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CONSOLIDATED INVESTMENT PRODUCTS (Tables)
 9 Months Ended
Sep. 30, 2025
Consolidated Sponsored Investment Portfolios [Abstract]  
Schedule of Net Assets of Consolidated T. Rowe Price Investment Portfolios
The following table details the net assets of the consolidated investment products:
9/30/202512/31/2024
(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 assets1.7 21.5 23.2 10.4 34.3 44.7 
Total assets177.9 1,599.8 1,777.7 488.4 1,555.6 2,044.0 
Liabilities1.0 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 interests44.5 940.4 984.9 124.0 820.0 944.0 
$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.
(2) Investments include $41.5 million at September 30, 2025, and $9.3 million at December 31, 2024, of other T. Rowe Price investment products.
Schedule of Operating Results of Consolidated T. Rowe Price Investment Portfolios
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
9/30/20259/30/2024
(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 interests1.6 38.8 40.4 7.6 29.8 37.4 
$7.0 $63.4 $70.4 $26.8 $56.7 $83.5 
Nine months ended
9/30/20259/30/2024
(in millions)Voting
interest entities		Variable interest entitiesTotalVoting
interest entities		Variable interest entitiesTotal
Operating expenses reflected in net operating income$(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 interests6.4 99.5 105.9 13.0 45.9 58.9 
$24.2 $151.8 $176.0 $55.0 $104.4 $159.4 
Schedule of Cash flows of Consolidated T. Rowe Price Investment Portfolios
The table below details the impact of these consolidated investment products on the individual lines of our unaudited consolidated statements of cash flows for the nine months ended September 30, 2025 and 2024.
Nine months ended
9/30/20259/30/2024
(in millions)
Voting
interest entities
Variable interest entities
Total
Voting
interest entities
Variable interest entities
Total
Net cash provided by (used in) operating activities$(205.7)$(440.8)$(646.5)$(170.5)$(182.3)$(352.8)
Net cash provided by (used in) investing activities0.7 (36.5)(35.8)(14.7)(1.0)(15.7)
Net cash provided by (used in) financing activities199.7 465.2 664.9 165.3 180.6 345.9 
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 
Schedule of Fair Values of Investments Held by Consolidated T. Rowe Price Investment Portfolios The following table provides information about the significant Level 3 inputs:
Fair value measurements as of September 30, 2025
(in millions)Fair valueValuation techniquesUnobservable inputsInterest rate input
Other investments$71.5 Market Yield (Comparables)Yield8.99%
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.
9/30/202512/31/2024
(in millions)
Level 1
Level 2
Level 1
Level 2
Assets
  Cash equivalents$1.7 $— $6.3 $— 
Equity securities493.7 378.5 452.3 285.4 
Fixed income securities— 813.5 — 1,173.5 
Other investments0.7 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)