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Note 9 - Income Taxes | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | Note 9 — Income Taxes Our effective tax rates for the three and nine months ended September 30, 2025 and 2024, were as follows:
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Effective tax rate |  |  | 20.0 | % |  |  | 46.6 | % |  |  | 20.6 | % |  |  | 26.6 | %
The change in the effective tax rate for the three and nine months ended September 30, 2025, compared to the corresponding periods in 2024, was primarily attributable to the absence of certain non-deductible items recognized in the prior year. The 2024 effective tax rate included the impact of the reclassification of accumulated foreign currency translation adjustments to net income from liquidated JHG entities, which were treated as non-deductible for tax purposes. The 2025 effective tax rate was further impacted by disallowed noncontrolling interest associated with seeded investment products. As of September 30, 2025, the Company had $27.8 million of unrecognized tax benefits held for uncertain tax positions. On July 4, 2025, U.S. President Donald Trump signed into law the One Big Beautiful Bill Act (“OBBBA”). The OBBBA includes several changes to corporate income tax provisions, including modifications to the capitalization of research and development expenditures, limitation on the deductibility of interest expense, and accelerated depreciation for certain fixed assets. The Company has assessed the income tax effects of the OBBBA and does not expect the enactment of this legislation to have a material impact on its consolidated financial statements.

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