Federated Hermes, Inc. reports record assets under management with first quarter 2025 earnings

Rhea-AI Summary

Federated Hermes (NYSE: FHI) reported strong Q1 2025 financial results with record-breaking performance. The company achieved earnings per diluted share of $1.25, up from $0.89 in Q1 2024, while net income rose to $101.1 million from $75.0 million year-over-year.

Total assets under management reached a record $839.8 billion, increasing 8% from the previous year, with money market assets hitting an all-time high of $637.1 billion. The company's board approved a 9.7% dividend increase to $0.34 per share, payable on May 15, 2025.

During Q1 2025, the company repurchased 3,057,542 shares for $120.1 million. Revenue increased 7% year-over-year, primarily driven by higher average money market assets and increased performance fees. The quarter also benefited from a $12.9 million decrease in operating expenses due to a VAT refund in the UK.

Positive

• Record AUM of $839.8 billion, up 8% year-over-year
• EPS increased 40% to $1.25 from $0.89 year-over-year
• Net income grew 35% to $101.1 million
• Money market assets reached record $637.1 billion, up 10%
• 9.7% dividend increase to $0.34 per share
• Revenue increased 7% year-over-year
• Operating expenses decreased by 2%

Negative

• Alternative/private markets assets declined 5% year-over-year to $19.4 billion
• Revenue decreased $1.1 million compared to Q4 2024
• Nonoperating income decreased $1.2 million year-over-year

• Total assets under management reach a record $839.8 billion
• Money market assets reach a record $637.1 billion
• Q1 2025 earnings per diluted share of $1.25
• Quarterly dividend increased by 9.7% to $0.34 per share

PITTSBURGH, April 24, 2025 /PRNewswire/ -- Federated Hermes, Inc. (NYSE: FHI), a global leader in active investing, today reported earnings per diluted share (EPS) of $1.25 for Q1 2025, compared to $0.89 for the same quarter last year, on net income of $101.1 million for Q1 2025, compared to $75.0 million for Q1 2024. Federated Hermes' Q1 2025 results include a $12.9 million decrease in Other operating expense, or $0.15 per diluted share, resulting from a value-added tax (VAT) refund received as part of amended VAT filings in the U.K.

Federated Hermes' total managed assets were a record $839.8 billion at March 31, 2025, up $61.1 billion or 8% from $778.7 billion at March 31, 2024 and up $10.2 billion or 1% from $829.6 billion at Dec. 31, 2024. Total average managed assets for Q1 2025 were $843.2 billion, up $66.7 billion or 9% from $776.5 billion reported for Q1 2024 and up $38.8 billion or 5% from $804.4 billion for Q4 2024.

"For the 10th consecutive quarter, Federated Hermes reached record assets under management," said J. Christopher Donahue, president and chief executive officer. "Our money market funds and separate accounts continued to see strong inflows as investors sought a haven from market volatility and benefited from the yield advantage generally offered by money market products over bank deposit accounts and some securities in the direct market during the first quarter 2025. We also saw strong demand for a range of our MDT products, including the MDT Market Neutral Fund, which seeks to provide long-term capital appreciation while limiting exposure to general stock market risk. Our MDT strategies historically have offered the opportunity for outperformance driven by a systematic, repeatable process that evaluates companies according to fundamental and technical factors."

Federated Hermes' board of directors declared a dividend of $0.34 per share, which was an increase of $0.03 or 9.7% from the previous quarter.  The dividend is payable on May 15, 2025 to shareholders of record as of May 8, 2025. During Q1 2025, Federated Hermes purchased 3,057,542 shares of Federated Hermes class B common stock for $120.1 million.

Equity assets were $80.9 billion at March 31, 2025, up $0.7 billion or 1% from $80.2 billion at March 31, 2024 and up $1.5 billion or 2% from $79.4 billion at Dec. 31, 2024. Top-selling equity funds during Q1 2025 on a net basis were Federated Hermes MDT Mid Cap Growth Fund, Federated Hermes MDT Large Cap Growth Fund, Federated Hermes MDT Mid Cap Growth Collective Investment Fund, Federated Hermes MDT All Cap Core Fund and Federated Hermes MDT Large Cap Value Fund.

