XML 25 R11.htm IDEA: XBRL DOCUMENT

Note 4 - Investments

9 Months Ended

Sep. 30, 2025

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	)