Federated Hermes (FHI) 10-Q 27 Oct 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 20, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-14818
Entity Registrant Name	Federated Hermes, Inc.
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	25-1111467
Entity Address, Address Line One	1001 Liberty Avenue
Entity Address, City or Town	Pittsburgh,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15222-3779
City Area Code	412
Local Phone Number	288-1900
Title of 12(b) Security	Class B common stock, no par value
Trading Symbol	FHI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001056288
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,000
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		86,245,850

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets
Cash and Cash Equivalents	$ 376,960	$ 336,782
Prepaid Expenses	25,726	27,004
Other Current Assets	6,318	8,264
Total Current Assets	711,660	651,031
Long-Term Assets
Goodwill	801,556	800,417
Intangible Assets, net of accumulated amortization of $58,100 and $47,650, respectively	401,971	409,157
Property and Equipment, net of accumulated depreciation of $117,235 and $119,640, respectively	31,409	35,743
Right-of-Use Assets, net	101,159	92,860
Other Long-Term Assets	32,585	31,271
Total Long-Term Assets	1,368,680	1,369,448
Total Assets	2,080,340	2,020,479
Current Liabilities
Accounts Payable and Accrued Expenses	79,733	73,901
Accrued Compensation and Benefits	124,602	149,760
Lease Liabilities	15,869	18,394
Other Current Liabilities	35,383	15,358
Total Current Liabilities	255,587	257,413
Long-Term Liabilities
Long-Term Debt	347,777	347,581
Long-Term Deferred Tax Liability, net	176,707	180,410
Long-Term Lease Liabilities	95,995	86,809
Other Long-Term Liabilities	33,605	40,753
Total Long-Term Liabilities	654,084	655,553
Total Liabilities	909,671	912,966
Commitments and Contingencies (Note (17))
TEMPORARY EQUITY
Redeemable Noncontrolling Interests in Subsidiaries	70,631	61,821
Federated Hermes, Inc. Shareholders’ Equity
Additional Paid-In Capital from Treasury Stock Transactions	15	0
Retained Earnings	1,148,486	1,015,589
Treasury Stock, at Cost, 13,257,106 and 10,229,521 Shares Class B Common Stock, respectively	(473,332)	(365,363)
Accumulated Other Comprehensive Income (Loss), net of tax	(43,393)	(45,676)
Total Permanent Equity	1,100,038	1,045,692
Total Liabilities, Temporary Equity and Permanent Equity	2,080,340	2,020,479
Consolidated Investment Companies
Current Assets
Investments	118,201	108,448
Affiliates
Current Assets
Investments	59,272	76,524
Receivables	52,659	35,941
Nonrelated Party
Current Assets
Receivables	72,524	58,068
Class A
Federated Hermes, Inc. Shareholders’ Equity
Common Stock	189	189
Class B
Federated Hermes, Inc. Shareholders’ Equity
Common Stock	$ 468,073	$ 440,953

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Receivables, reserve	$ 21	$ 21
Intangible assets, accumulated amortization	58,100	47,650
Property and equipment, accumulated depreciation	$ 117,235	$ 119,640
Treasury stock, shares (in shares)	13,257,106	10,229,521
Class A
Common stock, no par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	20,000	20,000
Common stock, shares issued (in shares)	9,000	9,000
Common stock, shares outstanding (in shares)	9,000	9,000
Class B
Common stock, no par value (usd per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	900,000,000	900,000,000
Common stock, shares issued (in shares)	99,505,456	99,505,456
Common stock, shares outstanding (in shares)	86,248,350	89,275,935

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue
Total Revenue	$ 402,656	$ 381,143	$ 1,218,077	$ 1,071,915
Operating Expenses
Compensation and Related	139,123	126,668	435,884	388,719
Distribution	89,838	91,032	280,258	223,837
Systems and Communications	21,213	19,294	63,259	57,234
Professional Service Fees	17,561	14,203	52,881	41,647
Office and Occupancy	10,632	10,622	34,910	32,457
Advertising and Promotional	3,857	6,496	13,308	13,965
Travel and Related	4,034	3,421	11,101	8,543
Intangible Asset Related	3,451	2,894	10,194	9,319
Other	11,523	9,733	31,303	23,147
Total Operating Expenses	301,232	284,363	933,098	798,868
Operating Income	101,424	96,780	284,979	273,047
Nonoperating Income (Expenses)
Investment Income, net	6,160	2,599	16,228	5,270
Gain (Loss) on Securities, net	(3,438)	(6,825)	2,094	(39,406)
Debt Expense	(3,133)	(3,302)	(9,377)	(7,873)
Other, net	(8)	(38)	101	31
Total Nonoperating Income (Expenses), net	(419)	(7,566)	9,046	(41,978)
Income Before Income Taxes	101,005	89,214	294,025	231,069
Income Tax Provision	26,739	21,640	75,291	58,140
Net Income Including the Noncontrolling Interests in Subsidiaries	74,266	67,574	218,734	172,929
Less: Net Income (Loss) Attributable to the Noncontrolling Interests in Subsidiaries	(760)	(1,905)	1,932	(10,070)
Net Income	$ 75,026	$ 69,479	$ 216,802	$ 182,999
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Common Share—Basic (usd per share)	$ 0.86	$ 0.78	$ 2.44	$ 2.02
Earnings Per Common Share—Diluted (usd per share)	0.86	0.78	2.44	2.02
Cash Dividends Per Share (usd per share)	$ 0.28	$ 0.27	$ 0.83	$ 0.81
Investment Advisory Fees, net | Affiliates
Revenue
Total Revenue	$ 215,673	$ 206,394	$ 666,983	$ 574,081
Investment Advisory Fees, net | Nonrelated Party
Revenue
Total Revenue	61,098	57,250	184,106	180,600
Administrative Service Fees, net—Affiliates | Affiliates
Revenue
Total Revenue	88,023	75,021	252,402	218,710
Other Service Fees, net | Affiliates
Revenue
Total Revenue	33,507	38,265	102,364	85,120
Other Service Fees, net | Nonrelated Party
Revenue
Total Revenue	$ 4,355	$ 4,213	$ 12,222	$ 13,404

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net Income Including the Noncontrolling Interests in Subsidiaries	$ 74,266	$ 67,574	$ 218,734	$ 172,929
Permanent Equity
Foreign Currency Translation Gain (Loss)	(21,814)	(43,760)	2,283	(103,778)
Temporary Equity
Foreign Currency Translation Gain (Loss)	(454)	(1,713)	106	(3,238)
Other Comprehensive Income (Loss), net of tax	(22,268)	(45,473)	2,389	(107,016)
Comprehensive Income Including the Noncontrolling Interests in Subsidiaries	51,998	22,101	221,123	65,913
Less: Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests in Subsidiaries	(1,214)	(3,618)	2,038	(13,308)
Comprehensive Income Attributable to Federated Hermes, Inc.	$ 53,212	$ 25,719	$ 219,085	$ 79,221

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital from Treasury Stock Transactions	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income (Loss), net of tax	Redeemable Noncontrolling Interests in Subsidiaries/ Temporary Equity
Balance, beginning of period at Dec. 31, 2021	$ 1,114,017	$ 449,118	$ 0	$ 1,187,001	$ (538,464)	$ 16,362
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	55,863			55,863
Other Comprehensive Income (Loss), net of tax	(17,134)					(17,134)
Stock Award Activity	9,319	9,288		(12,116)	12,147
Dividends Declared	(24,952)			(24,952)
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests	(14,221)			(14,221)
Acquisition of Additional Equity of FHL	37,566		3,518		34,048
Purchase of Treasury Stock	(102,537)				(102,537)
Balance, end of period at Mar. 31, 2022	1,057,921	458,406	3,518	1,191,575	(594,806)	(772)
Temporary equity, beginning balance at Dec. 31, 2021	63,202						$ 63,202
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss)	(1,266)						(1,266)
Other Comprehensive Income (Loss), net of tax	(457)						(457)
Subscriptions—Redeemable Noncontrolling Interest Holders	30,340						30,340
Consolidation (Deconsolidation)	(16,034)						(16,034)
Stock Award Activity	707						707
Distributions to Noncontrolling Interests in Subsidiaries	(4,339)						(4,339)
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests in FHL	14,221						14,221
Acquisition of Additional Equity of FHL	(37,805)						(37,805)
Temporary equity, ending balance at Mar. 31, 2022	48,569						48,569
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	57,657			57,657
Other Comprehensive Income (Loss), net of tax	(42,884)					(42,884)
Stock Award Activity	9,446	9,430	(46)		62
Dividends Declared	(24,705)			(24,705)
Purchase of Treasury Stock	(89,542)				(89,542)
Balance, end of period at Jun. 30, 2022	967,893	467,836	3,472	1,224,527	(684,286)	(43,656)
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss)	(6,899)						(6,899)
Other Comprehensive Income (Loss), net of tax	(1,068)						(1,068)
Subscriptions—Redeemable Noncontrolling Interest Holders	15,314						15,314
Distributions to Noncontrolling Interests in Subsidiaries	(1,185)						(1,185)
Temporary equity, ending balance at Jun. 30, 2022	54,731						54,731
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	69,479			69,479
Other Comprehensive Income (Loss), net of tax	(43,760)					(43,760)
Stock Award Activity	8,895	8,895
Dividends Declared	(24,141)			(24,141)
Retirement of Treasury Stock		(42,700)	(3,472)	(267,664)	313,836
Purchase of Treasury Stock	(6,937)				(6,937)
Balance, end of period at Sep. 30, 2022	971,429	434,031	0	1,002,201	(377,387)	(87,416)
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss)	(1,905)						(1,905)
Other Comprehensive Income (Loss), net of tax	(1,713)						(1,713)
Subscriptions—Redeemable Noncontrolling Interest Holders	4,494						4,494
Consolidation (Deconsolidation)	15,599						15,599
Distributions to Noncontrolling Interests in Subsidiaries	(16,620)						(16,620)
Temporary equity, ending balance at Sep. 30, 2022	54,586						54,586
Balance, beginning of period at Dec. 31, 2022	1,045,692	441,142	0	1,015,589	(365,363)	(45,676)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	69,601			69,601
Other Comprehensive Income (Loss), net of tax	9,620					9,620
Stock Award Activity	10,677	10,677		(9,950)	9,950
Dividends Declared	(24,145)			(24,145)
Purchase of Treasury Stock	(4,742)				(4,742)
Balance, end of period at Mar. 31, 2023	1,106,703	451,819	0	1,051,095	(360,155)	(36,056)
Temporary equity, beginning balance at Dec. 31, 2022	61,821						61,821
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss)	1,865						1,865
Other Comprehensive Income (Loss), net of tax	232						232
Subscriptions—Redeemable Noncontrolling Interest Holders	12,776						12,776
Consolidation (Deconsolidation)	(33,962)						(33,962)
Distributions to Noncontrolling Interests in Subsidiaries	(3,224)						(3,224)
Temporary equity, ending balance at Mar. 31, 2023	39,508						39,508
Balance, beginning of period at Dec. 31, 2022	1,045,692	441,142	0	1,015,589	(365,363)	(45,676)
Balance, end of period at Sep. 30, 2023	1,100,038	468,262	15	1,148,486	(473,332)	(43,393)
Temporary equity, beginning balance at Dec. 31, 2022	61,821						61,821
Temporary equity, ending balance at Sep. 30, 2023	70,631						70,631
Balance, beginning of period at Mar. 31, 2023	1,106,703	451,819	0	1,051,095	(360,155)	(36,056)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	72,175			72,175
Other Comprehensive Income (Loss), net of tax	14,477					14,477
Stock Award Activity	8,951	8,970		(39)	20
Dividends Declared	(25,084)			(25,084)
Purchase of Treasury Stock	(43,366)				(43,366)
Balance, end of period at Jun. 30, 2023	1,133,856	460,789	0	1,098,147	(403,501)	(21,579)
Temporary equity, beginning balance at Mar. 31, 2023	39,508						39,508
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss)	827						827
Other Comprehensive Income (Loss), net of tax	328						328
Subscriptions—Redeemable Noncontrolling Interest Holders	19,684						19,684
Consolidation (Deconsolidation)	12,119						12,119
Distributions to Noncontrolling Interests in Subsidiaries	(14,454)						(14,454)
Temporary equity, ending balance at Jun. 30, 2023	58,012						58,012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	75,026			75,026
Other Comprehensive Income (Loss), net of tax	(21,814)					(21,814)
Stock Award Activity	7,488	7,473	15
Dividends Declared	(24,687)			(24,687)
Retirement of Treasury Stock	0
Purchase of Treasury Stock	(69,831)				(69,831)
Balance, end of period at Sep. 30, 2023	1,100,038	$ 468,262	$ 15	$ 1,148,486	$ (473,332)	$ (43,393)
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss)	(760)						(760)
Other Comprehensive Income (Loss), net of tax	(454)						(454)
Subscriptions—Redeemable Noncontrolling Interest Holders	35,323						35,323
Consolidation (Deconsolidation)	(6,601)						(6,601)
Distributions to Noncontrolling Interests in Subsidiaries	(14,889)						(14,889)
Temporary equity, ending balance at Sep. 30, 2023	$ 70,631						$ 70,631

