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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________ 
FORM 10-Q
______________________________________ 
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 000-32191
______________________________________ 
T. ROWE PRICE GROUP, INC.
(Exact name of registrant as specified in its charter)
Maryland
 
52-2264646
(State of incorporation) (I.R.S. Employer Identification No.)
100 East Pratt Street, Baltimore, Maryland 21202
(Address, including Zip Code, of principal executive offices)
(410) 345-2000
(Registrant’s telephone number, including area code)
________________
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.20 par value per share
TROW
The NASDAQ Stock Market LLC
______________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer 
☐
Non-accelerated filer
☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐  Yes    ☒  No
The number of shares outstanding of the issuer’s common stock ($.20 par value), as of the latest practicable date,
October 24, 2023, is 223,470,324.
The exhibit index is at Item 6 on page 43.


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
 
9/30/202312/31/2022
ASSETS
Cash and cash equivalents$2,578.7 $1,755.6 
Accounts receivable and accrued revenue752.0 748.7 
Investments2,503.6 2,539.2 
Assets of consolidated sponsored investment products ($1,105.2 million at September 30, 2023 and $1,375.6 million at December 31, 2022, related to variable interest entities)
1,778.3 1,603.4 
Operating lease assets250.5 279.4 
Property, equipment and software, net799.1 755.7 
Intangible assets, net542.4 629.8 
Goodwill2,642.8 2,642.8 
Other assets709.4 688.7 
Total assets$12,556.8 $11,643.3 
LIABILITIES
Accounts payable and accrued expenses$395.2 $406.7 
Liabilities of consolidated sponsored investment products ($35.8 million at September 30, 2023 and $39.1 million at December 31, 2022, related to variable interest entities)
83.8 89.1 
Operating lease liabilities309.4 329.6 
Accrued compensation and related costs734.8 228.0 
Supplemental savings plan liability786.6 761.2 
Contingent consideration liability23.0 95.8 
Income taxes payable42.4 46.0 
Total liabilities2,375.2 1,956.4 
Commitments and contingent liabilities
Redeemable non-controlling interests560.2 656.7 
STOCKHOLDERS’ EQUITY
Preferred stock, undesignated, $.20 par value – authorized and unissued 20,000,000 shares
— — 
Common stock, $.20 par value—authorized 750,000,000; issued 223,540,000 shares at September 30, 2023 and 224,310,000 at December 31, 2022
44.7 44.9 
Additional capital in excess of par value482.0 437.9 
Retained earnings8,919.4 8,409.7 
Accumulated other comprehensive loss(46.2)(53.0)
Total stockholders’ equity attributable to T. Rowe Price Group, Inc.9,399.9 8,839.5 
Non-controlling interests in consolidated entities221.5 190.7 
Total stockholders’ equity9,621.4 9,030.2 
Total liabilities, redeemable non-controlling interests, and stockholders’ equity$12,556.8 $11,643.3 
The accompanying notes are an integral part of these statements.
Page 2

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per-share amounts)
 
