Invesco Commercial Real Estate Finance Trust 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
Amendment Flag	false
Class S Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		758,286
Class S-1 Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,175,461
Class D Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		752,747
Class I Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,257,956
Class E Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		889,662
Class F Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,116,285

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Commercial real estate loan investments, at fair value (including pledged loans of $2,033,844 and $591,003, respectively)	$ 2,043,967,000	$ 613,503,000
Cash and cash equivalents	20,115,000	1,975,000
Restricted cash	13,229,000	23,566,000
Interest receivable	6,101,000	2,448,000
Derivative assets, at fair value	8,000	0
Total assets	2,084,381,000	641,643,000
LIABILITIES
Secured lending agreements, at fair value	1,515,001,000	457,861,000
Term lending agreement, at fair value	90,380,000	0
Revolving credit facility, at fair value	0	14,000,000
Interest payable	4,558,000	1,687,000
Derivative liabilities, at fair value	221,000	0
Dividends and distributions payable (including $814 and $2,363 due to related party, respectively)	5,411,000	3,138,000
Accounts payable, accrued expenses and other liabilities	18,733,000	23,978,000
Due to affiliates	27,170,000	10,167,000
Total liabilities	1,661,474,000	510,831,000
Commitments and contingencies (See Note 13)
Redeemable common stock - related party (see Note 8)	66,024,000	105,340,000
STOCKHOLDERS’ EQUITY
Additional paid-in capital	372,443,000	32,549,000
Accumulated other comprehensive income (loss)	1,000	0
Accumulated deficit	(15,917,000)	(7,296,000)
Total stockholders’ equity	356,883,000	25,472,000
Total liabilities, redeemable common stock and stockholders’ equity	2,084,381,000	641,643,000
Affiliated Entity
ASSETS
Other assets	231,000	0
LIABILITIES
Due to affiliates	27,170,000	10,167,000
Nonrelated Party
ASSETS
Other assets	730,000	151,000
Series A Preferred Stock
STOCKHOLDERS’ EQUITY
12.5% Series A Cumulative Redeemable Preferred Stock, 228 shares issued and outstanding ($228 aggregate liquidation preference)	205,000	205,000
Class S Common Stock
STOCKHOLDERS’ EQUITY
Common stock	0	0
Class S-1 Common Stock
STOCKHOLDERS’ EQUITY
Common stock	49,000	11,000
Class D Common Stock
STOCKHOLDERS’ EQUITY
Common stock	0	0
Class D-1 Shares
STOCKHOLDERS’ EQUITY
Common stock	0	0
Class I Common Stock
STOCKHOLDERS’ EQUITY
Common stock	21,000	3,000
Class E Common Stock
STOCKHOLDERS’ EQUITY
Common stock	1,000	0
Class F Common Stock
STOCKHOLDERS’ EQUITY
Common stock	$ 80,000	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loans pledged as collateral	$ 2,033,844	$ 591,003
Dividends and distributions payable	$ 5,411	$ 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	$ 814	$ 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 D-1 Shares
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	0
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 F 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 Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Interest Income
Commercial real estate loan interest income	$ 29,889	$ 6,051	$ 65,444	$ 7,571
Other interest income	534	21	1,362	21
Interest expense	(20,565)	(4,896)	(44,814)	(6,484)
Net interest income	9,858	1,176	21,992	1,108
Other Income (Expense)
Unrealized gain (loss) on commercial real estate loan investments, net	(273)	0	930	0
Unrealized gain (loss) on secured financing facilities, net	160	0	(762)	0
Gain (loss) on derivative instruments, net	(213)	0	(213)	0
Gain (loss) on foreign currency transactions, net	85	0	85	0
Commitment fee income, net of related party expense of $4,531, $8,049, $1,125 and $1,993 for the three and nine months ended September 30, 2024 and 2023, respectively	5,140	1,126	8,658	1,993
Other income	260	97	610	133
Total other income (expense), net	5,159	1,223	9,308	2,126
Expenses
Management and performance fees - related party	822	0	2,124	0
Debt issuance and other financing costs related to borrowings, at fair value	5,926	558	9,616	2,945
Organizational costs	8	86	27	690
General and administrative	2,214	1,067	5,172	1,643
Total expenses	8,970	1,711	16,939	5,278
Net income (loss)	6,047	688	14,361	(2,044)
Dividends to preferred stockholders	(7)	(3)	(21)	(4)
Net income (loss) attributable to common stockholders, basic	6,040	685	14,340	(2,048)
Net income (loss) attributable to common stockholders, diluted	6,040	685	14,340	(2,048)
Currency translation adjustment	1	0	1	0
Comprehensive income (loss)	6,048	688	14,362	(2,044)
Comprehensive income (loss) attributable to common stockholders	$ 6,041	$ 685	$ 14,341	$ (2,048)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.42	$ 0.55	$ 1.33	$ (4.88)
Diluted (in dollars per share)	$ 0.42	$ 0.55	$ 1.33	$ (4.88)
Weighted average number of shares of common stock
Basic (in shares)	14,499,660	1,245,585	10,817,646	420,007
Diluted (in shares)	14,499,737	1,245,585	10,817,875	420,007

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party
Commitment and other fee expense	$ 4,531	$ 1,125	$ 8,049	$ 1,993

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 D-1 Shares	Common Stock Class I Common Stock	Common Stock Class E Common Stock	Common Stock Class F Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	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
Redeemable Common Stock
Issuance of redeemable common stock	0
Adjustment to the carrying value of redeemable common stock	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)	(2,044)
Foreign currency translation adjustments	0
Ending balance at Sep. 30, 2023	(5,061)		100	0	0	0		0	0		9		(5,170)
Beginning balance at Dec. 31, 2022	0
Ending balance at Sep. 30, 2023	85,340
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 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
Redeemable Common Stock
Issuance of redeemable common stock	0
Adjustment to the carrying value of redeemable common stock	0
Ending balance at Jun. 30, 2023	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	688												688
Issuance of stock, net of offering costs	(38)										(38)
Common stock dividends	(3,122)
Preferred stock dividends	(3)												(3)
Foreign currency translation adjustments	0
Ending balance at Sep. 30, 2023	(5,061)		100	0	0	0		0	0		9		(5,170)
Redeemable Common Stock
Issuance of redeemable common stock	85,340
Adjustment to the carrying value of redeemable common stock	0
Ending balance at Sep. 30, 2023	85,340
Beginning balance at Dec. 31, 2023	25,472		205	0	11	0	$ 0	3	0	$ 0	32,549	$ 0	(7,296)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,687												4,687
Issuance of 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	0	10	1	0	86,288	0	(8,927)
Beginning balance at Dec. 31, 2023	105,340
Redeemable Common Stock
Issuance of redeemable common stock	0
Adjustment to the 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	0	3	0	0	32,549	0	(7,296)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	14,361
Foreign currency translation adjustments	1
Adjustment to the carrying value of redeemable common stock	(232)
Ending balance at Sep. 30, 2024	356,883		205	0	49	0	0	21	1	80	372,443	1	(15,917)
Beginning balance at Dec. 31, 2023	105,340
Redeemable Common Stock
Adjustment to the carrying value of redeemable common stock	232
Ending balance at Sep. 30, 2024	66,024
Beginning balance at Mar. 31, 2024	77,602		205	0	25	0	0	10	1	0	86,288	0	(8,927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,627												3,627
Issuance of 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	0	15	1	47	250,304	0	(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 the carrying value of redeemable common stock	175
Ending balance at Jun. 30, 2024	5,660
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	6,047												6,047
Issuance of stock, net of offering costs	118,077				10			5		32	118,030
Common stock distribution reinvestment	4,403							1		1	4,401
Common stock dividends	(9,401)												(9,401)
Preferred stock dividends	(7)												(7)
Amortization of equity based compensation	19										19
Repurchase of common stock	(254)										(254)
Foreign currency translation adjustments	1											1
Adjustment to the carrying value of redeemable common stock	(57)										(57)
Ending balance at Sep. 30, 2024	356,883		$ 205	$ 0	$ 49	$ 0	$ 0	$ 21	$ 1	$ 80	$ 372,443	$ 1	$ (15,917)
Redeemable Common Stock
Issuance of redeemable common stock	60,307
Adjustment to the carrying value of redeemable common stock	57
Ending balance at Sep. 30, 2024	$ 66,024

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 14,361	$ (2,044)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized gain (loss) on commercial real estate loan investments, net	(930)	0
Unrealized gain (loss) on secured financing facilities, net	762	0
(Gain) loss on derivative instruments, net	213	0
Unrealized (gain) loss on foreign currency transactions	(34)	0
Debt issuance costs	7,430	2,945
Amortization of equity based compensation	56	0
Change in operating assets and liabilities:
Increase in operating assets	(4,311)	(1,452)
(Increase) decrease in due from affiliates	(231)	539
Increase in operating liabilities	5,852	1,482
Increase in due to affiliates	12,543	3,197
Net cash provided by operating activities	35,711	4,667
Cash flows from investing activities:
Originations and fundings of commercial real estate loans	(1,429,500)	(378,970)
Net cash used in investing activities	(1,429,500)	(378,970)
Cash flows from financing activities:
Proceeds from revolving credit facility	686,000	225,300
Repayment of revolving credit facility	(700,000)	(197,300)
Proceeds from secured financing facilities	1,602,895	267,839
Repayment of secured financing facilities	(456,137)	0
Proceeds from issuance of common stock, net of offering costs	313,643	9
Proceeds from issuance of preferred stock, net of offering costs	0	100
Proceeds from issuance of redeemable common stock	60,000	85,340
Repurchase of common stock	(283)	0
Repurchase of redeemable common stock	(100,000)	0
Subscriptions received in advance	13,198	5,379
Repayment of related party loan	0	(30)
Cash paid for debt issuance costs	(4,828)	(998)
Payments of dividends	(12,897)	(2,222)
Net cash provided by financing activities	1,401,591	383,417
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1	0
Net change in cash, cash equivalents and restricted cash	7,803	9,114
Cash, cash equivalents and restricted cash, beginning of period	25,541	30
Cash, cash equivalents and restricted cash, end of period	33,344	9,144
Supplemental disclosures:
Interest paid	41,943	5,371
Non-cash investing and financing activities:
Dividends and distributions declared not paid	5,411	904
Common stock distribution reinvestment	7,812	0
Issuance of redeemable common stock for payment of management fees	452	0
Adjustment to carrying value of redeemable common stock	232	0
Deferred offering costs due to affiliate	(78)	1,009
Offering costs due to affiliates	4,453	0
Debt issuance costs due to affiliate	$ 460	$ 0

Organization and Business Purpo

Organization and Business Purpose	9 Months Ended
	Sep. 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 elected 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 registration und er the Investment Company Act of 1940, as amended (the “Investment Company Act”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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. 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. Restricted Cash Restricted cash represents (i) cash deposited with our transfer agent for investor subscriptions received prior to the date the subscriptions are effective and (ii) cash held by foreign subsidiaries that cannot be used to pay dividends without local regulatory authority approval. Translation of Foreign Currencies The U.S. dollar is the functional currency of our consolidated entities operating in the United States. The functional currency of our consolidated entities outside of the United States is generally the principal currency of the economic environment in which the entity primarily generates and expends cash. We translate the financial statements of consolidated entities whose functional currency is not the U.S. dollar into U.S. dollars. We translate assets and liabilities at the exchange rate in effect as of the financial statement date and translate income statement accounts using the weighted average exchange rate for the period. We include translation adjustments from currency exchange and the effect of exchange rate changes on intercompany transactions of a long-term investment nature as a separate component of stockholders’ equity. We report gains and losses from currency exchange rate changes for intercompany receivables and payables that are not of a long-term investment nature, as well as for third-party transactions, as gain (loss) on foreign currency transactions, net in the condensed consolidated statement of comprehensive income. Accounting for Derivative Financial Instruments We use currency forward contracts to manage foreign currency exchange risk and report them at fair value on our condensed consolidated balance sheet. Our currency forward contracts are valued by an independent pricing service based on contractual cash flows and quoted foreign currency rates available in an active market. When determining the fair value of our forward currency contracts as of each measurement date, we consider the effect of counterparty nonperformance risk as a part of the valuation process and include a credit risk adjustment where appropriate. We recognize changes in fair value of our derivatives in our condensed consolidated statement of comprehensive income as gain (loss) on derivative instruments, net. None of our derivative transactions have been designated as hedging instruments for accounting purposes. Secured Financing Facilities We have financed our investments in commercial real estate loans primarily through the use of repurchase agreements and term lending agreements. These financing transactions are secured by our commercial real estate loan investments; therefore, we treat repurchase agreements and term lending agreements as collateralized financing transactions and carry both repurchase agreements and term lending agreements at fair value in our condensed consolidated financial statements. Because we elected the fair value option for repurchase agreements and term lending agreements, we record changes in fair value as unrealized gain (loss) on secured financing facilities, net in our condensed consolidated statements of comprehensive income. We account for our repurchase agreements and term lending agreements as secured borrowings because we maintain effective control over the commercial real estate loans that we have financed. Debt Issuance and Other Financing Costs We finance our investments using a variety of debt instruments. When we incur debt issuance costs prior to a debt facility closing, we expense the costs as incurred if we intend to elect the fair value option to account for the debt facility and the closing is probable as of the balance sheet date. When we incur financing costs on our existing debt facilities for which we have elected the fair value option, we expense the costs as incurred. Recently Issued Accounting Pronouncements In November 2023, the Financial Standards Accounting Board issued an accounting standards update intended to improve reportable segment disclosure requirements on an annual and interim basis. The amendments require, among other items, enhanced disclosures around significant segment expenses regularly provided to the chief operating decision maker (“CODM”), as well as the CODM's title and position. Additionally, the amendments expand the scope of all segment reporting disclosure requirements to include those entities with only a single operating segment, such as us. We are required to implement the amendments in our consolidated financial statements for the year ended December 31, 2024 and for interim periods thereafter. The amendments must be applied on a retrospective basis and early adoption is permitted.

