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, /PRNewswire/ -- T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), a global investment management firm, today announced an agreement to acquire F/m Investments LLC, the fixed income asset manager and ETF specialist with approximately $19 billion in assets under management as of July 31, 2026, across exchange-traded funds (ETFs), institutional separate accounts, and both taxable and municipal separately managed accounts (SMAs).

The acquisition is expected to deepen T. Rowe Price's fixed income capabilities, accelerate growth across its ETF franchise, and broaden its liquidity, cash management, and customized fixed income offerings. The transaction also reflects T. Rowe Price's disciplined approach to acquisitions and partnerships that strengthen its investment capabilities and expand scalable solutions for clients.

Founded in 2019 and headquartered in Washington, D.C., F/m Investments is an asset manager focused on delivering precise, transparent, and accessible fixed income solutions and is an affiliate of 1251 Capital Group, Inc. Its US Benchmark Series, the first standardized suite of single-security U.S. Treasury ETFs, is designed to provide maturity-specific exposure to U.S. Treasury securities through an ETF structure.

F/m's suite of 20 ETFs covers the fixed income landscape from Treasuries and TIPS to corporate bonds and municipal securities. F/m also has been a driver of innovation in the ETF industry through the launch of the first dual-share class ETF and the filing of a first-of-its-kind SEC application for tokenized ETF shares. In addition, F/m provides customized municipal bond and liquidity solutions to institutional and high-net-worth clients.

"F/m Investments is a strong strategic and cultural fit with T. Rowe Price," said Arif Husain, T. Rowe Price's Head of Global Fixed Income and a member of the firm's Management Committee. "The acquisition reflects a thoughtful, disciplined approach to expanding our capabilities in areas where we see durable client demand, clear strategic alignment, and the opportunity to create long-term value. F/m brings unique ETF product development capabilities that will complement T. Rowe Price's active fixed income lineup across our Intermediary, Institutional, Retirement, and Wealth platforms."

At closing, the acquisition is expected to increase T. Rowe Price's fixed income assets under management by nearly 9%, more than doubling its fixed income ETF assets under management and expanding its fixed income SMA business.

"We started F/m because fixed income investments were too hard for investors to use. To continue to innovate and provide client value at scale, we needed a partner with relevant expertise, deep resources, and a shared vision. T. Rowe Price has been clear that the way we work is the thing they're investing in," said Alexander Morris, CEO and Co-Founder of F/m Investments. "Our mission will remain the same. We are excited to align our approach with T. Rowe Price's scale to better serve clients for years to come."

Upon closing, F/m will operate as "F/m Investments, a T. Rowe Price Company," retaining its brand, leadership, investment approach, and day-to-day operating model. Alexander Morris will report to Arif Husain, and F/m employees will become T. Rowe Price associates. This structure preserves what has made F/m successful while extending its fixed income capabilities across T. Rowe Price's platforms.

The transaction is expected to close in early 2027, subject to customary filings and closing conditions. Financial terms were not disclosed.

Dechert LLP served as legal counsel to T. Rowe Price.

Oppenheimer & Co. Inc. acted as exclusive financial advisor to F/m Investments, and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to the majority owners of F/m Investments.

ABOUT T. ROWE PRICE

T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.87 trillion in client assets as of July 31, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amid evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.

ABOUT F/m INVESTMENTS

F/m Investments is a fixed income investment advisory firm managing approximately $19 billion across ETFs, mutual funds, and separately managed accounts as of July 31, 2026. Creator of the US Benchmark Series, the first complete suite of single-security U.S. Treasury ETFs, F/m builds products designed to achieve client objectives — precisely, transparently, and with ease. Founded in 2019, F/m is headquartered in Washington, D.C.

ABOUT 1251 CAPITAL GROUP

1251 Capital Group is a financial services holding company with a permanent capital base and a long-term investment horizon. 1251 partners with high-quality businesses and management teams in the asset management and insurance sectors to help accelerate growth and build enduring franchises. The firm provides strategic resources, industry expertise and operating support while empowering its affiliates to maintain their independent and entrepreneurial cultures.

OTHER MATTERS

Statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this press release, words or phrases generally written in the future tense and/or preceded by words such as "will," "may," "could," "expect," "believe," "anticipate," "intend," "plan," "seek," "estimate," "preliminary," or other similar words are forward-looking statements. Various forward-looking statements in this press release relate to the acquisition by T. Rowe Price of F/m Investments, including regarding expected scale and distribution opportunities, operating efficiencies and results, growth, client and stockholder benefits, key assumptions, timing of closing of the transaction, revenue realization, financial benefits or returns, and integration costs.

Forward-looking statements involve a number of known and unknown risks, uncertainties, and other important factors, some of which are listed below, that could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Important transaction-related and other risk factors that may cause such differences include: (i) the occurrence of any event, change, or other circumstances that could give rise to the termination of the purchase agreement; (ii) the transaction closing conditions may not be satisfied in a timely manner or at all, including due to the failure to obtain regulatory and client approvals; and (iii) anticipated benefits of the transaction, including the realization of revenue, accretion, financial benefits or returns, and expense and other synergies, may not be fully realized or may take longer to realize than expected.

