INVESTMENTS.

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS.

The carrying values of our investments that are not part of the consolidated T. Rowe Price investment products are as follows:


(in millions)	9/30/2020		12/31/2019

Investments held at fair value
T. Rowe Price investment products - discretionary investments	$	1,005.6	$	1,221.8
T. Rowe Price investment products - seed capital	160.0		181.1
T. Rowe Price investment products - supplemental savings plan liability economic hedges	565.3		561.1
Investment partnerships and other investments	99.4		99.7
Equity method investments
T. Rowe Price investment products - discretionary investments	829.1		610.0
T. Rowe Price investment products - seed capital	166.2		95.6
T. Rowe Price investment products - supplemental savings plan liability economic hedges	40.4		—
26% interest in UTI Asset Management Company Limited (India)	158.5		164.5
Investment partnerships and other investments	5.3		5.0
U.S. Treasury note	1.0		1.0
Total	$	3,030.8	$	2,939.8

The investment partnerships are carried at fair value 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 restrictions on transferability. 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 nine-months ended September 30, 2020, net gains on investments included $75.5 million and $53.6 million, respectively, of net unrealized gains related to investments held at fair value that were still held at September 30, 2020. For the same periods of 2019, the net gains on investments included $4.8 million and $84.2 million, respectively, of net unrealized gains on investments held at fair value that were still held at September 30, 2019.

During the nine months ended September 30, 2020 and 2019, 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 are now reporting our residual interests in these T. Rowe Price investment products as either an equity method investment or an investment held at fair value. Additionally, during the nine months ended September 30, 2019, certain T. Rowe Price investment products that were being accounted for as equity method investments were consolidated, as we regained a controlling interest. 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 ended				Nine months ended
(in millions)	9/30/2020		9/30/2019		9/30/2020		9/30/2019
Net increase (decrease) in assets of consolidated T. Rowe Price investment products	$	(132.2)	$	(113.5)	$	(278.4)	$	(169.6)
Net decrease in liabilities of consolidated T. Rowe Price investment products	$	(4.0)	$	(9.8)	$	(7.6)	$	(11.0)
Net increase (decrease) in redeemable non-controlling interests	$	(44.0)	$	(72.3)	$	(106.9)	$	(81.4)

Gains (losses) recognized upon deconsolidation	$	—	$	(.1)	$	.1	$	.1

The gains or losses recognized upon deconsolidation were the result of reclassifying currency translation adjustments accumulated on certain T. Rowe Price investment products with non-USD functional currencies from accumulated other comprehensive income to non-operating income.

In October 2020, UTI Asset Management Company Limited (India), one of our equity method investments, held an initial public offering in India. As part of the offering, we sold a portion of our 26% interest and recorded a net gain on the sale of approximately $3.5 million in the fourth quarter of 2020. Subsequent to the sale, we have an ownership interest of 23% in UTI Asset Management Company Limited (India).

VARIABLE INTEREST ENTITIES.

Our investments at September 30, 2020 and December 31, 2019, 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)	9/30/2020		12/31/2019
Investment carrying values	$	118.9	$	156.0
Unfunded capital commitments	13.2		18.1
Uncollected investment advisory and administrative fees	14.0		10.5
	$	146.1	$	184.6

The unfunded capital commitments totaling $13.2 million at September 30, 2020, and $18.1 million at December 31, 2019, relate primarily to 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.