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities
Net Income Including the Noncontrolling Interests in Subsidiaries	$ 218,734	$ 172,929
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities
Depreciation and Amortization	20,817	21,197
Share-Based Compensation Expense	27,165	27,619
Subsidiary Share-Based Compensation Expense	0	707
(Gain) Loss on Disposal of Assets	(157)	3,986
Provision (Benefit) for Deferred Income Taxes	(3,984)	(6,969)
Consolidation/(Deconsolidation) of Other Entities	3,490	(20)
Net Unrealized (Gain) Loss on Investments	(1,920)	35,425
Net Sales (Purchases) of Investments—Consolidated Investment Companies	(36,311)	(26,216)
Other Changes in Assets and Liabilities:
(Increase) Decrease in Receivables, net	(30,981)	4,537
(Increase) Decrease in Prepaid Expenses and Other Assets	19,389	(23,734)
Increase (Decrease) in Accounts Payable and Accrued Expenses	(23,942)	(22,984)
Increase (Decrease) in Other Liabilities	(10,101)	5,058
Net Cash Provided (Used) by Operating Activities	182,199	191,535
Investing Activities
Purchases of Investments—Affiliates and Other	(13,600)	(18,606)
Proceeds from Redemptions of Investments—Affiliates and Other	27,967	21,389
Cash Paid for Property and Equipment	(5,803)	(4,094)
Net Cash Provided (Used) by Investing Activities	8,564	(1,311)
Financing Activities
Dividends Paid	(73,963)	(73,804)
Purchases of Treasury Stock	(112,013)	(211,216)
Distributions to Noncontrolling Interests in Subsidiaries	(32,567)	(22,144)
Contributions from Noncontrolling Interests in Subsidiaries	67,783	50,148
Cash paid for Business Acquisitions	(857)	(7,053)
Proceeds from New Borrowings	0	488,300
Payments on Debt	0	(311,650)
Other Financing Activities	15	(2,571)
Net Cash Provided (Used) by Financing Activities	(151,602)	(89,990)
Effect of Exchange Rates on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	1,120	(29,980)
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	40,281	70,254
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning of Period	340,955	238,052
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Period	381,236	308,306
Less: Restricted Cash Recorded in Other Current Assets	3,886	3,516
Less: Restricted Cash and Restricted Cash Equivalents Recorded in Other Long-Term Assets	390	270
Cash and Cash Equivalents	$ 376,960	$ 304,520

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Federated Hermes, Inc. and its consolidated subsidiaries (collectively, Federated Hermes) provide investment advisory, administrative, distribution and other services to various investment products, including sponsored investment companies, collective funds and other funds (Federated Hermes Funds) and separate accounts (which include separately managed accounts, institutional accounts, certain sub-advised funds and other managed products, collectively Separate Accounts) in both domestic and international markets. In addition, Federated Hermes markets and provides stewardship and real estate development services to various domestic and international companies. The interim consolidated financial statements of Federated Hermes included herein (Consolidated Financial Statements) have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP). In the opinion of management, the financial statements reflect all adjustments that are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods presented. In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect the amounts reported therein and in the accompanying notes. Actual results may differ from those estimates, and such differences may be material to the Consolidated Financial Statements.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies For a complete listing of Federated Hermes’ significant accounting policies, please refer to Federated Hermes’ Annual Report on Form 10-K for the year ended December 31, 2022. The following previously disclosed significant accounting policy has been updated. Principles of Consolidation Consolidation of Variable Interest Entities Federated Hermes has a controlling financial interest in variable interest entities (VIEs) and is, therefore, deemed to be the primary beneficiary of a VIE if it has (1) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Federated Hermes manages carried interest vehicles (CIVs), whose primary purpose is to collect and distribute carried interest paid by foreign private equity and infrastructure funds, that have been determined to be VIEs. As the primary beneficiary, Federated Hermes consolidates certain CIVs. As a result, when carried interest is recognized as revenue, a portion of this revenue is allocated to current and former employee limited partners and is recorded to Compensation and Related expense. Financial information for the CIVs is not available timely and is therefore consolidated on a one quarter lag, adjusted for any known material carried interest revenue and compensation transactions occurring through the balance sheet date.

Business Combination

Business Combination	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combination CWH Acquisition Effective October 1, 2022, Federated Hermes completed the acquisition of substantially all of the assets of C.W. Henderson and Associates, Inc. (CWH), a Chicago-based registered investment advisor specializing in the management of tax-exempt municipal securities (CWH Acquisition). This acquisition enhanced Federated Hermes’ existing separately managed accounts business. The CWH Acquisition included an upfront cash payment of $28.1 million. The purchase agreement also provides for a series of contingent purchase price payments, which can total as much as $17.6 million in the aggregate and is payable annually over the first five years if certain levels of net revenue growth are achieved. Federated Hermes performed a valuation of the fair value of the CWH Acquisition. The accounting for this acquisition was finalized in the third quarter 2023. There were no changes to provisional amounts for the acquired assets and assumed liabilities. The following table summarizes the final purchase price allocation determined as of the acquisition date: (in millions) Right-of-Use Asset $ 0.8 Intangible Assets 1 15.4 Goodwill 2 16.4 Less: Lease Liability Assumed 0.8 Less: Fair Value of Contingent Consideration 3.7 Total Upfront Purchase Price Consideration $ 28.1 1 Includes $14.8 million for customer relationships with an estimated useful life of 12 years and $0.6 million for a trade name with an estimated useful life of five years, all of which are recorded in Intangibles Assets, net on the Consolidated Balance Sheets. 2 The goodwill recognized is attributable to enhanced revenue and AUM growth opportunities from future investors and the assembled workforce of the CWH business and is deductible for tax purposes.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers The following table presents Federated Hermes’ revenue disaggregated by asset class: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2023 2022 2023 2022 Money market $ 186,760 $ 170,542 $ 559,622 $ 402,639 Equity 123,485 127,183 371,282 406,642 Fixed-income 47,142 49,197 142,590 159,025 Other 1 45,269 34,221 144,583 103,609 Total Revenue $ 402,656 $ 381,143 $ 1,218,077 $ 1,071,915 1 Primarily includes Alternative / Private Markets (including but not limited to private equity, real estate and infrastructure), multi-asset and stewardship services revenue. The following table presents Federated Hermes’ revenue disaggregated by performance obligation: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2023 2022 2023 2022 Asset Management 1 $ 276,771 $ 263,644 $ 851,089 $ 754,681 Administrative Services 88,023 75,021 252,402 218,710 Distribution 2 31,466 36,026 96,360 78,285 Other 3 6,396 6,452 18,226 20,239 Total Revenue $ 402,656 $ 381,143 $ 1,218,077 $ 1,071,915 1 The performance obligation can include administrative, distribution and other services recorded as a single asset management fee under Topic 606, as it is part of a unitary fee arrangement with a single performance obligation. 2 The performance obligation is satisfied at a point in time. A portion of this revenue relates to a performance obligation that has been satisfied in a prior period. 3 Primarily includes shareholder service fees and stewardship services revenue. The following table presents Federated Hermes’ revenue disaggregated by geographical market: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2023 2022 2023 2022 Domestic $ 322,028 $ 311,254 $ 971,077 $ 849,570 Foreign 1 80,628 69,889 247,000 222,345 Total Revenue $ 402,656 $ 381,143 $ 1,218,077 $ 1,071,915 1 This represents revenue earned by non-U.S. domiciled subsidiaries. The following table presents Federated Hermes’ revenue disaggregated by product type: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2023 2022 2023 2022 Federated Hermes Funds $ 337,203 $ 319,680 $ 1,021,748 $ 877,910 Separate Accounts 61,098 57,250 184,106 180,600 Other 1 4,355 4,213 12,223 13,405 Total Revenue $ 402,656 $ 381,143 $ 1,218,077 $ 1,071,915 1 Primarily includes stewardship services revenue. For nearly all revenue, Federated Hermes is not required to disclose certain estimates of revenue expected to be recorded in future periods as a result of applying the following exemptions: (1) contract terms are short-term in nature (i.e., expected duration of one year or less due to termination provisions) and (2) the expected variable consideration would be allocated entirely to future service periods. Federated Hermes expects to recognize revenue in the future related to the unsatisfied portion of the stewardship services and real estate development performance obligations at September 30, 2023. Generally, contracts are billed in arrears on a quarterly basis and have a three-year duration, after which the customer can terminate the agreement with notice, generally from three (in thousands) Remainder of 2023 $ 3,454 2024 7,243 2025 2,225 2026 and Thereafter 1,121 Total Remaining Unsatisfied Performance Obligations $ 14,043

Concentration Risk

Concentration Risk	9 Months Ended
	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Concentration Risk	Concentration Risk (a) Revenue Concentration by Asset Class The following table presents Federated Hermes’ significant revenue concentration by asset class: Nine Months Ended September 30, 2023 2022 Money Market Assets 46 % 37 % Equity Assets 30 % 38 % Fixed-Income Assets 12 % 15 % The change in the relative proportion of Federated Hermes’ revenue attributable to money market assets for the nine months ended September 30, 2023, as compared to the same period in 2022, was primarily the result of an increase in money market revenue due to the elimination of fee waivers in order for certain money market funds to maintain positive or zero net yields (Voluntary Yield-related Fee Waivers) and higher average assets. See section below entitled Low Short-Term Interest Rates. The change in the relative proportion of Federated Hermes’ revenue attributable to equity and fixed-income assets for the nine months ended September 30, 2023, as compared to the same period in 2022, was primarily the result of increased money market revenue described above, as well as decreased equity revenue from lower average equity assets and decreased fixed-income revenue from lower average fixed-income assets and asset mix in 2023. Low Short-Term Interest Rates In March 2020, in response to disrupted economic activity as a result of the outbreak of a novel coronavirus (the Pandemic), the Federal Open Market Committee (FOMC) of the Federal Reserve Board (Fed) decreased the federal funds target rate range to 0% - 0.25%. The federal funds target rate drives short-term interest rates. As a result of the near-zero interest-rate environment, the gross yield earned by certain money market funds was not sufficient to cover all of the fund’s operating expenses. Beginning in the first quarter 2020, Federated Hermes had implemented Voluntary Yield-related Fee Waivers. These waivers had been partially offset by related reductions in distribution expense as a result of Federated Hermes’ mutual understanding and agreement with third-party intermediaries to share the impact of the Voluntary Yield-related Fee Waivers. In response to global economic activity and elevated inflation levels, the FOMC raised the federal funds target rate multiple times in 2022 and 2023. The range is currently at 5.25% - 5.50% as of the September 2023 FOMC meeting. These rate increases eliminated the net negative pre-tax impact of the Voluntary Yield-related Fee Waivers in the second half of 2022. There were no Voluntary Yield-related Fee Waivers during the three and nine months ended September 30, 2023. There were no material Voluntary Yield-related Fee Waivers during the three months ended September 30, 2022. During the nine months ended September 30, 2022, Voluntary Yield-related Fee Waivers totaled $85.3 million. These fee waivers were partially offset by related reductions in distribution expenses of $66.5 million, such that the net negative pre-tax impact to Federated Hermes was $18.8 million for the nine months ended September 30, 2022. (b) Revenue Concentration by Investment Fund Strategy Federated Hermes’ revenue concentration in the investment fund, Federated Hermes Government Obligations Fund, was 14% for both the three- and nine-month periods ended September 30, 2023, and 14% and 11% for the three- and nine-month periods ended September 30, 2022, respectively. A significant and prolonged decline in the AUM in this fund could have a material adverse effect on Federated Hermes’ future revenues and, to a lesser extent, net income, due to a related reduction in distribution expenses associated with these funds. (c) Revenue Concentration by Intermediary