Readers are cautioned that any forward-looking information provided by or on behalf of T. Rowe Price or F/m Investments is not a guarantee of future performance. Actual results may differ materially from those in forward-looking information because of various factors including, but not limited to, those discussed above and in Item 1A, Risk Factors, included in T. Rowe Price's Form 10-K Annual Report for 2025.

Any forward-looking statements speak only as of the date on which they are made, and neither T. Rowe Price nor F/m Investments undertakes an obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of unanticipated events.

SOURCE T. Rowe Price Group

Key Takeaways T. Rowe Price is expanding AI across investment, distribution and enterprise operations to drive growth.More than 130 AI solutions were deployed by June 30, with employee adoption exceeding 70%.TROW aims to turn AI adoption into better client outcomes and stronger investment capabilities. T. Rowe Price Group (TROW - Free Report) is expanding the use of artificial intelligence (AI) across its investment, distribution and enterprise operations as it looks to boost productivity, enhance investment capabilities and support long-term growth.

In sync with this, last week, TROW announced AI leadership changes as it looks to expand the use of AI across the company. T. Rowe Price has dedicated teams focused on investment applications, distribution, engineering and risk management, while integrating AI into research, portfolio analysis, sales and client-service workflows.

Within its investment organization, the company created an Investment AI Solutions organization led by Vinit Agrawal to develop AI capabilities across asset classes. The unit will focus on agentic AI products, education, strategic partnerships and research to support investment professionals. TROW has also introduced Chat TRP, formerly known as Investor Copilot, and is exploring agentic AI, which can execute multistep tasks with greater autonomy. By combining these capabilities with proprietary research and institutional knowledge, TROW aims to improve the efficiency of investment professionals without compromising differentiated human judgment.

AI adoption is also gaining traction across distribution. TROW’s Global Distribution AI Strategy and Transformation team, led by Sal Dhanani, is focused on improving client experiences, sales effectiveness and employee capabilities, while T. Rowe Price Labs evaluates emerging technologies and helps scale promising applications. Dedicated AI risk and governance functions are intended to support responsible deployment and regulatory readiness.

During the second-quarter 2026 earnings call, management noted that TROW had deployed more than 130 AI solutions by the end of June 30, 2026, with adoption exceeding 70% of employees. The scale of deployment suggests that AI is increasingly becoming embedded in the company’s day-to-day operations rather than remaining confined to pilot programs.

From a financial standpoint, broader AI adoption could strengthen operating leverage. Automating repetitive tasks, accelerating research and data analysis, and enabling employees to focus on higher-value activities may improve productivity and help contain expense growth over time.

For TROW, however, widespread adoption alone will not determine success. The key will be translating AI use into measurable productivity gains, better client outcomes and stronger investment capabilities. If the company can do so while maintaining effective governance and investment discipline, AI could become a meaningful competitive advantage and an important component of TROW’s broader efficiency and growth strategy.

AI Adoption by Other Financial FirmsPagaya Technologies’ (PGY - Free Report) business fundamentally revolves around artificial intelligence (AI)-powered decisioning and underwriting, which helps partners (banks and fintech originators) approve and fund credit more efficiently than traditional models. PGY’s AI analyzes massive datasets to price risk and approve non-traditional credit that legacy systems might decline. This model increases approval rates and expands the total volume of credit that partners can offer to consumers.

Beyond its core underwriting platform, Pagaya is also expanding its broader AI capabilities to enhance risk management, automation, portfolio optimization, and data-driven decision-making across the credit ecosystem.

Robinhood Markets’ (HOOD - Free Report) Robinhood has rapidly expanded its adoption of artificial intelligence, making it a central part of both its internal operations and customer-facing products. In May 2026, Robinhood took its AI strategy further by launching agentic trading, allowing customers to connect AI agents that can analyze portfolios and place trades through dedicated accounts with safety controls. 

Overall, HOOD’s AI adoption shows a shift from using AI mainly to improve efficiency toward making AI an integral part of investing and financial decision-making.

TROW Price Performance & Zacks RankOver the past year, shares of T. Rowe Price have gained 9.1% against the industry’s decline of 5.5%.

Price Performance

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

, /PRNewswire/ -- T. Rowe Price OHA Select Private Credit Fund (the "Company" or "OCREDIT") today reported financial results and total distributions of $0.60 per share for the quarter ended June 30, 2026.

As private credit remains a key driver of financing solutions within credit markets, OCREDIT closed the second quarter with the addition of 7 new portfolio companies across a diverse range of industries, representing portfolio net growth of nearly $124.0 million. OCREDIT's $3.1 billion investment portfolio is now comprised of exposure to 144 portfolio companies across 25 unique sectors, and a weighted average portfolio yield at cost of 9.8%3. "The second quarter reinforced our conviction in private credit. We believe stable borrower fundamentals and continued demand for private capital support a compelling opportunity set for investors," said Eric Muller, OCREDIT's Chief Executive Officer.

