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INVESTMENTS.
 12 Months Ended
Dec. 31, 2020
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 at December 31 are as follows:
(in millions)20202019
Investments held at fair value
T. Rowe Price investment products
Discretionary investments$1,647.7 $1,221.8 
Seed capital169.5 181.1 
Supplemental savings plan liability economic hedges768.1 561.1 
Investment partnerships and other investments95.1 99.7 
Equity method investments
T. Rowe Price investment products
Discretionary investments242.9 610.0 
Seed capital178.6 95.6 
Investment in UTI Asset Management Company Limited (India)145.5 164.5 
Investment partnerships and other investments2.4 5.0 
U.S. Treasury note1.0 1.0 
Total$3,250.8 $2,939.8 

The investment partnerships are carried at fair value using net asset value ("NAV") per share as a practical expedient. Our interests in these partnerships are generally not redeemable and are subject to significant transferability restrictions. 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 2020, we recognized $142.7 million of net unrealized gains on investments held at fair value that were still held at December 31, 2020. For 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.
Dividends, including capital gain distributions, earned on the T. Rowe Price investment products held at fair value, totaled $50.8 million in 2020, $50.6 million in 2019, and $36.0 million in 2018.
During each of the last three years, certain T. Rowe Price investment products in which we provided initial seed capital at the time of formation were deconsolidated, as we no longer had a controlling interest. Depending on our ownership interest, we are now reporting our residual interests in these T. Rowe Price investment products as either an equity method investment or an investment held at fair value. Additionally, during 2019 and 2018, certain T. Rowe Price investment products that were being accounted for as equity method investments were consolidated, as we regained a controlling interest. The net impact of these changes on our consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.
(in millions)202020192018
Net decrease in assets of consolidated T. Rowe Price investment products$(546.1)$(380.5)$(736.6)
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products$(10.5)$(15.0)$17.6 
Net decrease in redeemable non-controlling interests$(308.1)$(267.6)$(626.4)
Gains recognized upon deconsolidation$.7 $.1 $3.6 
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 October 2020, UTI Asset Management Company Limited (India), one of our equity method investments, held an initial public offering in India. As part of the offering, we sold a portion of our 26% interest and recorded a net gain on the sale of approximately $2.8 million in the fourth quarter of 2020. Subsequent to the sale, we have an ownership interest of 23% in UTI Asset Management Company Limited (India) and are restricted from selling any interest for one year from the date of the initial public offering.

VARIABLE INTEREST ENTITIES.

Our investments at December 31, 2020 and 2019, 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)20202019
Investment carrying values$144.7 $156.0 
Unfunded capital commitments12.3 18.1 
Receivable for investment advisory and administrative fees13.8 10.5 
$170.8 $184.6 
The unfunded capital commitments, totaling $12.3 million at December 31, 2020, and $18.1 million at December 31, 2019, 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.