Consolidation

Consolidation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation The Consolidated Financial Statements include the accounts of Federated Hermes, certain Federated Hermes Funds and other entities in which Federated Hermes holds a controlling financial interest. Federated Hermes is involved with various entities in the normal course of business that may be deemed to be voting rights entities (VREs) or VIEs. From time to time, Federated Hermes invests in Federated Hermes Funds for general corporate investment purposes or, in the case of newly launched products, in order to provide investable cash to establish a performance history. Federated Hermes’ investment in, and/or receivables from, these Federated Hermes Funds represents its maximum exposure to loss. The assets of each consolidated Federated Hermes Fund are restricted for use by that Federated Hermes Fund. Generally, neither creditors of, nor equity investors in, the Federated Hermes Funds have any recourse to Federated Hermes’ general credit. Given that the entities consolidated by Federated Hermes generally follow investment company accounting, which prescribes fair-value accounting, a deconsolidation generally does not result in the recognition of gains or losses for Federated Hermes. In the ordinary course of business, Federated Hermes could implement fee waivers, rebates or expense reimbursements for various Federated Hermes Funds for competitive reasons (such as Voluntary Yield-related Fee Waivers or to maintain certain fund expense ratios/yields), to meet regulatory requirements or to meet contractual requirements (collectively, Fee Waivers). For the three and nine months ended September 30, 2023, Fee Waivers totaled $142.4 million and $398.8 million, respectively, of which $114.0 million and $313.5 million, respectively, related to money market funds which meet the scope exception of the consolidation guidance. For the three and nine months ended September 30, 2022, Fee Waivers totaled $118.2 million and $444.7 million, respectively, of which $89.1 million and $351.0 million, respectively, related to money market funds which meet the scope exception of the consolidation guidance. Like other sponsors of investment companies, Federated Hermes in the ordinary course of business could make capital contributions to certain affiliated money market Federated Hermes Funds in connection with the reorganization of such funds into certain other affiliated money market Federated Hermes Funds or in connection with the liquidation of money market Federated Hermes Funds. In these instances, such capital contributions typically are intended to either offset realized losses or other permanent impairments to a fund’s net asset value (NAV), increase the market-based NAV per share of the fund’s portfolio that is being reorganized to equal the market-based NAV per share of the acquiring fund or to bear a portion of expenses relating to a fund liquidation. Under current money market fund regulations and Securities and Exchange Commission (SEC) guidance, Federated Hermes is required to report these types of capital contributions to U.S. money market mutual funds to the SEC as financial support to the investment company that is being reorganized or liquidated. There were no contributions for the nine months ended September 30, 2023 and 2022. In accordance with Federated Hermes’ consolidation accounting policy, Federated Hermes first determines whether the entity being evaluated is a VRE or a VIE. Once this determination is made, Federated Hermes proceeds with its evaluation of whether to consolidate the entity. The disclosures below represent the results of such evaluations as of September 30, 2023 and December 31, 2022. (a) Consolidated Voting Rights Entities Although most of the Federated Hermes Funds meet the definition of a VRE, Federated Hermes consolidates VREs only when it is deemed to have control. Consolidated VREs are reported on Federated Hermes’ Consolidated Balance Sheets primarily in Investments—Consolidated Investment Companies and Redeemable Noncontrolling Interests in Subsidiaries. (b) Consolidated Variable Interest Entities As of the periods ended September 30, 2023 and December 31, 2022, Federated Hermes was deemed to be the primary beneficiary of, and therefore consolidated, certain entities as a result of its controlling financial interest. The following table presents the balances related to the consolidated VIEs that were included on the Consolidated Balance Sheets as well as Federated Hermes’ net interest in the consolidated VIEs for each period presented: (in millions) September 30, 2023 December 31, 2022 Cash and Cash Equivalents $ 10.8 $ 8.0 Investments—Consolidated Investment Companies 61.2 50.1 Receivables-Affiliates 11.6 0.3 Other Current Assets 0.4 0.4 Other Long-Term Assets 12.4 13.4 Less: Liabilities 19.7 5.7 Less: Accumulated Other Comprehensive Income (Loss), net of tax 0.4 1.2 Less: Redeemable Noncontrolling Interests in Subsidiaries 56.3 49.5 Federated Hermes’ Net Interest in VIEs $ 20.0 $ 15.8 Federated Hermes’ net interest in the consolidated VIEs represents the value of Federated Hermes’ economic ownership interest in those VIEs. During the nine months ended September 30, 2023, Federated Hermes consolidated an existing VIE due to Federated Hermes increasing its ownership in this fund. One VIE was deconsolidated in the first quarter 2023 due to an increase in outside investments which briefly reduced Federated Hermes’ ownership below controlling interest level. This VIE was reconsolidated in the third quarter 2023 when Federated Hermes increased its ownership in the VIE. In the second quarter 2023, Federated Hermes consolidated a new fund, which was deconsolidated in the third quarter 2023 due to an increase in outside investments, as well as Federated Hermes redeeming a portion of its investment in the fund, resulting in a decrease in its ownership below controlling interest level. There was no material impact to the Consolidated Statements of Income as a result of these consolidations and deconsolidations on a net basis. As of September 30, 2023, the consolidation of a certain VIE included a receivable of $9.8 million recorded in Receivables—Affiliates and a corresponding liability of $10.0 million recorded in Other Current Liabilities related to carried interest earned in September 2023. After it was received by the consolidated VIE, the carried interest was dispersed by that VIE to settle the $10.0 million liability in October 2023. (c) Non-Consolidated Variable Interest Entities Federated Hermes’ involvement with certain Federated Hermes Funds that are deemed to be VIEs includes serving as investment manager, or, at times, holding a minority interest or both. Federated Hermes’ variable interest is not deemed to absorb losses or receive benefits that could potentially be significant to the VIE. Therefore, Federated Hermes is not the primary beneficiary of these VIEs and has not consolidated these entities. At September 30, 2023 and December 31, 2022, Federated Hermes’ maximum risk of loss related to investments in variable interests in non-consolidated VIEs was $112.0 million and $101.7 million, respectively, (primarily recorded in Cash and Cash Equivalents on the Consolidated Balance Sheets) and was entirely related to Federated Hermes Funds. AUM for these non-consolidated Federated Hermes Funds totaled $8.6 billion and $5.4 billion at September 30, 2023 and December 31, 2022,

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments At September 30, 2023 and December 31, 2022, Federated Hermes held investments in non-consolidated fluctuating-value Federated Hermes Funds of $52.4 million and $67.0 million, respectively, primarily in mutual funds which represent equity investments for Federated Hermes, and held investments in Separate Accounts of $6.9 million and $9.5 million at September 30, 2023 and December 31, 2022, respectively, that were included in Investments—Affiliates and Other on the Consolidated Balance Sheets. Federated Hermes’ investments held in Separate Accounts as of September 30, 2023 and December 31, 2022 were primarily composed of stocks of large domestic and foreign companies ($3.2 million and $3.4 million, respectively) and domestic debt securities ($2.3 million and $4.6 million, respectively). Federated Hermes consolidates certain Federated Hermes Funds into its Consolidated Financial Statements as a result of its controlling financial interest in these Federated Hermes Funds (see Note (6)). All investments held by these consolidated Federated Hermes Funds were included in Investments—Consolidated Investment Companies on Federated Hermes’ Consolidated Balance Sheets. The investments held by consolidated Federated Hermes Funds as of September 30, 2023 and December 31, 2022 were composed of domestic and foreign debt securities ($58.2 million and $57.8 million, respectively), stocks of large domestic and foreign companies ($54.2 million and $45.3 million, respectively), stocks of small and mid-sized domestic and foreign companies ($3.6 million and $3.3 million, respectively) and mutual funds ($2.2 million and $2.1 million, respectively). The following table presents gains and losses recognized in Gain (Loss) on Securities, net on the Consolidated Statements of Income in connection with Federated Hermes’ investments: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2023 2022 2023 2022 Investments—Consolidated Investment Companies Net Unrealized Gains (Losses) $ (1,680) $ 1,137 $ 2,582 $ (16,446) Net Realized Gains (Losses) 1 (125) (4,568) (1,101) (6,047) Net Gains (Losses) on Investments—Consolidated Investment Companies (1,805) (3,431) 1,481 (22,493) Investments—Affiliates and Other Net Unrealized Gains (Losses) (1,518) (3,248) (662) (18,979) Net Realized Gains (Losses) 1 (115) (146) 1,275 2,066 Net Gains (Losses) on Investments—Affiliates and Other (1,633) (3,394) 613 (16,913) Gain (Loss) on Securities, net $ (3,438) $ (6,825) $ 2,094 $ (39,406) 1 Realized gains and losses are computed on a specific-identification basis.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received to sell an asset or the price that would be paid to transfer a liability as of the measurement date. A fair-value reporting hierarchy exists for disclosure of fair value measurements based on the observability of the inputs to the valuation of financial assets and liabilities. The levels are: Level 1 – Quoted prices for identical instruments in active markets. Level 1 assets can include equity and debt securities that are traded in an active exchange market, including shares of mutual funds. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs. Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable in active markets. NAV Practical Expedient – Investments that calculate NAV per share (or its equivalent) as a practical expedient. These investments have been excluded from the fair value hierarchy. (a) Fair Value Measurements on a Recurring Basis The following table presents fair value measurements for classes of Federated Hermes’ financial assets and liabilities measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 Total September 30, 2023 Financial Assets Cash and Cash Equivalents $ 376,960 $ 0 $ 0 $ 376,960 Investments—Consolidated Investment Companies 60,037 58,164 0 118,201 Investments—Affiliates and Other 56,840 2,407 25 59,272 Other 1 6,623 0 0 6,623 Total Financial Assets $ 500,460 $ 60,571 $ 25 $ 561,056 Total Financial Liabilities 2 $ 48 $ 3,467 $ 8,180 $ 11,695 December 31, 2022 Financial Assets Cash and Cash Equivalents $ 336,782 $ 0 $ 0 $ 336,782 Investments—Consolidated Investment Companies 49,119 59,329 0 108,448 Investments—Affiliates and Other 71,369 5,130 25 76,524 Other 1 6,538 469 0 7,007 Total Financial Assets $ 463,808 $ 64,928 $ 25 $ 528,761 Total Financial Liabilities 2 $ 27 $ 4 $ 8,439 $ 8,470 1 Amounts primarily consist of restricted cash and security deposits as of September 30, 2023 and December 31, 2022. 2 Amounts primarily consist of acquisition-related future contingent consideration liabilities and unrealized derivative losses as of September 30, 2023 and acquisition-related future contingent consideration liabilities as of December 31, 2022. The following is a description of the valuation methodologies used for financial assets and liabilities measured at fair value on a recurring basis. Federated Hermes did not hold any nonfinancial assets or liabilities measured at fair value on a recurring basis at September 30, 2023 or December 31, 2022. Cash and Cash Equivalents Cash and Cash Equivalents include deposits with banks and investments in money market funds. Investments in money market funds totaled $329.5 million and $289.8 million at September 30, 2023 and December 31, 2022, respectively. Cash investments in publicly available money market funds are valued under the market approach through the use of quoted market prices in an active market, which is the NAV of the funds, and are classified within Level 1 of the valuation hierarchy. Investments—Consolidated Investment Companies Investments—Consolidated Investment Companies represent securities held by consolidated Federated Hermes Funds. For publicly traded securities available in an active market, the fair value of these securities is classified as Level 1 when the fair value is based on quoted market prices. The fair values of certain securities held by consolidated Federated Hermes Funds which are determined by third-party pricing services and utilize observable market inputs of comparable investments are classified within Level 2 of the valuation hierarchy. Investments—Affiliates and Other Investments—Affiliates and Other primarily represent investments in fluctuating-value Federated Hermes Funds, as well as investments held in Separate Accounts. For investments in fluctuating-value Federated Hermes Funds that are publicly available, the securities are valued under the market approach through the use of quoted market prices available in an active market, which is the NAV of the funds, and are classified within Level 1 of the valuation hierarchy. For publicly traded securities available in an active market, the fair value of these securities is classified as Level 1 when the fair value is based on quoted market prices. The fair values of certain securities which are determined by third-party pricing services and utilize observable market inputs of comparable investments are classified within Level 2 of the valuation hierarchy. Acquisition-related future contingent consideration liabilities From time to time, pursuant to agreements entered into in connection with certain business combinations and asset acquisitions, Federated Hermes could be required to make future consideration payments if certain contingencies are met. In connection with certain business combinations, Federated Hermes records a liability representing the estimated fair value of future consideration payments as of the acquisition date. The liability is subsequently re-measured at fair value on a recurring basis with changes in fair value recorded in earnings. As of September 30, 2023, acquisition-related future consideration liabilities of $8.2 million were primarily related to the CWH Acquisition and a business combination made in 2020 and were recorded in Other Current Liabilities ($1.2 million) and Other Long-Term Liabilities ($7.0 million) on the Consolidated Balance Sheets. Management estimated the fair value of future consideration payments based primarily upon expected future cash flows using an income approach valuation methodology with unobservable market data inputs (Level 3). The following table presents a reconciliation of the beginning and ending balances for Federated Hermes’ liability for future consideration payments related to these business combinations: (in thousands) Balance at December 31, 2022 $ 8,439 Changes in Fair Value 598 Contingent Consideration Payments (857) Balance at September 30, 2023 $ 8,180 Investments using Practical Expedients For investments in mutual funds that are not publicly available but for which the NAV is calculated monthly and for which there are redemption restrictions, the investments are valued using NAV as a practical expedient and are excluded from the fair value hierarchy. As of September 30, 2023 and December 31, 2022, these investments totaled $18.5 million and $18.3 million, respectively, and were recorded in Other Long-Term Assets. (b) Fair Value Measurements on a Nonrecurring Basis Federated Hermes did not hold any assets or liabilities measured at fair value on a nonrecurring basis at September 30, 2023. (c) Fair Value Measurements of Other Financial Instruments The fair value of Federated Hermes’ debt is estimated by management using observable market data (Level 2). Based on this fair value estimate, the carrying value of debt appearing on the Consolidated Balance Sheets approximates fair value, net of unamortized issuance costs in the amount of $2.2 million.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Federated Hermes Limited (FHL), a British Pound Sterling-denominated subsidiary of Federated Hermes, enters into foreign currency forward transactions in order to hedge against foreign exchange rate fluctuations. None of these forwards have been designated as hedging instruments for accounting purposes. As of September 30, 2023, FHL held foreign currency forwards with a combined notional amount of £83.8 million with expiration dates ranging from December 2023 through June 2024. Federated Hermes recorded $3.5 million in Other Current Liabilities on the Consolidated Balance Sheets, which represented the fair value of these derivative instruments as of September 30, 2023. As of December 31, 2022, FHL held foreign currency forward derivative instruments with a combined notional amount of £67.3 million with expiration dates ranging from March 2023 through September 2023. Federated Hermes recorded $0.5 million in Other Current Assets on the Consolidated Balance Sheets, which represented the fair value of these derivative instruments as of December 31, 2022.