QUARTERLY HIGHLIGHTS3

Inception-to-date1 annualized total return of 10.58%2;
Net investment income per share was $0.61 with weighted average yield on debt and income producing investments, at amortized cost of 9.8%3, and earnings per share were $0.41;
Distributions declared were $0.60 with an annualized distribution rate of 9.2%;
Net asset value per share as of June 30, 2026 was $25.96;
Gross investment fundings were $176.1 million;
Debt-to-equity as of June 30, 2026 remained consistent with March 31, 2026 at 0.93x;
The Company had total net debt outstanding of $1,522.5 million with a weighted average interest rate of debt of 6.0%.
During the second quarter of 2026, the Company issued 511,070 of Class I common shares for proceeds of $13.3 million, 198,044 of Class S common shares for proceeds of $5.2 million, and 531,599 of Class D common shares for proceeds of $13.9 million. From July 1, 2026 through August 13, 2026, the Company received total proceeds of $14.8 million from common shareholders in connection with its public offering.4
Subsequent to quarter end on July 2, 2026, the Company entered into an Indenture relating to the issuance of $400.0 million in aggregate principal amount of Notes, due July 2, 2031, with a fixed interest rate of 6.50% per year.

DISTRIBUTIONS5 

During the second quarter of 2026, the Company declared total distributions of $0.60 per share. As of June 30, 2026, the Company's annualized distribution rate was 9.2%.6

From July 1, 2026 through August 13, 2026, the Company declared the following distribution on July 28, 2026 which is payable on or about August 31, 2026 to common shareholders of record as of July 31, 20266:

($ per share)

July 28, 2026

Base Distribution

$                   0.20

Total Distribution

$                   0.20

SELECTED FINANCIAL HIGHLIGHTS

($ in thousands, unless otherwise noted)

Q2 2026

Q1 2026

Net investment income per share

$                    0.61

$                    0.59

Net investment income

$                38,339

$                36,113

Earnings per share

$                    0.41

$                  (0.05)

($ in thousands, unless otherwise noted)

As of  June 30,
2026

As of March 31,
2026

Total fair value of investments

$            3,100,822

$            2,983,663

Total assets

$            3,209,163

$            3,152,168

Total net assets

$            1,641,847

$            1,638,402

Net asset value per share

$                   25.96

$                   26.15

INVESTMENT ACTIVITY

For the three months ended June 30, 2026, net investment fundings were $124.0 million. The Company invested $176.1 million during the quarter, including $114.7 million in 7 new companies and $61.4 million in existing companies. The Company had $52.1 million of principal repayments and sales during the quarter.

($ in millions, unless otherwise noted)

Q2 2026

Q1 2026

Investment Fundings

$                  176.1

$                  221.0

Sales and Repayments

$                    52.1

$                    94.5

Net Investment Activity

$                  124.0

$                  126.5

As of June 30, 2026, the Company's investment portfolio had a fair value of $3,100.8 million, comprised of investments in 144 portfolio companies operating across 25 different industries. The investment portfolio at fair value was comprised of 90.8% first lien loans, 7.1% second lien loans, 1.4% preferred equity investments, 0.2% common stocks and 0.5% asset backed securities. In addition, as of June 30, 2026, 97.0% of the Company's debt investments based on fair value were at floating rates and 3.0% were at fixed rates. There was one debt investment placed on non-accrual status as of June 30, 2026 with $29.4 million cost and $16.0 million fair value.

FORWARD-LOOKING STATEMENTS

Certain information contained in this communication constitutes "forward-looking statements" within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "can," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates", "confident," "conviction," "identified" or the negative versions of these words or other comparable words thereof. These may include financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends and statements regarding identified but not yet closed investments. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. OCREDIT believes these factors also include but are not limited to those described under the section entitled "Risk Factors" in its prospectus, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this document (or OCREDIT's prospectus and other filings). Except as otherwise required by federal securities laws, OCREDIT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

ABOUT T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND

OCREDIT is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended. The Company also intends to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended. OHA Private Credit Advisors LLC (the "Adviser") is the investment adviser of the Company. The Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940. OCREDIT's registration statement became effective on September 29, 2023. From inception through June 30, 2026, the Company has invested approximately $4.4 billion in aggregate cost of debt investments prior to any subsequent exits or repayments. The Company's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments capturing long-term capital appreciation, while maintaining a strong focus on risk management. OCREDIT invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies.

Please visit www.ocreditfund.com for additional information.

ABOUT OAK HILL ADVISORS

Oak Hill Advisors ("OHA") is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of attractive risk-adjusted returns. The firm has approximately $112 billion in assets under management ("AUM") as of June 30, 2026 across credit strategies, including private credit, high yield bonds, leveraged loans, private capital solutions and collateralized loan obligations. Additional information on OHA's AUM calculation methodology can be found on the OHA website. OHA's emphasis on long-term partnerships with companies, sponsors and other partners allows for the provision of customized credit solutions across market cycles. With over 400 experienced professionals across seven global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW). For more information, please visit www.oakhilladvisors.com.

ABOUT T. ROWE PRICE

T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.87 trillion in client assets as of July 31, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amid evolving markets. Visit troweprice.com/newsroom for news and public policy commentary. 

