Invesco Commercial Real Estate Finance Trust 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 09, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	000-56564
Entity Registrant Name	Invesco Commercial Real Estate Finance Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	92-1080856
Entity Address, Address Line One	2300 N Field Street
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	972
Local Phone Number	715-7400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Central Index Key	0001976927
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Former Address
Document Information [Line Items]
Entity Address, Address Line One	2001 Ross Avenue
Entity Address, Address Line Two	Suite 3400
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Class S Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		60,631
Class S-1 Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,524,858
Class D Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		54,677
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,917,244
Class E Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		174,206
Class F Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,936,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Commercial real estate loan investments, at fair value (including pledged loans of $1,082,910 and $591,003, respectively)	$ 1,121,010	$ 613,503
Cash and cash equivalents	6,169	1,975
Restricted cash	9,927	23,566
Interest receivable	3,997	2,448
Total assets	1,142,065	641,643
LIABILITIES
Repurchase agreements, at fair value	849,754	457,861
Revolving credit facility, at fair value	10,000	14,000
Interest payable	2,472	1,687
Dividends and distributions payable (including $36 and $2,363 due to related party, respectively)	1,599	3,138
Accounts payable, accrued expenses and other liabilities	12,003	23,978
Due to affiliates	22,522	10,167
Total liabilities	898,350	510,831
Commitments and contingencies (See Note 12)
Redeemable common stock	5,660	105,340
STOCKHOLDERS’ EQUITY
Additional paid-in capital	250,304	32,549
Accumulated deficit	(12,556)	(7,296)
Total stockholders’ equity	238,055	25,472
Total liabilities, redeemable common stock and stockholders’ equity	1,142,065	641,643
Affiliated Entity
ASSETS
Other assets	675	0
LIABILITIES
Due to affiliates	22,522	10,167
Nonrelated Party
ASSETS
Other assets	287	151
Series A Preferred Stock
STOCKHOLDERS’ EQUITY
12.5% Series A Cumulative Redeemable Preferred Stock, 228 shares issued and outstanding ($228 aggregate liquidation preference)	205	205
Class S Common Stock
STOCKHOLDERS’ EQUITY
Common stock	0	0
Class S-1 Common Stock
STOCKHOLDERS’ EQUITY
Common stock	39	11
Class D Common Stock
STOCKHOLDERS’ EQUITY
Common stock	0	0
Class I Common Stock
STOCKHOLDERS’ EQUITY
Common stock	15	3
Class E Common Stock
STOCKHOLDERS’ EQUITY
Common stock	1	0
Class N Common Stock
STOCKHOLDERS’ EQUITY
Common stock	$ 47	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Loans pledged as collateral	$ 1,082,910	$ 591,003
Dividends and distributions payable	$ 1,599	$ 3,138
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Related Party
Dividends and distributions payable	$ 36	$ 2,363
Series A Preferred Stock
Preferred stock, dividend rate (in percent)	12.50%	12.50%
Preferred stock, issued (in shares)	228	228
Preferred stock, outstanding (in shares)	228	228
Preferred stock, liquidation preference	$ 228	$ 228
Class S Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Class S-1 Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Class D Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Class I Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Class E Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Class N Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Interest Income
Commercial real estate loan interest income	$ 20,415	$ 1,520	$ 35,555	$ 1,520
Other interest income	587	0	828	0
Interest expense	(13,843)	(1,588)	(24,249)	(1,588)
Net interest income	7,159	(68)	12,134	(68)
Other Income (Expense)
Unrealized gain (loss) on commercial real estate loan investments, net	285	0	1,203	0
Unrealized gain (loss) on repurchase agreements, net	(199)	0	(922)	0
Commitment fee income, net of related party expense of $2,120, $3,518, $868 and $868 for the three and six months ended June 30, 2024 and 2023, respectively	2,120	867	3,518	867
Other income	249	36	350	36
Total other income (expense), net	2,455	903	4,149	903
Expenses
Management and performance fees - related party	952	0	1,302	0
Debt issuance and other financing costs related to borrowings, at fair value	3,221	1,735	3,690	2,387
Organizational costs	14	154	19	604
General and administrative	1,800	551	2,958	576
Total expenses	5,987	2,440	7,969	3,567
Net income (loss)	3,627	(1,605)	8,314	(2,732)
Dividends to preferred stockholders	(7)	(1)	(14)	(1)
Net income (loss) attributable to common stockholders, diluted	3,620	(1,606)	8,300	(2,733)
Net income (loss) attributable to common stockholders, basic	$ 3,620	$ (1,606)	$ 8,300	$ (2,733)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.34	$ (2,147.96)	$ 0.93	$ (7,151.3)
Diluted (in dollars per share)	$ 0.34	$ (2,147.96)	$ 0.93	$ (7,151.3)
Weighted average number of shares of common stock
Basic (in shares)	10,729,623	748	8,956,409	382
Diluted (in shares)	10,729,651	748	8,956,715	382

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party
Commitment and other fee expense	$ 2,120	$ 868	$ 3,518	$ 868

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Changes in Stockholders’ Equity and Redeemable Common Stock - USD ($) $ in Thousands	Total	Series A Preferred Stock	Series A Preferred Stock Series A Preferred Stock	Common Stock Class S Common Stock	Common Stock Class S-1 Common Stock	Common Stock Class D Common Stock	Common Stock Class I Common Stock	Common Stock Class E Common Stock	Common Stock Class F Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)
Beginning balance at Dec. 31, 2022	$ 0		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0		$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,127)										(1,127)
Ending balance at Mar. 31, 2023	(1,127)		0	0	0	0	0	0		0	(1,127)
Beginning balance at Dec. 31, 2022	0
Ending balance at Mar. 31, 2023	0
Beginning balance at Dec. 31, 2022	0		0	0	0	0	0	0		0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,732)
Ending balance at Jun. 30, 2023	(2,586)		100	0	0	0	0	0		47	(2,733)
Beginning balance at Dec. 31, 2022	0
Ending balance at Jun. 30, 2023	0
Beginning balance at Mar. 31, 2023	(1,127)		0	0	0	0	0	0		0	(1,127)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,605)										(1,605)
Issuance of preferred and common stock, net of offering costs	47	$ 100	100							47
Preferred stock dividends	(1)										(1)
Ending balance at Jun. 30, 2023	(2,586)		100	0	0	0	0	0		47	(2,733)
Beginning balance at Mar. 31, 2023	0
Ending balance at Jun. 30, 2023	0
Beginning balance at Dec. 31, 2023	25,472		205	0	11	0	3	0	$ 0	32,549	(7,296)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,687										4,687
Issuance of preferred and common stock, net of offering costs	52,971				14		7	1		52,949
Common stock distribution reinvestment	773									773
Common stock dividends	(6,311)										(6,311)
Preferred stock dividends	(7)										(7)
Amortization of equity based compensation	17									17
Ending balance at Mar. 31, 2024	77,602		205	0	25	0	10	1	0	86,288	(8,927)
Beginning balance at Dec. 31, 2023	105,340
Redeemable Common Stock
Issuance of redeemable common stock	0
Adjustment to carrying value of redeemable common stock	0
Ending balance at Mar. 31, 2024	105,340
Beginning balance at Dec. 31, 2023	25,472		205	0	11	0	3	0	0	32,549	(7,296)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8,314
Adjustment to the carrying value of redeemable common stock	(175)
Ending balance at Jun. 30, 2024	238,055		205	0	39	0	15	1	47	250,304	(12,556)
Beginning balance at Dec. 31, 2023	105,340
Redeemable Common Stock
Adjustment to carrying value of redeemable common stock	175
Ending balance at Jun. 30, 2024	5,660
Beginning balance at Mar. 31, 2024	77,602		205	0	25	0	10	1	0	86,288	(8,927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,627										3,627
Issuance of preferred and common stock, net of offering costs	161,630				13		5		47	161,565
Common stock distribution reinvestment	2,636				1					2,635
Common stock dividends	(7,249)										(7,249)
Preferred stock dividends	(7)										(7)
Amortization of equity based compensation	20									20
Repurchase of common stock	(29)									(29)
Adjustment to the carrying value of redeemable common stock	(175)									(175)
Ending balance at Jun. 30, 2024	238,055		$ 205	$ 0	$ 39	$ 0	$ 15	$ 1	$ 47	$ 250,304	$ (12,556)
Beginning balance at Mar. 31, 2024	105,340
Redeemable Common Stock
Issuance of redeemable common stock	145
Repurchase of redeemable common stock	(100,000)
Adjustment to carrying value of redeemable common stock	175
Ending balance at Jun. 30, 2024	$ 5,660

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 8,314	$ (2,732)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized gain (loss) on commercial real estate loan investments, net	(1,203)	0
Unrealized gain (loss) on repurchase agreements, net	922	0
Debt issuance costs	2,090	1,835
Amortization of equity based compensation	37	0
Change in operating assets and liabilities:
Increase in operating assets	(1,763)	(774)
Increase in due from affiliates	(675)	0
Increase in operating liabilities	2,341	1,164
Increase in due to affiliates	8,463	2,204
Net cash provided by (used in) operating activities	18,526	1,697
Cash flows from investing activities:
Originations and fundings of commercial real estate loans	(506,304)	(157,405)
Net cash used in investing activities	(506,304)	(157,405)
Cash flows from financing activities:
Proceeds from revolving credit facility	192,000	116,000
Repayment of revolving credit facility	(196,000)	(75,300)
Proceeds from repurchase agreements	439,447	117,140
Repayment of repurchase agreements	(48,476)	0
Proceeds from issuance of common stock, net of offering costs	194,465	47
Proceeds from issuance of preferred stock, net of offering costs	0	100
Repurchase of redeemable common stock	(100,000)	0
Subscriptions received in advance	9,927	0
Repayment of related party loan	0	(30)
Cash paid for debt issuance costs	(1,326)	0
Payments of dividends	(11,704)	(1)
Net cash provided by financing activities	478,333	157,956
Net change in cash, cash equivalents and restricted cash	(9,445)	2,248
Cash, cash equivalents and restricted cash, beginning of period	25,541	30
Cash, cash equivalents and restricted cash, end of period	16,096	2,278
Supplemental disclosures:
Interest paid	23,464	1,361
Non-cash investing and financing activities:
Dividends and distributions declared not paid	1,599	0
Common stock distribution reinvestment	3,409	0
Issuance of redeemable common stock for payment of management fees	145	0
Adjustment to carrying value of redeemable common stock	175	0
Deferred offering costs due to affiliate	(78)	463
Offering costs due to affiliates	3,352	0
Debt issuance costs due to affiliate	685	0
Accrued common stock repurchases	$ 29	$ 0

Organization and Business Purpo

Organization and Business Purpose	6 Months Ended
	Jun. 30, 2024
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 and have one operating segment. 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 intend to qualify to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2023. 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”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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, 2023. 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. All numbers in these notes, except in the tables herein, are stated in full amounts, unless otherwise indicated. Reclassifications Certain prior period reported amounts have been reclassified to be consistent with the current presentation. Such reclassifications have no impact on total assets, net income or equity attributable to common stockholders. 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 With the exception of the below, there have been no changes to our accounting policies included in Note 2 to the consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2023. Debt Issuance and Other Financing Costs

