $ 26,335 $ 26,335 $ 26,335 $ 105,340 The following tables summarize the changes in our outstanding shares of redeemable common stock shares for the three months ended March 31, 2025 and 2024: Class S Redeemable Common Class D Redeemable Common Class I Redeemable Common Class E Redeemable Common Total Redeemable Common Stock Outstanding Shares as of December 31, 2024 1,496,143 1,497,041 1,492,906 1,519,133 6,005,223 Issuance of redeemable common stock — — — 110,485 110,485 Repurchase of redeemable common stock (299,220) (299,413) (298,472) (293,940) (1,191,045) Outstanding Shares as of March 31, 2025 1,196,923 1,197,628 1,194,434 1,335,678 4,924,663 Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares Total Redeemable Common Stock Outstanding Shares as of December 31, 2023 1,052,487 1,052,487 1,052,487 1,052,464 4,209,925 Issuance of redeemable common stock — — — — — Outstanding Shares as of March 31, 2024 1,052,487 1,052,487 1,052,487 1,052,464 4,209,925 "]

{"sheet":"Stockholders_ Equity (Tables)","index":31,"n_rows":5,"n_cols":2,"rows_kept":5,"merged":[[0,0,1,0]]}
["Stockholders’ Equity (Tables)","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Equity [Abstract]"," "]
["Schedule of Common Stock Outstanding Roll Forward","The table below summarizes changes in our outstanding shares of common stock for the three months ended March 31, 2025 and 2024. We did not issue any Class D-1 Shares as of March 31, 2025. Three Months Ended March 31, 2025 Class S Class S-1 Shares Class D Class D-1 Class I Class E Class F Shares Total Total Outstanding Shares as of December 31, 2024 1,502,214 7,226,062 1,499,147 — 4,171,608 1,635,105 8,218,258 24,252,394 Issuance of common stock to unaffiliated stockholders 3,969 3,261,421 8,211 — 1,088,268 8,244 — 4,370,113 Common stock distribution reinvestment — 98,095 99 — 36,810 1,370 161,371 297,745 Issuance of redeemable common shares (1) — — — — — 110,485 — 110,485 Repurchase of common stock (111) (21,833) (111) — (8,678) — — (30,733) Repurchase of redeemable common stock (299,220) — (299,413) — (298,472) (293,940) — (1,191,045) Total Outstanding Shares as of March 31, 2025 1,206,852 10,563,745 1,207,933 — 4,989,536 1,461,264 8,379,629 27,808,959 (1) Consists of shares issued to an Invesco affiliate for the payment of management fees and performance fees that are classified as redeemable common stock. See Note 9 - “Redeemable Common Stock - Related Party”. Three Months Ended March 31, 2024 Class S Class S-1 Shares Class D Class I Class E Class F Shares Total Total Outstanding Shares as of December 31, 2023 1,052,598 1,054,174 1,052,598 1,383,506 1,067,805 — 5,610,681 Issuance of common stock to unaffiliated stockholders — 1,467,311 — 656,221 57,994 — 2,181,526 Common stock distribution reinvestment — 21,860 — 8,245 622 — 30,727 Total Outstanding Shares as of March 31, 2024 1,052,598 2,543,345 1,052,598 2,047,972 1,126,421 — 7,822,934 "]
["Schedule of Dividends Declared","The tables below detail the aggregate distributions declared per share for each applicable class of stock for the three months ended March 31, 2025 and March 31, 2024: Three Months Ended March 31, 2025 Class S Class S-1 Class D Class D-1 Shares (1) Class I Class E Class F Aggregate distribution declared per share $ 0.5000 $ 0.5000 $ 0.5000 $ — $ 0.5000 $ 0.5000 $ 0.5000 Stockholder servicing fee per share (0.0003) (0.0528) — — — — — Net distribution declared per share $ 0.4997 $ 0.4472 $ 0.5000 $ — $ 0.5000 $ 0.5000 $ 0.5000 Three Months Ended March 31, 2024 Class S Class S-1 Class D Class I Class E Class F Shares (3) Aggregate distribution declared per share $ 0.8600 $ 0.8600 $ 0.8600 $ 0.8600 $ 0.8600 $ — Stockholder servicing fee per share — (0.0534) — — — — Net distribution declared per share $ 0.8600 $ 0.8066 $ 0.8600 $ 0.8600 $ 0.8600 $ — "]

{"sheet":"Earnings per Common Share (Tabl","index":32,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Earnings per Common Share (Tables)","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Earnings Per Share [Abstract]"," "]
["Schedule of Earnings Per Share, Basic and Diluted","Earnings per share for the three months ended March 31, 2025 and 2024 is computed as presented in the table below. For the Three Months Ended $ in thousands, except share and per share amounts March 31, 2025 March 31, 2024 Net income (loss) available to common stockholders $ 11,635 $ 4,680 Weighted average common shares outstanding 27,233,292 7,183,194 Effect of dilutive restricted stock awards 76 583 Diluted weighted average common shares outstanding 27,233,368 7,183,777 Earnings (loss) per share: Basic $ 0.43 $ 0.65 Diluted $ 0.43 $ 0.65 "]

{"sheet":"Subsequent Events (Tables)","index":33,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Subsequent Events (Tables)","3 Months Ended"]
[null,"Mar. 31, 2025"]
["Subsequent Events [Abstract]"," "]
["Schedule of Stockholders Equity","Subsequent to March 31, 2025, we issued the following shares of common stock: $ in thousands except share amounts Shares Issued to Third-Parties Shares Issued to Affiliates (1)(2) DRP Shares (3) Class S 120,596 — 25 Class S-1 2,047,862 — 40,124 Class D — — 66 Class D-1 — — — Class I 1,112,073 — 14,177 Class E 5,671 41,491 485 Class F — — 52,204 Total 3,286,202 41,491 107,081 Total net proceeds (4) $ 82,703 $ — $ 2,721 (1) Affiliates include related parties discussed in Note 8 - “Related Party Transactions”. (2) Includes 41,491 Class E shares issued to our Adviser as payment for management fees for total consideration of $1.1 million, which is excluded from Total net proceeds. (3) Represents shares issued under our distribution reinvestment plan. (4) With respect to DRP Shares, Total net proceeds represents total value of shares issued under our distribution reinvestment plan."]