T. Rowe Price OHA Select Private Credit Fund

Consolidated Statements of Assets and Liabilities

(in thousands, except per share amounts)

As of

As of

June 30, 2026

December 31, 2025

(Unaudited)

ASSETS

Investments at fair value:

Non-controlled/non-affiliated investments (cost of $3,170,452 
and $2,905,803 at June 30, 2026 and December 31, 2025,
respectively)

$             3,100,822

$             2,893,559

Cash, cash equivalents and restricted cash

65,048

140,859

Subscription receivable

—

950

Interest receivable

23,960

21,267

Deferred financing costs

10,037

12,197

Receivable for investments sold

559

1,476

Derivative assets, at fair value (Note 5)

7,619

10,981

Other assets

1,118

$                         —

Total assets

$             3,209,163

$             3,081,289

LIABILITIES

Debt (net of unamortized debt issuance costs of $2,004 and
$2,366, at June 30, 2026 and December 31, 2025, respectively)

$             1,522,471

$             1,441,856

Payable for investments purchased

248

3,259

Interest and debt fee payable

8,329

9,417

Distribution payable

12,516

13,465

Management fee payable

5,100

4,753

Income incentive fee payable

5,657

5,391

Distribution and/or shareholder servicing fees payable

132

124

Due to counterparty

5,710

10,740

Accrued expenses and other liabilities

6,035

4,038

Derivative liability, at fair value (Note 5)

1,118

—

Total liabilities

$             1,567,316

$             1,493,043

Commitments and contingencies (Note 9)

NET ASSETS

Common shares, $0.01 par value (63,250,367 and 59,072,291
shares issued and outstanding at June 30, 2026 and December
31, 2025, respectively)

$                       633

$                       591

Additional paid in capital

1,725,884

1,615,011

Distributable earnings (loss)

(84,670)

(27,356)

Total net assets

$             1,641,847

$             1,588,246

Total liabilities and net assets

$             3,209,163

$             3,081,289

Net asset value per share

$                    25.96

$                    26.89

See accompanying notes to consolidated financial statements.

sec.gov

T. Rowe Price OHA Select Private Credit Fund

Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)

For the Three Months Ended

For the Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Investment income from non-controlled / non-affiliated
investments:

Interest and dividend income

$          70,453

$          60,964

$       137,614

$      115,071

PIK income

4,670

2,840

9,473

5,058

Other income

2,302

2,985

3,800

4,248

Total investment income

77,425

66,789

150,887

124,377

Expenses:

Interest and debt fee expense

$          24,394

$          19,960

$         47,588

$        37,926

Management fees

5,100

4,105

10,110

7,888

Income incentive fee

5,657

5,048

10,682

9,192

Distribution and shareholder servicing fees

   Class S

268

179

538

305

   Class D

126

28

240

30

Professional fees

666

642

1,265

1,106

Board of Trustees fees

98

98

195

195

Administrative service expenses

773

532

1,564

1,045

Other general & administrative expenses

2,428

872

4,677

1,637

Amortization of deferred offering costs

—

61

—

220

Total expenses before fee waivers and expense support

39,510

31,525

76,859

59,544

Expense support

(424)

—

(424)

—

Recoupment of expense support

—

556

—

1,576

Management fees waiver

—

—

—

—

Income incentive fee waiver

—

—

—

—

Total expenses net of fee waivers and expense support

39,086

32,081

76,435

61,120

Net investment income

38,339

34,708

74,452

63,257

Realized and unrealized gain (loss):

Realized gain (loss):

Non-controlled/non-affiliated investments

25

801

526

(1,696)

Foreign currency transactions

(1,103)

1,997

(1,160)

1,680

Foreign currency forward contracts

1,357

(7,101)

4,161

(8,455)

Net realized gain (loss)

279

(4,303)

3,527

(8,471)

Net change in unrealized appreciation (depreciation):

Non-controlled/non-affiliated investments

(14,535)

(5,247)

(57,386)

(15,322)

Foreign currency translation

(22)

161

(147)

167

Foreign currency forward contracts

1,351

(2,313)

1,486

(2,402)

Net change in unrealized appreciation (depreciation)

(13,206)

(7,399)

(56,047)

(17,557)

Net realized and unrealized gain (loss)

(12,927)

(11,702)

(52,520)

(26,028)

Net increase (decrease) in net assets resulting from operations

$          25,412

$          23,006

$         21,932

$        37,229

See accompanying notes to consolidated financial statements.

sec.gov

For a more detailed description of OCREDIT's investment guidelines and risk factors, please refer to the prospectus. Consider the investment objectives, risks, and charges and expenses carefully before investing or sending money. For a free prospectus containing this and other information, call 1-855-405-6488 or visit www.ocreditfund.com. Read it carefully.

OCREDIT is a BDC, which offers individual investors access to private lending, historically only accessible to institutions and high-net-worth investors. At least 70% of a BDC's investments must be in U.S. private companies with less than $250 million in market capitalization.

OCREDIT is a non-exchange traded BDC that expects to invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments. An investment in OCREDIT involves a high degree of risk. An investor should purchase securities of OCREDIT only if they can afford the complete loss of the investment.

Neither the SEC nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Securities regulators have also not passed upon whether this offering can be sold in compliance with existing or future suitability or Regulation Best Interest standard to any or all purchasers.

For OCREDIT's full historical performance figures, please visit https://www.troweprice.com/en/us/ocredit/performance for more information.

