X0202 SCHEDULE 13D/A 0001992686 XXXXXXXX LIVE 12 Class I Common Stock, par value $0.01 per share 05/01/2026 false 0001976927 46091W201 Invesco Commercial Real Estate Finance Trust, Inc.

2300 N FIELD STREET SUITE 1200 Dallas TX 75201

Courtney Popelka (972) 715-5887 1331 SPRING STREET NW, SUITE 2500 Atlanta GA 30309 0001992686 N Invesco Realty, Inc. WC N DE 0 5972698 0 5972698 5972698 N 11.35 CO This Schedule 13D relates to the following classes of securities: Class I common stock, par value $0.01 per share with CUSIP No. 46091W201, Class D common stock, par value $0.01 per share with CUSIP No. 46091W409, Class E common stock, par value $0.01 per share with CUSIP No. 46091W300, and Class S common stock, par value $0.01 per share with CUSIP No. 46091W102, of the Issuer. Due to the new filing requirements, cover pages are limited to one class of security. The cover page of this Schedule 13D filing relates to the Class I common stock, and this comment and notes above shall serve as full disclosure of the beneficial ownership of all classes of securities of the Issuer. With respect to rows 8, 10 and 11, this amount includes 1,498,497 shares of Class S common stock, 1,499,487 shares of Class D common stock, 1,495,126 shares of Class I common stock and 1,479,586 shares of Class E common stock held directly by Invesco Realty, Inc. See the Explanatory Note below for more information. With respect to row 13, based on a total of 52,644,882 shares of common stock issued and outstanding. Y Invesco Advisers, Inc. AF N DE 0 6482365 0 6482365 6482365 N 12.31 CO IA This Schedule 13D relates to the following classes of securities: Class I common stock, par value $0.01 per share with CUSIP No. 46091W201, Class D common stock, par value $0.01 per share with CUSIP No. 46091W409, Class E common stock, par value $0.01 per share with CUSIP No. 46091W300, and Class S common stock, par value $0.01 per share with CUSIP No. 46091W102, of the Issuer. Due to the new filing requirements, cover pages are limited to one class of security. The cover page of this Schedule 13D filing relates to the Class I common stock, and this comment and notes above shall serve as full disclosure of the beneficial ownership of all classes of securities of the Issuer. With respect to rows 8, 10 and 11, this amount includes 1,498,497 shares of Class S common stock, 1,499,487 shares of Class D common stock, 1,495,126 shares of Class I common stock and 1,479,586 shares of Class E common stock held directly by Invesco Realty, Inc.; and 509,667 shares of Class E common stock held directly by Invesco Advisers, Inc. See the Explanatory Note below for more information. See Explanatory Note below for more information. With respect to row 13, based on a total of 52,644,882 shares of common stock issued and outstanding. Y Invesco Group Services, Inc. AF N DE 0 6482365 0 6482365 6482365 N 12.31 CO This Schedule 13D relates to the following classes of securities: Class I common stock, par value $0.01 per share with CUSIP No. 46091W201, Class D common stock, par value $0.01 per share with CUSIP No. 46091W409, Class E common stock, par value $0.01 per share with CUSIP No. 46091W300, and Class S common stock, par value $0.01 per share with CUSIP No. 46091W102, of the Issuer. Due to the new filing requirements, cover pages are limited to one class of security. The cover page of this Schedule 13D filing relates to the Class I common stock, and this comment and notes above shall serve as full disclosure of the beneficial ownership of all classes of securities of the Issuer. With respect to rows 8, 10 and 11, this amount includes 1,498,497 shares of Class S common stock, 1,499,487 shares of Class D common stock, 1,495,126 shares of Class I common stock and 1,479,586 shares of Class E common stock held directly by Invesco Realty, Inc.; and 509,667 shares of Class E common stock held directly by Invesco Advisers, Inc. See the Explanatory Note below for more information. See Explanatory Note below for more information. With respect to row 13, based on a total of 52,644,882 shares of common stock issued and outstanding. Y OppenheimerFunds, Inc. AF N CO 0 6482365 0 6482365 6482365 N 12.31 CO IA This Schedule 13D relates to the following classes of securities: Class I common stock, par value $0.01 per share with CUSIP No. 46091W201, Class D common stock, par value $0.01 per share with CUSIP No. 46091W409, Class E common stock, par value $0.01 per share with CUSIP No. 46091W300, and Class S common stock, par value $0.01 per share with CUSIP No. 46091W102, of the Issuer. Due to the new filing requirements, cover pages are limited to one class of security. The cover page of this Schedule 13D filing relates to the Class I common stock, and this comment