 Three months endedNine months ended
 9/30/20239/30/20229/30/20239/30/2022
Revenues
Investment advisory fees$1,463.9 $1,442.0 $4,286.5 $4,600.8 
Capital allocation-based income66.1 1.1 121.7 (80.8)
Administrative, distribution, and servicing fees140.7 145.1 410.3 444.2 
Net revenues1,670.7 1,588.2 4,818.5 4,964.2 
Operating expenses
Compensation and related costs636.4 588.1 1,938.1 1,633.1 
Distribution and servicing74.9 69.9 214.2 231.5 
Advertising and promotion21.1 24.3 69.8 69.1 
Product and recordkeeping related costs73.1 75.6 222.9 232.3 
Technology, occupancy, and facility costs159.7 143.6 461.0 411.8 
General, administrative, and other85.7 114.9 293.2 310.1 
Change in fair value of contingent consideration— (29.9)(72.8)(125.7)
Acquisition-related amortization and impairment costs 38.5 27.1 93.1 81.4 
Total operating expenses1,089.4 1,013.6 3,219.5 2,843.6 
Net operating income581.3 574.6 1,599.0 2,120.6 
Non-operating income (loss)
Net gains (losses) on investments30.7 (41.5)213.7 (301.3)
Net gains (losses) on consolidated investment products(24.4)(41.7)45.4 (247.7)
Other losses(3.5)0.4 (14.7)(12.2)
Total non-operating income (loss)2.8 (82.8)244.4 (561.2)
Income before income taxes584.1 491.8 1,843.4 1,559.4 
Provision for income taxes144.9 134.0 481.3 399.4 
Net income439.2 357.8 1,362.1 1,160.0 
Less: net income (loss) attributable to redeemable
non-controlling interests		(14.0)(26.6)11.0 (131.9)
Net income attributable to T. Rowe Price Group$453.2 $384.4 $1,351.1 $1,291.9 
Earnings per share on common stock of T. Rowe Price Group
Basic$1.98 $1.67 $5.88 $5.57 
Diluted$1.97 $1.66 $5.86 $5.54 

The accompanying notes are an integral part of these statements.
Page 3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 
 Three months endedNine months ended
 9/30/20239/30/20229/30/20239/30/2022
Net income$439.2 $357.8 $1,362.1 $1,160.0 
Other comprehensive income (loss)
Currency translation adjustments
Consolidated T. Rowe Price investment products - variable interest entities(10.8)(31.8)7.7 (73.9)
Reclassification (gains) losses recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products(0.7)— (0.7)(6.9)
Total currency translation adjustments of consolidated T. Rowe Price investment products - variable interest entities
(11.5)(31.8)7.0 (80.8)
Equity method investments
8.4 0.7 8.4 (1.9)
Other comprehensive income (loss) before income taxes(3.1)(31.1)15.4 (82.7)
Net deferred tax (expense) benefits0.8 2.9 (0.9)8.1 
Total other comprehensive income (loss)(2.3)(28.2)14.5 (74.6)
Total comprehensive income436.9 329.6 1,376.6 1,085.4 
Less: comprehensive income (loss) attributable to redeemable non-controlling interests(17.9)(45.7)18.7 (176.5)
Total comprehensive income attributable to T. Rowe Price Group$454.8 $375.3 $1,357.9 $1,261.9 

The accompanying notes are an integral part of these statements.
Page 4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 
 Nine months ended
 9/30/20239/30/2022
Cash flows from operating activities
Net income$1,362.1 $1,160.0 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation, amortization and impairment of property, equipment and software181.6 166.0 
Amortization and impairment of acquisition-related assets and retention arrangements 165.6 158.4 
Fair value remeasurement of contingent consideration liability(72.8)(125.7)
Stock-based compensation expense
169.7 185.7 
Net (gains) losses recognized on investments(300.4)384.5 
Net redemptions in sponsored investment products used to economically hedge supplemental savings plan liability101.3 33.8 
Net change in securities held by consolidated sponsored investment products(779.9)291.0 
Other changes in assets and liabilities549.3 240.9 
Net cash provided by operating activities1,376.5 2,494.6 
Cash flows from investing activities
Purchases of sponsored investment products(35.8)(47.7)
Dispositions of sponsored investment products370.7 160.8 
Net cash of sponsored investment products on deconsolidation(35.6)(8.7)
Additions to property, equipment and software(226.0)(177.2)
Other investing activity(35.2)3.3 
Net cash provided by (used in) investing activities38.1 (69.5)
Cash flows from financing activities
Repurchases of common stock(141.2)(727.9)
Common share issuances under stock-based compensation plans25.5 13.8 
Dividends paid to common stockholders of T. Rowe Price(842.0)(832.4)
Net distributions to non-controlling interests in consolidated entities(3.2)(8.4)
Net subscriptions (redemptions) from redeemable non-controlling interest holders343.7 (61.8)
Net cash used in financing activities(617.2)(1,616.7)
Effect of exchange rate changes on cash and cash equivalents of consolidated
T. Rowe Price investment products
(1.8)11.8 
Net change in cash and cash equivalents during period795.6 820.2 
Cash and cash equivalents at beginning of period, including $119.1 million at December 31, 2022, and $101.1 million at December 31, 2021, held by consolidated sponsored investment products
1,874.7 1,624.2 
Cash and cash equivalents at end of period, including $91.6 million at September 30, 2023, and $78.1 million at September 30, 2022, held by consolidated sponsored investment products
$2,670.3 $2,444.4 

