10-Q 1 trow-20220331.htm 10-Q trow-20220331
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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 March 31, 2022
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 (do not check if smaller reporting company)
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,
April 26, 2022, is 227,296,619.
The exhibit index is at Item 6 on page 38.



PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
 
3/31/202212/31/2021
ASSETS
Cash and cash equivalents$1,997.5 $1,523.1 
Accounts receivable and accrued revenue919.5 1,058.3 
Investments2,879.3 2,975.5 
Assets of consolidated T. Rowe Price investment products ($1,501.0 million at March 31, 2022 and $1,761.5 million at December 31, 2021, related to variable interest entities)
1,658.2 1,962.8 
Operating lease assets164.5 201.2 
Property, equipment and software, net736.3 736.2 
Intangible assets, net886.3 913.4 
Goodwill2,643.9 2,693.2 
Other assets462.5 445.3 
Total assets$12,348.0 $12,509.0 
LIABILITIES
Accounts payable and accrued expenses$417.3 $431.0 
Liabilities of consolidated T. Rowe Price investment products ($44.2 million at March 31, 2022 and $36.2 million at December 31, 2021, related to variable interest entities)
55.9 51.5 
Operating lease liabilities211.8 249.2 
Accrued compensation and related costs293.6 256.8 
Supplemental savings plan liability826.3 882.6 
Contingent consideration liability211.5 306.3 
Income taxes payable214.6 77.9 
Total liabilities2,231.0 2,255.3 
Commitments and contingent liabilities
Redeemable non-controlling interests790.4 982.3 
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 227,283,000 shares at March 31, 2022 and 229,175,000 at December 31, 2021
45.5 45.8 
Additional capital in excess of par value668.2 919.8 
Retained earnings8,372.2 8,083.6 
Accumulated other comprehensive loss(31.5)(26.5)
Total stockholders’ equity attributable to T. Rowe Price Group, Inc.9,054.4 9,022.7 
Non-controlling interests in consolidated entities272.2 248.7 
Total permanent stockholders’ equity9,326.6 9,271.4 
Total liabilities, redeemable non-controlling interests, and permanent stockholders’ equity$12,348.0 $12,509.0 
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 ended
 3/31/20223/31/2021
Revenues
Investment advisory fees$1,662.1 $1,687.8 
Capital allocation-based income44.4  
Administrative, distribution, and servicing fees156.5 139.0 
Net revenues1,863.0 1,826.8 
Operating expenses
Compensation and related costs581.6 583.5 
Distribution and servicing85.9 85.6 
Advertising and promotion23.4 18.9 
Product and recordkeeping related costs80.4 41.0 
Technology, occupancy, and facility costs133.9 117.3 
General, administrative, and other80.4 87.3 
Total operating expenses985.6 933.6 
Net operating income877.4 893.2 
Non-operating income (loss)
Net gains (losses) on investments(89.9)68.6 
Net gains (losses) on consolidated investment products(101.4)37.2 
Other income (loss)(7.2)(3.7)
Total non-operating income (loss)(198.5)102.1 
Income before income taxes678.9 995.3 
Provision for income taxes164.5 230.5 
Net income514.4 764.8 
Less: net income (loss) attributable to redeemable
non-controlling interests
(53.5)15.4 
Net income attributable to T. Rowe Price Group$567.9 $749.4 
Earnings per share on common stock of T. Rowe Price Group
Basic$2.43 $3.20 
Diluted$2.41 $3.17 

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


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 
 Three months ended
 3/31/20223/31/2021
Net income$514.4 $764.8 
Other comprehensive income (loss)
Currency translation adjustments
Consolidated T. Rowe Price investment products - variable interest entities(15.5)(18.9)
Reclassification gains recognized in non-operating income upon deconsolidation of certain T. Rowe Price investment products(1.6)(2.6)
Total currency translation adjustments of consolidated T. Rowe Price investment products - variable interest entities
(17.1)(21.5)
Equity method investments
.5 (.8)
Other comprehensive income (loss) before income taxes(16.6)(22.3)
Net deferred tax (expense) benefits1.8 3.0 
Total other comprehensive income (loss)(14.8)(19.3)
Total comprehensive income499.6 745.5 
Less: comprehensive income (loss) attributable to redeemable non-controlling interests(63.3)3.6 
Total comprehensive income attributable to T. Rowe Price Group$562.9 $741.9 