Commercial Real Estate Loan Inv

Commercial Real Estate Loan Investments	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023. $ in thousands Loan Type Loan Amount (1) Principal Balance Outstanding Fair Value Weighted Average Interest Rate (2) Weighted Average Life (years) (3) June 30, 2024 Senior loans (4) $ 1,378,571 $ 1,119,807 $ 1,121,010 8.41 % 4.47 Total $ 1,378,571 $ 1,119,807 $ 1,121,010 8.41 % 4.47 December 31, 2023 Senior loans (4) $ 671,406 $ 613,503 $ 613,503 8.53 % 4.69 Total $ 671,406 $ 613,503 $ 613,503 8.53 % 4.69 (1) Loan amount consists of outstanding principal balance plus unfunded loan commitments. (2) Represents weighted average interest rate of the most recent interest period in effect for each loan as of period end. Loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) 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 distribution of the properties securing our commercial real estate loans as of June 30, 2024 and December 31, 2023. $ in thousands June 30, 2024 December 31, 2023 Property Type Fair Value Percentage Fair Value Percentage Multifamily $ 804,336 71.8 % $ 346,760 56.5 % Industrial 316,674 28.2 % 266,743 43.5 % Total $ 1,121,010 100.0 % $ 613,503 100.0 % $ in thousands June 30, 2024 December 31, 2023 Geographic Location (1) Fair Value Percentage Fair Value Percentage West $ 543,467 48.5 % $ 311,852 50.8 % South 358,821 32.0 % 173,991 28.4 % East 218,722 19.5 % 127,660 20.8 % Total $ 1,121,010 100.0 % $ 613,503 100.0 % (1) All of the properties securing our commercial real estate loans are located within the United States. The weighted average loan-to-value ratio, a metric utilized in the fair value measurement of our commercial real estate loan investments, for our 22 loan investments was approximately 62% based on the initial loan amount and the independent property appraisals at the time of origination.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings The table below summarizes our repurchase agreement and revolving line of credit borrowings as of June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 $ in thousands Maturity Date (1) Weighted Average Interest rate (2) Maximum Facility Size Amount Outstanding Fair Value Amount Outstanding Fair Value Repurchase Agreements: Morgan Stanley Bank N.A. (3) 5/25/2025 7.61% $ 500,000 $ 318,637 $ 318,957 $ 174,209 $ 174,209 Citibank N.A. 6/20/2026 (current); 6/20/2028 (fully extended) 7.39% 535,000 206,926 207,210 61,464 61,464 Bank of Montreal (4) 7/18/2025 7.45% 223,424 217,709 217,982 222,188 222,188 Barclays (5) 4/24/2027 7.33% 250,000 47,200 47,245 — — Wells Fargo 5/23/2026 (current); 5/23/2029 (fully extended) 7.25% 200,000 58,360 58,360 — — Total Repurchase Agreements 7.48% 1,708,424 848,832 849,754 457,861 457,861 Revolving Credit Facility (6) 8.23% 100,000 10,000 10,000 14,000 14,000 Total 7.48% $ 1,808,424 $ 858,832 $ 859,754 $ 471,861 $ 471,861 (1) For Repurchase Agreements, maturity date represents the current borrowing facility maturity date and the maximum maturity for borrowing facilities with extension options that are at our option, subject to compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. (2) Represents weighted average interest rate of the most recent interest period in effect for each borrowing as of period end. Borrowings under our repurchase agreements and revolving credit facility carry interest at one-month Term SOFR plus a spread. (3) Borrowing facility has an extension option of one year, subject to lender approval and compliance with certain financial and administrative covenants. (4) Borrowing facility has three extension options of one year each, subject to lender approval and compliance with certain financial and administrative covenants. (5) Borrowing facility has two extension options of one year each, subject to lender approval and compliance with certain financial and administrative covenants. (6) The final maturity date of the Revolving Credit Facility is aligned with the Company’s ability to call remaining outstanding capital under certain subscription agreements, as further explained below. The following table shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of June 30, 2024: Year Repurchase Agreements (1) Revolving Credit Facility Total $ in thousands 2024 (remaining) $ — $ 10,000 $ 10,000 2025 536,346 — 536,346 2026 — — — 2027 47,200 — 47,200 2028 206,926 — 206,926 2029 58,360 — 58,360 Thereafter — — — Total $ 848,832 $ 10,000 $ 858,832 (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. Repurchase Agreements We have pledged our commercial real estate loan investments with a fair value of approximately $1.1 billion as collateral for our repurchase agreements. 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 may be required to post margin under our repurchase agreements if there is a material adverse change in the credit characteristics of a particular loan with respect to the underlying property, borrower, or particular real estate market. We were not required to post any margin under our repurchase agreements as of June 30, 2024 and December 31, 2023. 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. Our repurchase agreement counterparties generally retain the right to determine the fair value of the underlying collateral in their sole discretion. Subject to applicable thresholds, we would generally be required to post cash as collateral. 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. Our repurchase agreements are subject to certain liquidity, tangible net worth and leverage covenants. We were in compliance with these covenants as of June 30, 2024. Revolving Credit Facility Our revolving credit facility is secured by uncalled capital subscriptions under the terms of the Invesco Subscription Agreement and the Class F Subscription Agreement. See Note 7 - “Redeemable Common Stock - Related Party” and Note 8 - “Stockholders’ Equity”, respectively, where each is more fully described. 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). At June 30, 2024, the amount outstanding under the facility was drawn from the Uncommitted Tranche. 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. As of June 30, 2024, we had an available balance of $90.0 million under the facility. The facility is prepayable without penalty. Our revolving credit facility is subject to certain affirmative and negative covenants including a limitation on indebtedness. We were in compliance with these covenants as of June 30, 2024. Loan Payable - Related Party In December 2022, we entered into a revolving credit agreement with an affiliate of Invesco that provided for maximum borrowings of $30,000. Principal on loans made under the agreement is due nine months after the date each loan is made. We incur interest on loans made under the agreement at the short-term applicable federal rate in effect at the time each borrowing is made. We incurred $649 of interest expense on the loan in the six months ended June 30, 2023. We repaid the loan, which had an outstanding balance of $30,000 and accrued interest expense in June 2023.

Loan Payable - Related Party

Loan Payable - Related Party	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Loan Payable - Related Party	Borrowings The table below summarizes our repurchase agreement and revolving line of credit borrowings as of June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 $ in thousands Maturity Date (1) Weighted Average Interest rate (2) Maximum Facility Size Amount Outstanding Fair Value Amount Outstanding Fair Value Repurchase Agreements: Morgan Stanley Bank N.A. (3) 5/25/2025 7.61% $ 500,000 $ 318,637 $ 318,957 $ 174,209 $ 174,209 Citibank N.A. 6/20/2026 (current); 6/20/2028 (fully extended) 7.39% 535,000 206,926 207,210 61,464 61,464 Bank of Montreal (4) 7/18/2025 7.45% 223,424 217,709 217,982 222,188 222,188 Barclays (5) 4/24/2027 7.33% 250,000 47,200 47,245 — — Wells Fargo 5/23/2026 (current); 5/23/2029 (fully extended) 7.25% 200,000 58,360 58,360 — — Total Repurchase Agreements 7.48% 1,708,424 848,832 849,754 457,861 457,861 Revolving Credit Facility (6) 8.23% 100,000 10,000 10,000 14,000 14,000 Total 7.48% $ 1,808,424 $ 858,832 $ 859,754 $ 471,861 $ 471,861 (1) For Repurchase Agreements, maturity date represents the current borrowing facility maturity date and the maximum maturity for borrowing facilities with extension options that are at our option, subject to compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. (2) Represents weighted average interest rate of the most recent interest period in effect for each borrowing as of period end. Borrowings under our repurchase agreements and revolving credit facility carry interest at one-month Term SOFR plus a spread. (3) Borrowing facility has an extension option of one year, subject to lender approval and compliance with certain financial and administrative covenants. (4) Borrowing facility has three extension options of one year each, subject to lender approval and compliance with certain financial and administrative covenants. (5) Borrowing facility has two extension options of one year each, subject to lender approval and compliance with certain financial and administrative covenants. (6) The final maturity date of the Revolving Credit Facility is aligned with the Company’s ability to call remaining outstanding capital under certain subscription agreements, as further explained below. The following table shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of June 30, 2024: Year Repurchase Agreements (1) Revolving Credit Facility Total $ in thousands 2024 (remaining) $ — $ 10,000 $ 10,000 2025 536,346 — 536,346 2026 — — — 2027 47,200 — 47,200 2028 206,926 — 206,926 2029 58,360 — 58,360 Thereafter — — — Total $ 848,832 $ 10,000 $ 858,832 (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. Repurchase Agreements We have pledged our commercial real estate loan investments with a fair value of approximately $1.1 billion as collateral for our repurchase agreements. 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 may be required to post margin under our repurchase agreements if there is a material adverse change in the credit characteristics of a particular loan with respect to the underlying property, borrower, or particular real estate market. We were not required to post any margin under our repurchase agreements as of June 30, 2024 and December 31, 2023. 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. Our repurchase agreement counterparties generally retain the right to determine the fair value of the underlying collateral in their sole discretion. Subject to applicable thresholds, we would generally be required to post cash as collateral. 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. Our repurchase agreements are subject to certain liquidity, tangible net worth and leverage covenants. We were in compliance with these covenants as of June 30, 2024. Revolving Credit Facility Our revolving credit facility is secured by uncalled capital subscriptions under the terms of the Invesco Subscription Agreement and the Class F Subscription Agreement. See Note 7 - “Redeemable Common Stock - Related Party” and Note 8 - “Stockholders’ Equity”, respectively, where each is more fully described. 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). At June 30, 2024, the amount outstanding under the facility was drawn from the Uncommitted Tranche. 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. As of June 30, 2024, we had an available balance of $90.0 million under the facility. The facility is prepayable without penalty. Our revolving credit facility is subject to certain affirmative and negative covenants including a limitation on indebtedness. We were in compliance with these covenants as of June 30, 2024. Loan Payable - Related Party In December 2022, we entered into a revolving credit agreement with an affiliate of Invesco that provided for maximum borrowings of $30,000. Principal on loans made under the agreement is due nine months after the date each loan is made. We incur interest on loans made under the agreement at the short-term applicable federal rate in effect at the time each borrowing is made. We incurred $649 of interest expense on the loan in the six months ended June 30, 2023. We repaid the loan, which had an outstanding balance of $30,000 and accrued interest expense in June 2023.

Accounts payable, accrued expen

Accounts payable, accrued expenses and other liabilities	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023. $ in thousands June 30, 2024 December 31, 2023 Accounts payable and accrued expenses $ 548 $ 14 Subscriptions paid in advance (1) 9,927 23,566 Accrued common stock repurchases 29 — Other liabilities 1,499 398 Total $ 12,003 $ 23,978 (1) Represents subscriptions received by our transfer agent prior to the date the subscriptions are effective.

