Federated Hermes (FHI) 10-Q 25 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 18, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	2024
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		81,804,712

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and Cash Equivalents	$ 374,952	$ 383,180
Prepaid Expenses	33,627	29,739
Other Current Assets	6,303	5,900
Total Current Assets	723,186	720,729
Long-Term Assets
Goodwill	813,547	807,156
Intangible Assets, net of accumulated amortization of $77,340 and $64,112, respectively	342,588	409,449
Property and Equipment, net of accumulated depreciation of $122,146 and $119,852, respectively	27,553	30,711
Right-of-Use Assets, net	90,471	99,265
Other Long-Term Assets	40,206	34,534
Total Long-Term Assets	1,314,365	1,381,115
Total Assets	2,037,551	2,101,844
Current Liabilities
Accounts Payable and Accrued Expenses	98,112	88,290
Accrued Compensation and Benefits	127,215	158,392
Lease Liabilities	16,186	16,283
Other Current Liabilities	21,625	24,378
Total Current Liabilities	263,138	287,343
Long-Term Liabilities
Long-Term Debt	348,040	347,843
Long-Term Deferred Tax Liability, net	176,423	186,292
Long-Term Lease Liabilities	83,593	93,816
Other Long-Term Liabilities	29,433	32,453
Total Long-Term Liabilities	637,489	660,404
Total Liabilities	900,627	947,747
Commitments and Contingencies (Note (17))
TEMPORARY EQUITY
Redeemable Noncontrolling Interests in Subsidiaries	53,408	25,845
Federated Hermes, Inc. Shareholders’ Equity
Additional Paid-In Capital from Treasury Stock Transactions	0	2
Retained Earnings	1,207,794	1,194,561
Treasury Stock, at Cost, 17,700,744 and 14,664,467 Shares Class B Common Stock, respectively	(622,696)	(521,403)
Accumulated Other Comprehensive Income (Loss), net of tax	888	(19,911)
Total Permanent Equity	1,083,516	1,128,252
Total Liabilities, Temporary Equity and Permanent Equity	2,037,551	2,101,844
Investments—Consolidated Investment Companies
Current Assets
Investments	116,380	70,543
Affiliates
Current Assets
Investments	73,696	106,952
Receivables	39,133	48,694
Receivables, net of reserve of $21 and $21, respectively
Current Assets
Receivables	79,095	75,721
Class A
Federated Hermes, Inc. Shareholders’ Equity
Common Stock	189	189
Class B
Federated Hermes, Inc. Shareholders’ Equity
Common Stock	$ 497,341	$ 474,814

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables, reserve	$ 21	$ 21
Intangible assets, accumulated amortization	77,340	64,112
Property and equipment, accumulated depreciation	$ 122,146	$ 119,852
Treasury stock, shares (in shares)	17,700,744	14,664,467
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)	81,804,712	84,840,989

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Total Revenue	$ 408,456	$ 402,656	$ 1,207,410	$ 1,218,077
Operating Expenses
Compensation and Related	136,027	139,123	403,321	435,884
Distribution	95,859	89,838	284,257	280,258
Systems and Communications	23,656	21,213	68,672	63,259
Professional Service Fees	19,849	17,561	58,046	52,881
Office and Occupancy	9,884	10,632	29,617	34,910
Advertising and Promotional	5,378	3,857	16,306	13,308
Travel and Related	4,221	4,034	11,341	11,101
Intangible Asset Related	3,504	3,451	76,131	10,194
Other	(1,664)	11,523	8,679	31,303
Total Operating Expenses	296,714	301,232	956,370	933,098
Operating Income	111,742	101,424	251,040	284,979
Nonoperating Income (Expenses)
Investment Income, net	6,080	6,160	18,804	16,228
Gain (Loss) on Securities, net	7,935	(3,438)	8,826	2,094
Debt Expense	(3,170)	(3,133)	(9,478)	(9,377)
Other, net	16	(8)	85	101
Total Nonoperating Income (Expenses), net	10,861	(419)	18,237	9,046
Income Before Income Taxes	122,603	101,005	269,277	294,025
Income Tax Provision	32,262	26,739	84,701	75,291
Net Income Including the Noncontrolling Interests in Subsidiaries	90,341	74,266	184,576	218,734
Less: Net Income (Loss) Attributable to the Noncontrolling Interests in Subsidiaries	2,803	(760)	978	1,932
Net Income	$ 87,538	$ 75,026	$ 183,598	$ 216,802
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Common Share—Basic (usd per share)	$ 1.06	$ 0.86	$ 2.20	$ 2.44
Earnings Per Common Share—Diluted (usd per share)	1.06	0.86	2.20	2.44
Cash dividends per share (usd per share)	$ 0.31	$ 0.28	$ 1.90	$ 0.83
Investment Advisory Fees, net | Affiliates
Revenue
Total Revenue	$ 215,752	$ 215,673	$ 629,654	$ 666,983
Investment Advisory Fees, net | Other
Revenue
Total Revenue	58,869	61,098	179,883	184,106
Administrative Service Fees, net—Affiliates | Affiliates
Revenue
Total Revenue	97,687	88,023	287,819	252,402
Other Service Fees, net | Affiliates
Revenue
Total Revenue	31,356	33,507	96,910	102,364
Other Service Fees, net | Other
Revenue
Total Revenue	$ 4,792	$ 4,355	$ 13,144	$ 12,222

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income Including the Noncontrolling Interests in Subsidiaries	$ 90,341	$ 74,266	$ 184,576	$ 218,734
Permanent Equity
Foreign Currency Translation Gain (Loss)	25,508	(21,814)	20,799	2,283
Temporary Equity
Foreign Currency Translation Gain (Loss)	554	(454)	461	106
Other Comprehensive Income (Loss), net of tax	26,062	(22,268)	21,260	2,389
Comprehensive Income Including the Noncontrolling Interests in Subsidiaries	116,403	51,998	205,836	221,123
Less: Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interests in Subsidiaries	3,357	(1,214)	1,439	2,038
Comprehensive Income Attributable to Federated Hermes, Inc.	$ 113,046	$ 53,212	$ 204,397	$ 219,085

