Invesco writes bigger floating-rate loans as $3 trillion maturity cycle begins

Invesco Real Estate originated $3.2 billion in floating-rate senior loans during the first half of 2026, up 112% from a year earlier. The business closed 33 commitments across North America and Europe, three more than the same period in 2025. Bisnow first reported the figures.

Multifamily and industrial assets make up 93% of year-to-date commitments. The largest disclosed deal was a $459 million, two-loan floating-rate package that refinanced 19 industrial properties in the northeastern U.S. Invesco also provided roughly $400 million across two loans to a single borrower covering two industrial portfolios spanning 4.3 million square feet in Germany, the Netherlands and the UK. At least four other loans exceeded $100 million, including a 564-unit build-to-rent project in England, an industrial outdoor storage portfolio, a high-rise apartment tower and a 299-unit multifamily property.

The 33 loans average around $97 million each. That average is where the growth shows up: Invesco wrote just three more loans than a year earlier, so the volume jump came from bigger tickets, not more deals. Charlie Rose, the firm's head of credit, calls 2026 the first year of a five-year, $3 trillion loan maturity cycle. Borrowers, he said, want "certainty of execution, flexibility, and a partnership based approach to through-cycle lending."

The certainty pitch has a balance sheet behind it. Invesco Real Estate's parent manages more than $2.5 trillion, and the real estate arm runs $86 billion across 21 offices on three continents. For a borrower needing a committed floating-rate senior loan, that scale is the product. The growth also reflects existing relationships — Invesco said activity was bolstered by strong demand from current customers.

Invesco is not alone. The CBRE Lending Momentum Index, which tracks CBRE-originated loan closings over a rolling 36-month period, hit its highest level since 2021 in the first quarter. Alternative lenders and mortgage REITs accounted for 53% of nonagency loan closings in the quarter, up from 19% a year earlier. Bisnow ties the influx to private credit investors looking to hedge or trim their bets on the financing boom for artificial intelligence firms.

Europe is part of the story. Invesco flagged a strong uptick in activity there, and the $400 million three-country portfolio shows its cross-border platform at work. That suggests the maturity cycle is beginning to reach European markets as well.

The 112% will get quoted. The more telling number is 33. Invesco wrote three more loans than a year earlier, and the new money went to borrowers the firm already knows. The maturity cycle is built for that kind of paper. Whether the rest of the capital piling into real estate debt can stay that selective is the open question.