| | | | | |
| Name under which Subsidiary does Business | Jurisdiction of Incorporation |
| Invesco Commercial Real Estate Finance Trust Investments GP, LLC | Delaware |
| Invesco Commercial Real Estate Finance Investments, LP | Delaware |
| INCREF Borrower, LLC | Delaware |
| Invesco Commercial Real Estate Finance Trust Securities, LLC | Delaware |
| INCREF Investments CB Seller, LLC | Delaware |
| INCREF Investments MS Seller, LLC | Delaware |
| INCREF Investments MS Pledgor, LLC | Delaware |
| INCREF Investments BMO Seller, LLC | Delaware |
| INCREF Investments BMO Pledgor, LLC | Delaware |
| INCREF Investments WF Pledgor, LLC | Delaware |
| INCREF Investments WF Seller, LLC | Delaware |