Commercial Real Estate Loan Inv

Commercial Real Estate Loan Investments	9 Months Ended
	Sep. 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 September 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) September 30, 2024 Senior loans (4) $ 2,289,178 $ 2,043,187 $ 2,043,967 7.98 % 4.40 Total $ 2,289,178 $ 2,043,187 $ 2,043,967 7.98 % 4.40 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. Domestic loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. Euro denominated loans earn interest at three-month Euribor plus a spread. Our loan denominated in British pounds sterling earns interest at three-month Sterling Overnight Index Average (“SONIA”) plus a spread. (3) Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions, as defined in the respective loan agreement. (4) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and accommodation mezzanine loans in connection with the senior mortgage financing. The tables below detail the property type and geographic location of the properties securing our commercial real estate loans as of September 30, 2024 and December 31, 2023. $ in thousands September 30, 2024 December 31, 2023 Property Type Fair Value Percentage Fair Value Percentage Multifamily $ 1,070,542 52.3 % $ 346,760 56.5 % Industrial 923,304 45.2 % 266,743 43.5 % Self-storage 50,121 2.5 % — — % Total $ 2,043,967 100.0 % $ 613,503 100.0 % $ in thousands September 30, 2024 December 31, 2023 Geographic Location Fair Value Percentage Fair Value Percentage United States: West $ 598,479 29.3 % $ 311,852 50.8 % South 497,035 24.3 % 173,991 28.4 % East 346,827 17.0 % 127,660 20.8 % Various U.S. (1) 297,140 14.5 % — — % Total $ 1,739,481 85.1 % $ 613,503 100.0 % Europe: France (2) $ 91,241 4.5 % $ — — % Spain (2) 102,124 5.0 % — — % United Kingdom (3) 111,121 5.4 % — — % Total $ 304,486 14.9 % $ — — % Total $ 2,043,967 100.0 % $ 613,503 100.0 % (1) Various U.S. includes self-storage and industrial portfolios with multiple locations throughout the United States. (2) Our European loans that are collateralized by industrial commercial real estate in France and Spain are denominated in Euros and have a fair value of €81.8 million and €91.5 million, respectively, as of September 30, 2024. (3) Our European loan that is collateralized by industrial commercial real estate in the United Kingdom is denominated in British pounds sterling and has a fair value of £83.0 million as of September 30, 2024. The weighted average loan-to-value ratio, a metric utilized in the fair value measurement of our commercial real estate loan investments, for our loan investments at September 30, 2024 was approximately 66% based on the loan principal amount and the independent property appraisals.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings The table below summarizes our borrowing arrangements as of September 30, 2024 and December 31, 2023. Our borrowing arrangements include secured lending and term lending agreements (collectively, our secured financing facilities) and a revolving credit facility. September 30, 2024 December 31, 2023 $ in thousands Current Maturity Extension Options (1) Weighted Average Interest rate (2) Maximum Facility Size Available Balance Amount Outstanding Fair Value Amount Outstanding Fair Value Term Lending Agreement INCREF Lending II Match-term Match-term 7.33% $ 300,000 $ 209,620 $ 90,380 $ 90,380 $ — $ — Secured Lending Agreements Term Financing INCREF Lending I Jul 2026 Jul 2029 7.13% 837,517 192,765 644,752 645,090 — — Repurchase Agreements Morgan Stanley Bank N.A. (3) May 2025 May 2027 7.36% 500,000 157,991 342,009 342,204 174,209 174,209 Citibank N.A. Sep 2026 Sep 2028 6.24% 500,000 256,412 243,588 243,588 61,464 61,464 Barclays (3) Apr 2027 Apr 2029 6.92% 500,000 316,983 183,017 183,050 — — Wells Fargo May 2026 May 2029 7.01% 200,000 98,980 101,020 101,069 — — Bank of Montreal (3) Jul 2025 Jul 2028 —% 25,000 25,000 — — 222,188 222,188 Total secured financing facilities $ 2,862,517 $ 1,257,751 $ 1,604,766 $ 1,605,381 $ 457,861 $ 457,861 Revolving Credit Facility (4) 8.26% $ 250,000 $ 250,000 $ — $ — $ 14,000 $ 14,000 (1) Assumes all available extension options are exercised. (2) Represents the weighted average interest rate in effect as of September 30, 2024. (3) Extension options for these facilities are subject to lender approval and compliance with certain financial and administrative covenants. (4) Maturity date is aligned with the Company’s ability to call remaining outstanding capital under the Invesco Subscription Agreement, as further explained below. Borrowings denominated in U.S. dollars under our secured financing facilities and revolving credit facility bear interest at one-month SOFR plus a spread. Euro denominated borrowings bear interest at three-month Euribor plus a spread, and our British pounds sterling denominated borrowings bear interest at three-month SONIA plus a spread. Our secured financing facilities are subject to certain non-financial and financial covenants, including liquidity, tangible net worth and leverage covenants. We were in compliance with these covenants as of September 30, 2024. Term Lending Agreement In August 2024, we entered into a $300.0 million Facility Loan Program and Security Agreement with a financial institution (“INCREF Lending II”) that provides asset-based financing on a non-mark-to-market basis with partial recourse to us and match-term to the underlying loans. We have pledged certain commercial real estate loan investments with a fair value of approximately $117.2 million as collateral for INCREF Lending II. We segregate the commercial real estate loans that we have pledged as collateral in our books and records. Our term lending agreement counterparty has the right to resell or repledge the collateral posted but has the obligation to return the pledged collateral upon maturity of the term lending agreement. Secured Lending Agreements In July 2024, we entered into a $837.5 million Master Repurchase Agreement with a financial institution (“INCREF Lending I”) that provides asset-based financing with partial recourse to us and does not provide the lender with margin call rights. The term of the facility matches the term of the underlying collateral up to two years and is subject to three additional one-year extension options that we we may exercise upon satisfaction of certain customary conditions and thresholds. We have pledged certain commercial real estate loan investments with a fair value of approximately $813.8 million as collateral for INCREF Lending I. We have also entered into traditional repurchase agreements with five financial institutions, as detailed in the table above. We have pledged certain commercial real estate loan investments with a fair value of approximately $1.1 billion as collateral for these agreements. Borrowings under our Citibank repurchase agreement are collateralized by European commercial real estate loans. The borrowings are denominated in Euros and British pound sterling and have a fair value of €138.6 million and £66.4 million, respectively, as of September 30, 2024. We were not required to post any margin under our master repurchase agreements as of September 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. We may finance multiple commercial loan investments under a repurchase agreement; therefore, a margin excess in one asset could help mitigate a margin deficiency in another asset under the same repurchase agreement. We intend to maintain a level of liquidity that will enable us to meet margin calls. Master repurchase agreements are recourse obligations. Revolving Credit Facility In August 2024, we entered into an amendment to our revolving credit facility that increased our maximum facility size to $250 million. Our revolving credit facility is secured by uncalled capital subscriptions under the terms of the Invesco Subscription Agreement, as described in Note 8 - “Redeemable Common Stock - Related Party”. Borrowings under the facility bear interest at one-month Term SOFR or the prime rate plus a spread. The revolving credit facility allows for the ability to obtain tranches of term financing in addition to general borrowings under an Uncommitted Tranche (as defined in the credit agreement). The Uncommitted Tranche is due on demand (15 business days after notice); any Funded Tranche (as defined in the credit agreement) is due no later than (a) three years from issuance or (b) 360 days after notice; and all amounts outstanding under the facility are due 30 days prior to the last date on which capital calls may be issued. The facility is prepayable without penalty. Our revolving credit facility is subject to certain affirmative and negative non-financial and financial covenants, including a limitation on indebtedness. We were in compliance with these covenants as of September 30, 2024. Counterparty Exposure We have pledged certain commercial real estate loan investments as collateral for our secured financing facilities. If a secured financing counterparty were to default on its obligation to return the collateral, we would be exposed to potential losses to the extent the fair value of the collateral that we have pledged to the counterparty exceeded the amount loaned to us plus interest due to the counterparty. The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of stockholders’ equity as of September 30, 2024 and December 31, 2023. $ in thousands Outstanding Principal Net Counterparty Exposure Weighted Average Life (Years) (1) September 30, 2024 Morgan Stanley Bank N.A $ 342,009 $ 99,953 1.73 Citibank N.A. 888,340 229,898 4.59 Barclays 183,017 47,045 4.57 Total $ 1,413,366 $ 376,896 3.89 December 31, 2023 Morgan Stanley Bank N.A $ 174,209 $ 57,404 1.40 Citibank N.A. 61,464 15,366 3.42 Bank of Montreal 222,188 60,372 4.54 Total $ 457,861 $ 133,142 3.19 (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. Maturities The following table shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of September 30, 2024: Year Secured Lending Agreements (1) Term Lending Agreement (1) Revolving Credit Facility Total $ in thousands 2024 (remaining) $ — $ — $ — $ — 2025 — — — — 2026 342,009 — — 342,009 2027 — — — — 2028 243,588 — — 243,588 2029 928,789 90,380 — 1,019,169 Thereafter — — — — Total $ 1,514,386 $ 90,380 $ — $ 1,604,766 (1) Assumes all extension options (as presented in Borrowings table above) are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants. 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 repaid the loan, which had an outstanding balance of $30,000 and accrued interest expense in June 2023. We incurred $649 of interest expense on the loan in the nine months ended September 30, 2023.

Loan Payable - Related Party

Loan Payable - Related Party	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Loan Payable - Related Party	Borrowings The table below summarizes our borrowing arrangements as of September 30, 2024 and December 31, 2023. Our borrowing arrangements include secured lending and term lending agreements (collectively, our secured financing facilities) and a revolving credit facility. September 30, 2024 December 31, 2023 $ in thousands Current Maturity Extension Options (1) Weighted Average Interest rate (2) Maximum Facility Size Available Balance Amount Outstanding Fair Value Amount Outstanding Fair Value Term Lending Agreement INCREF Lending II Match-term Match-term 7.33% $ 300,000 $ 209,620 $ 90,380 $ 90,380 $ — $ — Secured Lending Agreements Term Financing INCREF Lending I Jul 2026 Jul 2029 7.13% 837,517 192,765 644,752 645,090 — — Repurchase Agreements Morgan Stanley Bank N.A. (3) May 2025 May 2027 7.36% 500,000 157,991 342,009 342,204 174,209 174,209 Citibank N.A. Sep 2026 Sep 2028 6.24% 500,000 256,412 243,588 243,588 61,464 61,464 Barclays (3) Apr 2027 Apr 2029 6.92% 500,000 316,983 183,017 183,050 — — Wells Fargo May 2026 May 2029 7.01% 200,000 98,980 101,020 101,069 — — Bank of Montreal (3) Jul 2025 Jul 2028 —% 25,000 25,000 — — 222,188 222,188 Total secured financing facilities $ 2,862,517 $ 1,257,751 $ 1,604,766 $ 1,605,381 $ 457,861 $ 457,861 Revolving Credit Facility (4) 8.26% $ 250,000 $ 250,000 $ — $ — $ 14,000 $ 14,000 (1) Assumes all available extension options are exercised. (2) Represents the weighted average interest rate in effect as of September 30, 2024. (3) Extension options for these facilities are subject to lender approval and compliance with certain financial and administrative covenants. (4) Maturity date is aligned with the Company’s ability to call remaining outstanding capital under the Invesco Subscription Agreement, as further explained below. Borrowings denominated in U.S. dollars under our secured financing facilities and revolving credit facility bear interest at one-month SOFR plus a spread. Euro denominated borrowings bear interest at three-month Euribor plus a spread, and our British pounds sterling denominated borrowings bear interest at three-month SONIA plus a spread. Our secured financing facilities are subject to certain non-financial and financial covenants, including liquidity, tangible net worth and leverage covenants. We were in compliance with these covenants as of September 30, 2024. Term Lending Agreement In August 2024, we entered into a $300.0 million Facility Loan Program and Security Agreement with a financial institution (“INCREF Lending II”) that provides asset-based financing on a non-mark-to-market basis with partial recourse to us and match-term to the underlying loans. We have pledged certain commercial real estate loan investments with a fair value of approximately $117.2 million as collateral for INCREF Lending II. We segregate the commercial real estate loans that we have pledged as collateral in our books and records. Our term lending agreement counterparty has the right to resell or repledge the collateral posted but has the obligation to return the pledged collateral upon maturity of the term lending agreement. Secured Lending Agreements In July 2024, we entered into a $837.5 million Master Repurchase Agreement with a financial institution (“INCREF Lending I”) that provides asset-based financing with partial recourse to us and does not provide the lender with margin call rights. The term of the facility matches the term of the underlying collateral up to two years and is subject to three additional one-year extension options that we we may exercise upon satisfaction of certain customary conditions and thresholds. We have pledged certain commercial real estate loan investments with a fair value of approximately $813.8 million as collateral for INCREF Lending I. We have also entered into traditional repurchase agreements with five financial institutions, as detailed in the table above. We have pledged certain commercial real estate loan investments with a fair value of approximately $1.1 billion as collateral for these agreements. Borrowings under our Citibank repurchase agreement are collateralized by European commercial real estate loans. The borrowings are denominated in Euros and British pound sterling and have a fair value of €138.6 million and £66.4 million, respectively, as of September 30, 2024. We were not required to post any margin under our master repurchase agreements as of September 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. We may finance multiple commercial loan investments under a repurchase agreement; therefore, a margin excess in one asset could help mitigate a margin deficiency in another asset under the same repurchase agreement. We intend to maintain a level of liquidity that will enable us to meet margin calls. Master repurchase agreements are recourse obligations. Revolving Credit Facility In August 2024, we entered into an amendment to our revolving credit facility that increased our maximum facility size to $250 million. Our revolving credit facility is secured by uncalled capital subscriptions under the terms of the Invesco Subscription Agreement, as described in Note 8 - “Redeemable Common Stock - Related Party”. Borrowings under the facility bear interest at one-month Term SOFR or the prime rate plus a spread. The revolving credit facility allows for the ability to obtain tranches of term financing in addition to general borrowings under an Uncommitted Tranche (as defined in the credit agreement). The Uncommitted Tranche is due on demand (15 business days after notice); any Funded Tranche (as defined in the credit agreement) is due no later than (a) three years from issuance or (b) 360 days after notice; and all amounts outstanding under the facility are due 30 days prior to the last date on which capital calls may be issued. The facility is prepayable without penalty. Our revolving credit facility is subject to certain affirmative and negative non-financial and financial covenants, including a limitation on indebtedness. We were in compliance with these covenants as of September 30, 2024. Counterparty Exposure We have pledged certain commercial real estate loan investments as collateral for our secured financing facilities. If a secured financing counterparty were to default on its obligation to return the collateral, we would be exposed to potential losses to the extent the fair value of the collateral that we have pledged to the counterparty exceeded the amount loaned to us plus interest due to the counterparty. The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of stockholders’ equity as of September 30, 2024 and December 31, 2023. $ in thousands Outstanding Principal Net Counterparty Exposure Weighted Average Life (Years) (1) September 30, 2024 Morgan Stanley Bank N.A $ 342,009 $ 99,953 1.73 Citibank N.A. 888,340 229,898 4.59 Barclays 183,017 47,045 4.57 Total $ 1,413,366 $ 376,896 3.89 December 31, 2023 Morgan Stanley Bank N.A $ 174,209 $ 57,404 1.40 Citibank N.A. 61,464 15,366 3.42 Bank of Montreal 222,188 60,372 4.54 Total $ 457,861 $ 133,142 3.19 (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. Maturities The following table shows the aggregate amount of maturities of our outstanding borrowings over the next five years and thereafter as of September 30, 2024: Year Secured Lending Agreements (1) Term Lending Agreement (1) Revolving Credit Facility Total $ in thousands 2024 (remaining) $ — $ — $ — $ — 2025 — — — — 2026 342,009 — — 342,009 2027 — — — — 2028 243,588 — — 243,588 2029 928,789 90,380 — 1,019,169 Thereafter — — — — Total $ 1,514,386 $ 90,380 $ — $ 1,604,766 (1) Assumes all extension options (as presented in Borrowings table above) are exercised for borrowing facilities that may be extended at our option, subject to compliance with certain financial and administrative covenants. 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 repaid the loan, which had an outstanding balance of $30,000 and accrued interest expense in June 2023. We incurred $649 of interest expense on the loan in the nine months ended September 30, 2023.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023. $ in thousands September 30, 2024 December 31, 2023 Accounts payable and accrued expenses $ 4,252 $ 14 Subscriptions paid in advance (1) 13,198 23,566 Other liabilities 1,283 398 Total $ 18,733 $ 23,978 (1) Represents subscriptions received by our transfer agent prior to the date the subscriptions are effective.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities Currency Forward Contracts We enter into currency forward contracts to help mitigate the impact of changes in foreign currency exchange rates on our investments and financing transactions denominated in currencies other than the U.S. dollar. Despite being economic hedges, we have elected not to treat our foreign currency forwards as hedges for accounting purposes and, therefore, the realized and unrealized gains and losses associated with such instruments are included in gain (loss) on derivative instruments, net in our consolidated statements of comprehensive income. The following table summarizes changes in the notional amount of our currency forward contracts during 2024: Local Currency In thousands Notional Amount as of December 31, 2023 Additions Settlement, Notional Amount as of September 30, 2024 Notional Amount as of September 30, 2024 Buy USD / Sell EUR Forward € — € 39,474 € — € 39,474 $ 44,805 Buy USD / Sell GBP Forward £ — £ 19,417 £ — £ 19,417 $ 25,651 The table below presents the fair value of our currency forward contracts, as well as their classification on the condensed consolidated balance sheet as of September 30, 2024: $ in thousands Fair Value as of September 30, 2024 Derivative Assets $ 8 Derivative Liabilities $ 221 The following tables summarize the effect of currency forward contracts reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2024: $ in thousands Three Months Ended September 30, 2024 Derivatives not designated as hedging instruments Realized gain (loss) on derivative instruments, net Unrealized gain (loss), net Gain (loss) on derivative instruments, net Currency Forward Contracts $ — $ (213) $ (213) $ in thousands Nine Months Ended September 30, 2024 Derivatives not designated as hedging instruments Realized gain (loss) on derivative instruments, net Unrealized gain (loss), net Gain (loss) on derivative instruments, net Currency Forward Contracts $ — $ (213) $ (213)