The accompanying notes are an integral part of these statements.
Page 5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(shares in thousands; dollars in millions)
Three months ended 9/30/2023
Common
shares
outstanding
Common
stock
Additional
capital in
excess of
par value
Retained
earnings
AOCI(1)
Total
stockholders’
equity attributable to T. Rowe Price Group, Inc.		Non-controlling interests in consolidated entitiesTotal stockholders’ equity
Redeemable non-controlling interests
Balances at June 30, 2023
224,281 $44.8 $520.6 $8,746.2 $(47.8)$9,263.8 $202.1 $9,465.9 $985.2 
Net income — — — 453.2 — 453.2 19.9 473.1 (14.0)
Other comprehensive income, net of tax— — — — 1.6 1.6 — 1.6 (3.9)
Dividends declared ($1.22 per share)
— — — (279.9)— (279.9)— (279.9)— 
Shares issued upon option exercises227 0.1 13.5 — — 13.6 — 13.6 — 
Restricted shares issued, net of shares withheld for taxes3 — — — — — — — — 
Net shares issued upon vesting of restricted stock units7 — (0.4)— — (0.4)— (0.4)— 
Stock-based compensation expense— — 54.2 — — 54.2 — 54.2 — 
Restricted stock units issued as dividend equivalents— — 0.1 (0.1)— — — — — 
Common shares repurchased(978)(0.2)(106.0)— — (106.2)— (106.2)— 
Net distributions to non-controlling interests in consolidated entities— — — — — — (0.5)(0.5)— 
Net subscriptions into T. Rowe Price investment products— — — — — — — — 59.0 
Net deconsolidations of T. Rowe Price investment products— — — — — — — — (466.1)
Balances at September 30, 2023
223,540 $44.7 $482.0 $8,919.4 $(46.2)$9,399.9 $221.5 $9,621.4 $560.2 