{"sheet":"Organization and Business Pur_2","index":34,"n_rows":4,"n_cols":2,"rows_kept":4,"merged":[[0,0,1,0]]}
["Organization and Business Purpose (Details)","3 Months Ended"]
[null,"Mar. 31, 2025 segment"]
["Organization, Consolidation and Presentation of Financial Statements [Abstract]"," "]
["Number of operating segments",{"v":1,"d":"1 "}]

{"sheet":"Commercial Real Estate Loan I_3","index":35,"n_rows":22,"n_cols":3,"rows_kept":22,"merged":[[0,0,1,0]]}
["Commercial Real Estate Loan Investments - Investments in Commercial Real Estate Loans (Details) - USD ($) $ in Thousands","3 Months Ended","12 Months Ended"]
[null,"Mar. 31, 2025","Dec. 31, 2024"]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "]
["Loan Amount",{"v":3123858,"d":"$ 3,123,858"},{"v":2688628,"d":"$ 2,688,628"}]
["Principal Balance Outstanding",{"v":2785906,"d":"2,785,906 "},{"v":2390362,"d":"2,390,362 "}]
["Fair Value",{"v":2788480,"d":"$ 2,788,480"},{"v":2391078,"d":"$ 2,391,078"}]
["Weighted Average Interest Rate",{"v":0.0723,"d":"7.23%"},{"v":0.0738,"d":"7.38%"}]
["Weighted Average Life (years)","4 years 1 month 20 days","4 years 3 months 7 days"]
["Senior loans"," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "]
["Loan Amount",{"v":3093858,"d":"$ 3,093,858"},{"v":2658628,"d":"$ 2,658,628"}]
["Principal Balance Outstanding",{"v":2774431,"d":"2,774,431 "},{"v":2385124,"d":"2,385,124 "}]
["Fair Value",{"v":2777005,"d":"$ 2,777,005"},{"v":2385840,"d":"$ 2,385,840"}]
["Weighted Average Interest Rate",{"v":0.0721,"d":"7.21%"},{"v":0.0737,"d":"7.37%"}]
["Weighted Average Life (years)","4 years 1 month 20 days","4 years 3 months 3 days"]
["Mezzanine loans"," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "]
["Loan Amount",{"v":30000,"d":"$ 30,000"},{"v":30000,"d":"$ 30,000"}]
["Principal Balance Outstanding",{"v":11475,"d":"11,475 "},{"v":5238,"d":"5,238 "}]
["Fair Value",{"v":11475,"d":"$ 11,475"},{"v":5238,"d":"$ 5,238"}]
["Weighted Average Interest Rate",{"v":0.1208,"d":"12.08%"},{"v":0.1223,"d":"12.23%"}]
["Weighted Average Life (years)","4 years 7 months 2 days","4 years 10 months 2 days"]

{"sheet":"Commercial Real Estate Loan I_4","index":36,"n_rows":94,"n_cols":5,"rows_kept":94,"merged":[[0,0,1,0],[0,3,0,4]]}
["Commercial Real Estate Loan Investments - Property Type And Geographic Distribution (Details) $ in Thousands, € in Millions, £ in Millions","3 Months Ended","12 Months Ended"]
[null,"Mar. 31, 2025 USD ($)","Dec. 31, 2024 USD ($)","Mar. 31, 2025 EUR (€)","Mar. 31, 2025 GBP (£)"]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
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["Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk"," "," "," "," "]
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["Concentration risk (in percent)",{"v":1,"d":"100%"},{"v":1,"d":"100%"}," "," "]
["Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":1,"d":"100%"},{"v":1,"d":"100%"}," "," "]
["United States:"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":2493303,"d":"$ 2,493,303"},{"v":2106670,"d":"$ 2,106,670"}," "," "]
["United States: | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.893,"d":"89.30%"},{"v":0.88,"d":"88%"}," "," "]
["West"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":871985,"d":"$ 871,985"},{"v":738754,"d":"$ 738,754"}," "," "]
["West | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.312,"d":"31.20%"},{"v":0.307,"d":"30.70%"}," "," "]
["South"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":694464,"d":"$ 694,464"},{"v":520733,"d":"$ 520,733"}," "," "]
["South | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.249,"d":"24.90%"},{"v":0.218,"d":"21.80%"}," "," "]
["East"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":759863,"d":"$ 759,863"},{"v":688518,"d":"$ 688,518"}," "," "]
["East | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.273,"d":"27.30%"},{"v":0.288,"d":"28.80%"}," "," "]
["Midwest"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":37363,"d":"$ 37,363"},{"v":30331,"d":"$ 30,331"}," "," "]
["Midwest | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.013,"d":"1.30%"},{"v":0.013,"d":"1.30%"}," "," "]
["Various U.S"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":129628,"d":"$ 129,628"},{"v":128334,"d":"$ 128,334"}," "," "]
["Various U.S | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.046,"d":"4.60%"},{"v":0.054,"d":"5.40%"}," "," "]
["Europe:"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":295177,"d":"$ 295,177"},{"v":284408,"d":"$ 284,408"}," "," "]
["Europe: | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.107,"d":"10.70%"},{"v":0.12,"d":"12%"}," "," "]
["France"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":88550,"d":"$ 88,550"},{"v":85019,"d":"$ 85,019"},{"v":81.8,"d":"€ 81.8"}," "]
["France | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.032,"d":"3.20%"},{"v":0.036,"d":"3.60%"}," "," "]
["Spain"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":99111,"d":"$ 99,111"},{"v":95159,"d":"$ 95,159"},{"v":91.6,"d":"€ 91.6"}," "]
["Spain | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.036,"d":"3.60%"},{"v":0.04,"d":"4%"}," "," "]
["United Kingdom"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":107516,"d":"$ 107,516"},{"v":104230,"d":"$ 104,230"}," ",{"v":83.1,"d":"£ 83.1"}]
["United Kingdom | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.039,"d":"3.90%"},{"v":0.044,"d":"4.40%"}," "," "]
["Multifamily"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":1315929,"d":"$ 1,315,929"},{"v":1252147,"d":"$ 1,252,147"}," "," "]
["Multifamily | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.472,"d":"47.20%"},{"v":0.524,"d":"52.40%"}," "," "]
["Industrial"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":1085677,"d":"$ 1,085,677"},{"v":1042720,"d":"$ 1,042,720"}," "," "]
["Industrial | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.389,"d":"38.90%"},{"v":0.436,"d":"43.60%"}," "," "]
["Self-storage"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":111016,"d":"$ 111,016"},{"v":96211,"d":"$ 96,211"}," "," "]
["Self-storage | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.04,"d":"4%"},{"v":0.04,"d":"4%"}," "," "]
["Student housing"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Fair Value",{"v":275858,"d":"$ 275,858"},{"v":0,"d":"$ 0"}," "," "]
["Student housing | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk"," "," "," "," "]
["Fair Value, Option, Quantitative Disclosures [Line Items]"," "," "," "," "]
["Concentration risk (in percent)",{"v":0.099,"d":"9.90%"},{"v":0,"d":"0%"}," "," "]