Redeemable Common Stock - Relat

Redeemable Common Stock - Related Party	9 Months Ended
	Sep. 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 amended the terms of the Invesco Subscription Agreement in August 2024 in connection with an increase in the maximum borrowing amount under our revolving credit facility described in Note 4 - “Borrowings”. We may call (i) $150.0 million in capital in one or more closings through March 23, 2028 (the “Initial Commitment Amount”) and (ii) $150.0 million in additional capital (for a total of $300 million) if needed to avoid triggering any third party concentration limits associated with distribution or placement of our shares (the “Additional Commitment Amount’) or for purposes of repaying indebtedness drawn on a facility that is secured by uncalled capital subscriptions. We have pledged both the Initial Commitment Amount and the Additional Commitment Amount as security for our revolving credit line, and our revolving credit lender may call the Initial Commitment Amount and the Additional Commitment Amount to repay indebtedness. Invesco Realty may not submit its shares for repurchase under the share repurchase plan described in Note 9 - “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 September 30, 2024, we may call $234.7 million of the $300.0 million of capital committed under the Invesco Subscription Agreement. As discussed in Note 12 - “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 9 - “Stockholders’ Equity,” any lockup period applicable to the Adviser, or any reduction penalty for an early repurchase. The Adviser also has the option to exchange Class E shares issued as payment for management or performance fees for Class S, Class S-1, Class D, Class D-1, Class F, or Class I shares. During the three months ended September 30, 2024, we issued 12,142 Class E shares to the Adviser as payment for the management fees payable as of June 30, 2024. The following tables summarize the changes in redeemable common stock for the nine months ended September 30, 2024 and 2023: $ 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 Issuance of redeemable common stock 15,000 15,000 15,000 15,307 60,307 Adjustment to carrying value of redeemable common stock — — 24 33 57 Balance as of September 30, 2024 $ 16,370 $ 16,370 $ 16,372 $ 16,912 $ 66,024 $ 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, 2022 $ — $ — $ — $ — $ — Issuance of redeemable common stock — — — — — Adjustment to carrying value of redeemable common stock — — — — — Balance as of March 31, 2023 $ — $ — $ — $ — $ — Issuance of redeemable common stock — — — — — Adjustment to carrying value of redeemable common stock — — — — — Balance as of June 30, 2023 $ — $ — $ — $ — $ — Issuance of redeemable common stock 21,335 21,335 21,335 21,335 85,340 Adjustment to carrying value of redeemable common stock — — — — — Balance as of September 30, 2023 $ 21,335 $ 21,335 $ 21,335 $ 21,335 $ 85,340 The following tables summarize the changes in our outstanding shares of redeemable common stock shares for the nine months ended September 30, 2024 and 2023: Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares 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 — — — — — 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) Outstanding Shares as of June 30, 2024 54,567 54,566 53,662 62,284 225,079 Issuance of redeemable common stock 597,912 598,270 597,876 605,264 2,399,322 Outstanding Shares as of September 30, 2024 652,479 652,836 651,538 667,548 2,624,401 Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares Total Outstanding Shares as of December 31, 2022 — — — — — Issuance of redeemable common stock — — — — — Outstanding Shares as of March 31, 2023 — — — — — Issuance of redeemable common stock — — — — — Outstanding Shares as of June 30, 2023 — — — — — Issuance of redeemable common stock 853,400 853,400 853,400 853,400 3,413,600 Outstanding Shares as of September 30, 2023 853,400 853,400 853,400 853,400 3,413,600 For the three and nine months ended September 30, 2024, we recorded an increase to redeemable common stock and a decrease to additional paid-in-capital of $57,000 and $232,000, respectively, to adjust the value of the redeemable common shares outstanding to our September 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 September 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 August 2024, we amended our charter to authorize the Company to issue 4,050,000,000 shares of stock consisting of 4,000,000,000 shares of common stock with a $0.01 par value per share and 50 million shares of preferred stock with a par value of $0.01 per share. Under our amended charter, we are authorized to issue 500 million shares of Class S common stock, 500 million shares of Class S-1 stock, 500 million shares of Class D common stock, 500 million shares of Class D-1 stock, 500 million shares of Class I common stock, 500 million shares of Class E common stock and 500 million shares of Class F 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. As of September 30, 2024, we have called all of the institutional investor’s capital commitment. For a discussion of fees paid to the Adviser with respect to Class F shares, see Note 12 - “Related Party Transactions - Management Fee and Performance Fee”. The table below summarizes the changes in our outstanding shares of common stock as of the nine months ended September 30, 2024 and 2023. We did not issue any Class D-1 Shares as of September 30, 2024. Nine Months Ended September 30, 2024 Class S Class S-1 Shares Class D Class D-1 Class I Class E Class F Shares Total Total Outstanding Shares as of December 31, 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) 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 (1) 60,435 3,873,069 54,677 — 1,527,694 151,870 4,747,348 10,415,093 Issuance of common stock 203 996,359 — — 564,479 10,918 3,158,613 4,730,572 Issuance of redeemable common stock 597,912 — 598,270 — 597,876 605,264 — 2,399,322 Repurchase of common stock — — — — (10,643) — — (10,643) Common stock distribution reinvestment — 40,906 — — 19,626 918 112,892 174,342 Total Outstanding Shares as of September 30, 2024 (1) 658,550 4,910,334 652,947 — 2,699,032 768,970 8,018,853 17,708,686 (1) Total Outstanding Shares includes 4,209,925 shares, 4,209,925 shares, 225,079 shares, and 2,624,401 shares at December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively, that are classified as redeemable common stock. See Note 8 - “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 8 - “Redeemable Common Stock - Related Party”. Nine Months Ended September 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 Issuance of common stock (400) — (400) (400) (400) — (1,600) Issuance of redeemable common stock (2) 853,400 — 853,400 853,400 853,400 — 3,413,600 Total Outstanding Shares as of September 30, 2023 853,511 — 853,511 853,511 853,400 — 3,413,933 (1) Includes 1,600 shares issued to an affiliate of Invesco under the Invesco Subscription Agreement. (2) Consists of shares issued to Invesco Realty under the Invesco Subscription Agreement that are classified as redeemable common stock. See Note 8 - “Redeemable Common Stock - Related Party” and Note 14 - “Revision of Previously Issued Interim Financial Statements”. Distributions For the three and nine months ended September 30, 2024, we declared distributions of $9.4 million and $23.0 million, respectively. We accrued $5.4 million for distributions payable, of which $814,000 was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of September 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 sheet 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 nine months ended September 30, 2024 and September 30, 2023. Three Months Ended September 30, 2024 Class S Class S-1 Class D Class D-1 Shares (1) Class I Class E Class F Aggregate distribution declared per share $ 0.6300 $ 0.6300 $ 0.6300 $ — $ 0.6300 $ 0.6300 $ 0.6300 Stockholder servicing fee per share (0.0037) (0.0537) — — — — — Net distribution declared per share $ 0.6263 $ 0.5763 $ 0.6300 $ — $ 0.6300 $ 0.6300 $ 0.6300 Three Months Ended September 30, 2023 Class S Class S-1 Shares (3) Class D Class I Class E Class F Shares (3) Aggregate distribution declared per share $ 3.8818 $ — $ 3.8818 $ 3.8818 $ 3.8818 $ — Stockholder servicing fee per share (2) — — — — — — Net distribution declared per share $ 3.8818 $ — $ 3.8818 $ 3.8818 $ 3.8818 $ — Nine Months Ended September 30, 2024 Class S Class S-1 Class D Class D-1 Shares (1) Class I Class E Class F Aggregate distribution declared per share $ 2.2700 $ 2.2700 $ 2.2700 $ — $ 2.2700 $ 2.2700 $ 1.4100 Stockholder servicing fee per share (0.0054) (0.1600) — — — — — Net distribution declared per share $ 2.2646 $ 2.1100 $ 2.2700 $ — $ 2.2700 $ 2.2700 $ 1.4100 Nine Months Ended September 30, 2023 Class S Class S-1 Shares (3) Class D Class I Class E Class F Shares (3) Aggregate distribution declared per share $ 3.8818 $ — $ 3.8818 $ 3.8818 $ 3.8818 $ — Stockholder servicing fee per share (2) — — — — — — Net distribution declared per share $ 3.8818 $ — $ 3.8818 $ 3.8818 $ 3.8818 $ — (1) As of September 30, 2024, no Class D-1 shares were outstanding and no distributions had been declared. (2) As of September 30, 2023, we did not incur any selling commissions or stockholder servicing fees. (3) As of September 30, 2023, no Class S-1 shares or Class F shares were outstanding and no distributions had been declared. 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 8 - “Redeemable Common Stock - Related Party”, Invesco Realty may not participate in our share repurchase plan until the earlier of March 23, 2028 or 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 or (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 or any reduction penalty for an early repurchase. For the three and nine months ended September 30, 2024, we repurchased 10,643 and 11,843 shares of common stock, respectively and fulfilled all repurchase requests that were made under the share repurchase plan. For the three and nine months ended September 30, 2023, we did not repurchase any shares under the share repurchase plan. Distribution Reinvestment Plan We have adopted a distribution reinvestment plan whereby common 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 (including fractional shares) 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 vested in March 2024. The restricted shares granted in May 2024 will vest on the first anniversary of the grant date unless forfeited prior to such date, subject to certain conditions that accelerate vesting. For the three and nine months ended September 30, 2024, we recognized $19,000 and $56,000, respectively, of compensation expense related to these awards. As of September 30, 2024, we had 1,093,671 shares of common stock available for future issuance under the Incentive Plan.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 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 amended the terms of the Invesco Subscription Agreement in August 2024 in connection with an increase in the maximum borrowing amount under our revolving credit facility described in Note 4 - “Borrowings”. We may call (i) $150.0 million in capital in one or more closings through March 23, 2028 (the “Initial Commitment Amount”) and (ii) $150.0 million in additional capital (for a total of $300 million) if needed to avoid triggering any third party concentration limits associated with distribution or placement of our shares (the “Additional Commitment Amount’) or for purposes of repaying indebtedness drawn on a facility that is secured by uncalled capital subscriptions. We have pledged both the Initial Commitment Amount and the Additional Commitment Amount as security for our revolving credit line, and our revolving credit lender may call the Initial Commitment Amount and the Additional Commitment Amount to repay indebtedness. Invesco Realty may not submit its shares for repurchase under the share repurchase plan described in Note 9 - “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 September 30, 2024, we may call $234.7 million of the $300.0 million of capital committed under the Invesco Subscription Agreement. As discussed in Note 12 - “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 9 - “Stockholders’ Equity,” any lockup period applicable to the Adviser, or any reduction penalty for an early repurchase. The Adviser also has the option to exchange Class E shares issued as payment for management or performance fees for Class S, Class S-1, Class D, Class D-1, Class F, or Class I shares. During the three months ended September 30, 2024, we issued 12,142 Class E shares to the Adviser as payment for the management fees payable as of June 30, 2024. The following tables summarize the changes in redeemable common stock for the nine months ended September 30, 2024 and 2023: $ 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 Issuance of redeemable common stock 15,000 15,000 15,000 15,307 60,307 Adjustment to carrying value of redeemable common stock — — 24 33 57 Balance as of September 30, 2024 $ 16,370 $ 16,370 $ 16,372 $ 16,912 $ 66,024 $ 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, 2022 $ — $ — $ — $ — $ — Issuance of redeemable common stock — — — — — Adjustment to carrying value of redeemable common stock — — — — — Balance as of March 31, 2023 $ — $ — $ — $ — $ — Issuance of redeemable common stock — — — — — Adjustment to carrying value of redeemable common stock — — — — — Balance as of June 30, 2023 $ — $ — $ — $ — $ — Issuance of redeemable common stock 21,335 21,335 21,335 21,335 85,340 Adjustment to carrying value of redeemable common stock — — — — — Balance as of September 30, 2023 $ 21,335 $ 21,335 $ 21,335 $ 21,335 $ 85,340 The following tables summarize the changes in our outstanding shares of redeemable common stock shares for the nine months ended September 30, 2024 and 2023: Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares 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 — — — — — 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) Outstanding Shares as of June 30, 2024 54,567 54,566 53,662 62,284 225,079 Issuance of redeemable common stock 597,912 598,270 597,876 605,264 2,399,322 Outstanding Shares as of September 30, 2024 652,479 652,836 651,538 667,548 2,624,401 Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares Total Outstanding Shares as of December 31, 2022 — — — — — Issuance of redeemable common stock — — — — — Outstanding Shares as of March 31, 2023 — — — — — Issuance of redeemable common stock — — — — — Outstanding Shares as of June 30, 2023 — — — — — Issuance of redeemable common stock 853,400 853,400 853,400 853,400 3,413,600 Outstanding Shares as of September 30, 2023 853,400 853,400 853,400 853,400 3,413,600 For the three and nine months ended September 30, 2024, we recorded an increase to redeemable common stock and a decrease to additional paid-in-capital of $57,000 and $232,000, respectively, to adjust the value of the redeemable common shares outstanding to our September 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 September 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 August 2024, we amended our charter to authorize the Company to issue 4,050,000,000 shares of stock consisting of 4,000,000,000 shares of common stock with a $0.01 par value per share and 50 million shares of preferred stock with a par value of $0.01 per share. Under our amended charter, we are authorized to issue 500 million shares of Class S common stock, 500 million shares of Class S-1 stock, 500 million shares of Class D common stock, 500 million shares of Class D-1 stock, 500 million shares of Class I common stock, 500 million shares of Class E common stock and 500 million shares of Class F 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. As of September 30, 2024, we have called all of the institutional investor’s capital commitment. For a discussion of fees paid to the Adviser with respect to Class F shares, see Note 12 - “Related Party Transactions - Management Fee and Performance Fee”. The table below summarizes the changes in our outstanding shares of common stock as of the nine months ended September 30, 2024 and 2023. We did not issue any Class D-1 Shares as of September 30, 2024. Nine Months Ended September 30, 2024 Class S Class S-1 Shares Class D Class D-1 Class I Class E Class F Shares Total Total Outstanding Shares as of December 31, 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) 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 (1) 60,435 3,873,069 54,677 — 1,527,694 151,870 4,747,348 10,415,093 Issuance of common stock 203 996,359 — — 564,479 10,918 3,158,613 4,730,572 Issuance of redeemable common stock 597,912 — 598,270 — 597,876 605,264 — 2,399,322 Repurchase of common stock — — — — (10,643) — — (10,643) Common stock distribution reinvestment — 40,906 — — 19,626 918 112,892 174,342 Total Outstanding Shares as of September 30, 2024 (1) 658,550 4,910,334 652,947 — 2,699,032 768,970 8,018,853 17,708,686 (1) Total Outstanding Shares includes 4,209,925 shares, 4,209,925 shares, 225,079 shares, and 2,624,401 shares at December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively, that are classified as redeemable common stock. See Note 8 - “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 8 - “Redeemable Common Stock - Related Party”. Nine Months Ended September 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 Issuance of common stock (400) — (400) (400) (400) — (1,600) Issuance of redeemable common stock (2) 853,400 — 853,400 853,400 853,400 — 3,413,600 Total Outstanding Shares as of September 30, 2023 853,511 — 853,511 853,511 853,400 — 3,413,933 (1) Includes 1,600 shares issued to an affiliate of Invesco under the Invesco Subscription Agreement. (2) Consists of shares issued to Invesco Realty under the Invesco Subscription Agreement that are classified as redeemable common stock. See Note 8 - “Redeemable Common Stock - Related Party” and Note 14 - “Revision of Previously Issued Interim Financial Statements”. Distributions For the three and nine months ended September 30, 2024, we declared distributions of $9.4 million and $23.0 million, respectively. We accrued $5.4 million for distributions payable, of which $814,000 was accrued for distributions payable to related parties, in our condensed consolidated balance sheet as of September 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 sheet 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 nine months ended September 30, 2024 and September 30, 2023. Three Months Ended September 30, 2024 Class S Class S-1 Class D Class D-1 Shares (1) Class I Class E Class F Aggregate distribution declared per share $ 0.6300 $ 0.6300 $ 0.6300 $ — $ 0.6300 $ 0.6300 $ 0.6300 Stockholder servicing fee per share (0.0037) (0.0537) — — — — — Net distribution declared per share $ 0.6263 $ 0.5763 $ 0.6300 $ — $ 0.6300 $ 0.6300 $ 0.6300 Three Months Ended September 30, 2023 Class S Class S-1 Shares (3) Class D Class I Class E Class F Shares (3) Aggregate distribution declared per share $ 3.8818 $ — $ 3.8818 $ 3.8818 $ 3.8818 $ — Stockholder servicing fee per share (2) — — — — — — Net distribution declared per share $ 3.8818 $ — $ 3.8818 $ 3.8818 $ 3.8818 $ — Nine Months Ended September 30, 2024 Class S Class S-1 Class D Class D-1 Shares (1) Class I Class E Class F Aggregate distribution declared per share $ 2.2700 $ 2.2700 $ 2.2700 $ — $ 2.2700 $ 2.2700 $ 1.4100 Stockholder servicing fee per share (0.0054) (0.1600) — — — — — Net distribution declared per share $ 2.2646 $ 2.1100 $ 2.2700 $ — $ 2.2700 $ 2.2700 $ 1.4100 Nine Months Ended September 30, 2023 Class S Class S-1 Shares (3) Class D Class I Class E Class F Shares (3) Aggregate distribution declared per share $ 3.8818 $ — $ 3.8818 $ 3.8818 $ 3.8818 $ — Stockholder servicing fee per share (2) — — — — — — Net distribution declared per share $ 3.8818 $ — $ 3.8818 $ 3.8818 $ 3.8818 $ — (1) As of September 30, 2024, no Class D-1 shares were outstanding and no distributions had been declared. (2) As of September 30, 2023, we did not incur any selling commissions or stockholder servicing fees. (3) As of September 30, 2023, no Class S-1 shares or Class F shares were outstanding and no distributions had been declared. 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 8 - “Redeemable Common Stock - Related Party”, Invesco Realty may not participate in our share repurchase plan until the earlier of March 23, 2028 or 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 or (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 or any reduction penalty for an early repurchase. For the three and nine months ended September 30, 2024, we repurchased 10,643 and 11,843 shares of common stock, respectively and fulfilled all repurchase requests that were made under the share repurchase plan. For the three and nine months ended September 30, 2023, we did not repurchase any shares under the share repurchase plan. Distribution Reinvestment Plan We have adopted a distribution reinvestment plan whereby common 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 (including fractional shares) 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 vested in March 2024. The restricted shares granted in May 2024 will vest on the first anniversary of the grant date unless forfeited prior to such date, subject to certain conditions that accelerate vesting. For the three and nine months ended September 30, 2024, we recognized $19,000 and $56,000, respectively, of compensation expense related to these awards. As of September 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	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Earnings per share for the three and nine months ended September 30, 2024 and 2023 is computed as presented in the table below. Three Months Ended September 30, Nine Months Ended September 30, $ in thousands, except share and per share amounts 2024 2023 2024 2023 Numerator (Income) Basic Earnings: Net income (loss) available to common stockholders $ 6,040 $ 685 $ 14,340 $ (2,048) Denominator (Weighted Average Shares) Basic Earnings: Shares available to common stockholders 14,499,660 1,245,585 10,817,646 420,007 Effect of dilutive securities: Restricted stock awards 77 — 229 — Dilutive Shares 14,499,737 1,245,585 10,817,875 420,007 Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic $ 0.42 $ 0.55 $ 1.33 $ (4.88) Diluted $ 0.42 $ 0.55 $ 1.33 $ (4.88)

