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INVESTMENTS
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS.
The carrying values of investments that are not part of the consolidated sponsored investment products at December 31 are as follows:

(in millions)20232022
Investments held at fair value
T. Rowe Price investment products
Discretionary investments$246.4 $242.0 
Seed capital247.8 195.1 
Supplemental savings plan liability economic hedges806.6 760.7 
Investment partnerships and other investments69.7 87.1 
Investments in affiliated collateralized loan obligations8.4 6.4 
Equity method investments
T. Rowe Price investment products
Discretionary investments5.3 199.6 
Seed capital91.1 125.7 
Supplemental savings plan liability economic hedges21.0 — 
Investment in UTI Asset Management Company Limited (India)164.5 158.8 
Investments in affiliated private investment funds - carried interest519.9 467.8 
Investments in affiliated private investment funds - seed/co-investment253.4 173.8 
Other investment partnerships and investments2.2 2.4 
Held to maturity
Investments in affiliated collateralized loan obligations94.1 109.6 
Certificates of deposit23.3 9.2 
   U.S. Treasury note1.0 1.0 
Total$2,554.7 $2,539.2 


INVESTMENTS AT FAIR VALUE

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 2023, we recognized $86.7 million of net unrealized gains on investments held at fair value that were still held at December 31, 2023. For 2022, we recognized $240.5 million of net unrealized losses on investments held at fair value that were still held at December 31, 2022. For 2021, we recognized $63.6 million of net unrealized gains on investments held at fair value that were still held at December 31, 2021.

Dividends, including capital gain distributions, earned on the sponsored investment products held at fair value, totaled $38.2 million in 2023, $45.3 million in 2022, and $90.2 million in 2021.

During each of the last three years, 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 2023 and 2022, certain sponsored investment products that were being accounted for as either equity method or fair value 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)202320222021
Net decrease in assets of consolidated sponsored investment products$(663.8)$(256.9)$(753.0)
Net decrease in liabilities of consolidated sponsored investment products$(29.7)$(12.8)$(17.6)
Net decrease in redeemable non-controlling interests$(479.2)$(147.2)$(501.1)
Gains recognized upon deconsolidation$— $3.0 $2.4 
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.

These investments represent European CLOs that invest in 5% vertical strips in each class of rated notes and subordinated notes. Certain investments in the debt tranches of the CLOs are measured at amortized cost as investments held to maturity and included in investments in our consolidated balance sheets. The subordinated note tranches of these investments are accounted for as equity method investments and our allocable share of income is included in non-operating income (loss) in the consolidated statements of income. Certain of the investments in the debt tranches of the CLOs have been pledged as collateral against the repurchase agreements.

There is debt associated with our long-term investments in affiliated collateralized loan obligations (“CLOs”). This debt is carried at $89.4 million at December 31, 2023 and $103.0 million at December 31, 2022, and is reported in accounts payable and accrued expenses in our consolidated balance sheets. The debt includes outstanding repurchase agreements of €65.5 million (equivalent to $72.3 million at December 31, 2023 and $71.3 million at December 31, 2022 at the respective EUR spot rates) that are collateralized by the CLO investments. The debt also includes outstanding note facilities of €15.5 million (equivalent to $17.1 million at December 31, 2023 and $31.7 million at December 31, 2022 at the respective EUR spot rates) that are collateralized by first priority security interests in the assets of a consolidated subsidiary 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 12.87% as of December 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 December 31, 2023 and 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)20232022
Investment carrying values$919.3 $762.2 
Unfunded capital commitments94.1 84.7 
Accounts receivable92.1 91.5 
$1,105.5 $938.4 

The unfunded capital commitments, totaling $94.1 million at December 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 - CARRIED INTEREST.

Certain of the investments in affiliated funds represent the general partners interest in affiliated private investment funds and are entitled to a disproportionate allocation of income. These general partner entities are considered variable interest entities and are consolidated as T. Rowe Price is determined to be the primary beneficiary.

The total assets, liabilities and non-controlling interests of these consolidated variable interest entities as of December 31 are as follows:

(in millions)20232022
Assets$564.7 $526.2 
Liabilities$1.9 $15.8 
Non-controlling interest$192.0 $190.7