As of June 30, 2026, OCREDIT is available in 54 states and territories.

As of June 30, 2026, OCREDIT is not registered for offer or sale outside of the United States.

BDCs may charge management fees, incentive fees, as well as other fees associated with servicing loans. These fees will detract from the total return.   

OCREDIT may in certain circumstances invest in companies experiencing distress increasing the risk of default or failure.  OCREDIT is not listed on an exchange which heightens liquidity risk for an investor.  OCREDIT has limited prior operating history and there is no assurance that it will achieve its investment objectives. The Company's public offering is a "blind pool" offering and thus investors will not have the opportunity to evaluate the Company's investments before they are made.  Investors should not expect to be able to sell shares regardless of performance and should consider that they may not have access to the money invested for an extended period of time and may be unable to reduce their exposure in a market downturn. 

OCREDIT employs leverage, which increases the volatility of OCREDIT's investments and will magnify the potential for loss. Fixed-income securities are subject to credit risk, call risk, and interest rate risk.  As interest rates rise, bond prices fall.  Investments in high-yield bonds involve greater risk than higher rated bonds.  International investments can be riskier than U.S. investments and subject to foreign exchange risk. These risks are magnified in emerging markets.  

OCREDIT is "non-diversified," meaning it may invest a greater portion of its assets in a single company. OCREDIT's share price can be expected to fluctuate more than that of a comparable diversified fund.  OCREDIT may invest in derivatives, which may be riskier or more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions.

Account opening and closing fees may apply depending on the amount invested and the timing of the account closure. There may be costs associated with the investments in the account such as periodic management fees, incentive fees, loads, other expenses or brokerage commissions. Fees for optional services may also apply.

Opinions and estimates offered herein constitute the judgment of OHA as of the date this document is provided to an investor and are subject to change as are statements about market trends. All opinions and estimates are based on assumptions, all of which are difficult to predict and many of which are beyond the control of OHA. In preparing this document, OHA has relied upon and assumed, without independent verification, the accuracy and completeness of all information. OHA believes that the information provided herein is reliable; however, it does not warrant its accuracy or completeness. Certain information contained in the press release discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. 

Diversification cannot assure a profit or protect against loss in a declining market. Potential investors are urged to consult a tax professional regarding the possible economic, tax, legal, or other consequences of investing in OCREDIT in light of their particular circumstances.

In the United States, the Company's securities are offered through T. Rowe Price Investment Services Inc., a broker-dealer registered with the SEC and a member of FINRA. OHA is a T. Rowe Price company.

© 2026 Oak Hill Advisors. All Rights Reserved. OHA is a trademark of Oak Hill Advisors, L.P. T. ROWE PRICE, INVEST WITH CONFIDENCE, the Bighorn Sheep design and related indicators (see troweprice.com/ip) are trademarks of T. Rowe Price Group, Inc. All other trademarks shown are the property of their respective owners. Use does not imply endorsement, sponsorship, or affiliation of Oak Hill Advisors with any of the trademark owners.

1 Inception is November 14, 2022.

2 Annualized total return based on net asset value calculated as the change in net asset value per share during the respective period, assuming distributions that have been declared are reinvested on the effects of the performance of the Company during the period. Past performance is no guarantee of future results.

3 Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on income producing securities, divided by (b) the total relevant investments at amortized cost or fair value, as applicable.

4 Does not include common shares sold through the Company's distribution reinvestment plan.

5 Future distribution payments are not guaranteed. The Company may pay distributions from the sale of assets, offering proceeds, or borrowings.

6 Performance and share activity shown is indicative of Class I only, unless otherwise indicated.

SOURCE OHA

T Rowe Price Group Inc (NASDAQ:TROW) on Friday reported upbeat second-quarter financial results.

T. Rowe Price reported quarterly earnings of $2.57 per share which beat the analyst consensus estimate of $2.50 per share. The company reported quarterly sales of $1.907 billion which beat the analyst consensus estimate of $1.882 billion.

T. Rowe Price shares gained 1.1% to trade at $112.93 on Monday.

These analysts made changes to their price targets on T. Rowe Price following earnings announcement.

Barclays analyst Benjamin Budish maintained the stock with an Underweight rating and lowered the price target from $108 to $103. BMO Capital analyst Brennan Hawken maintained the stock with a Market Perform and raised the price target from $110 to $120. Considering buying TROW stock? Here’s what analysts think:

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T. Rowe Price Group, Inc. (TROW) Q2 2026 Earnings Call July 31, 2026 8:00 AM EDT

Company Participants

Linsley Carruth - Director of Investor Relations
Robert Sharps - CEO & Chair of the Board
Jen Dardis - CFO & Treasurer
Eric Veiel - President, Co-Head of Global Investments & Chief Investment Officer

Conference Call Participants

William Katz - TD Cowen, Research Division
Michael Cyprys - Morgan Stanley, Research Division
Glenn Schorr - Evercore ISI Institutional Equities, Research Division
Alexander Blostein - Goldman Sachs Group, Inc., Research Division
Daniel Fannon - Jefferies LLC, Research Division
Benjamin Budish - Barclays Bank PLC, Research Division
Alexander Bond - Keefe, Bruyette, & Woods, Inc., Research Division
Patrick Davitt - Autonomous Research US LP
Y. Cho - JPMorgan Chase & Co, Research Division

Presentation

Operator

Good morning. My name is Howard, and I will be your conference facilitator today. Welcome to T. Rowe Price's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded and will be available for replay on T. Rowe Price's website shortly after the call concludes. I will now turn the call over to Linsley Carruth, T. Rowe Price's Director of Investor Relations.