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 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: September 30, 2024 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Commercial real estate loan investments $ — $ — $ 2,043,967 $ 2,043,967 Derivative assets — 8 — 8 Total assets $ — $ 8 $ 2,043,967 $ 2,043,975 Liabilities: Secured lending agreements $ — $ — $ 1,515,001 $ 1,515,001 Term lending agreement — — 90,380 90,380 Derivative liabilities — 221 — 221 Total liabilities $ — $ 221 $ 1,605,381 $ 1,605,602 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 Secured lending 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 September 30, 2024 Nine Months Ended September 30, 2024 Beginning Balance $ 1,121,010 $ 613,503 Loan originations and fundings 923,196 1,429,500 Net unrealized gain (loss) (273) 930 Foreign currency translation adjustments 34 34 Balance as of September 30, 2024 $ 2,043,967 $ 2,043,967 The following tables summarize the significant unobservable inputs used in the fair value measurement of our investments in commercial loans: September 30, 2024 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Commercial loans Discounted cash flow Discount rate 7.84% 6.64% - 8.51% 0.69 (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 September 30, 2024 Nine Months Ended September 30, 2024 Beginning Balance $ 10,000 $ 14,000 Proceeds from revolving credit facility 494,000 686,000 Repayment of revolving credit facility (504,000) (700,000) Net unrealized (gain) loss — — Balance as of September 30, 2024 $ — $ — Valuation of Secured Financing Facilities We have entered into secured lending agreements and a term lending agreement (collectively, our secured financing facilities) to provide floating rate financing for our commercial real estate loan investments. Our secured financing facilities are carried at fair value based on significant unobservable inputs and are classified as Level 3. The following tables show a reconciliation of the beginning and ending fair value measurements of our secured financing facilities: Three Months Ended September 30, 2024 $ in thousands Secured Lending Agreements Term Lending Agreement Total Beginning Balance $ 849,754 $ — $ 849,754 Proceeds from secured financing facilities 1,073,068 90,380 1,163,448 Repayments of secured financing facilities (407,661) — (407,661) Net unrealized (gain) loss (160) — (160) Balance as of September 30, 2024 $ 1,515,001 $ 90,380 $ 1,605,381 Nine Months Ended September 30, 2024 $ in thousands Secured Lending Agreements Term Lending Agreement Total Beginning Balance $ 457,861 $ — $ 457,861 Proceeds from secured financing facilities 1,512,515 90,380 1,602,895 Repayments of secured financing facilities (456,137) — (456,137) Net unrealized (gain) loss 762 — 762 Balance as of September 30, 2024 $ 1,515,001 $ 90,380 $ 1,605,381 The following tables summarize the significant unobservable inputs used in the fair value measurement of our secured financing facilities: September 30, 2024 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Secured financing facilities Discounted cash flow Discount rate 6.90% 5.62% - 7.46% 0.70 (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) Secured financing facilities 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	9 Months Ended
	Sep. 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 $231,000 as of September 30, 2024. (December 31, 2023: None). The following table details the components of due to affiliates as of September 30, 2024 and December 31, 2023. $ in thousands September 30, 2024 December 31, 2023 Adviser commitment fee payable $ 4,531 $ 113 Advanced organizational costs 724 707 Advanced offering costs 1,261 1,293 Advanced debt issuance and other financing costs 7,007 3,727 Advanced general and administrative expenses (1) 5,513 2,993 Accrued stockholder servicing fees 5,818 1,334 Accrued management fee 456 — Accrued performance fee 1,216 — Other 644 — Total $ 27,170 $ 10,167 (1) Advanced general and administrative expenses as of September 30, 2024 and December 31, 2023 includes approximately $172,000 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 on a fully-funded basis, as determined by the Adviser at the time of origination. We pay the Adviser 50% of the commitment fee (not to exceed 0.5% of the whole loan on a fully funded basis) as compensation for sourcing, structuring and negotiating the loan. The commitment fee income and related expense to the Adviser is reported as commitment fee income, net of related party expense on the condensed consolidated statements of comprehensive income. Organizational Costs and Offering Expenses Under the terms of our amended and restated advisory agreement dated August 20, 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 August 20, 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. Commencing with the first four full fiscal quarters ended June 30, 2025, 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 nine months ended September 30, 2024, the Adviser incurred expenses on our behalf of $644,000 and $689,000, respectively, subsequent to May 31, 2024, of which $644,000 is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of September 30, 2024 and included within Other in the table above. Stockholder Servicing Fees and Other Selling Commissions The Invesco Distributors, Inc. (the “Dealer Manager”) is entitled to receive upfront selling commissions and stockholder servicing fees for Class S, Class S-1, Class D and Class D-1 shares sold in the Continuous Offering. The Dealer Manager reallows (pays) all or a portion of the stockholder servicing fees to participating broker-dealers and servicing broker-dealers for ongoing stockholder services performed by such broker-dealers and will waive stockholder servicing fees to the extent a broker-dealer is not eligible to receive it for failure to provide such service. We did not issue any Class D-1 shares as of September 30, 2024. We accrue the full amount of stockholder servicing fees payable as an offering cost at the time each Class S, Class S-1, Class D and Class D-1 share is sold during the Continuous Offering. During the three months and nine months ended September 30, 2024, we paid approximately $225,000 and $470,000 of stockholder servicing fees, respectively, with respect to the outstanding Class S and Class S-1 shares and did not pay stockholder servicing fees with respect to the outstanding 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 D -1 Class I Class E Class F Maximum Upfront Selling Commissions up to 3.5% up to 3.5% up to 1.5% up to 1.5% — — — Stockholder Servicing Fee 0.85% 0.85% 0.25% 0.25% — — — We will cease paying the stockholder servicing fee with respect to any Class S 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). 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 and Class D-1 shares. Management Fee and Performance Fee In August 2024, we amended our advisory agreement to make updates to our management fee and performance fee structure in connection with the authorization of Class D-1 shares discussed in Note 9 - “Stockholders’ Equity”. Under the terms of our amended and restated advisory agreement, 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, Class D-1 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, Class D-1 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 pa y the Adviser a performance fee with respect to any class of shares that has a negative total return per share for the calendar year, and the advisory agreement does not prohibit the advisor from entering into economic or other arrangements with other persons. For purposes of the performance fee calculation, total return per share is defined as an amount equal to: (i) the cumulative distributions per share accrued with respect to such class of common shares since the beginning of the calendar year plus (ii) the change in NAV per share of such class of common shares since the beginning of the calendar year, prior to giving effect to (y) any accrual for performance fees with respect to such class of common shares or (z) any applicable stockholder servicing fees. 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 nine months ended September 30, 2024, we incurred management fees of $456,000 and $908,000, respectively, of which $456,000 is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of September 30, 2024. During the three and nine months ended September 30, 2024, we incurred performance fees of $366,000 and $1.2 million, respectively, of which $1.2 million is accrued as a component of due to affiliates on our condensed consolidated balance sheets as of September 30, 2024. During the three and nine months ended September 30, 2024, we issued 12,142 and 17,934 Class E Redeemable Common Stock shares, respectively, 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 $217,000 and $667,000, respectively, of costs for support personnel provided by the Adviser for the three and nine months ended September 30, 2024 that are recorded as a component of due to affiliates on our consolidated balance sheets. During the three and nine months ended September 30, 2023, we incurred $76,000 and $122,000, 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 September 30, 2024. $ in thousands, except share amounts Class S Shares Class S-1 Shares Class D Shares Class D-1 Shares Class I Shares Class E Shares Class F Shares Total Purchase Price Invesco Realty, Inc. (1) 652,479 — 652,836 — 651,538 649,614 — $ 65,340 Invesco Advisers, Inc. (2) — — — — — 17,934 — 452 Members of our board of directors (3) — — — — — 24,950 — 634 Total 652,479 — 652,836 — 651,538 692,498 — $ 66,426 (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 8 - “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 8 - “Redeemable Common Stock - Related Party” for further information.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 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 September 30, 2024, we had unfunded commitments of $246.0 million for certain of our commercial real estate loan investments. The unfunded commitments consist of funding for leasing costs, interest reserves and capital expenditures. Funding depends on timing of lease-up, renovation and capital improvements as well as satisfaction of certain cash flow tests. Therefore, the exact timing and amounts of such future loan fundings are uncertain. We expect to fund our loan commitments over the weighted average remaining term of the related loans of 2.30 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 September 30, 2024, the Company was not involved in any material legal proceedings.

Revision of Previously Issued I

Revision of Previously Issued Interim Financial Statements	9 Months Ended
	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Revision of Previously Issued Interim Financial Statements	Revision of Previously Issued Interim Financial Statements In the fourth quarter of 2023, we identified interpretive guidance for public companies that is related to the accounting for and balance sheet classification of redeemable common stock issued to Invesco Realty, Inc. under the Invesco Subscription Agreement. We determined that we should classify common stock held by Invesco Realty, Inc. as redeemable common stock because our Adviser has been deemed to have control of the Company for accounting purposes. We record common stock held by Invesco Realty, Inc. at redemption value. The reclassification of Invesco Realty, Inc’s common stock from stockholders’ equity to redeemable common stock did not have any impact on our net asset value, consolidated statement of operations or our consolidated statement of cash flows. For further information regarding redeemable common stock, see Note 8 - “Redeemable Common Stock”. We concluded that the stockholders’ equity misclassification is immaterial to the interim condensed consolidated financial statements that were included in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. The impacts of the reclassification on our consolidated balance sheet and the consolidated statement of changes in stockholders’ equity as of and for the nine months ended September 30, 2023 are as follows: $ in thousands except share amounts As Reported Adjustment As Revised Redeemable common stock - related party $ — $ 85,340 $ 85,340 Common stock, Class S shares, $0.01 par value per share, 500,000,000 shares authorized 9 (9) — Common stock, Class D shares, $0.01 par value per share, 500,000,000 shares authorized 9 (9) — Common stock, Class I shares, $0.01 par value per share, 500,000,000 shares authorized 9 (9) — Common stock, Class E shares, $0.01 par value per share, 500,000,000 shares authorized 9 (9) — Additional paid-in capital 85,313 (85,304) 9