Three months ended 9/30/2022
Common
shares
outstanding		Common
stock		Additional
capital in
excess of
par value		Retained
earnings
AOCI(1)
Total
stockholders’
equity attributable to T. Rowe Price Group, Inc.		Non-controlling interests in consolidated entitiesTotal stockholders’ equityRedeemable non-controlling interests
Balances at June 30, 2022
225,715 $45.1 $654.6 $8,311.9 $(47.4)$8,964.2 $208.8 $9,173.0 $564.6 
Net income (loss)— — — 384.4 — 384.4 0.1 384.5 (26.6)
Other comprehensive loss, net of tax— — — — (9.1)(9.1)— (9.1)(19.1)
Dividends declared ($1.20 per share)
— — — (276.4)— (276.4)— (276.4)— 
Shares issued upon option exercises135 — 6.4 — — 6.4 — 6.4 — 
Net shares issued upon vesting of restricted stock units11 — (0.3)— — (0.3)— (0.3)— 
Stock-based compensation expense— — 62.8 — — 62.8 — 62.8 — 
Common shares repurchased(1,941)(0.3)(224.2)— — (224.5)— (224.5)— 
Net distributions from non-controlling interests in consolidated entities— — — — — — (1.9)(1.9)— 
Net subscriptions into T. Rowe Price investment products— — — — — — — — 19.2 
Net consolidations of T. Rowe Price investment products— — — — — — — — 42.7 
Balances at September 30, 2022
223,920 $44.8 $499.3 $8,419.9 $(56.5)$8,907.5 $207.0 $9,114.5 $580.8 
(1) Accumulated other comprehensive income
The accompanying notes are an integral part of these statements.
Page 6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(shares in thousands; dollars in millions)
Nine months ended 9/30/2023
Common
shares
outstanding		Common
stock		Additional
capital in
excess of
par value		Retained
earnings
AOCI(1)
Total
stockholders’
equity attributable to T. Rowe Price Group, Inc.		Non-controlling interests in consolidated entitiesTotal Stockholders’ equityRedeemable non-controlling interests
Balances at December 31, 2022
224,310 $44.9 $437.9 $8,409.7 $(53.0)$8,839.5 $190.7 $9,030.2 $656.7 
Net income— — — 1,351.1 — 1,351.1 34.0 1,385.1 11.0 
Other comprehensive income, net of tax— — — — 6.8 6.8 — 6.8 7.7 
Dividends declared ($3.66 per share)
— — — (841.1)— (841.1)— (841.1)— 
Shares issued upon option exercises486 0.1 28.4 — — 28.5 — 28.5 — 
Restricted shares issued, net of shares withheld for taxes57 — — — — — — — — 
Net shares issued upon vesting of restricted stock units85 — (3.2)— — (3.2)— (3.2)— 
Stock-based compensation expense— — 169.7 — — 169.7 — 169.7 — 
Restricted stock units issued as dividend equivalents— — 0.3 (0.3)— — — — — 
Common shares repurchased(1,398)(0.3)(151.1)— (151.4)— (151.4)— 
Net distributions to non-controlling interests in consolidated entities— — — — — — (3.2)(3.2)— 
Net subscriptions into T. Rowe Price investment products— — — — — — — — 345.0 
Net deconsolidations of T. Rowe Price investment products— — — — — — — — (460.2)
Balances at September 30, 2023
223,540 $44.7 $482.0 $8,919.4 $(46.2)$9,399.9 $221.5 $9,621.4 $560.2 
Nine months ended 9/30/2022
Common
shares
outstanding		Common
stock		Additional
capital in
excess of
par value		Retained
earnings
AOCI(1)
Total
stockholders’
equity attributable to T. Rowe Price Group, Inc.		Non-controlling interests in consolidated entitiesTotal Stockholders’ equityRedeemable non-controlling interests
Balances at December 31, 2021
229,175 $45.8 $919.8 $8,083.6 $(26.5)$9,022.7 $248.7 $9,271.4 $982.3 
Net income— — — 1,291.9 — 1,291.9 (33.3)1,258.6 (131.9)
Other comprehensive income (loss), net of tax— — — — (30.0)(30.0)— (30.0)(44.6)
Dividends declared ($3.60 per share)
— — — (832.7)— (832.7)— (832.7)— 
Shares issued upon option exercises372 0.1 17.7 — — 17.8 — 17.8 — 
Net shares issued upon vesting of restricted stock units72 — (3.9)— — (3.9)— (3.9)— 
Stock-based compensation expense— — 185.7 — — 185.7 — 185.7 — 
Restricted stock units issued as dividend equivalents9 — 0.2 (0.2)— — — — — 
Common shares repurchased(5,708)(1.1)(620.2)(122.7)— (744.0)— (744.0)— 
Net distributions to non-controlling interests in consolidated entities— — — — — — (8.4)(8.4)— 
Net redemptions from T. Rowe Price investment products— — — — — — — — (49.6)
Net deconsolidations of T. Rowe Price investment products— — — — — — — — (175.4)
Balances at September 30, 2022
223,920 $44.8 $499.3 $8,419.9 $(56.5)$8,907.5 $207.0 $9,114.5 $580.8 
(1) Accumulated other comprehensive income.
The accompanying notes are an integral part of these statements.
Page 7

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – THE COMPANY AND BASIS OF PREPARATION.

