v3.26.1
CONSOLIDATED INVESTMENT PRODUCTS (Tables)
 6 Months Ended
Jun. 30, 2026
Consolidated 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:
6/30/202612/31/2025
(in millions)Voting interest entitiesVariable interest entitiesTotalVoting interest entitiesVariable interest entitiesTotal
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 assets25.8 23.9 49.7 7.6 18.8 26.4 
Total assets570.6 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 interests159.1 850.2 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 
(1) Cash and cash equivalents includes $24.7 million at June 30, 2026 and $2.5 million at December 31, 2025 of investments in
T. Rowe Price money market mutual funds.
(2) Investments include $66.0 million at June 30, 2026 and $61.7 million at December 31, 2025 of other T. Rowe Price investment products.
(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.
Schedule of Operating Results of Consolidated T. Rowe Price Investment Portfolios
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
6/30/20266/30/2025
(in millions)Voting interest entitiesVariable interest entitiesTotalVoting interest entitiesVariable interest entitiesTotal
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 interests6.8 56.6 63.4 0.1 50.8 50.9 
$30.2 $99.6 $129.8 $2.3 $73.9 $76.2 
Six months ended
6/30/20266/30/2025
(in millions)Voting interest entitiesVariable interest entitiesTotalVoting interest entitiesVariable interest entitiesTotal
Operating expenses reflected in net operating income$(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 interests6.4 42.9 49.3 4.8 60.7 65.5 
$27.0 $58.7 $85.7 $17.2 $88.4 $105.6 
Schedule of Cash flows of Consolidated T. Rowe Price Investment Portfolios
The following table details the impact of these consolidated investment products on the individual lines of our unaudited consolidated statements of cash flows.
Six months ended
6/30/20266/30/2025
(in millions)Voting interest entitiesVariable interest entitiesTotalVoting interest entitiesVariable interest entitiesTotal
Net cash provided by (used in) operating activities$(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 activities176.3 295.3 471.6 155.1 161.6 316.7 
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 period23.7 12.5 36.2 (6.0)14.5 8.5 
Cash and cash equivalents at beginning of year3.0 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 
Schedule of Fair Values of Investments Held by Consolidated T. Rowe Price Investment Portfolios 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.
6/30/202612/31/2025
(in millions)Level 1Level 2Level 1Level 2
Assets
Cash equivalents$25.7 $— $2.8 $— 
Equity securities382.1 325.4 475.2 376.5 
Fixed income securities— 1,606.0 — 1,002.5 
Other investments0.6 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)