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Note 5 - Investments

12 Months Ended

Dec. 31, 2024

Note 5 — Investments

Our investments as of December 31, 2024 and 2023, are summarized as follows (in millions):

	*December 31,*
	*2024*		*2023*
Current investments:
Seeded investment products:
Consolidated VIEs	$	502.1	$	382.4
Consolidated VREs		132.5		242.9
Unconsolidated VIEs and VREs		127.1		27.1
Separately managed accounts		41.9		44.1
Total seeded investment products		803.6		696.5
Investments related to deferred compensation plans		29.8		12.0
Other investments		5.8		8.1
Total current investments	$	839.2	$	716.6
Non-current investments:
Equity method investments		23.1		29.5
Total investments	$	862.3	$	746.1

Investment Gains (Losses), Net

Investment gains (losses), net in our Consolidated Statements of Comprehensive Income included the following for the years ended December 31, 2024, 2023 and 2022 (in millions):

	*Year ended December 31,*
	*2024*			*2023*			*2022*
Seeded investment products and hedges, net	$	36.4		$	20.3		$	(15.2	)
Third-party ownership interests in seeded investment products		37.5			34.7			(97.9	)
Equity method investments		(5.6	)		(13.5	)		2.9
Other		2.5			1.9			(3.1	)
Investment gains (losses), net	$	70.8		$	43.4		$	(113.3	)

Net unrealized gains (losses), excluding noncontrolling interests, on seeded investments products and associated derivative instruments still held at period end for the years ended December 31, 2024, 2023 and 2022, were $40.0 million, $2.8 million and $(21.7) million, respectively.

Gains and losses attributable to third-party ownership interests in seeded investment products are noncontrolling interests and are not included in net income attributable to JHG.

Equity Method Investments

Our equity method investments (other than investments in seeded investment products) include a 49% interest in Privacore Capital and a 20% interest in Long Tail Alpha.

Cash Flows

Cash flows related to our investments for the years ended December 31, 2024, 2023 and 2022, are summarized as follows (in millions):

	*Year ended December 31,*
	*2024*								*2023*								*2022*
	*Purchases*			*Sales,*					*Purchases*			*Sales,*					*Purchases*			*Sales,*
	*and*			*settlements and*		*Net*			*and*			*settlements and*		*Net*			*and*			*settlements and*		*Net*
	*settlements*			*maturities*		*cash flow*			*settlements*			*maturities*		*cash flow*			*settlements*			*maturities*		*cash flow*
Investments by consolidated seeded investment products	$	(127.8	)	$	26.4	$	(101.4	)	$	(227.3	)	$	2.4	$	(224.9	)	$	(88.4	)	$	44.5	$	(43.9	)
Investments		(211.0	)		174.0		(37.0	)		(180.6	)		120.9		(59.7	)		(143.1	)		187.7		44.6