Invesco Real Estate writes $3.2B in senior loans

Invesco Real Estate wrote $3.2 billion of floating-rate senior loans in the first half of 2026, a 112% increase from the year-earlier half. The firm disclosed the figures Thursday; Bisnow first reported them.

The volume came from 33 loans across North America and Europe. That is three more than the firm underwrote a year earlier. Dollar volume more than doubled on a nearly flat loan count, lifting the average commitment to roughly $97 million. A year earlier, the average was about $50 million. Invesco is writing bigger checks, not more of them.

Invesco Real Estate, based in Atlanta, manages $86 billion in real estate assets. Its parent holds more than $2.5 trillion. Charlie Rose, the firm's head of credit, said borrowers are seeking 'certainty of execution, flexibility, and a partnership based approach to through-cycle lending.' He spoke as the market enters the first year of a $3 trillion loan maturity cycle. The cycle stretches over five years.

Multifamily and industrial assets account for 93% of year-to-date commitments, a defensive tilt. The largest disclosed package was $459 million. That deal used a pair of loans to refinance 19 industrial properties in the northeastern U.S. A second package came to roughly $400 million. It used a pair of loans covering industrial portfolios totaling 4.3 million square feet in Germany, the Netherlands and the U.K. Beyond those, Invesco made at least four loans. Each came in above $100 million. One was for a 564-unit build-to-rent project in England. The others backed an industrial outdoor storage portfolio, a high-rise apartment tower, and a 299-unit multifamily property.

The broader lending market is heating up. CBRE's Lending Momentum Index hit its highest reading since 2021 in the first quarter. The index measures the pace of CBRE-originated loan closings over a rolling 36-month period. Alternative lenders like Invesco and mortgage REITs made up 53% of nonagency loan closings that quarter. A year earlier, their share was 19%.

Private credit funds are a growing part of that market, and they have become a popular hedge against the AI-financing boom, Bisnow reported. That boom hit a milestone this month: Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR agreed to a $500 billion framework with Nvidia to fund data center development. The more AI infrastructure debt those firms add, the more useful a hard-asset senior loan book looks as ballast.

The near-doubling of the average loan size is the clearest sign. The loan mix points to the maturity cycle pushing originations from single-asset deals toward portfolio refinancings. A lender that can commit $459 million to a single borrower in one package holds an edge. That edge pays off with $3 trillion in loans coming due. Those loans come due over five years. The first half of 2026 put the strategy on display. Whether the second half absorbs the volume is the open question.