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, 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)
Balance, beginning of period 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 Interest in Subsidiaries	(3,224)						(3,224)
Balance, end of period at Mar. 31, 2023	39,508						39,508
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)
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 Interest in Subsidiaries	(14,454)						(14,454)
Balance, end of period 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)
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 Interest in Subsidiaries	(14,889)						(14,889)
Balance, end of period at Sep. 30, 2023	70,631						70,631
Balance, beginning of period at Dec. 31, 2023	1,128,252	475,003	2	1,194,561	(521,403)	(19,911)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	75,033			75,033
Other Comprehensive Income (Loss), net of tax	(5,235)					(5,235)
Stock Award Activity	10,301	10,262	(2)	(10,936)	10,977
Dividends Declared	(23,727)			(23,727)
Purchase of Treasury Stock	(37,197)				(37,197)
Balance, end of period at Mar. 31, 2024	1,147,427	485,265	0	1,234,931	(547,623)	(25,146)
Balance, beginning of period at Dec. 31, 2023	25,845						25,845
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss)	(23)						(23)
Other Comprehensive Income (Loss), net of tax	(106)						(106)
Subscriptions—Redeemable Noncontrolling Interest Holders	2,724						2,724
Consolidation (Deconsolidation)	48,100						48,100
Distributions to Noncontrolling Interest in Subsidiaries	(3,410)						(3,410)
Balance, end of period at Mar. 31, 2024	73,130						73,130
Balance, beginning of period at Dec. 31, 2023	1,128,252	475,003	2	1,194,561	(521,403)	(19,911)
Balance, end of period at Sep. 30, 2024	1,083,516	497,530	0	1,207,794	(622,696)	888
Balance, beginning of period at Dec. 31, 2023	25,845						25,845
Balance, end of period at Sep. 30, 2024	53,408						53,408
Balance, beginning of period at Mar. 31, 2024	1,147,427	485,265	0	1,234,931	(547,623)	(25,146)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	21,027			21,027
Other Comprehensive Income (Loss), net of tax	526					526
Stock Award Activity	6,128	6,128		(8)	8
Dividends Declared	(110,106)			(110,106)
Purchase of Treasury Stock	(47,977)				(47,977)
Balance, end of period at Jun. 30, 2024	1,017,025	491,393	0	1,145,844	(595,592)	(24,620)
Balance, beginning of period at Mar. 31, 2024	73,130						73,130
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss)	(1,802)						(1,802)
Other Comprehensive Income (Loss), net of tax	13						13
Subscriptions—Redeemable Noncontrolling Interest Holders	16,303						16,303
Consolidation (Deconsolidation)	(52,723)						(52,723)
Distributions to Noncontrolling Interest in Subsidiaries	(4,430)						(4,430)
Balance, end of period at Jun. 30, 2024	30,491						30,491
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)	87,538			87,538
Other Comprehensive Income (Loss), net of tax	25,508					25,508
Stock Award Activity	6,137	6,137		(46)	46
Dividends Declared	(25,542)			(25,542)
Purchase of Treasury Stock	(27,150)				(27,150)
Balance, end of period at Sep. 30, 2024	1,083,516	$ 497,530	$ 0	$ 1,207,794	$ (622,696)	$ 888
Increase (Decrease) in Temporary Equity [Roll Forward]
Net Income (Loss)	2,803						2,803
Other Comprehensive Income (Loss), net of tax	554						554
Subscriptions—Redeemable Noncontrolling Interest Holders	13,503						13,503
Consolidation (Deconsolidation)	16,624						16,624
Distributions to Noncontrolling Interest in Subsidiaries	(10,567)						(10,567)
Balance, end of period at Sep. 30, 2024	$ 53,408						$ 53,408

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities
Net Income Including the Noncontrolling Interests in Subsidiaries	$ 184,576,000	$ 218,734,000
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities
Depreciation and Amortization	16,873,000	20,817,000
Share-Based Compensation Expense	22,741,000	27,165,000
(Gain) Loss on Disposal of Assets	(1,225,000)	(157,000)
Provision (Benefit) for Deferred Income Taxes	(11,156,000)	(4,056,000)
Consolidation/(Deconsolidation) of Other Entities	(2,316,000)	3,490,000
Net Unrealized (Gain) Loss on Investments	(7,466,000)	(1,920,000)
Net Sales (Purchases) of Investments—Consolidated Investment Companies	(22,271,000)	(36,311,000)
Impairment of Intangible Asset	66,331,000	0
Other Changes in Assets and Liabilities:
(Increase) Decrease in Receivables, net	8,615,000	(30,981,000)
(Increase) Decrease in Prepaid Expenses and Other Assets	14,178,000	19,389,000
Increase (Decrease) in Accounts Payable and Accrued Expenses	(28,040,000)	(23,942,000)
Increase (Decrease) in Other Liabilities	(20,986,000)	(10,029,000)
Net Cash Provided (Used) by Operating Activities	219,854,000	182,199,000
Investing Activities
Purchases of Investments—Affiliates and Other	(45,058,000)	(13,600,000)
Proceeds from Redemptions of Investments—Affiliates and Other	75,529,000	27,967,000
Cash Paid for Property and Equipment	(3,519,000)	(5,803,000)
Other Investing Activities	(4,100,000)	0
Net Cash Provided (Used) by Investing Activities	22,852,000	8,564,000
Financing Activities
Dividends Paid	(159,588,000)	(73,963,000)
Purchases of Treasury Stock	(114,169,000)	(112,013,000)
Distributions to Noncontrolling Interests in Subsidiaries	(18,407,000)	(32,567,000)
Contributions from Noncontrolling Interests in Subsidiaries	32,530,000	67,783,000
Cash paid for Business Acquisitions	(529,000)	(857,000)
Other Financing Activities	39,000	15,000
Net Cash Provided (Used) by Financing Activities	(260,124,000)	(151,602,000)
Effect of Exchange Rates on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	9,079,000	1,120,000
Net Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(8,339,000)	40,281,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning of Period	386,954,000	340,955,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Period	378,615,000	381,236,000
Less: Restricted Cash Recorded in Other Current Assets	3,192,000	3,886,000
Less: Restricted Cash and Restricted Cash Equivalents Recorded in Other Long-Term Assets	471,000	390,000
Cash and Cash Equivalents	$ 374,952,000	$ 376,960,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Guidance Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosures by expanding the frequency and extent of segment disclosures. The update is effective for Federated Hermes for the December 31, 2024 Form 10-K, and for interim periods starting in fiscal year 2025. Early adoption is permitted and requires the retrospective adoption method. Management is currently evaluating this ASU to determine its impact on Federated Hermes’ disclosures. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU updates income tax disclosures by requiring annual disclosures of disaggregated information, based on meeting a quantitative threshold, about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The update is effective for Federated Hermes for the December 31, 2025 Form 10-K, with early adoption permitted, and allows for either the prospective or retrospective adoption method. Management is currently evaluating this ASU to determine its impact on Federated Hermes’ disclosures. Management does not plan to early adopt this update and will elect the retrospective transition method.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2024
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) 2024 2023 2024 2023 Money market $ 208,443 $ 186,760 $ 618,472 $ 559,622 Equity 117,844 123,485 350,101 371,282 Fixed-income 49,512 47,142 146,803 142,590 Other 32,657 45,269 92,034 144,583 Total Revenue $ 408,456 $ 402,656 $ 1,207,410 $ 1,218,077 The following table presents Federated Hermes’ revenue disaggregated by performance obligation: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Investment Advisory 1 $ 274,621 $ 276,771 $ 809,537 $ 851,089 Administrative Services 97,687 88,023 287,819 252,402 Distribution 2 29,193 31,466 90,619 96,360 Other 6,955 6,396 19,435 18,226 Total Revenue $ 408,456 $ 402,656 $ 1,207,410 $ 1,218,077 1 The Investment Advisory performance obligation can also 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 Distribution 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. The following table presents Federated Hermes’ revenue disaggregated by geographical market: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Domestic $ 346,015 $ 322,028 $ 1,022,011 $ 971,077 Foreign 1 62,441 80,628 185,399 247,000 Total Revenue $ 408,456 $ 402,656 $ 1,207,410 $ 1,218,077 1 This represents revenue earned by non-U.S. domiciled subsidiaries. The following table presents Federated Hermes’ revenue disaggregated by offering type: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Federated Hermes Funds $ 344,795 $ 337,203 $ 1,014,383 $ 1,021,748 Separate Accounts 58,869 61,098 179,883 184,106 Other 4,792 4,355 13,144 12,223 Total Revenue $ 408,456 $ 402,656 $ 1,207,410 $ 1,218,077 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, 2024. 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 2024 $ 3,935 2025 7,006 2026 1,956 2027 and Thereafter 260 Total Remaining Unsatisfied Performance Obligations $ 13,157