Redeemable Common Stock - Relat

Redeemable Common Stock - Related Party	6 Months Ended
	Jun. 30, 2024
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 (i) $150.0 million in capital in one or more closings through March 23, 2028 and (ii) $150.0 million in additional capital if needed to avoid triggering any third party concentration limits associated with distribution or placement of our shares. Invesco Realty may not submit its shares for repurchase under the share repurchase plan described in Note 8 - “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 of June 30, 2024, we may call $144.7 million of the initial $150.0 million in capital under the Invesco Subscription Agreement. As discussed in Note 11 - “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 8 - “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 F, or Class I shares. During the three months ended June 30, 2024, we issued 5,792 Class E shares to the Adviser as payment for the management fees payable as of March 31, 2024. The following table summarizes the changes in redeemable common stock for the six months ended June 30, 2024: $ 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 Issuance of redeemable common stock — — — 145 145 Repurchase of redeemable common stock (25,000) (25,000) (25,000) (25,000) (100,000) Adjustment to carrying value of redeemable common stock 35 35 13 92 175 Balance as of June 30, 2024 $ 1,370 $ 1,370 $ 1,348 $ 1,572 $ 5,660 The following table summarizes the changes in our outstanding shares of redeemable common stock for the six months ended June 30, 2024: Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares Total Total 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 — — — — — Total Outstanding Shares as of March 31, 2024 1,052,487 1,052,487 1,052,487 1,052,464 4,209,925 Issuance of redeemable common stock — — — 5,792 5,792 Repurchase of redeemable common stock (997,920) (997,921) (998,825) (995,972) (3,990,638) Total Outstanding Shares as of June 30, 2024 54,567 54,566 53,662 62,284 225,079 For the three and six months ended June 30, 2024, we recorded an increase to redeemable common stock and a decrease to additional paid-in-capital of $175,000 to adjust the value of the redeemable common shares outstanding to our June 30, 2024 NAV per share for each respective share class. The change in the redemption value does not affect income available to common stockholders. Stockholders’ Equity Stapled Unit Offerings of Preferred and Common Stock As of June 30, 2024 and December 31, 2023, 111 Stapled Units and 117 New Stapled Units were 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 Stapled Unit and New Stapled Unit holders cannot separate the individual shares of stock that constitute the Stapled Unit and New Stapled Units and can only sell or transfer the Stapled Unit and New Stapled Units as a unit. Holders of Stapled Units and New Stapled Units are not eligible to participate in the share repurchase plan discussed below. The Series A Preferred Stock has a liquidation value of $1,000 per share. Holders of our Series A Preferred Stock are entitled to receive dividends at an annual rate of 12.5% of the liquidation preference, or $125.00 per share per annum. Dividends are cumulative and payable annually. We can call the Series A Preferred Stock at any time through December 31, 2024 at a 5% redemption premium above the liquidation value. The Series A Preferred Stock has no redemption premium on or after January 1, 2025, and we can call the Series A Preferred Stock for $1,000 per share at any time on or after January 1, 2025. We can call the common shares issued in these offerings at any time at the current transaction price for the respective class of common stock. Each class of common shares is separately redeemable from the Series A Preferred Stock and each other class of common shares. If we elect to redeem any class of common shares included in the Stapled Unit or New Stapled Unit, we will redeem all common shares of that class included in the Stapled Units or New Stapled Units, as applicable. Common Stock In December 2023, we entered into a subscription agreement (the “Class F Subscription Agreement”) with an institutional investor to purchase up to $200 million of Class F shares. The initial purchase price for Class F shares was the prior month’s NAV per share of Class E shares. For a discussion of fees paid to the Adviser with respect to Class F shares, see Note 11 - “Related Party Transactions - Management Fee and Performance Fee”. During the three months ended June 30, 2024, we called $120.0 million of capital under the Class F Subscription Agreement, issuing 4,747,348 Class F shares. As of June 30, 2024, we may call an additional $80.0 million of the $200.0 million capital committed under the Class F Subscription Agreement. The table below summarizes the changes in our outstanding shares of common stock as of the six months ended June 30, 2024 and 2023 Six Months Ended June 30, 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) 1,052,598 1,054,174 1,052,598 1,383,506 1,067,805 — 5,610,681 Issuance of common stock — 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 Issuance of common stock 5,757 1,258,476 — 448,043 10,707 4,747,348 6,470,331 Stock awards (2) — — — — 3,340 — 3,340 Issuance of redeemable common stock (3) — — — — 5,792 — 5,792 Common stock distribution reinvestment — 71,248 — 31,704 1,582 — 104,534 Repurchase of common stock — — — (1,200) — (1,200) Repurchase of redeemable common stock (997,920) — (997,921) (998,825) (995,972) — (3,990,638) Total Outstanding Shares as of June 30, 2024 60,435 3,873,069 54,677 1,527,694 151,870 4,747,348 10,415,093 (1) Total Outstanding Shares includes 4,209,925 shares, 4,209,925 shares and 225,079 shares at December 31, 2023, March 31, 2024 and June 30, 2024, respectively, that are classified as redeemable common stock. See Note 7 - “Redeemable Common Stock - Related Party”. (2) Represents shares issued to independent directors under the Incentive Plan. See Share-Based Compensation Plan below. (3) Consists of shares issued to the Adviser for the payment of management fees that are classified as redeemable common stock. See Note 7 - “Redeemable Common Stock - Related Party”. Six Months Ended June 30, 2023 Class S Class S-1 Shares Class D Class I Class E Class F Shares Total Total Outstanding Shares as of December 31, 2022 — — — — — — — Issuance of common stock — — — — — — — Total Outstanding Shares as of March 31, 2023 — — — — — — — Issuance of common stock (1) 511 — 511 511 400 — 1,933 Total Outstanding Shares as of June 30, 2023 511 — 511 511 400 — 1,933 (1) Includes 1,600 shares issued to an affiliate of Invesco under the Invesco Subscription Agreement. Distributions For the three and six months ended June 30, 2024, we declared distributions of $7.3 million and $13.6 million, respectively. We accrued $1.6 million for distributions payable, of which $36,000 was accrued for distributions payable to related parties, in our condensed consolidated balance sheets as of June 30, 2024. For the year ended December 31, 2023, we declared distributions of $7.8 million. We accrued $3.1 million for distributions payable, of which $2.4 million was accrued for distributions payable to related parties, in our condensed consolidated balance sheets as of December 31, 2023. The table below details the aggregate distributions declared per share for each applicable class of stock for the three and six months ended June 30, 2024. Three Months Ended June 30, 2024 Class S Class S-1 Class D Class I Class E Class F Aggregate distribution declared per share $ 0.7800 $ 0.7800 $ 0.7800 $ 0.7800 $ 0.7800 $ 0.7800 Stockholder servicing fee per share (0.0017) (0.0529) — — — — Net distribution declared per share $ 0.7783 $ 0.7271 $ 0.7800 $ 0.7800 $ 0.7800 $ 0.7800 Six Months Ended June 30, 2024 Class S Class S-1 Class D Class I Class E Class F Aggregate distribution declared per share $ 1.6400 $ 1.6400 $ 1.6400 $ 1.6400 $ 1.6400 $ 0.7800 Stockholder servicing fee per share (0.0017) (0.1063) — — — — Net distribution declared per share $ 1.6383 $ 1.5337 $ 1.6400 $ 1.6400 $ 1.6400 $ 0.7800 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 the limitations in the share repurchase plan. Under the Invesco Subscription Agreement described in Note 7 - “Redeemable Common Stock - Related Party”, Invesco Realty may not participate in our share repurchase plan 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. Under its subscription agreement, the Class F stockholder 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, the Class F stockholder is 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. Class E shares issued to the Adviser as payment for management fees or performance fees are not subject to the repurchase limits of our share repurchase plan, any lockup period applicable to the Adviser or any reduction penalty for an early repurchase. For the three and six months ended June 30, 2024, we repurchased 1,200 shares of common stock and fulfilled all repurchase requests that were made under the share repurchase plan. For the three and six months ended June 30, 2023, we did not repurchase any shares under the share repurchase plan. Distribution Reinvestment Plan We have adopted a distribution reinvestment plan whereby stockholders will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. The per share purchase price for shares purchased under the distribution reinvestment plan is equal to the transaction price at the time the distribution is payable. Share-Based Compensation Plan In May 2024 and November 2023, we granted 3,340 and 2,989 restricted shares of Class E common stock, respectively, to our independent directors under the terms of our 2023 Equity Incentive Plan (the “Incentive Plan”). The restricted shares granted in November 2023 became vested in March 2024. The restricted shares granted in May 2024 will become unrestricted shares of common stock on the first anniversary of the grant date unless forfeited, subject to certain conditions that accelerate vesting. For the three and six months ended June 30, 2024, we recognized $20,000 and $37,000, respectively, of compensation expense related to these awards. As of June 30, 2024, we had 1,093,671 shares of common stock available for future issuance under the Incentive Plan.

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Jun. 30, 2024
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 (i) $150.0 million in capital in one or more closings through March 23, 2028 and (ii) $150.0 million in additional capital if needed to avoid triggering any third party concentration limits associated with distribution or placement of our shares. Invesco Realty may not submit its shares for repurchase under the share repurchase plan described in Note 8 - “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 of June 30, 2024, we may call $144.7 million of the initial $150.0 million in capital under the Invesco Subscription Agreement. As discussed in Note 11 - “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 8 - “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 F, or Class I shares. During the three months ended June 30, 2024, we issued 5,792 Class E shares to the Adviser as payment for the management fees payable as of March 31, 2024. The following table summarizes the changes in redeemable common stock for the six months ended June 30, 2024: $ 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 Issuance of redeemable common stock — — — 145 145 Repurchase of redeemable common stock (25,000) (25,000) (25,000) (25,000) (100,000) Adjustment to carrying value of redeemable common stock 35 35 13 92 175 Balance as of June 30, 2024 $ 1,370 $ 1,370 $ 1,348 $ 1,572 $ 5,660 The following table summarizes the changes in our outstanding shares of redeemable common stock for the six months ended June 30, 2024: Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares Total Total 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 — — — — — Total Outstanding Shares as of March 31, 2024 1,052,487 1,052,487 1,052,487 1,052,464 4,209,925 Issuance of redeemable common stock — — — 5,792 5,792 Repurchase of redeemable common stock (997,920) (997,921) (998,825) (995,972) (3,990,638) Total Outstanding Shares as of June 30, 2024 54,567 54,566 53,662 62,284 225,079 For the three and six months ended June 30, 2024, we recorded an increase to redeemable common stock and a decrease to additional paid-in-capital of $175,000 to adjust the value of the redeemable common shares outstanding to our June 30, 2024 NAV per share for each respective share class. The change in the redemption value does not affect income available to common stockholders. Stockholders’ Equity Stapled Unit Offerings of Preferred and Common Stock As of June 30, 2024 and December 31, 2023, 111 Stapled Units and 117 New Stapled Units were 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 Stapled Unit and New Stapled Unit holders cannot separate the individual shares of stock that constitute the Stapled Unit and New Stapled Units and can only sell or transfer the Stapled Unit and New Stapled Units as a unit. Holders of Stapled Units and New Stapled Units are not eligible to participate in the share repurchase plan discussed below. The Series A Preferred Stock has a liquidation value of $1,000 per share. Holders of our Series A Preferred Stock are entitled to receive dividends at an annual rate of 12.5% of the liquidation preference, or $125.00 per share per annum. Dividends are cumulative and payable annually. We can call the Series A Preferred Stock at any time through December 31, 2024 at a 5% redemption premium above the liquidation value. The Series A Preferred Stock has no redemption premium on or after January 1, 2025, and we can call the Series A Preferred Stock for $1,000 per share at any time on or after January 1, 2025. We can call the common shares issued in these offerings at any time at the current transaction price for the respective class of common stock. Each class of common shares is separately redeemable from the Series A Preferred Stock and each other class of common shares. If we elect to redeem any class of common shares included in the Stapled Unit or New Stapled Unit, we will redeem all common shares of that class included in the Stapled Units or New Stapled Units, as applicable. Common Stock In December 2023, we entered into a subscription agreement (the “Class F Subscription Agreement”) with an institutional investor to purchase up to $200 million of Class F shares. The initial purchase price for Class F shares was the prior month’s NAV per share of Class E shares. For a discussion of fees paid to the Adviser with respect to Class F shares, see Note 11 - “Related Party Transactions - Management Fee and Performance Fee”. During the three months ended June 30, 2024, we called $120.0 million of capital under the Class F Subscription Agreement, issuing 4,747,348 Class F shares. As of June 30, 2024, we may call an additional $80.0 million of the $200.0 million capital committed under the Class F Subscription Agreement. The table below summarizes the changes in our outstanding shares of common stock as of the six months ended June 30, 2024 and 2023 Six Months Ended June 30, 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) 1,052,598 1,054,174 1,052,598 1,383,506 1,067,805 — 5,610,681 Issuance of common stock — 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 Issuance of common stock 5,757 1,258,476 — 448,043 10,707 4,747,348 6,470,331 Stock awards (2) — — — — 3,340 — 3,340 Issuance of redeemable common stock (3) — — — — 5,792 — 5,792 Common stock distribution reinvestment — 71,248 — 31,704 1,582 — 104,534 Repurchase of common stock — — — (1,200) — (1,200) Repurchase of redeemable common stock (997,920) — (997,921) (998,825) (995,972) — (3,990,638) Total Outstanding Shares as of June 30, 2024 60,435 3,873,069 54,677 1,527,694 151,870 4,747,348 10,415,093 (1) Total Outstanding Shares includes 4,209,925 shares, 4,209,925 shares and 225,079 shares at December 31, 2023, March 31, 2024 and June 30, 2024, respectively, that are classified as redeemable common stock. See Note 7 - “Redeemable Common Stock - Related Party”. (2) Represents shares issued to independent directors under the Incentive Plan. See Share-Based Compensation Plan below. (3) Consists of shares issued to the Adviser for the payment of management fees that are classified as redeemable common stock. See Note 7 - “Redeemable Common Stock - Related Party”. Six Months Ended June 30, 2023 Class S Class S-1 Shares Class D Class I Class E Class F Shares Total Total Outstanding Shares as of December 31, 2022 — — — — — — — Issuance of common stock — — — — — — — Total Outstanding Shares as of March 31, 2023 — — — — — — — Issuance of common stock (1) 511 — 511 511 400 — 1,933 Total Outstanding Shares as of June 30, 2023 511 — 511 511 400 — 1,933 (1) Includes 1,600 shares issued to an affiliate of Invesco under the Invesco Subscription Agreement. Distributions For the three and six months ended June 30, 2024, we declared distributions of $7.3 million and $13.6 million, respectively. We accrued $1.6 million for distributions payable, of which $36,000 was accrued for distributions payable to related parties, in our condensed consolidated balance sheets as of June 30, 2024. For the year ended December 31, 2023, we declared distributions of $7.8 million. We accrued $3.1 million for distributions payable, of which $2.4 million was accrued for distributions payable to related parties, in our condensed consolidated balance sheets as of December 31, 2023. The table below details the aggregate distributions declared per share for each applicable class of stock for the three and six months ended June 30, 2024. Three Months Ended June 30, 2024 Class S Class S-1 Class D Class I Class E Class F Aggregate distribution declared per share $ 0.7800 $ 0.7800 $ 0.7800 $ 0.7800 $ 0.7800 $ 0.7800 Stockholder servicing fee per share (0.0017) (0.0529) — — — — Net distribution declared per share $ 0.7783 $ 0.7271 $ 0.7800 $ 0.7800 $ 0.7800 $ 0.7800 Six Months Ended June 30, 2024 Class S Class S-1 Class D Class I Class E Class F Aggregate distribution declared per share $ 1.6400 $ 1.6400 $ 1.6400 $ 1.6400 $ 1.6400 $ 0.7800 Stockholder servicing fee per share (0.0017) (0.1063) — — — — Net distribution declared per share $ 1.6383 $ 1.5337 $ 1.6400 $ 1.6400 $ 1.6400 $ 0.7800 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 the limitations in the share repurchase plan. Under the Invesco Subscription Agreement described in Note 7 - “Redeemable Common Stock - Related Party”, Invesco Realty may not participate in our share repurchase plan 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. Under its subscription agreement, the Class F stockholder 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, the Class F stockholder is 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. Class E shares issued to the Adviser as payment for management fees or performance fees are not subject to the repurchase limits of our share repurchase plan, any lockup period applicable to the Adviser or any reduction penalty for an early repurchase. For the three and six months ended June 30, 2024, we repurchased 1,200 shares of common stock and fulfilled all repurchase requests that were made under the share repurchase plan. For the three and six months ended June 30, 2023, we did not repurchase any shares under the share repurchase plan. Distribution Reinvestment Plan We have adopted a distribution reinvestment plan whereby stockholders will have their cash distributions automatically reinvested in additional shares of common stock unless they elect to receive their distributions in cash. The per share purchase price for shares purchased under the distribution reinvestment plan is equal to the transaction price at the time the distribution is payable. Share-Based Compensation Plan In May 2024 and November 2023, we granted 3,340 and 2,989 restricted shares of Class E common stock, respectively, to our independent directors under the terms of our 2023 Equity Incentive Plan (the “Incentive Plan”). The restricted shares granted in November 2023 became vested in March 2024. The restricted shares granted in May 2024 will become unrestricted shares of common stock on the first anniversary of the grant date unless forfeited, subject to certain conditions that accelerate vesting. For the three and six months ended June 30, 2024, we recognized $20,000 and $37,000, respectively, of compensation expense related to these awards. As of June 30, 2024, we had 1,093,671 shares of common stock available for future issuance under the Incentive Plan.

