Invesco (IVZ) official guidance

I think we will be, for 2026, on the lower side of that range, probably in the 39%-40% context for full year 2026.

Based on our projected future cash flows, we expect to have the loans fully repaid in 2031.

For the fourth quarter, we estimate our non-GAAP effective tax rate will be in the 25%-26% range, excluding any discrete items.

Taking into account the aggregate $3 billion in preferred stock repurchases to date, we expect EPS accretion of $0.17 in 2027, reaching a run rate of $0.41 once the associated term loans are fully repaid.

Ultimately, once the loan is fully repaid, we expect the EPS accretion related to the transaction will reach $0.20 on a run rate basis. Taking into account the aggregate $3 billion in preferred stock repurchases to date, we expect EPS accretion of $0.17 in 2027, reaching a run rate of $0.41 once the associated term loans are fully repaid. Based on our projected future cash flows, we expect to have the loans fully repaid in 2031.

Taking into account the aggregate $3 billion in preferred stock repurchases to date, we expect EPS accretion of $0.17 in 2027, reaching a run rate of $0.41 once the associated term loans are fully repaid. Based on our projected future cash flows, we expect to have the loans fully repaid in 2031.

Regarding the hybrid implementation platform cost for the fourth quarter, we expect the one-time implementation cost to run closer to $15 million.

Given these expense dynamics, we thought it would be helpful to provide our expectations for the fourth quarter total adjusted operating expenses. We expect the fourth quarter to be in the $830 million-$840 million range, assuming flat markets.

As we continue to transition more AUM onto the platform, the incremental expense related to AUM on the platform will build towards $10 million in the fourth quarter.

Given the level of performance fees in the third quarter, we would expect fourth quarter performance fees to not be as seasonally impacted and may be relatively flat to slightly higher than the third quarter.

Regarding property, office, and technology expense for the fourth quarter, we expect expense to be in the $120 million-$125 million range.

For the third quarter, we estimate our non-GAAP effective tax rate will be in the 25%-26% range, excluding any discrete items.

Regarding the hybrid implementation platform cost for the remainder of 2026, we expect quarterly one-time implementation costs to run closer to $15 million per quarter in the second half of this year, with the push to have implementation completed by year-end.

We expect further improvement in the leverage ratios for the remainder of the year as we reduce the amount drawn on the facility and simultaneously grow EBITDA.

As we transition more AUM onto the platform, the incremental expense related to AUM on the platform will build towards $10 million per quarter later this year.

We intend to continue a regular common share repurchase program going forward as we target a total payout ratio, including common dividends and share buybacks, to be near 60%.

I think going forward, it's fair to think about that as somewhere in that 22.7%-23% range, maybe even a little bit closer to 23% going forward.

For the second quarter, we estimate our non-GAAP effective tax rate will be in the 25%-26% range, excluding any discrete items.

Looking ahead to the impact the hybrid investment platform will have on operating expenses in 2027 and beyond, we expect the cost base to be at least $60 million in calendar year 2027, including the implementation costs that will roll off after 2026 when the project is complete.

Regarding the hybrid investment platform cost for 2026, we expect one-time implementation quarterly cost to continue in the $10 million-$15 million range per quarter going forward, with the push to have implementation completed by year-end.