
	December 31,
(in millions)	2024		2023
LaSalle co-investments	406.1		388.3
JLL Technologies investments	$	372.8	397.6
Other investments	33.8		30.7
Total	$	812.7	816.6

Our LaSalle co-investments are, primarily, direct investments in 48 separate property or commingled funds, where we co-invest alongside our clients and for which we also have an advisory agreement, while our JLL Technologies investments are, generally, investments in early to mid-stage proptech companies as well as proptech funds.

We have maximum potential unfunded commitments to direct investments or investment vehicles of $290.2 million and $9.4 million as of December 31, 2024 for our LaSalle Investment Management business and JLL Technologies, respectively. Of the $290.2 million related to LaSalle, $100.0 million relates to a previously disclosed incremental investment in LaSalle's flagship Income Property Trust fund, which was funded in January 2025.

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. We had equity method investments, either directly or indirectly, of $190.7 million and $146.9 million as of December 31, 2024 and 2023, respectively, in entities classified as VIEs.

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 are no consolidated VIE balances as of December 31, 2024 and 2023 and net income was consolidated up to the reconsideration date.


	Year Ended December 31,
(in millions)	2024		2023	2022
Revenue	$	—	—	17.6
Operating and other expenses	—		—	(23.8)
Net gain on sale of investments(1)	—		—	142.3
Net income (loss)	$	—	—	136.1

(1) The 2022 gain was included in Other income on the Consolidated Statements of Comprehensive Income.

We allocate the members' equity and net income (loss) of the consolidated VIEs to the noncontrolling interest holders as Noncontrolling interest on the Consolidated Balance Sheets and as Net income attributable to noncontrolling interest in the Consolidated Statements of Comprehensive Income, respectively.

The following tables summarize the combined financial information for certain of our unconsolidated investments accounted for under the equity method or at fair value.


				December 31,
(in millions)				2024		2023
Balance Sheets:
	Investments, net of depreciation			$	36,058.9	37,233.7
	Total assets			40,774.4		41,321.2
	Mortgage indebtedness			11,803.7		12,321.2
	Other borrowings			2,495.6		2,584.1
	Total liabilities			17,525.1		17,513.9
	Total equity			23,249.3		23,807.3

		Year Ended December 31,
(in millions)		2024		2023		2022
Statements of Operations:
	Revenue	$	2,586.2	2,403.5		2,193.4
	Net (loss) income	253.5		(1,085.8)		576.6

During the year ended December 31, 2022, we recorded a $19.6 million other-than-temporary impairment charge related to an investment accounted for under the equity method. This activity was included within Equity (losses) earnings on our Consolidated Statements of Comprehensive Income. There were no significant other-than-temporary impairments in 2024 or 2023.

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 Consolidated Statements of Comprehensive Income within Equity (losses) earnings. The table below shows the movement in our investments reported at fair value. See Note 9, Fair Value Measurements, for further discussion of our investments reported at fair value.

The table below does not include our $9.7 million investment in certain mid-stage non-public companies as they are non-marketable equity investments accounted for under the measurement alternative, defined as cost minus impairment.


	Year Ended December 31,
(in millions)	2024		2023	2022
Fair value investments as of January 1,	$	740.8	794.9	639.6
Investments(1)	104.3		160.4	156.1
Distributions	(27.8)		(25.2)	(38.5)
Change in fair value	(62.4)		(197.8)	61.3
Foreign currency translation adjustments, net	(12.9)		8.5	(23.6)
Fair value investments as of December 31,	$	742.0	740.8	794.9

(1) Included in this caption are Notes receivable, inclusive of accrued interest, which converted to unconsolidated equity investments; these amounts were $12.3 million and $66.9 million for the twelve months ended December 31, 2024 and 2023, respectively.