T. Rowe Price Group, Inc. (“T. Rowe Price”, “us”, or “we”) derives its consolidated revenues and net income primarily from investment advisory services that its subsidiaries provide to individual and institutional investors in the T. Rowe Price U.S. mutual funds (“U.S. mutual funds”), subadvised funds, separately managed accounts, collective investment trusts, and other sponsored products. The other sponsored products include: open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, and collateralized loan obligations. We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services through model delivery. Additionally, we derive revenue from our interests in general partners of certain affiliated private investment funds that are entitled to a disproportionate allocation of income through capital allocation-based arrangements also known as carried interest.

Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management impact our revenues and results of operations.

BASIS OF PRESENTATION.

These unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. These principles require the use of estimates and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature. Actual results may vary from our estimates.

The unaudited interim financial information contained in these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2022 Annual Report.

NEWLY ISSUED BUT NOT YET ADOPTED ACCOUNTING GUIDANCE.

We have considered all newly issued accounting guidance that is applicable to our operations and the preparation of our unaudited condensed consolidated statements, including those we have not yet adopted. We do not believe that any such guidance has or will have a material effect on our financial position or results of operations.

NOTE 2 – INFORMATION ABOUT RECEIVABLES, REVENUES, AND SERVICES.

Our revenues are derived primarily from investment advisory services provided to individual and institutional investors through the use of U.S. mutual funds, subadvised funds, separately managed accounts, collective investment trusts, and other sponsored products. The other sponsored products include: open-ended investment products offered to investors outside the U.S., products offered through variable annuity life insurance plans in the U.S., affiliated private investment funds, and collateralized loan obligations.

We also provide certain investment advisory clients with related administrative services, including distribution, mutual fund transfer agent, accounting, and shareholder services; participant recordkeeping and transfer agent services for defined contribution retirement plans; brokerage; trust services; and non-discretionary advisory services through model delivery.

Additionally, we derive revenue from our interests in general partners of certain affiliated private investment funds that are entitled to a disproportionate allocation of income through capital allocation-based arrangements also known as carried interest.

We manage a broad mix of equity, fixed income, multi-asset, and alternative classes and solutions that meet the varied needs and objectives of individual and institutional investors. Investment advisory revenues depend largely on the total value and composition of assets under our management. Accordingly, fluctuations in financial markets and in the composition of assets under management affect our revenues.

Page 8

Net revenues earned for the three- and nine-month periods ended September 30, 2023 and 2022, are included in the table below along with details of investment advisory revenues earned from clients by their underlying asset class. We also included average assets under management by asset class, on which we earn the investment advisory revenues.

Three months endedNine months ended
(in millions)9/30/20239/30/20229/30/20239/30/2022
Investment advisory fees
  Equity$885.0 $897.0 $2,581.2 $2,924.0 
  Fixed income, including money market100.9 107.6 303.3 324.1 
  Multi-asset405.5 367.2 1,182.8 1,149.3 
  Alternatives72.5 70.2 219.2 203.4 
Total investment advisory fees$1,463.9 $1,442.0 $4,286.5 $4,600.8 
Capital allocation-based income66.1 1.1 121.7 (80.8)
Total administrative, distribution, and servicing fees140.7 145.1 410.3 444.2 
Net revenues$1,670.7 $1,588.2 $4,818.5 $4,964.2 
Average AUM (in billions):
  Equity$725.0 $724.9 $705.3 $793.0 
  Fixed income, including money market169.0 173.0 169.6 175.1 
  Multi-asset453.8 406.7 438.5 426.6 
  Alternatives45.8 42.9 44.8 42.4 
Average AUM$1,393.6 $1,347.5 $1,358.2 $1,437.1 

Total net revenues earned from our sponsored products, primarily our sponsored U.S. mutual funds and collective investment trusts, aggregate $1,387.5 million and $1,311.2 million for the three months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 and 2022, total net revenues earned from our sponsored products aggregate $3,979.9 million and $4,069.7 million, respectively. Accounts receivable from our sponsored products aggregate to $488.2 million at September 30, 2023 and $492.4 million at December 31, 2022.

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 9.2%, 8.9%, and 9.1% of our assets under management at September 30, 2023, June 30, 2023, and December 31, 2022, respectively.