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Investment Portfolio Activity Subsequent to September 30, 2024, we originated six commercial real estate loans with a total commitment amount of $186.1 million and an aggregate outstanding principal amount of $155.1 million, including a mezzanine construction loan with a total commitment amount of $30.0 million and aggregate outstanding principal amount of $5.2 million. These loans earn interest at one-month term SOFR plus a spread for a weighted average interest rate of 8.42% based on the interest rate in effect at origination. Stockholders’ Equity Subsequent to September 30, 2024, we issued the following shares of common stock: $ in thousands except share amounts Shares Issued to Third-Parties Shares Issued to Affiliates (1)(2) DRP Shares (3) Class S — 99,736 — Class S-1 1,231,419 — 33,709 Class D — 99,800 — Class D-1 — — — Class I 446,535 99,489 15,842 Class E 3,354 116,690 648 Class F — — 97,432 Total 1,681,308 415,715 147,631 Total net proceeds (4) $ 42,560 $ 10,000 $ 2,468 (1) Affiliates include related parties discussed in Note 12 - “Related Party Transactions”. Includes 98,687 shares of Class E Common Stock, 99,489 shares of Class I Common Stock, 99,800 shares of Class D Common Stock and 99,736 shares of Class S Common Stock issued to an affiliate of Invesco under the Invesco Subscription Agreement for net proceeds of $10 million. See Note 12 - “Related Party Transactions”. (2) Includes 18,002 Class E shares issued to our Adviser as payment for management fees for total consideration of $456,000, 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)	9 Months Ended
	Sep. 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.
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.
Restricted Cash	Restricted Cash Restricted cash represents (i) cash deposited with our transfer agent for investor subscriptions received prior to the date the subscriptions are effective and (ii)
Translation of Foreign Currencies	Translation of Foreign Currencies The U.S. dollar is the functional currency of our consolidated entities operating in the United States. The functional currency of our consolidated entities outside of the United States is generally the principal currency of the economic environment in which the entity primarily generates and expends cash. We translate the financial statements of consolidated entities whose functional currency is not the U.S. dollar into U.S. dollars. We translate assets and liabilities at the exchange rate in effect as of the financial statement date and translate income statement accounts using the weighted average exchange rate for the period. We include translation adjustments from currency exchange and the effect of exchange rate changes on intercompany transactions of a long-term investment nature as a separate component of stockholders’ equity. We report gains and losses from currency exchange rate changes for intercompany receivables and payables that are not of a long-term investment nature, as well as for third-party transactions, as gain (loss) on foreign currency transactions, net in the condensed consolidated statement of comprehensive income.
Accounting for Derivative Financial Instruments	Accounting for Derivative Financial Instruments We use currency forward contracts to manage foreign currency exchange risk and report them at fair value on our condensed consolidated balance sheet. Our currency forward contracts are valued by an independent pricing service based on contractual cash flows and quoted foreign currency rates available in an active market. When determining the fair value of our forward currency contracts as of each measurement date, we consider the effect of counterparty nonperformance risk as a part of the valuation process and include a credit risk adjustment where appropriate. We recognize changes in fair value of our derivatives in our condensed consolidated statement of comprehensive income as gain (loss) on derivative instruments, net. None of our derivative transactions have been designated as hedging instruments for accounting purposes.
Secured Financing Facilities, Debt Issuance and Other Financing Costs	Secured Financing Facilities We have financed our investments in commercial real estate loans primarily through the use of repurchase agreements and term lending agreements. These financing transactions are secured by our commercial real estate loan investments; therefore, we treat repurchase agreements and term lending agreements as collateralized financing transactions and carry both repurchase agreements and term lending agreements at fair value in our condensed consolidated financial statements. Because we elected the fair value option for repurchase agreements and term lending agreements, we record changes in fair value as unrealized gain (loss) on secured financing facilities, net in our condensed consolidated statements of comprehensive income. We account for our repurchase agreements and term lending agreements as secured borrowings because we maintain effective control over the commercial real estate loans that we have financed. Debt Issuance and Other Financing Costs
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Standards Accounting Board issued an accounting standards update intended to improve reportable segment disclosure requirements on an annual and interim basis. The amendments require, among other items, enhanced disclosures around significant segment expenses regularly provided to the chief operating decision maker (“CODM”), as well as the CODM's title and position. Additionally, the amendments expand the scope of all segment reporting disclosure requirements to include those entities with only a single operating segment, such as us. We are required to implement the amendments in our consolidated financial statements for the year ended December 31, 2024 and for interim periods thereafter. The amendments must be applied on a retrospective basis and early adoption is permitted.

Commercial Real Estate Loan I_2

Commercial Real Estate Loan Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Investments in Commercial Real Estate Loans	The table below summarizes our investments in commercial real estate loans as of September 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) September 30, 2024 Senior loans (4) $ 2,289,178 $ 2,043,187 $ 2,043,967 7.98 % 4.40 Total $ 2,289,178 $ 2,043,187 $ 2,043,967 7.98 % 4.40 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. Domestic loans earn interest at the one-month Term Secured Overnight Financing Rate (“SOFR”) plus a spread. Euro denominated loans earn interest at three-month Euribor plus a spread. Our loan denominated in British pounds sterling earns interest at three-month Sterling Overnight Index Average (“SONIA”) plus a spread. (3) Assumes all extension options are exercised by the borrower; however, loans may be repaid prior to such date. Extension options are subject to certain conditions, as defined in the respective loan agreement. (4) Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and accommodation mezzanine loans in connection with the senior mortgage financing. The tables below detail the property type and geographic location of the properties securing our commercial real estate loans as of September 30, 2024 and December 31, 2023. $ in thousands September 30, 2024 December 31, 2023 Property Type Fair Value Percentage Fair Value Percentage Multifamily $ 1,070,542 52.3 % $ 346,760 56.5 % Industrial 923,304 45.2 % 266,743 43.5 % Self-storage 50,121 2.5 % — — % Total $ 2,043,967 100.0 % $ 613,503 100.0 % $ in thousands September 30, 2024 December 31, 2023 Geographic Location Fair Value Percentage Fair Value Percentage United States: West $ 598,479 29.3 % $ 311,852 50.8 % South 497,035 24.3 % 173,991 28.4 % East 346,827 17.0 % 127,660 20.8 % Various U.S. (1) 297,140 14.5 % — — % Total $ 1,739,481 85.1 % $ 613,503 100.0 % Europe: France (2) $ 91,241 4.5 % $ — — % Spain (2) 102,124 5.0 % — — % United Kingdom (3) 111,121 5.4 % — — % Total $ 304,486 14.9 % $ — — % Total $ 2,043,967 100.0 % $ 613,503 100.0 % (1) Various U.S. includes self-storage and industrial portfolios with multiple locations throughout the United States. (2) Our European loans that are collateralized by industrial commercial real estate in France and Spain are denominated in Euros and have a fair value of €81.8 million and €91.5 million, respectively, as of September 30, 2024. (3) Our European loan that is collateralized by industrial commercial real estate in the United Kingdom is denominated in British pounds sterling and has a fair value of £83.0 million as of September 30, 2024.

Borrowings (Tables)

Borrowings (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	September 30, 2024 December 31, 2023 $ in thousands Current Maturity Extension Options (1) Weighted Average Interest rate (2) Maximum Facility Size Available Balance Amount Outstanding Fair Value Amount Outstanding Fair Value Term Lending Agreement INCREF Lending II Match-term Match-term 7.33% $ 300,000 $ 209,620 $ 90,380 $ 90,380 $ — $ — Secured Lending Agreements Term Financing INCREF Lending I Jul 2026 Jul 2029 7.13% 837,517 192,765 644,752 645,090 — — Repurchase Agreements Morgan Stanley Bank N.A. (3) May 2025 May 2027 7.36% 500,000 157,991 342,009 342,204 174,209 174,209 Citibank N.A. Sep 2026 Sep 2028 6.24% 500,000 256,412 243,588 243,588 61,464 61,464 Barclays (3) Apr 2027 Apr 2029 6.92% 500,000 316,983 183,017 183,050 — — Wells Fargo May 2026 May 2029 7.01% 200,000 98,980 101,020 101,069 — — Bank of Montreal (3) Jul 2025 Jul 2028 —% 25,000 25,000 — — 222,188 222,188 Total secured financing facilities $ 2,862,517 $ 1,257,751 $ 1,604,766 $ 1,605,381 $ 457,861 $ 457,861 Revolving Credit Facility (4) 8.26% $ 250,000 $ 250,000 $ — $ — $ 14,000 $ 14,000 (1) Assumes all available extension options are exercised. (2) Represents the weighted average interest rate in effect as of September 30, 2024. (3) Extension options for these facilities are subject to lender approval and compliance with certain financial and administrative covenants. (4) Maturity date is aligned with the Company’s ability to call remaining outstanding capital under the Invesco Subscription Agreement, as further explained below.
Schedule of Net Exposure With Counterparties Where Amount At Risk Exceeded 10.0% of Stockholders’ Equity	The following table summarizes our net exposure with those counterparties where the amount at risk exceeded 10.0% of stockholders’ equity as of September 30, 2024 and December 31, 2023. $ in thousands Outstanding Principal Net Counterparty Exposure Weighted Average Life (Years) (1) September 30, 2024 Morgan Stanley Bank N.A $ 342,009 $ 99,953 1.73 Citibank N.A. 888,340 229,898 4.59 Barclays 183,017 47,045 4.57 Total $ 1,413,366 $ 376,896 3.89 December 31, 2023 Morgan Stanley Bank N.A $ 174,209 $ 57,404 1.40 Citibank N.A. 61,464 15,366 3.42 Bank of Montreal 222,188 60,372 4.54 Total $ 457,861 $ 133,142 3.19
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 September 30, 2024: Year Secured Lending Agreements (1) Term Lending Agreement (1) Revolving Credit Facility Total $ in thousands 2024 (remaining) $ — $ — $ — $ — 2025 — — — — 2026 342,009 — — 342,009 2027 — — — — 2028 243,588 — — 243,588 2029 928,789 90,380 — 1,019,169 Thereafter — — — — Total $ 1,514,386 $ 90,380 $ — $ 1,604,766

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023. $ in thousands September 30, 2024 December 31, 2023 Accounts payable and accrued expenses $ 4,252 $ 14 Subscriptions paid in advance (1) 13,198 23,566 Other liabilities 1,283 398 Total $ 18,733 $ 23,978 (1) Represents subscriptions received by our transfer agent prior to the date the subscriptions are effective.

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table summarizes changes in the notional amount of our currency forward contracts during 2024: Local Currency In thousands Notional Amount as of December 31, 2023 Additions Settlement, Notional Amount as of September 30, 2024 Notional Amount as of September 30, 2024 Buy USD / Sell EUR Forward € — € 39,474 € — € 39,474 $ 44,805 Buy USD / Sell GBP Forward £ — £ 19,417 £ — £ 19,417 $ 25,651
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of our currency forward contracts, as well as their classification on the condensed consolidated balance sheet as of September 30, 2024: $ in thousands Fair Value as of September 30, 2024 Derivative Assets $ 8 Derivative Liabilities $ 221
Schedule of derivative instruments, gain (loss)	The following tables summarize the effect of currency forward contracts reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2024: $ in thousands Three Months Ended September 30, 2024 Derivatives not designated as hedging instruments Realized gain (loss) on derivative instruments, net Unrealized gain (loss), net Gain (loss) on derivative instruments, net Currency Forward Contracts $ — $ (213) $ (213) $ in thousands Nine Months Ended September 30, 2024 Derivatives not designated as hedging instruments Realized gain (loss) on derivative instruments, net Unrealized gain (loss), net Gain (loss) on derivative instruments, net Currency Forward Contracts $ — $ (213) $ (213)

Redeemable Common Stock - Rel_2

Redeemable Common Stock - Related Party (Tables)	9 Months Ended
	Sep. 30, 2024
Temporary Equity Disclosure [Abstract]
Schedule of Stock by Class	The following tables summarize the changes in redeemable common stock for the nine months ended September 30, 2024 and 2023: $ 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 Issuance of redeemable common stock 15,000 15,000 15,000 15,307 60,307 Adjustment to carrying value of redeemable common stock — — 24 33 57 Balance as of September 30, 2024 $ 16,370 $ 16,370 $ 16,372 $ 16,912 $ 66,024 $ 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, 2022 $ — $ — $ — $ — $ — Issuance of redeemable common stock — — — — — Adjustment to carrying value of redeemable common stock — — — — — Balance as of March 31, 2023 $ — $ — $ — $ — $ — Issuance of redeemable common stock — — — — — Adjustment to carrying value of redeemable common stock — — — — — Balance as of June 30, 2023 $ — $ — $ — $ — $ — Issuance of redeemable common stock 21,335 21,335 21,335 21,335 85,340 Adjustment to carrying value of redeemable common stock — — — — — Balance as of September 30, 2023 $ 21,335 $ 21,335 $ 21,335 $ 21,335 $ 85,340 The following tables summarize the changes in our outstanding shares of redeemable common stock shares for the nine months ended September 30, 2024 and 2023: Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares 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 — — — — — 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) Outstanding Shares as of June 30, 2024 54,567 54,566 53,662 62,284 225,079 Issuance of redeemable common stock 597,912 598,270 597,876 605,264 2,399,322 Outstanding Shares as of September 30, 2024 652,479 652,836 651,538 667,548 2,624,401 Class S Redeemable Common Shares Class D Redeemable Common Shares Class I Redeemable Common Shares Class E Redeemable Common Shares Total Outstanding Shares as of December 31, 2022 — — — — — Issuance of redeemable common stock — — — — — Outstanding Shares as of March 31, 2023 — — — — — Issuance of redeemable common stock — — — — — Outstanding Shares as of June 30, 2023 — — — — — Issuance of redeemable common stock 853,400 853,400 853,400 853,400 3,413,600 Outstanding Shares as of September 30, 2023 853,400 853,400 853,400 853,400 3,413,600

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024 and 2023. We did not issue any Class D-1 Shares as of September 30, 2024. Nine Months Ended September 30, 2024 Class S Class S-1 Shares Class D Class D-1 Class I Class E Class F Shares Total Total Outstanding Shares as of December 31, 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) 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 (1) 60,435 3,873,069 54,677 — 1,527,694 151,870 4,747,348 10,415,093 Issuance of common stock 203 996,359 — — 564,479 10,918 3,158,613 4,730,572 Issuance of redeemable common stock 597,912 — 598,270 — 597,876 605,264 — 2,399,322 Repurchase of common stock — — — — (10,643) — — (10,643) Common stock distribution reinvestment — 40,906 — — 19,626 918 112,892 174,342 Total Outstanding Shares as of September 30, 2024 (1) 658,550 4,910,334 652,947 — 2,699,032 768,970 8,018,853 17,708,686 (1) Total Outstanding Shares includes 4,209,925 shares, 4,209,925 shares, 225,079 shares, and 2,624,401 shares at December 31, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, respectively, that are classified as redeemable common stock. See Note 8 - “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 8 - “Redeemable Common Stock - Related Party”. Nine Months Ended September 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 Issuance of common stock (400) — (400) (400) (400) — (1,600) Issuance of redeemable common stock (2) 853,400 — 853,400 853,400 853,400 — 3,413,600 Total Outstanding Shares as of September 30, 2023 853,511 — 853,511 853,511 853,400 — 3,413,933 (1) Includes 1,600 shares issued to an affiliate of Invesco under the Invesco Subscription Agreement. (2) Consists of shares issued to Invesco Realty under the Invesco Subscription Agreement that are classified as redeemable common stock. See Note 8 - “Redeemable Common Stock - Related Party” and Note 14 - “Revision of Previously Issued Interim Financial Statements”.
Schedule of Dividends Declared	The table below details the aggregate distributions declared per share for each applicable class of stock for the three and nine months ended September 30, 2024 and September 30, 2023. Three Months Ended September 30, 2024 Class S Class S-1 Class D Class D-1 Shares (1) Class I Class E Class F Aggregate distribution declared per share $ 0.6300 $ 0.6300 $ 0.6300 $ — $ 0.6300 $ 0.6300 $ 0.6300 Stockholder servicing fee per share (0.0037) (0.0537) — — — — — Net distribution declared per share $ 0.6263 $ 0.5763 $ 0.6300 $ — $ 0.6300 $ 0.6300 $ 0.6300 Three Months Ended September 30, 2023 Class S Class S-1 Shares (3) Class D Class I Class E Class F Shares (3) Aggregate distribution declared per share $ 3.8818 $ — $ 3.8818 $ 3.8818 $ 3.8818 $ — Stockholder servicing fee per share (2) — — — — — — Net distribution declared per share $ 3.8818 $ — $ 3.8818 $ 3.8818 $ 3.8818 $ — Nine Months Ended September 30, 2024 Class S Class S-1 Class D Class D-1 Shares (1) Class I Class E Class F Aggregate distribution declared per share $ 2.2700 $ 2.2700 $ 2.2700 $ — $ 2.2700 $ 2.2700 $ 1.4100 Stockholder servicing fee per share (0.0054) (0.1600) — — — — — Net distribution declared per share $ 2.2646 $ 2.1100 $ 2.2700 $ — $ 2.2700 $ 2.2700 $ 1.4100 Nine Months Ended September 30, 2023 Class S Class S-1 Shares (3) Class D Class I Class E Class F Shares (3) Aggregate distribution declared per share $ 3.8818 $ — $ 3.8818 $ 3.8818 $ 3.8818 $ — Stockholder servicing fee per share (2) — — — — — — Net distribution declared per share $ 3.8818 $ — $ 3.8818 $ 3.8818 $ 3.8818 $ — (1) As of September 30, 2024, no Class D-1 shares were outstanding and no distributions had been declared. (2) As of September 30, 2023, we did not incur any selling commissions or stockholder servicing fees.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Earnings per share for the three and nine months ended September 30, 2024 and 2023 is computed as presented in the table below. Three Months Ended September 30, Nine Months Ended September 30, $ in thousands, except share and per share amounts 2024 2023 2024 2023 Numerator (Income) Basic Earnings: Net income (loss) available to common stockholders $ 6,040 $ 685 $ 14,340 $ (2,048) Denominator (Weighted Average Shares) Basic Earnings: Shares available to common stockholders 14,499,660 1,245,585 10,817,646 420,007 Effect of dilutive securities: Restricted stock awards 77 — 229 — Dilutive Shares 14,499,737 1,245,585 10,817,875 420,007 Earnings (loss) per share: Net income (loss) attributable to common stockholders Basic $ 0.42 $ 0.55 $ 1.33 $ (4.88) Diluted $ 0.42 $ 0.55 $ 1.33 $ (4.88)

