The following table details the components of due to affiliates as of June 30, 2025 and December 31, 2024.


$ in thousands	June 30, 2025		December 31, 2024
Advanced organizational, offering and operating expenses	$	12,542	$	14,214
Reimbursable operating expenses	3,405		3,454
Adviser commitment fee payable	3,246		2,357
Stockholder servicing fees	16,174		8,503
Management fees	1,348		746
Performance fees	1,258		2,068
Total	$	37,973	$	31,342


$ in thousands	Class S Shares		Class S-1 Shares		Class D Shares		Class D-1 Shares
For the period ended June 30, 2025	$	4	$	1,062	$	—	$	—
For the year ended December 31, 2024	$	1	$	761	$	—	$	—

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 June 30, 2025 and as of December 31, 2024.


	June 30, 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	1,189,256	—	$	120,000
Invesco Advisers, Inc.(2)	—	—	—	—	—	182,121	—	4,636
Members of our board of directors (3)	—	—	—	—	—	33,861	—	866
Total	1,196,923	—	1,197,628	—	1,194,434	1,405,238	—	$	125,502

(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.


	December 31, 2024
$ 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)	1,496,143	—	1,497,041	—	1,492,906	1,483,196	—	$	150,000
Invesco Advisers, Inc.(2)	—	—	—	—	—	35,937	—	908
Members of our board of directors (3)	—	—	—	—	—	25,416	—	646
Total	1,496,143	—	1,497,041	—	1,492,906	1,544,549	—	$	151,554