Fixed-income assets were $99.5 billion at March 31, 2025, up $3.2 billion or 3% from $96.3 billion at March 31, 2024 and up $1.4 billion or 1% from $98.1 billion at Dec. 31, 2024. Top-selling fixed-income funds during Q1 2025 on a net basis were

Federated Hermes Government Ultrashort Bond Fund, Federated Hermes Municipal Ultrashort Fund, Federated Hermes Short-Term Income Fund, Federated Hermes SDG Engagement High Yield Credit Fund and Federated Hermes Conservative Municipal Ultrashort Fund.

Alternative/private markets assets were $19.4 billion at March 31, 2025, down $1.1 billion or 5% from $20.5 billion at March 31, 2024 and up $0.5 billion or 3% from $18.9 billion at Dec. 31, 2024.

Money market assets were a record $637.1 billion at March 31, 2025, up $58.3 billion or 10% from $578.8 billion at March 31, 2024 and up $6.8 billion or 1% from $630.3 billion at Dec. 31, 2024. Money market fund assets were a record $464.9 billion at March 31, 2025, up $47.8 billion or 11% from $417.1 billion at March 31, 2024 and up $3.2 billion or 1% from $461.7 billion at Dec. 31, 2024.

Financial Summary

Q1 2025 vs. Q1 2024

Revenue increased $27.2 million or 7% primarily due to an increase in revenue resulting from higher average money market assets, an increase in performance fees and an increase in carried interest, including an increase of $1.5 million of carried interest from consolidated carried interest vehicles, which is largely offset in compensation expense.

During Q1 2025, Federated Hermes derived 53% of its revenue from money market assets, 46% from long-term assets (28% from equity, 12% from fixed-income, and 6% from alternative/private markets and multi-asset) and 1% from sources other than managed assets.

Operating expenses decreased $6.0 million or 2% primarily due to a $20.0 million decrease in Other expense resulting from a VAT refund received related to amended VAT filings in the U.K. and fluctuations in foreign currency exchange rates, partially offset by a $6.7 million increase in compensation and related expense related to higher incentive compensation and a $4.2 million increase in distribution expenses resulting primarily from higher average managed money market fund assets.

Nonoperating income (expenses), net decreased $1.2 million primarily due to a smaller increase in the market value of investments in Q1 2025 compared to the increase in the market value of investments in Q1 2024.

Q1 2025 vs. Q4 2024

Revenue decreased $1.1 million primarily due to a decrease in revenue because there were two fewer days in Q1 2025 than in Q4 2024 and a decrease resulting from the lower average total and mix of equity assets. These decreases were partially offset by an increase in revenue from higher average money market assets.

Operating expenses decreased $22.5 million or 7% primarily due to a $24.1 million decrease in Other expense resulting from fluctuations in foreign currency exchange rates and the VAT refund received.

Nonoperating income (expenses), net increased $2.4 million primarily due to an increase in the market value of investments in Q1 2025 as compared to a decrease in the market value of investments in Q4 2024.   

Earnings call information

Federated Hermes will host an earnings conference call at 9 a.m. Eastern on Friday, April 25, 2025. Investors are invited to listen to the earnings teleconference by calling 888-506-0062 (domestic) or 973-528-0011 (international) prior to the 9 a.m. start time. To listen online, go to the About section of FederatedHermes.com/us at least 15 minutes prior to register and join the call. A replay will be available at approximately 12:30 p.m. Eastern on April 25, 2025. To access the telephone replay, dial 877-481-4010 (domestic) or 919-882-2331 (international) and enter access code 52300. The online replay will be available via FederatedHermes.com/us for one year.

About Federated Hermes

Federated Hermes, Inc. is a global leader in active investment management, with $839.8 billion in assets under management¹. We deliver investment solutions that help investors target a broad range of outcomes and provide equity, fixed-income, alternative/private markets, multi-asset and liquidity management strategies to more than 10,000 institutions and intermediaries worldwide. Our clients include corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers. Headquartered in Pittsburgh, Federated Hermes has more than 2,000 employees in London, New York, Boston and offices worldwide.

