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Note 4 - Investments | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Investment [Text Block] | Note 4 — Investments Our investments as of September 30, 2025, and December 31, 2024, are summarized as follows (in millions):
|  | September 30, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Current investments: |  |  |  |  |  |  |  |
Seeded investment products: |  |  |  |  |  |  |  |
Consolidated VIEs |  | $ | 1,067.5 |  |  | $ | 502.1 |
Consolidated VREs |  |  | 157.8 |  |  |  | 132.5 |
Unconsolidated VIEs and VREs |  |  | 149.8 |  |  |  | 127.1 |
Separately managed accounts |  |  | 33.4 |  |  |  | 41.9 |
Total seeded investment products |  |  | 1,408.5 |  |  |  | 803.6 |
Investments related to deferred compensation plans |  |  | 47.8 |  |  |  | 29.8 |
Other investments |  |  | 7.1 |  |  |  | 5.8 |
Total current investments |  | $ | 1,463.4 |  |  | $ | 839.2 |
Non-current investments: |  |  |  |  |  |  |  |
Equity method investments |  |  | 17.8 |  |  |  | 23.1 |
Other non-current investments |  |  | 8.8 |  |  |  | — |
Total investments |  | $ | 1,490.0 |  |  | $ | 862.3 |
Investment Gains, Net Investment gains, net in our Condensed Consolidated Statements of Comprehensive Income included the following for the three and nine months ended September 30, 2025 and 2024 (in millions):
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Seeded investment products and seed hedges, net |  | $ | 8.3 |  |  | $ | 10.8 |  |  | $ | 27.9 |  |  | $ | 27.3 |
Third-party ownership interests in seeded investment products |  |  | 39.0 |  |  |  | 22.7 |  |  |  | 72.4 |  |  |  | 37.0 |
Equity method investments |  |  | (1.1 | ) |  |  | (1.0 | ) |  |  | (4.4 | ) |  |  | (4.5 | )
Other |  |  | 8.9 |  |  |  | 2.5 |  |  |  | 6.3 |  |  |  | 4.1 |
Investment gains, net |  | $ | 55.1 |  |  | $ | 35.0 |  |  | $ | 102.2 |  |  | $ | 63.9 |
As of September 30, 2025 and 2024, cumulative net unrealized gains on seeded investment products and associated derivative instruments held at period end, excluding noncontrolling interests, were $73.1 million and $61.9 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. Although the gains and losses are unrealized because the investments have not been sold, we adjust their fair value monthly through investments gains, net on our Condensed Consolidated Statements of Comprehensive Income. Equity Method Investments Our equity method investments (other than investments in seeded investment products) include a 49% interest in Privacore Capital Advisors LLC and a 20% interest in Long Tail Alpha LLC. Cash Flows Cash flows related to our investments for the nine months ended September 30, 2025 and 2024, are summarized as follows (in millions):
|  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |
|  | Purchases |  |  | Sales, |  |  |  |  |  |  | Purchases |  |  | Sales, |  |  |  |  |
|  | and |  |  | settlements and |  |  | Net |  |  | and |  |  | settlements and |  |  | Net |
|  | settlements |  |  | maturities |  |  | cash flow |  |  | settlements |  |  | maturities |  |  | cash flow |
Investments by consolidated seeded investment products |  | $ | (397.8 | ) |  | $ | 140.5 |  |  | $ | (257.3 | ) |  | $ | (230.2 | ) |  | $ | 51.2 |  |  |  | (179.0 | )
Investments |  |  | (361.5 | ) |  |  | 221.3 |  |  |  | (140.2 | ) |  |  | (178.1 | ) |  |  | 83.9 |  |  |  | (94.2 | )

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