Concentration Risk

Concentration Risk	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 Money Market Assets 51 % 46 % Equity Assets 29 % 30 % Fixed-Income Assets 12 % 12 % (b) Revenue Concentration by Investment Fund The following table presents Federated Hermes’ revenue concentration by investment fund strategy: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Federated Hermes Government Obligations Fund 16 % 14 % 15 % 14 % Federated Hermes Prime Cash Obligations Fund 10 % 7 % 9 % 6 % A significant and prolonged decline in the AUM in these funds 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, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation The Consolidated Financial Statements include the accounts of Federated Hermes, certain Federated Hermes Funds, carried interest vehicles 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 variable interest entities (VIEs). From time to time, Federated Hermes invests in Federated Hermes Funds for general corporate investment purposes or, in the case of newly launched offerings, 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 waivers to maintain the yields of certain money market funds at or above zero (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, 2024, Fee Waivers totaled $110.3 million and $321.6 million, respectively, of which $83.3 million and $241.8 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, 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. 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, 2024 and 2023. 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, 2024 and December 31, 2023. (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, 2024 and December 31, 2023, 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, 2024 December 31, 2023 Cash and Cash Equivalents $ 8.5 $ 10.1 Investments—Consolidated Investment Companies 45.9 12.4 Receivables-Affiliates 2.5 4.7 Other Current Assets 1.2 0.3 Other Long-Term Assets 14.6 13.8 Less: Liabilities 10.9 14.0 Less: Accumulated Other Comprehensive Income (Loss), net of tax 0.4 0.6 Less: Redeemable Noncontrolling Interests in Subsidiaries 33.3 11.6 Federated Hermes’ Net Interest in VIEs $ 28.1 $ 15.1 Federated Hermes’ net interest in the consolidated VIEs represents the value of Federated Hermes’ economic ownership interest in those VIEs. Federated Hermes consolidated one VIE in the first quarter 2024 due primarily to redemptions from outside investors, which was subsequently deconsolidated in the second quarter 2024 due primarily to additional investments from outside investors. Federated Hermes consolidated one VIE in the third quarter 2024 due to additional investments by Federated Hermes. There was no material impact to the Consolidated Statements of Income as a result of this consolidation and deconsolidation on a net basis. (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. Federated Hermes’ maximum risk of loss related to investments in variable interests in non-consolidated VIEs was $165.1 million (primarily recorded in Cash and Cash Equivalents on the Consolidated Balance Sheets) at September 30, 2024 and was $133.9 million (primarily recorded in Cash and Cash Equivalents on the Consolidated Balance Sheets) at December 31, 2023, and was entirely related to Federated Hermes Funds. AUM for these non-consolidated Federated Hermes Funds totaled $10.6 billion and $9.3 billion at September 30, 2024 and December 31, 2023, respectively. Of the Receivables—Affiliates at September 30, 2024 and December 31, 2023, $1.2 million and $1.1 million, respectively, was related to non-consolidated VIEs and represented Federated Hermes’ maximum risk of loss from non-consolidated VIE receivables.

Investments

Investments	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments At September 30, 2024 and December 31, 2023, Federated Hermes held investments in non-consolidated fluctuating-value Federated Hermes Funds of $66.5 million and $99.5 million, respectively, primarily in mutual funds which represent equity investments for Federated Hermes, and held investments in Separate Accounts of $7.2 million and $7.5 million at September 30, 2024 and December 31, 2023, 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, 2024 and December 31, 2023 were primarily composed of stocks of large domestic and foreign companies ($3.1 million and $3.4 million, respectively) and domestic debt securities ($2.4 million for both periods). 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, 2024 and December 31, 2023 were composed of domestic and foreign debt securities ($87.8 million and $59.1 million, respectively), stocks of large domestic and foreign companies ($16.2 million and $4.9 million, respectively), stocks of small and mid-sized domestic and foreign companies ($8.1 million and $4.2 million, respectively) and mutual funds ($4.3 million and $2.3 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) 2024 2023 2024 2023 Investments—Consolidated Investment Companies Net Unrealized Gains (Losses) $ 4,433 $ (1,680) $ 2,296 $ 2,582 Net Realized Gains (Losses) 1 20 (125) (204) (1,101) Net Gains (Losses) on Investments—Consolidated Investment Companies 4,453 (1,805) 2,092 1,481 Investments—Affiliates and Other Net Unrealized Gains (Losses) 2,035 (1,518) 5,170 (662) Net Realized Gains (Losses) 1 1,447 (115) 1,564 1,275 Net Gains (Losses) on Investments—Affiliates and Other 3,482 (1,633) 6,734 613 Gain (Loss) on Securities, net $ 7,935 $ (3,438) $ 8,826 $ 2,094 1 Realized gains and losses are computed on a specific-identification basis.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
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, 2024 Financial Assets Cash and Cash Equivalents $ 374,952 $ 0 $ 0 $ 374,952 Investments—Consolidated Investment Companies 25,583 90,797 0 116,380 Investments—Affiliates and Other 70,730 2,944 22 73,696 Other 1 10,129 6,121 0 16,250 Total Financial Assets $ 481,394 $ 99,862 $ 22 $ 581,278 Total Financial Liabilities 2 $ 0 $ 0 $ 8,260 $ 8,260 December 31, 2023 Financial Assets Cash and Cash Equivalents $ 383,180 $ 0 $ 0 $ 383,180 Investments—Consolidated Investment Companies 11,402 59,141 0 70,543 Investments—Affiliates and Other 104,341 2,588 23 106,952 Other 1 6,160 1,644 0 7,804 Total Financial Assets $ 505,083 $ 63,373 $ 23 $ 568,479 Total Financial Liabilities 2 $ 0 $ 335 $ 7,626 $ 7,961 1 Amounts primarily consist of restricted cash, security and other deposits and derivative assets. 2 Amounts primarily consist of acquisition-related future contingent consideration liabilities. 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, 2024 or December 31, 2023. Cash and Cash Equivalents Cash and Cash Equivalents include deposits with banks and investments in money market funds. Investments in money market funds totaled $341.5 million and $333.3 million at September 30, 2024 and December 31, 2023, 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, 2024, acquisition-related future consideration liabilities of $8.3 million were primarily related to business combinations made in 2022 and 2020 and were recorded in Other Current Liabilities ($5.4 million) and Other Long-Term Liabilities ($2.9 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, 2023 $ 7,626 Changes in Fair Value 1,163 Contingent Consideration Payments (529) Balance at September 30, 2024 $ 8,260 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, 2024 and December 31, 2023, these investments totaled $20.0 million and $19.9 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, 2024. (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 $2.0 million.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives Federated Hermes enters into foreign currency forward transactions in order to hedge against foreign exchange rate fluctuations related to Federated Hermes Limited (FHL), a British Pound Sterling-denominated subsidiary. None of these forwards have been designated as hedging instruments for accounting purposes. As of September 30, 2024, Federated Hermes held foreign currency forwards expiring from December 2024 through June 2025 with a combined notional amount of £89.1 million. Federated Hermes recorded $6.1 million in Receivables, net on the Consolidated Balance Sheets, which represented the fair value of these derivative instruments as of September 30, 2024. As of December 31, 2023, Federated Hermes held foreign currency forwards expiring from March 2024 through September 2024 with two counterparties. For foreign currency forwards with a notional amount of £28.8 million, Federated Hermes recorded $1.6 million in Receivables, net on the Consolidated Balance Sheets, which represented the fair value as of December 31, 2023. For foreign currency forwards with a combined notional amount of £55.5 million, Federated Hermes recorded $0.3 million in Other Current Liabilities on the Consolidated Balance Sheets, which represented the fair value as of December 31, 2023.