Linsley Carruth
Director of Investor Relations

Hello, and thank you for joining us today for our second quarter earnings call. The press release and the supplemental materials document can be found on our IR website at investors.troweprice.com. Today's call will last approximately 45 minutes. We'll start the call with our Chair and CEO, Rob Sharps; CFO, Jen Dardis; and President, Co-Head of Global Investments and CIO, Eric Veiel, discussing the company's results. Then we'll open it up to your questions. We ask that you limit it to one question per participant.

I'd like to remind you that during the course of this call, we may make a number of forward-looking statements and

Key Takeaways T. Rowe Price is expected to post higher Q2 earnings and revenues than in the year-ago quarter.TROW's preliminary June 30 AUM reached $1.89 trillion, with quarterly net inflows of $0.8 billion.TROW faces higher technology, distribution and compensation costs despite ongoing cost-management efforts. T. Rowe Price Group, Inc. (TROW - Free Report) is scheduled to report second-quarter 2026 results on July 31, before the opening bell. The company’s quarterly earnings and revenues are expected to have increased from the year-ago reported levels.

In the last reported quarter, TROW’s results benefited from higher investment advisory fees and a rise in assets under management. Positive capital allocation-based income was also encouraging. However, higher expenses acted as a headwind.

T. Rowe Price’s earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters and missed once, the average surprise being 4.88%.

Key Factors & Estimates for TROW in Q2In the April-June quarter, the S&P 500 Index rose more than 14%, driven by strong performance in U.S. equities, particularly AI-related technology stocks and resilient global markets. As such, TROW’s assets under management (AUM) are likely to have witnessed decent growth in the quarter to be reported.

Investor flows may have been uneven across asset classes, with continued demand for exchange-traded funds, private-market strategies and customized investment solutions. However, persistent fee pressure and the shift toward lower-cost passive products are likely to have constrained revenue growth for traditional active managers. Per the company’s monthly metrics data, its net inflows were $0.8 billion for the quarter ended June 30, 2026.

The company’s preliminary AUM of $1.89 trillion as of June 30, 2026, rose marginally from the prior month’s reported level. 

The Zacks Consensus Estimate for total AUM is pegged at $1.91 trillion, indicating a sequential rise of 11.7%.

The Zacks Consensus Estimate for investment advisory fees is pegged at $1.73 trillion, suggesting a rise of 2.7% on a sequential basis.

The Zacks Consensus Estimate for administrative, distribution and servicing fees of $149 million implies an increase of 7.9% from the prior quarter’s actual.

Coming to expenses, T. Rowe Price continues to incur significant expenditure to attract investment advisory clients and additional investments from existing clients. The company is also investing heavily in technology, distribution and employee compensation to keep pace with evolving customer needs and strengthen its platform. This is expected to have increased its expenses in the quarter to be reported. However, the company's cost-management efforts are likely to have offset the rise to some extent.

What the Zacks Model Unveils for TROWOur proven model does not conclusively predict an earnings beat for TROW this time around. This is because the company does not have the right combination of the two key elements, a positive Earnings ESP and Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold).

You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Earnings ESP: The company has an Earnings ESP of 0.00%.

Zacks Rank: T. Rowe Price currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for second-quarter earnings has been unchanged at $2.52 per share over the past seven days, indicating a year-over-year increase of 12.5%.

The consensus estimate for revenues of $1.92 billion implies an 11.6% rise from the prior-year quarter’s actual.

Performance of Other Asset ManagersBlackRock’s (BLK - Free Report) second-quarter 2026 adjusted earnings of $13.91 per share handily surpassed the Zacks Consensus Estimate of $12.72. The figure reflects a 15% rise from the year-ago quarter’s actual.

BLK’s results benefited from a rise in revenues. The AUM balance witnessed robust year-over-year growth, driven by net inflows, to record levels. However, higher expenses created a headwind.

Blackstone’s (BX - Free Report) second-quarter 2026 distributable earnings of $1.52 per share outpaced the Zacks Consensus Estimate of $1.33. The figure jumped 26% from the prior-year quarter.

BX’s results benefited from a rise in AUM and higher revenues. An increase in GAAP expenses was the undermining factor.

The T. Rowe Price Active Crypto ETF, designed to provide diversified exposure to the leading crypto assets, began trading today

, /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, announced today the addition of the T. Rowe Price Active Crypto ETF (Ticker: TKNZ). The fund is the first actively managed multi-token spot exchange-traded product* offered in the marketplace. It began trading on NYSE Arca today.

T. Rowe Price Active Crypto ETF offers a transparent portfolio designed to provide diversified exposure to leading crypto assets from an eligible universe, such as Bitcoin, Ethereum, Binance, XRP, Solana, Hyperliquid, and others. While many other digital asset exchange-traded products in market are focused on a single token or are passively managed, multi-token TKNZ uniquely employs T. Rowe Price's research-driven, risk-aware active management approach. It is designed to capitalize on emerging trends, momentum-driven rallies, and market rotations among crypto assets.