{"sheet":"Commercial Real Estate Loan I_5","index":37,"n_rows":3,"n_cols":2,"rows_kept":3}
["Commercial Real Estate Loan Investments - Narrative (Details)","Mar. 31, 2025"]
["Fair Value Disclosures [Abstract]"," "]
["Weighted average loan-to-value ratio",{"v":0.65,"d":"65%"}]

{"sheet":"Borrowings - Summary of Repurch","index":38,"n_rows":82,"n_cols":7,"rows_kept":82}
["Borrowings - Summary of Repurchase Agreement and Revolving Line of Credit Borrowings (Details) $ in Thousands, € in Millions, £ in Millions","Mar. 31, 2025 USD ($)","Mar. 31, 2025 EUR (€)","Mar. 31, 2025 GBP (£)","Dec. 31, 2024 USD ($)","Aug. 31, 2024 USD ($)","Jul. 31, 2024 USD ($)"]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Amount Outstanding",{"v":2149260,"d":"$ 2,149,260"}," "," "," "," "," "]
["Secured Debt | Line of Credit"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Maximum Facility Size",{"v":3212517,"d":"3,212,517 "}," "," "," "," "," "]
["Available Capacity",{"v":1063257,"d":"1,063,257 "}," "," "," "," "," "]
["Amount Outstanding",{"v":2149260,"d":"2,149,260 "}," "," ",{"v":1854289,"d":"$ 1,854,289"}," "," "]
["Fair Value",{"v":2149643,"d":"2,149,643 "}," "," ",{"v":1854868,"d":"1,854,868 "}," "," "]
["Secured Debt | Term Lending Agreement"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Amount Outstanding",{"v":134518,"d":"134,518 "}," "," "," "," "," "]
["Secured Debt | Term Lending Agreement | Line of Credit"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Maximum Facility Size"," "," "," "," ",{"v":300000,"d":"$ 300,000"}," "]
["Fair Value",{"v":134518,"d":"$ 134,518"}," "," ",{"v":134518,"d":"134,518 "}," "," "]
["Secured Debt | Term Lending Agreement | Line of Credit | INCREF Lending II"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Weighted Average Interest rate (in percent)",{"v":0.0661,"d":"6.61%"},{"v":0.0661,"d":"6.61%"},{"v":0.0661,"d":"6.61%"}," "," "," "]
["Maximum Facility Size",{"v":300000,"d":"$ 300,000"}," "," "," "," "," "]
["Available Capacity",{"v":165482,"d":"165,482 "}," "," "," "," "," "]
["Amount Outstanding",{"v":134518,"d":"134,518 "}," "," ",{"v":134518,"d":"134,518 "}," "," "]
["Fair Value",{"v":134518,"d":"$ 134,518"}," "," ",{"v":134518,"d":"134,518 "}," "," "]
["Secured Debt | Term Financing | Line of Credit | INCREF Lending I"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Weighted Average Interest rate (in percent)",{"v":0.0633,"d":"6.33%"},{"v":0.0633,"d":"6.33%"},{"v":0.0633,"d":"6.33%"}," "," "," "]
["Maximum Facility Size",{"v":837517,"d":"$ 837,517"}," "," "," "," "," "]
["Available Capacity",{"v":108806,"d":"108,806 "}," "," "," "," "," "]
["Amount Outstanding",{"v":728711,"d":"728,711 "}," "," ",{"v":722672,"d":"722,672 "}," "," "]
["Fair Value",{"v":728790,"d":"$ 728,790"}," "," ",{"v":722796,"d":"722,796 "}," "," "]
["Secured Debt | Repurchase Agreements | Line of Credit | INCREF Lending I"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Maximum Facility Size"," "," "," "," "," ",{"v":837500,"d":"$ 837,500"}]
["Secured Debt | Repurchase Agreements | Line of Credit | Morgan Stanley Bank"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Weighted Average Interest rate (in percent)",{"v":0.0659,"d":"6.59%"},{"v":0.0659,"d":"6.59%"},{"v":0.0659,"d":"6.59%"}," "," "," "]
["Maximum Facility Size",{"v":500000,"d":"$ 500,000"}," "," "," "," "," "]
["Available Capacity",{"v":154114,"d":"154,114 "}," "," "," "," "," "]
["Amount Outstanding",{"v":345886,"d":"345,886 "}," "," ",{"v":342009,"d":"342,009 "}," "," "]
["Fair Value",{"v":345887,"d":"$ 345,887"}," "," ",{"v":342079,"d":"342,079 "}," "," "]
["Secured Debt | Repurchase Agreements | Line of Credit | Citibank"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Weighted Average Interest rate (in percent)",{"v":0.0565,"d":"5.65%"},{"v":0.0565,"d":"5.65%"},{"v":0.0565,"d":"5.65%"}," "," "," "]
["Maximum Facility Size",{"v":500000,"d":"$ 500,000"}," "," "," "," "," "]
["Available Capacity",{"v":215008,"d":"215,008 "}," "," "," "," "," "]
["Amount Outstanding",{"v":284992,"d":"284,992 "}," "," ",{"v":276323,"d":"276,323 "}," "," "]
["Fair Value",{"v":285266,"d":"$ 285,266"},{"v":138.7,"d":"€ 138.7"},{"v":66.5,"d":"£ 66.5"},{"v":276653,"d":"276,653 "}," "," "]
["Secured Debt | Repurchase Agreements | Line of Credit | Barclays"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Weighted Average Interest rate (in percent)",{"v":0.0623,"d":"6.23%"},{"v":0.0623,"d":"6.23%"},{"v":0.0623,"d":"6.23%"}," "," "," "]
["Maximum Facility Size",{"v":500000,"d":"$ 500,000"}," "," "," "," "," "]
["Available Capacity",{"v":300695,"d":"300,695 "}," "," "," "," "," "]
["Amount Outstanding",{"v":199305,"d":"199,305 "}," "," ",{"v":199305,"d":"199,305 "}," "," "]
["Fair Value",{"v":199314,"d":"$ 199,314"}," "," ",{"v":199326,"d":"199,326 "}," "," "]
["Secured Debt | Repurchase Agreements | Line of Credit | Wells Fargo"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Weighted Average Interest rate (in percent)",{"v":0.0615,"d":"6.15%"},{"v":0.0615,"d":"6.15%"},{"v":0.0615,"d":"6.15%"}," "," "," "]
["Maximum Facility Size",{"v":300000,"d":"$ 300,000"}," "," "," "," "," "]
["Available Capacity",{"v":31276,"d":"31,276 "}," "," "," "," "," "]
["Amount Outstanding",{"v":268724,"d":"268,724 "}," "," ",{"v":179462,"d":"179,462 "}," "," "]
["Fair Value",{"v":268744,"d":"$ 268,744"}," "," ",{"v":179496,"d":"179,496 "}," "," "]
["Secured Debt | Repurchase Agreements | Line of Credit | Bank of Montreal"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Weighted Average Interest rate (in percent)",{"v":0,"d":"0%"},{"v":0,"d":"0%"},{"v":0,"d":"0%"}," "," "," "]
["Maximum Facility Size",{"v":25000,"d":"$ 25,000"}," "," "," "," "," "]
["Available Capacity",{"v":25000,"d":"25,000 "}," "," "," "," "," "]
["Amount Outstanding",{"v":0,"d":"0 "}," "," ",{"v":0,"d":"0 "}," "," "]
["Fair Value",{"v":0,"d":"$ 0"}," "," ",{"v":0,"d":"0 "}," "," "]
["Secured Debt | Repurchase Agreements | Line of Credit | Capital One"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Weighted Average Interest rate (in percent)",{"v":0.0585,"d":"5.85%"},{"v":0.0585,"d":"5.85%"},{"v":0.0585,"d":"5.85%"}," "," "," "]
["Maximum Facility Size",{"v":250000,"d":"$ 250,000"}," "," "," "," "," "]
["Available Capacity",{"v":62876,"d":"62,876 "}," "," "," "," "," "]
["Amount Outstanding",{"v":187124,"d":"187,124 "}," "," "," "," "," "]
["Fair Value",{"v":187124,"d":"$ 187,124"}," "," "," "," "," "]
["Revolving Credit Facility | Line of Credit"," "," "," "," "," "," "]
["Debt Instrument [Line Items]"," "," "," "," "," "," "]
["Weighted Average Interest rate (in percent)",{"v":0.0826,"d":"8.26%"},{"v":0.0826,"d":"8.26%"},{"v":0.0826,"d":"8.26%"}," "," "," "]
["Maximum Facility Size",{"v":135000,"d":"$ 135,000"}," "," "," "," "," "]
["Available Capacity",{"v":135000,"d":"135,000 "}," "," "," "," "," "]
["Amount Outstanding",{"v":0,"d":"0 "}," "," ",{"v":0,"d":"0 "}," "," "]
["Fair Value",{"v":0,"d":"$ 0"}," "," ",{"v":0,"d":"$ 0"}," "," "]