Intangible Assets, including Go

Intangible Assets, including Goodwill	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, including Goodwill	Intangible Assets, including Goodwill Intangible Assets, net at September 30, 2024 decreased $66.9 million from December 31, 2023 primarily due to a $66.3 million non-cash impairment of an indefinite-lived intangible asset recognized at June 30, 2024, $9.8 million of amortization expense offset by a $8.2 million increase in the value of intangible assets denominated in a foreign currency as a result of foreign exchange rate fluctuations. Due to actual results trailing projected results, driven by a combination of lower gross sales and higher redemptions for the quarter ended June 30, 2024 as compared to the quarter ended March 31, 2024, management concluded that an indicator of potential impairment existed as of June 30, 2024 for the indefinite-lived intangible asset related to the FHL right to manage public fund assets acquired in connection with the 2018 FHL acquisition. Management used an income-based approach, the discounted cash flow method, to value the asset as of June 30, 2024, which resulted in a non-cash impairment charge of $66.3 million. The non-cash impairment was recorded in Operating Expenses - Intangible Asset Related on the Consolidated Statements of Income. There were no impairments recorded in the quarter ended September 30, 2024. Goodwill at September 30, 2024 increased $6.4 million from December 31, 2023 as a result of foreign exchange rate fluctuations on goodwill denominated in a foreign currency.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
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, 2024, $348.0 million, net of unamortized issuance costs in the amount of $2.0 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 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 nine-month period ended September 30, 2024. 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. 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, 2024. As of September 30, 2024 and December 31, 2023, 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, 2024, 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, 2024. 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, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation During the nine months ended September 30, 2024, Federated Hermes awarded 413,607 shares of restricted 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 Stock Incentive Plan (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 2023, Federated Hermes awarded 375,796 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 414,500 shares of restricted Class B common stock under this same Plan that generally vest over a ten-year period. In addition, Federated Hermes awarded 86,000 shares of restricted Class B common stock under the Federated Hermes UK Sub-Plan that generally vest over a five-year period.

Equity

Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Equity	Equity In October 2023, the Federated Hermes, Inc. board of directors (Board) 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, 2024. 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 the Board 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, 2024, Federated Hermes repurchased approximately 3.5 million shares of its Class B common stock for $111.5 million, nearly all of which were repurchased in the open market. At September 30, 2024, approximately 1.2 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 24, 2024. The following table presents the activity for the Class B common stock and Treasury stock for the three and nine months ended September 30, 2024 and 2023. 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, 2024 2023 2024 2023 Class B Shares Beginning Balance 82,600,376 88,290,140 84,840,989 89,275,935 Stock Award Activity 22,500 5,000 423,207 387,996 Purchase of Treasury Stock (818,164) (2,046,790) (3,459,484) (3,415,581) Ending Balance 81,804,712 86,248,350 81,804,712 86,248,350 Treasury Shares Beginning Balance 16,905,080 11,215,316 14,664,467 10,229,521 Stock Award Activity (22,500) (5,000) (423,207) (387,996) Purchase of Treasury Stock 818,164 2,046,790 3,459,484 3,415,581 Ending Balance 17,700,744 13,257,106 17,700,744 13,257,106 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, 2023 $ 14,341 $ 11,504 $ 25,845 Net Income (Loss) (72) 49 (23) Other Comprehensive Income (Loss), net of tax 0 (106) (106) Subscriptions—Redeemable Noncontrolling Interest Holders 2,480 244 2,724 Consolidation/(Deconsolidation) 48,100 0 48,100 Distributions to Noncontrolling Interests in Subsidiaries (2,853) (557) (3,410) Balance at March 31, 2024 $ 61,996 $ 11,134 $ 73,130 Net Income (Loss) (1,658) (144) (1,802) Other Comprehensive Income (Loss), net of tax 0 13 13 Subscriptions—Redeemable Noncontrolling Interest Holders 16,315 (12) 16,303 Consolidation/(Deconsolidation) (52,723) 0 (52,723) Distributions to Noncontrolling Interests in Subsidiaries (2,933) (1,497) (4,430) Balance at June 30, 2024 $ 20,997 $ 9,494 $ 30,491 Net Income (Loss) 2,303 500 2,803 Other Comprehensive Income (Loss), net of tax 0 554 554 Subscriptions—Redeemable Noncontrolling Interest Holders 13,361 142 13,503 Consolidation/(Deconsolidation) 16,624 0 16,624 Distributions to Noncontrolling Interests in Subsidiaries (10,395) (172) (10,567) Balance at September 30, 2024 $ 42,890 $ 10,518 $ 53,408 (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

Earnings Per Share Attributable

Earnings Per Share Attributable to Federated Hermes, Inc. Shareholders	9 Months Ended
	Sep. 30, 2024
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) 2024 2023 2024 2023 Numerator Net Income Attributable to Federated Hermes, Inc. $ 87,538 $ 75,026 $ 183,598 $ 216,802 Less: Total Net Income Available to Participating Unvested Restricted Shareholders 1 (3,747) (3,310) (7,953) (10,309) Total Net Income Attributable to Federated Hermes Common Stock - Basic and Diluted $ 83,791 $ 71,716 $ 175,645 $ 206,493 Denominator Basic Weighted-Average Federated Hermes Common Stock 2 78,690 83,710 79,804 84,499 Dilutive Impact from Non-forfeitable Restricted Stock 16 0 5 3 Diluted Weighted-Average Federated Hermes Common Stock 2 78,706 83,710 79,809 84,502 Earnings Per Share Net Income Attributable to Federated Hermes Common Stock - Basic and Diluted 2 $ 1.06 $ 0.86 $ 2.20 $ 2.44 1 Includes dividends paid on unvested restricted Federated Hermes Class B common stock and their proportionate share of any 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, 2024
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, 2023 $ (19,911) Other Comprehensive Income (Loss) 20,799 Balance at September 30, 2024 $ 888 Balance at December 31, 2022 $ (45,676) Other Comprehensive Income (Loss) 2,283 Balance at September 30, 2023 $ (43,393)

Redeemable Noncontrolling Inter

Redeemable Noncontrolling Interests in Subsidiaries	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Redeemable Noncontrolling Interests in Subsidiaries	Equity In October 2023, the Federated Hermes, Inc. board of directors (Board) 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, 2024. 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 the Board 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, 2024, Federated Hermes repurchased approximately 3.5 million shares of its Class B common stock for $111.5 million, nearly all of which were repurchased in the open market. At September 30, 2024, approximately 1.2 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 24, 2024. The following table presents the activity for the Class B common stock and Treasury stock for the three and nine months ended September 30, 2024 and 2023. 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, 2024 2023 2024 2023 Class B Shares Beginning Balance 82,600,376 88,290,140 84,840,989 89,275,935 Stock Award Activity 22,500 5,000 423,207 387,996 Purchase of Treasury Stock (818,164) (2,046,790) (3,459,484) (3,415,581) Ending Balance 81,804,712 86,248,350 81,804,712 86,248,350 Treasury Shares Beginning Balance 16,905,080 11,215,316 14,664,467 10,229,521 Stock Award Activity (22,500) (5,000) (423,207) (387,996) Purchase of Treasury Stock 818,164 2,046,790 3,459,484 3,415,581 Ending Balance 17,700,744 13,257,106 17,700,744 13,257,106 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, 2023 $ 14,341 $ 11,504 $ 25,845 Net Income (Loss) (72) 49 (23) Other Comprehensive Income (Loss), net of tax 0 (106) (106) Subscriptions—Redeemable Noncontrolling Interest Holders 2,480 244 2,724 Consolidation/(Deconsolidation) 48,100 0 48,100 Distributions to Noncontrolling Interests in Subsidiaries (2,853) (557) (3,410) Balance at March 31, 2024 $ 61,996 $ 11,134 $ 73,130 Net Income (Loss) (1,658) (144) (1,802) Other Comprehensive Income (Loss), net of tax 0 13 13 Subscriptions—Redeemable Noncontrolling Interest Holders 16,315 (12) 16,303 Consolidation/(Deconsolidation) (52,723) 0 (52,723) Distributions to Noncontrolling Interests in Subsidiaries (2,933) (1,497) (4,430) Balance at June 30, 2024 $ 20,997 $ 9,494 $ 30,491 Net Income (Loss) 2,303 500 2,803 Other Comprehensive Income (Loss), net of tax 0 554 554 Subscriptions—Redeemable Noncontrolling Interest Holders 13,361 142 13,503 Consolidation/(Deconsolidation) 16,624 0 16,624 Distributions to Noncontrolling Interests in Subsidiaries (10,395) (172) (10,567) Balance at September 30, 2024 $ 42,890 $ 10,518 $ 53,408 (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

