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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS.
We determine the fair value of our cash equivalents and certain investments held at fair value 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 June 30, 2025 and December 31, 2024.
These levels are not necessarily an indication of the risk or liquidity associated with our investments. The following table summarizes our investments and liabilities that are recognized in our unaudited consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by the consolidated investment products which are presented separately in our unaudited consolidated balance sheets and are detailed in Note 5.

6/30/202512/31/2024
(in millions)
Level 1
Level 2
Level 1
Level 2
T. Rowe Price investment products
Cash equivalents held in money market funds$2,752.7 $— $2,309.8 $— 
Discretionary investments719.0 — 258.8 — 
Seed capital214.9 54.9 209.4 53.4 
Deferred compensation liabilities economic hedges1,047.4 — 992.8 — 
Other investments1.1 — 0.1 — 
Investments in affiliated collateralized loan obligations— 4.3 — 6.3 
Total$4,735.1 $59.2 $3,770.9 $59.7 

The fair value hierarchy level table above does not include the investment partnerships and other investments for which fair value is estimated using their NAV per share as a practical expedient or using the measurement alternative. The carrying value of these investments as disclosed in Note 3 were $77.7 million at June 30, 2025, and $62.5 million at December 31, 2024.