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 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: September 30, 2024 Fair Value Measurements Using: $ in thousands Level 1 Level 2 Level 3 Total at Fair Value Assets: Commercial real estate loan investments $ — $ — $ 2,043,967 $ 2,043,967 Derivative assets — 8 — 8 Total assets $ — $ 8 $ 2,043,967 $ 2,043,975 Liabilities: Secured lending agreements $ — $ — $ 1,515,001 $ 1,515,001 Term lending agreement — — 90,380 90,380 Derivative liabilities — 221 — 221 Total liabilities $ — $ 221 $ 1,605,381 $ 1,605,602 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 Secured lending agreements — — 457,861 457,861 Total liabilities $ — $ — $ 471,861 $ 471,861
Schedule Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table shows a reconciliation of the beginning and ending fair value measurements of our commercial real estate loan investments: $ in thousands Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Beginning Balance $ 1,121,010 $ 613,503 Loan originations and fundings 923,196 1,429,500 Net unrealized gain (loss) (273) 930 Foreign currency translation adjustments 34 34 Balance as of September 30, 2024 $ 2,043,967 $ 2,043,967
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The following tables summarize the significant unobservable inputs used in the fair value measurement of our investments in commercial loans: September 30, 2024 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Commercial loans Discounted cash flow Discount rate 7.84% 6.64% - 8.51% 0.69 (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 secured financing facilities: September 30, 2024 Type Valuation Technique Unobservable Input Weighted Average Rate Range Weighted Average Life (years) (1) Secured financing facilities Discounted cash flow Discount rate 6.90% 5.62% - 7.46% 0.70 (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) Secured financing facilities Discounted cash flow Discount rate 7.62% 7.31% - 7.86% 1.48
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table shows a reconciliation of the beginning and ending fair value measurements of our revolving credit facility: $ in thousands Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Beginning Balance $ 10,000 $ 14,000 Proceeds from revolving credit facility 494,000 686,000 Repayment of revolving credit facility (504,000) (700,000) Net unrealized (gain) loss — — Balance as of September 30, 2024 $ — $ — The following tables show a reconciliation of the beginning and ending fair value measurements of our secured financing facilities: Three Months Ended September 30, 2024 $ in thousands Secured Lending Agreements Term Lending Agreement Total Beginning Balance $ 849,754 $ — $ 849,754 Proceeds from secured financing facilities 1,073,068 90,380 1,163,448 Repayments of secured financing facilities (407,661) — (407,661) Net unrealized (gain) loss (160) — (160) Balance as of September 30, 2024 $ 1,515,001 $ 90,380 $ 1,605,381 Nine Months Ended September 30, 2024 $ in thousands Secured Lending Agreements Term Lending Agreement Total Beginning Balance $ 457,861 $ — $ 457,861 Proceeds from secured financing facilities 1,512,515 90,380 1,602,895 Repayments of secured financing facilities (456,137) — (456,137) Net unrealized (gain) loss 762 — 762 Balance as of September 30, 2024 $ 1,515,001 $ 90,380 $ 1,605,381

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Components of Due to Affiliates	The following table details the components of due to affiliates as of September 30, 2024 and December 31, 2023. $ in thousands September 30, 2024 December 31, 2023 Adviser commitment fee payable $ 4,531 $ 113 Advanced organizational costs 724 707 Advanced offering costs 1,261 1,293 Advanced debt issuance and other financing costs 7,007 3,727 Advanced general and administrative expenses (1) 5,513 2,993 Accrued stockholder servicing fees 5,818 1,334 Accrued management fee 456 — Accrued performance fee 1,216 — Other 644 — Total $ 27,170 $ 10,167 (1) Advanced general and administrative expenses as of September 30, 2024 and December 31, 2023 includes approximately $172,000 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 D -1 Class I Class E Class F Maximum Upfront Selling Commissions up to 3.5% up to 3.5% up to 1.5% up to 1.5% — — — Stockholder Servicing Fee 0.85% 0.85% 0.25% 0.25% — — — The table below summarizes the number of shares and the total purchase price of the shares that have been purchased by affiliates as of September 30, 2024. $ in thousands, except share amounts Class S Shares Class S-1 Shares Class D Shares Class D-1 Shares Class I Shares Class E Shares Class F Shares Total Purchase Price Invesco Realty, Inc. (1) 652,479 — 652,836 — 651,538 649,614 — $ 65,340 Invesco Advisers, Inc. (2) — — — — — 17,934 — 452 Members of our board of directors (3) — — — — — 24,950 — 634 Total 652,479 — 652,836 — 651,538 692,498 — $ 66,426 (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 8 - “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 8 - “Redeemable Common Stock - Related Party” for further information.

Revision of Previously Issued_2

Revision of Previously Issued Interim Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	The impacts of the reclassification on our consolidated balance sheet and the consolidated statement of changes in stockholders’ equity as of and for the nine months ended September 30, 2023 are as follows: $ in thousands except share amounts As Reported Adjustment As Revised Redeemable common stock - related party $ — $ 85,340 $ 85,340 Common stock, Class S shares, $0.01 par value per share, 500,000,000 shares authorized 9 (9) — Common stock, Class D shares, $0.01 par value per share, 500,000,000 shares authorized 9 (9) — Common stock, Class I shares, $0.01 par value per share, 500,000,000 shares authorized 9 (9) — Common stock, Class E shares, $0.01 par value per share, 500,000,000 shares authorized 9 (9) — Additional paid-in capital 85,313 (85,304) 9

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Schedule of Stockholders Equity	Subsequent to September 30, 2024, we issued the following shares of common stock: $ in thousands except share amounts Shares Issued to Third-Parties Shares Issued to Affiliates (1)(2) DRP Shares (3) Class S — 99,736 — Class S-1 1,231,419 — 33,709 Class D — 99,800 — Class D-1 — — — Class I 446,535 99,489 15,842 Class E 3,354 116,690 648 Class F — — 97,432 Total 1,681,308 415,715 147,631 Total net proceeds (4) $ 42,560 $ 10,000 $ 2,468 (1) Affiliates include related parties discussed in Note 12 - “Related Party Transactions”. Includes 98,687 shares of Class E Common Stock, 99,489 shares of Class I Common Stock, 99,800 shares of Class D Common Stock and 99,736 shares of Class S Common Stock issued to an affiliate of Invesco under the Invesco Subscription Agreement for net proceeds of $10 million. See Note 12 - “Related Party Transactions”. (2) Includes 18,002 Class E shares issued to our Adviser as payment for management fees for total consideration of $456,000, 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)	9 Months Ended
	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Loan Amount	$ 2,289,178	$ 671,406
Principal Balance Outstanding	2,043,187	613,503
Fair Value	$ 2,043,967	$ 613,503
Weighted Average Interest Rate	7.98%	8.53%
Weighted Average Life (years)	4 years 4 months 24 days	4 years 8 months 8 days

Commercial Real Estate Loan I_4

Commercial Real Estate Loan Investments - Property Type And Geographic Distribution (Details) $ in Thousands, € in Millions, £ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 GBP (£)
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 2,043,967	$ 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%
United States
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 1,739,481	$ 613,503
United States | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	85.10%	100%
West
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 598,479	$ 311,852
West | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	29.30%	50.80%
South
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 497,035	$ 173,991
South | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	24.30%	28.40%
East
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 346,827	$ 127,660
East | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	17%	20.80%
Various U.S
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 297,140	$ 0
Various U.S | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	14.50%	0%
Europe
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 304,486	$ 0
Europe | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	14.90%	0%
France
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 91,241	$ 0	€ 81.8
France | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	4.50%	0%
Spain
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 102,124	$ 0	€ 91.5
Spain | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	5%	0%
United Kingdom
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 111,121	$ 0		£ 83
United Kingdom | Commercial Real Estate Loan Investments Benchmark | Geographic Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	5.40%	0%
Multifamily
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 1,070,542	$ 346,760
Multifamily | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	52.30%	56.50%
Industrial
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 923,304	$ 266,743
Industrial | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	45.20%	43.50%
Self-storage
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair Value	$ 50,121	$ 0
Self-storage | Commercial Real Estate Loan Investments Benchmark | Property Type Concentration Risk
Fair Value, Option, Quantitative Disclosures [Line Items]
Percentage	2.50%	0%

Commercial Real Estate Loan I_5

Commercial Real Estate Loan Investments - Narrative (Details)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Weighted average loan-to-value ratio	66%

Borrowings - Summary of Repurch

Borrowings - Summary of Repurchase Agreement and Revolving Line of Credit Borrowings (Details) $ in Thousands, € in Millions, £ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 GBP (£)	Aug. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Amount Outstanding	$ 1,604,766
Revolving Credit Facility
Debt Instrument [Line Items]
Amount Outstanding	$ 0
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	8.26%	8.26%	8.26%
Maximum Facility Size	$ 250,000
Amount Outstanding	0					$ 14,000
Fair Value	0					14,000
Available Balance	250,000
Secured Debt | Line of Credit
Debt Instrument [Line Items]
Maximum Facility Size	2,862,517
Amount Outstanding	1,604,766					457,861
Fair Value	1,605,381					457,861
Available Balance	1,257,751
Secured Debt | Term Lending Agreement
Debt Instrument [Line Items]
Amount Outstanding	90,380
Secured Debt | Term Lending Agreement | Line of Credit
Debt Instrument [Line Items]
Maximum Facility Size				$ 300,000
Fair Value	$ 90,380
Secured Debt | Term Lending Agreement | Line of Credit | INCREF Lending II
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	7.33%	7.33%	7.33%
Maximum Facility Size	$ 300,000
Amount Outstanding	90,380					0
Fair Value	90,380					0
Available Balance	209,620
Secured Debt | Secured Lending Agreements
Debt Instrument [Line Items]
Amount Outstanding	1,514,386
Secured Debt | Secured Lending Agreements | Line of Credit
Debt Instrument [Line Items]
Fair Value	$ 1,515,001					457,861
Secured Debt | Term Financing | Line of Credit | INCREF Lending I
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	7.13%	7.13%	7.13%
Maximum Facility Size	$ 837,517
Amount Outstanding	644,752					0
Fair Value	645,090					0
Available Balance	$ 192,765
Secured Debt | Repurchase Agreements | Line of Credit | INCREF Lending I
Debt Instrument [Line Items]
Maximum Facility Size					$ 837,500
Secured Debt | Repurchase Agreements | Line of Credit | Morgan Stanley Bank N.A
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	7.36%	7.36%	7.36%
Maximum Facility Size	$ 500,000
Amount Outstanding	342,009					174,209
Fair Value	342,204					174,209
Available Balance	$ 157,991
Secured Debt | Repurchase Agreements | Line of Credit | Citibank N.A.
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	6.24%	6.24%	6.24%
Maximum Facility Size	$ 500,000
Amount Outstanding	243,588					61,464
Fair Value	243,588	€ 138.6	£ 66.4			61,464
Available Balance	$ 256,412
Secured Debt | Repurchase Agreements | Line of Credit | Barclays
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	6.92%	6.92%	6.92%
Maximum Facility Size	$ 500,000
Amount Outstanding	183,017					0
Fair Value	183,050					0
Available Balance	$ 316,983
Secured Debt | Repurchase Agreements | Line of Credit | Wells Fargo
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	7.01%	7.01%	7.01%
Maximum Facility Size	$ 200,000
Amount Outstanding	101,020					0
Fair Value	101,069					0
Available Balance	$ 98,980
Secured Debt | Repurchase Agreements | Line of Credit | Bank of Montreal
Debt Instrument [Line Items]
Weighted Average Interest rate (in percent)	0%	0%	0%
Maximum Facility Size	$ 25,000
Amount Outstanding	0					222,188
Fair Value	0					$ 222,188
Available Balance	$ 25,000

Borrowings - Narrative (Details

Borrowings - Narrative (Details) $ in Thousands, € in Millions, £ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) d lender	Sep. 30, 2024 EUR (€) lender	Sep. 30, 2024 GBP (£) lender	Aug. 31, 2024 USD ($)	Jul. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Loans pledged as collateral	$ 2,033,844					$ 591,003
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowings				$ 250,000
Secured Debt | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowings	2,862,517
Borrowings	1,605,381					457,861
Secured Debt | Term Lending Agreement | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowings				$ 300,000
Loans pledged as collateral	117,200
Borrowings	90,380
Secured Debt | Repurchase Agreements | Line of Credit
Line of Credit Facility [Line Items]
Loans pledged as collateral	$ 1,100,000
Number of financial institutions | lender	5	5	5
Secured Debt | Repurchase Agreements | Line of Credit | INCREF Lending I
Line of Credit Facility [Line Items]
Maximum borrowings					$ 837,500
Loans pledged as collateral	$ 813,800
Secured Debt | Repurchase Agreements | Line of Credit | Citibank N.A.
Line of Credit Facility [Line Items]
Maximum borrowings	500,000
Borrowings	243,588	€ 138.6	£ 66.4			61,464
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowings	250,000
Borrowings	$ 0					$ 14,000
Revolving Credit Facility | Subscription Agreements Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Threshold days | d	30
Revolving Credit Facility | Uncommitted Tranche, Subscription Agreements Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Threshold business days | d	15
Revolving Credit Facility | Funded Tranche, Subscription Agreements Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Threshold years from issuance	3 years
Threshold years from after notice | d	360

Borrowings - Net Exposure With

Borrowings - Net Exposure With Counterparties Where Amount At Risk Exceeded 10.0% of Stockholders’ Equity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Amount Outstanding	$ 1,604,766
Net Counterparty Exposure	$ 376,896	$ 133,142
Weighted Average Life (in years)	3 years 10 months 20 days	3 years 2 months 8 days
Secured Debt
Line of Credit Facility [Line Items]
Amount Outstanding	$ 1,413,366	$ 457,861
Morgan Stanley Bank N.A
Line of Credit Facility [Line Items]
Net Counterparty Exposure	$ 99,953	$ 57,404
Weighted Average Life (in years)	1 year 8 months 23 days	1 year 4 months 24 days
Morgan Stanley Bank N.A | Secured Debt
Line of Credit Facility [Line Items]
Amount Outstanding	$ 342,009	$ 174,209
Citibank N.A.
Line of Credit Facility [Line Items]
Net Counterparty Exposure	$ 229,898	$ 15,366
Weighted Average Life (in years)	4 years 7 months 2 days	3 years 5 months 1 day
Citibank N.A. | Secured Debt
Line of Credit Facility [Line Items]
Amount Outstanding	$ 888,340	$ 61,464
Barclays
Line of Credit Facility [Line Items]
Net Counterparty Exposure	$ 47,045
Weighted Average Life (in years)	4 years 6 months 25 days
Barclays | Secured Debt
Line of Credit Facility [Line Items]
Amount Outstanding	$ 183,017
Bank of Montreal
Line of Credit Facility [Line Items]
Net Counterparty Exposure		$ 60,372
Weighted Average Life (in years)		4 years 6 months 14 days
Bank of Montreal | Secured Debt
Line of Credit Facility [Line Items]
Amount Outstanding		$ 222,188