Earnings per Common Share

Earnings per Common Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Earnings per share for the three and six months ended June 30, 2024 and 2023 is computed as presented in the table below. Three Months Ended June 30, Six Months Ended June 30, $ in thousands, except share and per share amounts 2024 2023 2024 2023 Numerator (Income) Basic Earnings: Net income (loss) available to common stockholders $ 3,620 $ (1,606) $ 8,300 $ (2,733) Denominator (Weighted Average Shares) Basic Earnings: Shares available to common stockholders 10,729,623 748 8,956,409 382 Effect of dilutive securities: Restricted stock awards 28 — 306 — Dilutive Shares 10,729,651 748 8,956,715 382 Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic $ 0.34 $ (2,147.96) $ 0.93 $ (7,151.30) Diluted $ 0.34 $ (2,147.96) $ 0.93 $ (7,151.30)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
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 table details our financial instruments measured at fair value on a recurring basis: June 30, 2024 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Commercial real estate loan investments $ — $ — $ 1,121,010 $ 1,121,010 Liabilities: Revolving credit facility — — 10,000 10,000 Repurchase agreements — — 849,754 849,754 Total liabilities $ — $ — $ 859,754 $ 859,754 December 31, 2023 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Commercial real estate loan investments $ — $ — $ 613,503 $ 613,503 Liabilities: Revolving credit facility — — 14,000 14,000 Repurchase agreements — — 457,861 457,861 Total liabilities $ — $ — $ 471,861 $ 471,861 Valuation of Commercial Real Estate Loan Investments Our commercial real estate loan investments consist of senior mortgages and similar credit quality loans, including related contiguous subordinate loans, and are classified as Level 3. 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 June 30, 2024 Six Months Ended June 30, 2024 Beginning Balance $ 824,333 $ 613,503 Loan originations and fundings 296,392 506,304 Net unrealized gain (loss) 285 1,203 Balance as of June 30, 2024 $ 1,121,010 $ 1,121,010 The following tables summarize the significant unobservable inputs used in the fair value measurement of our investments in commercial loans: June 30, 2024 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Commercial loans Discounted cash flow Discount rate 8.18% 7.83% - 8.43% 0.72 (1) Based on expected cash flows and potential prepayments. December 31, 2023 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) Commercial loans Discounted cash flow Discount rate 8.52% 8.16% - 8.71% 2.12 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, including 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 June 30, 2024 Six Months Ended June 30, 2024 Beginning Balance $ 18,000 $ 14,000 Proceeds from revolving credit facility 101,000 192,000 Repayment of revolving credit facility (109,000) (196,000) Net unrealized (gain) loss — — Balance as of June 30, 2024 $ 10,000 $ 10,000 Valuation of Repurchase Agreements We have entered into repurchase agreement facilities to provide floating rate financing for our commercial real estate loan investments. Our repurchase agreements are carried at fair value based on significant unobservable inputs and are classified as Level 3. The following table shows a reconciliation of the beginning and ending fair value measurements of our repurchase agreements: $ in thousands Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Beginning Balance $ 609,981 $ 457,861 Borrowings under repurchase agreements 288,050 439,447 Repayments of repurchase agreements (48,476) (48,476) Net unrealized (gain) loss 199 922 Balance as of June 30, 2024 $ 849,754 $ 849,754 The following tables summarize the significant unobservable inputs used in the fair value measurement of our repurchase agreements: June 30, 2024 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Repurchase agreements Discounted cash flow Discount rate 7.24% 6.98% - 7.53% 0.73 (1) Based on expected cash flows and potential prepayments. December 31, 2023 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) Repurchase agreements Discounted cash flow Discount rate 7.62% 7.31% - 7.86% 1.48 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.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Due to/from Affiliates Our due from affiliates balance consists of amounts paid by the Company that are due to us from the Adviser under the terms of our advisory agreement and totaled $675,000 as of June 30, 2024. (December 31, 2023: None). The following table details the components of due to affiliates as of June 30, 2024 and December 31, 2023. $ in thousands June 30, 2024 December 31, 2023 Adviser commitment fee payable $ 2,120 $ 113 Advanced organizational costs 724 707 Advanced offering costs 1,261 1,293 Advanced debt issuance and other financing costs 7,001 3,727 Advanced general and administrative expenses (1) 5,497 2,993 Accrued stockholder servicing fees 4,717 1,334 Accrued management fee 307 — Accrued performance fee 850 — Other 45 — Total $ 22,522 $ 10,167 (1) Advanced general and administrative expenses as of June 30, 2024 and December 31, 2023 includes approximately $287,000 and $73,000, respectively, of prepaid expenses which are included in other assets on our condensed consolidated balance sheets. Adviser Commitment Fee 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 at the time of the loan closing. We pay the Adviser 50% of the commitment fee (not to exceed 0.5% of the loan amount) 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 operations. Organizational Costs and Offering Expenses Under the terms of our amended and restated advisory agreement dated April 24, 2024, the Adviser advanced all of our organizational costs and offering expenses (other than upfront selling commissions and ongoing stockholder servicing fees) incurred through May 31, 2024. We will reimburse the Adviser for all of our organizational costs and offering expenses advanced through May 31, 2024 ratably over 52 months commencing December 1, 2024. We will reimburse the Adviser on a quarterly basis for organizational and offering expenses incurred on our behalf subsequent to May 31, 2024. Under the terms of our advisory agreement, organizational costs and offering expenses became a liability of the Company on March 23, 2023. Organizational costs and offering expenses include costs incurred by the Adviser prior to entering into the advisory agreement with the Company. Operating Expenses Reimbursement Under the terms of our amended and restated advisory agreement dated April 24, 2024, the Adviser advanced our operating expenses, including debt issuance costs and general and administrative expenses, incurred through May 31, 2024. We will reimburse the Adviser for all of our operating expenses advanced through May 31, 2024 ratably over 52 months commencing December 1, 2024. Following May 31, 2024, we will reimburse the Adviser quarterly for total operating expenses paid by the Adviser on our behalf. However, we may not reimburse the Adviser at the end of any fiscal quarter for total operating expenses (as defined in our charter) that, in the four consecutive fiscal quarters then ended, 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”). We may reimburse the Adviser for 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. For the three and six months ended June 30, 2024, the Adviser had incurred expenses on our behalf of $45,000 subsequent to May 31, 2024, of which $45,000 is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of June 30, 2024 and included within Other in the table above. Stockholder Servicing Fees and Other Selling Commissions The Dealer Manager is entitled to receive upfront selling commissions and stockholder servicing fees for Class S, Class S-1 and Class D 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 accrue the full amount of stockholder servicing fees payable as an offering cost at the time each Class S-1, Class S, and Class D share is sold during the Continuous Offering. During the three months and six months ended June 30, 2024 , we paid approximately $159,000 and $245,000 of stockholder servicing fees, respectively, with respect to the outstanding Class S-1 shares and did not pay stockholder servicing fees with respect to the outstanding Class S and Class D shares. During the year ended December 31, 2023, we paid approximately $15,000 of stockholder servicing fees with respect to the outstanding Class S-1 shares and did not pay stockholder servicing fees with respect to the outstanding Class S and Class D shares. 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 I Class E Class F Maximum Upfront Selling Commissions up to 3.5% up to 3.5% up to 1.5% — — — Stockholder Servicing Fee 0.85% 0.85% 0.25% — — — We will cease paying the stockholder servicing fee with respect to any Class S share 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 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 directly or indirectly attributable to such shares). At the end of such month, such Class S share 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 shares. Management Fee and Performance Fee We will 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 shares, Class S-1 shares, Class D shares and Class I shares. We will also pay the Adviser a Performance Fee equal to 10% of our “Performance Fee Income” with respect to our Class S shares, Class S-1 shares, Class D shares and Class I 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 is advancing our organizational, offering and operating expenses, net income for purposes of the performance fee calculation will exclude these advanced expenses for the period incurred under US GAAP. After the period that the Adviser is advancing our organizational, offering and operating expenses, net income for purposes of the performance fee calculation will include 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. 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. We will not pay the Adviser a management or performance fee with respect to our Class E shares. The management fee and the performance fee are payable in cash or Class E shares at the option of the Adviser. 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. Management fees and performance fees began to accrue on March 1, 2024. Management fees will be accrued monthly and paid quarterly in arrears and performance fees will be paid annually. During the three and six months ended June 30, 2024, we incurred management fees of $307,000 and $452,000, respectively, of which $307,000 is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of June 30, 2024. During the three and six months ended June 30, 2024, we incurred performance fees of $645,000 and $850,000, respectively, of which $850,000 is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of June 30, 2024. During the three and six months ended June 30, 2024, we issued 5,792 Class E Redeemable Common Stock shares as payment for the management fees earned. The shares issued to the Adviser for payment of the management fee were issued at the applicable NAV per share at the end of each quarter for which the fee was earned. The initial term of our advisory agreement expires on March 31, 2025. 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 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 $218,000 and $450,000, respectively, of costs for support personnel provided by the Adviser for the three and six months ended June 30, 2024 that are recorded as a component of due to affiliates on our consolidated balance sheets. During the three and six months ended June 30, 2023, we incurred $46,000 and $46,000, respectively, of costs for support personnel provided by the Adviser. Related Party Share Ownership The table below summarizes the number of shares and the total purchase price of the shares that have been purchased by affiliates as of June 30, 2024. $ in thousands, except share amounts Class S Shares Class S-1 Shares Class D Shares Class I Shares Class E Shares Class F Shares Total Purchase Price Invesco Realty, Inc. (1) 54,567 — 54,567 53,662 56,491 — $ 5,340 Invesco Advisers, Inc. (2) — — — — 5,792 — 145 Members of our board of directors (3) — — — — 14,732 — 84 Total 54,567 — 54,567 53,662 77,015 — $ 5,569 (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 7 - “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 7 - “Redeemable Common Stock - Related Party” for further information.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments and contingencies may arise in the ordinary course of business. As of June 30, 2024, we had unfunded commitments of $258.8 million for 18 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 3.00 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 June 30, 2024, the Company was not involved in any material legal proceedings.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Investment Portfolio Activity Subsequent to June 30, 2024, we originated four commercial real estate loans with an aggregate outstanding principal amount of $175.3 million and a total loan amount of $178.9 million. The loans earn interest at one-month term SOFR plus a spread for a weighted average interest rate of 8.25% based on the interest rate in effect at origination. Financing Activity Subsequent to June 30, 2024, we entered into a secured financing agreement which provides for current and future financings of up to $837.5 million on a non-mark-to-market, match-term basis to the underlying loans. We also entered into a secured financing agreement which provides for current and future financings of up to $300.0 million on a non-mark-to-market, match-term basis to the underlying loans. These secured financing agreements increased our total aggregate maximum facility size on our borrowings from $1.8 billion as of June 30, 2024 to $2.7 billion. Stockholders’ Equity Subsequent to June 30, 2024, we issued the following stock: $ in thousands except share amounts Shares Issued to Third-Parties Shares Issued to Affiliates (1)(2) DRP Shares (3) Common Stock: Class S 196 — — Class S-1 639,333 — 12,456 Class D — — — Class I 383,648 — 5,902 Class E 9,931 12,142 263 Class F 3,158,612 — 30,040 Total 4,191,720 12,142 48,661 Total net proceeds (4) $ 106,067 $ — $ 1,226 (1) Affiliates include related parties discussed in Note 11 - “Related Party Transactions”. (2) Includes 12,142 Class E shares issued to our Adviser as payment for management fees for total consideration of $306,000, 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023. 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. All numbers in these notes, except in the tables herein, are stated in full amounts, unless otherwise indicated.
Reclassifications	Reclassifications Certain prior period reported amounts have been reclassified to be consistent with the current presentation. Such reclassifications have no impact on total assets, net income or equity attributable to common stockholders.
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.
Debt Issuance and Other Financing Costs	Debt Issuance and Other Financing Costs

