The investment products that we consolidate in our consolidated financial statements are generally those products we provided initial seed capital at the time of their formation and have a controlling interest. Our U.S. mutual funds and certain other products are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities.


	9/30/2025						12/31/2024
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Cash and cash equivalents(1)	$	1.9	$	47.2	$	49.1	$	7.2	$	55.9	$	63.1
Investments(2)	174.3		1,531.1		1,705.4		470.8		1,465.4		1,936.2
Other assets	1.7		21.5		23.2		10.4		34.3		44.7
Total assets	177.9		1,599.8		1,777.7		488.4		1,555.6		2,044.0
Liabilities	1.0		21.7		22.7		15.9		46.2		62.1
Net assets	$	176.9	$	1,578.1	$	1,755.0	$	472.5	$	1,509.4	$	1,981.9

Attributable to T. Rowe Price Group, Inc.	$	132.4	$	637.7	$	770.1	$	348.5	$	689.4	$	1,037.9
Attributable to redeemable non-controlling interests	44.5		940.4		984.9		124.0		820.0		944.0
	$	176.9	$	1,578.1	$	1,755.0	$	472.5	$	1,509.4	$	1,981.9

(1) Cash and cash equivalents includes $1.4 million at September 30, 2025, and $4.9 million at December 31, 2024, of investments in T. Rowe Price money market mutual funds.

Although we can generally redeem our net interest in the consolidated investment products at any time, we cannot directly access or sell the assets held by these products to obtain cash for general operations. Additionally, the assets of these investment products are not available to our general creditors.

Since third-party investors in these investment products have no recourse to our credit, our overall risk related to the net assets of consolidated investment products is limited to valuation changes associated with our net interest. However, we are required to recognize the valuation changes associated with all underlying investments held by these products in our consolidated statements of income and disclose the portion attributable to unrelated third-party investors as net income attributable to redeemable non-controlling interests.

The operating results of the consolidated investment products for the three- and nine-months ended September 30, 2025 and 2024, are reflected in our unaudited consolidated statements of income as follows:


	Three months ended
	9/30/2025						9/30/2024
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Operating expenses reflected in net operating income	$	(0.1)	$	(2.1)	$	(2.2)	$	(0.5)	$	(1.9)	$	(2.4)
Net investment income (loss) reflected in non-operating income (loss)	7.1		65.5		72.6		27.3		58.6		85.9
Impact on income before taxes	$	7.0	$	63.4	$	70.4	$	26.8	$	56.7	$	83.5

Net income (loss) attributable to T. Rowe Price Group, Inc.	$	5.4	$	24.6	$	30.0	$	19.2	$	26.9	$	46.1
Net income (loss) attributable to redeemable non-controlling interests	1.6		38.8		40.4		7.6		29.8		37.4
	$	7.0	$	63.4	$	70.4	$	26.8	$	56.7	$	83.5


	Nine months ended
	9/30/2025						9/30/2024
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Operating expenses reflected in net operating income	$	(0.4)	$	(6.7)	$	(7.1)	$	(2.0)	$	(5.3)	$	(7.3)
Net investment income (loss) reflected in non-operating income (loss)	24.6		158.5		183.1		57.0		109.7		166.7
Impact on income before taxes	$	24.2	$	151.8	$	176.0	$	55.0	$	104.4	$	159.4

Net income (loss) attributable to T. Rowe Price Group, Inc.	$	17.8	$	52.3	$	70.1	$	42.0	$	58.5	$	100.5
Net income (loss) attributable to redeemable non-controlling interests	6.4		99.5		105.9		13.0		45.9		58.9
	$	24.2	$	151.8	$	176.0	$	55.0	$	104.4	$	159.4

The operating expenses of the consolidated investment products are reflected in general, administrative and other expenses. In preparing our unaudited consolidated financial statements, we eliminated operating expenses of $0.8 million and $1.3 million for the three months ended September 30, 2025 and 2024, respectively, against the investment advisory and administrative fees earned from these products. Operating expenses eliminated for the nine months ended September 30, 2025 and 2024, were $3.6 million and $3.0 million, respectively. The net investment income (loss) reflected in non-operating income (loss) includes dividend and interest income as well as realized and unrealized gains and losses on the underlying securities held by the consolidated investment products.

The table below details the impact of these consolidated investment products on the individual lines of our unaudited consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024.


	Nine months ended
	9/30/2025						9/30/2024
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Net cash provided by (used in) operating activities	$	(205.7)	$	(440.8)	$	(646.5)	$	(170.5)	$	(182.3)	$	(352.8)
Net cash provided by (used in) investing activities	0.7		(36.5)		(35.8)		(14.7)		(1.0)		(15.7)
Net cash provided by (used in) financing activities	199.7		465.2		664.9		165.3		180.6		345.9
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products	—		3.4		3.4		—		0.5		0.5
Net change in cash and cash equivalents during period	(5.3)		(8.7)		(14.0)		(19.9)		(2.2)		(22.1)
Cash and cash equivalents at beginning of year	7.2		55.9		63.1		25.7		51.5		77.2
Cash and cash equivalents at end of period	$	1.9	$	47.2	$	49.1	$	5.8	$	49.3	$	55.1

For the nine months ended September 30, 2025, the net cash provided by (used in) financing activities includes $134.8 million of net subscriptions we made into the consolidated investment products, net of dividends received. For the nine months ended September 30, 2024, the net cash provided by (used in) financing activities included $15.3 million of net redemptions we made from the consolidated investment products. These cash flows were eliminated in consolidation.

We determine the fair value of investments held by consolidated investment products using the following broad levels of inputs as defined by related accounting standards:

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

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 September 30, 2025 and December 31, 2024.

These levels are not necessarily an indication of the risk or liquidity associated with these investment holdings. The following table summarizes the investment holdings held by our consolidated investment products using fair value measurements determined based on the differing levels of inputs.


	9/30/2025				12/31/2024
(in millions)	Level 1		Level 2			Level 1		Level 2
Assets
Cash equivalents	$	1.7	$	—		$	6.3	$	—
Equity securities	493.7		378.5			452.3		285.4
Fixed income securities	—		813.5			—		1,173.5
Other investments	0.7		19.0			1.6		23.4
	$	496.1	$	1,211.0		$	460.2	$	1,482.3

Liabilities	$	(0.2)	$	(6.0)		$	(1.7)	$	(14.5)