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INVESTMENTS | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS. The carrying values of our investments that are not consolidated investment products are as follows:
(in millions) | 6/30/2025 |  | 12/31/2024
Investments held at fair value |  |  |
T. Rowe Price investment products |  |  |
Discretionary investments | $ | 719.0 |  |  | $ | 258.8 |
Seed capital | 269.8 |  |  | 262.8 |
Deferred compensation liabilities economic hedges | 1,047.4 |  |  | 992.8 |
Investment partnerships and other investments | 78.8 |  |  | 62.6 |
Investments in affiliated collateralized loan obligations | 4.3 |  |  | 6.3 |
Equity method investments |  |  |
T. Rowe Price investment products |  |  |
Discretionary investments | 20.2 |  |  | 60.8 |
Seed capital | 59.2 |  |  | 128.8 |
Deferred compensation liabilities economic hedges | 50.5 |  |  | 88.4 |
Investment in UTI Asset Management Company Limited (India) | 177.1 |  |  | 173.5 |
Investments in affiliated private investment funds - carried interest | 371.3 |  |  | 426.9 |
Investments in affiliated private investment funds - seed/co-investment | 290.6 |  |  | 269.9 |
Investment partnerships and other investments | 171.8 |  |  | 162.1 |
Held to maturity |  |  |
Investments in affiliated collateralized loan obligations | 48.5 |  |  | 61.1 |
Certificates of deposit | 50.4 |  |  | 44.7 |
U.S. Treasury note | 1.0 |  |  | 1.0 |
Total | $ | 3,359.9 |  |  | $ | 3,000.5 |
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- and six- months ended June 30, 2025, net gains on investments included $112.4 million and $85.1 million, respectively, of net unrealized gains related to investments carried at fair value that were still held at June 30, 2025. For the same periods of 2024, net gains on investments included $20.0 million and $85.0 million, respectively, of net unrealized gains related to investments carried at fair value that were still held at June 30, 2024. During the six months ended June 30, 2025 and 2024, 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 report our residual interests in these T. Rowe Price investment products as either an equity method investment or an investment held at fair value. The net impact on our unaudited consolidated balance sheets and statements of income as of the dates the products were deconsolidated is detailed below.
| Three months ended |  | Six months ended
(in millions) | 6/30/2025 |  | 6/30/2024 |  | 6/30/2025 |  | 6/30/2024
Net increase (decrease) in assets of consolidated investment products | $ | (181.4) |  |  | $ | (236.4) |  |  | $ | (604.1) |  |  | $ | (271.8) |
Net increase (decrease) in liabilities of consolidated investment products | $ | (1.8) |  |  | $ | (4.9) |  |  | $ | (25.3) |  |  | $ | (4.9) |
Net increase (decrease) in redeemable non-controlling interests | $ | (106.0) |  |  | $ | (68.1) |  |  | $ | (181.1) |  |  | $ | (96.2) |
VARIABLE INTEREST ENTITIES. Our fair value and equity method investments at June 30, 2025 and December 31, 2024 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) | 6/30/2025 |  | 12/31/2024
Investment carrying values | $ | 949.8 |  |  | $ | 955.9 |
Unfunded capital commitments | 203.0 |  |  | 202.5 |
Accounts receivable | 105.6 |  |  | 96.2 |
| $ | 1,258.4 |  |  | $ | 1,254.6 |
We have unfunded capital commitments, totaling $203.0 million at June 30, 2025 and $202.5 million at December 31, 2024, related 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 private investment funds - carried interest represent interests in the general partners of affiliated private investment funds that are entitled to a disproportionate allocation of income, also known as carried interest. The entities that hold these interests (“carried interest 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 carried interest entities as of June 30, 2025 and December 31, 2024, are as follows:
(in millions) |  | 6/30/2025 |  | 12/31/2024
Assets |  | $ | 414.0 |  |  | $ | 467.7 |
Liabilities |  | $ | 0.7 |  |  | $ | 0.4 |
Non-controlling interest |  | $ | 153.3 |  |  | $ | 160.7 |
INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS. There is debt associated with our investments in affiliated collateralized loan obligations (“CLOs”). The debt relates to outstanding repurchase agreements of €39.4 million at June 30, 2025 and €56.9 million at December 31, 2024 (equivalent to $46.4 million at June 30, 2025 and $59.1 million at December 31, 2024 at the respective EUR spot rates) that are collateralized by the CLO investments and reported in accounts payable and accrued expenses in our consolidated balance sheets. These repurchase agreements bear interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 1.15% to 11.11% as of June 30, 2025. The debt matures on various dates through 2035 or if the investments are paid back in full or cancelled, whichever is sooner.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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