and notes above shall serve as full disclosure of the beneficial ownership of all classes of securities of the Issuer. With respect to rows 8, 10 and 11, this amount includes 1,498,497 shares of Class S common stock, 1,499,487 shares of Class D common stock, 1,495,126 shares of Class I common stock and 1,479,586 shares of Class E common stock held directly by Invesco Realty, Inc.; and 509,667 shares of Class E common stock held directly by Invesco Advisers, Inc. See the Explanatory Note below for more information. See Explanatory Note below for more information. With respect to row 13, based on a total of 52,644,882 shares of common stock issued and outstanding. Y Oppenheimer Acquisition Corp. AF N DE 0 6482365 0 6482365 6482365 N 12.31 CO This Schedule 13D relates to the following classes of securities: Class I common stock, par value $0.01 per share with CUSIP No. 46091W201, Class D common stock, par value $0.01 per share with CUSIP No. 46091W409, Class E common stock, par value $0.01 per share with CUSIP No. 46091W300, and Class S common stock, par value $0.01 per share with CUSIP No. 46091W102, of the Issuer. Due to the new filing requirements, cover pages are limited to one class of security. The cover page of this Schedule 13D filing relates to the Class I common stock, and this comment and notes above shall serve as full disclosure of the beneficial ownership of all classes of securities of the Issuer. With respect to rows 8, 10 and 11, this amount includes 1,498,497 shares of Class S common stock, 1,499,487 shares of Class D common stock, 1,495,126 shares of Class I common stock and 1,479,586 shares of Class E common stock held directly by Invesco Realty, Inc.; and 509,667 shares of Class E common stock held directly by Invesco Advisers, Inc. See the Explanatory Note below for more information. See Explanatory Note below for more information. With respect to row 13, based on a total of 52,644,882 shares of common stock issued and outstanding. Y Invesco Holding Company (US), Inc. AF N DE 0 6482365 0 6482365 6482365 N 12.31 CO This Schedule 13D relates to the following classes of securities: Class I common stock, par value $0.01 per share with CUSIP No. 46091W201, Class D common stock, par value $0.01 per share with CUSIP No. 46091W409, Class E common stock, par value $0.01 per share with CUSIP No. 46091W300, and Class S common stock, par value $0.01 per share with CUSIP No. 46091W102, of the Issuer. Due to the new filing requirements, cover pages are limited to one class of security. The cover page of this Schedule 13D filing relates to the Class I common stock, and this comment and notes above shall serve as full disclosure of the beneficial ownership of all classes of securities of the Issuer. With respect to rows 8, 10 and 11, this amount includes 1,498,497 shares of Class S common stock, 1,499,487 shares of Class D common stock, 1,495,126 shares of Class I common stock and 1,479,586 shares of Class E common stock held directly by Invesco Realty, Inc.; and 509,667 shares of Class E common stock held directly by Invesco Advisers, Inc. See the Explanatory Note below for more information. See Explanatory Note below for more information. With respect to row 13, based on a total of 52,644,882 shares of common stock issued and outstanding. Y Invesco Holding Company Limited AF N X1 0 6482365 0 6482365 6482365 N 12.31 OO This Schedule 13D relates to the following classes of securities: Class I common stock, par value $0.01 per share with CUSIP No. 46091W201, Class D common stock, par value $0.01 per share with CUSIP No. 46091W409, Class E common stock, par value $0.01 per share with CUSIP No. 46091W300, and Class S common stock, par value $0.01 per share with CUSIP No. 46091W102, of the Issuer. Due to the new filing requirements, cover pages are limited to one class of security. The cover page of this Schedule 13D filing relates to the Class I common stock, and this comment and notes above shall serve as full disclosure of the beneficial ownership of all classes of securities of the Issuer. With respect to rows 8, 10 and 11, this amount includes 1,498,497 shares of Class S common stock, 1,499,487 shares of Class D common stock, 1,495,126 shares of Class I common stock and 1,479,586 shares of Class E common stock held directly by Invesco Realty, Inc.; and 509,667 shares of Class E common stock held directly by Invesco Advisers, Inc. See the Explanatory Note below for more information. See Explanatory Note below for more information. With respect to row 13, based on a total of 52,644,882 shares of common stock issued and outstanding. Y Invesco Ltd. AF N D0 0 6482365 0 6482365 6482365 N 12.31 IA HC This Schedule 13D relates to the following classes of securities: Class I common