Intangible Assets, including Go

Intangible Assets, including Goodwill	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, including Goodwill	Intangible Assets, including Goodwill Intangible Assets, net at September 30, 2023 decreased $7.2 million from December 31, 2022 primarily due to amortization expense. Goodwill at September 30, 2023 increased $1.1 million from December 31, 2022 primarily as a result of foreign exchange rate fluctuations on goodwill denominated in a foreign currency.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Unsecured Senior Notes On March 17, 2022, Federated Hermes entered into a Note Purchase Agreement (Note Purchase Agreement) by and among Federated Hermes and the purchasers of certain unsecured senior notes in the aggregate amount of $350 million ($350 million Notes), at a fixed interest rate of 3.29% per annum, payable semiannually in arrears in March and September in each year of the agreement. Citigroup Global Markets Inc. and PNC Capital Markets LLC acted as lead placement agents in relation to the $350 million Notes and certain subsidiaries of Federated Hermes are guarantors of the obligations owed under the Note Purchase Agreement. As of September 30, 2023, $347.8 million, net of unamortized issuance costs in the amount of $2.2 million, was recorded in Long-Term Debt on the Consolidated Balance Sheets. T he entire principal amount of the $350 million Notes will become due March 17, 2032, subject to certain prepayment requirements under limited conditions. Federated Hermes can elect to prepay the $350 million Notes under certain limited circumstances including with a make-whole amount if mandatorily prepaid without the consent of the holders of the $350 million Notes. The Note Purchase Agreement does not feature a facility for the further issuance of additional notes or borrowing of any other amounts and there is no commitment fee payable in connection with the $350 million Notes. The Note Purchase Agreement includes representations and warranties, affirmative and negative financial covenants, including an interest coverage ratio covenant and a leverage ratio covenant, reporting requirements, other non-financial covenants and other customary terms and conditions. Federated Hermes was in compliance with all of its covenants at and during the period ended September 30, 2023. See the Liquidity and Capital Resources section of Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information. The Note Purchase Agreement includes certain stated events of default and cross default provisions which would permit the lenders/counterparties to accelerate the repayment of the $350 million Notes if not cured within the applicable grace periods. The events of default generally include breaches of contract, failure to make required payments, insolvency, certain material misrepresentations and other proceedings, whether voluntary or involuntary, that would require repayment of the $350 million Notes prior to their stated date of maturity. Any such accelerated amounts would accrue interest at a default rate and could include an additional make-whole amount upon repayment. The $350 million Notes rank without preference or priority in relation to other unsecured and senior indebtedness of Federated Hermes. Revolving Credit Facility On July 30, 2021, Federated Hermes entered into an unsecured Fourth Amended and Restated Credit Agreement by and among Federated Hermes, certain of its subsidiaries as guarantors party thereto, a syndicate of eleven banks as Lenders party thereto, PNC Bank, National Association as administrative agent, PNC Capital Markets LLC, as sole bookrunner and joint lead arranger, Citigroup Global Markets, Inc., as joint lead arranger, Citibank, N.A. as syndication agent, and Toronto-Dominion Bank, New York Branch as documentation agent (Credit Agreement). The Credit Agreement consists of a $350 million revolving credit facility with an additional $200 million available via an optional increase (or accordion) feature. Borrowings under the Credit Agreement may be used for general corporate purposes, including, without limitation, stock repurchases, dividend payments (including any special dividend payments), and acquisitions. As of September 30, 2023, the interest on borrowings from the revolving credit facility is calculated at the term Secured Overnight Financing Rate (SOFR) which includes a benchmark adjustment based on its historical relationship to the London Interbank Offering Rate (LIBOR). The borrowings under the revolving credit facility may include up to $50 million for which interest is calculated at the daily SOFR plus a spread unless a base rate option is elected (Swing Line). Effective July 1, 2023, Federated Hermes began using SOFR as a replacement to LIBOR in order to calculate interest on borrowings, if any, as permitted by the Credit Agreement. This is only a change to the rate index used for future borrowings under the Credit Agreement due to the discontinuance of LIBOR in the market and is not an amendment to the Credit Agreement. The Credit Agreement, which expires on July 30, 2026, has no principal payment schedule, but instead requires that any outstanding principal be repaid by the expiration date. Federated Hermes, however, can elect to make discretionary principal payments. There was no activity on the Credit Agreement during the nine months ended September 30, 2023. As of September 30, 2023 and December 31, 2022, there were no outstanding borrowings under the revolving credit facility. The commitment fee under the Credit Agreement is 0.10% per annum on the daily unused portion of each Lender’s commitment. As of September 30, 2023, Federated Hermes has $350 million available for borrowings under the revolving credit facility and an additional $200 million available via its optional accordion feature. The Credit Agreement includes representations and warranties, affirmative and negative financial covenants, including an interest coverage ratio covenant and a leverage ratio covenant, reporting requirements, other non-financial covenants and other customary terms and conditions. Federated Hermes was in compliance with all covenants at and during the nine months ended September 30, 2023. See the Liquidity and Capital Resources section of Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations for additional information.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation During the nine months ended September 30, 2023, Federated Hermes awarded 380,796 shares of restricted Federated Hermes Class B common stock, the majority of which was granted in connection with a bonus program in which certain key employees received a portion of their bonus in the form of restricted stock under the Plan. This restricted stock, which was granted on the bonus payment date and issued out of treasury, generally vests over a three-year period. During 2022, Federated Hermes awarded 494,043 shares of restricted Class B common stock in connection with a bonus program in which certain key employees received a portion of their bonus in the form of restricted stock under the Plan. This bonus restricted stock, which was granted on the bonus payment date and issued out of treasury, generally vests over a three-year period. Federated Hermes also awarded 474,500 shares of restricted Class B common stock under this same Plan that generally vest over a ten-year period. In addition, Federated Hermes awarded 1,345,999 shares of restricted Class B common stock under the Federated Hermes UK Sub-Plan that generally vest over a five-year period. Of that amount, 1,183,066 shares were granted pursuant to award agreements to certain FHL employees in exchange for their beneficial interests in awards of restricted FHL shares in connection with the acquisition of the remaining FHL noncontrolling interests.

Equity

Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Equity	Equity In June 2022, the board of directors authorized a share repurchase program with no stated expiration date that allows the repurchase of up to 5.0 million shares of Class B common stock. No other program existed as of September 30, 2023. The program authorizes executive management to determine the timing and the amount of shares for each purchase. The repurchased stock is to be held in treasury for employee share-based compensation plans, potential acquisitions and other corporate activities, unless Federated Hermes’ board of directors subsequently determines to retire the repurchased stock and restore the shares to authorized but unissued status (rather than holding the shares in treasury). During the nine months ended September 30, 2023, Federated Hermes repurchased approximately 3.4 million shares of its Class B common stock for $117.0 million ($6.8 million of which was accrued in Other Current Liabilities as of September 30, 2023), nearly all of which were repurchased in the open market. At September 30, 2023, approximately 1.4 million shares remain available to be repurchased under this share repurchase program. See Note (19) to the Consolidated Financial Statements for information regarding a new share repurchase program approved on October 26, 2023. The following table presents the activity for the Class B common stock and Treasury stock for the three and nine months ended September 30, 2023 and 2022. Class A shares have been excluded as there was no activity during these same periods. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Class B Shares Beginning Balance 88,290,140 89,197,952 89,275,935 93,410,968 Stock Award Activity 5,000 0 387,996 1,704,592 Purchase of Treasury Stock (2,046,790) (211,885) (3,415,581) (6,129,493) Ending Balance 86,248,350 88,986,067 86,248,350 88,986,067 Treasury Shares Beginning Balance 11,215,316 20,307,504 10,229,521 16,094,488 Stock Award Activity (5,000) 0 (387,996) (1,704,592) Purchase of Treasury Stock 2,046,790 211,885 3,415,581 6,129,493 Retirement of Treasury Stock 0 (10,000,000) 0 (10,000,000) Ending Balance 13,257,106 10,519,389 13,257,106 10,519,389 Redeemable Noncontrolling Interests in Subsidiaries The following table presents the changes in Redeemable Noncontrolling Interests in Subsidiaries: (in thousands) Consolidated Investment Companies Other Entities Total Balance at December 31, 2022 $ 50,317 $ 11,504 $ 61,821 Net Income (Loss) 1,925 (60) 1,865 Other Comprehensive Income (Loss), net of tax 0 232 232 Subscriptions—Redeemable Noncontrolling Interest Holders 12,669 107 12,776 Consolidation/(Deconsolidation) (33,962) 0 (33,962) Distributions to Noncontrolling Interests in Subsidiaries (2,499) (725) (3,224) Balance at March 31, 2023 $ 28,450 $ 11,058 $ 39,508 Net Income (Loss) 486 341 827 Other Comprehensive Income (Loss), net of tax 0 328 328 Subscriptions—Redeemable Noncontrolling Interest Holders 19,642 42 19,684 Consolidation/(Deconsolidation) 12,119 0 12,119 Distributions to Noncontrolling Interests in Subsidiaries (14,017) (437) (14,454) Balance at June 30, 2023 $ 46,680 $ 11,332 $ 58,012 Net Income (Loss) (804) 44 (760) Other Comprehensive Income (Loss), net of tax (8) (446) (454) Subscriptions—Redeemable Noncontrolling Interest Holders 35,323 0 35,323 Consolidation/(Deconsolidation) (6,601) 0 (6,601) Distributions to Noncontrolling Interests in Subsidiaries (14,621) (268) (14,889) Balance at September 30, 2023 $ 59,969 $ 10,662 $ 70,631 (in thousands) Consolidated Investment Companies FHL and Other Entities Total Balance at December 31, 2021 $ 24,659 $ 38,543 $ 63,202 Net Income (Loss) (1,744) 478 (1,266) Other Comprehensive Income (Loss), net of tax 0 (457) (457) Subscriptions—Redeemable Noncontrolling Interest Holders 29,577 763 30,340 Consolidation/(Deconsolidation) (16,034) 0 (16,034) Stock Award Activity 0 707 707 Distributions to Noncontrolling Interests in Subsidiaries (771) (3,568) (4,339) Change in Estimated Redemption Value of Redeemable Noncontrolling Interests in FHL 0 14,221 14,221 Acquisition of Additional Equity of FHL 0 (37,805) (37,805) Balance at March 31, 2022 $ 35,687 $ 12,882 $ 48,569 Net Income (Loss) (7,616) 717 (6,899) Other Comprehensive Income (Loss), net of tax 0 (1,068) (1,068) Subscriptions—Redeemable Noncontrolling Interest Holders 14,977 337 15,314 Distributions to Noncontrolling Interests in Subsidiaries (1,024) (161) (1,185) Balance at June 30, 2022 $ 42,024 $ 12,707 $ 54,731 Net Income (Loss) (2,104) 199 (1,905) Other Comprehensive Income (Loss), net of tax 0 (1,713) (1,713) Subscriptions—Redeemable Noncontrolling Interest Holders 3,591 903 4,494 Consolidation/(Deconsolidation) 15,599 0 15,599 Distributions to Noncontrolling Interests in Subsidiaries (15,512) (1,108) (16,620) Balance at September 30, 2022 $ 43,598 $ 10,988 $ 54,586