Commercial Real Estate Loan I_2

Commercial Real Estate Loan Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Investments in Commercial Real Estate Loans	The table below summarizes our investments in commercial real estate loans as of June 30, 2024 and December 31, 2023. $ in thousands Loan Type Loan Amount (1) Principal Balance Outstanding Fair Value Weighted Average Interest Rate (2) Weighted Average Life (years) (3) June 30, 2024 Senior loans (4) $ 1,378,571 $ 1,119,807 $ 1,121,010 8.41 % 4.47 Total $ 1,378,571 $ 1,119,807 $ 1,121,010 8.41 % 4.47 December 31, 2023 Senior loans (4) $ 671,406 $ 613,503 $ 613,503 8.53 % 4.69 Total $ 671,406 $ 613,503 $ 613,503 8.53 % 4.69 (1) Loan amount consists of outstanding principal balance plus unfunded loan commitments. (2) Represents weighted average interest rate of the most recent interest period in effect for each loan as of period end. Loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) 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 distribution of the properties securing our commercial real estate loans as of June 30, 2024 and December 31, 2023. $ in thousands June 30, 2024 December 31, 2023 Property Type Fair Value Percentage Fair Value Percentage Multifamily $ 804,336 71.8 % $ 346,760 56.5 % Industrial 316,674 28.2 % 266,743 43.5 % Total $ 1,121,010 100.0 % $ 613,503 100.0 % $ in thousands June 30, 2024 December 31, 2023 Geographic Location (1) Fair Value Percentage Fair Value Percentage West $ 543,467 48.5 % $ 311,852 50.8 % South 358,821 32.0 % 173,991 28.4 % East 218,722 19.5 % 127,660 20.8 % Total $ 1,121,010 100.0 % $ 613,503 100.0 % (1) All of the properties securing our commercial real estate loans are located within the United States.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The table below summarizes our repurchase agreement and revolving line of credit borrowings as of June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 $ in thousands Maturity Date (1) Weighted Average Interest rate (2) Maximum Facility Size Amount Outstanding Fair Value Amount Outstanding Fair Value Repurchase Agreements: Morgan Stanley Bank N.A. (3) 5/25/2025 7.61% $ 500,000 $ 318,637 $ 318,957 $ 174,209 $ 174,209 Citibank N.A. 6/20/2026 (current); 6/20/2028 (fully extended) 7.39% 535,000 206,926 207,210 61,464 61,464 Bank of Montreal (4) 7/18/2025 7.45% 223,424 217,709 217,982 222,188 222,188 Barclays (5) 4/24/2027 7.33% 250,000 47,200 47,245 — — Wells Fargo 5/23/2026 (current); 5/23/2029 (fully extended) 7.25% 200,000 58,360 58,360 — — Total Repurchase Agreements 7.48% 1,708,424 848,832 849,754 457,861 457,861 Revolving Credit Facility (6) 8.23% 100,000 10,000 10,000 14,000 14,000 Total 7.48% $ 1,808,424 $ 858,832 $ 859,754 $ 471,861 $ 471,861 (1) For Repurchase Agreements, maturity date represents the current borrowing facility maturity date and the maximum maturity for borrowing facilities with extension options that are at our option, subject to compliance with certain financial and administrative covenants, as well as payment of applicable extension fees. (2) Represents weighted average interest rate of the most recent interest period in effect for each borrowing as of period end. Borrowings under our repurchase agreements and revolving credit facility carry interest at one-month Term SOFR plus a spread. (3) Borrowing facility has an extension option of one year, subject to lender approval and compliance with certain financial and administrative covenants. (4) Borrowing facility has three extension options of one year each, subject to lender approval and compliance with certain financial and administrative covenants. (5) Borrowing facility has two extension options of one year each, subject to lender approval and compliance with certain financial and administrative covenants.
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 June 30, 2024: Year Repurchase Agreements (1) Revolving Credit Facility Total $ in thousands 2024 (remaining) $ — $ 10,000 $ 10,000 2025 536,346 — 536,346 2026 — — — 2027 47,200 — 47,200 2028 206,926 — 206,926 2029 58,360 — 58,360 Thereafter — — — Total $ 848,832 $ 10,000 $ 858,832

Accounts payable, accrued exp_2

Accounts payable, accrued expenses and other liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023. $ in thousands June 30, 2024 December 31, 2023 Accounts payable and accrued expenses $ 548 $ 14 Subscriptions paid in advance (1) 9,927 23,566 Accrued common stock repurchases 29 — Other liabilities 1,499 398 Total $ 12,003 $ 23,978 (1) Represents subscriptions received by our transfer agent prior to the date the subscriptions are effective.

Redeemable Common Stock - Rel_2

Redeemable Common Stock - Related Party (Tables)	6 Months Ended
	Jun. 30, 2024
Temporary Equity Disclosure [Abstract]
Schedule of Stock by Class	The following table summarizes the changes in redeemable common stock for the six months ended June 30, 2024: $ 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 Issuance of redeemable common stock — — — 145 145 Repurchase of redeemable common stock (25,000) (25,000) (25,000) (25,000) (100,000) Adjustment to carrying value of redeemable common stock 35 35 13 92 175 Balance as of June 30, 2024 $ 1,370 $ 1,370 $ 1,348 $ 1,572 $ 5,660 The following table summarizes the changes in our outstanding shares of redeemable common stock for the six months ended June 30, 2024: Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares Total Total 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 — — — — — Total Outstanding Shares as of March 31, 2024 1,052,487 1,052,487 1,052,487 1,052,464 4,209,925 Issuance of redeemable common stock — — — 5,792 5,792 Repurchase of redeemable common stock (997,920) (997,921) (998,825) (995,972) (3,990,638) Total Outstanding Shares as of June 30, 2024 54,567 54,566 53,662 62,284 225,079

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Common Stock Outstanding Roll Forward	The table below summarizes the changes in our outstanding shares of common stock as of the six months ended June 30, 2024 and 2023 Six Months Ended June 30, 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) 1,052,598 1,054,174 1,052,598 1,383,506 1,067,805 — 5,610,681 Issuance of common stock — 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 Issuance of common stock 5,757 1,258,476 — 448,043 10,707 4,747,348 6,470,331 Stock awards (2) — — — — 3,340 — 3,340 Issuance of redeemable common stock (3) — — — — 5,792 — 5,792 Common stock distribution reinvestment — 71,248 — 31,704 1,582 — 104,534 Repurchase of common stock — — — (1,200) — (1,200) Repurchase of redeemable common stock (997,920) — (997,921) (998,825) (995,972) — (3,990,638) Total Outstanding Shares as of June 30, 2024 60,435 3,873,069 54,677 1,527,694 151,870 4,747,348 10,415,093 (1) Total Outstanding Shares includes 4,209,925 shares, 4,209,925 shares and 225,079 shares at December 31, 2023, March 31, 2024 and June 30, 2024, respectively, that are classified as redeemable common stock. See Note 7 - “Redeemable Common Stock - Related Party”. (2) Represents shares issued to independent directors under the Incentive Plan. See Share-Based Compensation Plan below. (3) Consists of shares issued to the Adviser for the payment of management fees that are classified as redeemable common stock. See Note 7 - “Redeemable Common Stock - Related Party”. Six Months Ended June 30, 2023 Class S Class S-1 Shares Class D Class I Class E Class F Shares Total Total Outstanding Shares as of December 31, 2022 — — — — — — — Issuance of common stock — — — — — — — Total Outstanding Shares as of March 31, 2023 — — — — — — — Issuance of common stock (1) 511 — 511 511 400 — 1,933 Total Outstanding Shares as of June 30, 2023 511 — 511 511 400 — 1,933 (1) Includes 1,600 shares issued to an affiliate of Invesco under the Invesco Subscription Agreement.
Dividends Declared	The table below details the aggregate distributions declared per share for each applicable class of stock for the three and six months ended June 30, 2024. Three Months Ended June 30, 2024 Class S Class S-1 Class D Class I Class E Class F Aggregate distribution declared per share $ 0.7800 $ 0.7800 $ 0.7800 $ 0.7800 $ 0.7800 $ 0.7800 Stockholder servicing fee per share (0.0017) (0.0529) — — — — Net distribution declared per share $ 0.7783 $ 0.7271 $ 0.7800 $ 0.7800 $ 0.7800 $ 0.7800 Six Months Ended June 30, 2024 Class S Class S-1 Class D Class I Class E Class F Aggregate distribution declared per share $ 1.6400 $ 1.6400 $ 1.6400 $ 1.6400 $ 1.6400 $ 0.7800 Stockholder servicing fee per share (0.0017) (0.1063) — — — — Net distribution declared per share $ 1.6383 $ 1.5337 $ 1.6400 $ 1.6400 $ 1.6400 $ 0.7800

