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INVESTMENTS
 3 Months Ended
Mar. 31, 2026
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)3/31/202612/31/2025
Investments held at fair value
T. Rowe Price investment products
Discretionary investments$459.5 $463.7 
Redeemable seed capital investments317.3 316.1 
Investments used to hedge the deferred compensation liabilities1,169.8 1,243.3 
Investment partnerships and other investments70.6 154.7 
Investments in affiliated collateralized loan obligations1.8 3.2 
Equity method investments
T. Rowe Price investment products - redeemable seed capital investments18.1 8.3 
Investment in UTI Asset Management Company Limited (India)165.7 162.8 
Investments in affiliated private investment funds - carried interest377.4 390.3 
Investments in affiliated private investment funds - seed/co-investment304.7 304.7 
Investment partnerships and other investments209.3 204.9 
Held to maturity
Investments in affiliated collateralized loan obligations21.5 21.8 
Certificates of deposit50.4 50.4 
U.S. Treasury note1.0 1.0 
Total$3,167.1 $3,325.2 

During the three months ended March 31, 2026 and 2025, 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 or reconsolidated is detailed below.
Three months ended
(in millions)3/31/20263/31/2025
Net decrease in assets of consolidated investment products$(255.9)$(422.7)
Net decrease in liabilities of consolidated investment products$(1.4)$(23.5)
Net decrease in redeemable non-controlling interests$(198.1)$(75.1)
Net gains recognized upon deconsolidation$0.2 $— 
The net gains recognized upon deconsolidation were the result of reclassifying currency translation adjustments accumulated on certain consolidated investment products with non-USD functional currencies from accumulated other comprehensive income to non-operating income.

INVESTMENTS AT FAIR VALUE

The investment partnerships and other investments held at fair value are valued using net asset value (NAV) per share as a practical expedient or using the measurement alternative. Our interests in the investment partnerships are generally not redeemable and are subject to significant transferability restrictions. The underlying investments of these partnerships have contractual terms through 2034, 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, 2026, we recognized $52.9 million of net unrealized losses on investments held at fair value that were still held at March 31, 2026. For the same period of 2025, we recognized $27.3 million of net unrealized losses on investments held at fair value that were still held at March 31, 2025.
VARIABLE INTEREST ENTITIES.
Our fair value and equity method investments at March 31, 2026 and 2025 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)3/31/202612/31/2025
Investment carrying values$989.7 $978.7 
Unfunded capital commitments191.9 199.3 
Accounts receivable115.6 113.3 
Maximum risk of loss$1,297.2 $1,291.3 

We have unfunded capital commitments, totaling $191.9 million at March 31, 2026 and $199.3 million at December 31, 2025, 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 recalled 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 March 31, 2026 and December 31, 2025 are as follows:

(in millions)3/31/202612/31/2025
Assets$420.6 $438.7 
Liabilities$0.7 $5.8 
Non-controlling interest$157.6 $157.1 

INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS.

There is debt associated with our investments in affiliated collateralized loan obligations. The debt outstanding is related to repurchase agreements of €18.6 million at March 31, 2026, compared to €18.6 million at December 31, 2025 (equivalent to $21.5 million at March 31, 2026 and $21.8 million at December 31, 2025 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 3.0% to 10.9% as of March 31, 2026. The debt matures on various dates through 2035 or if the investments are paid back in full or cancelled, whichever is sooner.