stock, par value $0.01 per share with CUSIP No. 46091W201, Class D common stock, par value $0.01 per share with CUSIP No. 46091W409, Class E common stock, par value $0.01 per share with CUSIP No. 46091W300, and Class S common stock, par value $0.01 per share with CUSIP No. 46091W102, of the Issuer. Due to the new filing requirements, cover pages are limited to one class of security. The cover page of this Schedule 13D filing relates to the Class I common stock, and this comment and notes above shall serve as full disclosure of the beneficial ownership of all classes of securities of the Issuer. With respect to rows 8, 10 and 11, this amount includes 1,498,497 shares of Class S common stock, 1,499,487 shares of Class D common stock, 1,495,126 shares of Class I common stock and 1,479,586 shares of Class E common stock held directly by Invesco Realty, Inc.; and 509,667 shares of Class E common stock held directly by Invesco Advisers, Inc. See the Explanatory Note below for more information. See Explanatory Note below for more information. With respect to row 13, based on a total of 52,644,882 shares of common stock issued and outstanding. Class I Common Stock, par value $0.01 per share Invesco Commercial Real Estate Finance Trust, Inc. 2300 N FIELD STREET SUITE 1200 Dallas TX 75201 Explanatory Note This Statement constitutes Amendment No. 12 ("Amendment No. 12") to the Omnibus Amendment to Schedule 13D filed with the Securities and Exchange Commission on April 3, 2024, as amended on May 2, 2024, September 4, 2024, December 3, 2024, February 5, 2025, February 10, 2025, March 31, 2025, May 5, 2025, August 5, 2025, November 5, 2025, February 4, 2026 and April 3, 2026 by Invesco Realty, Inc., Invesco Advisers, Inc., Invesco Group Services, Inc., OppenheimerFunds, Inc., Oppenheimer Acquisition Corp., Invesco Holding Company (US), Inc., Invesco Holding Company Limited and Invesco Ltd. (collectively, the "Reporting Persons"). Amendment No. 12 relates to the Reporting Persons' beneficial ownership of Class D common stock, Class E common stock, Class I common stock and Class S common stock of the Issuer and is being filed to update ownership of shares of Class D, Class E, Class I and Class S common stock by Invesco Realty, Inc. and shares of Class E common stock by Invesco Advisers, Inc. The information contained in Item 5(a) and (b) of the Omnibus Amendment is hereby amended to read in its entirety as follows: (a) and (b) The responses of each of the Reporting Persons with respect to Rows 11, 12, and 13 of the cover pages of this Schedule 13D that relate to the aggregate number of shares and percentage of common stock are incorporated herein by reference. The responses of each of the Reporting Persons with respect to Rows 7, 8, 9, and 10 of the cover pages of this Schedule 13D that relate to the number of shares of common stock as to which each of the persons or entities referenced in Item 2 above has sole or shared power to vote or to direct the vote of and sole or shared power to dispose of or to direct the disposition of (including but not limited to footnotes to such information) are incorporated herein by reference. Invesco Realty, Inc. is the record holder of 5,972,698.568 shares of common stock reported herein. The other Reporting Persons, all of which are parent companies to Invesco Realty, Inc., may be deemed to have beneficial ownership of the securities directly held by Invesco Realty, Inc. Invesco Advisers, Inc. is the record holder of 509,667.226 shares of Class E Stock reported herein. The other Reporting Persons who are parent companies to Invesco Advisers, Inc. may be deemed to have beneficial ownership of the securities directly held by Invesco Advisers, Inc. On May 1, 2026, the Issuer issued 290,330.226 shares of Class E common stock, 300,692.639 shares of Class I common stock, 301,859.572 shares of Class D common stock and 301,574.923 shares of Class S common stock to Invesco Realty, Inc. On May 1, 2026 the Issuer repurchased an aggregate of 85,860.603 shares of Class E common stock held by Invesco Advisers, Inc. Invesco Realty, Inc. /s/ Tina Carew 05/05/2026 Invesco Advisers, Inc. /s/ Tina Carew 05/05/2026 Invesco Group Services, Inc. /s/ Tina Carew 05/05/2026 OppenheimerFunds, Inc. /s/ Tina Carew 05/05/2026 Oppenheimer Acquisition Corp. /s/ Tina Carew 05/05/2026 Invesco Holding Company (US), Inc. /s/ Tina Carew 05/05/2026 Invesco Holding Company Limited /s/ Tina Carew 05/05/2026 Invesco Ltd. /s/ Tina Carew 05/05/2026 Pursuant to powers of attorney which are incorporated herein by reference to Exhibits 24.1-Exhibit 24.7 to the Form 4 filed by the Reporting Persons on September 4, 2024 and Exhibit 24.1 to the Form 4 filed by the Reporting Persons on December 1, 2025.