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


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 
 Three months ended
 3/31/20223/31/2021
Cash flows from operating activities
Net income$514.4 $764.8 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of property, equipment and software54.5 49.0 
Amortization of acquisition-related assets and retention arrangements 53.9  
Fair value remeasurement of contingent consideration liability(45.5) 
Stock-based compensation expense
63.6 57.5 
Net (gains) losses recognized on investments38.3 (59.5)
Net redemptions in T. Rowe Price investment products used to economically hedge supplemental savings plan liability6.1 22.0 
Net change in securities held by consolidated T. Rowe Price investment products
180.1 (120.9)
Other changes238.0 281.8 
Net cash provided by operating activities1,103.4 994.7 
Cash flows from investing activities
Purchases of investment products(6.0)(12.5)
Dispositions of investment products64.9 60.3 
Net cash of T. Rowe Price investment products on deconsolidation(5.9)(27.3)
Additions to property, equipment and software(54.9)(58.8)
Other investing activity5.7 7.5 
Net cash provided by (used in) investing activities3.8 (30.8)
Cash flows from financing activities
Repurchases of common stock(320.1)(259.2)
Common share issuances under stock-based compensation plans5.1 20.9 
Dividends paid to common stockholders of T. Rowe Price(279.2)(252.3)
Net contributions from non-controlling interests in consolidated entities6.0  
Net subscriptions (redemptions) received from redeemable non-controlling interest holders(55.9)183.1 
Net cash used in financing activities(644.1)(307.5)
Effect of exchange rate changes on cash and cash equivalents of consolidated
T. Rowe Price investment products
(2.7).9 
Net change in cash and cash equivalents during period460.4 657.3 
Cash and cash equivalents at beginning of period, including $101.1 million at December 31, 2021, and $104.8 million at December 31, 2020, held by consolidated T. Rowe Price investment products
1,624.2 2,256.5 
Cash and cash equivalents at end of period, including $87.1 million at March 31, 2022, and $83.7 million at March 31, 2021, held by consolidated T. Rowe Price investment products
$2,084.6 $2,913.8 

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 3/31/2022
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 permanent stockholders’ equity
Redeemable non-controlling interests
Balances at December 31, 2021229,175 $45.8 $919.8 $8,083.6 $(26.5)$9,022.7 $248.7 $9,271.4 $982.3 
Net income (loss)— — — 567.9 — 567.9 17.5 585.4 (53.5)
Other comprehensive income (loss), net of tax— — — — (5.0)(5.0)— (5.0)(9.9)
Dividends declared ($1.20 per share)
— — — (279.2)— (279.2)— (279.2)— 
Shares issued upon option exercises174 — 7.8 — — 7.8 — 7.8 — 
Net shares issued upon vesting of restricted stock units41 (3.2)— — (3.2)— (3.2)— 
Stock-based compensation expense— — 63.5 — — 63.5 — 63.5 — 
Restricted stock units issued as dividend equivalents— — .1 (.1)— — — — — 
Common shares repurchased(2,107)(.3)(319.8)— — (320.1)— (320.1)— 
Net contributions from non-controlling interests in consolidated entities— — — — — — 6.0 6.0 — 
Net redemptions from T. Rowe Price investment products— — — — — — — — (65.6)
Net deconsolidations of T. Rowe Price investment products— — — — — — — — (62.9)
Balances at March 31, 2022227,283 $45.5 $668.2 $8,372.2 $(31.5)$9,054.4 $272.2 $9,326.6 $790.4 