Borrowings - Maturities of Outs

Borrowings - Maturities of Outstanding Borrowings (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
2024 (remaining)	$ 0
2025	0
2026	342,009
2027	0
2028	243,588
2029	1,019,169
Thereafter	0
Total	1,604,766
Secured Debt | Secured Lending Agreements
Debt Instrument [Line Items]
2024 (remaining)	0
2025	0
2026	342,009
2027	0
2028	243,588
2029	928,789
Thereafter	0
Total	1,514,386
Secured Debt | Term Lending Agreement
Debt Instrument [Line Items]
2024 (remaining)	0
2025	0
2026	0
2027	0
2028	0
2029	90,380
Thereafter	0
Total	90,380
Revolving Credit Facility
Debt Instrument [Line Items]
2024 (remaining)	0
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Total	$ 0

Loan Payable - Related Party (D

Loan Payable - Related Party (Details) - USD ($)	1 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Line Items]
Repayment of related party loan		$ 0	$ 30,000
Revolving Credit Facility | Line of Credit
Debt Disclosure [Line Items]
Maximum borrowings		$ 250,000,000
Revolving Credit Facility | Line of Credit | Affiliated Entity
Debt Disclosure [Line Items]
Maximum borrowings				$ 30,000
Repayment of related party loan	$ 30,000
Interest expense			$ 649

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable and accrued expenses	$ 4,252	$ 14
Subscriptions paid in advance	13,198	23,566
Other liabilities	1,283	398
Total	$ 18,733	$ 23,978

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Changes in the Notional Amount of our Currency Forward Contracts (Details) - 9 months ended Sep. 30, 2024 - Foreign Exchange Forward - Not Designated as Hedging Instrument € in Thousands, £ in Thousands, $ in Thousands	EUR (€)	USD ($)	GBP (£)
Derivative, Notional Amount [Roll Forward]
Beginning balance	€ 0		£ 0
Additions	39,474		19,417
Settlement, Termination, Expiration or Exercise	0		0
Ending balance	€ 39,474		£ 19,417
Euro Member Countries, Euro
Derivative, Notional Amount [Roll Forward]
Ending balance		$ 44,805
United Kingdom, Pounds
Derivative, Notional Amount [Roll Forward]
Ending balance		$ 25,651

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Fair Value of our Currency Forward Contracts (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	$ 8	$ 0
Derivative liabilities	221	$ 0
Foreign Exchange Forward | Not Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative assets	8
Derivative liabilities	$ 221

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Effect of Currency Forward Contracts Reported in Gain (Loss) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss), net			$ (213)	$ 0
Gain (loss) on derivative instruments, net	$ (213)	$ 0	(213)	$ 0
Foreign Exchange Forward
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gain (loss) on derivative instruments, net	0		0
Unrealized gain (loss), net	(213)		(213)
Gain (loss) on derivative instruments, net	$ (213)		$ (213)

Redeemable Common Stock - Rel_3

Redeemable Common Stock - Related Party - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024
Temporary Equity [Line Items]
Issuance of redeemable common stock (in shares)	2,399,322	5,792	0	3,413,600	0	0
Adjustment to the carrying value of redeemable common stock	$ 57	$ 175					$ 232
Adjustment to the carrying value of redeemable common stock	$ 57	$ 175	$ 0	$ 0	$ 0	$ 0	232
Class E Redeemable Common Shares
Temporary Equity [Line Items]
Issuance of redeemable common stock (in shares)	605,264	5,792	0	853,400	0	0
Adjustment to the carrying value of redeemable common stock	$ 33	$ 92	$ 0	$ 0	$ 0	$ 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	$ 234,700						$ 234,700
Subsidiaries | Adviser | Class E Redeemable Common Shares
Temporary Equity [Line Items]
Issuance of redeemable common stock (in shares)	12,142						17,934

Redeemable Common Stock - Rel_4

Redeemable Common Stock - Related Party - Changes In Redeemable Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 5,660	$ 105,340	$ 105,340	$ 0	$ 0	$ 0	$ 105,340
Issuance of redeemable common stock	60,307	145	0	85,340	0	0
Adjustment to the carrying value of redeemable common stock	57	175	0	0	0	0	232
Repurchase of redeemable common stock		(100,000)
Ending balance	66,024	5,660	105,340	85,340	0	0	66,024
Class S Redeemable Common Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	1,370	26,335	26,335	0	0	0	26,335
Issuance of redeemable common stock	15,000	0	0	21,335	0	0
Adjustment to the carrying value of redeemable common stock	0	35	0	0	0	0
Repurchase of redeemable common stock		(25,000)
Ending balance	16,370	1,370	26,335	21,335	0	0	16,370
Class D Redeemable Common Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	1,370	26,335	26,335	0	0	0	26,335
Issuance of redeemable common stock	15,000	0	0	21,335	0	0
Adjustment to the carrying value of redeemable common stock	0	35	0	0	0	0
Repurchase of redeemable common stock		(25,000)
Ending balance	16,370	1,370	26,335	21,335	0	0	16,370
Class I Redeemable Common Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	1,348	26,335	26,335	0	0	0	26,335
Issuance of redeemable common stock	15,000	0	0	21,335	0	0
Adjustment to the carrying value of redeemable common stock	24	13	0	0	0	0
Repurchase of redeemable common stock		(25,000)
Ending balance	16,372	1,348	26,335	21,335	0	0	16,372
Class E Redeemable Common Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	1,572	26,335	26,335	0	0	0	26,335
Issuance of redeemable common stock	15,307	145	0	21,335	0	0
Adjustment to the carrying value of redeemable common stock	33	92	0	0	0	0
Repurchase of redeemable common stock		(25,000)
Ending balance	$ 16,912	$ 1,572	$ 26,335	$ 21,335	$ 0	$ 0	$ 16,912

Redeemable Common Stock - Rel_5

Redeemable Common Stock - Related Party - Changes In Outstanding Shares Of Redeemable Common Stock (Details) - shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024
Temporary Equity [Line Items]
Beginning balance (in shares)	225,079	4,209,925	4,209,925	0	0		4,209,925
Issuance of redeemable common stock (in shares)	2,399,322	5,792	0	3,413,600	0	0
Repurchase of redeemable common stock (in shares)		(3,990,638)
Ending balance (in shares)	2,624,401	225,079	4,209,925	3,413,600	0	0	2,624,401
Class S Redeemable Common Shares
Temporary Equity [Line Items]
Beginning balance (in shares)	54,567	1,052,487	1,052,487	0	0		1,052,487
Issuance of redeemable common stock (in shares)	597,912	0	0	853,400	0	0
Repurchase of redeemable common stock (in shares)		(997,920)
Ending balance (in shares)	652,479	54,567	1,052,487	853,400	0	0	652,479
Class D Redeemable Common Shares
Temporary Equity [Line Items]
Beginning balance (in shares)	54,566	1,052,487	1,052,487	0	0		1,052,487
Issuance of redeemable common stock (in shares)	598,270	0	0	853,400	0	0
Repurchase of redeemable common stock (in shares)		(997,921)
Ending balance (in shares)	652,836	54,566	1,052,487	853,400	0	0	652,836
Class I Redeemable Common Shares
Temporary Equity [Line Items]
Beginning balance (in shares)	53,662	1,052,487	1,052,487	0	0		1,052,487
Issuance of redeemable common stock (in shares)	597,876	0	0	853,400	0	0
Repurchase of redeemable common stock (in shares)		(998,825)
Ending balance (in shares)	651,538	53,662	1,052,487	853,400	0	0	651,538
Class E Redeemable Common Shares
Temporary Equity [Line Items]
Beginning balance (in shares)	62,284	1,052,464	1,052,464	0	0		1,052,464
Issuance of redeemable common stock (in shares)	605,264	5,792	0	853,400	0	0
Repurchase of redeemable common stock (in shares)		(995,972)
Ending balance (in shares)	667,548	62,284	1,052,464	853,400	0	0	667,548

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended				9 Months Ended		12 Months Ended
	May 31, 2024	Dec. 31, 2023	Nov. 30, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Aug. 31, 2024
Class of Stock [Line Items]
Shares, authorized (in shares)											4,050,000,000
Common stock, authorized (in shares)											4,000,000,000
Common stock, par value (in dollars per share)											$ 0.01
Preferred stock, authorized (in shares)		50,000,000		50,000,000				50,000,000		50,000,000	50,000,000
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01				$ 0.01		$ 0.01	$ 0.01
Dividends				$ 9,400				$ 23,000		$ 7,800
Dividends and distributions payable		$ 3,138		$ 5,411				5,411		3,138
Share repurchase plan participation, NAV threshold								$ 1,500,000
Common stock repurchased (in shares)				10,643	1,200
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]
Common stock repurchased (in shares)				10,643			0	11,843	0
Related Party
Class of Stock [Line Items]
Dividends and distributions payable		$ 2,363		$ 814				$ 814		$ 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
Class of Stock [Line Items]
Common stock, authorized (in shares)		500,000,000		500,000,000			500,000,000	500,000,000	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01			$ 0.01	$ 0.01	$ 0.01	$ 0.01
Class S Common Stock | Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)				0	0
Class D Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		500,000,000		500,000,000			500,000,000	500,000,000	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01			$ 0.01	$ 0.01	$ 0.01	$ 0.01
Class D Common Stock | Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)				0	0
Class I Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		500,000,000		500,000,000			500,000,000	500,000,000	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01			$ 0.01	$ 0.01	$ 0.01	$ 0.01
Class I Common Stock | Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)				10,643	1,200
Class S-1 Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		500,000,000		500,000,000				500,000,000		500,000,000	500,000,000
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01				$ 0.01		$ 0.01
Class S-1 Common Stock | Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)				0	0
Class D-1 Shares
Class of Stock [Line Items]
Common stock, authorized (in shares)		0		500,000,000				500,000,000		0	500,000,000
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01				$ 0.01		$ 0.01
Class D-1 Shares | Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)				0	0
Class E Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		500,000,000		500,000,000			500,000,000	500,000,000	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01			$ 0.01	$ 0.01	$ 0.01	$ 0.01
Class E Common Stock | Restricted Stock | 2023 Equity Incentive Plan
Class of Stock [Line Items]
Share-based compensation, grants in period (in shares)	3,340		2,989
Share-based compensation expense				$ 19				$ 56
Class E Common Stock | Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)				0
Class F Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		500,000,000		500,000,000				500,000,000		500,000,000	500,000,000
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01				$ 0.01		$ 0.01
Class F Common Stock | Common Stock
Class of Stock [Line Items]
Common stock repurchased (in shares)				0	0
Private Placement
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)						117		111
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

Stockholders_ Equity - Changes

Stockholders’ Equity - Changes in Shares of Common Stock (Details) - shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	10,415,093	7,822,934	5,610,681				5,610,681
Issuance of common stock (in shares)	4,730,572	6,470,331	2,181,526
Stock awards (in shares)		3,340
Issuance of redeemable common stock (in shares)	2,399,322	5,792	0	3,413,600	0	0
Common stock distribution reinvestment (in shares)	174,342	104,534	30,727
Repurchase of common stock (in shares)	(10,643)	(1,200)
Repurchase of redeemable common stock (in shares)		(3,990,638)
Ending balance (in shares)	17,708,686	10,415,093	7,822,934				17,708,686
Cumulative redeemable preferred stock, outstanding (in shares)	2,624,401	225,079	4,209,925	3,413,600	0	0	2,624,401	3,413,600	4,209,925
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)				1,933	0	0		0
Issuance of common stock (in shares)				(1,600)	1,933	0
Issuance of redeemable common stock (in shares)				3,413,600
Repurchase of common stock (in shares)	(10,643)			0			(11,843)	0
Ending balance (in shares)				3,413,933	1,933	0		3,413,933
Common Stock | Affiliated Entity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				1,600
Class S Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	60,435	1,052,598	1,052,598	511	0	0	1,052,598	0
Issuance of common stock (in shares)	203	5,757	0	(400)	511	0
Stock awards (in shares)		0
Issuance of redeemable common stock (in shares)	597,912	0		853,400
Common stock distribution reinvestment (in shares)	0	0	0
Repurchase of common stock (in shares)	0	0
Repurchase of redeemable common stock (in shares)		(997,920)
Ending balance (in shares)	658,550	60,435	1,052,598	853,511	511	0	658,550	853,511
Class S-1 Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	3,873,069	2,543,345	1,054,174	0	0	0	1,054,174	0
Issuance of common stock (in shares)	996,359	1,258,476	1,467,311	0	0	0
Stock awards (in shares)		0
Issuance of redeemable common stock (in shares)	0	0		0
Common stock distribution reinvestment (in shares)	40,906	71,248	21,860
Repurchase of common stock (in shares)	0	0
Repurchase of redeemable common stock (in shares)		0
Ending balance (in shares)	4,910,334	3,873,069	2,543,345	0	0	0	4,910,334	0
Class D Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	54,677	1,052,598	1,052,598	511	0	0	1,052,598	0
Issuance of common stock (in shares)	0	0	0	(400)	511	0
Stock awards (in shares)		0
Issuance of redeemable common stock (in shares)	598,270	0		853,400
Common stock distribution reinvestment (in shares)	0	0	0
Repurchase of common stock (in shares)	0	0
Repurchase of redeemable common stock (in shares)		(997,921)
Ending balance (in shares)	652,947	54,677	1,052,598	853,511	511	0	652,947	853,511
Class D-1 Shares | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	0	0	0				0
Issuance of common stock (in shares)	0	0	0
Stock awards (in shares)		0
Issuance of redeemable common stock (in shares)	0	0
Common stock distribution reinvestment (in shares)	0	0	0
Repurchase of common stock (in shares)	0	0
Repurchase of redeemable common stock (in shares)		0
Ending balance (in shares)	0	0	0				0
Class I Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	1,527,694	2,047,972	1,383,506	511	0	0	1,383,506	0
Issuance of common stock (in shares)	564,479	448,043	656,221	(400)	511	0
Stock awards (in shares)		0
Issuance of redeemable common stock (in shares)	597,876	0		853,400
Common stock distribution reinvestment (in shares)	19,626	31,704	8,245
Repurchase of common stock (in shares)	(10,643)	(1,200)
Repurchase of redeemable common stock (in shares)		(998,825)
Ending balance (in shares)	2,699,032	1,527,694	2,047,972	853,511	511	0	2,699,032	853,511
Class E Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	151,870	1,126,421	1,067,805	400	0	0	1,067,805	0
Issuance of common stock (in shares)	10,918	10,707	57,994	(400)	400	0
Stock awards (in shares)		3,340
Issuance of redeemable common stock (in shares)	605,264	5,792		853,400
Common stock distribution reinvestment (in shares)	918	1,582	622
Repurchase of common stock (in shares)	0
Repurchase of redeemable common stock (in shares)		(995,972)
Ending balance (in shares)	768,970	151,870	1,126,421	853,400	400	0	768,970	853,400
Class F Common Stock | Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	4,747,348	0	0	0	0	0	0	0
Issuance of common stock (in shares)	3,158,613	4,747,348	0	0	0	0
Stock awards (in shares)		0
Issuance of redeemable common stock (in shares)	0	0		0
Common stock distribution reinvestment (in shares)	112,892	0	0
Repurchase of common stock (in shares)	0	0
Repurchase of redeemable common stock (in shares)		0
Ending balance (in shares)	8,018,853	4,747,348	0	0	0	0	8,018,853	0