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
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. Federated Hermes or its subsidiaries also can guarantee the obligations of certain offerings, such as direct lending funds, as a condition to making seed or other investments in them. 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, 2024, 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, 2024, 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 $19.6 million as of September 30, 2024 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 $15.9 million is probable based on the contractual terms of certain insurance policies. Accordingly, $15.9 million has been recorded to Receivables, net at September 30, 2024. 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 recorded. In connection with the restructuring of an infrastructure fund, 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. An additional $5.1 million and $1.9 million in consideration was recorded in Operating Expenses - Other in the second half of 2023 and first half of 2024, respectively. Negotiations for additional consideration continue with one limited partner. The final consideration may be different from the amounts recorded and the difference could be material.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax provision was $32.3 million for the three-month period ended September 30, 2024, as compared to $26.7 million for the same period in 2023. The increase in the income tax provision was primarily due to an increase in U.S. income tax resulting from increased U.S. income. The effective tax rate was 26.3% for the three-month period ended September 30, 2024, as compared to 26.5% for the same period in 2023. The income tax provision was $84.7 million for the nine-month period ended September 30, 2024, as compared to $75.3 million for the same period in 2023. The increase in the income tax provision was primarily due to an increase in U.S. income tax resulting from increased U.S. income. The effective tax rate was 31.5% for the nine-month period ended September 30, 2024, as compared to 25.6% for the same period in 2023. The increase in the effective tax rate was primarily the result of a valuation allowance on foreign deferred tax assets and the impairment of a foreign indefinite-lived intangible asset.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 24, 2024, the Board declared a $0.31 per share dividend to Federated Hermes’ Class A and Class B common stock shareholders of record as of November 8, 2024 to be paid on November 15, 2024. On October 24, 2024, the Board 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 the Board 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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income Attributable to Federated Hermes, Inc.	$ 87,538	$ 75,026	$ 183,598	$ 216,802

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
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

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [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.
Recently Issued Accounting Guidance Not Yet Adopted	Recently Issued Accounting Guidance Not Yet Adopted Segment Reporting In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates reportable segment disclosures by expanding the frequency and extent of segment disclosures. The update is effective for Federated Hermes for the December 31, 2024 Form 10-K, and for interim periods starting in fiscal year 2025. Early adoption is permitted and requires the retrospective adoption method. Management is currently evaluating this ASU to determine its impact on Federated Hermes’ disclosures. Income Taxes In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU updates income tax disclosures by requiring annual disclosures of disaggregated information, based on meeting a quantitative threshold, about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The update is effective for Federated Hermes for the December 31, 2025 Form 10-K, with early adoption permitted, and allows for either the prospective or retrospective adoption method. Management is currently evaluating this ASU to determine its impact on Federated Hermes’ disclosures. Management does not plan to early adopt this update and will elect the retrospective transition method.
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.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2024
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) 2024 2023 2024 2023 Money market $ 208,443 $ 186,760 $ 618,472 $ 559,622 Equity 117,844 123,485 350,101 371,282 Fixed-income 49,512 47,142 146,803 142,590 Other 32,657 45,269 92,034 144,583 Total Revenue $ 408,456 $ 402,656 $ 1,207,410 $ 1,218,077 The following table presents Federated Hermes’ revenue disaggregated by performance obligation: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Investment Advisory 1 $ 274,621 $ 276,771 $ 809,537 $ 851,089 Administrative Services 97,687 88,023 287,819 252,402 Distribution 2 29,193 31,466 90,619 96,360 Other 6,955 6,396 19,435 18,226 Total Revenue $ 408,456 $ 402,656 $ 1,207,410 $ 1,218,077 1 The Investment Advisory performance obligation can also 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 Distribution 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. The following table presents Federated Hermes’ revenue disaggregated by geographical market: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Domestic $ 346,015 $ 322,028 $ 1,022,011 $ 971,077 Foreign 1 62,441 80,628 185,399 247,000 Total Revenue $ 408,456 $ 402,656 $ 1,207,410 $ 1,218,077 1 This represents revenue earned by non-U.S. domiciled subsidiaries. The following table presents Federated Hermes’ revenue disaggregated by offering type: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2024 2023 2024 2023 Federated Hermes Funds $ 344,795 $ 337,203 $ 1,014,383 $ 1,021,748 Separate Accounts 58,869 61,098 179,883 184,106 Other 4,792 4,355 13,144 12,223 Total Revenue $ 408,456 $ 402,656 $ 1,207,410 $ 1,218,077
Schedule of Remaining Unsatisfied Performance Obligations	Based on existing contracts and the applicable foreign exchange rates as of September 30, 2024, Federated Hermes may recognize future fixed revenue from these services as presented in the following table: (in thousands) Remainder of 2024 $ 3,935 2025 7,006 2026 1,956 2027 and Thereafter 260 Total Remaining Unsatisfied Performance Obligations $ 13,157

Concentration Risk (Tables)

Concentration Risk (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 Money Market Assets 51 % 46 % Equity Assets 29 % 30 % Fixed-Income Assets 12 % 12 % The following table presents Federated Hermes’ revenue concentration by investment fund strategy: Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Federated Hermes Government Obligations Fund 16 % 14 % 15 % 14 % Federated Hermes Prime Cash Obligations Fund 10 % 7 % 9 % 6 %

Consolidation (Tables)

Consolidation (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 December 31, 2023 Cash and Cash Equivalents $ 8.5 $ 10.1 Investments—Consolidated Investment Companies 45.9 12.4 Receivables-Affiliates 2.5 4.7 Other Current Assets 1.2 0.3 Other Long-Term Assets 14.6 13.8 Less: Liabilities 10.9 14.0 Less: Accumulated Other Comprehensive Income (Loss), net of tax 0.4 0.6 Less: Redeemable Noncontrolling Interests in Subsidiaries 33.3 11.6 Federated Hermes’ Net Interest in VIEs $ 28.1 $ 15.1