Three months ended 3/31/2021
Common
shares
outstanding
Common
stock
Additional
capital in
excess of
par value
Retained
earnings
AOCI(1)
Total permanent
stockholders’
equity
Redeemable non-controlling interests
Balances at December 31, 2020227,965 $45.6 $654.6 $7,029.8 $(23.0)$7,707.0 $1,561.7 
Net income— — — 749.4 — 749.4 15.4 
Other comprehensive income (loss), net of tax— — — — (7.5)(7.5)(11.8)
Dividends declared ($1.08 per share)
— — — (252.3)— (252.3)— 
Shares issued upon option exercises572 .1 25.3 — — 25.4 — 
Net shares issued upon vesting of restricted stock units41 — (3.7)— — (3.7)— 
Stock-based compensation expense— — 57.5 — — 57.5 — 
Restricted stock units issued as dividend equivalents— — .1 (.1)— — — 
Common shares repurchased(1,630)(.3)(79.2)(188.1)— (267.6)— 
Net subscriptions into T. Rowe Price investment products— — — — — — 187.5 
Net deconsolidations of T. Rowe Price investment products— — — — — — (739.9)
Balances at March 31, 2021226,948 $45.4 $654.6 $7,338.7 $(30.5)$8,008.2 $1,012.9 
(1) Accumulated other comprehensive income
The accompanying notes are an integral part of these statements.
Page 6


NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – THE COMPANY AND BASIS OF PREPARATION.

T. Rowe Price Group Inc. 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
affiliated products. The other affiliated 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 or private accounts, 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 also 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.

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.

On December 29, 2021, we completed our acquisition of Oak Hill Advisors, L.P., a leading alternative credit manager, and other entities that had common ownership (collectively, OHA). We acquired 100% of the equity interests of Oak Hill Advisors, L.P., 100% of the equity interests in entities that make co-investments in certain affiliated private investment funds (the "co-investment entities") and a majority of the equity interests in entities that have interests in general partners of affiliated private investment funds and are entitled to a disproportionate allocation of income (the "carried interest entities"). As of March 31, 2022, OHA had $57 billion of capital under management (which includes net assets value, portfolio value and/or unfunded capital). We have reflected the financial position, operating results and cash flows of OHA in these financial statements.

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 unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements contained in our 2021 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.



Page 7


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

Revenues earned under agreements with clients include: 
Three months ended 3/31/2022Three months ended 3/31/2021
Administrative, distribution, and servicing fees
Administrative, distribution, and servicing fees
(in millions)
Investment advisory fees
Administrative fees
Distribution and servicing fees
Capital allocation-based income
Net revenues
Investment advisory fees
Administrative fees
Distribution and servicing fees
Net revenues
U.S. mutual funds$976.5 $93.1 $26.3 $ $1,095.9 $1,050.2 $78.7 $29.1 $1,158.0 
Subadvised funds, separate accounts, collective investment trusts, and other investment products685.6   44.4 730.0 637.6   637.6 
Other clients(1)
 37.1   37.1  31.2  31.2 
$1,662.1 $130.2 $26.3 $44.4 $1,863.0 $1,687.8 $109.9 $29.1 $1,826.8 
(1) Other clients primarily include individuals, defined contribution plans, college savings plans, and institutions related to our non-discretionary advisory services.    

Total net revenues earned from our related parties aggregate $1,536.4 million and $1,482.3 million for the three months ended March 31, 2022 and 2021, respectively. Accounts receivable from these products aggregate to $584.5 million at March 31, 2022 and $577.9 million at December 31, 2021.

The following table details the investment advisory revenues earned from clients by their underlying asset class.
 Three months ended
(in millions)3/31/20223/31/2021
U.S. mutual funds
Equity$691.9 $729.8 
Fixed income, including money market64.0 59.0 
Multi-asset220.6 261.4 
976.5 1,050.2 
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity394.1 424.2 
Fixed income, including money market42.6 37.5 
Multi-asset184.0 175.9 
Alternatives64.9  
685.6 637.6 
Total$1,662.1 $1,687.8 



Page 8


The following table summarizes the assets under management on which we earn investment advisory revenues.
Average during
Three months endedAs of
(in billions)3/31/20223/31/20213/31/202212/31/2021
U.S. mutual funds
Equity$491.3 $509.6 $489.0 $553.9 
Fixed income, including money market86.4 82.3 83.9 85.3 
Multi-asset220.3 222.6 216.5 232.2 
798.0 814.5 789.4 871.4 
Subadvised funds, separate accounts, collective investment trusts, and other investment products
Equity395.2 408.4 389.0 438.8 
Fixed income, including money market91.4 90.7 91.3 90.4 
Multi-asset233.4 195.2 239.9 245.5 
Alternatives41.9  42.2 41.7 
761.9 694.3 762.4 816.4 
Total$1,559.9 $1,508.8 $1,551.8 $1,687.8 

Investors that we serve are primarily domiciled in the U.S.; investment advisory clients outside the U.S. account for 9.7% and 9.9% of our assets under management at March 31, 2022 and December 31, 2021, respectively.