{"sheet":"Borrowings - Narrative (Details","index":39,"n_rows":42,"n_cols":7,"rows_kept":42,"merged":[[0,0,1,0],[0,2,0,3]]}
["Borrowings - Narrative (Details) $ in Thousands, € in Millions, £ in Millions","3 Months Ended"]
[null,"Mar. 31, 2025 USD ($) lender d","Mar. 31, 2025 EUR (€) lender","Mar. 31, 2025 GBP (£) lender","Dec. 31, 2024 USD ($)","Aug. 31, 2024 USD ($)","Jul. 31, 2024 USD ($) extensionOption"]
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["Loans pledged as collateral",{"v":2764054,"d":"$ 2,764,054"}," "," ",{"v":2355509,"d":"$ 2,355,509"}," "," "]
["Secured Debt | Line of Credit"," "," "," "," "," "," "]
["Line of Credit Facility [Line Items]"," "," "," "," "," "," "]
["Maximum borrowings",{"v":3212517,"d":"3,212,517 "}," "," "," "," "," "]
["Borrowings",{"v":2149643,"d":"2,149,643 "}," "," ",{"v":1854868,"d":"1,854,868 "}," "," "]
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["Line of Credit Facility [Line Items]"," "," "," "," "," "," "]
["Maximum borrowings"," "," "," "," ",{"v":300000,"d":"$ 300,000"}," "]
["Loans pledged as collateral",{"v":175800,"d":"175,800 "}," "," "," "," "," "]
["Borrowings",{"v":134518,"d":"134,518 "}," "," ",{"v":134518,"d":"134,518 "}," "," "]
["Secured Debt | Secured Lending Agreements | Line of Credit"," "," "," "," "," "," "]
["Line of Credit Facility [Line Items]"," "," "," "," "," "," "]
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["Number of financial institutions | lender",{"v":6,"d":"6 "},{"v":6,"d":"6 "},{"v":6,"d":"6 "}," "," "," "]
["Secured Debt | Secured Lending Agreements | Line of Credit | INCREF Lending I"," "," "," "," "," "," "]
["Line of Credit Facility [Line Items]"," "," "," "," "," "," "]
["Maximum borrowings"," "," "," "," "," ",{"v":837500,"d":"$ 837,500"}]
["Loans pledged as collateral",{"v":917500,"d":"$ 917,500"}," "," "," "," "," "]
["Debt term (in years)"," "," "," "," "," ","2 years"]
["Number of extension options | extensionOption"," "," "," "," "," ",{"v":3,"d":"3 "}]
["Extension option term (in years)"," "," "," "," "," ","1 year"]
["Secured Debt | Secured Lending Agreements | Line of Credit | Citibank"," "," "," "," "," "," "]
["Line of Credit Facility [Line Items]"," "," "," "," "," "," "]
["Maximum borrowings",{"v":500000,"d":"500,000 "}," "," "," "," "," "]
["Borrowings",{"v":285266,"d":"285,266 "},{"v":138.7,"d":"€ 138.7"},{"v":66.5,"d":"£ 66.5"},{"v":276653,"d":"276,653 "}," "," "]
["Revolving Credit Facility | Line of Credit"," "," "," "," "," "," "]
["Line of Credit Facility [Line Items]"," "," "," "," "," "," "]
["Maximum borrowings",{"v":135000,"d":"135,000 "}," "," "," "," "," "]
["Borrowings",{"v":0,"d":"$ 0"}," "," ",{"v":0,"d":"$ 0"}," "," "]
["Revolving Credit Facility | Subscription Agreements Credit Facility | Line of Credit"," "," "," "," "," "," "]
["Line of Credit Facility [Line Items]"," "," "," "," "," "," "]
["Threshold days | d",{"v":30,"d":"30 "}," "," "," "," "," "]
["Revolving Credit Facility | Uncommitted Tranche, Subscription Agreements Credit Facility | Line of Credit"," "," "," "," "," "," "]
["Line of Credit Facility [Line Items]"," "," "," "," "," "," "]
["Threshold business days | d",{"v":15,"d":"15 "}," "," "," "," "," "]
["Revolving Credit Facility | Funded Tranche, Subscription Agreements Credit Facility | Line of Credit"," "," "," "," "," "," "]
["Line of Credit Facility [Line Items]"," "," "," "," "," "," "]
["Threshold years from issuance","3 years"," "," "," "," "," "]
["Threshold years from after notice | d",{"v":360,"d":"360 "}," "," "," "," "," "]

