{"url_path":"/sec/cik-0001976927/8-k/2026-05-14/item-8-01","section_key":"item-8-01","section_title":"Item 8.01 Other Events.","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1976927/0001976927-26-000036-index.html","accession_number":"0001976927-26-000036","cik":"0001976927","ticker":null,"issuer_name":"Invesco Commercial Real Estate Finance Trust, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1976927/0001976927-26-000036-index.html","primary_entity_key":"0001976927","primary_entity_name":"Invesco Commercial Real Estate Finance Trust, Inc."},"word_count":1186,"has_tables":true,"body_markdown":"Item 8.01    Other Events.\n\nInvesco Commercial Real Estate Finance Trust, Inc. (referred to herein as the \"Company,\" \"we,\" \"our,\" or \"us\") is filing this Current Report on Form 8-K in order to provide an update regarding our net asset value (\"NAV\").\n\nJune 1, 2026 Transaction Price\n\nThe transaction price for each share class of our common stock is equal to such share class's NAV per share as of April 30, 2026. A calculation of the NAV per share is set forth below.\n\nApril 30, 2026 NAV per Share\n\nOur NAV per share is calculated in accordance with valuation guidelines that have been approved by our board of directors. Our NAV per share, which is updated as of the last calendar day of each month, is made available to our current stockholders on our website at www.invesco.com/INCREF and on our toll-free, automated telephone line at 833-834-4924.\n\nTransactions or events have occurred since April 30, 2026 that could have a material impact on our NAV per share, upon which our transaction and repurchase price is based. We have included a breakdown of the components of total NAV and NAV per share for April 30, 2026.\n\nOur total NAV presented in the following tables includes the aggregate NAV of our outstanding shares of common stock. The following table provides a breakdown of the major components of our total NAV as of April 30, 2026:\n\n$ in thousands\nApril 30, 2026\n\nCommercial real estate loan investments$5,661,713\n\nReal estate related securities17,756\n\nCash and cash equivalents80,342\n\nRestricted cash24,736\n\nInterest receivable17,856\n\nDerivative assets432\n\nOther assets17,676\n\nSecured financing facilities(3,491,439)\n\nCollateralized loan obligations(1,005,240)\n\nRevolving credit facility—\n\nInterest payable(10,293)\n\nDerivative liabilities(1,064)\n\nSubscriptions received in advance(24,485)\n\nDue to affiliates(7,005)\n\nDue to affiliate - Management fee(3,026)\n\nDue to affiliate - Performance fee(2,278)\n\nAccounts payable, accrued expenses and other liabilities(10,732)\n\nCommon stock dividends payable(7,568)\n\nNon-controlling interest liquidation preference(125)\n\nNet asset value$1,257,256\n\nThe following table provides a breakdown of our total NAV and NAV per share by class as of April 30, 2026.\n\n$ in thousands,\nexcept per share data\nClass S\nClass S-1Class DClass D-1Class I\nClass E\nClass F\nTotal(1)\n\nNet asset value$37,658$592,801$30,035$3,034$310,805$46,306$236,617$1,257,256\n\nCommon Shares Outstanding1,514,25523,730,9091,208,853121,95812,460,5801,789,4649,101,63049,927,649\n\nNAV per share$24.8692$24.9801$24.8455$24.8794$24.9430$25.8768$25.9972\n\n(1) Share amounts are rounded to the nearest whole share.\n\nWe include no discounts to our NAV for the illiquid nature of our shares, including the limitations on our stockholders’ ability to sell shares under our Share Repurchase Plan and our ability to suspend or terminate our Share Repurchase Plan at any time. Our NAV generally does not consider exit costs (e.g., selling costs and commissions related to the sale of an investment) that would likely be incurred if our assets and liabilities were liquidated or sold. While we may use market pricing concepts to value individual components of NAV, NAV per Share is not derived from the market pricing information of open-end real estate debt funds listed on stock exchanges.\n\nOur NAV is not a representation, warranty or guarantee that (1) a stockholder would be able to realize the NAV per shares for the shares a stockholder owns if the stockholder attempts to sell its shares; (2) stockholder would ultimately realize distributions per share equal to the NAV per share upon liquidation of our assets and settlement of our liabilities or a sale of the Company; (3) shares would trade at their NAV per share on a national securities exchange; (4) a third party would offer the NAV per share for shares in an arm’s-length transaction to purchase all or substantially all of the shares; and/or (5) the NAV per share would equate to a market price of an open-ended real estate debt fund.\n\nValuation of Commercial Real Estate Loan Investments\n\nThe following table summarizes the estimated significant unobservable inputs supporting the fair value measurement of our commercial real estate loan investments:\n\nValuation TechniqueUnobservable Input\nWeighted Average Rate(2)\nRange\nWeighted Average Life(1)(2)\n\nDiscounted cash flowDiscount rate6.12%4.64% - 11.16%0.28 years\n\n(1) Based on expected cash flows and potential prepayments.\n\n(2) Includes $4.4 billion of loans held outside of the CLO and $80.7 million of loans held by the consolidated CLO. Loans of $1.1 billion held by the CLO are valued using the more observable fair value of the notes issued by the CLO. However, because the Company's $80.7 million of retained income notes issued by the CLO are valued using a discounted cash flow model, we are required to classify all loans held by the CLO as Level 3 based on the lowest-level input used in the valuation. Weighted average rate and weighted average life include the Company's loans held outside the CLO and retained income notes issued by the CLO.\n\nThe 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.\n\nValuation of Secured Financing Facilities\n\nThe following table summarizes the estimated significant unobservable inputs used in the fair value measurement of our secured financing facilities:\n\nValuation TechniqueUnobservable InputWeighted Average RateRange\nWeighted Average Life(1)\n\nDiscounted cash flowDiscount rate5.07%3.64% - 5.76%0.34 years\n\n(1) Based on expected cash flows and potential prepayments.\n\nThe 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.\n\nPortfolio Update\n\nAs of April 30, 2026, the Company's commercial real estate loan portfolio has a fair value of $5.7 billion and outstanding principal balance of $5.7 billion.\n\nIn April 2026, the Company closed on two European loan originations including a $214.6 million whole loan secured by an industrial portfolio located across the UK, and a $179.9 million whole loan secured by an industrial portfolio located in Germany and the Netherlands.\n\nSIGNATURES\n\nPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.\n\nInvesco Commercial Real Estate Finance Trust, Inc.\n\nBy:\n/s/ Courtney Popelka\n\nCourtney Popelka\n\nChief Financial Officer and Treasurer\n\nDate: May 14, 2026"}