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
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) 2024 2023 2024 2023 Investments—Consolidated Investment Companies Net Unrealized Gains (Losses) $ 4,433 $ (1,680) $ 2,296 $ 2,582 Net Realized Gains (Losses) 1 20 (125) (204) (1,101) Net Gains (Losses) on Investments—Consolidated Investment Companies 4,453 (1,805) 2,092 1,481 Investments—Affiliates and Other Net Unrealized Gains (Losses) 2,035 (1,518) 5,170 (662) Net Realized Gains (Losses) 1 1,447 (115) 1,564 1,275 Net Gains (Losses) on Investments—Affiliates and Other 3,482 (1,633) 6,734 613 Gain (Loss) on Securities, net $ 7,935 $ (3,438) $ 8,826 $ 2,094 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, 2024
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, 2024 Financial Assets Cash and Cash Equivalents $ 374,952 $ 0 $ 0 $ 374,952 Investments—Consolidated Investment Companies 25,583 90,797 0 116,380 Investments—Affiliates and Other 70,730 2,944 22 73,696 Other 1 10,129 6,121 0 16,250 Total Financial Assets $ 481,394 $ 99,862 $ 22 $ 581,278 Total Financial Liabilities 2 $ 0 $ 0 $ 8,260 $ 8,260 December 31, 2023 Financial Assets Cash and Cash Equivalents $ 383,180 $ 0 $ 0 $ 383,180 Investments—Consolidated Investment Companies 11,402 59,141 0 70,543 Investments—Affiliates and Other 104,341 2,588 23 106,952 Other 1 6,160 1,644 0 7,804 Total Financial Assets $ 505,083 $ 63,373 $ 23 $ 568,479 Total Financial Liabilities 2 $ 0 $ 335 $ 7,626 $ 7,961 1 Amounts primarily consist of restricted cash, security and other deposits and derivative assets. 2 Amounts primarily consist of acquisition-related future contingent consideration liabilities.
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, 2023 $ 7,626 Changes in Fair Value 1,163 Contingent Consideration Payments (529) Balance at September 30, 2024 $ 8,260

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 and 2023. 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, 2024 2023 2024 2023 Class B Shares Beginning Balance 82,600,376 88,290,140 84,840,989 89,275,935 Stock Award Activity 22,500 5,000 423,207 387,996 Purchase of Treasury Stock (818,164) (2,046,790) (3,459,484) (3,415,581) Ending Balance 81,804,712 86,248,350 81,804,712 86,248,350 Treasury Shares Beginning Balance 16,905,080 11,215,316 14,664,467 10,229,521 Stock Award Activity (22,500) (5,000) (423,207) (387,996) Purchase of Treasury Stock 818,164 2,046,790 3,459,484 3,415,581 Ending Balance 17,700,744 13,257,106 17,700,744 13,257,106

Earnings Per Share Attributab_2

Earnings Per Share Attributable to Federated Hermes, Inc. Shareholders (Tables)	9 Months Ended
	Sep. 30, 2024
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) 2024 2023 2024 2023 Numerator Net Income Attributable to Federated Hermes, Inc. $ 87,538 $ 75,026 $ 183,598 $ 216,802 Less: Total Net Income Available to Participating Unvested Restricted Shareholders 1 (3,747) (3,310) (7,953) (10,309) Total Net Income Attributable to Federated Hermes Common Stock - Basic and Diluted $ 83,791 $ 71,716 $ 175,645 $ 206,493 Denominator Basic Weighted-Average Federated Hermes Common Stock 2 78,690 83,710 79,804 84,499 Dilutive Impact from Non-forfeitable Restricted Stock 16 0 5 3 Diluted Weighted-Average Federated Hermes Common Stock 2 78,706 83,710 79,809 84,502 Earnings Per Share Net Income Attributable to Federated Hermes Common Stock - Basic and Diluted 2 $ 1.06 $ 0.86 $ 2.20 $ 2.44 1 Includes dividends paid on unvested restricted Federated Hermes Class B common stock and their proportionate share of any 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, 2024
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, 2023 $ (19,911) Other Comprehensive Income (Loss) 20,799 Balance at September 30, 2024 $ 888 Balance at December 31, 2022 $ (45,676) Other Comprehensive Income (Loss) 2,283 Balance at September 30, 2023 $ (43,393)

Redeemable Noncontrolling Int_2

Redeemable Noncontrolling Interests in Subsidiaries (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2023 $ 14,341 $ 11,504 $ 25,845 Net Income (Loss) (72) 49 (23) Other Comprehensive Income (Loss), net of tax 0 (106) (106) Subscriptions—Redeemable Noncontrolling Interest Holders 2,480 244 2,724 Consolidation/(Deconsolidation) 48,100 0 48,100 Distributions to Noncontrolling Interests in Subsidiaries (2,853) (557) (3,410) Balance at March 31, 2024 $ 61,996 $ 11,134 $ 73,130 Net Income (Loss) (1,658) (144) (1,802) Other Comprehensive Income (Loss), net of tax 0 13 13 Subscriptions—Redeemable Noncontrolling Interest Holders 16,315 (12) 16,303 Consolidation/(Deconsolidation) (52,723) 0 (52,723) Distributions to Noncontrolling Interests in Subsidiaries (2,933) (1,497) (4,430) Balance at June 30, 2024 $ 20,997 $ 9,494 $ 30,491 Net Income (Loss) 2,303 500 2,803 Other Comprehensive Income (Loss), net of tax 0 554 554 Subscriptions—Redeemable Noncontrolling Interest Holders 13,361 142 13,503 Consolidation/(Deconsolidation) 16,624 0 16,624 Distributions to Noncontrolling Interests in Subsidiaries (10,395) (172) (10,567) Balance at September 30, 2024 $ 42,890 $ 10,518 $ 53,408 (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

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 408,456	$ 402,656	$ 1,207,410	$ 1,218,077
Money market
Disaggregation of Revenue [Line Items]
Total Revenue	208,443	186,760	618,472	559,622
Equity
Disaggregation of Revenue [Line Items]
Total Revenue	117,844	123,485	350,101	371,282
Fixed-income
Disaggregation of Revenue [Line Items]
Total Revenue	49,512	47,142	146,803	142,590
Other
Disaggregation of Revenue [Line Items]
Total Revenue	$ 32,657	$ 45,269	$ 92,034	$ 144,583

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 408,456	$ 402,656	$ 1,207,410	$ 1,218,077
Investment Advisory
Disaggregation of Revenue [Line Items]
Total Revenue	274,621	276,771	809,537	851,089
Administrative Services
Disaggregation of Revenue [Line Items]
Total Revenue	97,687	88,023	287,819	252,402
Distribution
Disaggregation of Revenue [Line Items]
Total Revenue	29,193	31,466	90,619	96,360
Other
Disaggregation of Revenue [Line Items]
Total Revenue	$ 6,955	$ 6,396	$ 19,435	$ 18,226

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 408,456	$ 402,656	$ 1,207,410	$ 1,218,077
Domestic
Disaggregation of Revenue [Line Items]
Total Revenue	346,015	322,028	1,022,011	971,077
Foreign
Disaggregation of Revenue [Line Items]
Total Revenue	$ 62,441	$ 80,628	$ 185,399	$ 247,000

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 408,456	$ 402,656	$ 1,207,410	$ 1,218,077
Federated Hermes Funds
Disaggregation of Revenue [Line Items]
Total Revenue	344,795	337,203	1,014,383	1,021,748
Separate Accounts
Disaggregation of Revenue [Line Items]
Total Revenue	58,869	61,098	179,883	184,106
Other
Disaggregation of Revenue [Line Items]
Total Revenue	$ 4,792	$ 4,355	$ 13,144	$ 12,223

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Narrative (Details)	9 Months Ended
	Sep. 30, 2024
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 Contract with Cust

Revenue from Contract with Customer - Remaining Unsatisfied Performance Obligations (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Remaining Unsatisfied Performance Obligations	$ 13,157
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Remaining Unsatisfied Performance Obligations	3,935
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	7,006
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	1,956
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Total Remaining Unsatisfied Performance Obligations	$ 260

Revenue from Contracts with C_8

Revenue from Contracts with Customers - Future Fixed Revenue from Stewardship and Real Estate Development Services (Details)	Sep. 30, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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]
Expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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, 2024	Sep. 30, 2023
Money Market Assets
Concentration Risk [Line Items]
Concentration risk	51%	46%
Equity Assets
Concentration Risk [Line Items]
Concentration risk	29%	30%
Fixed-Income Assets
Concentration Risk [Line Items]
Concentration risk	12%	12%