{"sheet":"Borrowings - Net Exposure With ","index":40,"n_rows":44,"n_cols":3,"rows_kept":44,"merged":[[0,0,1,0]]}
["Borrowings - Net Exposure With Counterparties Where Amount At Risk Exceeded 10.0% of Stockholders’ Equity (Details) - USD ($) $ in Thousands","3 Months Ended","12 Months Ended"]
[null,"Mar. 31, 2025","Dec. 31, 2024"]
["Line of Credit Facility [Line Items]"," "," "]
["Outstanding Principal",{"v":2149260,"d":"$ 2,149,260"}," "]
["Net Counterparty Exposure",{"v":520980,"d":"$ 520,980"},{"v":462039,"d":"$ 462,039"}]
["Weighted Average Life (in years)","3 years 10 months 24 days","4 years 18 days"]
["Secured Debt"," "," "]
["Line of Credit Facility [Line Items]"," "," "]
["Outstanding Principal",{"v":1815437,"d":"$ 1,815,437"},{"v":1719771,"d":"$ 1,719,771"}]
["Morgan Stanley Bank"," "," "]
["Line of Credit Facility [Line Items]"," "," "]
["Net Counterparty Exposure",{"v":99155,"d":"$ 99,155"},{"v":101931,"d":"$ 101,931"}]
["Weighted Average Life (in years)","2 years 1 month 24 days","2 years 4 months 24 days"]
["Morgan Stanley Bank | Secured Debt"," "," "]
["Line of Credit Facility [Line Items]"," "," "]
["Outstanding Principal",{"v":345886,"d":"$ 345,886"},{"v":342009,"d":"$ 342,009"}]
["Citibank"," "," "]
["Line of Credit Facility [Line Items]"," "," "]
["Net Counterparty Exposure",{"v":260398,"d":"$ 260,398"},{"v":260459,"d":"$ 260,459"}]
["Weighted Average Life (in years)","4 years 3 months 3 days","4 years 6 months 3 days"]
["Citibank | Secured Debt"," "," "]
["Line of Credit Facility [Line Items]"," "," "]
["Outstanding Principal",{"v":1013703,"d":"$ 1,013,703"},{"v":998995,"d":"$ 998,995"}]
["Wells Fargo"," "," "]
["Line of Credit Facility [Line Items]"," "," "]
["Net Counterparty Exposure",{"v":72693,"d":"$ 72,693"},{"v":48058,"d":"$ 48,058"}]
["Weighted Average Life (in years)","4 years 1 month 24 days","4 years 4 months 20 days"]
["Wells Fargo | Secured Debt"," "," "]
["Line of Credit Facility [Line Items]"," "," "]
["Outstanding Principal",{"v":268724,"d":"$ 268,724"},{"v":179462,"d":"$ 179,462"}]
["Capital One"," "," "]
["Line of Credit Facility [Line Items]"," "," "]
["Net Counterparty Exposure",{"v":88734,"d":"$ 88,734"}," "]
["Weighted Average Life (in years)","4 years 10 months 17 days"," "]
["Capital One | Secured Debt"," "," "]
["Line of Credit Facility [Line Items]"," "," "]
["Outstanding Principal",{"v":187124,"d":"$ 187,124"}," "]
["Barclays"," "," "]
["Line of Credit Facility [Line Items]"," "," "]
["Net Counterparty Exposure"," ",{"v":51591,"d":"$ 51,591"}]
["Weighted Average Life (in years)"," ","4 years 3 months 25 days"]
["Barclays | Secured Debt"," "," "]
["Line of Credit Facility [Line Items]"," "," "]
["Outstanding Principal"," ",{"v":199305,"d":"$ 199,305"}]