NOTE 3 – INVESTMENTS.

The carrying values of our investments that are not part of the consolidated T. Rowe Price investment products are as follows:
(in millions)3/31/202212/31/2021
Investments held at fair value
T. Rowe Price investment products
Discretionary investments$502.2 $518.7 
Seed capital224.6 264.8 
Supplemental savings plan liability economic hedges820.0 881.5 
Investment partnerships and other investments105.0 108.9 
Investments in affiliated collateralized loan obligations9.310.8
Equity method investments
T. Rowe Price investment products - seed capital134.0 141.7 
Investments in affiliated private investment funds - carried interest642.1609.8
Investments in affiliated private investment funds - seed/co-investment153.1151.3
23% Investment in UTI Asset Management Company Limited (India)
170.3 165.4 
Other investment partnerships and investments2.5 2.5 
Held to maturity
Investments in affiliated collateralized loan obligations115.2119.1
 U.S. Treasury note1.0 1.0 
Total$2,879.3 $2,975.5 

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.


Page 9


During the three months ended March 31, 2022, net losses on investments included $99.9 million of net unrealized losses related to investments held at fair value that were still held at March 31, 2022. For the same period of 2021, net gains on investments included $38.8 million of net unrealized gains related to investments held at fair value that were still held at March 31, 2021.

During the three months ended March 31, 2022 and 2021, certain T. Rowe Price 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 T. Rowe Price investment products as either an equity method investment or an investment held at fair value. Additionally, during the three months ended March 31, 2022 and March 31, 2021, certain T. Rowe Price 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.
Three months ended
(in millions)3/31/20223/31/2021
Net increase (decrease) in assets of consolidated T. Rowe Price investment products$(97.5)$(928.1)
Net increase (decrease) in liabilities of consolidated T. Rowe Price investment products$(8.6)$(15.3)
Net increase (decrease) in redeemable non-controlling interests$(63.0)$(739.9)
Gains recognized upon deconsolidation$1.6 $2.6 

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

INVESTMENTS IN AFFILIATED COLLATERALIZED LOAN OBLIGATIONS.

There is debt associated with our long-term investments in affiliated collateralized loan obligations (“CLOs”). As of March 31, 2022 and December 31, 2021, the debt is valued at $108.7 million and $113.5 million, and is reported in accounts payable and accrued expenses in our unaudited condensed consolidated balance sheets. The debt includes outstanding repurchase agreements of €66.7 million (equivalent to $73.8 million at March 31, 2022 and $75.9 million at December 31, 2021 at the respective EUR spot rates) and collateralized by the CLO investments. The debt also includes outstanding note facilities of €32.4 million (equivalent to $34.9 million at March 31, 2022 and $36.9 million at December 31, 2021 at the respective EUR spot rates) and are collateralized by first priority security interests in the assets of the consolidated OHA entity that is party to the notes. The debt bears interest at rates based on EURIBOR plus the initial margin, which equals all-in rates ranging from 1.70% to 1.95% as of March 31, 2022. The debt matures on various dates through 2032 or if the investments are paid back in full or cancelled.

VARIABLE INTEREST ENTITIES.

Our investments at March 31, 2022 and December 31, 2021 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)3/31/202212/31/2021
Investment carrying values$951.9 $943.3 
Unfunded capital commitments110.4 94.2 
Accounts receivable94.2 145.1 
$1,156.5 $1,182.6 

The unfunded capital commitments totaling $110.4 million at March 31, 2022 and $94.2 million at December 31, 2021 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.

Page 10



INVESTMENTS IN AFFILIATED PARTNERS.

During 2021, as part of the OHA acquisition, we acquired a majority of the equity interests in entities that have interests in general partners of affiliated private investment funds and are entitled to a disproportionate allocation of income. 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:

(in millions)3/31/202212/31/2021
Assets$695.4 $692.7 
Liabilities$1.1 $56.4 
Non-controlling interest$272.2 $248.7 

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 liability 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 T. Rowe Price investment products which are presented separately on our unaudited condensed consolidated balance sheets and are detailed in Note 5.