Earnings Per Share Attributable

Earnings Per Share Attributable to Federated Hermes, Inc. Shareholders	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share Attributable to Federated Hermes, Inc. Shareholders	Earnings Per Share Attributable to Federated Hermes, Inc. Shareholders The following table sets forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Federated Hermes: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2023 2022 2023 2022 Numerator Net Income Attributable to Federated Hermes, Inc. $ 75,026 $ 69,479 $ 216,802 $ 182,999 Less: Total Net Income Available to Participating Unvested Restricted Shareholders 1 (3,310) (3,565) (10,309) (9,072) Total Net Income Attributable to Federated Hermes Common Stock - Basic and Diluted $ 71,716 $ 65,914 $ 206,493 $ 173,927 Denominator Basic Weighted-Average Federated Hermes Common Stock 2 83,710 84,531 84,499 86,109 Dilutive Impact from Non-forfeitable Restricted Stock 0 5 3 2 Diluted Weighted-Average Federated Hermes Common Stock 2 83,710 84,536 84,502 86,111 Earnings Per Share Net Income Attributable to Federated Hermes Common Stock - Basic and Diluted 2 $ 0.86 $ 0.78 $ 2.44 $ 2.02 1 Includes dividends paid on unvested restricted Federated Hermes Class B common stock and their proportionate share of undistributed earnings attributable to Federated Hermes shareholders. 2

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss) Attributable to Federated Hermes, Inc. Shareholders	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss) Attributable to Federated Hermes, Inc. Shareholders	Accumulated Other Comprehensive Income (Loss) Attributable to Federated Hermes, Inc. Shareholders Accumulated Other Comprehensive Income (Loss), net of tax, attributable to Federated Hermes shareholders resulted from foreign currency translation gain (loss): (in thousands) Balance at December 31, 2022 $ (45,676) Other Comprehensive Income (Loss) 2,283 Balance at September 30, 2023 $ (43,393) Balance at December 31, 2021 $ 16,362 Other Comprehensive Income (Loss) (103,778) Balance at September 30, 2022 $ (87,416)

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Subsidiaries	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests in Subsidiaries	Equity In June 2022, the board of directors authorized a share repurchase program with no stated expiration date that allows the repurchase of up to 5.0 million shares of Class B common stock. No other program existed as of September 30, 2023. The program authorizes executive management to determine the timing and the amount of shares for each purchase. The repurchased stock is to be held in treasury for employee share-based compensation plans, potential acquisitions and other corporate activities, unless Federated Hermes’ board of directors subsequently determines to retire the repurchased stock and restore the shares to authorized but unissued status (rather than holding the shares in treasury). During the nine months ended September 30, 2023, Federated Hermes repurchased approximately 3.4 million shares of its Class B common stock for $117.0 million ($6.8 million of which was accrued in Other Current Liabilities as of September 30, 2023), nearly all of which were repurchased in the open market. At September 30, 2023, approximately 1.4 million shares remain available to be repurchased under this share repurchase program. See Note (19) to the Consolidated Financial Statements for information regarding a new share repurchase program approved on October 26, 2023. The following table presents the activity for the Class B common stock and Treasury stock for the three and nine months ended September 30, 2023 and 2022. Class A shares have been excluded as there was no activity during these same periods. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Class B Shares Beginning Balance 88,290,140 89,197,952 89,275,935 93,410,968 Stock Award Activity 5,000 0 387,996 1,704,592 Purchase of Treasury Stock (2,046,790) (211,885) (3,415,581) (6,129,493) Ending Balance 86,248,350 88,986,067 86,248,350 88,986,067 Treasury Shares Beginning Balance 11,215,316 20,307,504 10,229,521 16,094,488 Stock Award Activity (5,000) 0 (387,996) (1,704,592) Purchase of Treasury Stock 2,046,790 211,885 3,415,581 6,129,493 Retirement of Treasury Stock 0 (10,000,000) 0 (10,000,000) Ending Balance 13,257,106 10,519,389 13,257,106 10,519,389 Redeemable Noncontrolling Interests in Subsidiaries The following table presents the changes in Redeemable Noncontrolling Interests in Subsidiaries: (in thousands) Consolidated Investment Companies Other Entities Total Balance at December 31, 2022 $ 50,317 $ 11,504 $ 61,821 Net Income (Loss) 1,925 (60) 1,865 Other Comprehensive Income (Loss), net of tax 0 232 232 Subscriptions—Redeemable Noncontrolling Interest Holders 12,669 107 12,776 Consolidation/(Deconsolidation) (33,962) 0 (33,962) Distributions to Noncontrolling Interests in Subsidiaries (2,499) (725) (3,224) Balance at March 31, 2023 $ 28,450 $ 11,058 $ 39,508 Net Income (Loss) 486 341 827 Other Comprehensive Income (Loss), net of tax 0 328 328 Subscriptions—Redeemable Noncontrolling Interest Holders 19,642 42 19,684 Consolidation/(Deconsolidation) 12,119 0 12,119 Distributions to Noncontrolling Interests in Subsidiaries (14,017) (437) (14,454) Balance at June 30, 2023 $ 46,680 $ 11,332 $ 58,012 Net Income (Loss) (804) 44 (760) Other Comprehensive Income (Loss), net of tax (8) (446) (454) Subscriptions—Redeemable Noncontrolling Interest Holders 35,323 0 35,323 Consolidation/(Deconsolidation) (6,601) 0 (6,601) Distributions to Noncontrolling Interests in Subsidiaries (14,621) (268) (14,889) Balance at September 30, 2023 $ 59,969 $ 10,662 $ 70,631 (in thousands) Consolidated Investment Companies FHL and Other Entities Total Balance at December 31, 2021 $ 24,659 $ 38,543 $ 63,202 Net Income (Loss) (1,744) 478 (1,266) Other Comprehensive Income (Loss), net of tax 0 (457) (457) Subscriptions—Redeemable Noncontrolling Interest Holders 29,577 763 30,340 Consolidation/(Deconsolidation) (16,034) 0 (16,034) Stock Award Activity 0 707 707 Distributions to Noncontrolling Interests in Subsidiaries (771) (3,568) (4,339) Change in Estimated Redemption Value of Redeemable Noncontrolling Interests in FHL 0 14,221 14,221 Acquisition of Additional Equity of FHL 0 (37,805) (37,805) Balance at March 31, 2022 $ 35,687 $ 12,882 $ 48,569 Net Income (Loss) (7,616) 717 (6,899) Other Comprehensive Income (Loss), net of tax 0 (1,068) (1,068) Subscriptions—Redeemable Noncontrolling Interest Holders 14,977 337 15,314 Distributions to Noncontrolling Interests in Subsidiaries (1,024) (161) (1,185) Balance at June 30, 2022 $ 42,024 $ 12,707 $ 54,731 Net Income (Loss) (2,104) 199 (1,905) Other Comprehensive Income (Loss), net of tax 0 (1,713) (1,713) Subscriptions—Redeemable Noncontrolling Interest Holders 3,591 903 4,494 Consolidation/(Deconsolidation) 15,599 0 15,599 Distributions to Noncontrolling Interests in Subsidiaries (15,512) (1,108) (16,620) Balance at September 30, 2022 $ 43,598 $ 10,988 $ 54,586

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies (a) Contractual From time to time, pursuant to agreements entered into in connection with certain business combinations and asset acquisitions, Federated Hermes is obligated to make future payments under various agreements to which it is a party. See Note (8) for additional information regarding these payments. (b) Guarantees and Indemnifications On an intercompany basis, various subsidiaries of Federated Hermes guarantee certain financial obligations of Federated Hermes, Inc. and of other consolidated subsidiaries, and Federated Hermes, Inc. guarantees certain financial and performance-related obligations of various wholly-owned subsidiaries. In addition, in the normal course of business, Federated Hermes has entered into contracts that provide a variety of indemnifications. Typically, obligations to indemnify third parties arise in the context of contracts entered into by Federated Hermes, under which Federated Hermes agrees to hold the other party harmless against losses arising out of the contract, provided the other party’s actions are not deemed to have breached an agreed-upon standard of care. In each of these circumstances, payment by Federated Hermes is contingent on the other party making a claim for indemnity, subject to Federated Hermes’ right to challenge the claim. Further, Federated Hermes’ obligations under these agreements can be limited in terms of time and/or amount. It is not possible to predict the maximum potential amount of future payments under these or similar agreements due to the conditional nature of Federated Hermes’ obligations and the unique facts and circumstances involved in each particular agreement. As of September 30, 2023, management does not believe that a material loss related to any of these matters is reasonably possible. (c) Legal Proceedings Like other companies, Federated Hermes has claims asserted and threatened against it in the ordinary course of business. As of September 30, 2023, Federated Hermes does not believe that a material loss related to any of these claims is reasonably possible. (d) Other During the first quarter 2023, an administrative error was identified related to a failure to register certain shares of a Federated Hermes closed-end tender fund. Federated Hermes estimated a probable cost of $18.9 million as of September 30, 2023 related to correcting this issue, of which $17.9 million represents a settlement with affected shareholders that was paid during the second quarter 2023. During the first quarter 2023, Federated Hermes recorded $2.5 million to Operating Expenses - Other representing Federated Hermes' retention under the insurance policy. Management believes an insurance reimbursement of $16.4 million is probable based on the contractual terms of the insurance policies. Accordingly, $16.4 million has been recorded to Receivables, net at September 30, 2023. However, the insurance claim is now the subject of litigation with two of Federated Hermes’ insurance carriers. Changes to these estimates, which are contingent upon resolution of the insurance claim with the applicable insurers, could be materially different from the amount Federated Hermes has accrued.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In connection with the restructuring of an infrastructure fund in the second quarter 2023, Federated Hermes purchased certain limited partners’ rights to receive future carried interest at fair value, which was calculated by a third-party, for $9.8 million and was included in Operating Expenses - Other in the second quarter 2023. Due to the restructuring, an existing clawback risk on previously earned carried interest was removed. The purchase of these carried interest rights and related legal and professional fees and other costs are not deductible for tax purposes. Negotiations for additional consideration continue with a subset of limited partners. An additional $2.9 million was recorded in Operating Expenses - Other in the third quarter 2023. The final consideration may be different from the amounts recorded and the difference could be significant, potentially in a material way.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 26, 2023, Federated Hermes’ board of directors declared a $0.28 per share dividend to Federated Hermes’ Class A and Class B common stock shareholders of record as of November 8, 2023 to be paid on November 15, 2023. On October 26, 2023, the board of directors authorized an additional share repurchase program with no stated expiration date that allows the repurchase of up to 5.0 million shares of Class B common stock. This program authorizes executive management to determine the timing and the amount of shares for each purchase. The repurchased stock is to be held in treasury for employee share-based compensation plans, potential acquisitions and other corporate activities, unless Federated Hermes' board of directors subsequently determines to retire the repurchased stock and restore the shares to authorized but unissued status (rather than holding the shares in treasury). See Note (13) for additional information on Federated Hermes' share repurchase programs.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income Attributable to Federated Hermes, Inc.	$ 75,026	$ 69,479	$ 216,802	$ 182,999