{"sheet":"Borrowings - Maturities of Outs","index":41,"n_rows":30,"n_cols":2,"rows_kept":30}
["Borrowings - Maturities of Outstanding Borrowings (Details) $ in Thousands","Mar. 31, 2025 USD ($)"]
["Debt Instrument [Line Items]"," "]
["2025 (remaining)",{"v":0,"d":"$ 0"}]
["2026",{"v":0,"d":"0 "}]
["2027",{"v":345886,"d":"345,886 "}]
["2028",{"v":284992,"d":"284,992 "}]
["2029",{"v":1320922,"d":"1,320,922 "}]
["2030",{"v":197460,"d":"197,460 "}]
["Thereafter",{"v":0,"d":"0 "}]
["Total",{"v":2149260,"d":"2,149,260 "}]
["Secured Debt | Secured Lending Agreements"," "]
["Debt Instrument [Line Items]"," "]
["2025 (remaining)",{"v":0,"d":"0 "}]
["2026",{"v":0,"d":"0 "}]
["2027",{"v":345886,"d":"345,886 "}]
["2028",{"v":284992,"d":"284,992 "}]
["2029",{"v":1196740,"d":"1,196,740 "}]
["2030",{"v":187124,"d":"187,124 "}]
["Thereafter",{"v":0,"d":"0 "}]
["Total",{"v":2014742,"d":"2,014,742 "}]
["Secured Debt | Term Lending Agreement"," "]
["Debt Instrument [Line Items]"," "]
["2025 (remaining)",{"v":0,"d":"0 "}]
["2026",{"v":0,"d":"0 "}]
["2027",{"v":0,"d":"0 "}]
["2028",{"v":0,"d":"0 "}]
["2029",{"v":124182,"d":"124,182 "}]
["2030",{"v":10336,"d":"10,336 "}]
["Thereafter",{"v":0,"d":"0 "}]
["Total",{"v":134518,"d":"$ 134,518"}]

{"sheet":"Derivatives and Hedging Activ_3","index":42,"n_rows":12,"n_cols":4,"rows_kept":12}
["Derivatives and Hedging Activities - Changes in the Notional Amount of our Currency Forward Contracts (Details) - 3 months ended Mar. 31, 2025 - Foreign Exchange Forward - Not Designated as Hedging Instrument € in Thousands, £ in Thousands, $ in Thousands","EUR (€)","USD ($)","GBP (£)"]
["Derivative, Notional Amount [Roll Forward]"," "," "," "]
["Beginning balance",{"v":39474,"d":"€ 39,474"}," ",{"v":19417,"d":"£ 19,417"}]
["Additions",{"v":0,"d":"0 "}," ",{"v":0,"d":"0 "}]
["Settlement, Termination, Expiration or Exercise",{"v":-877,"d":"(877)"}," ",{"v":-506,"d":"(506)"}]
["Ending balance",{"v":38597,"d":"€ 38,597"}," ",{"v":18911,"d":"£ 18,911"}]
["Euro Member Countries, Euro"," "," "," "]
["Derivative, Notional Amount [Roll Forward]"," "," "," "]
["Ending balance"," ",{"v":43821,"d":"$ 43,821"}," "]
["United Kingdom, Pounds"," "," "," "]
["Derivative, Notional Amount [Roll Forward]"," "," "," "]
["Ending balance"," ",{"v":24978,"d":"$ 24,978"}," "]

{"sheet":"Derivatives and Hedging Activ_4","index":43,"n_rows":7,"n_cols":3,"rows_kept":7}
["Derivatives and Hedging Activities - Fair Value of our Currency Forward Contracts (Details) - USD ($) $ in Thousands","Mar. 31, 2025","Dec. 31, 2024"]
["Derivative Instruments and Hedging Activities Disclosures [Line Items]"," "," "]
["Derivative assets",{"v":1767,"d":"$ 1,767"},{"v":4064,"d":"$ 4,064"}]
["Foreign Exchange Forward | Not Designated as Hedging Instrument"," "," "]
["Derivative Instruments and Hedging Activities Disclosures [Line Items]"," "," "]
["Derivative assets",{"v":1767,"d":"1,767 "},{"v":4064,"d":"4,064 "}]
["Derivative liabilities",{"v":0,"d":"$ 0"},{"v":0,"d":"$ 0"}]

{"sheet":"Derivatives and Hedging Activ_5","index":44,"n_rows":10,"n_cols":3,"rows_kept":10,"merged":[[0,0,1,0],[0,1,0,2]]}
["Derivatives and Hedging Activities - Effect of Currency Forward Contracts Reported in Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands","3 Months Ended"]
[null,"Mar. 31, 2025","Mar. 31, 2024"]
["Derivative Instruments and Hedging Activities Disclosures [Line Items]"," "," "]
["Unrealized gain (loss), net",{"v":-2180,"d":"$ (2,180)"},{"v":0,"d":"$ 0"}]
["Gain (loss) on derivative instruments, net",{"v":-2180,"d":"(2,180)"},{"v":0,"d":"$ 0"}]
["Foreign Exchange Forward"," "," "]
["Derivative Instruments and Hedging Activities Disclosures [Line Items]"," "," "]
["Realized gain (loss) on derivative instruments, net",{"v":117,"d":"117 "}," "]
["Unrealized gain (loss), net",{"v":-2297,"d":"(2,297)"}," "]
["Gain (loss) on derivative instruments, net",{"v":-2180,"d":"$ (2,180)"}," "]