Federated Hermes ranks in the top 7% of equity fund managers, the top 8% of money market fund managers and the top 10% of fixed-income fund managers² in the industry. For more information, including an analyst presentation, which is updated periodically, visit FederatedHermes.com/us.

###

1) As of March 31, 2025.
2) Morningstar, March 31, 2025. Based on U.S. fund flows rankings.
Federated Securities Corp. is distributor of the Federated Hermes funds.

Cautionary statements
Certain statements in this press release, such as those related to performance, investment strategies and uses, investor preferences and demand, asset flows and asset mix constitute or may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements can include statements that do not relate strictly to historical or current facts and are typically identified by words or phrases such as "trend," "forecast," "project," "predict," "potential," "approximate," "opportunity," "believe," "expect," "anticipate," "current," "intention," "estimate," "position," "projection," "plan," "assume," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "can," "may" and similar expressions. Any forward-looking statement, and Federated Hermes' level of business activity and financial results, are inherently subject to significant business, market, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond Federated Hermes' control. Other risks and uncertainties include the ability of the company to predict the level of fee waivers and expenses in future quarters, predict whether performance fees or carried interest will be earned and retained, the ability of the company to sustain product demand, the timing and level of product sales and redemptions, market appreciation or depreciation, revenues, and asset levels, flows and mix, which could vary significantly depending on various factors, such as market conditions, investment performance and investor behavior. Other risks and uncertainties include the risk factors discussed in the company's annual and quarterly reports as filed with the Securities and Exchange Commission. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness, or updating, of such statements in the future.

 

Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share data)
	Quarter Ended		% Change Q1 2024 to Q1 2025		Quarter Ended	% Change Q4 2024 to Q1 2025
	March 31, 2025	March 31, 2024			Dec. 31, 2024
Revenue
Investment advisory fees, net	$            287,460	$            264,294	9 %		$           288,329	0 %
Administrative service fees, net—affiliates	101,109	94,786	7		99,711	1
Other service fees, net	34,971	37,291	(6)		36,643	(5)
Total Revenue	423,540	396,371	7		424,683	0
Operating Expenses
Compensation and related	143,270	136,546	5		137,165	4
Distribution	99,085	94,894	4		98,070	1
Systems and communications	24,226	21,823	11		23,843	2
Professional service fees	18,548	18,352	1		20,307	(9)
Office and occupancy	9,952	9,969	0		10,328	(4)
Advertising and promotional	4,576	4,306	6		7,785	(41)
Travel and related	3,553	3,273	9		4,058	(12)
Intangible asset related	3,196	3,235	(1)		3,230	(1)
Other	(14,638)	5,392	(371)		9,470	(255)
Total Operating Expenses	291,768	297,790	(2)		314,256	(7)
Operating Income	131,772	98,581	34		110,427	19
Nonoperating Income (Expenses)
Investment income (loss), net	7,475	8,483	(12)		5,037	48
Debt expense	(3,179)	(3,149)	1		(3,187)	0
Other, net	(27)	103	(126)		54	(150)
Total Nonoperating Income (Expenses), net	4,269	5,437	(21)		1,904	124
Income before income taxes	136,041	104,018	31		112,331	21
Income tax provision	32,165	29,008	11		28,477	13
Net income including the noncontrolling interests in subsidiaries	103,876	75,010	38		83,854	24
Less: Net income (loss) attributable to the noncontrolling interests in subsidiaries	2,742	(23)	NM		(862)	418
Net Income	$            101,134	$              75,033	35 %		$              84,716	19 %
Amounts Attributable to Federated Hermes, Inc.
Earnings Per Share1
Basic and diluted	$                   1.25	$                   0.89	40 %		$                  1.04	20 %
Weighted-Average Shares Outstanding
Basic	77,541	80,709			78,300
Diluted	77,542	80,710			78,300
Dividends Declared Per Share	$                   0.31	$                   0.28			$                  0.31

1)

Unvested share-based awards that receive non-forfeitable dividend rights are deemed participating securities and are required to be considered in the computation of earnings per share under the "two-class method." As such, total net income of $4.5 million, $3.4 million and $3.6 million available to unvested restricted Federated Hermes shareholders for the quarterly periods ended March 31, 2025, March 31, 2024 and Dec. 31, 2024, respectively, was excluded from the computation of earnings per share.

