| | | | | |
| Name under which Subsidiary does Business | Jurisdiction of Incorporation |
| INCREF 2025-FL1 LLC | Delaware |
| INCREF 2025-FL1 Retention Holder LLC | Delaware |
| INCREF Borrower, LLC | Delaware |
| INCREF CLO Seller LLC | Delaware |
| INCREF EII LLC | Delaware |
| INCREF Finance Holdings LLC | Delaware |
| INCREF Investments BB Seller, LLC | Delaware |
| INCREF Investments BMO NoN Borrower, LLC | Delaware |
| INCREF Investments BMO NoN Pledgor, LLC | Delaware |
| INCREF Investments BMO Pledgor, LLC | Delaware |
| INCREF Investments BMO Seller, LLC | Delaware |
| INCREF Investments CB Pledgor, LLC | Delaware |
| INCREF Investments CB Seller, LLC | Delaware |
| INCREF Investments CB Term Seller, LLC | Delaware |
| INCREF Investments CONA Pledgor, LLC | Delaware |
| INCREF Investments CONA Seller, LLC | Delaware |
| INCREF Investments HSBC Borrower, LLC | Delaware |
| INCREF Investments MS Pledgor, LLC | Delaware |
| INCREF Investments MS Seller, LLC | Delaware |
| INCREF Investments WF Pledgor, LLC | Delaware |
| INCREF Investments WF Seller, LLC | Delaware |
| INCREF Neptune FPS-FCP | France |
| INCREF Neptune GP LLC | Delaware |
| INCREF Neptune LP | Delaware |
| INCREF Sub-REIT LLC | Delaware |
| Invesco Commercial Real Estate Finance Investments, LP | Delaware |
| Invesco Commercial Real Estate Finance Trust Investments GP, LLC | Delaware |
| Invesco Commercial Real Estate Finance Trust Securities, LLC | Delaware |