FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 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.

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.

	9/30/2025						12/31/2024
(in millions)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
T. Rowe Price investment products
Cash equivalents held in money market funds	$	3,223.3	$	—	$	—	$	2,309.8	$	—	$	—
Discretionary investments	572.4		—		—		258.8		—		—
Seed capital	288.2		57.5		—		209.4		53.4		—
Deferred compensation liabilities economic hedges	1,060.2		—		—		992.8		—		—
Other investments	1.0		—		71.5		0.1		—		—
Investments in affiliated collateralized loan obligations	—		3.8		—		—		6.3		—
Total	$	5,145.1	$	61.3	$	71.5	$	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 $107.8 million at September 30, 2025, and $62.5 million at December 31, 2024.

The Level 3 investments’ fair value is derived from inputs that are unobservable and that reflect our own determinations about the assumptions that market participants would use in pricing the investments, including assumptions about risk. These inputs are developed based on our data, which is adjusted if information indicates that market participants would use different assumptions. For the nine months ended September 30, 2025, the change in Level 3 fair values were solely attributable to the purchases of new investments and there were no transfers into or out of Level 3. The following table provides information about the significant Level 3 inputs:

	Fair value measurements as of September 30, 2025
(in millions)	Fair value		Valuation techniques	Unobservable inputs	Interest rate input
Other investments	$	71.5	Market Yield (Comparables)	Yield	8.99%