v3.25.1
Note 10 - Noncontrolling Interests
3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Noncontrolling Interest Disclosure [Text Block]

Note 10 Noncontrolling Interests

 

Redeemable Noncontrolling Interests

 

Redeemable noncontrolling interests as of March 31, 2025, and December 31, 2024, consisted of the following (in millions):

 

  

March 31,

  

December 31,

 
  

2025

  

2024

 

Consolidated seeded investment products

 $535.5  $365.0 

 

Consolidated Seeded Investment Products

 

Noncontrolling interests in consolidated seeded investment products are classified as redeemable noncontrolling interests when there is an obligation to repurchase units at the investor’s request.

 

Redeemable noncontrolling interests in consolidated seeded investment products may fluctuate from period to period and are impacted by changes in our relative ownership, changes in the amount of third-party investment in seeded products and volatility in the market value of the seeded products’ underlying securities. Third-party redemption of investments in any particular seeded product is redeemed from the respective product’s net assets and cannot be redeemed from the net assets of our other seeded products or from our other net assets.

 

The following table presents the movement in redeemable noncontrolling interests in consolidated seeded investment products for the three months ended March 31, 2025 and 2024 (in millions):

 

  

Three months ended

 
  

March 31,

 
  

2025

  

2024

 

Opening balance

 $365.0  $317.2 

Changes in market value

  (3.3)  10.5 

Changes in ownership

  164.4   (51.9)

Foreign currency translation

  9.4   (1.1)

Closing balance

 $535.5  $274.7 

 

Nonredeemable Noncontrolling Interests

 

Nonredeemable noncontrolling interests as of March 31, 2025, and December 31, 2024, consisted of the following (in millions):

 

  

March 31,

  

December 31,

 
  

2025

  

2024

 

Nonredeemable noncontrolling interests in:

        

VPC

 $125.5  $126.5 

TCM

  6.0    

Other

  0.1   0.1 

Total nonredeemable noncontrolling interests

 $131.6  $126.6