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INVESTMENTS (Tables)
9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Unconsolidated Investments
The carrying values of our investments that are not part of the consolidated sponsored investment products are as follows:
(in millions)9/30/202312/31/2022
Investments held at fair value
T. Rowe Price investment products
Discretionary investments$259.3 $242.0 
Seed capital240.2 195.1 
Supplemental savings plan liability economic hedges698.4 760.7 
Investment partnerships and other investments75.5 87.1 
Investments in affiliated collateralized loan obligations7.6 6.4 
Equity method investments
T. Rowe Price investment products
Discretionary investments3.7 199.6 
Seed capital82.5 125.7 
Supplemental savings plan liability economic hedges19.2 — 
23% Investment in UTI Asset Management Company Limited (India)
170.0 158.8 
Investments in affiliated private investment funds - carried interest578.2 467.8 
Investments in affiliated private investment funds - seed/co-investment246.8 173.8 
Other investment partnerships and investments1.3 2.4 
Held to maturity
Investments in affiliated collateralized loan obligations102.5 109.6 
Certificates of deposit17.4 9.2 
 U.S. Treasury note1.0 1.0 
Total$2,503.6 $2,539.2 
Schedule of Net Impact of Deconsolidation and Consolidation on Condensed Consolidated Balance Sheets and Income Statements The net impact of these changes on our unaudited condensed consolidated balance sheets and statements of income as of the dates the portfolios were deconsolidated or reconsolidated is detailed below.
Three months endedNine months ended
(in millions)9/30/20239/30/20229/30/20239/30/2022
Net increase (decrease) in assets of consolidated sponsored investment products$(568.7)$24.2 $(650.1)$(289.6)
Net increase (decrease) in liabilities of consolidated sponsored investment products$(10.4)$— $(43.5)$(15.0)
Net increase (decrease) in redeemable non-controlling interests$(466.1)$42.9 $(460.2)$(175.2)
Gains recognized upon deconsolidation$0.7 $— $0.7 $6.9 
Schedule of Maximum Risk of Loss Related to Investments in Variable Interest Entities
Our investments at September 30, 2023 and December 31, 2022 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)9/30/202312/31/2022
Investment carrying values$989.6 $762.2 
Unfunded capital commitments123.9 84.7 
Accounts receivable97.4 91.5 
$1,210.9 $938.4 
Schedule of Total Assets, Liabilities and Non-controlling Interests of Consolidated Variable Interest Entities The total assets, liabilities and non-controlling interests of these consolidated variable interest entities are as follows:
(in millions)9/30/202312/31/2022
Assets$621.7 $526.2 
Liabilities$0.2 $15.8 
Non-controlling interest$221.5 $190.7