{"sheet":"Fair Value of Financial Instr_3","index":45,"n_rows":55,"n_cols":3,"rows_kept":55}
["Fair Value of Financial Instruments - Assets and Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands","Mar. 31, 2025","Dec. 31, 2024"]
["Assets:"," "," "]
["Commercial real estate loan investments",{"v":2788480,"d":"$ 2,788,480"},{"v":2391078,"d":"$ 2,391,078"}]
["Derivative assets",{"v":1767,"d":"1,767 "},{"v":4064,"d":"4,064 "}]
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["Liabilities:"," "," "]
["Total liabilities",{"v":2149643,"d":"2,149,643 "},{"v":1854868,"d":"1,854,868 "}]
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["Line of Credit | Secured Lending Agreements | Secured Debt"," "," "]
["Liabilities:"," "," "]
["Borrowings",{"v":2015125,"d":"2,015,125 "},{"v":1720350,"d":"1,720,350 "}]
["Line of Credit | Term Lending Agreement | Secured Debt"," "," "]
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["Level 1"," "," "]
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["Liabilities:"," "," "]
["Total liabilities",{"v":0,"d":"0 "},{"v":0,"d":"0 "}]
["Level 1 | Line of Credit | Secured Lending Agreements | Secured Debt"," "," "]
["Liabilities:"," "," "]
["Borrowings",{"v":0,"d":"0 "},{"v":0,"d":"0 "}]
["Level 1 | Line of Credit | Term Lending Agreement | Secured Debt"," "," "]
["Liabilities:"," "," "]
["Borrowings",{"v":0,"d":"0 "},{"v":0,"d":"0 "}]
["Level 2"," "," "]
["Assets:"," "," "]
["Commercial real estate loan investments",{"v":0,"d":"0 "},{"v":0,"d":"0 "}]
["Derivative assets",{"v":1767,"d":"1,767 "},{"v":4064,"d":"4,064 "}]
["Total assets",{"v":1767,"d":"1,767 "},{"v":4064,"d":"4,064 "}]
["Liabilities:"," "," "]
["Total liabilities",{"v":0,"d":"0 "},{"v":0,"d":"0 "}]
["Level 2 | Line of Credit | Secured Lending Agreements | Secured Debt"," "," "]
["Liabilities:"," "," "]
["Borrowings",{"v":0,"d":"0 "},{"v":0,"d":"0 "}]
["Level 2 | Line of Credit | Term Lending Agreement | Secured Debt"," "," "]
["Liabilities:"," "," "]
["Borrowings",{"v":0,"d":"0 "},{"v":0,"d":"0 "}]
["Level 3"," "," "]
["Assets:"," "," "]
["Commercial real estate loan investments",{"v":2788480,"d":"2,788,480 "},{"v":2391078,"d":"2,391,078 "}]
["Derivative assets",{"v":0,"d":"0 "},{"v":0,"d":"0 "}]
["Total assets",{"v":2788480,"d":"2,788,480 "},{"v":2391078,"d":"2,391,078 "}]
["Liabilities:"," "," "]
["Total liabilities",{"v":2149643,"d":"2,149,643 "},{"v":1854868,"d":"1,854,868 "}]
["Level 3 | Line of Credit | Secured Lending Agreements | Secured Debt"," "," "]
["Liabilities:"," "," "]
["Borrowings",{"v":2015125,"d":"2,015,125 "},{"v":1720350,"d":"1,720,350 "}]
["Level 3 | Line of Credit | Term Lending Agreement | Secured Debt"," "," "]
["Liabilities:"," "," "]
["Borrowings",{"v":134518,"d":"$ 134,518"},{"v":134518,"d":"$ 134,518"}]

{"sheet":"Fair Value of Financial Instr_4","index":46,"n_rows":42,"n_cols":3,"rows_kept":42,"merged":[[0,0,1,0],[0,1,0,2]]}
["Fair Value of Financial Instruments - Reconciliation (Details) - USD ($) $ in Thousands","3 Months Ended"]
[null,"Mar. 31, 2025","Mar. 31, 2024"]
["Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]"," "," "]
["Foreign currency adjustments",{"v":26,"d":"$ 26"},{"v":0,"d":"$ 0"}]
["Revolving Credit Facility | Long-Term Debt | Line of Credit"," "," "]
["Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]"," "," "]
["Beginning Balance",{"v":0,"d":"0 "}," "]
["Proceeds",{"v":135000,"d":"135,000 "}," "]
["Repayments",{"v":-135000,"d":"(135,000)"}," "]
["Net unrealized (gain) loss",{"v":0,"d":"0 "}," "]
["Ending Balance",{"v":0,"d":"0 "}," "]
["Secured Debt | Long-Term Debt | Line of Credit"," "," "]
["Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]"," "," "]
["Beginning Balance",{"v":1854868,"d":"1,854,868 "}," "]
["Proceeds",{"v":286301,"d":"286,301 "}," "]
["Net unrealized (gain) loss",{"v":-195,"d":"(195)"}," "]
["Unrealized foreign currency (gain) loss",{"v":8669,"d":"8,669 "}," "]
["Ending Balance",{"v":2149643,"d":"2,149,643 "}," "]
["Secured Debt | Secured Lending Agreements | Long-Term Debt | Line of Credit"," "," "]
["Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]"," "," "]
["Beginning Balance",{"v":1720350,"d":"1,720,350 "}," "]
["Proceeds",{"v":286301,"d":"286,301 "}," "]
["Net unrealized (gain) loss",{"v":-195,"d":"(195)"}," "]
["Unrealized foreign currency (gain) loss",{"v":8669,"d":"8,669 "}," "]
["Ending Balance",{"v":2015125,"d":"2,015,125 "}," "]
["Secured Debt | Term Lending Agreement | Long-Term Debt | Line of Credit"," "," "]
["Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]"," "," "]
["Beginning Balance",{"v":134518,"d":"134,518 "}," "]
["Proceeds",{"v":0,"d":"0 "}," "]
["Net unrealized (gain) loss",{"v":0,"d":"0 "}," "]
["Unrealized foreign currency (gain) loss",{"v":0,"d":"0 "}," "]
["Ending Balance",{"v":134518,"d":"134,518 "}," "]
["Commercial Real Estate Loan Investments"," "," "]
["Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]"," "," "]
["Beginning Balance",{"v":2391078,"d":"2,391,078 "}," "]
["Loan originations and fundings",{"v":384706,"d":"384,706 "}," "]
["Net unrealized gain (loss)",{"v":1856,"d":"1,856 "}," "]
["Foreign currency adjustments",{"v":10840,"d":"10,840 "}," "]
["Ending Balance",{"v":2788480,"d":"2,788,480 "}," "]
["Certain Foreign Commercial Real Estate Loan Investments"," "," "]
["Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]"," "," "]
["Foreign currency adjustments",{"v":16,"d":"$ 16"}," "]