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Federated Hermes, Inc. and its consolidated subsidiaries (collectively, Federated Hermes) provide investment advisory, administrative, distribution and other services to various investment products, including sponsored investment companies, collective funds and other funds (Federated Hermes Funds) and separate accounts (which include separately managed accounts, institutional accounts, certain sub-advised funds and other managed products, collectively Separate Accounts) in both domestic and international markets. In addition, Federated Hermes markets and provides stewardship and real estate development services to various domestic and international companies. The interim consolidated financial statements of Federated Hermes included herein (Consolidated Financial Statements) have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP). In the opinion of management, the financial statements reflect all adjustments that are of a normal recurring nature and necessary for a fair presentation of the results for the interim periods presented.
Use of Estimates	In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect the amounts reported therein and in the accompanying notes. Actual results may differ from those estimates, and such differences may be material to the Consolidated Financial Statements.
Principles of Consolidation	Principles of Consolidation Consolidation of Variable Interest Entities Federated Hermes has a controlling financial interest in variable interest entities (VIEs) and is, therefore, deemed to be the primary beneficiary of a VIE if it has (1) the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Federated Hermes manages carried interest vehicles (CIVs), whose primary purpose is to collect and distribute carried interest paid by foreign private equity and infrastructure funds, that have been determined to be VIEs. As the primary beneficiary, Federated Hermes consolidates certain CIVs. As a result, when carried interest is recognized as revenue, a portion of this revenue is allocated to current and former employee limited partners and is recorded to Compensation and Related expense. Financial information for the CIVs is not available timely and is therefore consolidated on a one quarter lag, adjusted for any known material carried interest revenue and compensation transactions occurring through the balance sheet date.
Fair Value Measurements	Fair value is the price that would be received to sell an asset or the price that would be paid to transfer a liability as of the measurement date. A fair-value reporting hierarchy exists for disclosure of fair value measurements based on the observability of the inputs to the valuation of financial assets and liabilities. The levels are: Level 1 – Quoted prices for identical instruments in active markets. Level 1 assets can include equity and debt securities that are traded in an active exchange market, including shares of mutual funds. Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 assets and liabilities may include debt and equity securities, purchased loans and over-the-counter derivative contracts whose fair value is determined using a pricing model without significant unobservable market data inputs.

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Final Purchase Price Allocation	The following table summarizes the final purchase price allocation determined as of the acquisition date: (in millions) Right-of-Use Asset $ 0.8 Intangible Assets 1 15.4 Goodwill 2 16.4 Less: Lease Liability Assumed 0.8 Less: Fair Value of Contingent Consideration 3.7 Total Upfront Purchase Price Consideration $ 28.1 1 Includes $14.8 million for customer relationships with an estimated useful life of 12 years and $0.6 million for a trade name with an estimated useful life of five years, all of which are recorded in Intangibles Assets, net on the Consolidated Balance Sheets. 2 The goodwill recognized is attributable to enhanced revenue and AUM growth opportunities from future investors and the assembled workforce of the CWH business and is deductible for tax purposes.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents Federated Hermes’ revenue disaggregated by asset class: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2023 2022 2023 2022 Money market $ 186,760 $ 170,542 $ 559,622 $ 402,639 Equity 123,485 127,183 371,282 406,642 Fixed-income 47,142 49,197 142,590 159,025 Other 1 45,269 34,221 144,583 103,609 Total Revenue $ 402,656 $ 381,143 $ 1,218,077 $ 1,071,915 1 Primarily includes Alternative / Private Markets (including but not limited to private equity, real estate and infrastructure), multi-asset and stewardship services revenue. The following table presents Federated Hermes’ revenue disaggregated by performance obligation: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2023 2022 2023 2022 Asset Management 1 $ 276,771 $ 263,644 $ 851,089 $ 754,681 Administrative Services 88,023 75,021 252,402 218,710 Distribution 2 31,466 36,026 96,360 78,285 Other 3 6,396 6,452 18,226 20,239 Total Revenue $ 402,656 $ 381,143 $ 1,218,077 $ 1,071,915 1 The performance obligation can include administrative, distribution and other services recorded as a single asset management fee under Topic 606, as it is part of a unitary fee arrangement with a single performance obligation. 2 The performance obligation is satisfied at a point in time. A portion of this revenue relates to a performance obligation that has been satisfied in a prior period. 3 Primarily includes shareholder service fees and stewardship services revenue. The following table presents Federated Hermes’ revenue disaggregated by geographical market: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2023 2022 2023 2022 Domestic $ 322,028 $ 311,254 $ 971,077 $ 849,570 Foreign 1 80,628 69,889 247,000 222,345 Total Revenue $ 402,656 $ 381,143 $ 1,218,077 $ 1,071,915 1 This represents revenue earned by non-U.S. domiciled subsidiaries. The following table presents Federated Hermes’ revenue disaggregated by product type: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2023 2022 2023 2022 Federated Hermes Funds $ 337,203 $ 319,680 $ 1,021,748 $ 877,910 Separate Accounts 61,098 57,250 184,106 180,600 Other 1 4,355 4,213 12,223 13,405 Total Revenue $ 402,656 $ 381,143 $ 1,218,077 $ 1,071,915 1 Primarily includes stewardship services revenue.
Schedule of Remaining Unsatisfied Performance Obligations	Based on existing contracts and the applicable foreign exchange rates as of September 30, 2023, Federated Hermes may recognize future fixed revenue from these services as presented in the following table: (in thousands) Remainder of 2023 $ 3,454 2024 7,243 2025 2,225 2026 and Thereafter 1,121 Total Remaining Unsatisfied Performance Obligations $ 14,043

Concentration Risk (Tables)

Concentration Risk (Tables)	9 Months Ended
	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Schedule of Revenue Concentration	The following table presents Federated Hermes’ significant revenue concentration by asset class: Nine Months Ended September 30, 2023 2022 Money Market Assets 46 % 37 % Equity Assets 30 % 38 % Fixed-Income Assets 12 % 15 %

Consolidation (Tables)

Consolidation (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Consolidated Federated Funds VIE	The following table presents the balances related to the consolidated VIEs that were included on the Consolidated Balance Sheets as well as Federated Hermes’ net interest in the consolidated VIEs for each period presented: (in millions) September 30, 2023 December 31, 2022 Cash and Cash Equivalents $ 10.8 $ 8.0 Investments—Consolidated Investment Companies 61.2 50.1 Receivables-Affiliates 11.6 0.3 Other Current Assets 0.4 0.4 Other Long-Term Assets 12.4 13.4 Less: Liabilities 19.7 5.7 Less: Accumulated Other Comprehensive Income (Loss), net of tax 0.4 1.2 Less: Redeemable Noncontrolling Interests in Subsidiaries 56.3 49.5 Federated Hermes’ Net Interest in VIEs $ 20.0 $ 15.8

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Gains and Losses Recognized in Gain (Loss) on Securities, Net	The following table presents gains and losses recognized in Gain (Loss) on Securities, net on the Consolidated Statements of Income in connection with Federated Hermes’ investments: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2023 2022 2023 2022 Investments—Consolidated Investment Companies Net Unrealized Gains (Losses) $ (1,680) $ 1,137 $ 2,582 $ (16,446) Net Realized Gains (Losses) 1 (125) (4,568) (1,101) (6,047) Net Gains (Losses) on Investments—Consolidated Investment Companies (1,805) (3,431) 1,481 (22,493) Investments—Affiliates and Other Net Unrealized Gains (Losses) (1,518) (3,248) (662) (18,979) Net Realized Gains (Losses) 1 (115) (146) 1,275 2,066 Net Gains (Losses) on Investments—Affiliates and Other (1,633) (3,394) 613 (16,913) Gain (Loss) on Securities, net $ (3,438) $ (6,825) $ 2,094 $ (39,406) 1 Realized gains and losses are computed on a specific-identification basis.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Classes of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table presents fair value measurements for classes of Federated Hermes’ financial assets and liabilities measured at fair value on a recurring basis: (in thousands) Level 1 Level 2 Level 3 Total September 30, 2023 Financial Assets Cash and Cash Equivalents $ 376,960 $ 0 $ 0 $ 376,960 Investments—Consolidated Investment Companies 60,037 58,164 0 118,201 Investments—Affiliates and Other 56,840 2,407 25 59,272 Other 1 6,623 0 0 6,623 Total Financial Assets $ 500,460 $ 60,571 $ 25 $ 561,056 Total Financial Liabilities 2 $ 48 $ 3,467 $ 8,180 $ 11,695 December 31, 2022 Financial Assets Cash and Cash Equivalents $ 336,782 $ 0 $ 0 $ 336,782 Investments—Consolidated Investment Companies 49,119 59,329 0 108,448 Investments—Affiliates and Other 71,369 5,130 25 76,524 Other 1 6,538 469 0 7,007 Total Financial Assets $ 463,808 $ 64,928 $ 25 $ 528,761 Total Financial Liabilities 2 $ 27 $ 4 $ 8,439 $ 8,470 1 Amounts primarily consist of restricted cash and security deposits as of September 30, 2023 and December 31, 2022.
Schedule of Reconciliation of Liability for Future Consideration Payments	The following table presents a reconciliation of the beginning and ending balances for Federated Hermes’ liability for future consideration payments related to these business combinations: (in thousands) Balance at December 31, 2022 $ 8,439 Changes in Fair Value 598 Contingent Consideration Payments (857) Balance at September 30, 2023 $ 8,180

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Activity for Class B Common Stock and Treasury Stock	The following table presents the activity for the Class B common stock and Treasury stock for the three and nine months ended September 30, 2023 and 2022. Class A shares have been excluded as there was no activity during these same periods. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Class B Shares Beginning Balance 88,290,140 89,197,952 89,275,935 93,410,968 Stock Award Activity 5,000 0 387,996 1,704,592 Purchase of Treasury Stock (2,046,790) (211,885) (3,415,581) (6,129,493) Ending Balance 86,248,350 88,986,067 86,248,350 88,986,067 Treasury Shares Beginning Balance 11,215,316 20,307,504 10,229,521 16,094,488 Stock Award Activity (5,000) 0 (387,996) (1,704,592) Purchase of Treasury Stock 2,046,790 211,885 3,415,581 6,129,493 Retirement of Treasury Stock 0 (10,000,000) 0 (10,000,000) Ending Balance 13,257,106 10,519,389 13,257,106 10,519,389

Earnings Per Share Attributab_2

Earnings Per Share Attributable to Federated Hermes, Inc. Shareholders (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share using the two-class method for amounts attributable to Federated Hermes: Three Months Ended Nine Months Ended September 30, September 30, (in thousands, except per share data) 2023 2022 2023 2022 Numerator Net Income Attributable to Federated Hermes, Inc. $ 75,026 $ 69,479 $ 216,802 $ 182,999 Less: Total Net Income Available to Participating Unvested Restricted Shareholders 1 (3,310) (3,565) (10,309) (9,072) Total Net Income Attributable to Federated Hermes Common Stock - Basic and Diluted $ 71,716 $ 65,914 $ 206,493 $ 173,927 Denominator Basic Weighted-Average Federated Hermes Common Stock 2 83,710 84,531 84,499 86,109 Dilutive Impact from Non-forfeitable Restricted Stock 0 5 3 2 Diluted Weighted-Average Federated Hermes Common Stock 2 83,710 84,536 84,502 86,111 Earnings Per Share Net Income Attributable to Federated Hermes Common Stock - Basic and Diluted 2 $ 0.86 $ 0.78 $ 2.44 $ 2.02 1 Includes dividends paid on unvested restricted Federated Hermes Class B common stock and their proportionate share of undistributed earnings attributable to Federated Hermes shareholders. 2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) Attributable to Federated Hermes, Inc. Shareholders (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss), net of tax, attributable to Federated Hermes shareholders resulted from foreign currency translation gain (loss): (in thousands) Balance at December 31, 2022 $ (45,676) Other Comprehensive Income (Loss) 2,283 Balance at September 30, 2023 $ (43,393) Balance at December 31, 2021 $ 16,362 Other Comprehensive Income (Loss) (103,778) Balance at September 30, 2022 $ (87,416)

