Invesco Advisers, Inc.

Invesco Advisers, Inc. reported 76 transactions in the latest filing period, with a heavy tilt toward non-sales activity. The data shows no open-market purchases and no open-market sales. Instead, the filings are composed almost entirely of grants (code A), option exercises (code M), and shares withheld for tax obligations (code D). The total value of acquired shares reached $35.1 million, while sell-side transactions totaled $13.9 million. The pattern of recent trades is consistent across several months. Nearly every calendar month contains a code A grant followed within weeks by a code D transaction, which is the automatic surrender of shares to cover tax liability on the compensation. Most of these appear in tandem: the February 2, 2026 grant of $6.8 million was paired with a February 27 disposal of $2.85 million, and both appear twice in the filing, likely reflecting two filers. The May 1 grant of $2.2 million was followed by a May 29 sale of $1.07 million. The August 3 grant of $2.6 million preceded an August 31 disposal of $1.37 million. The filing lists tickers as NONE or N/A, which means the transactions were reported against the filer's own holding entity rather than a named security, a common structure for investment adviser personnel reporting holdings in private funds or pooled vehicles. The monthly rhythm of A and D codes, with no P or S code present anywhere in the cycle, suggests these filings are tied to compensation and tax mechanics rather than discretionary positioning. The dollar amounts are substantial, but the pattern contains no discretionary selling signal beyond what is mechanically required by the tax code.