{"sheet":"Fair Value of Financial Instr_5","index":47,"n_rows":25,"n_cols":3,"rows_kept":25}
["Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - Discounted cash flow","Mar. 31, 2025 yr","Dec. 31, 2024 yr"]
["Weighted Average Life (years) | Long-Term Debt"," "," "]
["Fair Value Measurement Inputs and Valuation Techniques [Line Items]"," "," "]
["Repurchase agreements, measurement input",0.48,0.56]
["Weighted Average Life (years) | Commercial Real Estate Loan Investments"," "," "]
["Fair Value Measurement Inputs and Valuation Techniques [Line Items]"," "," "]
["Commercial loans, measurement input",0.49,0.56]
["Weighted Average | Discount rate | Long-Term Debt"," "," "]
["Fair Value Measurement Inputs and Valuation Techniques [Line Items]"," "," "]
["Repurchase agreements, measurement input",0.0609,{"v":0.062,"d":"0.0620"}]
["Weighted Average | Discount rate | Commercial Real Estate Loan Investments"," "," "]
["Fair Value Measurement Inputs and Valuation Techniques [Line Items]"," "," "]
["Commercial loans, measurement input",0.0691,0.0716]
["Minimum | Discount rate | Long-Term Debt"," "," "]
["Fair Value Measurement Inputs and Valuation Techniques [Line Items]"," "," "]
["Repurchase agreements, measurement input",0.0456,0.0488]
["Minimum | Discount rate | Commercial Real Estate Loan Investments"," "," "]
["Fair Value Measurement Inputs and Valuation Techniques [Line Items]"," "," "]
["Commercial loans, measurement input",0.0559,0.059]
["Maximum | Discount rate | Long-Term Debt"," "," "]
["Fair Value Measurement Inputs and Valuation Techniques [Line Items]"," "," "]
["Repurchase agreements, measurement input",0.0667,0.0672]
["Maximum | Discount rate | Commercial Real Estate Loan Investments"," "," "]
["Fair Value Measurement Inputs and Valuation Techniques [Line Items]"," "," "]
["Commercial loans, measurement input",0.1207,0.1212]

{"sheet":"Accounts Payable, Accrued Exp_3","index":48,"n_rows":7,"n_cols":3,"rows_kept":7}
["Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands","Mar. 31, 2025","Dec. 31, 2024"]
["Payables and Accruals [Abstract]"," "," "]
["Accounts payable and accrued expenses",{"v":4864,"d":"$ 4,864"},{"v":2073,"d":"$ 2,073"}]
["Subscriptions paid in advance",{"v":28495,"d":"28,495 "},{"v":19784,"d":"19,784 "}]
["Accrued common stock repurchases",{"v":0,"d":"0 "},{"v":55,"d":"55 "}]
["Other liabilities",{"v":935,"d":"935 "},{"v":1247,"d":"1,247 "}]
["Total",{"v":34294,"d":"$ 34,294"},{"v":23159,"d":"$ 23,159"}]

{"sheet":"Related Party Transactions - Co","index":49,"n_rows":24,"n_cols":3,"rows_kept":24}
["Related Party Transactions - Components of Due to Affiliates (Details) - USD ($) $ in Thousands","Mar. 31, 2025","Dec. 31, 2024"]
["Related Party Transaction [Line Items]"," "," "]
["Other liabilities",{"v":31936,"d":"$ 31,936"},{"v":31342,"d":"$ 31,342"}]
["Affiliated Entity"," "," "]
["Related Party Transaction [Line Items]"," "," "]
["Other liabilities",{"v":31936,"d":"31,936 "},{"v":31342,"d":"31,342 "}]
["Affiliated Entity | Advanced organizational, offering and operating expenses"," "," "]
["Related Party Transaction [Line Items]"," "," "]
["Other liabilities",{"v":13379,"d":"13,379 "},{"v":14214,"d":"14,214 "}]
["Affiliated Entity | Reimbursable operating expenses"," "," "]
["Related Party Transaction [Line Items]"," "," "]
["Other liabilities",{"v":2248,"d":"2,248 "},{"v":3454,"d":"3,454 "}]
["Affiliated Entity | Adviser commitment fee payable"," "," "]
["Related Party Transaction [Line Items]"," "," "]
["Other liabilities",{"v":2119,"d":"2,119 "},{"v":2357,"d":"2,357 "}]
["Affiliated Entity | Stockholder servicing fees"," "," "]
["Related Party Transaction [Line Items]"," "," "]
["Other liabilities",{"v":12360,"d":"12,360 "},{"v":8503,"d":"8,503 "}]
["Affiliated Entity | Management fees"," "," "]
["Related Party Transaction [Line Items]"," "," "]
["Other liabilities",{"v":1062,"d":"1,062 "},{"v":746,"d":"746 "}]
["Affiliated Entity | Performance fees"," "," "]
["Related Party Transaction [Line Items]"," "," "]
["Other liabilities",{"v":768,"d":"$ 768"},{"v":2068,"d":"$ 2,068"}]

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["Subsequent Event [Line Items]"," "," "," "]
["Sale of stock, number of shares issued in transaction (in shares)",{"v":0,"d":"0 "}," "," "]
["Advisor | Class E Common Stock | Subsequent Event"," "," "," "]
["Subsequent Event [Line Items]"," "," "," "]
["Sale of stock, number of shares issued in transaction (in shares)",{"v":41491,"d":"41,491 "}," "," "]
["Total consideration",{"v":1100,"d":"$ 1,100"}," "," "]

{"sheet":"Subsequent Events - Narrative (","index":63,"n_rows":11,"n_cols":4,"rows_kept":11}
["Subsequent Events - Narrative (Details) - USD ($) $ in Thousands","May 07, 2025","Mar. 31, 2025","Dec. 31, 2024"]
["Subsequent Event [Line Items]"," "," "," "]
["Loan Amount"," ",{"v":3123858,"d":"$ 3,123,858"},{"v":2688628,"d":"$ 2,688,628"}]
["Subsequent Event | Collateralized Loan Obligations"," "," "," "]
["Subsequent Event [Line Items]"," "," "," "]
["Issuance of notes",{"v":1200000,"d":"$ 1,200,000"}," "," "]
["Retention",{"v":219000,"d":"219,000 "}," "," "]
["Repayments",{"v":882000,"d":"882,000 "}," "," "]
["Asset Pledged as Collateral | Subsequent Event | Collateralized Loan Obligations"," "," "," "]
["Subsequent Event [Line Items]"," "," "," "]
["Loan Amount",{"v":1200000,"d":"$ 1,200,000"}," "," "]