 

Unaudited Condensed Consolidated Balance Sheets
(in thousands)	March 31, 2025	Dec. 31, 2024
Assets
Cash and other investments	$                541,826	$                 641,042
Other current assets	136,748	140,310
Intangible assets, net, including goodwill	1,138,833	1,132,699
Other long-term assets	184,646	170,633
Total Assets	$            2,002,053	$             2,084,684
Liabilities, Redeemable Noncontrolling Interests and Equity
Current liabilities	$                222,993	$                 289,193
Long-term debt	348,171	348,106
Other long-term liabilities	287,557	296,665
Redeemable noncontrolling interests	67,190	55,514
Equity excluding treasury stock	1,817,720	1,728,044
Treasury stock	(741,578)	(632,838)
Total Liabilities, Redeemable Noncontrolling Interests and Equity	$            2,002,053	$             2,084,684

 

Unaudited Changes in Long-Term Assets - By Asset Class
(in millions)	Quarter Ended
	March 31, 2025	Dec. 31, 2024	March 31, 2024
Equity
Beginning assets	$            79,423	$            83,609	$            79,291
Sales1	7,412	4,868	3,915
Redemptions1	(5,993)	(7,388)	(7,351)
Net sales (redemptions)1	1,419	(2,520)	(3,436)
Net exchanges	(114)	(39)	5
Impact of foreign exchange2	754	(1,313)	(567)
Market gains and (losses)3	(569)	(314)	4,864
Ending assets	$            80,913	$            79,423	$            80,157
Fixed Income
Beginning assets	$            98,059	$          100,171	$            94,920
Sales1	5,944	6,400	6,583
Redemptions1	(6,288)	(7,345)	(5,395)
Net sales (redemptions)1	(344)	(945)	1,188
Net exchanges	101	35	(7)
Impact of foreign exchange2	85	(160)	(71)
Market gains and (losses)3	1,585	(1,042)	295
Ending assets	$            99,486	$            98,059	$            96,325
Alternative/Private Markets
Beginning assets	$            18,864	$            20,683	$            20,551
Sales1	1,085	618	761
Redemptions1	(1,024)	(1,487)	(740)
Net sales (redemptions)1	61	(869)	21
Net exchanges	1	(1)	2
Impact of foreign exchange2	532	(1,188)	(226)
Market gains and (losses)3	(32)	239	117
Ending assets	$            19,426	$            18,864	$            20,465
Multi-asset
Beginning assets	$              2,883	$              2,958	$              2,867
Sales1	63	45	44
Redemptions1	(105)	(97)	(112)
Net sales (redemptions)1	(42)	(52)	(68)
Net exchanges	2	8	0
Market gains and (losses)3	(17)	(31)	129
Ending assets	$              2,826	$              2,883	$              2,928
Total Long-term Assets
Beginning assets	$          199,229	$          207,421	$          197,629
Sales1	14,504	11,931	11,303
Redemptions1	(13,410)	(16,317)	(13,598)
Net sales (redemptions)1	1,094	(4,386)	(2,295)
Net exchanges	(10)	3	0
Impact of foreign exchange2	1,371	(2,661)	(864)
Market gains and (losses)3	967	(1,148)	5,405
Ending assets	$          202,651	$          199,229	$          199,875

1)	For certain accounts, including separately managed accounts, institutional accounts, certain sub-advised funds and other managed products, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.
2)	Reflects the impact of translating non-U.S. dollar denominated assets under management (AUM) into U.S. dollars for reporting purposes.
3)	Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.

