The following table details the components of due to affiliates as of March 31, 2026 and December 31, 2025:


$ in thousands	March 31, 2026		December 31, 2025
Advanced organizational, offering and operating expenses	$	10,034	$	10,870
Reimbursable operating expenses	2,543		2,845
Adviser commitment fee payable	1,463		4,019
Stockholder servicing fees	24,701		22,723
Management fees	2,218		1,990
Performance fees	1,586		4,814
Total	$	42,545	$	47,261

The following table summarizes stockholder servicing fees paid for the three months ended March 31, 2026 and 2025:


$ in thousands	Class S Shares		Class S-1 Shares		Class D Shares		Class D-1 Shares
For the three months ended March 31, 2026	$	13	$	1,099	$	—	$	1
For the three months ended March 31, 2025	$	—	$	435	$	—	$	—

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 Shares	Class S-1 Shares	Class D Shares	Class D -1 Shares	Class I Shares	Class E Shares	Class F Shares
Maximum Upfront Selling Commissions (% of Transaction Price)	up to 3.5%	up to 3.5%	up to 1.5%	up to 1.5%	—	—	—
Stockholder Servicing Fee (% of NAV)	0.85%	0.85%	0.25%	0.25%	—	—	—

The tables below summarize the number of shares and the total purchase price of the shares owned by affiliates as of March 31, 2026 and December 31, 2025:


	March 31, 2026
$ 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)	1,196,923	—	1,197,628	—	1,194,434	1,189,256	—	$	120,000
Invesco Advisers, Inc.(2)	—	—	—	—	—	423,807	—	10,851
Members of our board of directors (3)	—	—	—	—	—	26,474	—	683
Total	1,196,923	—	1,197,628	—	1,194,434	1,639,537	—	$	131,534


	December 31, 2025
$ 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)	1,196,923	—	1,197,628	—	1,194,434	1,189,255	—	$	120,000
Invesco Advisers, Inc.(2)	—	—	—	—	—	270,269	—	6,895
Members of our board of directors (3)	—	—	—	—	—	26,248	—	675
Total	1,196,923	—	1,197,628	—	1,194,434	1,485,772	—	$	127,570

(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 11 — “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 11 — “Redeemable Common Stock - Related Party” for further information.

(3)Represents shares issued to members of our board of directors, including stock awards under our share-based compensation plan. Total Purchase Price for stock awards issued under our share-based compensation plan represents the value of shares issued as equity compensation.