← Invesco Commercial Real Estate Finance Trust, Inc.

Revolving Credit Agreement

Signed May 7, 2026

Committed
n/a
Matures
Jan 2028
Agent
NatWest Markets plc
TrancheSizeMaturesMargin
Tranche An/aJan 2028190–325 bps
Tranche Bn/aMay 2028190–325 bps

Priced over Term SOFR (Revolving credit facility).

LevelConditionMarginUnused fee
Level Flatall times190 bpsn/a

Priced over Term SOFR (Revolving credit facility).

LevelConditionMarginUnused fee
Level Advance Rate 22.0%Tranche B Advance Rate = 22.0%325 bpsn/a
Level Advance Rate 18.5%Tranche B Advance Rate = 18.5%300 bpsn/a
Level Advance Rate 15.0%Tranche B Advance Rate = 15.0%275 bpsn/a

Lenders: NatWest Markets plc

Tested otherHeadroom not yet measured$500m
The Guarantor shall not permit its Adjusted Tangible Net Worth to be less than $500,000,000 at any time.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured1.25x
No Credit Party shall cause the Interest Coverage Ratio, as of the end of any fiscal quarter, to be less than 1.25 to 1.00.
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Tested quarterlyHeadroom not yet measured$25m
As of the end of each fiscal quarter, no Credit Party shall permit the Initial Borrower’s Liquidity ... to be an amount less than three percent (3%) of the Initial Borrower’s NAV, up to a maximum of $25,000,000.
Read the filing on sec.gov ↗
Tested springingHeadroom not yet measured0.80

Springing: Only tested so long as the Tranche A Borrowing Base is greater than $0.

So long as the Tranche A Borrowing Base is greater than $0, the Guarantor shall not permit the Fair Value to Cost Ratio, as of the end of any fiscal quarter, to be lower than 80%.
Read the filing on sec.gov ↗

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