Concentration Risk - Schedule_2

Concentration Risk - Schedule of Revenue Concentration by Investment Fund (Details) - Product Concentration Risk - Revenue benchmark	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Federated Hermes Government Obligations Fund
Concentration Risk [Line Items]
Concentration risk	16%	14%	15%	14%
Federated Hermes Prime Cash Obligations Fund
Concentration Risk [Line Items]
Concentration risk	10%	7%	9%	6%

Concentration Risk - Narrative

Concentration Risk - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue benchmark | Customer Concentration Risk | Bank of New York Mellon Corporation
Concentration Risk [Line Items]
Concentration risk	10%	11%	10%	11%

Consolidation - Narrative (Deta

Consolidation - Narrative (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($) vIE	Mar. 31, 2024 vIE	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Variable Interest Entities [Line Items]
Fee waivers	$ 110,300,000		$ 142,400,000	$ 321,600,000	$ 398,800,000
Number of VIEs consolidated | vIE	1	1
Variable Interest Entity Not Primary Beneficiary
Variable Interest Entities [Line Items]
Assets under managed investments	$ 10,600,000,000			10,600,000,000		$ 9,300,000,000
Cash and Cash Equivalents | Variable Interest Entity Not Primary Beneficiary | Affiliates
Variable Interest Entities [Line Items]
Federated Hermes' maximum risk of loss	165,100,000			165,100,000		133,900,000
Accounts Receivable | Variable Interest Entity Not Primary Beneficiary
Variable Interest Entities [Line Items]
Federated Hermes' maximum risk of loss	1,200,000			1,200,000		$ 1,100,000
Financial Support, Fee Waivers
Variable Interest Entities [Line Items]
Money market funds which meet the scope exception of the consolidation guidance	$ 83,300,000		$ 114,000,000	241,800,000	313,500,000
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 Hermes Fund VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Variable Interest Entities [Line Items]
Cash and Cash Equivalents	$ 374,952	$ 383,180	$ 376,960
Other Current Assets	6,303	5,900
Other Long-Term Assets	40,206	34,534
Less: Liabilities	900,627	947,747
Less: Accumulated Other Comprehensive Income (Loss), net of tax	888	(19,911)
Investments—Consolidated Investment Companies
Variable Interest Entities [Line Items]
Investments—Consolidated Investment Companies	116,380	70,543
Receivables-Affiliates
Variable Interest Entities [Line Items]
Investments—Consolidated Investment Companies	73,696	106,952
Receivables-Affiliates	39,133	48,694
Variable Interest Entity, Primary Beneficiary
Variable Interest Entities [Line Items]
Cash and Cash Equivalents	8,500	10,100
Other Current Assets	1,200	300
Other Long-Term Assets	14,600	13,800
Less: Liabilities	10,900	14,000
Less: Accumulated Other Comprehensive Income (Loss), net of tax	400	600
Less: Redeemable Noncontrolling Interests in Subsidiaries	33,300	11,600
Federated Hermes’ Net Interest in VIEs	28,100	15,100
Variable Interest Entity, Primary Beneficiary | Investments—Consolidated Investment Companies
Variable Interest Entities [Line Items]
Investments—Consolidated Investment Companies	45,900	12,400
Variable Interest Entity, Primary Beneficiary | Receivables-Affiliates
Variable Interest Entities [Line Items]
Receivables-Affiliates	$ 2,500	$ 4,700

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Affiliates
Schedule of Investments [Line Items]
Investments	$ 73,696	$ 106,952
Investments—Consolidated Investment Companies
Schedule of Investments [Line Items]
Investments	116,380	70,543
Stocks of Large Companies | Investments—Consolidated Investment Companies
Schedule of Investments [Line Items]
Investments	16,200	4,900
Debt Securities | Investments—Consolidated Investment Companies
Schedule of Investments [Line Items]
Investments	87,800	59,100
Stocks of Small and Mid Sized Companies | Investments—Consolidated Investment Companies
Schedule of Investments [Line Items]
Investments	8,100	4,200
Mutual Funds | Investments—Consolidated Investment Companies
Schedule of Investments [Line Items]
Investments	4,300	2,300
Federated Hermes Funds | Affiliates
Schedule of Investments [Line Items]
Investments	66,500	99,500
Separate Accounts | Affiliates
Schedule of Investments [Line Items]
Investments	7,200	7,500
Separate Accounts | Stocks of Large Companies | Affiliates
Schedule of Investments [Line Items]
Investments	3,100	3,400
Separate Accounts | Debt Securities | Affiliates
Schedule of Investments [Line Items]
Investments	$ 2,400	$ 2,400

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
(Loss) Gain on Securities [Line Items]
Net Unrealized Gains (Losses)			$ 7,466	$ 1,920
Gain (Loss) on Securities, net	$ 7,935	$ (3,438)	8,826	2,094
Investments | Investments—Consolidated Investment Companies
(Loss) Gain on Securities [Line Items]
Net Unrealized Gains (Losses)	4,433	(1,680)	2,296	2,582
Net Realized Gains (Losses)	20	(125)	(204)	(1,101)
Gain (Loss) on Securities, net	4,453	(1,805)	2,092	1,481
Investments | Investments—Affiliates and Other
(Loss) Gain on Securities [Line Items]
Net Unrealized Gains (Losses)	2,035	(1,518)	5,170	(662)
Net Realized Gains (Losses)	1,447	(115)	1,564	1,275
Gain (Loss) on Securities, net	$ 3,482	$ (1,633)	$ 6,734	$ 613

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, 2024	Dec. 31, 2023
Financial Assets
Cash and Cash Equivalents	$ 374,952	$ 383,180
Other	16,250	7,804
Total Financial Assets	581,278	568,479
Financial Liabilities
Total Financial Liabilities	8,260	7,961
Investments—Consolidated Investment Companies
Financial Assets
Investments	116,380	70,543
Investments—Affiliates and Other
Financial Assets
Investments	73,696	106,952
Level 1
Financial Assets
Cash and Cash Equivalents	374,952	383,180
Other	10,129	6,160
Total Financial Assets	481,394	505,083
Financial Liabilities
Total Financial Liabilities	0	0
Level 1 | Investments—Consolidated Investment Companies
Financial Assets
Investments	25,583	11,402
Level 1 | Investments—Affiliates and Other
Financial Assets
Investments	70,730	104,341
Level 2
Financial Assets
Cash and Cash Equivalents	0	0
Other	6,121	1,644
Total Financial Assets	99,862	63,373
Financial Liabilities
Total Financial Liabilities	0	335
Level 2 | Investments—Consolidated Investment Companies
Financial Assets
Investments	90,797	59,141
Level 2 | Investments—Affiliates and Other
Financial Assets
Investments	2,944	2,588
Level 3
Financial Assets
Cash and Cash Equivalents	0	0
Other	0	0
Total Financial Assets	22	23
Financial Liabilities
Total Financial Liabilities	8,260	7,626
Level 3 | Investments—Consolidated Investment Companies
Financial Assets
Investments	0	0
Level 3 | Investments—Affiliates and Other
Financial Assets
Investments	$ 22	$ 23

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Acquisition-related future consideration liabilities	$ 8.3
Acquisition-related future consideration liabilities recorded in other current liabilities	5.4
Acquisition-related future consideration liabilities recorded in other long-term liabilities	2.9
Unsecured Senior Notes | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Issuance costs, net	2
Money market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents	341.5	$ 333.3
NAV | Mutual Fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other	$ 20	$ 19.9

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Liability for Future Consideration Payments (Details) - Contingent Consideration $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning	$ 7,626
Changes in Fair Value	1,163
Contingent Consideration Payments	(529)
Balance at end	$ 8,260