The fund is managed by Blue Macellari, who has more than 20 years of investment experience in alternative asset management, along with four co-portfolio managers. Macellari has served as head of Digital Assets at T. Rowe Price since 2022 and has been responsible for developing and leading the implementation and execution of the firm's digital asset strategy across the universe of crypto tokens, protocols, and exchange-traded funds related to blockchain. Her four co-portfolio managers are Stefan Hubrich, with 21 years of investing experience, David Kroger, with 9 years, Sean McWilliams with 17 years, and Dante Pearson, with 13. Net of a fee waiver effective until May 31, 2027, the management fee is 0.75%1.

"Given the rapidly evolving and potentially volatile nature of crypto assets, active management plays an incredibly meaningful role in this space," said Macellari. "Through the launch of the T. Rowe Price Active Crypto ETF, investors can gain access to a thoughtfully curated, professionally managed multi-coin portfolio that helps eliminate the guesswork of building a crypto allocation on their own."

T. Rowe Price has closely monitored developments in the digital assets space for several years, including in-depth research into the impacts of blockchain technology and digital assets on markets and investment portfolios. Under Macellari's leadership, T. Rowe Price has developed its own resilient, modular infrastructure to trade digital assets and has partnered with institutional service providers to cultivate operational capacity.

"As a global asset management firm with a proud legacy of intentional innovation and active research-driven investing, it is a natural step for T. Rowe Price to introduce the industry's first actively managed multi-token exchange-traded product," said Tim Coyne, Global Head of Exchange-Traded Funds.
"This launch represents a new and distinctive way for investors to harness T. Rowe Price's deep investing expertise and rigorous research."

The T. Rowe Price Active Crypto ETF brings the firm's roster of active exchange-traded offerings to 34, which includes a range of equity, multi-asset and fixed income exchange-traded funds (ETFs). TKNZ marks the first of the firm's lineup that provides access to the rapidly growing digital assets category. Each exchange-traded offering delivers key features associated with ETFs such as competitive expense ratios and the flexibility to buy and sell shares throughout the trading day. In each, portfolio managers apply the firm's rigorous research practice of asking better questions, as they strive to deliver better investment outcomes for clients.

* An exchange-traded product (ETP) is a broad category that includes exchange-traded funds (ETFs), exchange-traded notes (ETNs), and other investments that trade on exchanges. The key distinction between ETPs and ETFs is that ETFs are typically registered under the Investment Company Act of 1940 and invest primarily in securities, while ETPs like TKNZ may not be registered as investment companies and can hold non-security assets, such as cryptocurrencies or commodities. ETPs may have different regulatory structures, risk profiles, and disclosure requirements compared to traditional ETFs.

The T. Rowe Price Active Crypto ETF is not an investment company registered under the Investment Company Act of 1940 and therefore is not subject to the same regulatory requirements as mutual funds or ETFs registered under the Investment Company Act of 1940. The Trust is not a commodity pool for purposes of the Commodity Exchange Act. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus.

ABOUT T. ROWE PRICE

T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.89 trillion in client assets as of June 30, 2026, about two-thirds of which are retirement-related. Renowned for over 85 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amidst evolving markets. Visit troweprice.com/newsroom for news and public policy commentary.

Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus click here or go to troweprice.com. Read it carefully.

ETFs/ETPs are bought and sold at market prices, not net asset value (NAV). Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.

T. Rowe Price Active Crypto ETF is organized as a Delaware statutory trust. The sponsor of the Trust is T. Rowe Price Sponsor LLC (the "Sponsor"). T. Rowe Price Investment Services, Inc. ("TRPIS") serves as the distributor of the Trust.

Investment Risks
All investments are subject to market risk, including the possible loss of principal. The Eligible Assets have a relatively limited history of existence and operations compared to traditional commodities. There is a limited established performance record for the price of the assets and, in turn, a limited basis for evaluating an investment. Crypto assets (including the Eligible Assets) have experienced periods of extreme price volatility and their prices may be influenced by, among other things, trading activity and regulatory scrutiny of crypto trading platforms due to fraud, failure, security breaches or otherwise. To the extent that the fund trades Eligible Assets on crypto platforms and other trading venues, these crypto trading platforms are relatively new. In addition, crypto trading platforms may be lightly regulated, unregulated, or may be non-compliant with existing and applicable regulations in one or more jurisdictions in which they operate. A market disruption, such as a government taking regulatory or other actions that disrupt the crypto asset market, can also make it difficult to liquidate a position. Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the value of the Eligible Assets or the Shares. Regulatory developments such as by banning, restricting or imposing onerous conditions or prohibitions on the use of crypto assets, mining activity, digital wallets, the provision of services related to trading and custody of crypto assets, the operation of the Eligible Asset Networks, or the crypto asset markets generally may adversely impact the value of the Eligible Assets and, therefore, of the fund. See the prospectus for more detail on the fund's principal risks.

_________________________
1 The management fee is scheduled to revert back to the gross of 0.90%, effective June 1, 2027.