Page 9

NOTE 3 – INVESTMENTS.

The carrying values of our investments that are not part of the consolidated sponsored investment products are as follows:
(in millions)9/30/202312/31/2022
Investments held at fair value
T. Rowe Price investment products
Discretionary investments$259.3 $242.0 
Seed capital240.2 195.1 
Supplemental savings plan liability economic hedges698.4 760.7 
Investment partnerships and other investments75.5 87.1 
Investments in affiliated collateralized loan obligations7.6 6.4 
Equity method investments
T. Rowe Price investment products
Discretionary investments3.7 199.6 
Seed capital82.5 125.7 
Supplemental savings plan liability economic hedges19.2 — 
23% Investment in UTI Asset Management Company Limited (India)
170.0 158.8 
Investments in affiliated private investment funds - carried interest578.2 467.8 
Investments in affiliated private investment funds - seed/co-investment246.8 173.8 
Other investment partnerships and investments1.3 2.4 
Held to maturity
Investments in affiliated collateralized loan obligations102.5 109.6 
Certificates of deposit17.4 9.2 
 U.S. Treasury note1.0 1.0 
Total$2,503.6 $2,539.2 

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 transferability restrictions. 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, 2023, net gains on investments included $46.1 million of net unrealized losses and $28.9 million of net unrealized gains, respectively, related to investments held at fair value that were still held at September 30, 2023. For the same periods of 2022, net losses on investments included $35.3 million and $258.7 million of net unrealized losses related to investments held at fair value that were still held at September 30, 2022.

During the nine months ended September 30, 2023 and 2022, certain sponsored 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 sponsored investment products as either an equity method investment or an investment held at fair value. Additionally, during the nine months ended September 30, 2023 and 2022, certain sponsored investment products 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.

Page 10

Three months endedNine months ended
(in millions)9/30/20239/30/20229/30/20239/30/2022
Net increase (decrease) in assets of consolidated sponsored investment products$(568.7)$24.2 $(650.1)$(289.6)
Net increase (decrease) in liabilities of consolidated sponsored investment products$(10.4)$— $(43.5)$(15.0)
Net increase (decrease) in redeemable non-controlling interests$(466.1)$42.9 $(460.2)$(175.2)
Gains recognized upon deconsolidation$0.7 $— $0.7 $6.9 

The gains recognized upon deconsolidation were the result of reclassifying currency translation adjustments accumulated on certain sponsored investment products with non-USD functional currencies from accumulated other comprehensive income (loss) to non-operating income (loss).

INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS.

There is debt associated with our long-term investments in affiliated collateralized loan obligations (“CLOs”). This debt is carried at $96.1 million at September 30, 2023 and $103.0 million at December 31, 2022, and is reported in accounts payable and accrued expenses in our unaudited condensed consolidated balance sheets. The debt includes outstanding repurchase agreements of €65.7 million (equivalent to $69.5 million at September 30, 2023 and $71.3 million at December 31, 2022 at the respective EUR spot rates) that are collateralized by the CLO investments. The debt also includes outstanding note facilities of €25.2 million (equivalent to $26.6 million at September 30, 2023 and $31.7 million at December 31, 2022 at the respective EUR spot rates) that are collateralized by first priority security interests in the assets of a consolidated subsidiary that is party to the notes. These note facilities bear interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 1.15% to 12.52% as of September 30, 2023. The debt matures on various dates through 2035 or if the investments are paid back in full or cancelled, whichever is sooner.

VARIABLE INTEREST ENTITIES.

Our investments at September 30, 2023 and December 31, 2022 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)9/30/202312/31/2022
Investment carrying values$989.6 $762.2 
Unfunded capital commitments123.9 84.7 
Accounts receivable97.4 91.5 
$1,210.9 $938.4 

The unfunded capital commitments, totaling $123.9 million at September 30, 2023 and $84.7 million at December 31, 2022, relate primarily to the affiliated private investment funds and 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.

INVESTMENTS IN AFFILIATED FUNDS.

