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CONSOLIDATED INVESTMENT PRODUCTS
 12 Months Ended
Dec. 31, 2024
Consolidated Investment Portfolios [Abstract]  
CONSOLIDATED INVESTMENT PRODUCTS CONSOLIDATED INVESTMENT PRODUCTS.
The investment products that we consolidate in our consolidated financial statements are generally those products we provided initial seed capital at the time of their formation and have a controlling interest. Our U.S. mutual funds and certain other products are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities.
The following table details the net assets of the consolidated investment products at December 31:
20242023
(in millions)VOEVIETotalVOEVIETotal
Cash and cash equivalents(1)
$7.2 $55.9 $63.1 $25.7 $51.5 $77.2 
Investments(2)
470.8 1,465.4 1,936.2 718.0 1,129.0 1,847.0 
Other assets10.4 34.3 44.7 11.2 23.9 35.1 
Total assets488.4 1,555.6 2,044.0 754.9 1,204.4 1,959.3 
Liabilities15.9 46.2 62.1 19.0 35.2 54.2 
Net assets$472.5 $1,509.4 $1,981.9 $735.9 $1,169.2 $1,905.1 
Attributable to T. Rowe Price Group$348.5 $689.4 $1,037.9 $589.9 $721.1 $1,311.0 
Attributable to redeemable non-controlling interests124.0 820.0 944.0 146.0 448.1 594.1 
$472.5 $1,509.4 $1,981.9 $735.9 $1,169.2 $1,905.1 
(1) Cash and cash equivalents includes $4.9 million and $16.2 million at December 31, 2024 and 2023, respectively, of investments in
T. Rowe Price money market mutual funds.
(2) Consolidated investment products invest $9.3 million and $6.2 million at December 31, 2024 and 2023, respectively, in other sponsored investment products.

Although we can generally redeem our net interest in the consolidated investment products at any time, we cannot directly access or sell the assets held by these products to obtain cash for general operations. Additionally, the assets of these investment products are not available to our general creditors.

Since third-party investors in these investment products have no recourse to our credit, our overall risk related to the net assets of consolidated investment products is limited to valuation changes associated with our net interest. However, we are required to recognize the valuation changes associated with all underlying investments held by these products in our consolidated statements of income and disclose the portion attributable to unrelated third-party investors as net income attributable to redeemable non-controlling interests.

The operating results of the consolidated investment products, are reflected in our consolidated statements of income for the year ended December 31 as follows:
202420232022
(in millions)VOEVIETotalVOEVIETotalVOEVIETotal
Operating expenses reflected in net operating income$(2.4)$(7.4)$(9.8)$(3.7)$(7.4)$(11.1)$(0.5)$(7.7)$(8.2)
Net gains (losses) reflected in non-operating income41.7 88.6 130.3 52.4 112.2 164.6 (13.4)(190.1)(203.5)
Impact on income before taxes$39.3 $81.2 $120.5 $48.7 $104.8 $153.5 $(13.9)$(197.8)$(211.7)
Net income (loss) attributable to T. Rowe Price Group$31.4 $53.4 $84.8 $40.9 $65.6 $106.5 $(9.5)$(93.9)$(103.4)
Net income (loss) attributable to redeemable non-controlling interests7.9 27.8 35.7 7.8 39.2 47.0 (4.4)(103.9)(108.3)
$39.3 $81.2 $120.5 $48.7 $104.8 $153.5 $(13.9)$(197.8)$(211.7)
The operating expenses of these consolidated products are reflected in other operating expenses. In preparing our consolidated financial statements, we eliminated operating expenses of $3.6 million in 2024, $2.1 million in 2023, and $2.0 million in 2022, against the investment advisory and administrative fees earned from these products. The net gains (losses) reflected in non-operating income includes dividend and interest income and realized and unrealized gains and losses on the underlying securities held by the consolidated investment products.

The following table details the impact of these consolidated investment products on the individual lines of our consolidated statements of cash flows.
202420232022
(in millions)VOEVIETotalVOEVIETotalVOEVIETotal
Net cash provided by (used in) operating activities$(239.4)$(394.4)$(633.8)$(517.5)$(371.4)$(888.9)$(84.1)$6.9 $(77.2)
Net cash provided by (used in) investing activities(14.7)(1.1)(15.8)(32.7)(24.1)(56.8)0.1 (8.8)(8.7)
Net cash provided by (used in) financing activities235.6 402.3 637.9 559.7 343.7 903.4 92.9 1.5 94.4 
FX impact on cash— (2.4)(2.4)— 0.4 0.4 — 9.5 9.5 
Net change in cash and cash equivalents during period(18.5)4.4 (14.1)9.5 (51.4)(41.9)8.9 9.1 18.0 
Cash and cash equivalents at beginning of year25.7 51.5 77.2 16.2 102.9 119.1 7.3 93.8 101.1 
Cash and cash equivalents at end of year$7.2 $55.9 $63.1 $25.7 $51.5 $77.2 $16.2 $102.9 $119.1 

The net cash provided by financing activities includes $31.7 million in 2024, $544.6 million in 2023 and $142.8 million in 2022, of net subscriptions we made into the consolidated investment products, net of dividends received. These cash flows were eliminated in consolidation.

FAIR VALUE MEASUREMENTS.

We determine the fair value of investments held by consolidated investment products using the following broad levels of inputs as defined by related accounting standards:

Level 1 – quoted prices in active markets for identical financial instruments accessible at the reporting date.
Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and credit spreads. These inputs are based on market data obtained from independent sources.
Level 3 – unobservable inputs reflecting our own assumptions based on the best information available. The inputs into the determination of fair value require significant management judgment or estimation. Investments in this category generally include investments for which there is not an actively-traded market. There are no level 3 investments at December 31, 2024 and 2023.

These levels are not necessarily an indication of the risk or liquidity associated with these investment holdings. The following table summarizes the investment holdings held by our consolidated investment products using fair value measurements determined based on the differing levels of inputs as of December 31.
20242023
(in millions)
Level 1
Level 2
Level 1
Level 2
Assets
Cash equivalents$6.3 $— $17.2 $8.0 
Equity securities452.3 285.4 365.1 213.6 
Fixed income securities— 1,173.5 — 1,241.9 
Other investments1.6 23.4 3.6 22.8 
$460.2 $1,482.3 $385.9 $1,486.3 
Liabilities$(1.7)$(14.5)$(5.1)$(16.2)