Note 3 - Consolidation

3 Months Ended

Mar. 31, 2025

Variable Interest Entities Voting Rights Entities Consolidation Disclosure [Text Block]

Note 3 — Consolidation

Variable Interest Entities

Consolidated Variable Interest Entities

Our consolidated variable interest entities (“VIEs”) as of March 31, 2025, and December 31, 2024, include certain consolidated seeded investment products in which we have an investment and act as the investment manager. Third-party assets held in consolidated VIEs are not available to us or to our creditors. We may not, under any circumstances, access third-party assets held by consolidated VIEs to use in our operating activities or otherwise. In addition, the investors in these consolidated VIEs have no recourse to the credit of JHG.

Unconsolidated Variable Interest Entities

The following table presents the carrying value of investments included in our Condensed Consolidated Balance Sheets pertaining to unconsolidated VIEs as of March 31, 2025, and December 31, 2024 (in millions):

	*March 31,*		*December 31,*
	*2025*		*2024*
Unconsolidated VIEs	$	1.0	$	53.6

Our total exposure to unconsolidated VIEs represents the value of our economic ownership interest in the investments.

Voting Rights Entities

Consolidated Voting Rights Entities

The following table presents the balances related to consolidated voting rights entities (“VREs”) that were recorded in our Condensed Consolidated Balance Sheets, including our net interest in these products, as of March 31, 2025, and December 31, 2024 (in millions):

	*March 31,*			*December 31,*
	*2025*			*2024*
Investments	$	127.9		$	132.5
Cash and cash equivalents		10.7			26.3
Other current assets		2.1			2.7
Accounts payable and accrued liabilities		(1.6	)		(0.9	)
Total	$	139.1		$	160.6
Redeemable noncontrolling interests in consolidated VREs		(32.3	)		(22.7	)
JHG’s net interest in consolidated VREs	$	106.8		$	137.9

Third-party assets held in consolidated VREs are not available to us or to our creditors. We may not, under any circumstances, access third-party assets held by consolidated VREs to use in our operating activities or otherwise. In addition, the investors in these consolidated VREs have no recourse to the credit of JHG.

Our total exposure to consolidated VREs represents the value of our economic ownership interest in these seeded investment products.

Unconsolidated Voting Rights Entities

The following table presents the carrying value of investments included in our Condensed Consolidated Balance Sheets pertaining to unconsolidated VREs as of March 31, 2025, and December 31, 2024 (in millions):

	*March 31,*		*December 31,*
	*2025*		*2024*
Unconsolidated VREs	$	100.1	$	73.5

Our total exposure to unconsolidated VREs represents the value of our economic ownership interest in the investments.