INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

The carrying values of our investments that are not consolidated investment products at December 31 are as follows:


(in millions)	2025		2024
Investments held at fair value
T. Rowe Price investment products
Discretionary investments	$	463.7	$	258.8
Redeemable seed capital investments	316.1		262.8
Investments used to hedge the deferred compensation liabilities	1,243.3		992.8
Investment partnerships and other investments	154.7		62.6
Investments in affiliated collateralized loan obligations	3.2		6.3
Equity method investments
T. Rowe Price investment products
Discretionary investments	—		60.8
Redeemable seed capital investments	8.3		128.8
Investments used to hedge the deferred compensation liabilities	—		88.4
Investment in UTI Asset Management Company Limited (India)	162.8		173.5
Investments in affiliated private investment funds - carried interest	390.3		426.9
Investments in affiliated private investment funds - seed/co-investment	304.7		269.9

Investment partnerships and other investments	204.9		162.1
Held to maturity
Investments in affiliated collateralized loan obligations	21.8		61.1
Certificates of deposit	50.4		44.7
U.S. Treasury note	1.0		1.0
Total	$	3,325.2	$	3,000.5

Schedule of Net Impact of Deconsolidation and Consolidation on Condensed Consolidated Balance Sheets and Income Statements

he net impact on our consolidated balance sheets and statements of income as of the dates the products were deconsolidated or reconsolidated is detailed below.


(in millions)	2025		2024		2023
Net decrease in assets of consolidated investment products	$	(1,186.4)	$	(673.9)	$	(663.8)
Net decrease in liabilities of consolidated investment products	$	(43.8)	$	(20.5)	$	(29.7)
Net decrease in redeemable non-controlling interests	$	(595.0)	$	(272.8)	$	(479.2)

Net gains (losses) recognized upon deconsolidation	$	3.1	$	(0.4)	$	—

Schedule of Maximum Risk of Loss Related to Investments in Variable Interest Entities

Our fair value and equity method investments at December 31, 2025 and 2024 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)	2025		2024
Investment carrying values	$	978.7	$	955.9
Unfunded capital commitments	199.3		202.5
Accounts receivable	113.3		96.2
Maximum risk of loss	$	1,291.3	$	1,254.6

Schedule of Total Assets, Liabilities and Non-controlling Interests of Consolidated Variable Interest Entities

The total assets, liabilities and non-controlling interests of these carried interest entities as of December 31 are as follows:


(in millions)	2025		2024
Assets	$	438.7	$	467.7
Liabilities	$	5.8	$	0.4
Non-controlling interest	$	157.1	$	160.7

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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