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Investments | 9 Months Ended
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Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Real Estate Ventures | INVESTMENTS Summarized investment balances as of September 30, 2023 and December 31, 2022 are presented in the following table.
(in millions) | September 30, 2023 |  | December 31, 2022
JLL Technologies investments | $ | 469.3 |  |  | 483.4 |
LaSalle co-investments | 368.3 |  |  | 366.5 |
Other investments | 27.6 |  |  | 23.9 |
Total | $ | 865.2 |  |  | 873.8 |
Our JLL Technologies investments are, generally, investments in early to mid-stage proptech companies as well as proptech funds, while our LaSalle co-investments are, primarily, direct investments in 49 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement. We have maximum potential unfunded commitments to direct investments or investment vehicles of $361.9 million and $14.2 million as of September 30, 2023 for our LaSalle Investment Management business and JLL Technologies, respectively. Of the $361.9 million related to LaSalle, while we remain contractually obligated, we do not expect a call on the $60.3 million relating to a specific investment since the underlying fund moved into its liquidation phase in January 2020. We evaluate our less-than-wholly-owned investments to determine whether the underlying entities are classified as variable interest entities ("VIEs"); we assess each identified VIE to determine whether we are the primary beneficiary. In prior periods, we determined we were the primary beneficiary of certain VIEs and, accordingly, we consolidated such entities. In December of 2022, as a result of a reconsideration event, we concluded we were no longer the primary beneficiary of these VIEs and, therefore, no longer consolidate these VIEs. Summarized financial information for our consolidated VIEs is presented in the following table. As a result of the reconsideration event described above, there were no consolidated VIE balances as of September 30, 2023 and December 31, 2022; net income was consolidated up to the reconsideration date.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2023 | 2022 |  | 2023 | 2022
Revenue | $ | — |  | 4.6 |  |  | $ | — |  | 13.2 |
Operating and other expenses | — |  | (6.2) |  |  | — |  | (17.9) |
Net gains on sale of investments(1) | — |  | — |  |  | — |  | 142.3 |
Net (loss) income | $ | — |  | (1.6) |  |  | $ | — |  | 137.6 |
(1) The gain was included in Other income on the Condensed Consolidated Statements of Comprehensive Income. We allocated the net (loss) income of the consolidated VIEs to the noncontrolling interest holders as Net (loss) income attributable to noncontrolling interest in our Condensed Consolidated Statements of Comprehensive Income. Impairment There were no significant other-than-temporary impairment charges on investments for the nine months ended September 30, 2023 and 2022. Fair Value We report a majority of our investments at fair value. For such investments, we increase or decrease our investment each reporting period by the change in the fair value and we report these fair value adjustments in our Condensed Consolidated Statements of Comprehensive Income within Equity (losses) earnings. The table below shows the movement in our investments reported at fair value.
(in millions) | 2023 | 2022
Fair value investments as of January 1, | $ | 794.9 |  | 639.6 |
Investments(1) | 141.1 |  | 140.3 |
Distributions | (20.2) |  | (29.9) |
Change in fair value, net | (121.8) |  | 65.2 |
Foreign currency translation adjustments, net | (1.2) |  | (28.5) |
Fair value investments as of September 30, | $ | 792.8 |  | 786.7 |
(1) In 2023, $66.9 million in Notes receivable matured and (inclusive of accrued interest) converted to equity. See Note 8, Fair Value Measurements, for additional discussion of our investments reported at fair value.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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