SCHEDULE: Invesco Ltd. Updates Global Partners LP Stake to 6.5%

Invesco Ltd. reported an updated beneficial ownership of 2,214,090 partnership interests, representing 6.5% of Global Partners LP/MA.

Summary

• Invesco Ltd. filed an Amendment No. 7 to Schedule 13G, disclosing its beneficial ownership in Global Partners LP/MA.
• As of September 30, 2025, Invesco Ltd. beneficially owns 2,214,090 Partnership Interests.
• This ownership represents 6.5% of the class of securities, identified by CUSIP 37946R109.
• Invesco Ltd. is classified as a parent holding company (HC) and an investment adviser (IA), based in Bermuda.
• The reporting person holds sole voting power and sole dispositive power over all 2,214,090 shares.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: Neutral. This is a routine regulatory filing disclosing beneficial ownership, not an operational update or financial performance report. The sentiment is neither positive nor negative, simply factual.

Positives

• Invesco Ltd., a significant institutional investor, maintains a notable 6.5% stake in Global Partners LP/MA, indicating continued investment interest.
• The certification that holdings are for ordinary course of business suggests a passive investment, which can imply stability and lack of immediate activist intent.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's future performance or Invesco Ltd.'s future investment intentions beyond the certification of ordinary course business.

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

This Schedule 13G filing reflects a routine disclosure by a large asset manager, Invesco Ltd., regarding its passive investment stake in Global Partners LP/MA. Such filings are common for institutional investors holding over 5% of a company's shares and provide transparency on significant ownership positions within the market.

Comparison to Industry Standards

• This filing is a standard regulatory disclosure for institutional investors holding more than 5% of a company's stock, aligning with SEC requirements for transparency in beneficial ownership.
• Invesco Ltd.'s role as a parent holding company for investment advisers is typical for large asset management firms, where beneficial ownership is often attributed to the parent entity while underlying investment decisions are made by subsidiaries.

Stakeholder Impact

• Shareholders of Global Partners LP/MA gain transparency into a significant institutional holder's stake, which can influence market perception and liquidity.
• Investment professionals can use this information to track institutional ownership trends and potential support for management or strategic directions.

Next Steps

• Invesco Ltd. will continue to monitor its investment in Global Partners LP/MA and file further amendments to Schedule 13G as required by changes in beneficial ownership.

Key Dates

Keywords

Invesco Ltd., Global Partners LP, Schedule 13G, Beneficial Ownership, Partnership Interest, Institutional Investor, SEC Filing, Asset Management