Derivatives (Details)

Derivatives (Details) - Foreign Currency Forward £ in Millions, $ in Millions	Sep. 30, 2024 GBP (£)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Derivative asset, notional amount | £	£ 89.1		£ 28.8
Derivative assets | $		$ 6.1		$ 1.6
Derivative liability, notional amount | £			£ 55.5
Derivative liabilities | $				$ 0.3

Intangible Assets, including _2

Intangible Assets, including Goodwill (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Decrease in intangible assets, net			$ 66,900,000
Impairment of intangible asset	$ 0	$ 66,300,000	66,331,000	$ 0
Amortization expense for finite-lived intangible assets			9,800,000
Foreign exchange rate fluctuations			8,200,000
Goodwill increase			$ 6,400,000

Debt (Details)

Debt (Details)		9 Months Ended
	Mar. 17, 2022 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 30, 2021 USD ($) bank
Debt Instrument [Line Items]
Long-term debt, net of issuance costs		$ 348,040,000	$ 347,843,000
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
Swing Line
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 50,000,000
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		348,000,000
Issuance costs, net		$ 2,000,000
Commitment fee amount	$ 0

Share-Based Compensation (Detai

Share-Based Compensation (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Class B Common Stock Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awarded in period (in shares)	413,607	375,796
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)		414,500
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)		86,000
Vesting period		5 years

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Purchase of treasury stock (in shares)	818,164			2,046,790			3,459,484	3,415,581
Purchase of treasury stock	$ 27,150	$ 47,977	$ 37,197	$ 69,831	$ 43,366	$ 4,742
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)							3,500,000
Purchase of treasury stock							$ 111,500
Remaining number of shares authorized to be repurchased (in shares)	1,200,000						1,200,000

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	16,905,080	11,215,316	14,664,467	10,229,521
Stock Award Activity (in shares)	(22,500)	(5,000)	(423,207)	(387,996)
Purchase of Treasury Stock (in shares)	818,164	2,046,790	3,459,484	3,415,581
Ending Balance (in shares)	17,700,744	13,257,106	17,700,744	13,257,106
Class B Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	82,600,376	88,290,140	84,840,989	89,275,935
Stock Award Activity (in shares)	22,500	5,000	423,207	387,996
Purchase of Treasury Stock (in shares)	(818,164)	(2,046,790)	(3,459,484)	(3,415,581)
Ending Balance (in shares)	81,804,712	86,248,350	81,804,712	86,248,350
Purchase of Treasury Stock (in shares)			3,500,000

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net Income Attributable to Federated Hermes, Inc.	$ 87,538	$ 75,026	$ 183,598	$ 216,802
Less: Total Net Income Available to Participating Unvested Restricted Shareholders	(3,747)	(3,310)	(7,953)	(10,309)
Total Net Income Attributable to Federated Hermes Common Stock - Basic	83,791	71,716	175,645	206,493
Total Net Income Attributable to Federated Hermes Common Stock - Diluted	$ 83,791	$ 71,716	$ 175,645	$ 206,493
Denominator
Basic Weighted-Average Federated Hermes Common Stock (in shares)	78,690	83,710	79,804	84,499
Dilutive Impact from Non-forfeitable Restricted Stock (in shares)	16	0	5	3
Diluted Weighted-Average Federated Hermes Common Stock (in shares)	78,706	83,710	79,809	84,502
Net Income Attributable to Federated Hermes Common Stock – Basic (usd per share)	$ 1.06	$ 0.86	$ 2.20	$ 2.44
Net Income Attributable to Federated Hermes Common Share—Diluted (usd per share)	$ 1.06	$ 0.86	$ 2.20	$ 2.44

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) Attributable to Federated Hermes, Inc. Shareholders (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss), net of tax [Rollforward]
Balance, beginning of period	$ 1,128,252	$ 1,045,692
Balance, end of period	1,083,516	1,100,038
Foreign Currency Translation Gain (Loss)
Accumulated Other Comprehensive Income (Loss), net of tax [Rollforward]
Balance, beginning of period	(19,911)	(45,676)
Other Comprehensive Income (Loss)	20,799	2,283
Balance, end of period	$ 888	$ (43,393)

Redeemable Noncontrolling Int_3

Redeemable Noncontrolling Interests in Subsidiaries (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, beginning of period	$ 30,491	$ 73,130	$ 25,845	$ 58,012	$ 39,508	$ 61,821
Net Income (Loss)	2,803	(1,802)	(23)	(760)	827	1,865
Other Comprehensive Income (Loss), net of tax	554	13	(106)	(454)	328	232
Subscriptions—Redeemable Noncontrolling Interest Holders	13,503	16,303	2,724	35,323	19,684	12,776
Consolidation/(Deconsolidation)	16,624	(52,723)	48,100	(6,601)	12,119	(33,962)
Distributions to Noncontrolling Interests in Subsidiaries	(10,567)	(4,430)	(3,410)	(14,889)	(14,454)	(3,224)
Balance, end of period	53,408	30,491	73,130	70,631	58,012	39,508
Consolidated Investment Companies
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, beginning of period	20,997	61,996	14,341	46,680	28,450	50,317
Net Income (Loss)	2,303	(1,658)	(72)	(804)	486	1,925
Other Comprehensive Income (Loss), net of tax	0	0	0	(8)	0	0
Subscriptions—Redeemable Noncontrolling Interest Holders	13,361	16,315	2,480	35,323	19,642	12,669
Consolidation/(Deconsolidation)	16,624	(52,723)	48,100	(6,601)	12,119	(33,962)
Distributions to Noncontrolling Interests in Subsidiaries	(10,395)	(2,933)	(2,853)	(14,621)	(14,017)	(2,499)
Balance, end of period	42,890	20,997	61,996	59,969	46,680	28,450
Other Entities
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance, beginning of period	9,494	11,134	11,504	11,332	11,058	11,504
Net Income (Loss)	500	(144)	49	44	341	(60)
Other Comprehensive Income (Loss), net of tax	554	13	(106)	(446)	328	232
Subscriptions—Redeemable Noncontrolling Interest Holders	142	(12)	244	0	42	107
Consolidation/(Deconsolidation)	0	0	0	0	0	0
Distributions to Noncontrolling Interests in Subsidiaries	(172)	(1,497)	(557)	(268)	(437)	(725)
Balance, end of period	$ 10,518	$ 9,494	$ 11,134	$ 10,662	$ 11,332	$ 11,058

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Limited partners' carried interest fair value	$ 9.8
Increase in limited partners' carried interest fair value				$ 1.9	$ 5.1
Administrative error related to unregistered shares
Loss Contingencies [Line Items]
Loss contingency estimated probable cost			$ 19.6
Loss contingency settlement paid	$ 17.9
Loss contingency provision		$ 2.5
Insurance reimbursement receivable			$ 15.9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax Provision	$ 32,262	$ 26,739	$ 84,701	$ 75,291
Effective income tax rate (in percent )	26.30%	26.50%	31.50%	25.60%

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended		9 Months Ended
	Oct. 24, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 31, 2023
Subsequent Event [Line Items]
Cash dividends per share (usd per share)		$ 0.31	$ 0.28	$ 1.90	$ 0.83
Class B Shares
Subsequent Event [Line Items]
Number of shares authorized under share repurchase program (in shares)						5,000,000
Subsequent Event | Class A Shares
Subsequent Event [Line Items]
Cash dividends per share (usd per share)	$ 0.31
Subsequent Event | Class B Shares
Subsequent Event [Line Items]
Cash dividends per share (usd per share)	$ 0.31
Number of shares authorized under share repurchase program (in shares)	5,000,000