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Subsidiaries (Tables)	9 Months Ended
	Sep. 30, 2023
Noncontrolling Interest [Abstract]
Schedule of Changes in Redeemable Noncontrolling Interest in Subsidiaries	The following table presents the changes in Redeemable Noncontrolling Interests in Subsidiaries: (in thousands) Consolidated Investment Companies Other Entities Total Balance at December 31, 2022 $ 50,317 $ 11,504 $ 61,821 Net Income (Loss) 1,925 (60) 1,865 Other Comprehensive Income (Loss), net of tax 0 232 232 Subscriptions—Redeemable Noncontrolling Interest Holders 12,669 107 12,776 Consolidation/(Deconsolidation) (33,962) 0 (33,962) Distributions to Noncontrolling Interests in Subsidiaries (2,499) (725) (3,224) Balance at March 31, 2023 $ 28,450 $ 11,058 $ 39,508 Net Income (Loss) 486 341 827 Other Comprehensive Income (Loss), net of tax 0 328 328 Subscriptions—Redeemable Noncontrolling Interest Holders 19,642 42 19,684 Consolidation/(Deconsolidation) 12,119 0 12,119 Distributions to Noncontrolling Interests in Subsidiaries (14,017) (437) (14,454) Balance at June 30, 2023 $ 46,680 $ 11,332 $ 58,012 Net Income (Loss) (804) 44 (760) Other Comprehensive Income (Loss), net of tax (8) (446) (454) Subscriptions—Redeemable Noncontrolling Interest Holders 35,323 0 35,323 Consolidation/(Deconsolidation) (6,601) 0 (6,601) Distributions to Noncontrolling Interests in Subsidiaries (14,621) (268) (14,889) Balance at September 30, 2023 $ 59,969 $ 10,662 $ 70,631 (in thousands) Consolidated Investment Companies FHL and Other Entities Total Balance at December 31, 2021 $ 24,659 $ 38,543 $ 63,202 Net Income (Loss) (1,744) 478 (1,266) Other Comprehensive Income (Loss), net of tax 0 (457) (457) Subscriptions—Redeemable Noncontrolling Interest Holders 29,577 763 30,340 Consolidation/(Deconsolidation) (16,034) 0 (16,034) Stock Award Activity 0 707 707 Distributions to Noncontrolling Interests in Subsidiaries (771) (3,568) (4,339) Change in Estimated Redemption Value of Redeemable Noncontrolling Interests in FHL 0 14,221 14,221 Acquisition of Additional Equity of FHL 0 (37,805) (37,805) Balance at March 31, 2022 $ 35,687 $ 12,882 $ 48,569 Net Income (Loss) (7,616) 717 (6,899) Other Comprehensive Income (Loss), net of tax 0 (1,068) (1,068) Subscriptions—Redeemable Noncontrolling Interest Holders 14,977 337 15,314 Distributions to Noncontrolling Interests in Subsidiaries (1,024) (161) (1,185) Balance at June 30, 2022 $ 42,024 $ 12,707 $ 54,731 Net Income (Loss) (2,104) 199 (1,905) Other Comprehensive Income (Loss), net of tax 0 (1,713) (1,713) Subscriptions—Redeemable Noncontrolling Interest Holders 3,591 903 4,494 Consolidation/(Deconsolidation) 15,599 0 15,599 Distributions to Noncontrolling Interests in Subsidiaries (15,512) (1,108) (16,620) Balance at September 30, 2022 $ 43,598 $ 10,988 $ 54,586

Business Combination - Narrativ

Business Combination - Narrative (Details) - C.W. Henderson and Associates $ in Millions	Oct. 01, 2022 USD ($)
Business Acquisition [Line Items]
Payments to acquire business	$ 28.1
Maximum contingent purchase price payments	$ 17.6
Maturity of contingent purchase price payments, term	5 years

Business Combination - Schedule

Business Combination - Schedule of Final Purchase Price Allocation (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 801,556	$ 800,417
C.W. Henderson and Associates
Business Acquisition [Line Items]
Right-of-Use Asset	$ 800
Intangible Assets	15,400
Goodwill	16,400
Less: Lease Liability Assumed	800
Less: Fair Value of Contingent Consideration	3,700
Total Upfront Purchase Price Consideration	28,100
C.W. Henderson and Associates | Customer Relationships
Business Acquisition [Line Items]
Intangible assets acquired	$ 14,800
Estimated useful life	12 years
C.W. Henderson and Associates | Trade Names
Business Acquisition [Line Items]
Intangible assets acquired	$ 600
Estimated useful life	5 years

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue by Asset Class (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenue	$ 402,656	$ 381,143	$ 1,218,077	$ 1,071,915
Money market
Disaggregation of Revenue [Line Items]
Total Revenue	186,760	170,542	559,622	402,639
Equity
Disaggregation of Revenue [Line Items]
Total Revenue	123,485	127,183	371,282	406,642
Fixed-income
Disaggregation of Revenue [Line Items]
Total Revenue	47,142	49,197	142,590	159,025
Other
Disaggregation of Revenue [Line Items]
Total Revenue	$ 45,269	$ 34,221	$ 144,583	$ 103,609

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Disaggregation of Revenue by Performance Obligation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenue	$ 402,656	$ 381,143	$ 1,218,077	$ 1,071,915
Asset Management
Disaggregation of Revenue [Line Items]
Total Revenue	276,771	263,644	851,089	754,681
Administrative Services
Disaggregation of Revenue [Line Items]
Total Revenue	88,023	75,021	252,402	218,710
Distribution
Disaggregation of Revenue [Line Items]
Total Revenue	31,466	36,026	96,360	78,285
Other
Disaggregation of Revenue [Line Items]
Total Revenue	$ 6,396	$ 6,452	$ 18,226	$ 20,239

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Disaggregation of Revenue by Geographic Market (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenue	$ 402,656	$ 381,143	$ 1,218,077	$ 1,071,915
Domestic
Disaggregation of Revenue [Line Items]
Total Revenue	322,028	311,254	971,077	849,570
Foreign
Disaggregation of Revenue [Line Items]
Total Revenue	$ 80,628	$ 69,889	$ 247,000	$ 222,345

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Disaggregation of Revenue by Product Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total Revenue	$ 402,656	$ 381,143	$ 1,218,077	$ 1,071,915
Federated Hermes Funds
Disaggregation of Revenue [Line Items]
Total Revenue	337,203	319,680	1,021,748	877,910
Separate Accounts
Disaggregation of Revenue [Line Items]
Total Revenue	61,098	57,250	184,106	180,600
Other
Disaggregation of Revenue [Line Items]
Total Revenue	$ 4,355	$ 4,213	$ 12,223	$ 13,405

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Narrative (Details)	9 Months Ended
	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Contract terms	Generally, contracts are billed in arrears on a quarterly basis and have a three-year duration, after which the customer can terminate the agreement with notice, generally from three to twelve months.
Minimum
Disaggregation of Revenue [Line Items]
Termination period	3 months
Maximum
Disaggregation of Revenue [Line Items]
Termination period	12 months

Revenue from Contracts with C_8

Revenue from Contracts with Customers - Future Fixed Revenue from Stewardship and Real Estate Development Services (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Remaining Unsatisfied Performance Obligations	$ 14,043
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Remaining Unsatisfied Performance Obligations	$ 3,454
Expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Remaining Unsatisfied Performance Obligations	$ 7,243
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Remaining Unsatisfied Performance Obligations	$ 2,225
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Remaining Unsatisfied Performance Obligations	$ 1,121
Expected timing of satisfaction, period

Concentration Risk - Schedule o

Concentration Risk - Schedule of Revenue Concentration (Details) - Product Concentration Risk - Revenue Benchmark	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Money Market Assets
Concentration Risk [Line Items]
Concentration risk	46%	37%
Equity Assets
Concentration Risk [Line Items]
Concentration risk	30%	38%
Fixed-Income Assets
Concentration Risk [Line Items]
Concentration risk	12%	15%

Concentration Risk - Narrative

Concentration Risk - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Concentration Risk [Line Items]
Voluntary yield-related fee waivers	$ 0	$ 0	$ 0	$ 85,300,000
Decrease in distribution expenses				66,500,000
Net negative pre-tax impact				$ 18,800,000
Product Concentration Risk | Revenue benchmark | Federated Hermes Government Obligations Fund
Concentration Risk [Line Items]
Concentration risk	14%	14%	14%	11%
Customer Concentration Risk | Revenue benchmark | Bank of New York Mellon Corporation
Concentration Risk [Line Items]
Concentration risk	11%	14%	11%	11%

Consolidation - Narrative (Deta

Consolidation - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Variable Interest Entities [Line Items]
Fee waivers	$ 142,400,000	$ 118,200,000	$ 398,800,000	$ 444,700,000
Other current liabilities	35,383,000		35,383,000		$ 15,358,000
Affiliates
Variable Interest Entities [Line Items]
Receivables	52,659,000		52,659,000		35,941,000
Variable Interest Entity, Primary Beneficiary
Variable Interest Entities [Line Items]
Other current liabilities	10,000,000		10,000,000
Variable Interest Entity, Primary Beneficiary | Affiliates
Variable Interest Entities [Line Items]
Receivables	9,800,000		9,800,000
Variable Interest Entity Not Primary Beneficiary
Variable Interest Entities [Line Items]
Assets under managed investments	8,600,000,000		8,600,000,000		5,400,000,000
Cash and Cash Equivalents | Variable Interest Entity Not Primary Beneficiary
Variable Interest Entities [Line Items]
Federated Hermes' maximum risk of loss in non-consolidated investment companies	112,000,000		112,000,000		101,700,000
Receivables-Affiliates | Variable Interest Entity Not Primary Beneficiary
Variable Interest Entities [Line Items]
Federated Hermes' maximum risk of loss in non-consolidated investment companies	800,000		800,000		$ 700,000
Financial Support, Fee Waivers
Variable Interest Entities [Line Items]
Money market funds which meet the scope exception of the consolidation guidance	$ 114,000,000	$ 89,100,000	313,500,000	351,000,000
Financial Support, Capital Contributions
Variable Interest Entities [Line Items]
Money market funds which meet the scope exception of the consolidation guidance			$ 0	$ 0

Consolidation - Consolidated Fe

Consolidation - Consolidated Federated Fund VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entities [Line Items]
Consolidated VIE assets	$ 2,080,340	$ 2,020,479
Less: Liabilities	909,671	912,966
Less: Accumulated Other Comprehensive Income (Loss), net of tax	(43,393)	(45,676)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entities [Line Items]
Less: Liabilities	19,700	5,700
Less: Accumulated Other Comprehensive Income (Loss), net of tax	400	1,200
Less: Redeemable Noncontrolling Interests in Subsidiaries	56,300	49,500
Federated Hermes’ Net Interest in VIEs	20,000	15,800
Cash and Cash Equivalents | Variable Interest Entity, Primary Beneficiary
Variable Interest Entities [Line Items]
Consolidated VIE assets	10,800	8,000
Investments—Consolidated Investment Companies | Variable Interest Entity, Primary Beneficiary
Variable Interest Entities [Line Items]
Consolidated VIE assets	61,200	50,100
Receivables-Affiliates | Variable Interest Entity, Primary Beneficiary | Affiliates
Variable Interest Entities [Line Items]
Consolidated VIE assets	11,600	300
Other Current Assets | Variable Interest Entity, Primary Beneficiary
Variable Interest Entities [Line Items]
Consolidated VIE assets	400	400
Other Long-Term Assets | Variable Interest Entity, Primary Beneficiary
Variable Interest Entities [Line Items]
Consolidated VIE assets	$ 12,400	$ 13,400

