INVESTMENTS

9 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS.

The carrying values of our investments that are not part of the consolidated T. Rowe Price investment products are as follows:


(in millions)	9/30/2021		12/31/2020

Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	1,610.2	$	1,647.7
Seed capital	236.6		169.5
Supplemental savings plan liability economic hedges	795.5		768.1
Investment partnerships and other investments	108.6		95.1
Equity method investments
T. Rowe Price investment products
Discretionary investments	254.1		242.9
Seed capital	164.9		178.6

23% investment in UTI Asset Management Company Limited (India)	156.6		145.5
Investment partnerships and other investments	2.8		2.4
U.S. Treasury note	1.0		1.0
Total	$	3,330.3	$	3,250.8

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 the three months ended September 30, 2021, net losses on investments included $4.6 million of net unrealized losses related to investments held at fair value that were still held at September 30, 2021. During the nine months ended September 30, 2021, net gains on investments included $83.7 million of net unrealized gains

related to investments held at fair value that were still held at September 30, 2021. For the three and nine months ended September 30, 2020, net gains on investments included $75.5 million and $53.6 million, respectively, of net unrealized gains related to investments held at fair value that were still held at September 30, 2020.

During the nine months ended September 30, 2021 and 2020, 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 nine months ended September 30, 2021 and September 30, 2020, certain T. Rowe Price investment products were consolidated, as we regained a controlling interest. The net impact of these changes on our unaudited condensed consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.


	Three months ended				Nine months ended
(in millions)	9/30/2021		9/30/2020		9/30/2021		9/30/2020
Net increase (decrease) in assets of consolidated T. Rowe Price investment products	$	589.7	$	(132.2)	$	(727.6)	$	(278.4)
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products	$	7.1	$	(4.0)	$	(17.1)	$	(7.6)
Net increase (decrease) in redeemable non-controlling interests	$	531.0	$	(44.0)	$	(483.6)	$	(106.9)

Gains recognized upon deconsolidation	$	—	$	—	$	2.6	$	.1

The gains or losses 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.

VARIABLE INTEREST ENTITIES.

Our investments at September 30, 2021 and December 31, 2020, 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)	9/30/2021		12/31/2020
Investment carrying values	$	193.4	$	144.7
Unfunded capital commitments	9.2		12.3
Accounts receivable	21.7		13.8
	$	224.3	$	170.8

The unfunded capital commitments totaling $9.2 million at September 30, 2021 and $12.3 million at December 31, 2020 relate primarily to the 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.