Note 4 - Investments

6 Months Ended

Jun. 30, 2025

Note 4 — Investments

Our investments as of June 30, 2025, and December 31, 2024, are summarized as follows (in millions):

	*June 30,*		*December 31,*
	*2025*		*2024*
Current investments:
Seeded investment products:
Consolidated VIEs	$	1,059.4	$	502.1
Consolidated VREs		148.1		132.5
Unconsolidated VIEs and VREs		91.5		127.1
Separately managed accounts		41.6		41.9
Total seeded investment products		1,340.6		803.6
Investments related to deferred compensation plans		39.2		29.8
Other investments		60.3		5.8
Total current investments	$	1,440.1	$	839.2
Non-current investments:
Equity method investments		18.9		23.1
Other non-current investments		8.9		—
Total investments	$	1,467.9	$	862.3

Other investments as of June 30, 2025, includes a $53.7 million investment in the European Smaller Companies Trust PLC.

Investment Gains, Net

Investment gains, net in our Condensed Consolidated Statements of Comprehensive Income included the following for the three and six months ended June 30, 2025 and 2024 (in millions):

	*Three months ended*						*Six months ended*
	*June 30,*						*June 30,*
	*2025*			*2024*			*2025*			*2024*
Seeded investment products and seed hedges, net	$	13.8		$	4.6		$	19.6		$	16.5
Third-party ownership interests in seeded investment products		36.7			3.8			33.4			14.3
Equity method investments		(1.6	)		(2.1	)		(3.3	)		(3.5	)
Other		3.7			0.1			(2.6	)		1.6
Investment gains, net	$	52.6		$	6.4		$	47.1		$	28.9

As of June 30, 2025 and 2024, cumulative net unrealized gains on seeded investment products and associated derivative instruments held at period end, excluding noncontrolling interests, were $61.5 million and $35.6 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 six months ended June 30, 2025 and 2024, are summarized as follows (in millions):

	*Six months ended June 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	$	(348.1	)	$	40.4	$	(307.7	)	$	(103.5	)	$	39.4		(64.1	)
Investments		(267.8	)		101.4		(166.4	)		(114.8	)		72.6		(42.2	)