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INVESTMENTS
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS.
The carrying values of our investments that are not part of the consolidated sponsored investment products are as follows:
(in millions)3/31/202312/31/2022
Investments held at fair value
T. Rowe Price investment products
Discretionary investments$244.2 $242.0 
Seed capital249.2 195.1 
Supplemental savings plan liability economic hedges786.7 760.7 
Investment partnerships and other investments80.7 87.1 
Investments in affiliated collateralized loan obligations7.2 6.4 
Equity method investments
T. Rowe Price investment products
Discretionary investments208.0 199.6 
Seed capital85.1 125.7 
23% Investment in UTI Asset Management Company Limited (India)
159.5 158.8 
Investments in affiliated private investment funds - carried interest483.8 467.8 
Investments in affiliated private investment funds - seed/co-investment179.4 173.8 
Other investment partnerships and investments2.1 2.4 
Held to maturity
Investments in affiliated collateralized loan obligations108.3 109.6
Certificates of deposit11.0 9.2 
 U.S. Treasury note1.0 1.0 
Total$2,606.2 $2,539.2 

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 March 31, 2023, net gains on investments included $46.7 million of net unrealized gains related to investments held at fair value that were still held at March 31, 2023. During the three months ended March 31, 2022, net losses on investments included $99.9 million of net unrealized losses related to investments held at fair value that were still held at March 31, 2022.

During the three months ended March 31, 2023 and 2022, certain sponsored 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 sponsored investment products as either an equity method investment or an investment held at fair value. Additionally, during the three months ended March 31, 2022, certain sponsored 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
(in millions)3/31/20233/31/2022
Net decrease in assets of consolidated sponsored investment products$(2.4)$(97.5)
Net decrease in liabilities of consolidated sponsored investment products$(.1)$(8.6)
Net decrease in redeemable non-controlling interests$— $(63.0)
Gains recognized upon deconsolidation$— $1.6 
The gains recognized upon deconsolidation were the result of reclassifying currency translation adjustments accumulated on certain sponsored investment products with non-USD functional currencies from accumulated other comprehensive income to non-operating income.

INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS.

There is debt associated with our long-term investments in affiliated collateralized loan obligations (“CLOs”). As of March 31, 2023 and December 31, 2022, the debt is carried at $101.7 million and $103.0 million, and is reported in accounts payable and accrued expenses in our unaudited condensed consolidated balance sheets. The debt includes outstanding repurchase agreements of €65.8 million (equivalent to $71.3 million at March 31, 2023 and $71.3 million at December 31, 2022 at the respective EUR spot rates) and collateralized by the CLO investments. The debt also includes outstanding note facilities of €35.6 million (equivalent to $30.4 million at March 31, 2023 and $31.7 million at December 31, 2022 at the respective EUR spot rates) and are collateralized by first priority security interests in the assets of the consolidated OHA entity that is party to the notes. These note facilities bear interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 1.15% to 11.26% as of March 31, 2023. The debt matures on various dates through 2035 or if the investments are paid back in full or cancelled, whichever is sooner.

VARIABLE INTEREST ENTITIES.

Our investments at March 31, 2023 and December 31, 2022 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)3/31/202312/31/2022
Investment carrying values$777.1 $762.2 
Unfunded capital commitments86.5 84.7 
Accounts receivable89.8 91.5 
$953.4 $938.4 

The unfunded capital commitments, totaling $86.5 million at March 31, 2023 and $84.7 million at December 31, 2022, relate primarily to the affiliated private investment funds and 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.

INVESTMENTS IN AFFILIATED FUNDS.

During 2021, as part of the OHA acquisition, we acquired a majority of the equity interests in entities that have interests in general partners of affiliated private investment funds and are entitled to a disproportionate allocation of income. These entities are considered variable interest entities and are consolidated as T. Rowe Price was determined to be the primary beneficiary.

The total assets, liabilities and non-controlling interests of these consolidated variable interest entities are as follows:

(in millions)3/31/202312/31/2022
Assets$529.1 $526.2 
Liabilities$1.7 $15.8 
Non-controlling interest$194.4 $190.7