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Earnings per share for the three and six months ended June 30, 2024 and 2023 is computed as presented in the table below. Three Months Ended June 30, Six Months Ended June 30, $ in thousands, except share and per share amounts 2024 2023 2024 2023 Numerator (Income) Basic Earnings: Net income (loss) available to common stockholders $ 3,620 $ (1,606) $ 8,300 $ (2,733) Denominator (Weighted Average Shares) Basic Earnings: Shares available to common stockholders 10,729,623 748 8,956,409 382 Effect of dilutive securities: Restricted stock awards 28 — 306 — Dilutive Shares 10,729,651 748 8,956,715 382 Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic $ 0.34 $ (2,147.96) $ 0.93 $ (7,151.30) Diluted $ 0.34 $ (2,147.96) $ 0.93 $ (7,151.30)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table details our financial instruments measured at fair value on a recurring basis: June 30, 2024 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Commercial real estate loan investments $ — $ — $ 1,121,010 $ 1,121,010 Liabilities: Revolving credit facility — — 10,000 10,000 Repurchase agreements — — 849,754 849,754 Total liabilities $ — $ — $ 859,754 $ 859,754 December 31, 2023 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Commercial real estate loan investments $ — $ — $ 613,503 $ 613,503 Liabilities: Revolving credit facility — — 14,000 14,000 Repurchase agreements — — 457,861 457,861 Total liabilities $ — $ — $ 471,861 $ 471,861
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 June 30, 2024 Six Months Ended June 30, 2024 Beginning Balance $ 824,333 $ 613,503 Loan originations and fundings 296,392 506,304 Net unrealized gain (loss) 285 1,203 Balance as of June 30, 2024 $ 1,121,010 $ 1,121,010
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: June 30, 2024 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Commercial loans Discounted cash flow Discount rate 8.18% 7.83% - 8.43% 0.72 (1) Based on expected cash flows and potential prepayments. December 31, 2023 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) Commercial loans Discounted cash flow Discount rate 8.52% 8.16% - 8.71% 2.12 The following tables summarize the significant unobservable inputs used in the fair value measurement of our repurchase agreements: June 30, 2024 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Repurchase agreements Discounted cash flow Discount rate 7.24% 6.98% - 7.53% 0.73 (1) Based on expected cash flows and potential prepayments. December 31, 2023 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) Repurchase agreements Discounted cash flow Discount rate 7.62% 7.31% - 7.86% 1.48
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 June 30, 2024 Six Months Ended June 30, 2024 Beginning Balance $ 18,000 $ 14,000 Proceeds from revolving credit facility 101,000 192,000 Repayment of revolving credit facility (109,000) (196,000) Net unrealized (gain) loss — — Balance as of June 30, 2024 $ 10,000 $ 10,000 The following table shows a reconciliation of the beginning and ending fair value measurements of our repurchase agreements: $ in thousands Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Beginning Balance $ 609,981 $ 457,861 Borrowings under repurchase agreements 288,050 439,447 Repayments of repurchase agreements (48,476) (48,476) Net unrealized (gain) loss 199 922 Balance as of June 30, 2024 $ 849,754 $ 849,754

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Components of Due to Affiliates	The following table details the components of due to affiliates as of June 30, 2024 and December 31, 2023. $ in thousands June 30, 2024 December 31, 2023 Adviser commitment fee payable $ 2,120 $ 113 Advanced organizational costs 724 707 Advanced offering costs 1,261 1,293 Advanced debt issuance and other financing costs 7,001 3,727 Advanced general and administrative expenses (1) 5,497 2,993 Accrued stockholder servicing fees 4,717 1,334 Accrued management fee 307 — Accrued performance fee 850 — Other 45 — Total $ 22,522 $ 10,167 (1) Advanced general and administrative expenses as of June 30, 2024 and December 31, 2023 includes approximately $287,000 and $73,000, respectively, of prepaid expenses which are included in other assets on our condensed consolidated balance sheets. 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 I Class E Class F Maximum Upfront Selling Commissions up to 3.5% up to 3.5% up to 1.5% — — — Stockholder Servicing Fee 0.85% 0.85% 0.25% — — — The table below summarizes the number of shares and the total purchase price of the shares that have been purchased by affiliates as of June 30, 2024. $ in thousands, except share amounts Class S Shares Class S-1 Shares Class D Shares Class I Shares Class E Shares Class F Shares Total Purchase Price Invesco Realty, Inc. (1) 54,567 — 54,567 53,662 56,491 — $ 5,340 Invesco Advisers, Inc. (2) — — — — 5,792 — 145 Members of our board of directors (3) — — — — 14,732 — 84 Total 54,567 — 54,567 53,662 77,015 — $ 5,569 (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 7 - “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 7 - “Redeemable Common Stock - Related Party” for further information.

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Schedule of Stockholders Equity	Subsequent to June 30, 2024, we issued the following stock: $ in thousands except share amounts Shares Issued to Third-Parties Shares Issued to Affiliates (1)(2) DRP Shares (3) Common Stock: Class S 196 — — Class S-1 639,333 — 12,456 Class D — — — Class I 383,648 — 5,902 Class E 9,931 12,142 263 Class F 3,158,612 — 30,040 Total 4,191,720 12,142 48,661 Total net proceeds (4) $ 106,067 $ — $ 1,226 (1) Affiliates include related parties discussed in Note 11 - “Related Party Transactions”. (2) Includes 12,142 Class E shares issued to our Adviser as payment for management fees for total consideration of $306,000, 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.

Organization and Business Pur_2

Organization and Business Purpose (Details)	6 Months Ended
	Jun. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

Commercial Real Estate Loan I_3

Commercial Real Estate Loan Investments - Investments in Commercial Real Estate Loans (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Loan Amount	$ 1,378,571	$ 671,406
Principal Balance Outstanding	1,119,807	613,503
Fair Value	$ 1,121,010	$ 613,503
Weighted Average Interest Rate	8.41%	8.53%
Weighted Average Life (years)	4 years 5 months 19 days	4 years 8 months 8 days

Commercial Real Estate Loan I_4

Commercial Real Estate Loan Investments - Property Type And Geographic Distribution (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 1,121,010	$ 613,503
Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	100%	100%
Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	100%	100%
West
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 543,467	$ 311,852
West | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	48.50%	50.80%
South
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 358,821	$ 173,991
South | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	32%	28.40%
East
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 218,722	$ 127,660
East | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	19.50%	20.80%
Multifamily
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 804,336	$ 346,760
Multifamily | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	71.80%	56.50%
Industrial
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 316,674	$ 266,743
Industrial | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	28.20%	43.50%

Commercial Real Estate Loan I_5

Commercial Real Estate Loan Investments - Narrative (Details)	Jun. 30, 2024 loanInvestment
Fair Value Disclosures [Abstract]
Number of loan investments	22
Weighted average loan-to-value ratio	62%

Borrowings - Summary of Repurch

Borrowings - Summary of Repurchase Agreement and Revolving Line of Credit Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	7.48%
Maximum Facility Size	$ 1,808,424
Amount Outstanding	858,832	$ 471,861
Fair Value	859,754	471,861
Repurchase Agreements
Debt Instrument [Line Items]
Amount Outstanding	$ 848,832
Repurchase Agreements | Line of Credit
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	7.48%
Maximum Facility Size	$ 1,708,424
Amount Outstanding	848,832	457,861
Fair Value	$ 849,754	457,861
Repurchase Agreements | Morgan Stanley Bank N.A | Line of Credit
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	7.61%
Maximum Facility Size	$ 500,000
Amount Outstanding	318,637	174,209
Fair Value	$ 318,957	174,209
Repurchase Agreements | Citibank N.A. | Line of Credit
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	7.39%
Maximum Facility Size	$ 535,000
Amount Outstanding	206,926	61,464
Fair Value	$ 207,210	61,464
Repurchase Agreements | Bank of Montreal | Line of Credit
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	7.45%
Maximum Facility Size	$ 223,424
Amount Outstanding	217,709	222,188
Fair Value	$ 217,982	222,188
Repurchase Agreements | Barclays | Line of Credit
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	7.33%
Maximum Facility Size	$ 250,000
Amount Outstanding	47,200	0
Fair Value	$ 47,245	0
Repurchase Agreements | Wells Fargo | Line of Credit
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	7.25%
Maximum Facility Size	$ 200,000
Amount Outstanding	58,360	0
Fair Value	58,360	0
Revolving Credit Facility
Debt Instrument [Line Items]
Amount Outstanding	$ 10,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	8.23%
Maximum Facility Size	$ 100,000
Amount Outstanding	10,000	14,000
Fair Value	$ 10,000	$ 14,000

Borrowings - Maturities of Outs

Borrowings - Maturities of Outstanding Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Maturities of Long-Term Debt [Abstract]
2024 (remaining)	$ 10,000
2025	536,346
2026	0
2027	47,200
2028	206,926
2029	58,360
Thereafter	0
Total	858,832	$ 471,861
Repurchase Agreements
Maturities of Long-Term Debt [Abstract]
2024 (remaining)	0
2025	536,346
2026	0
2027	47,200
2028	206,926
2029	58,360
Thereafter	0
Total	848,832
Revolving Credit Facility
Maturities of Long-Term Debt [Abstract]
2024 (remaining)	10,000
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Total	$ 10,000

Borrowings - Narrative (Details

Borrowings - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) d	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Loans pledged as collateral | $	$ 1,082,910	$ 591,003
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Current borrowing capacity | $	$ 90,000
Revolving Credit Facility | Uncommitted Tranche, Subscription Agreements Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Threshold business days	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	360
Revolving Credit Facility | Subscription Agreements Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Threshold days	30

Loan Payable - Related Party (D

Loan Payable - Related Party (Details) - USD ($)	1 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Line Items]
Maximum borrowings		$ 1,808,424,000
Repayment of related party loan		0	$ 30,000
Revolving Credit Facility | Line of Credit
Debt Disclosure [Line Items]
Maximum borrowings		$ 100,000,000
Revolving Credit Facility | Line of Credit | Affiliated Entity
Debt Disclosure [Line Items]
Maximum borrowings				$ 30,000
Interest expense			$ 649
Repayment of related party loan	$ 30,000

Accounts payable, accrued exp_3

Accounts payable, accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 548	$ 14
Subscriptions paid in advance	9,927	23,566
Accrued common stock repurchases	29	0	$ 0
Other liabilities	1,499	398
Total	$ 12,003	$ 23,978

Redeemable Common Stock - Rel_3

Redeemable Common Stock - Related Party - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Temporary Equity [Line Items]
Issuance of redeemable common stock (in shares)	5,792	0
Adjustment to the carrying value of redeemable common stock	$ (175)		$ (175)
Adjustment to carrying value of redeemable common stock	$ (175)	$ 0	(175)
Class E Redeemable Common Shares
Temporary Equity [Line Items]
Issuance of redeemable common stock (in shares)	5,792	0
Adjustment to carrying value of redeemable common stock	$ (92)	$ 0
Affiliated Entity | Invesco Subscription Agreement
Temporary Equity [Line Items]
Purchase commitment			300,000
Called capital			150,000
Called capital, additional amount			150,000
Stock repurchase, minimum net asset value threshold to submit	1,500,000		1,500,000
Amount of shares to be held by related party			200
Called capital, additional amount	$ 144,700		$ 144,700
Subsidiaries | Adviser | Class E Redeemable Common Shares
Temporary Equity [Line Items]
Issuance of redeemable common stock (in shares)	5,792

