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CONSOLIDATED INVESTMENT PRODUCTS (Tables)

9 Months Ended

Sep. 30, 2025

Consolidated Investment Products [Abstract]

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

Schedule of Fair Value Hierarchy Levels of Investments Held and Notes Issued by Consolidated Investment Products

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

Schedule of Beginning And Ending Fair Value Measurements For Level Three Assets And Liabilities Table Text Block

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

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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