 

Unaudited Changes in Long-Term Assets - By Asset Class and Product Type
(in millions)
	Quarter Ended
	March 31, 2025
	Equity		Fixed Income		Alternative / Private Markets		Multi-asset		Total
	Funds	Separate Accounts1	Funds	Separate Accounts1	Funds	Separate Accounts1	Funds	Separate Accounts1	Funds.	Separate Accounts1
Beginning assets	$    43,752	$    35,671	$     45,550	$     52,509	$   11,501	$     7,363	$      2,764	$        119	$ 103,567	$     95,662
Sales	4,715	2,697	3,445	2,499	1,056	29	63	0	9,279	5,225
Redemptions	(3,643)	(2,350)	(4,069)	(2,219)	(950)	(74)	(101)	(4)	(8,763)	(4,647)
Net sales (redemptions)	1,072	347	(624)	280	106	(45)	(38)	(4)	516	578
Net exchanges	(107)	(7)	104	(3)	1	0	2	0	0	(10)
Impact of foreign exchange2	338	416	46	39	301	231	0	0	685	686
Market gains and (losses)3	(1,145)	576	724	861	(30)	(2)	(28)	11	(479)	1,446
Ending assets	$    43,910	$    37,003	$     45,800	$     53,686	$   11,879	$     7,547	$      2,700	$        126	$ 104,289	$     98,362

1)	Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed products. For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.
2)	Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.
3)	Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.

 

Unaudited Changes in Long-Term Assets - By Product Type
(in millions)	Quarter Ended
	March 31, 2025	Dec. 31, 2024	March 31, 2024
Total Fund Assets
Beginning assets	$          103,567	$          106,799	$          101,530
Sales	9,279	7,704	7,166
Redemptions	(8,763)	(8,392)	(8,230)
Net sales (redemptions)	516	(688)	(1,064)
Net exchanges	0	4	2
Impact of foreign exchange1	685	(1,372)	(420)
Market gains and (losses)2	(479)	(1,176)	3,095
Ending assets	$          104,289	$          103,567	$          103,143
Total Separate Account Assets3
Beginning assets	$            95,662	$          100,622	$            96,099
Sales4	5,225	4,227	4,137
Redemptions4	(4,647)	(7,925)	(5,368)
Net sales (redemptions)4	578	(3,698)	(1,231)
Net exchanges	(10)	(1)	(2)
Impact of foreign exchange1	686	(1,289)	(444)
Market gains and (losses)2	1,446	28	2,310
Ending assets	$            98,362	$            95,662	$            96,732
Total Long-term Assets3
Beginning assets	$          199,229	$          207,421	$          197,629
Sales4	14,504	11,931	11,303
Redemptions4	(13,410)	(16,317)	(13,598)
Net sales (redemptions)4	1,094	(4,386)	(2,295)
Net exchanges	(10)	3	0
Impact of foreign exchange1	1,371	(2,661)	(864)
Market gains and (losses)2	967	(1,148)	5,405
Ending assets	$          202,651	$          199,229	$          199,875

1)	Reflects the impact of translating non-U.S. dollar denominated AUM into U.S. dollars for reporting purposes.
2)	Reflects the approximate changes in the fair value of the securities held by the portfolios and, to a lesser extent, reinvested dividends, distributions and net investment income.
3)	Includes separately managed accounts, institutional accounts, certain sub-advised funds and other managed products.
4)	For certain accounts, Sales and Redemptions are calculated as the remaining difference between beginning and ending assets after the calculation of total investment return.

 

