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mportant information

    NA4962646

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    Forward‑looking statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions; actual results may differ materially.

    The author’s views reflect current market conditions and may change without notice, and may differ from other Invesco professionals. Real‑estate assets are generally illiquid. Income may be generated, but capital recovery and gains usually occur only when the investment is partially or fully sold.

    Real‑estate investing carries moderate to high risk, including potential partial or total capital loss. Commercial‑real‑estate exposure adds risks such as tenant default, rising rates, financing constraints, vacancy, and market supply‑demand shifts.

    Index data: The following indexes differ materially from private real‑estate credit in objectives, risk, principal fluctuation, safety, guarantees, fees, liquidity, and tax treatment. Private real‑estate credit is not a direct real‑estate investment and differs in fees, liquidity, and tax.

    Private real‑estate credit is tracked by the Giliberto‑Levy High‑Yield Real‑Estate Debt Index (G‑L 2), covering high‑yield CRE debt (mezzanine, preferred equity, B‑notes). High‑yield bonds use the Bloomberg US Corporate High‑Yield Bond Index. Senior loans use the Morningstar LSTA US Leveraged Loan 100 Index. Private equity is represented by the NCREIF Property Index (NPI), a quarterly composite total return of institutional‑quality commercial properties, excluding leverage and advisory fees.

    Corporate bonds are tracked by the Bloomberg U.S. Corporate Value Unhedged USD Index (investment‑grade, fixed‑rate, taxable). CMBS performance is shown by the Bloomberg US CMBS Investment Grade Index (US agency/non‑agency conduit and fusion deals ≥$300 m). Investment‑grade bonds use the Bloomberg US Aggregate Bond Index (government, corporate, mortgage pass‑through, asset‑backed). Treasuries are measured by the Bloomberg U.S. Treasury Unhedged Index (fixed‑rate nominal debt, excluding T‑bills and STRIPS). US equity is the S&P 500 Index (market‑cap weighted). Direct lending is the Cliffwater Direct Lending Index (CDLI), reflecting unlevered, fee‑gross performance of U.S. middle‑market corporate loans via BDCs.

    Public real‑estate, bonds, Treasuries, and equities offer liquidity and easy trading. The indexes above illustrate market performance; they are not investable directly. Prices of securities in these indexes can vary with issuer earnings, asset values, economic conditions, rates, and investor sentiment. All indexes are unmanaged and exclude fees and expenses. Comparisons are illustrative only and do not represent specific investments or private real‑estate credit performance.