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INVESTMENTS
 3 Months Ended
Mar. 31, 2024
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)3/31/202412/31/2023
Investments held at fair value
T. Rowe Price investment products
Discretionary investments$259.9 $246.4 
Seed capital237.7 247.8 
Supplemental savings plan liability economic hedges837.4 806.6 
Investment partnerships and other investments67.7 69.7 
Investments in affiliated collateralized loan obligations7.9 8.4 
Equity method investments
T. Rowe Price investment products
Discretionary investments— 5.3 
Seed capital96.3 91.1 
Supplemental savings plan liability economic hedges24.5 21.0 
23% Investment in UTI Asset Management Company Limited (India)
171.5 164.5 
Investments in affiliated private investment funds - carried interest514.3 519.9 
Investments in affiliated private investment funds - seed/co-investment254.5 253.4 
Other investment partnerships and investments1.7 2.2 
Held to maturity
Investments in affiliated collateralized loan obligations88.9 94.1 
Certificates of deposit25.4 23.3 
 U.S. Treasury note1.0 1.0 
Total$2,588.7 $2,554.7 

The investment partnerships held at fair value are valued 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, 2024, net gains on investments included $64.5 million of net unrealized gains related to investments held at fair value that were still held at March 31, 2024. For the same period of 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, 2024 and 2023, 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 report our residual interests in these sponsored investment products as either an equity method investment or an investment held at fair value. The net impact of these changes on our unaudited condensed consolidated balance sheets and statements of income as of the dates the products were deconsolidated is detailed below.
Three months ended
(in millions)3/31/20243/31/2023
Net increase (decrease) in assets of consolidated sponsored investment products$(35.4)$(2.4)
Net increase (decrease) in liabilities of consolidated sponsored investment products$— $(0.1)
Net increase (decrease) in redeemable non-controlling interests$(28.1)$— 
INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS.

There is debt associated with our long-term investments in affiliated collateralized loan obligations (“CLOs”). This debt is carried at $84.3 million at March 31, 2024 and $89.4 million at December 31, 2023, and is reported in accounts payable and accrued expenses in our unaudited condensed consolidated balance sheets. The debt includes outstanding repurchase agreements of €64.2 million (equivalent to $69.3 million at March 31, 2024 and $72.3 million at December 31, 2023 at the respective EUR spot rates) that are collateralized by the CLO investments. The debt also includes outstanding note facilities of €13.9 million (equivalent to $15.0 million at March 31, 2024 and $17.1 million at December 31, 2023, 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 12.84% as of March 31, 2024. 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, 2024 and December 31, 2023 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)3/31/202412/31/2023
Investment carrying values$910.7 $919.3 
Unfunded capital commitments92.0 94.1 
Accounts receivable75.3 92.1 
$1,078.0 $1,105.5 

The unfunded capital commitments, totaling $92.0 million at March 31, 2024 and $94.1 million at December 31, 2023, 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 interests in general partners of affiliated private investment funds that are entitled to a disproportionate allocation of income or carried interest. The entities holding such interests 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)3/31/202412/31/2023
Assets$604.2 $564.7 
Liabilities$0.3 $1.9 
Non-controlling interest$205.4 $192.0