Redeemable Common Stock - Rel_4

Redeemable Common Stock - Related Party - Changes In Outstanding Shares Of Redeemable Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 105,340	$ 105,340	$ 105,340
Beginning balance (in shares)	4,209,925	4,209,925	4,209,925
Issuance of redeemable common stock	$ 145	$ 0
Repurchase of redeemable common stock	(100,000)
Adjustment to carrying value of redeemable common stock	$ 175	$ 0	$ 175
Issuance of redeemable common stock (in shares)	5,792	0
Repurchase of redeemable common stock (in shares)	(3,990,638)
Ending balance	$ 5,660	$ 105,340	$ 5,660
Ending balance (in shares)	225,079	4,209,925	225,079
Class S Redeemable Common Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 26,335	$ 26,335	$ 26,335
Beginning balance (in shares)	1,052,487	1,052,487	1,052,487
Issuance of redeemable common stock	$ 0	$ 0
Repurchase of redeemable common stock	(25,000)
Adjustment to carrying value of redeemable common stock	$ 35	$ 0
Issuance of redeemable common stock (in shares)	0	0
Repurchase of redeemable common stock (in shares)	(997,920)
Ending balance	$ 1,370	$ 26,335	$ 1,370
Ending balance (in shares)	54,567	1,052,487	54,567
Class D Redeemable Common Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 26,335	$ 26,335	$ 26,335
Beginning balance (in shares)	1,052,487	1,052,487	1,052,487
Issuance of redeemable common stock	$ 0	$ 0
Repurchase of redeemable common stock	(25,000)
Adjustment to carrying value of redeemable common stock	$ 35	$ 0
Issuance of redeemable common stock (in shares)	0	0
Repurchase of redeemable common stock (in shares)	(997,921)
Ending balance	$ 1,370	$ 26,335	$ 1,370
Ending balance (in shares)	54,566	1,052,487	54,566
Class I Redeemable Common Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 26,335	$ 26,335	$ 26,335
Beginning balance (in shares)	1,052,487	1,052,487	1,052,487
Issuance of redeemable common stock	$ 0	$ 0
Repurchase of redeemable common stock	(25,000)
Adjustment to carrying value of redeemable common stock	$ 13	$ 0
Issuance of redeemable common stock (in shares)	0	0
Repurchase of redeemable common stock (in shares)	(998,825)
Ending balance	$ 1,348	$ 26,335	$ 1,348
Ending balance (in shares)	53,662	1,052,487	53,662
Class E Redeemable Common Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 26,335	$ 26,335	$ 26,335
Beginning balance (in shares)	1,052,464	1,052,464	1,052,464
Issuance of redeemable common stock	$ 145	$ 0
Repurchase of redeemable common stock	(25,000)
Adjustment to carrying value of redeemable common stock	$ 92	$ 0
Issuance of redeemable common stock (in shares)	5,792	0
Repurchase of redeemable common stock (in shares)	(995,972)
Ending balance	$ 1,572	$ 26,335	$ 1,572
Ending balance (in shares)	62,284	1,052,464	62,284

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended				6 Months Ended		12 Months Ended
	May 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Dividends				$ 7,300				$ 13,600		$ 7,800
Dividends and distributions payable		$ 3,138		$ 1,599				1,599		3,138
Share repurchase plan participation, NAV threshold								$ 1,500,000
2023 Equity Incentive Plan
Class of Stock [Line Items]
Share-based compensation, shares available for grant (in shares)				1,093,671				1,093,671
Common Stock
Class of Stock [Line Items]
Issuance of common shares to unaffiliated stockholders (in shares)				6,470,331	2,181,526	1,933	0
Repurchase of common stock (in shares)				(1,200)		0			0
Related Party
Class of Stock [Line Items]
Dividends and distributions payable		2,363		$ 36				$ 36		$ 2,363
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate (in percent)								12.50%		12.50%
Liquidation preference (in dollars per share)				$ 1,000				$ 1,000
Dividend rate, per annum (in dollars per share)								$ 125
Call premium above liquidation value (in percent)								5%
Class S Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common shares to unaffiliated stockholders (in shares)				5,757	0	511	0
Repurchase of common stock (in shares)				0
Class D Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common shares to unaffiliated stockholders (in shares)				0	0	511	0
Repurchase of common stock (in shares)				0
Class I Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common shares to unaffiliated stockholders (in shares)				448,043	656,221	511	0
Repurchase of common stock (in shares)				(1,200)
Class S-1 Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common shares to unaffiliated stockholders (in shares)				1,258,476	1,467,311	0	0
Repurchase of common stock (in shares)				0
Class F Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common shares to unaffiliated stockholders (in shares)				4,747,348	0	0	0
Repurchase of common stock (in shares)				0
Class E Common Stock | Restricted Stock | 2023 Equity Incentive Plan
Class of Stock [Line Items]
Share-based compensation, grants in period (in shares)	2,989		3,340
Share-based compensation expense				$ 20				$ 37
Class E Common Stock | Common Stock
Class of Stock [Line Items]
Issuance of common shares to unaffiliated stockholders (in shares)				10,707	57,994	400	0
Repurchase of common stock (in shares)
Private Placement
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)								111		117
Private Placement | Series A Preferred Stock
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction, per stapled unit								1
Preferred stock, dividend rate (in percent)								12.50%
Sale of stock, number of shares issued in transaction, per new stapled unit (in shares)								1
Private Placement | Class S Common Stock
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction, per stapled unit								1
Private Placement | Class D Common Stock
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction, per stapled unit								1
Private Placement | Class I Common Stock
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction, per stapled unit								1
Private Placement | Class S-1 Common Stock
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction, per new stapled unit (in shares)								1
Class F Subscription Agreement | Class F Common Stock | Investor
Class of Stock [Line Items]
Purchase commitment		$ 200,000
Called capital				$ 120,000
Called capital, additional amount				$ 80,000				$ 80,000

Stockholders_ Equity - Changes

Stockholders’ Equity - Changes in Shares of Common Stock (Details) - shares	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of redeemable common stock (in shares)	5,792	0
Repurchase of redeemable common stock (in shares)	(3,990,638)
Cumulative redeemable preferred stock, outstanding (in shares)	225,079	4,209,925				4,209,925
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	7,822,934	5,610,681	0	0	0
Issuance of common shares to unaffiliated stockholders (in shares)	6,470,331	2,181,526	1,933	0
Stock awards (in shares)	3,340
Issuance of redeemable common stock (in shares)	5,792
Common stock distribution reinvestment (in shares)	104,534	30,727
Repurchase of common stock (in shares)	(1,200)		0		0
Repurchase of redeemable common stock (in shares)	(3,990,638)
Ending balance (in shares)	10,415,093	7,822,934	1,933	0	1,933
Common Stock | Affiliated Entity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares to unaffiliated stockholders (in shares)			1,600
Class S Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	1,052,598	1,052,598	0	0	0
Issuance of common shares to unaffiliated stockholders (in shares)	5,757	0	511	0
Stock awards (in shares)	0
Issuance of redeemable common stock (in shares)	0
Common stock distribution reinvestment (in shares)	0	0
Repurchase of common stock (in shares)	0
Repurchase of redeemable common stock (in shares)	(997,920)
Ending balance (in shares)	60,435	1,052,598	511	0	511
Class S-1 Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	2,543,345	1,054,174	0	0	0
Issuance of common shares to unaffiliated stockholders (in shares)	1,258,476	1,467,311	0	0
Stock awards (in shares)	0
Issuance of redeemable common stock (in shares)	0
Common stock distribution reinvestment (in shares)	71,248	21,860
Repurchase of common stock (in shares)	0
Repurchase of redeemable common stock (in shares)	0
Ending balance (in shares)	3,873,069	2,543,345	0	0	0
Class D Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	1,052,598	1,052,598	0	0	0
Issuance of common shares to unaffiliated stockholders (in shares)	0	0	511	0
Stock awards (in shares)	0
Issuance of redeemable common stock (in shares)	0
Common stock distribution reinvestment (in shares)	0	0
Repurchase of common stock (in shares)	0
Repurchase of redeemable common stock (in shares)	(997,921)
Ending balance (in shares)	54,677	1,052,598	511	0	511
Class I Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	2,047,972	1,383,506	0	0	0
Issuance of common shares to unaffiliated stockholders (in shares)	448,043	656,221	511	0
Stock awards (in shares)	0
Issuance of redeemable common stock (in shares)	0
Common stock distribution reinvestment (in shares)	31,704	8,245
Repurchase of common stock (in shares)	(1,200)
Repurchase of redeemable common stock (in shares)	(998,825)
Ending balance (in shares)	1,527,694	2,047,972	511	0	511
Class E Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	1,126,421	1,067,805	0	0	0
Issuance of common shares to unaffiliated stockholders (in shares)	10,707	57,994	400	0
Stock awards (in shares)	3,340
Issuance of redeemable common stock (in shares)	5,792
Common stock distribution reinvestment (in shares)	1,582	622
Repurchase of common stock (in shares)
Repurchase of redeemable common stock (in shares)	(995,972)
Ending balance (in shares)	151,870	1,126,421	400	0	400
Class F Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	0	0	0	0
Issuance of common shares to unaffiliated stockholders (in shares)	4,747,348	0	0	0
Stock awards (in shares)	0
Issuance of redeemable common stock (in shares)	0
Common stock distribution reinvestment (in shares)	0	0
Repurchase of common stock (in shares)	0
Repurchase of redeemable common stock (in shares)	0
Ending balance (in shares)	4,747,348	0	0	0	0

Stockholders_ Equity - Distribu

Stockholders’ Equity - Distributions Declared Per Share (Details) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Class S Common Stock
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	$ 0.7800	$ 1.6400
Stockholder servicing fee per share (in dollars per share)	(0.0017)	(0.0017)
Net distribution declared per share (in dollars per share)	0.7783	1.6383
Class S-1 Common Stock
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	0.7800	1.6400
Stockholder servicing fee per share (in dollars per share)	(0.0529)	(0.1063)
Net distribution declared per share (in dollars per share)	0.7271	1.5337
Class D Common Stock
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	0.7800	1.6400
Stockholder servicing fee per share (in dollars per share)	0	0
Net distribution declared per share (in dollars per share)	0.7800	1.6400
Class I Common Stock
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	0.7800	1.6400
Stockholder servicing fee per share (in dollars per share)	0	0
Net distribution declared per share (in dollars per share)	0.7800	1.6400
Class E Common Stock
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	0.7800	1.6400
Stockholder servicing fee per share (in dollars per share)	0	0
Net distribution declared per share (in dollars per share)	0.7800	1.6400
Class F Common Stock
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	0.7800	0.7800
Stockholder servicing fee per share (in dollars per share)	0	0
Net distribution declared per share (in dollars per share)	$ 0.7800	$ 0.7800

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic Earnings:
Net income (loss) attributable to common stockholders	$ 3,620	$ (1,606)	$ 8,300	$ (2,733)
Basic Earnings:
Shares available to common stockholders (in shares)	10,729,623	748	8,956,409	382
Restricted stock awards (in shares)	28	0	306	0
Dilutive Shares (in shares)	10,729,651	748	8,956,715	382
Net income (loss) attributable to common stockholders
Basic (in dollars per share)	$ 0.34	$ (2,147.96)	$ 0.93	$ (7,151.3)
Diluted (in dollars per share)	$ 0.34	$ (2,147.96)	$ 0.93	$ (7,151.3)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets and Liabilities Measured At Fair Value On A Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets:
Commercial real estate loan investments	$ 1,121,010	$ 613,503
Liabilities:
Revolving credit facility	859,754	471,861
Repurchase agreements	849,754	457,861
Fair Value, Recurring
Assets:
Commercial real estate loan investments	1,121,010	613,503
Liabilities:
Revolving credit facility	10,000	14,000
Repurchase agreements	849,754	457,861
Total liabilities	859,754	471,861
Level 1 | Fair Value, Recurring
Assets:
Commercial real estate loan investments	0	0
Liabilities:
Revolving credit facility	0	0
Repurchase agreements	0	0
Total liabilities	0	0
Level 2 | Fair Value, Recurring
Assets:
Commercial real estate loan investments	0	0
Liabilities:
Revolving credit facility	0	0
Repurchase agreements	0	0
Total liabilities	0	0
Level 3 | Fair Value, Recurring
Assets:
Commercial real estate loan investments	1,121,010	613,503
Liabilities:
Revolving credit facility	10,000	14,000
Repurchase agreements	849,754	457,861
Total liabilities	$ 859,754	$ 471,861

