The investment products that we consolidate in our 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. and CLOs are considered variable interest entities.


	6/30/2026						12/31/2025
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Cash and cash equivalents(1)	$	26.7	$	48.6	$	75.3	$	3.0	$	36.1	$	39.1
Investments(2)	518.1		1,834.1		2,352.2		344.3		1,541.2		1,885.5
Other assets	25.8		23.9		49.7		7.6		18.8		26.4
Total assets	570.6		1,906.6		2,477.2		354.9		1,596.1		1,951.0
Debt and other liabilities(3)	37.9		414.6		452.5		7.1		14.2		21.3
Net assets	$	532.7	$	1,492.0	$	2,024.7	$	347.8	$	1,581.9	$	1,929.7

Attributable to T. Rowe Price Group	$	373.6	$	641.8	$	1,015.4	$	269.8	$	623.9	$	893.7
Attributable to redeemable non-controlling interests	159.1		850.2		1,009.3		78.0		958.0		1,036.0
	$	532.7	$	1,492.0	$	2,024.7	$	347.8	$	1,581.9	$	1,929.7

(3) Debt and other liabilities at June 30, 2026 include $220.1 million related to a warehousing facility used by the CLO issuer to finance the accumulation of investment assets along with unsettled trades prior to securitization. The facility has a floating interest rate based on the daily simple Secured Overnight Financing Rate (SOFR) plus 1.65%. In the event of a default, the floating interest rate is based on the daily simple SOFR plus 2.00%. As disclosed in Note 1, these balances reflect the CLO issuer's liabilities as of March 31, 2026, because we report the CLO's financial information on a one-quarter lag. In the second quarter of 2026, the CLO completed its securitization, issued notes to third-party investors, and used the proceeds to repay the warehousing facility. These activities will be reflected in our September 30, 2026 financial statements.

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 non-controlling interests.

The operating results of the consolidated investment products for the three- and six- months ended June 30, 2026 and 2025 are reflected in our unaudited consolidated statements of income as follows:


	Three months ended
	6/30/2026						6/30/2025
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Operating expenses reflected in net operating income	$	(0.3)	$	(2.5)	$	(2.8)	$	(0.1)	$	(2.3)	$	(2.4)
Net investment income (loss) reflected in non-operating income (loss)	30.5		102.1		132.6		2.4		76.2		78.6
Impact on income before taxes	$	30.2	$	99.6	$	129.8	$	2.3	$	73.9	$	76.2

Net income (loss) attributable to T. Rowe Price Group	$	23.4	$	43.0	$	66.4	$	2.2	$	23.1	$	25.3
Net income (loss) attributable to redeemable non-controlling interests	6.8		56.6		63.4		0.1		50.8		50.9
	$	30.2	$	99.6	$	129.8	$	2.3	$	73.9	$	76.2


	Six months ended
	6/30/2026						6/30/2025
(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)	$	(5.0)	$	(5.5)	$	(0.3)	$	(4.6)	$	(4.9)
Net investment income (loss) reflected in non-operating income (loss)	27.5		63.7		91.2		17.5		93.0		110.5
Impact on income before taxes	$	27.0	$	58.7	$	85.7	$	17.2	$	88.4	$	105.6

Net income (loss) attributable to T. Rowe Price Group	$	20.6	$	15.8	$	36.4	$	12.4	$	27.7	$	40.1
Net income (loss) attributable to redeemable non-controlling interests	6.4		42.9		49.3		4.8		60.7		65.5
	$	27.0	$	58.7	$	85.7	$	17.2	$	88.4	$	105.6

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 $1.6 million and $1.4 million for the three months ended June 30, 2026 and 2025, respectively, against the investment advisory and administrative fees earned from these products. Operating expenses eliminated for the six months ended June 30, 2026 and 2025 were $2.7 million and $2.8 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.


	Six months ended
	6/30/2026						6/30/2025
(in millions)	Voting interest entities		Variable interest entities		Total		Voting interest entities		Variable interest entities		Total
Net cash provided by (used in) operating activities	$	(152.5)	$	(280.9)	$	(433.4)	$	(161.6)	$	(144.4)	$	(306.0)
Net cash provided by (used in) investing activities	(0.1)		(0.6)		(0.7)		0.5		(1.6)		(1.1)
Net cash provided by (used in) financing activities	176.3		295.3		471.6		155.1		161.6		316.7
Effect of exchange rate changes on cash and cash equivalents of consolidated investment products	—		(1.3)		(1.3)		—		(1.1)		(1.1)
Net change in cash and cash equivalents during period	23.7		12.5		36.2		(6.0)		14.5		8.5
Cash and cash equivalents at beginning of year	3.0		36.1		39.1		7.2		55.9		63.1
Cash and cash equivalents at end of period	$	26.7	$	48.6	$	75.3	$	1.2	$	70.4	$	71.6

For the six months ended June 30, 2026, the net cash provided by (used in) financing activities includes $115.8 million of net subscriptions we made into the consolidated investment products, net of dividends received. For the six months ended June 30, 2025, the net cash provided by (used in) financing activities included $111.6 million of net subscriptions we made into the consolidated investment products, net of dividends received. These cash flows were eliminated in consolidation.

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. There were no Level 3 investments at June 30, 2026 and December 31, 2025.

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.


	6/30/2026				12/31/2025
(in millions)	Level 1		Level 2			Level 1		Level 2
Assets
Cash equivalents	$	25.7	$	—		$	2.8	$	—
Equity securities	382.1		325.4			475.2		376.5
Fixed income securities	—		1,606.0			—		1,002.5
Other investments	0.6		38.1			0.4		30.9
	$	408.4	$	1,969.5		$	478.4	$	1,409.9

Debt and other liabilities	$	(0.6)	$	(233.2)		$	(0.3)	$	(5.1)