Certain of the the investments in affiliated funds represent interests in general partners of affiliated private investment funds and are entitled to a disproportionate allocation of income or carried interest. These entities are considered variable interest entities and are consolidated as T. Rowe Price was determined to be the primary beneficiary.

The total assets, liabilities and non-controlling interests of these consolidated variable interest entities are as follows:


Page 11

(in millions)9/30/202312/31/2022
Assets$621.7 $526.2 
Liabilities$0.2 $15.8 
Non-controlling interest$221.5 $190.7 

NOTE 4 – FAIR VALUE MEASUREMENTS.

We determine the fair value of our cash equivalents and 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 securities.
Level 2 – observable inputs other than Level 1 quoted prices including, but not limited to, quoted prices for similar
     securities, interest rates, prepayment speeds, and credit risk. 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 condensed consolidated balance sheets using fair value measurements determined based on the differing levels of inputs. This table excludes investments held by the consolidated sponsored investment products which are presented separately on our unaudited condensed consolidated balance sheets and are detailed in Note 5.

9/30/202312/31/2022
(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$2,080.7 $— $— $1,412.0 $— $— 
Discretionary investments259.3 — — 242.0 — — 
Seed capital194.5 45.7 — 161.0 34.1 — 
Supplemental savings plan liability economic hedges698.4 — — 760.7 — — 
Other investments0.6 — — 0.6 0.1 — 
Investments in affiliated collateralized loan obligations— 7.6 — — 6.4 — 
Total$3,233.5 $53.3 $— $2,576.3 $40.6 $— 
Contingent consideration liability$— $— $23.0 $— $— $95.8 

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. The carrying value of these investments as disclosed in Note 3 were $74.9 million at September 30, 2023, and $86.4 million at December 31, 2022.

Contingent Consideration

As part of the purchase consideration for our acquisition of OHA in December 2021, there was contingent
consideration in the amount of up to $900 million, payable in cash, that may be due as part of an earnout payment starting in 2025 and ending in 2027 upon satisfying or exceeding certain defined revenue targets. These defined revenue targets will be evaluated on a cumulative basis beginning at the end of 2024, with the ability to extend two additional years if the defined revenue targets are not achieved. About 22% of the earnout is conditioned upon continued service with T. Rowe Price and was excluded from the purchase consideration and deemed compensatory. The fair value of the earnout deemed compensatory is remeasured each reporting period and recognized over the related service period. The amount recorded as compensation expense for the three- and nine-months ended September 30, 2023 was immaterial.


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The change in the contingent consideration liability measured at fair value for which we used Level 3 inputs to determine fair value is as follows:

Contingent Consideration Liability
Three months ended
Nine months ended
(in millions)9/30/20239/30/20229/30/20239/30/2022
Balance at beginning of period$23.0 $161.2 $95.8 $306.3 
  Measurement period adjustment— — — (49.3)
  Unrealized gains, included in earnings— (29.9)(72.8)(125.7)
Balance at end of period$23.0 $131.3 $23.0 $131.3 

The fair value of the contingent consideration is measured using the Monte Carlo simulation methodology of valuation. The most significant assumptions used relate to the discount rates and from changes pertaining to the achievement of the defined financial targets.
In addition, simultaneously with the OHA acquisition, a Value Creation Agreement was entered into whereby certain employees of OHA will receive incentive payments in the aggregate equal to 10% of the appreciated value of the OHA business, subject to an annualized preferred return to T. Rowe Price, on the fifth anniversary of the acquisition date. This arrangement is treated as a post-combination compensation expense. This arrangement will be remeasured at fair value at each reporting date and recognized over the related service period. For the three- and nine-months ended September 30, 2023, the amounts recognized as part of compensation expense in our unaudited condensed consolidated statements of income were immaterial.

NOTE 5 – CONSOLIDATED SPONSORED INVESTMENT PRODUCTS.

The sponsored investment products that we consolidate in our unaudited condensed 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 sponsored products are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities.

