CONSOLIDATED INVESTMENT PRODUCTS

9 Months Ended

Sep. 30, 2025

Consolidated Investment Products [Abstract]

The assets and liabilities related to CIP are identified on the Consolidated Balance Sheets within Investments and other assets of CIP and Debt and other liabilities of CIP, respectively. The consolidation of CIP had no impact on net income attributable to the company during the three and nine months ended September 30, 2025.


(in millions)	September 30, 2025		December 31, 2024
ASSETS
Cash and cash equivalents of CIP	$	550.7	$	509.5
Accounts receivable and other assets of CIP	342.2		372.3
Investments of CIP	8,663.3		7,492.7
Investments and other assets of CIP	$	9,556.2	$	8,374.5
LIABILITIES
Debt of CIP	$	6,734.7	$	6,200.9
Other liabilities of CIP	1,579.3		652.2
Debt and other liabilities of CIP	8,314.0		6,853.1
EQUITY
Equity attributable to redeemable noncontrolling interests	150.5		544.7



Invesco's net investment in and net receivables from CIP	455.5		412.5
Equity attributable to nonredeemable noncontrolling interests	636.2		564.2
Total liabilities, noncontrolling interests, and equity	$	9,556.2	$	8,374.5

The following tables present the fair value hierarchy levels of investments of CIP balances which are measured at fair value as of September 30, 2025 and December 31, 2024:


	September 30, 2025
(in millions)	Fair Value Measurements		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Investments Measured at NAV as a practical expedient
Assets:

Bank loans	$	7,345.5	$	—	$	6,958.7	$	386.8	$	—
Bonds	770.7		22.6		743.6		4.5		—
Equity securities	125.8		9.9		1.4		114.5		—


Equity and fixed income mutual funds	20.1		8.3		11.8		—		—

Investments in other private equity funds	401.2		—		—		—		401.2

Real estate investments	—		—		—		—		—


Total assets at fair value	$	8,663.3	$	40.8	$	7,715.5	$	505.8	$	401.2


	December 31, 2024
(in millions)	Fair Value Measurements		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Investments Measured at NAV as a practical expedient
Assets:

Bank loans	$	5,793.0	$	—	$	5,494.5	$	298.5	$	—
Bonds	605.5		17.2		588.3		—		—
Equity securities	144.5		37.2		22.7		84.6		—


Equity and fixed income mutual funds	96.5		3.2		93.3		—		—

Investments in other private equity funds	414.6		—		—		—		414.6

Real estate investments	438.6		—		—		—		438.6


Total assets at fair value	$	7,492.7	$	57.6	$	6,198.8	$	383.1	$	853.2

The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs:


	Three months ended September 30,
	2025		2024
(in millions)	Level 3 Assets		Level 3 Assets


Beginning Balance as of July 1	$	495.2	$	328.4






CIP Purchases	88.2		38.5



CIP Sales	(78.7)		(39.7)
Deconsolidation/Consolidation of CIP	54.5		—
Gains and losses included in the Consolidated Statements of Income	(5.4)		2.0
Transfers from Level 3 into Levels 1 or 2	(118.1)		(19.7)
Transfers into Level 3 from Levels 1 or 2	74.9		78.4
Foreign exchange	(4.8)		2.5
Ending Balance as of September 30	$	505.8	$	390.4


	Nine months ended September 30,
	2025		2024
(in millions)	Level 3 Assets		Level 3 Assets


Beginning Balance as of January 1	$	383.1	$	825.8






CIP Purchases	331.5		338.7



CIP Sales	(212.1)		(113.9)
Deconsolidation/Consolidation of CIP	54.5		(724.9)
Gains and losses included in the Consolidated Statements of Income	(23.3)		(17.2)
Transfers from Level 3 into Levels 1 or 2	(288.2)		(94.0)
Transfers into Level 3 from Levels 1 or 2	258.2		174.0
Foreign exchange	2.1		1.9
Ending Balance as of September 30	$	505.8	$	390.4

Non-consolidated variable interest entities (VIEs)

At September 30, 2025, the company's carrying value and risk of loss with respect to VIEs in which the company is not the primary beneficiary included our investment carrying value of $128.2 million (December 31, 2024: $106.1 million) and unfunded capital commitments of $89.6 million (December 31, 2024: $141.2 million).

See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.