Stockholders_ Equity - Distribu

Stockholders’ Equity - Distributions Declared Per Share (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, outstanding (in shares)	17,708,686		17,708,686		10,415,093	7,822,934	5,610,681
Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)		3,413,933		3,413,933				1,933	0	0
Class S Common Stock
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	$ 0.6300	$ 3.8818	$ 2.2700	$ 3.8818
Stockholder servicing fee per share (in dollars per share)	(0.0037)	0	(0.0054)	0
Net distribution declared per share (in dollars per share)	$ 0.6263	$ 3.8818	$ 2.2646	$ 3.8818
Class S Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	658,550	853,511	658,550	853,511	60,435	1,052,598	1,052,598	511	0	0
Class S-1 Common Stock
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	$ 0.6300	$ 0	$ 2.2700	$ 0
Stockholder servicing fee per share (in dollars per share)	(0.0537)	0	(0.1600)	0
Net distribution declared per share (in dollars per share)	$ 0.5763	$ 0	$ 2.1100	$ 0
Class S-1 Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	4,910,334	0	4,910,334	0	3,873,069	2,543,345	1,054,174	0	0	0
Class D Common Stock
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	$ 0.6300	$ 3.8818	$ 2.2700	$ 3.8818
Stockholder servicing fee per share (in dollars per share)	0	0	0	0
Net distribution declared per share (in dollars per share)	$ 0.6300	$ 3.8818	$ 2.2700	$ 3.8818
Class D Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	652,947	853,511	652,947	853,511	54,677	1,052,598	1,052,598	511	0	0
Class D-1 Shares
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	$ 0		$ 0
Stockholder servicing fee per share (in dollars per share)	0		0
Net distribution declared per share (in dollars per share)	$ 0		$ 0
Class D-1 Shares | Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	0		0		0	0	0
Class I Common Stock
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	$ 0.6300	$ 3.8818	$ 2.2700	$ 3.8818
Stockholder servicing fee per share (in dollars per share)	0	0	0	0
Net distribution declared per share (in dollars per share)	$ 0.6300	$ 3.8818	$ 2.2700	$ 3.8818
Class I Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	2,699,032	853,511	2,699,032	853,511	1,527,694	2,047,972	1,383,506	511	0	0
Class E Common Stock
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	$ 0.6300	$ 3.8818	$ 2.2700	$ 3.8818
Stockholder servicing fee per share (in dollars per share)	0	0	0	0
Net distribution declared per share (in dollars per share)	$ 0.6300	$ 3.8818	$ 2.2700	$ 3.8818
Class E Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	768,970	853,400	768,970	853,400	151,870	1,126,421	1,067,805	400	0	0
Class F Common Stock
Class of Stock [Line Items]
Aggregate distribution declared per share (in dollars per share)	$ 0.6300	$ 0	$ 1.4100	$ 0
Stockholder servicing fee per share (in dollars per share)	0	0	0	0
Net distribution declared per share (in dollars per share)	$ 0.6300	$ 0	$ 1.4100	$ 0
Class F Common Stock | Common Stock
Class of Stock [Line Items]
Common stock, outstanding (in shares)	8,018,853	0	8,018,853	0	4,747,348	0	0	0	0	0

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic Earnings:
Net income (loss) attributable to common stockholders	$ 6,040	$ 685	$ 14,340	$ (2,048)
Basic Earnings:
Shares available to common stockholders (in shares)	14,499,660	1,245,585	10,817,646	420,007
Restricted stock awards (in shares)	77	0	229	0
Dilutive Shares (in shares)	14,499,737	1,245,585	10,817,875	420,007
Net income (loss) attributable to common stockholders
Basic (in dollars per share)	$ 0.42	$ 0.55	$ 1.33	$ (4.88)
Diluted (in dollars per share)	$ 0.42	$ 0.55	$ 1.33	$ (4.88)

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	Sep. 30, 2024	Dec. 31, 2023
Assets:
Commercial real estate loan investments	$ 2,043,967	$ 613,503
Derivative assets	8	0
Total assets	2,043,975
Liabilities:
Derivative liabilities	221	0
Total liabilities	1,605,602	471,861
Line of Credit | Revolving Credit Facility
Liabilities:
Borrowings	0	14,000
Line of Credit | Secured Debt
Liabilities:
Borrowings	1,605,381	457,861
Line of Credit | Secured Lending Agreements | Secured Debt
Liabilities:
Borrowings	1,515,001	457,861
Line of Credit | Term Lending Agreement | Secured Debt
Liabilities:
Borrowings	90,380
Level 1
Assets:
Commercial real estate loan investments	0	0
Derivative assets	0
Total assets	0
Liabilities:
Derivative liabilities	0
Total liabilities	0	0
Level 1 | Line of Credit | Revolving Credit Facility
Liabilities:
Borrowings		0
Level 1 | Line of Credit | Secured Lending Agreements | Secured Debt
Liabilities:
Borrowings	0	0
Level 1 | Line of Credit | Term Lending Agreement | Secured Debt
Liabilities:
Borrowings	0
Level 2
Assets:
Commercial real estate loan investments	0	0
Derivative assets	8
Total assets	8
Liabilities:
Derivative liabilities	221
Total liabilities	221	0
Level 2 | Line of Credit | Revolving Credit Facility
Liabilities:
Borrowings		0
Level 2 | Line of Credit | Secured Lending Agreements | Secured Debt
Liabilities:
Borrowings	0	0
Level 2 | Line of Credit | Term Lending Agreement | Secured Debt
Liabilities:
Borrowings	0
Level 3
Assets:
Commercial real estate loan investments	2,043,967	613,503
Derivative assets	0
Total assets	2,043,967
Liabilities:
Derivative liabilities	0
Total liabilities	1,605,381	471,861
Level 3 | Line of Credit | Revolving Credit Facility
Liabilities:
Borrowings		14,000
Level 3 | Line of Credit | Secured Lending Agreements | Secured Debt
Liabilities:
Borrowings	1,515,001	$ 457,861
Level 3 | Line of Credit | Term Lending Agreement | Secured Debt
Liabilities:
Borrowings	$ 90,380

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Foreign currency translation adjustments	$ 1	$ 0	$ 1	$ 0
Secured Debt | Long-Term Debt | Line of Credit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	849,754		457,861
Proceeds	1,163,448		1,602,895
Repayments	(407,661)		(456,137)
Net unrealized (gain) loss	(160)		762
Ending balance	1,605,381		1,605,381
Secured Debt | Secured Lending Agreements | Long-Term Debt | Line of Credit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	849,754		457,861
Proceeds	1,073,068		1,512,515
Repayments	(407,661)		(456,137)
Net unrealized (gain) loss	(160)		762
Ending balance	1,515,001		1,515,001
Secured Debt | Term Lending Agreement | Long-Term Debt | Line of Credit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0		0
Proceeds	90,380		90,380
Repayments	0		0
Net unrealized (gain) loss	0		0
Ending balance	90,380		90,380
Revolving Credit Facility | Long-Term Debt | Line of Credit
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	10,000		14,000
Proceeds	494,000		686,000
Repayments	(504,000)		(700,000)
Net unrealized (gain) loss	0		0
Ending balance	0		0
Commercial Real Estate Loan Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,121,010		613,503
Loan originations and fundings	923,196		1,429,500
Net unrealized gain (loss)	(273)		930
Foreign currency translation adjustments	34		34
Ending balance	$ 2,043,967		$ 2,043,967

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) - Discounted cash flow	Sep. 30, 2024	Dec. 31, 2023
Weighted Average Life (years) | Long-Term Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Repurchase agreements, measurement input	0.70	1.48
Weighted Average Life (years) | Commercial Real Estate Loan Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial loans, measurement input	0.69	2.12
Weighted Average | Discount rate | Long-Term Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Repurchase agreements, measurement input	0.0690	0.0762
Weighted Average | Discount rate | Commercial Real Estate Loan Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial loans, measurement input	0.0784	0.0852
Minimum | Discount rate | Long-Term Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Repurchase agreements, measurement input	0.0562	0.0731
Minimum | Discount rate | Commercial Real Estate Loan Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial loans, measurement input	0.0664	0.0816
Maximum | Discount rate | Long-Term Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Repurchase agreements, measurement input	0.0746	0.0786
Maximum | Discount rate | Commercial Real Estate Loan Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Commercial loans, measurement input	0.0851	0.0871

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	3 Months Ended						9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) shares	Jun. 30, 2024 shares	Mar. 31, 2024 shares	Sep. 30, 2023 USD ($) shares	Jun. 30, 2023 shares	Mar. 31, 2023 shares	Sep. 30, 2024 USD ($) fiscalQuarter shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Other liabilities	$ 27,170,000						$ 27,170,000		$ 10,167,000
Issuance of redeemable common stock (in shares) | shares	2,399,322	5,792	0	3,413,600	0	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	605,264	5,792	0	853,400	0	0
Adviser
Related Party Transaction [Line Items]
Management fees	$ 456,000						$ 908,000
Accrued management fees	456,000						456,000
Performance fees	366,000						1,200,000
Accrued performance fees	1,200,000						1,200,000
Affiliated Entity
Related Party Transaction [Line Items]
Other assets	231,000						231,000		0
Other liabilities	27,170,000						27,170,000		10,167,000
Affiliated Entity | Other
Related Party Transaction [Line Items]
Other liabilities	644,000						644,000		0
Affiliated Entity | Dealer Manager | Class S-1 Common Stock
Related Party Transaction [Line Items]
Stockholder service fee	225,000						470,000		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	644,000						$ 689,000
Management and service fees, base rate (in percent)							1%
Management and service fees, incentive rate (in percent)							10%
Support personnel costs	$ 217,000			$ 76,000			$ 667,000	$ 122,000
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	12,142						17,934

Related Party Transactions - Co

Related Party Transactions - Components of Due to Affiliates (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Other liabilities	$ 27,170	$ 10,167
Affiliated Entity
Related Party Transaction [Line Items]
Other liabilities	27,170	10,167
Affiliated Entity | Adviser commitment fee payable
Related Party Transaction [Line Items]
Other liabilities	4,531	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	7,007	3,727
Affiliated Entity | Advanced general and administrative expenses
Related Party Transaction [Line Items]
Other liabilities	5,513	2,993
Affiliated Entity | Accrued stockholder servicing fees
Related Party Transaction [Line Items]
Other liabilities	5,818	1,334
Affiliated Entity | Accrued management fee
Related Party Transaction [Line Items]
Other liabilities	456	0
Affiliated Entity | Accrued performance fee
Related Party Transaction [Line Items]
Other liabilities	1,216	0
Affiliated Entity | Other
Related Party Transaction [Line Items]
Other liabilities	644	0
Affiliated Entity | Prepaid Expenses
Related Party Transaction [Line Items]
Other liabilities	$ 172	$ 73

Related Party Transactions - Up

Related Party Transactions - Upfront Selling Commissions and Stockholder Servicing Fee (Details) - Dealer Manager - Affiliated Entity	9 Months Ended
	Sep. 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 D-1 Shares
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	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Related Party Transaction [Line Items]
Total Purchase Price | $	$ 66,426
Invesco Realty, Inc.
Related Party Transaction [Line Items]
Total Purchase Price | $	65,340
Invesco Advisers, Inc.
Related Party Transaction [Line Items]
Total Purchase Price | $	452
Members of our board of directors
Related Party Transaction [Line Items]
Total Purchase Price | $	$ 634
Class S Common Stock
Related Party Transaction [Line Items]
Shares (in shares)	652,479
Class S Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	652,479
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)	652,836
Class D Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	652,836
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 D-1 Shares
Related Party Transaction [Line Items]
Shares (in shares)	0
Class D-1 Shares | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	0
Class D-1 Shares | Invesco Advisers, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	0
Class D-1 Shares | 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)	651,538
Class I Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	651,538
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)	692,498
Class E Common Stock | Invesco Realty, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	649,614
Class E Common Stock | Invesco Advisers, Inc.
Related Party Transaction [Line Items]
Shares (in shares)	17,934
Class E Common Stock | Members of our board of directors
Related Party Transaction [Line Items]
Shares (in shares)	24,950
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	9 Months Ended
	Sep. 30, 2024 USD ($)
Other Commitments [Line Items]
Unfunded loan commitment	$ 246
Term of related loan (in years)	2 years 3 months 18 days

Revision of Previously Issued_3

Revision of Previously Issued Interim Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2024	Aug. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock, par value (in dollars per share)		$ 0.01
Common stock, authorized (in shares)		4,000,000,000
Redeemable common stock - related party	$ 66,024		$ 5,660	$ 105,340	$ 105,340	$ 85,340	$ 0	$ 0	$ 0
Additional paid-in capital	$ 372,443				$ 32,549	$ 9
Class S Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock, par value (in dollars per share)	$ 0.01				$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000			500,000,000	500,000,000
Common stock	$ 0				$ 0	$ 0
Class D Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock, par value (in dollars per share)	$ 0.01				$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000			500,000,000	500,000,000
Common stock	$ 0				$ 0	$ 0
Class I Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock, par value (in dollars per share)	$ 0.01				$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000			500,000,000	500,000,000
Common stock	$ 21				$ 3	$ 0
Class E Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock, par value (in dollars per share)	$ 0.01				$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000			500,000,000	500,000,000
Common stock	$ 1				$ 0	$ 0
As Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Redeemable common stock - related party						0
Additional paid-in capital						85,313
As Reported | Class S Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock						9
As Reported | Class D Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock						9
As Reported | Class I Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock						9
As Reported | Class E Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock						9
Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Redeemable common stock - related party						85,340
Additional paid-in capital						(85,304)
Adjustment | Class S Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock						(9)
Adjustment | Class D Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock						(9)
Adjustment | Class I Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock						(9)
Adjustment | Class E Common Stock
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Common stock						$ (9)

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - Subsequent Event $ in Millions	Nov. 13, 2024 USD ($) loanInvestment
Subsequent Event [Line Items]
Number of commercial real estate loans originated | loanInvestment	6
Total loan amount	$ 186.1
Aggregate outstanding principal amount	$ 155.1
Weighted average interest rate (in percent)	8.42%
Construction Loans
Subsequent Event [Line Items]
Total loan amount	$ 30
Aggregate outstanding principal amount	$ 5.2

Subsequent Events - Stock Issua

Subsequent Events - Stock Issuance (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 13, 2024	Sep. 30, 2024
Subsequent Event | DRP Shares
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	147,631
DRP Shares	$ 2,468
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)	33,709
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 D-1 Shares | 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)	15,842
Class E Common Stock | Subsequent Event | DRP Shares
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	648
Class F Common Stock | Subsequent Event | DRP Shares
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	97,432
Related Party | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1,681,308
DRP Shares	$ 42,560
Related Party | Class S Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	0
Related Party | Class S-1 Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	1,231,419
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 D-1 Shares | 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)	446,535
Related Party | Class E Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	3,354
Related Party | Class F Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	0
Affiliated Entity
Subsequent Event [Line Items]
DRP Shares		$ 66,426
Affiliated Entity | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	415,715
DRP Shares	$ 10,000
Affiliated Entity | Subsequent Event | Invesco Subscription Agreement
Subsequent Event [Line Items]
DRP Shares	$ 10,000
Affiliated Entity | Class S Common Stock
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		652,479
Affiliated Entity | Class S Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	99,736
Affiliated Entity | Class S Common Stock | Subsequent Event | Invesco Subscription Agreement
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	99,736
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)		652,836
Affiliated Entity | Class D Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	99,800
Affiliated Entity | Class D Common Stock | Subsequent Event | Invesco Subscription Agreement
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	99,800
Affiliated Entity | Class D-1 Shares
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		0
Affiliated Entity | Class D-1 Shares | 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)		651,538
Affiliated Entity | Class I Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	99,489
Affiliated Entity | Class I Common Stock | Subsequent Event | Invesco Subscription Agreement
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	99,489
Affiliated Entity | Class E Common Stock
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		692,498
Affiliated Entity | Class E Common Stock | Subsequent Event
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	116,690
Affiliated Entity | Class E Common Stock | Subsequent Event | Invesco Subscription Agreement
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	98,687
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)	18,002
DRP Shares	$ 456