The following table details the net assets of the consolidated sponsored investment products:
9/30/202312/31/2022
(in millions)
Voting
interest entities
Variable interest entities
Total
Voting
interest entities
Variable interest entities
Total
Cash and cash equivalents(1)
$27.4 $64.2 $91.6 $16.2 $102.9 $119.1 
Investments(2)
618.7 1,018.8 1,637.5 205.3 1,255.5 1,460.8 
Other assets27.0 22.2 49.2 6.3 17.2 23.5 
Total assets673.1 1,105.2 1,778.3 227.8 1,375.6 1,603.4 
Liabilities48.0 35.8 83.8 50.0 39.1 89.1 
Net assets$625.1 $1,069.4 $1,694.5 $177.8 $1,336.5 $1,514.3 
Attributable to T. Rowe Price Group$488.2 $646.1 $1,134.3 $142.4 $715.2 $857.6 
Attributable to redeemable non-controlling interests136.9 423.3 560.2 35.4 621.3 656.7 
$625.1 $1,069.4 $1,694.5 $177.8 $1,336.5 $1,514.3 
(1) Cash and cash equivalents includes $14.5 million at September 30, 2023, and $2.6 million at December 31, 2022, of investments in T. Rowe Price money market mutual funds.
(2) Investments include $6.2 million at September 30, 2023, and $7.6 million at December 31, 2022 of other sponsored investment products.

Although we can redeem our interest in these consolidated sponsored 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.


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

The operating results of the consolidated sponsored investment products for the three- and nine- months ended September 30, 2023 and 2022, are reflected in our unaudited condensed consolidated statements of income as follows:

Three months ended
9/30/20239/30/2022
(in millions)
Voting
interest entities
Variable interest entities
Total
Voting
interest entities
Variable interest entities
Total
Operating expenses reflected in net operating income$(0.5)$(0.9)$(1.4)$— $(1.8)$(1.8)
Net investment income (loss) reflected in non-operating income (loss)(11.6)(12.8)(24.4)(1.8)(40.0)(41.8)
Impact on income before taxes$(12.1)$(13.7)$(25.8)$(1.8)$(41.8)$(43.6)
Net income (loss) attributable to T. Rowe Price Group$(8.6)$(3.2)$(11.8)$(1.1)$(15.9)$(17.0)
Net income (loss) attributable to redeemable non-controlling interests(3.5)(10.5)(14.0)(0.7)(25.9)(26.6)
$(12.1)$(13.7)$(25.8)$(1.8)$(41.8)$(43.6)
Nine months ended
9/30/20239/30/2022
(in millions)Voting
interest entities		Variable interest entitiesTotalVoting
interest entities		Variable interest entitiesTotal
Operating expenses reflected in net operating income$(3.0)$(5.8)$(8.8)$(0.3)$(5.9)$(6.2)
Net investment income (loss) reflected in non-operating income (loss)1.1 44.3 45.4 (16.5)(231.3)(247.8)
Impact on income before taxes$(1.9)$38.5 $36.6 $(16.8)$(237.2)$(254.0)
Net income (loss) attributable to T. Rowe Price Group$(0.5)$26.1 $25.6 $(11.4)$(110.7)$(122.1)
Net income (loss) attributable to redeemable non-controlling interests(1.4)12.4 11.0 (5.4)(126.5)(131.9)
$(1.9)$38.5 $36.6 $(16.8)$(237.2)$(254.0)

The operating expenses of the consolidated investment products are reflected in general, administrative and other expenses. In preparing our unaudited condensed consolidated financial statements, we eliminated operating expenses of $0.7 million and $0.5 million for the three months ended September 30, 2023 and 2022, respectively, against the investment advisory and administrative fees earned from these products. Operating expenses eliminated for the nine months ended September 30, 2023 and 2022, were $1.6 million and $2.0 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 sponsored investment products.



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The table below details the impact of these consolidated investment products on the individual lines of our unaudited condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022.
Nine months ended
9/30/20239/30/2022
(in millions)
Voting
interest entities
Variable interest entities