The $37.5 million related to amounts collected by the loan servicer but not yet remitted to the Company’s consolidated CLO and to the Company that were included in other assets was repaid in full in April 2026.

On May 1, 2026, Invesco Realty purchased an additional $30.0 million in shares of our common stock under the Invesco Subscription Agreement resulting in a total of $150.0 million owned.

On May 7, 2026, the Operating Partnership (the “Initial Borrower”) entered into a Revolving Credit Agreement with NatWest Markets PLC (“NatWest”), as lender, lead arranger, and administrative agent. The Credit Agreement provides for a two‑tranche revolving credit facility consisting of (i) a Tranche A facility with no initial committed amount and (ii) a $100.0 million Tranche B facility.

Tranche A, if and when activated, provides for a revolving line of credit denominated in U.S. dollars bearing interest at Term SOFR plus 1.90% and maturing in January 2028. Tranche B provides for a revolving line of credit denominated in U.S. dollars, Euros, or British pounds sterling bearing interest at the applicable benchmark rate plus a margin ranging from 2.75% to 3.25%, depending on the advance rate elected, and maturing in May 2028 following the closing date. Unused commitments under Tranche A and Tranche B are subject to a commitment fee of 0.25% per annum and 1.00% per annum, respectively. The Company incurred an arranger fee equal to 0.50% of the Tranche B facility commitment.

The Credit Agreement includes an accordion feature permitting aggregate commitments to be increased up to a maximum of $330.0 million, with Tranche A not exceeding $150.0 million and Tranche B not exceeding $330.0 million, in each case subject to lender consent. Maturity dates may also be extended by up to twelve months with lender approval. Tranche A availability, if increased from zero, would be based on unfunded capital commitments of the included investors, while Tranche B availability is based on the net asset value of the Company’s eligible portfolio investments plus secured cash collateral. Borrowings are secured by a first‑priority lien on certain collateral accounts, and the Company has provided a full and unconditional guaranty of the Initial Borrower’s obligations.

The Credit Agreement contains customary representations, warranties, and covenants, including financial covenants requiring a minimum adjusted tangible net worth, a minimum interest coverage ratio, minimum liquidity of the Initial Borrower based on net asset value, and a minimum fair value‑to‑cost ratio. In connection with the closing, the Company’s existing credit agreement was terminated, and all related liens were released.

On May 7, 2026, the Company cancelled the additional $150.0 million capital commitment from Invesco Realty. The additional capital commitment was only available if needed to avoid triggering any concentration limit imposed by a third party in connection with its distribution or placement of our shares or for purposes of repaying indebtedness drawn on the existing credit agreement, which we terminated in conjunction with closing on the NatWest revolving credit agreement.


$ in thousands except share amounts	Shares Issued to Third Parties		Shares Issued to Affiliates(1)(2)		DRP Shares(3)




Class S	5,090		301,575		773
Class S-1	1,783,305		—		90,044
Class D	—		301,860		72
Class D-1	200,968		—		753
Class I	1,628,457		300,693		35,499
Class E	3,434		376,191		638
Class F	—		—		55,821
Total	3,621,254		1,280,319		183,600

Total net proceeds(4)	$	90,391	$	30,000	$	4,639

(4)With respect to Shares Issued to Affiliates, total net proceeds represents the total value of shares of our common stock purchased by Invesco Realty under the Invesco Subscription agreement. With respect to DRP Shares, total net proceeds represents the total value of shares issued under our distribution reinvestment plan.


$ in thousands except share amounts	Shares Repurchased from Third-Parties		Shares Repurchased from Affiliates(1)
Class S	—		—
Class S-1	49,359		—
Class D	—		—
Class D-1	—		—
Class I	130,382		—
Class E	—		—
Class F	—		—
Total	179,741		—

Total repurchases	$	4,485	$	—