SOURCE T. Rowe Price Group

In the latest trading session, T. Rowe Price (TROW - Free Report) closed at $118.55, marking a +1.28% move from the previous day. This move outpaced the S&P 500's daily gain of 0.42%. On the other hand, the Dow registered a gain of 0.29%, and the technology-centric Nasdaq increased by 0.29%.

Coming into today, shares of the financial services firm had gained 8.11% in the past month. In that same time, the Finance sector gained 4.33%, while the S&P 500 gained 2.2%.

Market participants will be closely following the financial results of T. Rowe Price in its upcoming release. The company plans to announce its earnings on July 31, 2026. In that report, analysts expect T. Rowe Price to post earnings of $2.37 per share. This would mark year-over-year growth of 5.8%. Meanwhile, the latest consensus estimate predicts the revenue to be $1.88 billion, indicating a 8.85% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $9.76 per share and revenue of $7.59 billion, which would represent changes of +0.41% and +3.73%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for T Rowe Price. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.4% higher within the past month. T. Rowe Price is currently a Zacks Rank #3 (Hold).

In the context of valuation, T. Rowe Price is at present trading with a Forward P/E ratio of 11.99. For comparison, its industry has an average Forward P/E of 11.67, which means T. Rowe Price is trading at a premium to the group.

It is also worth noting that TROW currently has a PEG ratio of 5.91. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Financial - Investment Management industry was having an average PEG ratio of 1.04.

The Financial - Investment Management industry is part of the Finance sector. Currently, this industry holds a Zacks Industry Rank of 181, positioning it in the bottom 27% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Key Takeaways T. Rowe Price grew average AUM 9.1% to $1.71T in Q1'26, supporting higher net revenues.TROW saw positive flows in multi-asset, fixed income and alternatives despite equity outflows.T. Rowe Price's disciplined risk management is the key to supporting its long-term AUM growth. Assets under management (AUM) remain one of the most important growth drivers for T. Rowe Price Group (TROW - Free Report) , as the company generates the bulk of its revenues from investment advisory fees tied to the AUM levels. As of March 31, 2026, 90.6% of its net revenues were generated from investment advisory fees.

In the first quarter of 2026, T. Rowe Price’s average AUM increased 9.1% year over year to $1.71 trillion, supporting a 5.3% rise in net revenues to $1.86 billion. This highlights how a larger asset base can directly benefit the company’s top line. The AUM balance witnessed a compound annual growth rate (CAGR) of 9.7% over 2011-2025.

AUM Growth Trend

Image Source: T. Rowe Price Group

A key strength for T. Rowe Price is its diversified AUM mix across equities, fixed income, multi-asset products and alternatives. While equity strategies, especially U.S. growth-oriented offerings, continued to face outflows, other asset classes showed resilience. Multi-asset, fixed income and alternative products recorded positive net flows, helping reduce the impacts of weakness in equities. This diversification is important because it gives the company more than one avenue for growth, especially at a time when active equity managers face pressure from the rising popularity of passive products.

TROW is also working to expand its investment capabilities through product innovation and strategic partnerships. Its alternative credit offerings, supported by Oak Hill Advisors, including private credit and flexible credit income products, are aimed at meeting investor demand for income and diversification. These initiatives could help strengthen future AUM growth and reduce the dependence on traditional equity strategies.

However, challenges remain. T. Rowe Price recorded firmwide net outflows of $13.7 billion in the first quarter of 2026, showing that client redemptions are still concerning. Continued pressure in U.S. equity products may weigh on organic growth if inflows in other categories are not strong enough to offset the decline. In addition, stress in private credit markets could dampen investor appetite for alternative credit strategies and increase redemption risks, particularly if concerns around liquidity, valuations, leverage and credit quality intensify.

Overall, TROW’s diversified AUM base remains a meaningful strength. Although equity outflows remain a near-term challenge, growth in multi-asset, fixed income and alternatives could help stabilize revenues. However, the company’s expansion into private credit will require disciplined risk management to sustain investor confidence and support long-term AUM growth.

AUM Performance of Other Asset ManagersFranklin Resources’ (BEN - Free Report) AUM witnessed a CAGR of 3.1% over the past five fiscal years (2021-2025), with the rising trend continuing in the first quarter of fiscal 2026. The gain was driven by its efforts to diversify into high-demand asset classes, including alternative investments, and by favorable net flows from its regionally focused distribution model. Strategic acquisitions have also supported AUM growth, enabling Franklin Resources to expand its global footprint and strengthen its non-U.S. business.

Apollo Global Management’s (APO - Free Report) AUM saw a CAGR of 19.6% over the past three years (2022-2025), with the uptrend continuing in the first quarter of 2026. The increase in Apollo’s AUM is primarily driven by growth in retirement services client assets, platform subscriptions and new financing facilities. The acquisition of Bridge Investment Group Holding nearly doubled Apollo’s real estate AUM to more than $110 billion. By 2029, Apollo expects its total AUM to reach $1.5 trillion by scaling its private equity business.

TROW’s Price Performance & Zacks RankOver the past three months, shares of T. Rowe Price have gained 21.6% compared with the industry’s rise of 10%.

Price Performance

Image Source: Zacks Investment Research

The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy)stocks here.