| CONSOLIDATED INVESTMENT PRODUCTS 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, 2026.
| | | | | | | | | | | | | (in millions) | September 30, 2026 | | December 31, 2025 | | ASSETS | | | | | Cash and cash equivalents of CIP | $ | 772.8 | | $ | 942.3 | | Accounts receivable and other assets of CIP | 395.5 | | 266.1 | | Investments of CIP | 9,527.1 | | 8,941.4 | | Investments and other assets of CIP | $ | 10,695.4 | | $ | 10,149.8 | | LIABILITIES | | | | | Debt of CIP | $ | 7,919.6 | | $ | 7,552.7 | | Other liabilities of CIP | 1,183.4 | | 1,414.9 | | Debt and other liabilities of CIP | 9,103.0 | | 8,967.6 | | EQUITY | | | | | Equity attributable to redeemable noncontrolling interests | 297.0 | | 75.4 | | | | | | | | | | | | | | Invesco's net investment in and net receivables due from CIP | 593.8 | | 408.3 | | Equity attributable to nonredeemable noncontrolling interests | 701.6 | | 698.5 | | Total liabilities and equity | $ | 10,695.4 | | $ | 10,149.8 | | | | |
The following tables present the fair value hierarchy levels of Investments of CIP which are measured at fair value as of September 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2026 | | (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 | $ | 8,291.6 | | | $ | — | | | $ | 7,952.0 | | | $ | 339.6 | | | $ | — | | | Bonds | 632.5 | | | 5.9 | | | 626.6 | | | — | | | — | | | Equity securities | 136.6 | | | 8.6 | | | 6.0 | | | 122.0 | | | — | | | | | | | | | | | | | | | | | | | | | | | Equity and fixed income mutual funds | 14.7 | | | 6.2 | | | 8.5 | | | — | | | — | | | | | | | | | | | | | Investments in other private equity funds | 382.0 | | | — | | | — | | | — | | | 382.0 | | | | | | | | | | | | | Real estate investments | 69.7 | | | — | | | — | | | — | | | 69.7 | | | | | | | | | | | | | | | | | | | | | | | Total assets at fair value | $ | 9,527.1 | | | $ | 20.7 | | | $ | 8,593.1 | | | $ | 461.6 | | | $ | 451.7 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 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 | $ | 7,635.2 | | | $ | — | | | $ | 7,309.7 | | | $ | 325.5 | | | $ | — | | | Bonds | 674.2 | | | 11.8 | | | 640.5 | | | 21.9 | | | — | | | Equity securities | 172.1 | | | 50.8 | | | 1.3 | | | 120.0 | | | — | | | | | | | | | | | | | | | | | | | | | | | Equity and fixed income mutual funds | 17.8 | | | 5.4 | | | 12.4 | | | — | | | — | | | | | | | | | | | | | Investments in other private equity funds | 438.0 | | | — | | | — | | | — | | | 438.0 | | | | | | | | | | | | | Real estate investments | 4.1 | | | — | | | — | | | — | | | 4.1 | | | | | | | | | | | | | | | | | | | | | | | Total assets at fair value | $ | 8,941.4 | | | $ | 68.0 | | | $ | 7,963.9 | | | $ | 467.4 | | | $ | 442.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The following table shows a reconciliation of the beginning and ending fair value measurements for level 3 assets using significant unobservable inputs as of September 30, 2026 and 2025: | | | | | | | | | | | | | Three months ended September 30, | | 2026 | | 2025 | | (in millions) | Level 3 Assets | | Level 3 Assets | | | | | | | | | | Beginning balance as of July 1 | $ | 428.1 | | | $ | 495.2 | | | | | | | | | | | | | | | | | | | | | | | | | | | CIP purchases | 122.0 | | | 88.2 | | | | | | | | | | | | | | | CIP sales | (19.8) | | | (78.7) | | | Deconsolidation/consolidation of CIP | (56.4) | | | 54.5 | | | Gains and losses included in the Consolidated Statements of Income | (1.5) | | | (5.4) | | | Transfers from Level 3 | (38.2) | | | (118.1) | | | Transfers into Level 3 | 26.8 | | | 74.9 | | | Foreign exchange | 0.6 | | | (4.8) | | | Ending balance as of September 30 | $ | 461.6 | | | $ | 505.8 | |
| | | | | | | | | | | | | Nine months ended September 30, | | 2026 | | 2025 | | (in millions) | Level 3 Assets | | Level 3 Assets | | | | | | | | | | Beginning balance as of January 1 | $ | 467.4 | | | $ | 383.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | CIP purchases | 279.9 | | | 331.5 | | | | | | | | | | | | | | | CIP sales | (129.4) | | | (212.1) | | | Deconsolidation/consolidation of CIP | (56.4) | | | 54.5 | | | Gains and losses included in the Consolidated Statements of Income | (11.2) | | | (23.3) | | | Transfers from Level 3 | (182.0) | | | (288.2) | | | Transfers into Level 3 | 95.1 | | | 258.2 | | | Foreign exchange | (1.8) | | | 2.1 | | | Ending balance as of September 30 | $ | 461.6 | | | $ | 505.8 | |
Non-consolidated VIEs
At September 30, 2026, 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 $150.7 million (December 31, 2025: $242.4 million) and unfunded capital commitments of $141.9 million (December 31, 2025: $86.8 million).
See the company’s most recently filed Form 10-K for additional disclosures on valuation methodology and fair value.
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