Unaudited Managed Assets
(in millions)	March 31, 2025	Dec. 31, 2024	Sept. 30, 2024	June 30, 2024	March 31, 2024
By Asset Class
Equity	$              80,913	$              79,423	$              83,609	$              77,851	$              80,157
Fixed-income	99,486	98,059	100,171	95,294	96,325
Alternative / private markets	19,426	18,864	20,683	20,061	20,465
Multi-asset	2,826	2,883	2,958	2,876	2,928
Total long-term assets	202,651	199,229	207,421	196,082	199,875
Money market	637,122	630,349	593,030	586,647	578,811
Total Managed Assets	$            839,773	$            829,578	$            800,451	$            782,729	$            778,686
By Product Type
Funds:
Equity	$              43,910	$              43,752	$              45,391	$              42,404	$              43,415
Fixed-income	45,800	45,550	46,027	43,842	44,481
Alternative / private markets	11,879	11,501	12,558	12,258	12,458
Multi-asset	2,700	2,764	2,823	2,743	2,789
Total long-term assets	104,289	103,567	106,799	101,247	103,143
Money market	464,912	461,720	440,397	425,627	417,102
Total Fund Assets	$            569,201	$            565,287	$            547,196	$            526,874	$            520,245
Separate Accounts:
Equity	$              37,003	$              35,671	$              38,218	$              35,447	$              36,742
Fixed-income	53,686	52,509	54,144	51,452	51,844
Alternative / private markets	7,547	7,363	8,125	7,803	8,007
Multi-asset	126	119	135	133	139
Total long-term assets	98,362	95,662	100,622	94,835	96,732
Money market	172,210	168,629	152,633	161,020	161,709
Total Separate Account Assets	$            270,572	$            264,291	$            253,255	$            255,855	$            258,441
Total Managed Assets	$            839,773	$            829,578	$            800,451	$            782,729	$            778,686
Unaudited Average Managed Assets	Quarter Ended
(in millions)	March 31, 2025	Dec. 31, 2024	Sept. 30, 2024	June 30, 2024	March 31, 2024
By Asset Class
Equity	$              82,105	$              82,247	$              80,220	$              78,137	$              78,969
Fixed-income	99,360	98,254	97,563	95,484	95,791
Alternative / private markets	19,012	19,754	20,455	20,306	20,485
Multi-asset	2,900	2,934	2,910	2,889	2,874
Total long-term assets	203,377	203,189	201,148	196,816	198,119
Money market	639,827	601,169	592,304	582,758	578,383
Total Avg. Managed Assets	$            843,204	$            804,358	$            793,452	$            779,574	$            776,502
By Product Type
Funds:
Equity	$              45,260	$              45,261	$              43,632	$              42,274	$              42,355
Fixed-income	45,715	45,654	44,977	43,910	43,857
Alternative / private markets	11,610	12,010	12,451	12,331	12,377
Multi-asset	2,774	2,811	2,775	2,737	2,739
Total long-term assets	105,359	105,736	103,835	101,252	101,328
Money market	463,727	445,775	436,418	419,999	414,902
Total Avg. Fund Assets	$            569,086	$            551,511	$            540,253	$            521,251	$            516,230
Separate Accounts:
Equity	$              36,845	$              36,986	$              36,588	$              35,863	$              36,614
Fixed-income	53,645	52,600	52,586	51,574	51,934
Alternative / private markets	7,402	7,744	8,004	7,975	8,108
Multi-asset	126	123	135	152	135
Total long-term assets	98,018	97,453	97,313	95,564	96,791
Money market	176,100	155,394	155,886	162,759	163,481
Total Avg. Separate Account Assets	$            274,118	$            252,847	$            253,199	$            258,323	$            260,272
Total Avg. Managed Assets	$            843,204	$            804,358	$            793,452	$            779,574	$            776,502

 

View original content:https://www.prnewswire.com/news-releases/federated-hermes-inc-reports-record-assets-under-management-with-first-quarter-2025-earnings-302437788.html

SOURCE Federated Hermes, Inc.

FAQ

What was Federated Hermes (FHI) earnings per share in Q1 2025?

FHI reported earnings per diluted share of $1.25 in Q1 2025, compared to $0.89 in Q1 2024.

How much did Federated Hermes (FHI) increase its dividend in Q1 2025?

FHI increased its quarterly dividend by 9.7% to $0.34 per share, payable on May 15, 2025.

What was FHI's total assets under management in Q1 2025?

FHI reached a record $839.8 billion in total assets under management, up 8% from $778.7 billion in Q1 2024.

How much did Federated Hermes spend on share buybacks in Q1 2025?

FHI purchased 3,057,542 shares of class B common stock for $120.1 million during Q1 2025.

What percentage of FHI's revenue came from money market assets in Q1 2025?

53% of FHI's revenue was derived from money market assets in Q1 2025.