Invesco

Recent decisions demonstrate improving capital discipline. In April–May 2025 management arranged and completed a 1.0 billion dollar preferred stock repurchase (otherwise noncallable until 2040) at a negotiated premium, funded with new term loans.

This trade lowers the cost of capital over time, is expected to be accretive, and preserves flexibility. The firm resumed common buybacks and modestly increased the common dividend, while keeping leverage moderate.

Historically, large deals (for example OppenheimerFunds) tempered returns, but current actions and focus on private markets partnerships (Barings) are positive. Stock‑based compensation runs near 100 million dollars annually, reasonable versus cash generation; continued attention to dilution is warranted.