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INVESTMENTS.
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS.

The carrying values of investments that are not part of the consolidated T. Rowe Price investment products are as follows:
(in millions)
12/31/2019
 
12/31/2018
Investments held at fair value
 
 
 
T. Rowe Price investment products
$
1,402.9

 
$
1,538.4

T. Rowe Price investment products designated as an economic hedge of supplemental savings plan liability
561.1

 
381.3

Investment partnerships and other investments
99.7

 
99.6

Equity method investments
 
 
 
T. Rowe Price investment products
705.6

 
276.2

26% interest in UTI Asset Management Company Limited (India)
164.5

 
152.4

Investment partnerships and other investments
5.0

 
4.5

U.S. Treasury note
1.0

 
1.0

Total
$
2,939.8

 
$
2,453.4



The investment partnerships are carried at fair value using NAV per share as a practical expedient. Our interests in these partnerships are generally not redeemable and are subject to significant restrictions on transferability. The underlying investments of these partnerships have contractual terms through 2029, though we may receive distributions of liquidating assets over a longer term. The investment strategies of these partnerships include growth equity, buyout, venture capital, and real estate.

During 2019, we recognized $105.4 million of net unrealized gains on investments held at fair value that were still held at December 31, 2019. For 2018, we recognized $18.5 million of net unrealized losses on investments held at fair value that were still held at December 31, 2018. For 2017, the majority of unrealized gains or losses on investments held at fair value are included and presented with other comprehensive income.
Dividends, including capital gain distributions, earned on the T. Rowe Price investment products held at fair value, totaled $50.6 million in 2019, $36.0 million in 2018, and $19.2 million in 2017.
During the years ended December 31, 2019, 2018 and 2017, certain T. Rowe Price investment products in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Depending on our ownership interest, we are now reporting our residual interests in these T. Rowe Price investment products as either an equity method investment or an investment held at fair value. Additionally, during the years ended December 31, 2019, 2018 and 2017, certain T. Rowe Price investment products that were being accounted for as equity method investments were consolidated, as we regained a controlling interest. The net impact of these changes on our consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.
(in millions)
2019
 
2018
 
2017
Net increase (decrease) in assets of consolidated T. Rowe Price investment products
$
(380.5
)
 
$
(736.6
)
 
$
(1,397.2
)
Net increase (decrease) in liabilities of consolidated
T. Rowe Price investment products
$
(15.0
)
 
$
17.6

 
$
(153.1
)
Net decrease in redeemable non-controlling interests
$
(267.6
)
 
$
(626.4
)
 
$
(1,042.6
)
 
 
 
 
 
 
Gains recognized upon deconsolidation
$
.1

 
$
3.6

 
$
.1


The gains recognized upon deconsolidation were the result of reclassifying currency translation adjustments accumulated on certain T. Rowe Price investment products with non-USD functional currencies from accumulated other comprehensive income to non-operating income.
In 2018, we sold our 10% holding in Daiwa SB Investments Ltd. The realized gain is recognized in net gains on investments on our consolidated statement of income and represents the majority of the increase over the prior year periods.

VARIABLE INTEREST ENTITIES.

Our investments at December 31, 2019 and 2018, include interests in variable interest entities that we do not consolidate as we are not deemed the primary beneficiary. Our maximum risk of loss related to our involvement with these entities is as follows:
(in millions)
2019
 
2018
Investment carrying values
$
156.0

 
$
143.3

Unfunded capital commitments
18.1

 
27.3

Uncollected investment advisory and administrative fees
10.5

 
5.2

 
$
184.6

 
$
175.8



The unfunded capital commitments, totaling $18.1 million at December 31, 2019, and $27.3 million at December 31, 2018, relate primarily to investment partnerships in which we have an existing investment. In addition to such amounts, a percentage of prior distributions may be called under certain circumstances.