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Securities Loaned or Sold under Agreements to Repurchase
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 609,981	$ 457,861
Borrowings	288,050	439,447
Repayments	(48,476)	(48,476)
Net unrealized (gain) loss	199	922
Ending balance	849,754	849,754
Revolving Credit Facility | Long-Term Debt | Line of Credit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	18,000	14,000
Proceeds	101,000	192,000
Repayments	(109,000)	(196,000)
Net unrealized (gain) loss	0	0
Ending balance	10,000	10,000
Commercial Real Estate Loan Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	824,333	613,503
Loan originations and fundings	296,392	506,304
Net unrealized gain (loss)	285	1,203
Ending balance	$ 1,121,010	$ 1,121,010

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - Discounted cash flow	Jun. 30, 2024	Dec. 31, 2023
Weighted Average Life (years) | Securities Loaned or Sold under Agreements to Repurchase
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Repurchase agreements, measurement input	0.73	1.48
Weighted Average Life (years) | Commercial Real Estate Loan Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial loans, measurement input	0.72	2.12
Weighted Average | Discount rate | Securities Loaned or Sold under Agreements to Repurchase
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Repurchase agreements, measurement input	0.0724	0.0762
Weighted Average | Discount rate | Commercial Real Estate Loan Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial loans, measurement input	0.0818	0.0852
Minimum | Discount rate | Securities Loaned or Sold under Agreements to Repurchase
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Repurchase agreements, measurement input	0.0698	0.0731
Minimum | Discount rate | Commercial Real Estate Loan Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial loans, measurement input	0.0783	0.0816
Maximum | Discount rate | Securities Loaned or Sold under Agreements to Repurchase
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Repurchase agreements, measurement input	0.0753	0.0786
Maximum | Discount rate | Commercial Real Estate Loan Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial loans, measurement input	0.0843	0.0871

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) shares	Mar. 31, 2024 shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) fiscalQuarter	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Other liabilities	$ 22,522,000			$ 22,522,000		$ 10,167,000
Issuance of redeemable common stock (in shares) | shares	5,792	0
Advisory agreement, automatic renewals, term per renewal (in years)				1 year
Termination fee, average annual management fee, multiplier				3
Termination fee, term before termination (in months)				24 months
Class E Redeemable Common Shares
Related Party Transaction [Line Items]
Issuance of redeemable common stock (in shares) | shares	5,792	0
Adviser
Related Party Transaction [Line Items]
Management fees	$ 307,000			$ 452,000
Accrued management fees	307,000			307,000
Performance fees	645,000			850,000
Accrued performance fees	850,000			850,000
Affiliated Entity
Related Party Transaction [Line Items]
Other assets	675,000			675,000		0
Other liabilities	22,522,000			22,522,000		10,167,000
Affiliated Entity | Other
Related Party Transaction [Line Items]
Other liabilities	45,000			45,000		0
Affiliated Entity | Dealer Manager | Class S-1 Common Stock
Related Party Transaction [Line Items]
Stockholder service fee	159,000			245,000		15,000
Affiliated Entity | Dealer Manager | Class S Common Stock
Related Party Transaction [Line Items]
Stockholder service fee	0			0		0
Affiliated Entity | Dealer Manager | Class D Common Stock
Related Party Transaction [Line Items]
Stockholder service fee	0			$ 0		$ 0
Affiliated Entity | Dealer Manager | Common Class S And Class D
Related Party Transaction [Line Items]
Gross proceeds from sale of shares (in percent)				8.75%
Subsidiaries | Adviser
Related Party Transaction [Line Items]
Adviser commitment fee, base rate (in percent)				0.50
Adviser commitment fee, base rate, loan origination (in percent)				0.005
Organization and offering expenses, reimbursement term (in months)				52 months
Operating expense, reimbursement term (in months)				52 months
Reimbursement period, number of consecutive quarters | fiscalQuarter				4
Operating expenses reimbursement, average invested assets (in percent)				2%
Operating expenses reimbursement, net income (in percent)				25%
Amounts of transaction	45,000			$ 45,000
Management and service fees, base rate (in percent)				1%
Management and service fees, incentive rate (in percent)				10%
Support personnel costs	$ 218,000		$ 46,000	$ 450,000	$ 46,000
Subsidiaries | Adviser | Class F Common Stock
Related Party Transaction [Line Items]
Management and service fees, base rate (in percent)				6%
Management and service fees, incentive rate (in percent)				10%
Performance fee, period to measure performance fee income				2 years
Subsidiaries | Adviser | Class E Redeemable Common Shares
Related Party Transaction [Line Items]
Issuance of redeemable common stock (in shares) | shares	5,792

Related Party Transactions - Co

Related Party Transactions - Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Other liabilities	$ 22,522	$ 10,167
Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities	22,522	10,167
Affiliated Entity | Adviser commitment fee payable
Related Party Transaction [Line Items]
Other liabilities	2,120	113
Affiliated Entity | Advanced organizational costs
Related Party Transaction [Line Items]
Other liabilities	724	707
Affiliated Entity | Advanced offering costs
Related Party Transaction [Line Items]
Other liabilities	1,261	1,293
Affiliated Entity | Advanced debt issuance and other financing costs
Related Party Transaction [Line Items]
Other liabilities	7,001	3,727
Affiliated Entity | Advanced general and administrative expenses
Related Party Transaction [Line Items]
Other liabilities	5,497	2,993
Affiliated Entity | Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Other liabilities	4,717	1,334
Affiliated Entity | Accrued management fee
Related Party Transaction [Line Items]
Other liabilities	307	0
Affiliated Entity | Accrued performance fee
Related Party Transaction [Line Items]
Other liabilities	850	0
Affiliated Entity | Other
Related Party Transaction [Line Items]
Other liabilities	45	0
Affiliated Entity | Prepaid Expenses
Related Party Transaction [Line Items]
Other liabilities	$ 287	$ 73

Related Party Transactions - Up

Related Party Transactions - Upfront Selling Commissions and Stockholder Servicing Fee (Details) - Dealer Manager - Affiliated Entity	6 Months Ended
	Jun. 30, 2024
Class S Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.50%
Stockholder Servicing Fee (% of NAV)	0.85%
Class S-1 Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	3.50%
Stockholder Servicing Fee (% of NAV)	0.85%
Class D Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	1.50%
Stockholder Servicing Fee (% of NAV)	0.25%
Class I Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0%
Stockholder Servicing Fee (% of NAV)	0%
Class E Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0%
Stockholder Servicing Fee (% of NAV)	0%
Class F Common Stock
Related Party Transaction [Line Items]
Maximum Upfront Selling Commissions (% of Transaction Price)	0%
Stockholder Servicing Fee (% of NAV)	0%

Related Party Transactions - Sh

Related Party Transactions - Shares Purchased By Affiliates (Details) - Affiliated Entity $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Related Party Transaction [Line Items]
Total Purchase Price | $	$ 5,569
Invesco Realty, Inc.
Related Party Transaction [Line Items]
Total Purchase Price | $	5,340
Invesco Advisers, Inc.
Related Party Transaction [Line Items]
Total Purchase Price | $	145
Members of our board of directors
Related Party Transaction [Line Items]
Total Purchase Price | $	$ 84
Class S Common Stock
Related Party Transaction [Line Items]
Shares (in shares)	54,567
Class S Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	54,567
Class S Common Stock | Invesco Advisers, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	0
Class S Common Stock | Members of our board of directors
Related Party Transaction [Line Items]
Shares (in shares)	0
Class S-1 Common Stock
Related Party Transaction [Line Items]
Shares (in shares)	0
Class S-1 Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	0
Class S-1 Common Stock | Invesco Advisers, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	0
Class S-1 Common Stock | Members of our board of directors
Related Party Transaction [Line Items]
Shares (in shares)	0
Class D Common Stock
Related Party Transaction [Line Items]
Shares (in shares)	54,567
Class D Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	54,567
Class D Common Stock | Invesco Advisers, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	0
Class D Common Stock | Members of our board of directors
Related Party Transaction [Line Items]
Shares (in shares)	0
Class I Common Stock
Related Party Transaction [Line Items]
Shares (in shares)	53,662
Class I Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	53,662
Class I Common Stock | Invesco Advisers, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	0
Class I Common Stock | Members of our board of directors
Related Party Transaction [Line Items]
Shares (in shares)	0
Class E Common Stock
Related Party Transaction [Line Items]
Shares (in shares)	77,015
Class E Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	56,491
Class E Common Stock | Invesco Advisers, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	5,792
Class E Common Stock | Members of our board of directors
Related Party Transaction [Line Items]
Shares (in shares)	14,732
Class F Common Stock
Related Party Transaction [Line Items]
Shares (in shares)	0
Class F Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	0
Class F Common Stock | Invesco Advisers, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	0
Class F Common Stock | Members of our board of directors
Related Party Transaction [Line Items]
Shares (in shares)	0

Commitment and Contingencies (D

Commitment and Contingencies (Details) - Unfunded Loan Commitment $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) investment
Other Commitments [Line Items]
Unfunded loan commitment | $	$ 258.8
Number of unfunded loan investments | investment	18
Term of related loan (in years)	3 years

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ in Thousands	Aug. 08, 2024 USD ($) loanInvestment	Jun. 30, 2024 USD ($)
Subsequent Event [Line Items]
Maximum borrowings		$ 1,808,424
Repurchase Agreements | Line of Credit
Subsequent Event [Line Items]
Maximum borrowings		$ 1,708,424
Subsequent Event
Subsequent Event [Line Items]
Number of commercial real estate loans originated | loanInvestment	4
Aggregate outstanding principal amount of commercial real estate loans	$ 175,300
Total loan amount of commercial real estate loans	$ 178,900
Weighted average interest rate of commercial real estate loans (in percent)	8.25%
Maximum borrowings	$ 2,700,000
Subsequent Event | Repurchase Agreements | Repurchase Agreement One | Line of Credit
Subsequent Event [Line Items]
Maximum borrowings	837,500
Subsequent Event | Repurchase Agreements | Repurchase Agreement Two | Line of Credit
Subsequent Event [Line Items]
Maximum borrowings	$ 300,000

Subsequent Events - Stock Issua

Subsequent Events - Stock Issuance (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 08, 2024	Jun. 30, 2024
Subsequent Event | DRP Shares
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	48,661
DRP Shares	$ 1,226
Class S Common Stock | Subsequent Event | DRP Shares
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	0
Class S-1 Common Stock | Subsequent Event | DRP Shares
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	12,456
Class D Common Stock | Subsequent Event | DRP Shares
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	0
Class I Common Stock | Subsequent Event | DRP Shares
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	5,902
Class E Common Stock | Subsequent Event | DRP Shares
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	263
Class F Common Stock | Subsequent Event | DRP Shares
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	30,040
Related Party | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	4,191,720
DRP Shares	$ 106,067
Related Party | Class S Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	196
Related Party | Class S-1 Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	639,333
Related Party | Class D Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	0
Related Party | Class I Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	383,648
Related Party | Class E Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	9,931
Related Party | Class F Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	3,158,612
Affiliated Entity
Subsequent Event [Line Items]
DRP Shares		$ 5,569
Affiliated Entity | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	12,142
DRP Shares	$ 0
Affiliated Entity | Class S Common Stock
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		54,567
Affiliated Entity | Class S Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	0
Affiliated Entity | Class S-1 Common Stock
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		0
Affiliated Entity | Class S-1 Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	0
Affiliated Entity | Class D Common Stock
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		54,567
Affiliated Entity | Class D Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	0
Affiliated Entity | Class I Common Stock
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		53,662
Affiliated Entity | Class I Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	0
Affiliated Entity | Class E Common Stock
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		77,015
Affiliated Entity | Class E Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	12,142
Affiliated Entity | Class F Common Stock
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		0
Affiliated Entity | Class F Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	0
Advisor | Class E Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	12,142
DRP Shares	$ 306