3/31/202212/31/2021
(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 funds1,551.1 $ $ $1,183.9 $ $ 
Discretionary investments502.2   518.7   
Seed capital202.9 21.7  241.4 23.4  
Supplemental savings plan liability economic hedges820.0   881.5   
Other investments1.3 .1  .7 .1  
Investments in affiliated collateralized loan obligations 9.3   10.8  
Total$3,077.5 $31.1 $ $2,826.2 $34.3 $ 
Contingent consideration liability$ $ $211.5 $ $ $306.3 

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 $103.6 million at March 31, 2022, and $108.1 million at December 31, 2021.


Page 11


As part of the purchase consideration for our acquisition of OHA in December 2021, there was contingent consideration in the amount of up to $900.0 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 is remeasured each reporting period and recognized over the related service period. For the three months ended March 31, 2022, $5.1 million was recorded as part of compensation expense in our unaudited condensed consolidated statements of income for the portion of the earnout deemed compensatory.

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
(in millions)Three Months Ended 3/31/2022
Balance, 12/31/2021$306.3 
  Measurement period adjustment(49.3)
  Unrealized (gains) losses, included in earnings(45.5)
Balance, 3/31/2022$211.5 

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 periods and rates and from changes pertaining to the achievement of the defined financial targets. The unrealized (gains) losses during the quarter are reflected in general, administrative and other expenses in our unaudited condensed consolidated statements of income.
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. As of March 31, 2022, $2.0 million was recognized as part of compensation expense in our unaudited condensed consolidated statements of income.

NOTE 5 – CONSOLIDATED T. ROWE PRICE INVESTMENT PRODUCTS AND OTHER ENTITIES.

The T. Rowe Price 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 are considered voting interest entities, while those regulated outside the U.S. are considered variable interest entities.



Page 12


The following table details the net assets of the consolidated T. Rowe Price investment products:
3/31/202212/31/2021
(in millions)
Voting
interest entities
Variable interest entities
Total
Voting
interest entities
Variable interest entities
Total
Cash and cash equivalents(1)
$9.5 $77.5 $87.0 $7.3 $93.8 $101.1 
Investments(2)
144.4 1,391.5 1,535.9 188.9 1,645.0 1,833.9 
Other assets3.3 32.0 35.3 5.1 22.7 27.8 
Total assets157.2 1,501.0 1,658.2 201.3 1,761.5 1,962.8 
Liabilities11.7 44.2 55.9 15.3 36.2 51.5 
Net assets$145.5 $1,456.8 $1,602.3 $186.0 $1,725.3 $1,911.3 
Attributable to T. Rowe Price$99.6 $712.3 $811.9 $125.3 $803.7 $929.0 
Attributable to redeemable non-controlling interests45.9 744.5 790.4 60.7 921.6 982.3 
$145.5 $1,456.8 $1,602.3 $186.0 $1,725.3 $1,911.3 
(1) Cash and cash equivalents includes $6.6 million at March 31, 2022, and $6.5 million at December 31, 2021, of T. Rowe Price money market mutual funds.
(2) Investments include $39.3 million at March 31, 2022, and $42.5 million at December 31, 2021 of other T. Rowe Price investment products.

Although we can redeem our net interest in these consolidated T. Rowe Price 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 T. Rowe Price investment products is limited to valuation changes associated with our net 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 T. Rowe Price investment products for the three months ended March 31, 2022 and 2021, are reflected in our unaudited condensed consolidated statements of income as follows:
Three months ended
3/31/20223/31/2021
(in millions)
Voting interest entitiesVariable interest entitiesTotalVoting interest entitiesVariable interest entitiesTotal
Operating expenses reflected in net operating income$(.2)$(2.3)$(2.5)$(.2)$(3.3)$(3.5)
Net investment income (loss) reflected in non-operating income (loss)(6.6)(94.8)(101.4)6.1 31.1 37.2 
Impact on income before taxes$(6.8)$(97.1)$(103.9)$5.9 $27.8 $33.7 
Net income (loss) attributable to T. Rowe Price$(4.7)$(