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Affiliates
Schedule of Investments [Line Items]
Investments	$ 59,272	$ 76,524
Consolidated Investment Companies
Schedule of Investments [Line Items]
Investments	118,201	108,448
Stocks of Large Companies | Consolidated Investment Companies
Schedule of Investments [Line Items]
Investments	54,200	45,300
Debt Securities | Consolidated Investment Companies
Schedule of Investments [Line Items]
Investments	58,200	57,800
Stocks of Small and Mid Sized Companies | Consolidated Investment Companies
Schedule of Investments [Line Items]
Investments	3,600	3,300
Mutual Fund | Consolidated Investment Companies
Schedule of Investments [Line Items]
Investments	2,200	2,100
Federated Hermes Funds | Affiliates
Schedule of Investments [Line Items]
Investments	52,400	67,000
Separate Accounts | Affiliates
Schedule of Investments [Line Items]
Investments	6,900	9,500
Separate Accounts | Stocks of Large Companies | Affiliates
Schedule of Investments [Line Items]
Investments	3,200	3,400
Separate Accounts | Debt Securities | Affiliates
Schedule of Investments [Line Items]
Investments	$ 2,300	$ 4,600

Investments - Gains and Losses

Investments - Gains and Losses Recognized in Gain (Loss) on Securities, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
(Loss) Gain on Securities [Line Items]
Net Unrealized Gains (Losses)			$ 1,920	$ (35,425)
Gain (Loss) on Securities, net	$ (3,438)	$ (6,825)	2,094	(39,406)
Investments | Consolidated Investment Companies
(Loss) Gain on Securities [Line Items]
Net Unrealized Gains (Losses)	(1,680)	1,137	2,582	(16,446)
Net Realized Gains (Losses)	(125)	(4,568)	(1,101)	(6,047)
Gain (Loss) on Securities, net	(1,805)	(3,431)	1,481	(22,493)
Investments | Affiliates
(Loss) Gain on Securities [Line Items]
Net Unrealized Gains (Losses)	(1,518)	(3,248)	(662)	(18,979)
Net Realized Gains (Losses)	(115)	(146)	1,275	2,066
Gain (Loss) on Securities, net	$ (1,633)	$ (3,394)	$ 613	$ (16,913)

Fair Value Measurements - Class

Fair Value Measurements - Classes of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Financial Assets
Cash and Cash Equivalents	$ 376,960	$ 336,782
Other	6,623	7,007
Total Financial Assets	561,056	528,761
Financial Liabilities
Total Financial Liabilities	11,695	8,470
Consolidated Investment Companies
Financial Assets
Investments	118,201	108,448
Affiliates
Financial Assets
Investments	59,272	76,524
Level 1
Financial Assets
Cash and Cash Equivalents	376,960	336,782
Other	6,623	6,538
Total Financial Assets	500,460	463,808
Financial Liabilities
Total Financial Liabilities	48	27
Level 1 | Consolidated Investment Companies
Financial Assets
Investments	60,037	49,119
Level 1 | Affiliates
Financial Assets
Investments	56,840	71,369
Level 2
Financial Assets
Cash and Cash Equivalents	0	0
Other	0	469
Total Financial Assets	60,571	64,928
Financial Liabilities
Total Financial Liabilities	3,467	4
Level 2 | Consolidated Investment Companies
Financial Assets
Investments	58,164	59,329
Level 2 | Affiliates
Financial Assets
Investments	2,407	5,130
Level 3
Financial Assets
Cash and Cash Equivalents	0	0
Other	0	0
Total Financial Assets	25	25
Financial Liabilities
Total Financial Liabilities	8,180	8,439
Level 3 | Consolidated Investment Companies
Financial Assets
Investments	0	0
Level 3 | Affiliates
Financial Assets
Investments	$ 25	$ 25

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Acquisition-related future consideration liabilities	$ 8.2
Acquisition-related future consideration liabilities recorded in other current liabilities	1.2
Acquisition-related future consideration liabilities recorded in other long-term liabilities	7
Unsecured Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issuance costs, net	2.2
Money market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	329.5	$ 289.8
Mutual Fund | NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other financial assets	$ 18.5	$ 18.3

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Liability for Future Consideration Payments (Details) - Contingent Consideration $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2022	$ 8,439
Changes in Fair Value	598
Contingent Consideration Payments	(857)
Balance at September 30, 2023	$ 8,180

Derivatives (Details)

Derivatives (Details) - Foreign Currency Forward £ in Millions, $ in Millions	Sep. 30, 2023 GBP (£)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Derivative asset, notional amount | £	£ 83.8		£ 67.3
Derivative liabilities		$ 3.5
Derivative assets				$ 0.5

Intangible Assets, including _2

Intangible Assets, including Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Increase (decrease) in intangible assets	$ (7.2)
Goodwill, period increase	$ 1.1

Debt (Details)

Debt (Details)		9 Months Ended
	Mar. 17, 2022 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 30, 2021 USD ($) bank
Debt Instrument [Line Items]
Long-term debt, net of issuance costs		$ 347,777,000	$ 347,581,000
Number of banks as lenders | bank				11
Line of credit facility, maximum borrowing capacity				$ 350,000,000
Optional increase (or an accordion feature)				200,000,000
Amounts outstanding under the revolving credit facility		$ 0	$ 0
Commitment fee		0.10%
Available for borrowings		$ 350,000,000
Accordion feature, available for borrowings		200,000,000
Senior Notes | Unsecured Senior Notes
Debt Instrument [Line Items]
Aggregate amount	$ 350,000,000
Fixed rate	3.29%
Long-term debt, net of issuance costs		347,800,000
Issuance costs, net		$ 2,200,000
Commitment fee amount	$ 0
Swing Line
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 50,000,000

Share-Based Compensation (Detai

Share-Based Compensation (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Class B Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awarded in period (in shares)		1,183,066
Class B Common Stock Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awarded in period (in shares)	380,796	494,043
Vesting period	3 years	3 years
Class B Common Stock Key Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awarded in period (in shares)		474,500
Vesting period		10 years
U.K. Subsidiary Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awarded in period (in shares)		1,345,999
Vesting period		5 years

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock (in shares)	2,046,790			211,885			3,415,581	6,129,493
Purchase of treasury stock	$ 69,831	$ 43,366	$ 4,742	$ 6,937	$ 89,542	$ 102,537
Class B Shares
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized under share repurchase program (in shares)					5,000,000
Purchase of treasury stock (in shares)							3,400,000
Purchase of treasury stock							$ 117,000
Remaining number of shares authorized to be repurchased (in shares)	1,400,000						1,400,000
Class B Shares | Other Current Liabilities
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock							$ 6,800

Equity - Activity for Class B C

Equity - Activity for Class B Common Stock and Treasury Stock (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	11,215,316	20,307,504	10,229,521	16,094,488
Stock Award Activity (in shares)	(5,000)	0	(387,996)	(1,704,592)
Purchase of Treasury Stock (in shares)	2,046,790	211,885	3,415,581	6,129,493
Retirement of Treasury Stock (in shares)	0	(10,000,000)	0	(10,000,000)
Ending Balance (in shares)	13,257,106	10,519,389	13,257,106	10,519,389
Class B Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	88,290,140	89,197,952	89,275,935	93,410,968
Stock Award Activity (in shares)	5,000	0	387,996	1,704,592
Purchase of Treasury Stock (in shares)	(2,046,790)	(211,885)	(3,415,581)	(6,129,493)
Ending Balance (in shares)	86,248,350	88,986,067	86,248,350	88,986,067
Purchase of Treasury Stock (in shares)			3,400,000

Earnings Per Share Attributab_3

Earnings Per Share Attributable to Federated Hermes, Inc. Shareholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator
Net Income Attributable to Federated Hermes, Inc.	$ 75,026	$ 69,479	$ 216,802	$ 182,999
Less: Total Net Income Available to Participating Unvested Restricted Shareholders	(3,310)	(3,565)	(10,309)	(9,072)
Total Net Income Attributable to Federated Hermes Common Stock - Basic	71,716	65,914	206,493	173,927
Total Net Income Attributable to Federated Hermes Common Stock - Diluted	$ 71,716	$ 65,914	$ 206,493	$ 173,927
Denominator
Basic Weighted-Average Federated Hermes Common Stock (in shares)	83,710	84,531	84,499	86,109
Dilutive Impact from Non-forfeitable Restricted Stock (in shares)	0	5	3	2
Diluted Weighted-Average Federated Hermes Common Stock (in shares)	83,710	84,536	84,502	86,111
Net Income Attributable to Federated Hermes Common Stock – Basic (usd per share)	$ 0.86	$ 0.78	$ 2.44	$ 2.02
Net Income Attributable to Federated Hermes Common Share—Diluted (usd per share)	$ 0.86	$ 0.78	$ 2.44	$ 2.02

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) Attributable to Federated Hermes, Inc. Shareholders (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), net of tax [Rollforward]
Balance, beginning of period	$ 1,045,692	$ 1,114,017
Balance, end of period	1,100,038	971,429
Foreign Currency Translation Gain (Loss)
Accumulated Other Comprehensive Income (Loss), net of tax [Rollforward]
Balance, beginning of period	(45,676)	16,362
Other Comprehensive Income (Loss)	2,283	(103,778)
Balance, end of period	$ (43,393)	$ (87,416)

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Subsidiaries (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary equity, beginning balance	$ 58,012	$ 39,508	$ 61,821	$ 54,731	$ 48,569	$ 63,202
Net Income (Loss)	(760)	827	1,865	(1,905)	(6,899)	(1,266)
Other Comprehensive Income (Loss), net of tax	(454)	328	232	(1,713)	(1,068)	(457)
Subscriptions—Redeemable Noncontrolling Interest Holders	35,323	19,684	12,776	4,494	15,314	30,340
Consolidation/(Deconsolidation)	(6,601)	12,119	(33,962)	15,599		(16,034)
Stock Award Activity						707
Distributions to Noncontrolling Interests in Subsidiaries	(14,889)	(14,454)	(3,224)	(16,620)	(1,185)	(4,339)
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests in FHL						14,221
Acquisition of Additional Equity of FHL						(37,805)
Temporary equity, ending balance	70,631	58,012	39,508	54,586	54,731	48,569
Consolidated Investment Companies
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary equity, beginning balance	46,680	28,450	50,317	42,024	35,687	24,659
Net Income (Loss)	(804)	486	1,925	(2,104)	(7,616)	(1,744)
Other Comprehensive Income (Loss), net of tax	(8)
Subscriptions—Redeemable Noncontrolling Interest Holders	35,323	19,642	12,669	3,591	14,977	29,577
Consolidation/(Deconsolidation)	(6,601)	12,119	(33,962)	15,599		(16,034)
Distributions to Noncontrolling Interests in Subsidiaries	(14,621)	(14,017)	(2,499)	(15,512)	(1,024)	(771)
Temporary equity, ending balance	59,969	46,680	28,450	43,598	42,024	35,687
Other Entities
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary equity, beginning balance	11,332	11,058	11,504	12,707	12,882	38,543
Net Income (Loss)	44	341	(60)	199	717	478
Other Comprehensive Income (Loss), net of tax	(446)	328	232	(1,713)	(1,068)	(457)
Subscriptions—Redeemable Noncontrolling Interest Holders		42	107	903	337	763
Stock Award Activity						707
Distributions to Noncontrolling Interests in Subsidiaries	(268)	(437)	(725)	(1,108)	(161)	(3,568)
Change in Estimated Redemption Value of Redeemable Noncontrolling Interests in FHL						14,221
Acquisition of Additional Equity of FHL						(37,805)
Temporary equity, ending balance	$ 10,662	$ 11,332	$ 11,058	$ 10,988	$ 12,707	$ 12,882

Commitments and Contingencies (

Commitments and Contingencies (Details) - Administrative error related to unregistered shares - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023
Loss Contingencies [Line Items]
Loss contingency estimated probable cost			$ 18.9
Loss contingency settlement paid	$ 17.9
Loss contingency provision		$ 2.5
Insurance reimbursement receivable			$ 16.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Limited partners' carried interest fair value	$ 2.9	$ 9.8

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Oct. 26, 2023	Jun. 30, 2022
Class A Shares | Subsequent Event
Subsequent Event [Line Items]
Dividends declared (usd per share)	$ 0.28
Class B Shares
Subsequent Event [Line Items]
Number of shares authorized under share repurchase program (in shares)		5,000,000
Class B Shares | Subsequent Event
Subsequent Event [Line Items]
Dividends declared (usd per share)	$ 0.28
Number of shares authorized under share repurchase program (in shares)	5,000,000